Inadvertently revealing?

You can tell a lot about a manager from the composition of its fund boards. Fund board composition standards can differ a lot, particularly in large jurisdictions like Cayman and Luxembourg.

There are some very good ones and some very bad ones with most somewhere in between these two extremes. Many fund boards do look alike. But not all do and where there is significant variation it is difficult to understand why. Funds in the same strategy and jurisdiction can have very different composition standards. There can be unexplained, and perhaps unacceptable, differences.

To read more on this story see the April issue of The NED.