If investors are no longer buying products with verifiable track records, just how are investors supposed to know how to pick a good adviser?
By Niki Natarajan
As the mythical phoenix – with a multi-coloured plumage of gold, scarlet, purple, blue and green –nears the end of its life cycle, it builds a nest that ignites and reduces to ashes, from which a new, young phoenix arises, reborn to live again. So too the new generation of multi-managers are being re-born from the legacy ashes of the commingled funds era.
As portfolios become individualised, and the bespoke is favoured over the commingled, performance becomes much harder to track. If investors are no longer buying products with verifiable