Invesco Perpetual fined £18.6 million for failings in fund management

SnowMan
SnowMan Posts: 3,356 Forumite
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in Savings & investments
The Financial Conduct Authority (FCA) has fined Invesco Asset Management Limited and Invesco Fund Managers Limited (Invesco Perpetual) £18,643,000 for exposing investors to greater levels of risk than they had been led to expect

http://www.fca.org.uk/news/invesco-perpetual-fined-186-million-for-failings-in-fund-management

and this news story on the BBC website

http://www.bbc.co.uk/news/business-27190011
I came, I saw, I melted

Comments

  • xylophone
    xylophone Posts: 44,302 Forumite
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    Invesco Perpetual fined £18.6 million for failings in fund management


    Arrgh!:eek:

    And I have been faithful to IP for so long......... where is the smiley(?) for broken heart and shattered trust?

    But on a brighter note, where do I go to find out about the compo....:rotfl:
  • SnowMan
    SnowMan Posts: 3,356 Forumite
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    xylophone wrote: »

    Arrgh!:eek:

    And I have been faithful to IP for so long......... where is the smiley(?) for broken heart and shattered trust?
    brokenheart.gif
    I came, I saw, I melted
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    xylophone wrote: »
    [/B]

    , where do I go to find out about the compo....:rotfl:

    There is none because the gamble paid off.
    If it hadn't, you might have got compo
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • le_loup
    le_loup Posts: 4,047 Forumite
    I think you're forgetting the compo I deserve for the stress of reading about this.
    Oh' I'm all of a flutter ..........
  • jimjames
    jimjames Posts: 17,581 Forumite
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    Seems a little unfair if I've read it right. IP declared the problems they'd found from internal audits to the regulator and get fined. Doesn't seem to be a great way to get openness from companies, maybe more reason for them to keep quiet.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    How does the Woodford departure fit into all this, I wonder?
  • xylophone
    xylophone Posts: 44,302 Forumite
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    I think you're forgetting the compo I deserve for the stress of reading about this.
    Oh' I'm all of a flutter ........

    And what about my bleeding, broken heart........:(
  • talexuser
    talexuser Posts: 3,498 Forumite
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    Archi_Bald wrote: »
    How does the Woodford departure fit into all this, I wonder?

    Well the BBC story says Income and High Income were involved so it does look a little suspicious that he decides to leave just before this story breaks.

    Funds getting too big to stay in the top quartile consistently so a bit of derivative punting on the side and a bit of a black mark on his reputation?
  • ChesterDog
    ChesterDog Posts: 1,111 Forumite
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    I wonder if he will launch a combo large cap/derivatives fund in his new venture.

    I'm disappointed because Neil Woodford was my early role model for investing. I admired the way he squeezed good performance out of such massive funds and I put this down to the fact that it's not just about knowing which companies' shares to buy, but equally importantly which to avoid.

    Many a portfolio (and most groups of 'tips' and recommendations) suffer because of one or two significant underperformers. NW seemed largely to avoid this problem, but it seems (latterly at least) it was at least in part due to derivatives.
    I am one of the Dogs of the Index.
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