For example, the manager of a large pension fund would appoint different investment managers for different asset classes such as equities (stocks), bonds, and commodities. The performance of those managers will then be measured against their respective benchmarks, replacing as necessary to maintain the fund's overall performance and risk control measures.
A pension fund manager may designate different investment experts for various asset types such as equities (stocks), bonds, and commodities. The performance of those experts will then be compared to their respective targets, replacing them if required to maintain the fund's overall efficiency and risk management protocols.