Who really merits rewards in fund management?

Rewarding failure

Lawrence Gosling asks why public figures are still being rewarded for failures, and if the same can be said for the financial sector.

‘There have been far too many rewards for failure.' Not a quote from someone in the Labour Party or a left-wing think tank. Not a quote from the Consumers’ Association of Which? Not a quote from the self-proclaimed critic of active fund managers Alan Miller, a reformed hedge fund manager. No, the quote is attributed to Paul Marshall, co-founder of hedge fund group Marshall Wace. To put this in to context, Marshall was taking aim at ‘overpaid’ financiers, although criticising anyone for being overpaid always looks a bit ironic if you yourself are a hedge fund millionaire. Definin...