Little at Large: Luke's 'dangerous' ideas would appear to be right

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.

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