Lies, damn lies and multi-manager

As the trend towards multi-manager/fund has gathered pace, there has been a premium on experienced teams with the ‘skills' to run these types of mandates. Perhaps the answer is a multi-multi/manager of manager of manager facility?

The principles that underpin multi-manager have been with us for many years and are the same principles that gave birth to the IFA industry. They include choice within a free market and diversification, i.e. not putting all your eggs in one basket. In the late 1990s, Frank Russell turned multi-manager into a structured proposition, claiming it provided diversification of assets, diversification of style and embedded alpha. The proposition will, perhaps, be best remembered for its comparison between the performance of the Sydney Olympic gold medal-winning decathlete and the individual perfor...