Fund groups are making millions of pounds by lending out client money to speculators, new research from wealth manager SCM Private has claimed.
SCM, founded by ex-New Star chief investment officer and founding shareholder Alan Miller and his wife Gina, told the Guardian some of the top money managers in the country were making tens of millions of pounds by loaning client money out to be used for stock lending. According to the research carried out by SCM, 19 of the 20 funds it analysed had made provisions to lend up to 100% of their clients' shares, with half actually participating in stock lending. Speaking to the Guardian, Gina Miller said: "Many investors will not be aware that certain retail funds are legally permitted to...
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