Daily Insider: Marvellous Magda explains how SA’s money managers make the Big Bucks
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Magda Wierzycka's autobiography is a ripping read. Just like the lady herself in real life, she takes no prisoners. Magda rips into her former employer Coronation. And Daily Maverick's behaviour over "Gupta Leaks". Plus quite a few others, too.
We haven't yet connected on Sean Peche's performance fee expose'. But given how her Sygnia broadcasts the impact of overheads on investment returns, and her devotion to low-cost ETFs, it's likely Sygnia's founder will be applauding. There's another clue of where she stands on this in Chapter 10 of Magda: My Journey.
Magda writes: "Many people believe that investment management involves a blend of art and science and that alchemy happens in the lofty offices of those fund managers who make millions and drive fancy sports cars. Nothing could be further from the truth.
"A day in the life of an average fund manager is fairly mundane. Fund managers themselves do not have to build financial models. Most of the time, they read. The day is usually broken by a trip to the gym at lunchtime…." Eisch. Nice work if you can get it, ne'?
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