In my time as a trustee of what became the Arena pension fund, we were reluctant to look at fund managers that were not part of the Alexforbes Large Manager Watch (LMW), which included the big 10 balanced managers in SA.

These managers all have the resources to do both the security selection (stock and bond picking) and asset allocation. We took the view on the advice of our consultants, Fifth Quadrant — now Willis Towers Watson — that fund managers are in the best position to combine asset classes. ..

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