Delegate to accumulate

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‘If in doubt, delegate' seems to be the mantra of a growing number of investors this year, as asset allocation portfolios giving managers discretion to shift capital between markets are a popular choice.

Some 80% of this year’s net flows into PIMCO’s products have gone to products with an element of asset allocation to them. DWS Investments made its asset allocation range a key highlight at a recent client conference, and Lazard, GSAM and AllianceBernstein are believed to be considering opening, or have already opened, such products. The rationale behind them is clear. Single asset class funds can be too concentrated on one bet and, especially in areas like emerging markets equities, that punt can be dangerously volatile. Better let a professional decide when, and how much, to spread ...

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