Is it time for a new kind of Investment Trust? A round-table discussion on transparency and incentives in investment management.

Held on Wednesday, October 26, 2016.


  • Daniel Godfrey

  • John Barrass

  • Scott Dobbie CBE

  • Andy Agathangelou

  • Jane Fuller



Investment management seemed to have escaped the fallout from the financial crisis, but the spotlight has now been turned on the industry. Whether it be increasing regulation, calls for greater transparency on costs, disintermediation by new ‘fintech’ competitors or executive pay, scarcely a day goes by without some story being published about challenges to the status quo.

During times of uncertainty, it is tempting to take a blank piece of paper and imagine what business might look like starting afresh. Daniel Godfrey, former Chief Executive of the Investment Association, has done precisely that in founding The People’s Trust. The venture contains some novel features: executives receiving shares as part of their pay, but no bonuses, a seven-year total return objective and a social impact investment component, for instance.

Daniel has gone plural after a (well-publicised) disagreement with some IA members led to his departure. His current activities include being a director of the Investor Forum and serving on the advisory board of the Digital Moneybox.

He is, of course, not alone in arguing that the fund management business should be transparent about charges and firmly focused on the ultimate clients, notably individual savers and investors. To help lead our debate of the issues, we, therefore, welcome:

  • John Barrass, Deputy Chief Executive of The Wealth Management Association (WMA), representing some 190 members and associate members, which invest in and manage over £750 billion of assets on behalf of private clients. Prior to joining the WMA, John was Head of CFA Institute Centre for Financial Market Integrity in EMEA.
  • Scott Dobbie, currently Senior Advisor to Deutsche Bank London, and a former Chairman of The Edinburgh Investment Trust plc and of The Chartered Institute for Securities and Investment.

  • Andy Agathangelou, Chairman of the Transparency Task Force, a member of The Investment Association’s Advisory Board, and a governor of the Pensions Policy Institute.

  • Jane Fuller, Co-director of the CSFI, a Fellow of CFA Society of the UK and an adviser to Nutmeg, the online investment manager. In nearly 19 years at the Financial Times, Jane’s roles included Lex writer and Financial Editor, and she launched the FTfm supplement.