Small players gaining an edge

Larger fund management groups are losing their edge to smaller, more nimble players, according to Till Guldimann, vice-chairman of SunGard.

The 1980s and 1990s saw massive growth in investments, causing greater competition among managers to achieve total returns.

In order to achieve competitive returns they have had to take on more risks which, in turn, has led managers to compete on a more risk/return basis, Guldimann said.

The increased trading which has resulted has created some disadvan

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