The future of fund management

To be held on Wednesday, September 18th, at Bakers’ Hall


  • Lord Mners

  • George Graham (RBS Pension Fund)

  • Pauline Skypala

  • Eoin Murray (Hermes Investment Management)



It is three years since the FCA got stuck into the asset management industry. Its market study found weak price competition, high profit margins and low investor awareness of charges – not helped by the complexity of fees. Since then, the industry has dealt with Mifid II, leading it to absorb research expenses, and has been required to spell out the costs it passes on to clients. The onward march of passive investment has intensified the downward pressure on fees and profit margins.

Meanwhile, fund managers are increasingly expected to incorporate ESG factors into investment policies. The latest set of FCA “remedies” demands better disclosure of fund objectives and the way benchmarks are used to judge – and charge for – performance. Some commentators have called this a perfect storm – and the squalls keep coming, including the revelation that the Woodford “open-ended” funds were illiquid.

We are delighted that our discussion will be led by the man who first threw the cat among the industry’s pigeons in 2001 with a report on institutional investment – Paul Myners. A former City minister and chair of M&S, Lord Myners has returned to his roots with roles that include general partner at the activist investor, Cevian Capital, and independent director at the Rothschild family’s Windmill Hill Asset Management.

In what should be a wide-ranging debate, he will be joined by:

  • Eoin Murray, head of investment at Hermes. Eoin joined Hermes from GSA Capital Partners and before that was CIO at Old Mutual. He is the Upper Warden of the Guild of Investment Managers.

  • George Graham, deputy chairman of RBS’s Group Pension Fund, where he also chairs the investment committee. During a 20-year career at the FT, his roles included banking editor and head of Lex. He subsequently joined RBS as head of strategy development.

  • Pauline Skypala worked at the FT from 1999 to 2015. She was editor of its fund management supplement, FTfm, and then became deputy capital markets editor. She has won many awards, including the Harold Wincott award.

If you (or a colleague) would like to join us, please email or call the Centre on 0207 621 1056. As usual, there will be a sandwich lunch.


Sincerely yours,


Jane Fuller



*the round-table will start sharp at 12:30