Monday, August 19, 2013

Fidelity - the Tory "Fund" managers

Hat tip to Labour and Capital blogger Tom P for highlighting how fund managers Fidelity are one of the biggest corporate donors to the Conservative Party. I wonder how many Fidelity policy holders or members of the local government pension scheme (Fidelity Worldwide Investment runs £3 billion of LGPS money) realise that profits from managing their pensions is going to fund David Cameron and George Osbourne?

Check out Tom here at "Another £25,000 donated in April" and "On the trail of a big Tory donor"  (see below)

"Readers of long standing may know that I've blogged a fair bit in the past about the financial and political relationship between asset manager Fidelity and the Conservative Party. On the Peter Cruddas scale, Fidelity are a "Premier League" donor. For example, they gave the Tories £300,000 in the year running up to the 2010 general election. Last year they gave them £100,000. They also employ the MP Srir John Stanley as a consultant. (They also chucked £50,000 at the No2AV campaign in 2011).

Oddly, over the years the way that Fidelity donates to the Tories seems to have changed. So up to 2008 they were listed as "Fidelity Investment Management" with the company reg number 2349713 or sometimes 02349713.

But from 2008 to the start of 2012 they started appearing as "FIL Investment Management", again using the same company reg number. Then, for the remainder of 2012 (three donations of £25,000), they appeared as "FIL Holdings", using the company registration number 6737476.

Since the start of 2013, however, there have been no donations have been reported using any of the previously used names or company registration numbers. Maybe they've stopped, or maybe they are reporting under a different name and company registration number? Or maybe they just didn't donate in Q1? Anyway, I'm keeping an eye on it".

Keep up the good work Tom. Of course, you do wonder why the very highly paid directors of Fidelity choose to give all this money to the "tax cuts for millionaires" Party? 
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