PADA's huge dilemmas

I am currently running my own betting book focused on the most difficult job in investment. My current front runner is Mark Fawcett, investment director for the PADA.

Over the next 18 months, Mr Fawcett must set up a massive national investment fund that could end up rivalling many sovereign wealth funds in its scope, under full public scrutiny in an insanely competitive industry. Already there have been a few squawks from the investment industry about a passive bias in investment style – though to be fair, the PADA has clearly said it will pick both passive and active fund managers, where the style is appropriate. That point is rammed home in conversation with Mark, who is scrupulously clear about using both styles but with “significant passive weigh...