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In for a Penny: A Business Adventure by Peter Hargreaves

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Chapter 7: The Tesco of the Retail Investment World

Developing Vantage

Vantage wasn’t just something we plucked out of the air. It took time and a great deal of effort to create. The people who should take most credit for it are the competitors who had tried to muscle in on our space with a concept that amounted to nothing more than “we will sell it to you cheaper”. The fund industry had cooked its own goose. For years, I had tried to tell the industry that they would never succeed if they rewarded all their agents equally. The example I used was that of Heinz and Tesco. How would Tesco react if Heinz informed them that they were moving to a new regime in which all retailers could buy Heinz beans at exactly the same price? The only sensible ...

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