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Little at Large: Luke's 'dangerous' ideas would appear to be right
By Matthew Little, Third Sector, 7 May 2008
The late Luke FitzHerbert caused consternation in certain parts of the Square Mile a few years ago by arguing that trusts and foundations were wasting £100m a year paying for their investments to be 'actively managed' when they could achieve returns that were just as good by buying more humble tracker funds or common investment funds. One fund manager warned darkly that FitzHerbert's views were dangerous.
Were Luke still with us, I think he would be wearing a smug grin after reading the Institute of Philanthropy report on charity investment, published last week. It showed that charity returns have been 1.6 per cent lower than the FTSE All-Share index over the past 20 years - an...
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