Fund managers are not, as a rule, poorly paid. The successful can be very well paid, even when they become unsuccessful (Mr. Woodford, I presume). Terry Smith, of Fundsmith, his own company, clue’s in the name, has been successful in every respect, and worked hard to keep the fruits of his success away from the taxman. Fundsmith Investment Services Limited handles the ‘administration, trading and research’ for Fundsmith, the fund manager. It’s based in Mauritius, where it’s very sunny and companies don’t have to file accounts. It billed the fund manager £156m for its services and is 61% owned by Mr Smith; who’s also a partner in the UK business, from which he trousered £30m. Nice work if you can get it.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.
