The “deep illness” in the UK capital markets has stifled the growth of home-based entrepreneurs, leaving the London FTSE 100 blue chip index of the 19th century, according to one of the general managers of the British Fund.
Sc Ames Anderson, who has made Facebook, Amazon և Tesla early bets one of the most successful investors in the world, has sharply criticized Britain’s asset managers for their short-term performance fears and fear of taking risks.
“Why didn’t we grow a giant company?” Of course, I do not expect everyone to be like that [Amazon founder] Eph Bezos. But it seems to me that there is a real problem here, ”Anderson, co-manager of Bailey Gifford’s Scottish Mortgage Investment Trust, told the Financial Times.
“The FTSE 100 is really an index of the 19th century, even the 20th century,” he said, noting the scarcity of Britain’s fast-growing innovative companies.
Through bold betting on US և Chinese entrepreneurs, including Amazon Bezos, Tesla Elon Musk և Tencent’s Pony Ma, Anderson has made Scottish mortgages an incredible star of technology investment over the past two decades.
About մլրդ 18 billion has given shareholders a 1,500 per cent return since Anderson launched it in 2000, compared to 277 per cent for the FTSE All World. Anderson will leave Bailey Gifford in Edinburgh in April to hand over the Scottish mortgage to Tom Slater, who has been its co-chair since 2015.
Anderson’s criticism comes a Government Supported City Review In March, he called for a review of listing rules, including the introduction of two-tier shares preferred by businessmen, so that London could wrestle more tech companies away from Wall Street.
“Why are people so happy to be paid so much for things that are not required, but they do not dream of creating these really great companies?” Said Anderson, noting the lack of entrepreneurial culture in the UK.
“I think there are many reasons for such discouragement. Many of them are on my side of the fence. But something is quite wrong, it seems to me. “
Britain needs “one or two individuals” who can disrupt business, Anderson added. “When will some of those people suddenly show up?”
He pointed out different entrepreneurial cultures in other European countries.[Dutch chipmaker] ASML is not the same as [Swedish streaming company] Spotify “-” but no one exists in the UK. I think there are not enough supportive people. ”
In a wide-ranging interview, Anderson also said that UK shareholders were unable to take control of domestic companies during the takeover approach, citing Japanese SoftBank’s acquisition of չի 23.4 billion in 2016 by smartphone chip designer Arm Holdings.
“Although some shareholders, including Bailey Gifford, opposed the deal,” we could not find enough shareholders to support the serious efforts of Arm to remain independent, “he said.
Anderson contrasted the fate of Arm with the fate of the US biotech company Illumina, now the second largest Scottish mortgage holding. Bailey Gifford and other shareholders helped Illumina prevent Roche Holdings’s $ 6.8 billion’s hostile attempt in 2012.
He also warned that many investment companies are “run as business for business, not for themselves but as investment organizations.” That’s the amount involved, which can be a huge temptation. ”
Anderson is leaving Bailey Gifford as environmental, social and governance issues run counter to the corporate fund management industry agenda, he warned of the dangers of a boxed approach to ESG.
“Bad managers have a much easier time, because if they just obey what their bonus system և ESG says, they can survive.” Get a very good salary. It’s harder for companies to really think about building their own competitive trenches. ”