Somewhere over the benchmark, fees fly high

Somewhere over the benchmark, fees fly high
(Image: Getty)
David Chaplin
Performance fees on retail manager funds have come in for another pasting in a new paper released last week by the New Zealand outpost of US firm Russell Investments.The Russell NZ analysis followed critiques lobbed at performance fee practices in the local fund industry over the years including, of late, more pointed comments from the Financial Markets Authority (FMA). But the Russell report is a useful addition to the genre.“Often used as a performance fee hurdle, ‘cash-plus’ benchmarks for fully invested equity portfolios r...

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