The writer is a former banker and author of ‘Traders, Guns & Money’, ‘Extreme Money’ and ‘Banquet of Consequences’
All investors are equal, but some, especially wealthy and large ones, are more equal. This derives, in part, from the pooling structures — mutual funds, units trusts limited partnerships or equivalents — through which investments are held.
These structures facilitate access to specific assets, investor participation, scale economies and professional management. There is an economic trade-off between returns and additional expenses. But pooling creates several risks.
First, the interests of investors and asset managers are difficult to align. Management fees are on assets under management, driving a focus on attracting inflows rather than returns or risk.
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