M&G Investments’ annual bond forum in London earlier this year featured an unusual presence on the stage: a large colourful statue of an elephant. Fixed to it was a piece of paper reading “6.2 per cent”.
It was there as the literal “elephant in the room” — a visual representation of the challenge that fund managers now face: to win a place in a portfolio, they have to beat the rate that a client can earn on ultra-safe short term savings accounts.
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