News - Equities
Fund manager Gervais Williams says he manages his own finances because financial advisers are expensive and apt to confuse.
The veteran fund manager runs the £87m Diverse Income trust and the £38m Acuim UK Multi Cap Income fund at MAM Funds, the asset manager he joined as managing director in 2010.
But despite a job running other people's money he revealed in a Sunday Times interview that he does not take advice on where to put his personal finances.
He told the paper: "I handle my own finances. I struggle to understand the huge amount of verbiage that comes from some financial advisers.
"They are expensive and you just want to make some money without losing your shirt along the way."
Brian Hill, managing director at Wiltshire based IFA Jones Hill, said the same charges could be levelled at fund managers.
"Most fund managers don't outperform the market, so why bother with a fund manager?"
"Expense relates to the perception of value. Many argue why should a fund manager receive any pay if they are not outperforming the market?
"As for verbiage, he probably needs to chat to the FSA about that. As much as we try to simplify things the FSA won't let us."
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