Reliable Returns: Foreign equity returns and the growing significance of operational leakage

Financial advisers in the UK are examining more closely what sits beneath the headline case for overseas equities. Global diversification remains a (growing) cornerstone of portfolio construction for private and corporate clients, but cross-border investing introduces operational, tax and governance complexities that can materially affect realised outcomes. Advisers, trustees, family offices and finance directors are asking more searching questions about net performance, tax drag and operational resilience. The gap between gross and delivered returns is increasingly driven by post...