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Episode 1:
Investment managers with Matt Gibson

Our viewpoint

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 This week on investment uncut hosts Mary Spencer and Dan Mikulskis speak to Matt Gibson – head of manager research at LCP, they discuss –

  • Matt’s recent piece arguing that the mantra of long-term thinking can actually go too far in asset management. Of course you don’t want managers who favour short term over long term, but it is more nuanced than that. There are situations where companies go into terminal decline and that needs to be managed (Carillon, Thomas cook perhaps), which isn’t always about a long term view. Also, there tends to be an unhelpful “straw man” argument of the asset management industry being too short term. Which from his experience Matt does not find to be true in the vast majority of cases.
  • Short selling and stock lending. Matt discusses what these are and the implications of the announcement by the Japanese Government pension fund that it is suspending stock lending. Overall Matt is of the view that short sellers play a key role in a properly functioning market; and passive investors should enable them through short selling.
  • Fund liquidity and redemption terms is a topical issue with the recent highly publicised issues with Woodford IM. Matt highlights some of the issues that pooled funds holding illiquid assets can suffer from.
  • We talk manager fees, and discuss the results of the latest LCP manager fee survey that show – not surprisingly – active fees continuing to fall. Matt discusses how to approach reviewing fees with your managers, and how often.

Useful links referred to in our podcast this week

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​