Multi-manager to multi-asset - a logical progression?

Following the TMT boom to bust in early 2000, an all too frequent conversation between investors a...

Following the TMT boom to bust in early 2000, an all too frequent conversation between investors and investment managers went something like this: Investment manager: "The markets have fallen by around 30% but the value of our fund has only fallen by 20% - haven't we done well for you?" Investor: "No, not really. As a professional fund manager I would have expected you to ensure that the value of my investment did not fall by 20%." The reality is that the fund manager had done rather well, but there was clearly a mismatch between the fund manager's objectives and what the investor tho...