IMA accused of 'flawed' past performance report

Research published by the Investment Management Association has been criticized as 'flawed' because it suggests consumers can use past performance when selecting an appropriate investment as an indicator of potential future performance. Stuart Fowler, investment industry consultant of Investment by Design, has accused the Investment Management Association of using data which does not reflect the typical analysis of advisers because the persistency of past performance is based on raw returns rather than risk-adjusted data, and does not include tracker funds. Based on this second r...