The past five years have not been good for value investors and no-one is more aware of this than UBS Asset Management. In the first quarter of this year, UBS admitted that it suffered £13 billion ($21 billion) of net client losses on the back of poor performance.
These defections occurred on both sides of the Atlantic. In the US, Calpers, the California Public Employees Retirement System, took a £1 billion account away from Brinson, the Swiss bank’s US fund manager.
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