Portfolio design and challenges inherent in multiple manager structures

Financial Services Institute of Australasia
Publication Type:
Journal Article
JASSA, 2005, 4 (Summer), pp. 1 - 12
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In Australia and throughout the world, implementation of a pension fund's investment strategy typically involves delegating responsibility to external investment managers, who themselves operate independently and competitively. In light of the fact that the portfolio management function is commonly executed by a number of decentralised decision-makers, pension fund trustees should be even more concerned about the need to ensure optimality of the aggregate fund's investment arrangements.
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