Alphabet soup

That the IMA was surprised by the furore over its classifications of the Managed sectors speaks volumes for the mess in which the trade body finds itself mired.

The original idea of calling the three Managed sectors – Cautious, Balanced and Active – by four letters universally dismayed the industry. For a company such as Fidelity to publicly criticise the suggestion is as clear an indicator as can be the idea was barking up the wrong tree. Last week, the IMA’s director general Richard Saunders seemed to be appreciating its proposals were a little off beam, and said the association would review them further. The industry should be thankful he reacted so swiftly. But the essential point remains: how to define the categories in the way that allo...