Multi-manager saturation is building

Manager turnover is often given as a key reason for using funds of funds, with professional investor...

Manager turnover is often given as a key reason for using funds of funds, with professional investors able to monitor industry activity and respond accordingly. But purely in percentage terms, the number of personnel changes on Fofs is as high, if not higher, than in the single-manager universe. Cazenove's whole team has defected to Swip, with Gartmore's Marcus Brookes to replace them next year. Meanwhile, Fidelity has also lost the fourth member of its multi-manager team, with Asian head Josef Odili leaving to join Fortis Investments. As in the past, these movements pose serious questio...