LET’S HEAR IT FOR THE ADVICE!!

The continuing issues around Woodford greeting, our screens every day, makes Brexit look like a side show depending on your bias. We now have lawyers circling around the opportunity to start a ‘class action’ against Hargreaves Lansdown and quoting Peter Hargreaves himself by saying it “annoyed the hell out of me”. Slight understatement to be fair. Allegedly, he gave both barrels, reloaded and fired again at the staff involved even though he is no longer directly employed by the business. I would not want to get both barrels by Peter Hargreaves – I once got a flicked ear and that hurt enough!

 So, if the lawyers are gathering, licking their lips at an opportunity to be in the limelight and famous for protecting the layperson from these asset stripping rogues, rather than asset gathering fund managers and advisers, then where do we draw the line at accountability. 

The recent Panorama program was awful and biased beyond belief. In my opinion, the journalist in question skewed the story where poor Beryl (sic) lost her life savings to the villain, Neil Woodford and his gang members from Hargreaves Lansdown.  I’m not condoning Neil Woodford, far from it and if you have read my previous blogs you will know I aim my sights straight at the oversight of the Fund managers as much as anyone else but, the program was just so inaccurate. I’m no lawyer, just someone concerned that our industry is being rubbished all for the wrong reasons.

Turning back to those poor investors who, took no advice but for various reasons, put all their monies into the Woodford Funds because he was the UK ‘Warren Buffet of investment. Where was the advice? It was her friend, not an adviser or financial expert. She read the glowing accolades in the Press and based on that and her friend’s advice, she invested. Many others did and they used the HL platform due to its efficiency and price. 

Our industry has to now pick itself up from the damage done and recognise we have to start building the trust back with investors. Thankfully that isn’t impossible because we have allies in the shape of advisers and wealth managers who recognise the value add of asset management. Passive, active, ESG or just plain old gas-guzzling, gun toting global equities, which ever fund the investor chooses should be influenced by advisers at whatever level. Sure, there are professional investors and I have no issue there. 

My point is we have created a culture where experts appear in every publication giving their top funds for example with no recourse. These very experts and journalists have published their favourites over the years and the public has grown accustomed to the hype surrounding the funds. Some journalists actually talk about their own portfolios as if they are the best around with glowing reports of their performance and accolades to the manager. Sadly, many investors will play the market based on these ‘recommendations’ with no recourse if things go wrong. It is after all just tomorrows fish and chip paper!

Where does the Adviser fit in all of this? Well, central if you ask me. They are the key to the answers, the glue that sticks investors in the right fund and the ear if there are problems. Orphan clients have no recourse but instead get swept along by the lynch mentality that pervades in society at times these days. There are no winners there. Just an egotistical journey for lawyers who smell blood in the water and want to feast on the carcass of the poor soul that is thrashing half alive in the water. Advice is exactly that and investors should seek advice, not recommendations from people who don’t know the full story and can’t see the entire picture with regards the circumstances around a particular individual.

So, let’s hear it for advice and the crucial position they play in the value chain for investors. They can work with the asset management to restore confidence in the industry as they understand it and recognise the core value of it. Perhaps one day we will all have learnt the key roles we all played in this car crash of the last 6 months…we’ll see !

Stuart Alexander

CEO

In other news...

IMPORTANT INFORMATION

You must submit your agreement before access to the site can be granted. Important information regarding our Cookie Policy can also be found here

