Tony Hazell: Fees revelations makes for murky New Year

Then in January, Guy de Blonay rejoined the Jupiter fold having run New Star’s own highly successful Financial Opportunities fund. Co-management transformed a thoroughbred into a mule.

A year later, Mr Gibbs moved to concentrate on the Jupiter Absolute Return fund and now Mr de Blonay is in sole charge.

It may be that investors are suffering as the fund goes through a period of transformation.

But Hargreaves’s patience has run out and so, I suspect, has that of many investors. Jupiter has now restricted the amount the fund can hold in cash and bonds – a position which would have cost investors in the credit crunch.

This is not the only Jupiter former high-flier that has fallen to earth. The Income fund never recovered from the departure of William Littlewood. I hope Financial Opportunities recovers its former flare, but there is little evidence of that yet.

When will it end?

I cannot remember a more gloomy start to the year. Pundits appear to be lining up to predict more misery in 2012. All they disagree about is the depth of despair we are likely to plumb.

I have been trawling reports for some signs of hope with little success.

Iveagh’s chief investment officer Chris Wyllie predicts that Greece will leave the euro, “prompting a selling climax before equities find a floor and start to rally”. I suppose that could be construed as optimistic.

The Centre for Economic and Business Research is unremittingly gloomy. It is predicting a modest to severe recession in the west, more bailouts for European banks, the start of the euro break-up, cracks showing in Asian economies. It even expects London to suffer as Olympic tourists squeeze out more lucrative ones. Capital Economics warns of a further £18bn of fiscal tightening this year as spending continues to be cut.

But do not lose heart. Hollywood (and some say the Mayan calendar) predict the end of the world for December 21 this year.

So that leaves just 344 days to go and spend all your money – if you have got any left that is.

Tony Hazell writes for the Daily Mail’s Money Mail section. Email: t.hazell@gmail.com