The many sins of Australia’s listed fund managers are now in the open
The ASX’s investment firms are paid to work out when managements are engaging in the illusion of value creation. It turns out they are the biggest culprits.
If accountants are the worst at looking after their own money, then surely fund managers are the worst at managing their own businesses.
That’s certainly the case for ASX-listed investment firms. The management and boards of the companies that are in the business of making sensible investment decisions have revealed themselves to be especially poor at performing this task.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
