The problems experienced by with-profits funds will not go away

It is a fashionable sport to knock with-profits but many of the problems it has faced are likely to ...

It is a fashionable sport to knock with-profits but many of the problems it has faced are likely to prove equally tough, if not impossible, for self-confessed successor vehicles to overcome. In the brave new world of transparency, managed funds, manager of managers and funds of funds, you could be forgiven for thinking all the bitter lessons of the bear market have been learned. There is a comforting sense that what went wrong before could not happen now. In fact, investors need to remember what they have been granted by seeing the collapse of the bull market is hindsight, not necessaril...