The multi-manager structure as we know it today - free of capital gains tax (CGT) for the buying and selling of funds within the wrapper and free of VAT - is 50 years old next year.
Not a lot of people know this - I did not until I recently chaired a roadshow with four of the industry's leading multi-managers. Given we are approaching the 100th anniversary of the launch of the first unit trust, and this year we are marking the 150th anniversary of the world's first collective investment - the F&C Investment Trust - multi-manager is the new kid on the block. I heard the 50th birthday news courtesy of BMO GAM's multi-managers Robert Burdett and Gary Potter and it seems an appropriate time to review how relevant multi-manager is today. Gosling's Grouse: The art ...
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