Loch Ness Monster...A view of the Loch Ness Monster, near Inverness, Scotland, April 19, 1934. The photograph, one of two pictures known as the 'surgeon's photographs,' was allegedly taken by Colonel Robert Kenneth Wilson, though it was later exposed as a hoax by one of the participants, Chris Spurling, who, on his deathbed, revealed that the pictures were staged by himself, Marmaduke and Ian Wetherell, and Wilson. References to a monster in Loch Ness date back to St. Columba's biography in 565 AD. More than 1,000 people claim to have seen 'Nessie' and the area is, consequently, a popular tourist attraction. (Photo by Keystone/Getty Images)
© Hulton Archive/Getty Images

Helena Morrissey is to step aside as chief executive of Newton Investment Management after 15 years in charge of the UK asset manager to take up the role of non-executive chairman for a limited period. She will be succeeded by Hanneke Smits, a former head of investments at Adams Street Partners, the Chicago-based private equity manager.

Well known for her interests outside of asset management, Ms Morrissey established the 30% Club in 2010, an organisation that campaigns for greater gender diversity in boardrooms. She also argued passionately in favour of Brexit, although Newton’s parent company, BNY Mellon, later instructed all staff to avoid commenting publicly on the UK referendum before the June vote. This fuelled speculation of a rift between Ms Morrissey and her employer.

Bill Miller, once the most famous stockpicker in the US, is leaving Legg Mason, the investment manager where he has worked for 35 years.

Mr Miller ran the Legg Mason Value Trust, which outperformed the S&P 500 for 15 consecutive years before his run of success came to an abrupt end in 2005. The former military intelligence officer relinquished management of his fund in 2012 after its assets shrank by almost 90 per cent.

Mr Miller last week bought Legg Mason’s stake in LMM, their $1.8bn joint venture.

Fund managers hit back at accusations that investors are being penalised by hidden fees and charges, claiming there is “zero evidence” of such a problem in the industry, according to a study published last week by the Investment Association.

The trade body, which represents UK asset managers, said hidden fees were the “Loch Ness monster” of the investment market because all charges are stated in the annual reports produced by funds. But the study angered consumer rights campaigners, who accused the IA of publishing self-serving and misleading research.

Carl Icahn, the billionaire activist investor, predicted that blue-collar workers will vote for Donald Trump in November’s US presidential election.

Mr Icahn said government regulations were “absolutely killing business” during television interviews and that it was “extremely important” to see Mr Trump win.

The UK’s former pensions minister called for parliament to launch an inquiry into corporate pensions, saying retirement schemes have been pushed into a funding crisis.

UK corporate pension deficits have risen to almost £1tn, and Baroness Ros Altmann said the Bank of England’s decision to cut interest rates and launch a fresh round of bond buying could push some schemes “over the edge”.

Legal & General last week sold Cofunds for £140m to Aegon in a deal that makes the Dutch insurer the biggest player in the UK’s investment platform market. L&G will incur a loss of around £65m on the disposal of Cofunds, the main investment platform for UK financial advisers, which has £77bn in assets under administration.

The amount of new money raised by exchange traded funds exposed to global stock markets dropped 85 per cent in the first half of 2016, in a rare sign of pressure on the passive investment industry.

Equity ETFs that track an index attracted a net $15bn from investors in the first half of this year, a significant decline on the $102bn invested over the same period in 2015.

Analysts blamed the drop in inflows on volatile trading conditions in January and February, followed by concerns about the impact of the UK’s vote on EU membership.

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