Multi-manager fees justified by ingredients

The issue of fees in multi-manager is not as great or dramatic as people are led to believe but there will always be those who believe they can do it themselves, more cheaply and efficiently

Multi-manager funds cost more than conventional vehicles but then there is more to them. It is important to understand how much you are paying and what you are paying for, before you can decide whether it is worth it. Much is made of the fees charged by the multi-manager industry. It is one of the more frequently cited objections levelled at the discipline as a whole, from investors, intermediaries and the media alike, who all appear concerned about what they refer to as double charging. In a recent article, I spotted an analogy by an industry commentator, which seems to address these co...