ABSTRACT
Corporate growth, particularly in size and complexity, demanded greater expertise in management than that provided by a lifetime dedication of a founding father. His commitment was superseded by the career interest of the professional manager. Thus the distinction between ownership and managerial control became inevitable.1 With a similar result, but for different reasons, the pattern of share ownership also changed from that by individuals to that by institutions.2 Thus developed a further distinction, that of the professional fund manager, the institution – and his client, the ultimate investor, who might be an individual, a pensioner, an insurance holder etc.
