FYI: Manny Roman was blunt: A lot of mutual funds stink.
“When you look at the mutual fund industry, when you look at the way they manage your 401(k),” a grinning Emmanuel “Manny” Roman told a TED Talk in London, “it’s a really, really sad story.”
Roman’s performance didn’t put off Dan Ivascyn, chief investment officer of Pacific Investment Management Co., one of that industry’s tarnished stars. After a nearly yearlong search, Ivascyn picked the hedge-fund veteran, who revived the fortunes of Man Group Plc, to inherit the mantle at Pimco, a firm battling to escape the shadow of its famous co-founder-turned-rival Bill Gross.
Regards,
Ted
http://www.bloomberg.com/news/articles/2016-07-27/at-pimco-the-man-from-man-expected-to-shake-up-gross-s-same-old
