A 28-minute listen. 

James Calder, research director at City Asset Management, talks Gary Shepherd through his views on the “double-edged sword” of regulation, and his expectations for iNEDs on fund boards. 

In a wide-ranging interview, James explains his personal frustrations at good practitioners – the majority of the industry – having to put their hands in their pockets for the “bad apples”.

“The Financial Services Compensation Scheme Levy worries me every year in terms of how much more it is going to be because somebody else wasn’t doing their job correctly,” he explains.

“I’d go a bit further and say that to give the rest of us professionals confidence, and the buying public confidence, there never really seems to be any degree of accountability in terms of those who have found to be wrongdoers – in terms of bad advice at a client level, or other ways. At the next level it would be nice to see regulation give us more confidence in our own industry.”

In looking at iNED requirements on fund boards (a topic covered elsewhere on Octo in discussion with Gary Dixon), James warns against a “gravy train”.

“People on these boards have to be industry practitioners; they have to be held to a high level; they have to be held accountable; and it should be seen as a profession in itself”.

Listen to hear more on James’s investment outlook, and reflections on his 10 years at City Asset Management.

If you’re enjoying our podcast range, check-out Mike Wilson talk about why fund managers always put their own cash in investment trusts.