IMA hits back at Wheatley

The Investment Management Association, the fund manager trade body, yesterday said the industry had “nothing to hide” on charges. It follows comments on Tuesday by Financial Services Authority head Martin Wheatley that fund managers should put customers before profits. IMA chief executive Richard Saunders said: “No investment can be made free of cost. For ordinary investors, funds offer the ability to acquire a diversified portfolio at much less cost than investing direct in shares or other assets.”