Fund management: moving the performance goalposts
ANALYSIS: Just as past returns are not good predictors of future returns, neither are they necessarily good records of past returns.
The US Securities and Exchange Commission allows fund managers to add or remove benchmark indices with little justification.
At the risk of stating the obvious, performance is the name of the game in fund management: managers that consistently beat their benchmarks are rewarded with increased funds under management (FUM) and thus higher fees.
The business has high operating leverage and because costs are relatively fixed,
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