SCROLL TO READ

October 2022   This website is directed at institutional clients and individuals who have taken appropriate professional advice, who possess the necessary experience, knowledge and expertise to make their investment decisions and properly assess the risk that it incurs. Gemini Capital Management (Ireland) Limited (“GemCap”), trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland, reference number C155302. Its principal office is at Suite 22-26 Morrison Chambers, 32 Nassau Street Dublin 2, D02 X598 and its registered office is at 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, Ireland. GemCap acts as management company and global distributor to GemCap Investment Funds (Ireland) plc (“UCITS”). GemCap Investment Funds (Ireland) plc is an umbrella fund with segregated liability between sub-funds incorporated as an investment company with variable capital registered under the registered number 485081 under Irish law pursuant to the Companies Act 2014 and authorised by the Central Bank of Ireland, reference number C67292, pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) ), having its registered office at 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, Ireland(“the Fund”) . The contents of this site have been prepared solely for information purposes and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. GemCap and the Fund does not give or make any guarantee, representation, warranty or other promise or confirmation (whether express or implied) as to its accuracy or completeness.   Risk Warnings Please remember that the value of investments and the income from them can fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Past performance may not a reliable guide to future performance. A comprehensive list of risk factors is detailed in the Prospectus and the key investor information document (“KIID”) and an investment should not be contemplated until the risks are fully considered. The Prospectus and KIID can be viewed at www.geminicapital.ie GemCap does not provide financial, investment, tax or any other professional advice in any way and none of the information on this site should be construed as such. None of the information contained on this site constitutes an offer to buy or sell or a solicitation, recommendation, invitation by or on behalf of GemCap to buy or sell any security, product, service or investment. Any opinions expressed on this site do not constitute investment advice and independent advice should be sought where appropriate. The view and/or opinions expressed by GemCap through this or any other platform, may be subject to change. The shares in the Fund have not been and will not be registered under the US Securities Act of 1933 (the “1933 Act”) as amended or the securities laws of any of the states of the United States. The Shares may not be offered, sold, transferred, pledged or delivered, directly or indirectly, in or into the United States or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the 1933 Act and any applicable state laws, nor in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where their promotion and sale are permitted. The information contained on the website may not be redistributed directly or indirectly to any citizen or resident of the United States or any other jurisdiction where its distribution may be restricted by law. It is the responsibility of persons accessing the website to ensure compliance with the above.   Disclaimer for Investors in Switzerland The Fund and its sub-funds, Calamos Global Convertible Fund and Third Avenue Real Estate Value Fund has been approved by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) for offering to Swiss non-qualified investors. This website may contain advertising. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale Vaudoise, Place St.-François 14, CH-1003 Lusanne. Swiss investors may obtain free of charge from the representative in Switzerland, the relevant fund documents, namely the prospectus, the key investor information documents, the articles of association, as well as the annual and semi-annual reports. Past performance results are no indication of future results. Issuance and redemption commissions are not included in the performance figures. Performance results referring to a period of less than twelve months (year-to-date-performance, start of investment fund within the last twelve months) are no reliable indicator for future results due to the short comparison period.   Additional information for Qualified Investors in Switzerland: The below-mentioned investment funds, which are also disclosed on this website, are neither registered with FINMA nor under contract for representation to Swiss investors. These investment funds may not be distributed neither to Swiss non-qualified and qualified investors nor exclusively to Swiss qualified investors:   GemCap Investment Funds (Ireland) Plc Atlantic House Defined Returns Fund Atlantic House Global Defined Returns Fund Atlantic House Total Return Fund Atlantic House US Enhanced Equity Fund Atlantic House Uncorrelated Strategies Fund Calamos Global Convertible Fund Calamos Growth and Income Fund Causeway Defined Growth Fund GSI Global Sustainable Value Fund GSI Global Sustainable Focused Value Fund London & Capital Global Balanced Fixed Income Fund London & Capital Global Conservative Fixed Income Fund London & Capital Global Defensive Equity Fund (this Fund has terminated and accordingly, Shares in this Fund are no longer available for investment) London & Capital Global Growth Fund London & Capital Global Growth Fixed Income Fund London & Capital Global Star Equity Fund London & Capital Global Balanced Fund London & Capital Global Equity Opportunities Fund Principal Asset Allocation Fund Semper Total Return Fund TEAM International Equity Fund Third Avenue Real Estate Value Fund   Legal This GemCap website and material contained herein (including information from third parties) is provided ‘as is’, without any representation or endorsement made and without warranty of any kind whether express or implied, including, but not limited to, the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security, completeness and accuracy. By entering this site, you acknowledge and agree that the use of this site is at your own risk and to the extent permissible by applicable law, in no circumstances, including (but not limited to) negligence, shall GemCap be liable for any direct, indirect, incidental, special, consequential, or punitive damages, losses, costs or expenses nor for any loss of profit that results from the use of, or inability to use this site or any material on any site linked to this site (including but not limited to any viruses or any other errors or defects or failures in computer transmissions or network communications) even if we have been advised of the possibility of such damage. In addition, no liability can be accepted by GemCap in respect of any changes made to the content of this site by unauthorised third parties. All express or implied warranties or representations are excluded to the fullest extent permissible by law. We do not warrant that this site does not infringe any intellectual property rights of third parties. No data transmission over the internet can be guaranteed as totally secure. Whilst GemCap strives to protect such information and every effort has been made to implement security protocols, in line with relevant legislation to ensure safe processing and storage of any data transmitted, we do not guarantee and cannot ensure the security of any information which you transmit to us. Accordingly, any information which you transmit to us is transmitted at your own risk. The GemCap website is not a substitute for independent professional advice and users should obtain any appropriate professional advice relevant to their particular circumstances. The information on this site is issued by GemCap.   Cookies If you use the internet quite a bit, there’s a good chance you’ve heard of cookies. But what are they? Also known as HTML cookies, tracking cookies or magic cookies, these tiny files are automatically downloaded by your computer when you’re browsing online. Don’t worry – they’re perfectly safe. But we’d still like to take a moment to explain what cookies do, which ones we use and how to remove them – if you really want to. Are Cookies Safe? Yes, cookies are safe. The information they collect is completely anonymous. We never, ever, collect personal information using cookies. What’s more, cookies are not harmful to your computer, they take up minimal space and they can be removed with just a few clicks. GemCap’s Cookie Functionality
  • Cookies provide enhanced functionality and speed to our site
  • These cookies help us to recognise your computer when you visit Gemini-Capital.ie and enable us to improve your visits to our website
  • Cookies assist us in identifying what kind of visitor/user you are, for us to provide you with the most relevant content
How Can I Remove Cookies? Most computers are set to download cookies automatically, so if you’re happy with everything you’ve read, simply carry on as you were. However, if you’re at all concerned about having cookies on your computer, deleting them is simple. Show me how to remove cookies Likewise, you can also change your computer settings so that it won’t download any more cookies. Show me how to change my cookie settings The information on this site is issued by Gemini Capital Management (Ireland) Ltd, which is registered in Ireland No. 579677. The registered address for the company is 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, Ireland. For further information on our use of personal data collected and stored by the firm and its approved vendors, please see our Data Protection Statement, which can be found in the “Our Policies” section on this website.