This is Patrick Munro, financial adviser. We’re talking today about, what is a fundmanager. Mutual funds are very widely held financial planning instrument, and of coursethey have a wide variety of sectors that you can invest your money in. Mutual fund companieslook to recruit individuals that have expertise in these areas. And a fund manager takes themoney that comes into the fund, and using his area of expertise, be that in oil, preciousmetal, real estate, whatever his area of expertise is, he will take that money and buy stocks With the best wheel in the world, saving is hard, especially if you live in an expensive city like London… that are used to value the investment. And if he does it correctly, buying and sellingstocks in the market that reflect the funds decisions, he will be a successful fund manager.
If he doesn’t do so well, he’ll be an unsuccessful fund manager. And in fact 70 percent of mutualfunds miss their lipper averages, so it’s a very challenging field. If you’re good atit, you can be recruited away from your fund to another fund, and normally they pay veryhigh bonuses for that type of talent. This is Patrick Munro discussing what is a fundmanager.