My comments were taken out of context

Peter Hargreaves

In a recent article about me (FA 30 April), I was quoted saying that fund managers were morons. That comment is seriously out of context.

I was talking about when we started the business in 1981 (the comment was about the situation 34 years ago). More importantly, it was about life assurance company funds. Your comment indicates it is how I feel now and about unit trusts but the comment was 34 years ago and about life company funds. I might add I would not make that comment today about either.

Peter K Hargreaves

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