Following tough performance numbers so far in 2010, funds of funds are considering personnel changes and continue to augment their equity fund holdings, according to S&P fund analyst Randal Goldsmith.
In his latest research paper, Goldsmith points out that groups such as GAM and HDF are looking at rationalisations in creating savings on their investment teams. Risk management capabilities have been maintained and in some cases have been enhanced.
The focus for a number of firms has been in the area of operational risk management and due diligence in the post-Madoff era. Other team changes in recent history