GLOBAL - Worldwide funds-of-funds investment is at an all-time high, research from Cerulli Associates shows.
The research and consulting firm’s report – Global Multimanager and Mutual Fund Subadvisory Markets 2003 – found that one out of every seven dollars injected into the world’s mutual fund industry during 2002 went to funds-of-funds.
CA believes embedded advice, affordable diversification and access to foreign investments and managers will ensure the longevity of multimanager products. It pointed to market examples such as South Africa, Australia and Canada to illustrate successful models.
Investment into worldwide funds-of-funds has risen by 16% annually over the past three years.
However, due to falls in global equity markets, the value of worldwide funds-of-funds now stands at £144bn, down from £155bn in 2001.
CA’s research also showed that manager selection was increasingly a function of business and profitability issues.
PP has compiled a list of what to watch out for over the coming months.
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