The simple desire to select the best possible fund managers to manage one's assets is not enough to ensure that the evaluation will be objective or fair. Fund manager selectors also need a robust selection process and the discipline to adhere to it.
In my article for the flagship publication of the Investments & Wealth Institute, I shed light on the boardroom workings of the Diversity Project - Investment Industry to reveal how fervent diversity advocates selected the winner of an annual award.
These were judges who genuinely cared about fairness and meritocracy. Yet, even they insisted on some clear ground rules to ensure that it happened. There are lessons here for all fund manager selectors who want to align their decision making with both their goals and their principles.