It will be harder for advisors and money managers to outperform this year after a strong 2009, but there are still a few key areas of opportunity, Larry Adam, the chief investment strategist for Deutsche Bank Private Wealth Management, said during a conference call Wednesday.

He said that last year fixed income mutual fund managers posted their best out performance relative to the Lehman Aggregate Index since at least 2000, outperforming by 10% on average. If managers took any sort of credit risk, and invested in bonds with less than an A rating, they significantly outperformed, “but the risk trade is over,” Adam said. Small and large cap equity mutual funds also outperformed.

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