JEFF PRESTRIDGE: Bring it on! Change at last for our 基金s - with better 取引，協定s for us in the pipeline

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The 基金 管理／経営 産業, 責任がある looking after our 心にいだくd Isas and 年金 基金s, has had it too good for too long.

It has made itself and its 従業員s 本気で rich at our expense by 非難する us a fortune for having our 投資s managed by them.?

Admittedly, いつかs managed 井戸／弁護士席 but often indifferently ? and occasionally, appallingly. Its cup runneth over.

The 基金 管理／経営 産業 is in the throes of change which should result in 投資家s getting a better 取引，協定

Thankfully, the 産業 is in the throes of change which should result in 投資家s getting a better 取引，協定.?

About time too. A スポットライト on 基金 告発（する），告訴（する）／料金s (too high) and regulatory 介入 (some of it stemming from Europe) is 誘発する／引き起こすing a 革命.

Low-cost passive 基金s 跡をつけるing 明確な／細部 在庫／株 損なう ket indices are now the 激怒（する） as 投資家s go in search of better value for money.

In contrast, いわゆる active 基金s, managed by people rather than the robots that 支配（する）／統制する passive 基金s, are losing their lustre.?

They are more expensive than passive 基金s (ーに関して／ーの点でs of 年次の 告発（する），告訴（する）／料金s 適用するd) and are often 土台を崩すd by poor 投資 業績／成果.?These underperformers are 存在 shunned ? and rightly so.?

Indeed, in a perfect market, they should go out of 商売／仕事 but that is not how 基金 管理／経営 作品.?

Only a hard 核心 of active 基金s, run by seasoned professional 投資 経営者／支配人s, are bucking the 傾向 ? websites such as Hargreaves Lansdown and FundCalibre 最高潮の場面 these nuggets.

証拠 of the seismic 転換 taking place in 基金 管理／経営 is everywhere. American 巨大（な）s BlackRock and 先導, 支配的な passive 経営者／支配人s, are 広範囲にわたる up most of the money 注ぐing into 投資 基金s.

American 巨大（な）s BlackRock and 先導, 支配的な passive 経営者／支配人s, are 広範囲にわたる up most of the money 注ぐing into 投資 基金s

競争相手 資産 経営者／支配人s, more renowned for active 基金 管理／経営, have decided the best way to 答える／応じる is by getting bigger.?

Hence the 最近の 合併s of Aberdeen and 基準 Life ? and Janus and Henderson.

Whether such 合併s 得る rewards for 基金 投資家s in the form of lower 告発（する），告訴（する）／料金s and better 投資 業績／成果 remains to be seen.

Although it is too 早期に to 裁判官 the 地位，任命する-合併 業績／成果 of Aberdeen 基準 投資s and Janus Henderson 投資家s, there has been little 証拠 that the 利益s of any economies of 規模 are flowing through to 投資家s.?

It should and must happen. Size counts for nothing unless it 配達するs 顧客s lower 告発（する），告訴（する）／料金s or 高めるd returns.

Other 投資 companies, active rather than passive 焦点（を合わせる）d, have 反応するd in more 肯定的な fashion.?

Baillie Gifford, for example, a gem of an 投資 house based in Edinburgh, has chipped away at the 告発（する），告訴（する）／料金s it 徴収するs across 基金 and 投資 信用 範囲s as has JPMorgan (in the 投資 信用 space).

Fidelity is the 最新の 資産 経営者／支配人 to 答える／応じる to the 脅し 提起する／ポーズをとるd by the likes of BlackRock and 先導. It has 発表するd a new 現在進行中の 非難する structure for its active 基金s.

Although 詳細（に述べる）s are あらましの, its new style '支点 料金' will fluctuate between a pre-決定するd 床に打ち倒す and cap によれば how 井戸／弁護士席 an active 基金 成し遂げるs against its be nchmark.?

The better the 親族 業績／成果, the higher the 料金 it will 徴収する. Underperformance will result in it taking a lower 管理／経営 告発（する），告訴（する）／料金.

In 原則, the change is a sound one because Fidelity will 得る the richest rewards when its 経営者／支配人s are （警官の）巡回区域，受持ち区域ing their （判断の）基準s (株式市場 indices) by a country mile ? and in the 過程 配達するing 投資家s stellar returns.?

Also, nobody will be いじめ（る）d into 支払う／賃金ing the new 支点 料金 ? they can stick with the 存在するing 非難する structure (a 直す／買収する，八百長をするd 百分率 料金) if they want to.

Yet, until Fidelity fleshes out the 詳細（に述べる）, it is hard to give a 最終的な 判決. We need to know at what level the 床に打ち倒す and cap will be 始める，決める and that the （判断の）基準s are appropriate.?

If the 床に打ち倒す and cap are 始める，決める too high, Fidelity will rightfully be （刑事）被告 of 不当利得行為 at 投資家s' expense.

In 新規加入, it seems 不公平な that even if Fidelity loses 投資家s money, it will still 得る rich 支点 料金s if it has beaten its （判断の）基準 (in other words lost 投資家s いっそう少なく money than if they had bought an 索引-跡をつけるing 基金).?

Fidelity will always 勝利，勝つ, 投資家s will not. Is that 権利? Me thinks not.

One final point. 規則 coming out of Europe (in the 形態／調整 of Mifid II) will soon 軍隊 基金 経営者／支配人s to be more transparent over 告発（する），告訴（する）／料金s ? 同様に as 要求する them (and 仲買人s) to 供給する 投資家s with greater （警察などへの）密告，告訴（状） before they buy. Fidelity has one hell of a 戦う／戦い on its 手渡すs.?

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