22 Mar 2015 John “Jack” Bogle’s attack last week on exchange traded funds has provoked anger among providers of the product

Mr Bogle said: “In my experience — almost 64 years in the fund industry — I have learnt to beware of investment ‘products’, especially when they are ‘new’ and even more when they are ‘hot’. Avoiding hot new products is unlikely to impair the returns investors earn. Far more likely the reverse is true