UK regulation is the enemy of invention

Innovation and competition are at the heart of the UK's vibrant and competitive fund management industry, which is second only to the US.

In North America, however, the protectionist nature of the mutual fund structure and US fund regulation makes it difficult for all but large non-American fund managers to access that market. The same is not the case in the UK. Of course, the size of the UK market – 46 million adults – is small in comparison with the US, but the geographic size of these shores makes it far easier for a small group to hit the road and reach advisers up and down the UK. Less than 20 years ago, Jupiter was a small private client business with a couple of tiny unit trusts. But, inspired by the stellar perf...