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Fund Manager Selection - Top White Papers

Factors to Consider when Selecting a Fund Manager

The selection of investment managers is one of the most important decisions made by asset owners.

Our Research Team has selected their favourite Manager Selection papers from the last twelve months. Do let us know of any other great papers you would add to this list!

Savvy Investor

Private Markets Due Diligence Survey 2018 (eVestment)
Nowhere is Manager Selection more important than in Private Markets. The 2018 Private Markets Due Diligence survey from eVestment indicates that investors have maintained their due diligence standards, despite heightened needs for targeted exposures. Discover how these trends affect manager selection.

Selecting Fund Managers and Consultants - What Do Trustees Look For? (Aon Hewitt)
This 11-page paper is a collaborative effort between Aon Hewitt and Leeds University Business School. It examines the relationship between trustees and their fund managers and investment consultants.

Should investors look to active managers towards the end of the cycle? (Fidelity International)
Stock picking is tough when correlations are high; active managers have not done well in recent years. But with economic growth reducing correlations, their performance is gaining momentum. Further support could be forthcoming in 2018.

Does Past Performance Matter? The Persistence Scorecard (S&P Dow Jones Indices)
When looking at the active versus passive argument, a key determinant of success is the capability of an active asset managers or active strategies to generate above-average returns consistently and over different periods.

Global Investment Management Fees: New Savings, New Challenges (bfinance, 2017)
Bfinance presents new data which highlights falling fees in several sectors, particularly where incumbents have faced strong competition from cheaper entrants or where the investments landscape has evolved.

Manager Intelligence and Market Trends (bfinance, Feb 2018)
This quarterly report (26 pages) by bfinance provides interesting and important insights into key manager intelligence and market developments within the alternative, fixed income, and equity asset classes.

Enhance your skill: how active managers are using factor strategies (BlackRock, 2017)
BlackRock explains how the addition of factors can be beneficial to existing strategies. Many active asset managers are already using factors to reduce risk, enhance their investment process, and potentially increase diversification.

How to pick a quantitative hedge fund (MAN Group, Sept 2017)
The authors look at some of the key facets of quant hedge fund strategies, providing perspectives for investors regarding the selection of the most appropriate fund(s) to meet their needs.

The Folly of Hiring Winners and Firing Losers (Research Affiliates, 2017)
Research Affiliates explains how the common procedure of firing losing managers and hiring winning managers on the basis of their performance over the previous three-years leads to losses. The authors encourage investors to look forward - not just back.

What Free Lunch? The Costs of Overdiversification (CFA Institute, 2017)
This paper reviews the how many external investment strategies are deployed by public and corporate pension funds in the U.S. The analysis reveals that typically large pension funds are over-diversified.

Do Asset Managers owned by banks deliver inferior investment performance? (2017)
In this paper, Miguel A. Ferreira, Pedro Matos and Pedro Pires examine equity mutual funds performance when run by fund management divisions of commercial banking groups using a global sample. 

Impact of Strategy Size on Performance: Global Report (eVestment, 2017)
This report provides an overview of small, medium, and large strategy sizes, and their quantitative and qualitative characteristics, within the universes with the most views by North America-based consultants and institutional investors.

Active Share and the Three Pillars of Active Management: Skill, Conviction, and Opportunity (CFA Institute, 2016)
This article by Martijn Cremers, Professor of Finance at Notre Dame (Indiana), relates Active Share to the fund manager's individual stock-picking skill, conviction, and opportunity.

Investors with only one equity manager are most likely to underperform (Willis Towers Watson, 2017)
Willis Towers Watson explains why investors' returns within actiely managed portfolios could be suffering due to lack of manager diversification.

Detecting Repeatable Performance (Harvey & Liu, 2017)
Past performance is a poor predictor of future outcomes. However, the authors' formula may provide a better way to forecast the alpha of an individual fund than alternative methods.

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