Friday, March 14, 2008

Tory Funder Fidelity to Lose Pension Contract

Good news – yesterday I spoke to, lets just say, a very senior councillor in a British local authority, who told me that "no matter what", their pension fund will not be reappointing “you know who” as their fund managers.

This is because the councillors, who appointed Fidelity in the first place felt deceived by the company, who did not mention their political partisanship when they gave them their presentation.

Also, they do not think it appropriate for fund managers to support any political party. Fidelity has given £415,000 to the tories in recent years.

Tom P also reports that he has had a few “interesting conversations” with people in the investment business, that they share his concerns about the wisdom of Fidelity’s political postulating.

This is his first “scalp” and I have no doubt there will be more.


Anonymous said...

WOW..I bet they are worried now...where did you move your funds to Tom?

John Gray said...


Check out the link and I think tht they will be worried. BTW Tom did move his money to a non-tory manager.

Tom Powdrill said...

At the moment our savings are sitting in a cash fund with Co-Funds. Currently discussing with our financial adviser where to invest it.

Tom Powdrill said...

Hi John

I've been contacted by a couple of journos about this. I doubt there is anything you can say to them at this stage but email or ring me if you want me to put them in touch with you.