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Best Invest’s ‘Spot The Dog’ report suggests the traditional wealth management model underperforms. Could TPP provide a solution?

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Fund managers split opinion. For some, they’re the superstars who drive market-beating performance. For others, they’re overpaid and underperforming.

With access to low-cost trackers so accessible these days, the pressure is on for wealth managers, and their future existence.

Over 80% of wealth managers underperform simple market trackers, yet investors still give them their hard-earned capital and wealth.

A yearly feature many wealth managers/fund managers and IFA’s dread is the ‘spot the dog’ list that Best Invest releases, as it exposes the guilty parties.

This year’s numbers do demonstrate how poorly some funds perform. The number of ‘dog funds’ has increased by 170% since August 2023, according to Bestinvest’s latest ‘Spot the Dog’ report.

The report found 151 equity investment funds holding £95.26bn consistently underperformed.

In August, only 56 funds were highlighted in the last report.

To make it into the list, a fund must have underperformed compared to the market it invests in by 5% or more overthree years.

A second filter is that the fund must also have underperformed in three successive 12-month periods in a row.

Global equity funds make up 49 of the 151 dog funds listed, more than double the 24 listed in August.

The number of UK funds featured on the list also increased to 34, from five in August.

Two of most prominent-prominent fund managers, Terry Smith and Nick Train saw the funds they manage, the Fundsmith Equity and WS Lindsell Train UK Equity funds entering the list for the first time.

The report also highlights the “incredible gains” made by Alphabet (which owns Google), Amazon, Apple, Meta Platforms (owner of Facebook), Microsoft, chipmaker NVIDIA and Tesla, which have earned the moniker the ‘Magnificent Seven’.

The companies benefited from investor excitement about the potential benefits to their businesses from Artificial Intelligence (AI).

Bestinvest managing director Jason Hollands said: “These last three years have been one of the most challenging periods in living memory for fund managers to consistently beat markets, because of sharply divergent performance from different sectors as the world reopened from the pandemic, followed by a war in Europe and, more recently, excitement about AI driving extreme market concentration in a small cluster of mega-sized companies.”

The Baillie Gifford Global Discovery, SVS Aubrey Global Conviction, AXA ACT People & Planet Equity, FTF Martin Currie Japan Equity and the Aegon Sustainable Equity were listed as the top five worst performing dog funds overall.

The results highlight some of the underperformance in the industry. 

However, 2 industry veterans plying their trade in the quiet and calm away from the City (Stamford and Cambridge) might be on the verge of providing a solution for frustrated investors.

Edward Davies and Lane Clark have built a solution for investors that aims to bring ‘market-beating’ products directly to the marketplace via the platform they have built which is known as TPP.

TPP provides access to experienced traders and their trading strategies, and makes these strategies available to the masses.

The strategies available vary, with leveraged trackers (1.5 x leverage) which bring amplified market returns becoming very popular, but it is the ‘long or flat’ and their ‘active’ strategies that really differentiate them from the crowd.

The performance since inception has in the main been exceptional, and with no management or performance fees charged, a solution to what looks like a slightly outdated wealth management model might just build traction in the coming years.

Keep your eyes open for TPP, or visit them at www.tppglobal.io

Is the traditional world of wealth management about to be disrupted?

We’ll find out in time.

About E Financial Newsletter:

At efinancialnewsletter.com we believe in the power of knowledge. Our comprehensive financial reporting agency work with clients near and far in order to help them transform the way they analyse financial news and data.

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FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack

FBI attributes $6.3B Binance crypto hack to North Korea, raising security concerns. Binance covers 90% of losses.

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FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack

In a striking attribution of cyber malfeasance, the Federal Bureau of Investigation has named North Korea as the perpetrator behind a colossal $6.3 billion hack on Binance, one of the world’s largest cryptocurrency exchanges. This revelation underscores persistent cybersecurity vulnerabilities and intensifies geopolitical tensions already fraught with complexity [The Guardian, November 2026].

The breach, now recognized as the largest of its kind, has sent shockwaves through the digital asset community, raising urgent questions about the robustness of current security protocols within the crypto industry [Al Jazeera, November 2026]. Despite the significant financial blow, Binance has demonstrated resilience by covering a substantial 90% of the losses, reflecting its commitment to maintaining user trust and stability [The Guardian, November 2026].

Binance’s response to the hack has been proactive, involving collaboration with international law enforcement agencies to pursue recovery of the stolen assets. A spokesperson from the exchange affirmed, “We are working closely with law enforcement to recover the funds,” indicating a strategic approach to mitigate the consequences of this unprecedented breach [The Guardian, November 2026].

The scale of the hack, valued at $6.3 billion, places it squarely in the spotlight of global financial and security discussions. It serves as a stark reminder of the vulnerabilities inherent in digital finance systems, particularly as they become more entwined with global economic infrastructures [Al Jazeera, November 2026].

North Korea’s involvement in such a high-profile cybercrime reflects broader geopolitical dynamics, where state-sponsored hacking has become a tool for economic gain and political leverage. This attribution by the FBI further complicates diplomatic relations and underscores the need for coordinated international responses to cyber threats [The Guardian, November 2026].

The incident has not only affected Binance but has also sent ripples across the broader cryptocurrency market, prompting investors and exchanges to reassess their security measures. The hack’s magnitude highlights the urgent need for enhanced protective measures and industry-wide collaboration to fortify digital asset exchanges against future threats [Al Jazeera, November 2026].

In the wake of this cyber assault, Binance’s robust response and coverage of losses may set a precedent for how exchanges handle such adversities in the future. It also emphasizes the critical role of transparency and accountability in maintaining user confidence and market integrity [The Guardian, November 2026].

