Wednesday, July 28, 2010

Time To Boot The Yapping Fox Terrier

The Herald has provided a free forum for so called investment adviser Gareth Morgan to 'build up the brand and image' of his firm which so far provides a graveyard for gullible Kiwisaver investors in which they can bury their contributions alongside those of their respective employers.

Today's published summary from Morningstar is a jaw dropper, coming just a few days after Morgan had the sheer gall to use his Herald column to castigate his competitors for poor performance.

Here's the 'money quote:-'

"The biggest contrast is in the growth sector where the Gareth Morgan Growth fund has attracted the most money at $121 million but is the worst performer over two years and bottom of the pack over the last three months.

The Gareth Morgan Balanced fund was also the largest balanced fund at $165 million but was second from bottom over two years and 18th out of 27 over the last three months."

It's time this financial undertaker made an undertaking to get out of the advice business. Clearly, he is a not much more than a mouthier version of Bryers and Petrecovic.


The Gantt Guy said...

I like how Morgan's mouthpiece commented that they think pretty reports for their customers rates as highly as fund performance. What a muppet.

baxter said...

I think Morgan might be a good operator and know his stuff but it seems to me his mind is not on the job. He is writing books about things he knows little about such as 'Health' or 'Climate Change' or holidaying around the world on a motobike.

Anonymous said...

Looks to me that all the Kiwisaver providers are just lining their own pockets. They all give these amazing figures of increasing assests under management, but when you look at it, it all new money invested, not wealth created. My real estate portfolio yeilds 6% on total invested (40%ROI) and I'm expected to hand over good money for these fools to lose 2% and charge me for the pleasure.
We need the ability to self manage funds like Australia has, and then some of this rort will stop, as real competition will then exist.