Jeff Prestridge of the Mail on Sunday on the downfall of a 星／主役にする

By This Is Money
Updated: 00:00 BST, 11 July 1999

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There can be no stronger 推薦 for keeping an eagle 注目する，もくろむ on your personal 財政上の 事件／事情／状勢s than the 最近の goings-on at Schroder UK 企業, a £1 billion 部隊 信用 run by Schroder 投資 管理／経営.

As many 投資家s will know, 特に if they use an 独立した・無所属 財政上の 助言者, Schroder UK 企業 was one of the 向こうずねing 投資 lights of the Nineties and brought 基金 管理／経営 stardom for Jim Cox.

The 基金 was an 平易な sell for 独立した・無所属 財政上の 助言者s and it was not difficult to see why.

The 業績／成果 人物／姿／数字s in June 1994 showed that Schroder UK 企業, then a 親族 minnow at £219 million, was one of the 最高の，を越す-成し遂げるing UK growth 基金s, 配達するing five-year returns of 100%-加える.

Schroder, it must be said, was not slow to 偉業／利用する Cox's 明らかな Midas touch. In 1994, almost at the 高さ of UK 企業's 投資 success, it 開始する，打ち上げるd the Schroder UK Growth 投資 信用 with Cox at the 舵輪／支配 and more than £117 million 注ぐd in. Two years later, it returned to 投資家s and raised a その上の £126 million.

Unfortunately, 投資家s who 信用d Cox with their money, either in UK 企業 or UK Growth, have hardly struck gold recently. 業績／成果 （米）棚上げする／（英）提議するs show sadly that both 基金s now lag way behind competitors and the indices they 始める，決める out to （警官の）巡回区域，受持ち区域.

Anyone who 投資するd £1,000 in UK 企業 a year ago now has a 基金 価値（がある） £875, and the same 投資 made three years ago would be 価値（がある） £1,286.

These 人物／姿／数字s put UK 企業 in the 底（に届く） 25% of UK growth 部隊 信用s for 業績／成果 - and there are more than 100 基金s - over one year and three years. Schroder UK Growth has hardly 成し遂げるd better. A £1,000 投資 made a year or three years ago would now be 価値（がある） £807 and £1,140 それぞれ.

These 人物／姿／数字s are all the more appalling in the light of UK Growth's 明言する／公表するd 投資 客観的な at its 開始する，打ち上げる - to 生成する total returns above the FTSE All-株 索引. Over the same one and three-year periods, a theoretical £1,000 投資するd in this 索引 would have 生成するd £1,056 and £ 1,670 それぞれ.

After this mediocre 業績／成果, it was not surprising to learn that six days ago, Schroder 投資 管理／経営 完全にするd Cox's 落ちる from grace by 発表するing his 早期に 退職. This follows Cox's 出発 from the 投資 舵輪／支配 of UK Growth six months ago.

Sad though it is to see a 最高の，を越す 投資 経営者／支配人 出発／死 under a 業績／成果 cloud, there are lessons to be learned by all connected with this sorry episode.

For a start, 投資 経営者／支配人s such as Schroder should stop their incessant game of 開始する，打ち上げるing 基金s - and advertising 存在するing ones - on the 支援する of what is no more than a 納得させるing marketing story. Instead, they should 促進する 基金s that are underpinned by a strong 投資 事例／患者.

独立した・無所属 財政上の 助言者s should also question whether they really earn their 抱擁する （売買）手数料，委託（する）／委員会／権限s by recommending 基金s 単に on the basis of past 業績／成果, however dazzling it may be.

For 投資家s the message is （疑いを）晴らす. 活発に managed 投資 基金s such as those 以前 run by Jim Cox must be 監視するd 定期的に.

It 簡単に does not make 財政上の sense to tuck away 株 or 部隊 信用 証明書s in the hope that the 基金 経営者／支配人 will come up trumps year in, year out.

投資家s should not ゆだねる all their 貯金 to one man or one particular group. Cox's 落ちる is not the first in the 産業, nor will it be the last.

Cash machine 告発（する），告訴（する）／料金s

Barclays' 告示 that it is to stop 非難する its 10 million 顧客s who use cash machines other than its own is a welcome move.

It will mean 解放する／自由な 接近 for Barclays （弁護士の）依頼人s to all the UK's 25,000 cash machines and throws into unfavourable 救済 the 決定／判定勝ち（する）s by Abbey 国家の and Midland to 増加する 告発（する），告訴（する）／料金s to 顧客s who use other banks' machines.

Abbey 告発（する），告訴（する）／料金s 顧客s £1.50 every time they use a machine other than its own or Midland's. Last Monday, Midland started to 告発（する），告訴（する）／料金 （弁護士の）依頼人s £1 every time they use an 自動化するd till that is not a Midland, NatWest, Clydesdale or Ulster machine.

Barclays' scrapping of 告発（する），告訴（する）／料金s will begin in October. 一方／合間, 顧客s who use other banks' machines still 直面する 告発（する），告訴（する）／料金s of up to £1.50.

Barclays will start 非難する most 非，不，無-Barclays 顧客s £1 every time they use one of its machines. But this will be （一定の）期間d out to 使用者s before they 完全にする a 撤退, giving them the 選択 to 取り消す.

Barclays' moves follows calls for banks to be open about 告発（する），告訴（する）／料金s for cash 撤退s.

Peter Duffy, 長，率いる of 審査する banking at Barclays, says: 'Our move is designed to give 顧客s better value for money and to make our 告発（する），告訴（する）／料金s obvious.'

Barclays' move gets the thumbs up from us. Next week, it would be 広大な／多数の／重要な to 報告（する）／憶測 that the other banks had taken a leaf out of Barclays' 調書をとる／予約する.

But then banks might 飛行機で行く.