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Made to measure

With no standard approach to benchmarking funds, it's difficult for adviser, private client and trustee to analyse performance, says Claire Bennison

22 October 2013

Some fund managers gloss over their funds' performance, as I discovered at a recent conference. They all briefly mentioned performance and that, on occasion, they managed their funds to an unconstrained benchmark; some noted that they had outperformed their relative benchmark. But little attention was paid to this aspect of the fund overall.

Given the tools discretionary fund managers (DFMs) have to compare the risk-adjusted returns of funds, this was not so important.

However, the lack of standardised performance has a meaningful impact on private clients, trustees and their advisers when considering if the returns of an investment portfolio have met the objective and mandate. Discussions around this topic are also relevant ?for advisers trying to assess the performance of DFMs.

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