A netizen shared his horror story after he lost all his money after trusting an asset management company.
He did not mention the name of the company as the company is of such magnitude that he is scared of potential lawsuits. Mr Lee (not real name) said that he was curious about managing his assets and hope that he can get a positive return on his investment through an asset management company.
Mr Lee put in over $100,000 of his cash savings with the asset management company which promised him that it is a very safe fund that is able to beat inflation although it does not earn him much.
He was convinced by the words of the fund manager and decided to proceed with it. Little did he know in a short period of 8 months, his portfolio decreased a staggering 80%.
He called the fund manager and he told Mr Lee that due to the uncertainties of the market the analysis has not been accurate due to the situation happening worldwide. Mr Lee then questioned the fund manager on why this was not brought up to him during the consultation.
The fund manager “claimed” that he was only informed of the inaccuracies of the investments recently.
Mr Lee then said that a big company does not mean that it’s safe to put your money with them neither does it means that a small company cannot perform. He said that his only regret is going all out on 1 piece of the financial instrument rather than spreading his risk over several.
He said that it’s a lesson learned and hope others do not follow in his footsteps for investment.