City veteran Terry Smith, who will shortly launch his own fund management group, has hit out at performance fees which he argues do nothing more than destroy investor returns.
Smith, the Tullett Prebon CEO and deputy chairman of Collins Stewart, says a good example of how performance fees can erode returns for underlying investors can be seen by studying Warren Buffett's Berkshire...
Equities overweight down to 3%
Relates to 136 million transaction reports
Patience must be a watchword
MSCI has recently increased the Chinese A-share market's inclusion factor from 5% to 20%.
Change of objective