Countdown to PA360 North: Orbis's Dan Brocklebank

How best to align the interests of managers and their investors has long been a hot issue in the world of funds. A percentage-fee model has tended to incentivise managers to grow funds as large as possible, for example - and often to the ultimate detriment of performance. Performance fee models have also been controversial, with poor structuring meaning managers can actually be rewarded for failure. Orbis believes it has a solution - though first it is worth considering the problem in greater detail. The reality for active managers is that investors can access the market return very chea...