2004 was both interesting and challenging for the multi-manager sector because in economic terms, it was a year which has not quite lived up to expectations.
Growth in the US has been fine but the embers of recovery in Europe have failed to ignite and the upturn in Japan remains one more of promise than delivery. There have also been some powerful challenges for investment markets - a strong oil price and weak dollar, but despite this, the background has been overwhelmingly one of consensus. Looking forward to 2005, the consensus is holding together still with the view the period of strongest growth for this cycle has passed and that world economic expansion will continue, but more slowly. Interest rate changes will be modest. Market returns ...
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