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Report: Many Wealthy Distrust Fund Managers

By    |   Monday, 29 Jun 2009 10:11 AM

Report: Wealthiest Distrust Fund Managers

Julie Crawshaw

If you think bad financial management is the cause of your portfolio problems, you’re certainly not alone.

Almost half of the world's 8.6 million wealthiest investors have lost confidence in their fund managers, according to the 13th annual edition of the World Wealth Report recently published by Merrill Lynch and Capgemini.

The report revealed that more than 75 percent of the 200 rich and super-rich investors from around the world lost confidence in financial regulators in the wake of the credit crisis and plunging world markets.

This explains why more than 90 percent of the 1,350 financial advisors and 60 senior wealth managers who also were surveyed for the report said they lost wealthy clients last year.

The ultra rich have been selling their private jets and scaling back buying luxury goods such as vintage cars and luxury yachts, according to the report. Instead, they are investing discretionary capital in more portable and readily saleable items such as jewelry, gold and fine art.

The report also found that the 8.6 million high net worth individuals is 14.9 percent fewer than last year, while the number of those in ultra-high net worth category fell by 24.6 percent.

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Report: Wealthiest Distrust Fund ManagersJulie CrawshawIf you think bad financial management is the cause of your portfolio problems, you’re certainly not alone.Almost half of the world's 8.6 million wealthiest investors have lost confidence in their fund managers,...
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2009-11-29
Monday, 29 Jun 2009 10:11 AM
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