chapter 21
Some thoughts on the future of investment management
To finish this book I want to give my thoughts on five subjects of topical interest: stamp duty, private equity, hedge funds, activism and regulation.
Stamp duty has become a voluntary tax for many investors. Most hedge funds, many overseas investors and an increasing number of private investors avoid paying this tax by using mechanisms such as contracts for differences or betting on share price movements rather than buying actual shares. On the other hand, most domestic pension funds, insurance companies and unit and investment trusts do pay stamp duty. It seems to me unfair that traditional institutions that handle the bulk of the savings of the UK public are being penalised. ...
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