On 30 September Guillaume Prache, EuroFinUse’s Managing Director, was quoted in the Financial Times in relation to the ‘elitist focus’ of the mutual fund industry which was criticised following research by Mackay Williams. Research showed that the focus of the fund industry on the needs of the wealthiest 10 per cent of Europeans has cost the industry 1 trillion euros in potential investable assets and led to increased volatility. It was also estimated that less wealthy Europeans lost out on nearly a trillion euros altogether. In response to this Guillaume Prache stressed the additional fact that, ‘the asset management industry damaged itself by all too often destroying real value for investors’ and that it should reduce product complexity. EuroFinUse believes it’s important to address this situation and furthermore calls for governments to encourage pension saving.
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