A number of my posts over the years have highlighted evidence that manager selection does not add value to the portfolio process. (See "Manager Selection is a Hail Mary Pass"). This holds true for investment consultants, hedge fund of funds, among others. This latest study finds the same holds for pension fund consultants.
Ezra Zask has been actively managing, consulting, teaching, advising, writing and speaking on hedge fund and investment management issues for over three decades.