According to the Financial Times "Asset managers will refuse to pay investment banks to meet the chief executives of their corporate clients in the wake of an FTfm report that suggests chief executives often have no idea their time is being sold for as much as $20 000 an hour."
Mick McAteer, founder of The Financial Inclusion Centre, a UK-based not-for-profit think-tank, says "fund investors are quite shocked to discover that their money is being put towards funding visits with chief executives". “We’re now hearing more and more about the conflicts of interest that exist in the investment industry,” he says.
Read the full article here
More on this subject and EuroFinUse position regarding asset managers paying tens of thousands of pounds to prime brokers to gain face-to-face interviews here