Buxton: Too many firms and too many funds

Schroders head of UK equities Richard Buxton has called on providers to cull the number of "indifferent" products currently offered to the retail market.

Speaking on his 25th anniversary of first entering the City of London, Buxton said there were far too many actively-managed index-like funds which have no prospects of delivering alpha for investors. “There are too many actively-managed funds that do not bring much to the table,” he said. “The wider issue for the investment industry is the average man on the street is unwilling to pay for advice. The question is whether the RDR is going address this or not and I suspect not. “It is still a product sale situation, rather than an advised situation. It means a lot of people get put in...