“That has to be distinguished from active management. His portfolio could have been actively managed, as appears to have been the case, without it having been aggressively managed and I have not seen evidence to suggest that Mr B was led to expect aggressive management – especially given his medium risk profile, which would have conflicted with the idea of aggressive (high risk) portfolio management,” he said.
Further, he said there was no evidence to suggest that Mr B had been promised returns of 10%.
“Overall and on balance, I am persuaded that Rathbone has not mismanaged Mr B’s Sipp portfolio,” Kuku said.
