My understanding of the details of how a lot of funds work is fairly basic, so I'd like to know if the following makes sense - would it be possible?
A lot of people have pensions, savings and endowment funds that are described as 'with profits' funds.
Am I right in understanding that the provider takes the monthly contribution and invests them across a basket of quoted companies that the provider believes will do well - striking the right balance between profitability and risk-aversion?
If so, would it be possible / easy for such a provider to launch a new fund - or offer an option to existing customers to switch to a modified fund - in which they could take a small degree of control over the fund. For instance, I could accept that Legal & General will make decisions on how 95% of my money is invested, but I could then direct them on the remaining 5% - and, say, ask them to invest it in a Football club of my choice (for example - I'm sure you could come up with an ethical alternative or one where the investor could chose to take a bit of a longshot).
Would it be possible / practical / affordable to do this? And could government do anything that would make it easier for the financial services industry to do this?