And who’s off and running? David Cowell from Myddleton Croft Investment Managers, of course. But not before making some suitable libations to the gods of fortune….

MC pic Sept 11



Aberdeen Asset Management has bought platform and discretionary fund manager Parmenion. Around 1000 advice firms use Parmenion. Yet another example of the reducing choice being offered to the investing public. How long before they are told that they are going restricted? It would be interesting to know the actual objectives behind Aberdeen’s decision, especially after it lost billions of funds under management. Perhaps growing by acquisition is the only way left.



Sesame has revealed that wealth management managing director Pan Andreas has left the business. Was this Pan Andreas’ fault?

Ros Altmann was appointed pensions minister by Prime Minister David Cameron following his election victory in May. She has spent four months as a Conservative Government minister while simultaneously being a member of the opposition. I’m not sure which party is the greater fool.



Aegon is reported to be preparing to sell off chunks of its UK operations, according to Sky News which says the Dutch company has hired investment bankers at Citi to oversee a number of asset sales that sources said could generate substantial proceeds. They have denied it, but that means nothing in the current climate.


Continuing my observations on August fund performance, Investment Week published this table of top- and bottom-performing Absolute return funds in August:


MC table Sept 11

It would appear that we have been able to protect capital better than most. Let me know if you want copies of the FE charts, figures from which I alluded to last week.



Mark Polson has been looking at passive investment funds and says, “What does it all mean? Simply that there is nothing simple. Custody and trading costs trump fund costs in most cases. Passive funds need careful analysis. And one size does not fit all.”

So, not as cheap and effective as some would have us believe….


A minister was completing a temperance sermon. With great emphasis he said, ‘If I had all the beer in the world, I’d take it and pour it into the river.’

With even greater emphasis, he added: ‘And if I had all the wine in the world, I’d take it and pour it into the river.’

And then finally, shaking his fist in the air, he said: ‘And if I had all the whisky in the world, I’d take it and pour it into the river.’

Sermon complete, he sat down to a hushed silence. The choirmaster stood up very cautiously and announced with a smile:

“For our closing hymn, let us sing number 365, Shall We Gather at the River.”


Have a good weekend.


David Cowell


For and on behalf of Myddleton Croft Investment Managers

1 Woodside Mews

Clayton Wood Close


LS16 6QE

Tel:        0113 274 7700

Fax:       0113 274 7711

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