Where we are using collective investments to create a portfolio, the selection process begins with a prudent review of available onshore and offshore funds. The objective of the first stage is to identify those with consistent performance within their peer group and against relevant indices.

We have developed a detailed monitoring and selection process for the funds we choose. The most critical aspect involves ongoing performance analysis using both quantitative and qualitative processes. Considerable emphasis is placed on risk controls and the compliance culture that prevails within various investment houses.

We regularly meet fund managers to gain a deeper understanding of their individual style and that of their investment house. It also gives us an insight into their view of the markets and positioning of their fund.

Comprehensive information on the funds is obtained and we look for strength and depth of teams and performance that is consistent with the style of the fund. This ensures we are not driven by brands or 'star' fund managers.

It is essential for us to be aware of market trends since cumulative performance can hide recent under-performance and we therefore pay particular attention to discrete periods of shorter-term performance.

Our Investment team meets regularly to consider the outlook for markets and to decide upon asset allocation within portfolios. We focus on global and economic trends and consider how they should be reflected in asset allocation and investment selection.

Consequently client portfolios are regularly reviewed to ensure they are in line with our views. We also maintain Model Portfolios to help monitor our fund and market allocations and to assist in underpinning our choices.