The beauty parade

Asset managers often complain that they cannot understand the processes used by investment consultants in selecting corprate bond funds. Credit tries to shed some light on the matter

• Peter Eerdmans
Watson Wyatt

Do you prefer funds that have one clear decision maker or a team approach to investing?
We prefer a clear decision-making structure and transparent accountability. Although this is of course followed to the extreme in a one-man team, we think a team approach does help to balance views. In addition, due to the asymmetrical risk of corporate bonds, it is crucial to conduct a thorough credit analysis of all issues in the portfolios, which in our view is