Chris Ralph, UK equity multi-manager analyst at Fidelity International, explains his company's diversified approach to third-party funds
From humble beginnings in the 1980s, when fund of funds just meant in-house managed funds, the market has now evolved to include a variety of different products including in-house and third party funds of funds, manager of manager mandates and, more recently, funds of hedge funds. They have all been given the generic title of multi-manager. I would like to concentrate on the third party (or unfettered) segment. The unfettered market has grown significantly in the past few years. According to data from Financial & Economic Research International (FERI), there are now nearly 150 third party ...
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