MM turnover raises its head again

In a bear market period of low manager turnover, we can always rely on the fund of funds space to ad...

In a bear market period of low manager turnover, we can always rely on the fund of funds space to add some personnel volatility to a difficult market background. HSBC and Insight both revealed changes on their multi-manager ranges early this month, further diminishing the genuine long-term track records available in this part of the market. As we have written in this column before, there are just a handful of serious multi-manager groups who can boast teams with a meaningful tenure, namely Jupiter, New Star and Schroders. The latter two are currently grappling with short-term performa...