In an asset-allocation context, a multimanager needs to select the best blend of investment ingredi...
In an asset-allocation context, a multimanager needs to select the best blend of investment ingredients. Under Ucits III, multimanagers can blend specialist mandates and retail funds, taking advantage of the benefits of each. Specialist managers can be selected to run specific mandates, with external retail funds incorporated to generate additional sources of alpha. In this way, investors can benefit from more sophisticated portfolios, potentially in a more cost-efficient way. However, allocating to more sub-managers or funds than necessary within one asset class can potentially dilute...
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