Asset managers love to talk up transparency. Yet they also like to talk down transparency when it applies to them.This is particularly true of the Alexander Forbes Manager Watch, which often exposes some inept portfolio management.It gives investors an idea of what returns have been achieved by funds in the same category. I know many fund managers turn their noses up at a peer-based review.Like my friends at Momentum, or should I say MMI or Metropolitan or perhaps Multiply or even Guardrisk, they prefer the idea of being judged against a target rather than a competitor and, with a bit of luck, on a "long-term basis". The new name for long-term investment seems to be outcomes-based solutions, and Momentum’s Sonja Saunderson can convince you that it doesn’t matter if you beat the peer group or not, just whether the client can meet his or her liabilities.What scares me is remembering what a disaster outcomes-based education turned out to be. Will this catastrophe be repeated?Would Mome...
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