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Institutional managers underperform in 2006

But funds of hedge funds bring low-risk reward

Active institutional fund managers underperformed most benchmarks in 2006 according to the latest Caps performance survey from Mellon Analytical Solutions.

Funds from Fidelity, Bank of Ireland, Baillie Gifford and GLG, more usually known for its hedge funds, were among the worst performers in the balanced and UK equity sectors.

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