fund managers

FMYA: Highlights from the night

In pictures: Fund Manager of the Year

Investment Week celebrated the 20th anniversary of its flagship Fund Manager of the Year Awards at a glittering ceremony at the Royal Albert Hall last night.

Almost one fifth of investment trusts have changed managers in the last 18 months as a result of retirements, departures and greater board scrutiny, according to the Association of Investment Companies (AIC).

Some of the UK's largest asset management firms are preparing to quit their London bases if the country votes to leave the European Union, according to reports.

The Upper Tribunal has upheld a Financial Conduct Authority decision to fine a fund manager £89,000 for not doing more to prevent a client from committing market abuse.

"Yes, I am a millionaire," a fund manager told me recently. He wasn't boasting, he wasn't showing off, and he is hardly what you would call the unacceptable face of capitalism.

The fund management industry is "ripe for investigation" regarding pay packages, according to the Institute of Directors (IoD).

A report by think-tank New Financial has suggested fund manager pay may overtake that of investment bankers by 2016, following a sharp rise since the financial crisis.

Smith & Williamson posted record profits for the six months to 31 October last year, helped by the performance of its investment management division.