Final piece of the jigsaw

Frank Cochran, Managing director of FSC Investment Services, says that advisers still cherry-picking funds are doing their clients a disservice. Cochran believes that it is best left to the multi-managers, saying: "If an IFA says it is their job to pick funds, not only is he wrong, but more importantly, he is misleading clients." Cochran wants groups who are technically solid and who manage for the future. He believes it is this, rather than historic performance, that is the true test of a successful multi-manager. As he says, going by past performance is: "A bit like trying to buy a lotte...