WEALTH WATCH
STEPHEN CRANSTON: The odd couple: adviser and supplier
I FIRST met Nigel Sillitoe when he was trying to register the Mellon Newton fund range in SA. In spite of the reputation of its chairman, Stewart Newton — one of the top UK fund managers of his generation — and the solid balance sheet of its parent, Mellon Bank, the Financial Services Board (FSB) refused to register its funds.Yet much smaller outfits with South African connections, such as Ashburton Jersey, sailed through the process.Sillitoe’s experience was much like that of a black person trying to register to vote in 1950s Alabama. The system was rigged against him or her for the benefit of the incumbents. Only recently have we seen in a rare triumph of the fund management "civil rights movement" the registration of funds from BlackRock, the world’s largest fund manager — even though it has no formal links with any of the domestic financial houses.Surely, the FSB should concentrate on looking for frauds and Ponzi schemes, not making life difficult for foreigners who want to do b...
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