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Of all the reasons fund managers get outperformed by the benchmark, Paul Moore explained, the clearest is that they get distracted by macro issues that aren’t particularly relevant to their investments.

First Sentier’s decision to close a number of strategies and pivot towards private markets handily illustrates the pressures facing the Australian funds management scene – and the new period of competition into which it is now entering.

While much ado is made of the science that goes into fund manager research, real assessment puts comparable weight on the art as well according to investment leaders.