Measure for measure

Performance measurement has come a long way since the days when fund managers hid this function somewhere in the depths of the organisation. To some, it would be 'nice to do if time permits ' once all the accounting reports have been sent out.' In other firms it may have been in operations, middle or front office, or even in the marketing department. Pension funds were trying to outperform their benchmarks, which were almost exclusively a universe benchmark. Indeed, in many cases, the fund's liability profile meant its asset allocation was inherently different from the average. Despite ...