As the situation unfolds, the interplay between cybersecurity and international politics will likely intensify, with potential repercussions for regulatory frameworks governing digital assets. The hacking incident serves as a catalyst for ongoing debates about the balance between innovation and security in the realm of cryptocurrency [Al Jazeera, November 2026].

Looking forward, the focus will remain on how Binance and other cryptocurrency platforms adapt to these evolving threats. Their ability to enhance security protocols and foster international cooperation will be crucial in defining the future landscape of digital finance. The world will closely monitor these developments, particularly as they relate to North Korea’s cyber capabilities and intentions [The Guardian, November 2026].

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Naboo Expands with Acquisition of UK Events Platform Pro-ven

Naboo has acquired UK M&E spend specialist pro-ven, which becomes Naboo UK, keeping all 20 staff and its founder.

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Naboo Expands with Acquisition of UK Events Platform Pro-ven

Naboo, the Paris-based meetings and events (M&E) spend management platform, announced on 27 October 2026 that it has acquired pro-ven, a UK specialist in venue sourcing and event procurement, for an undisclosed sum. The companies say the combination creates the world’s largest pure-play provider of M&E spend management and venue sourcing.

Founded in 2005, pro-ven helps corporate and association clients manage meetings and events spending through venue and supplier sourcing, contract negotiation, approval workflows, invoicing and payment management. It generates around €30 million in annual transaction value and brings enterprise clients including Unilever, Virgin Media and Sony. Following the deal, Naboo says the combined business will manage around $300 million (€268 million) of meetings and events spend.

Under the terms of the deal, pro-ven’s Hertfordshire office becomes Naboo’s UK headquarters and the business will operate as Naboo UK. All 20 pro-ven employees are being retained, and founder and managing director Julian Laxon will stay on to help grow Naboo’s UK presence. Existing pro-ven clients keep the same account teams and commercial arrangements, while gaining access to Naboo’s AI-driven technology platform and international network.

Naboo says the acquisition was financed equally through equity and borrowing. It follows the company’s $70 million (€58.7 million) Series B round in February 2026, led by Lightspeed Venture Partners with participation from existing investors Notion Capital, ISAI and Ternel.

The UK is not a new market for Naboo, which has operated there since 2024. CEO and co-founder Maxime Eduardo said the deal is primarily about accelerating growth in what he called a huge market for the company and adding enterprise customers. “Together with pro-ven, that is the leader we are building,” he said.

The acquisition caps a busy period for Naboo, which recently unveiled a new brand identity and opened its first Asia-Pacific office in Singapore, following its expansion into North America with offices in Montreal and New York.

Sources: Business Travel News; EU-Startups; CIT World; The Business Travel Magazine.

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How AI is Transforming Small Businesses: Success Stories

This article explores the transformative impact of AI on small enterprises, highlighting specific case studies of businesses that have successfully integrated AI technologies to enhance efficiency and competitiveness.

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In September 2026, the Financial Times reported a significant surge in the adoption of AI technologies by small enterprises, driven by the promise of enhanced efficiency and reduced operational costs. Among the many businesses venturing into this digital frontier, a few stand out as exemplary cases, demonstrating the transformative power of AI when strategically implemented.

Take, for instance, GreenLeaf Grocers, a small organic food retailer based in Brighton. Faced with the challenges of scaling operations and managing inventory efficiently, GreenLeaf turned to AI-driven inventory management systems. By analyzing customer purchasing patterns and forecasting demand, the system enabled the grocer to optimize stock levels, reducing waste by 30% within the first year. The owner, Sarah Jenkins, noted, “AI has not only streamlined our operations but has also allowed us to focus more on customer service and community engagement.” This case underscores the potential of AI to reshape retail operations, offering insights into customer behavior that were previously inaccessible.

Another compelling story is that of TechFixers, a family-run electronics repair shop in Manchester. Confronted with increasing competition and the need to differentiate their services, the owners implemented an AI-powered diagnostic tool. This technology rapidly identifies device issues, providing technicians with precise solutions. As a result, TechFixers reduced average repair times by 40%, significantly boosting customer satisfaction and expanding their clientele. The owner, Mark Thompson, attributes their competitive edge to AI, stating, “Integrating AI into our diagnostic process has been a game-changer, allowing us to offer quicker, more reliable repairs.”

In the realm of financial services, FinServe, a small accounting firm in London, illustrates the impact of AI on service delivery. By employing AI-based analytics tools, FinServe offers clients real-time financial insights and predictive forecasting. This capability has attracted a new segment of tech-savvy clients seeking proactive financial management. The firm’s director, Lucy Patel, emphasized the strategic advantage gained, “AI has empowered us to provide a level of service that was previously the domain of larger firms. We’re now able to deliver insights and strategic advice that truly add value for our clients.”

These cases highlight not only the successful application of AI in various industries but also the diverse ways in which small enterprises can leverage technology to overcome specific challenges. While the potential benefits of AI are substantial, the journey is not without its hurdles. Businesses must navigate the complexities of data integration, system compatibility, and the initial investment costs. However, for those willing to embrace the change, the rewards can be substantial.

As AI technology continues to evolve, its role in small business operations is likely to expand, offering new opportunities for innovation and growth. The experiences of GreenLeaf Grocers, TechFixers, and FinServe serve as a testament to the transformative power of AI, providing a roadmap for other small enterprises eager to harness this technology.

Looking ahead, the integration of AI into small business operations is set to become even more pervasive. As technology advances and becomes more accessible, businesses of all sizes will find new ways to leverage AI for competitive advantage, creating a dynamic and constantly evolving landscape.

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