HIRING, FIRING PATTERNS: Report reinforces need for patience.(Brief Article)

Pensions & Investments, March, 2005 by Crawford, Gregory

Byline: Gregory Crawford Plan sponsors always say they take a long-term approach to investing - and investment manager relationships - "but when you look at the patterns of hiring and firing, there are some who don't,'' said Barry Gillman, director of the Brandes Institute, a unit of Brandes Investment Partners LP, San Diego.

A new report from the institute "helps reinforce a manager's argument that if we're in the fourth quartile for a year or so, that is something that's not necessarily a disaster.'' Brandes researchers examined 53 international equity managers that had track records back to 1990, then pared the group to 29 managers to ensure an equal comparison. They found that 10 of the firms were "consistently good'' - their average three- and...

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