“When you’re a money manager or implemented consultant and your funds under management have gone down 20 per cent, your revenue has also gone down by 20 per cent, so you do need new sources of revenue and this looks like an easy thing to do,” she says. “But we would say: it’s just not that easy and from a client’s perspective they want to be certain the people they choose to do this for them have the right credentials. Getting your asset allocation right is one of the most important things a trustee group can do and it seems to me that more money spent on that versus picking managers and paying managers [is] a pretty good deal.”

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