Henderson: last among equals

Not all fund management businesses are created equal, and this one is less equal than the others.

Fund management businesses come in different guises. First there are those established by star stockpickers, who aim to deliver outperformance over their less exulted peers and occasionally even do so. Into this category we’d put Kerr Neilson’s Platinum Asset Management and Hamish Douglass’s Magellan Financial Group, which we wrote about on Monday. This type of fund manager typically charges high fees and earns high margins, but look out if the star stockpicker leaves or loses their touch.

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