Fund of funds feeding frenzy

I've been asked a few questions recently about the fees charged by funds of funds (FOFs). For those unfamiliar with the term, FOFs are funds (or Listed Investment Companies) which farm out money to other fund managers, rather than manage it themselves. In the course of investing our model portfolios we looked at a few FOFs (in particular, those managed by Russell and Mercer) and their fees were comparable to other funds. I've never been a fan of FOFs, in part because of the potential for extra layers of fees, but there didn't seem to be any evidence of this...

I've been asked a few questions recently about the fees charged by funds of funds (FOFs). For those unfamiliar with the term, FOFs are funds (or Listed Investment Companies) which farm out money to other fund managers, rather than manage it themselves.

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