Boutique funds had a rare bad year in 2005

Boutique fund managers earned below average returns in the 2005 calendar year, the first time in five years that small funds produced lower returns than larger and better-known managers. Intech Investment Consultants said that boutique managers underperformed the benchmark S&P/ASX 200 Index by 0.9 of a percentage point. Larger money managers beat the market by more than 1.3 percentage points. The ASX 200 index returned 22.8 per cent for the year.