Call me old fashioned, but I had always thought the pinnacle of material aspiration for young wannabes was investment banking or running a hedge fund. Apparently I am wrong. The hot new profession is fund management, or so I was told by a long line of young, smart, potential interns who all wanted to get a top job in the City, and somehow had ended up talking to me.
One superb young candidate put it to me thus: “In investment banking, you really do have to be a sociopath to succeed, but in fund management I reckon you can be a little more than mediocre and still earn millions if you get into the mainstream”. I am not too sure I agree with all his observations, but the young man had a point. Somehow it has become normal for fairly mediocre people to suddenly earn many hundreds of thousands, if not millions, by becoming a fund manager. Our UK asset management sector has over £4.5trn in assets under management, producing an income stream of £13bn fo...
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