Fictional fund manager accounts

We asked did Devon Funds Management have a much better year in the 12 months ended March 31?

The answer isn't clear.

The numbers it reported to the Companies Office suggested it did, but Paul Glass, who owns nearly 48% of Devon's parent, Investment Services Group (ISG), says the numbers Devon reported “don't mean anything,” and neither do the numbers the rest of the funds management industry reports, he says.

“People take revenues and expenses for the underlying business at the parent company level” which don't have to report their financial results.