A “deep sickness” in UK capital markets has stifled the growth of homegrown tech entrepreneurs and left London’s blue-chip FTSE 100 looking like an index from the 19th century, according to one of Britain’s top fund managers.
In a scathing critique, James Anderson, whose early bets on Facebook, Amazon and Tesla have made him one of the world’s most successful investors, said that too many UK asset managers are obsessed with short-term performance rankings and fearful of taking risks.
“Why have we not grown any giant companies? Of course I’m not expecting everybody to be like [Amazon founder] Jeff Bezos. But it seems to me there is a real problem here,” Anderson, joint manager of Baillie Gifford’s Scottish Mortgage Investment Trust, told the Financial Times.
“The FTSE 100 is really a 19th century and not even a 20th century index,” he added, pointing to a scarcity of innovative and fast-growing…