Fraser Donaldson: Is multi-asset too expensive?

It seems to me there are three separate issues in this cost debate: value for money, who is charging for what and the old active vs passive argument. Multi-asset used to be called fund of funds. But they appear to have gone through a subtle rebranding over the last ten years. Initially there was scepticism over who was benefiting the most. Funds had a bid/offer spread starting at 5% but potentially rising to double figures. The charges were wrapped up in the bid/offer spread, with a hurdle to overcome before reaching profitability. In addition, the annual management charge was only pa...