Measuring performance against a benchmark has been the standard methodology across the buy side for a number of years, but as Andrew Colin explains, not all benchmarks are equally challenging to outperform

Joe Micawber was uneasy. The back office had just sent through the monthly figures for his firm's flagship fund. With a billion dollars under management in treasuries and gilts, the year-to-date numbers looked healthy, if not spectacular.

His hand-picked team, each with an average of 20 years'