Why funds still rule the roost in the UK
As the FT noted last week, this month marks the 100th anniversary of the creation of the mutual fund. Unlike the investment trust, the fund was a US invention. Over on those shores, however, its modern-day prominence is being squeezed by a range of factors, not least the greater tax-efficiency of exchange traded funds (ETFs).ETFs don’t enjoy the same kind of tax breaks in the UK, which is one reason why the open-ended fund has retained its top-of-the-pile status over here. There are plenty of others, too. Consider the big...
