Author: Stuart Fraser (1998)

by Stuart Fraser
Director, Investment Management Division, Williams de Broë
(From Issue 5 July 1998)

Trustees have both a duty and a fiduciary responsibility to ensure that Trust monies are not only invested in accordance with the objects of the Trust but that they are also being managed effectively.  As a generalisation 1 believe that, outside the institutional arena, Trustees have little concept of the issues involved in benchmarking portfolio performance.  In consequence they either ignore the whole subject or are easily deflected when challenging apparent poor performance by their investment manager/advisor.