Despite their dismal performance in parts of Europe and high expenses, multi-manager investments still appeal to fund investors seeking diversification and minimum risks, and are showing strong momentum in Asia-Pacific area, according to a latest report by research firm Cerulli Associates of Boston.

The report, Cerulli's second yearly analysis on the global demand for multi-manager funds, estimates that by the end of 2003, this type of fund will likely hold less than the $489 billion they contained at yearend 2001.

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