Most institutions are not 'long-term investors' and shouldn't pretend they are when figuring out how to appoint and review external fund managers, says Tim Gardner, Mercer Investment Consulting's London-based global investment consulting practice leader at a recent seminar organized by the firm in Hong Kong.
What is more important for institutions seeking consistent returns is a good governance structure and an acknowledgement that human nature as well as rational theory plays a role in how organizations manage their...