What about the investors?

In its renaming of the Managed sectors, the IMA said it talked to all the interested parties. The trouble is, it missed out the most important - investors.

Only in our industry would an exercise to simplify something result in an even more opaque system. Quite how replacing three words with four letters is simpler is beyond me. Most people would agree the current system is not satisfactory, but the description ‘managed’ in itself is meaningless. Most investors would believe – rightly – ‘managing’ is what they pay fund managers to do, so calling anything managed  is stating the obvious. The three Managed sector descriptions do not give any understanding of the real risk, and many advisers are not clear how much exposure to equities each ...