Magellan co-founder slams underperforming fund managers

By Staff Reporter

According to The Australian Financial Review, Magellan Financial Group founder Hamish Douglass has lashed out at fund managers that charge high fees while only just beating the benchmark S&P/ASX 200 index as “leeches”. “They’re kind of hugging the index trying to charge active fees but adding very little value,” said Mr Douglass.

The head of Australia’s fastest-growing global investment manager has praised the role of low-fee passive investment managers, adding that they’re pushing out higher-fee fund managers that don’t deliver value for money.

Read more here: Business Spectator

    

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