Diane Earnshaw: Charting the evolution of multi-asset

Not so very long ago, investors wanting a diversified portfolio of assets really had two main choices. With-profits funds tended to be chosen by investors who wanted greater security through perceived guarantees while managed funds were often selected by those who preferred more transparency and control over their investments. Unfortunately - and broadly speaking - both of these approaches left investors disappointed. With-profits funds ultimately failed to deliver the returns investors expected when they discovered they were exposed to market risk and the imposition of Market Value Adju...