Fund managers slow in seeking positive returns

Fund managers appear more interested in benchmarking and beating their peers than providing absolute returns, according to James Tew of Standard & Poor's. In discussing various methods to combat the bear market, Tew pointed out that finding managers who actively seek to make positive returns is a rarity. One manager that does actively try to produce positive returns is Gordon Grender of GAM North America, Tew said, noting Grender is a low turnover manager who rarely goes above 10% per year. At the moment the manager has 55% of his fund in cash and fixed interest rather than equities...