Editor's Thoughts.

The only thing more nail biting than last night’s match between England and Argentina, is investing. Today we drop the second episode of The Art of Manager Fusion, kindly sponsored by Alexforbes. Leon debates with independent trustee Chris Bosenburg whether multi-managers have truly made trustees’ lives easier or just added fees. I particularly enjoyed Chris’s comment, “The fiduciary duty of a trustee doesn’t change just because you have a multi-manager”. It’s an important reflection point.

Staying with investments, Nico Katzke (Satrix) says shouting “AI bubble” misses the point: yes, some stocks will blow up, but markets are busy funding the hard infrastructure (chips, data centres, energy) that will power an AI world. The job for investors is less panic, more disciplined diversification. Perhaps the true art of a multi-manager or asset consultant is more in psychology than in mixology?

And on portfolios, Daniel van Andel (Allan Gray) shows offshore is now core, not niche, with over 50% look‑through exposure and younger investors leading the charge. It seems advisors who keep treating offshore as an optional add‑on are falling behind.

On the cyber-security side, be careful of those late two goals that flip the scoreline out of your favour. In his article today, Leon (ICTS Legal Services) highlights that funds may outsource operations, but they can’t outsource cyber accountability. Perhaps in this context it’s a case of “The fiduciary duty of a trustee doesn’t change just because your (insert service provider here) told you they were secure and resilient”.

It’s enough to send you to your organisation’s EAP. Or is it?

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