Managed funds: Is performance manipulation a problem?
ANALYSIS: Local fund has altered its benchmark about 10 times in the 16 years that it has been going.
How is performance relative to the benchmark actually ‘disclosed’ to investors in New Zealand?
Two weeks ago, in the first part of this story on managed funds’ performance, we reviewed a paper by two researchers at the Universities of Florida and Arizona. Their research highlighted the fact that good relative performance is critical to increasing funds under management and thus profits.
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