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The case for getting rid of trustees from managed funds

The collapse of most of New Zealand’s debenture-selling finance companies exposed the fact that their trustees had been mere ticket clippers and box-tickers and provided investors with little in the way of practical protection they were being paid to provide.

In fact, I would argue that having trustees supposedly overseeing managed investment schemes is worse than no protection at all because it gives investors a false sense of security by holdin

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