Savers should be provided with exposure to private companies, despite the fallout from the suspension of the LF Woodford Equity Income fund, according to Baillie Gifford's James Anderson.
Anderson, who manages the £7.5bn Scottish Mortgage Investment Trust, believes private companies will account for the majority of wealth creation in a decade's time.
It is important, therefore, asset management companies give investors affordable access to these unlisted firms, he said.
"The big issue for current day stockmarkets is that, everywhere in the world, the vast majority of new capital investment and the vast majority of new knowledge-based investment is going on in private markets," Anderson said at an event in London last week.
"I do not think it is impossible to believe that in ten-to-15-years' time just about all the real ability to build new companies will come about in private markets.
"It is important we all try and think about what the best ways of handling that possibility are, because our savers are not going to get the ability to participate in the wealth generation of the future.
"Somehow, we have got to find adequate and responsible ways for people to be able to invest in this area because otherwise this is all going to be locked up in a completely undemocratic fashion, in that the people who pay the most get access to the biggest Silicon Valley and Chinese venture capital funds."
Neil Woodford, whose Equity Income fund was suspended in early June on the back of increasing outflows, has been criticised for
his focus on unquoted and illiquid UK companies.
Anderson said the beleaguered fund manager was right to transition towards private firms, however he should not have restricted his universe solely to the UK where Anderson doubts the country's ability to produce world-leading start-ups.
"I have always thought Woodford was honourable in that he was trying to do something long term and actually try to help from the point of view of the development of British capital," Anderson added.
"But I have always been dubious about whether British capitalism produced enough companies."
Indeed, Anderson sees "a big problem with the historic nature of so much of what happens in the British stockmarket" in that it is heavily biased towards "big old companies and big old sectors, which have got very little to do with [where the world of capital is heading] and it will be very difficult to adjust to that sort of world".
"I think the wholesale destruction [of the UK stockmarket] that will happen in the next ten to 20 years is enormous, and I think there is far too much belief that somehow these big companies are safe.
"I do not think they are any safer than the big banks were in the last crisis."