City profiles

Jack Bogle Many Britons have never heard of Jack Bogle, says Harry Wilson in The Times. But the 88-year-old founder of Vanguard – a pioneer of low-cost investing – has “probably done more to revolutionise the global money management business than anyone else alive”. And it all began when he was sacked. Bogle was fired as chairman of Wellington, a traditional US fund, for an “extremely unwise” merger. But that led to the 1975 foundation of the first Vanguard fund, named after Lord Nelson’s flagship at the Battle of the Nile. With $4trn in assets, Vanguard is now the world’s secondlargest manager, and it is heading our way: bad news for local players with higher fees. Shares in Hargreaves Lansdown, Britain’s biggest DIY investment platform, fell 4% on the news.

Noel Edmonds

The former BBC Radio 1 DJ and “telly funster” is seeking £73m in compensation from Lloyds Banking Group for the collapse of his business, Unique Group. Noel Edmonds claims the firm was forced into receivership by the fraudulent activities of bankers at the Reading arm of HBOS – the bank later rescued by Lloyds. “Not only did it cost me a vast amount financially, but it caused me great public humiliation, frustration and distress,” he says. This week the Deal or No Deal star accused Lloyds, which has set aside just £100m to compensate 64 victims, of “foot-dragging”. Nice work, says Nils Pratley in The Guardian. “Lloyds’s top brass have often given the impression that they regard their bank as the true victim of the fraud.” It isn’t. Edmonds “should keep pushing”.