Time to face the fund fee music

THE ALCHEMIST

Since when does a feature "investigation" of asset management fees make the Nine O'Clock News? It is enough to make you choke on your evening glass of St Emilion.

Of course, it is probably some ill-informed hack propagating a confused version of our complex industry to a sensation-seeking BBC, which is in any case run by a bunch of under skilled and overpaid banker-bashers. However, even such simplistic coverage signals to any alert corporate strategist a definite shift in sentiment. Previously, the broad public has made no fine distinction between banks and asset managers. The sharper among them may have noticed that asset managers tend to hide within the quilted folds of investment banks when times are good, and distance themselves from those in...