Most of us use delegated fund managers for at least some of our and/or our clients’ portfolios. We tend to spend a lot of time and resources in search of the holy grail – the handful of managers that actually pay their way. We know we cannot rely upon past performance too much in our search - but just what are the differentiating factors?

The first two of the following three papers highlight factors which we probably never considered as important – whether the manager is a long-distance runner and his/her country of origin. The third uses the beha...