software for fund selectors: MorningStar, eVestment, Bloomberg?
How do MS Direct and eVestment compare with Bloomberg for fund screening? If I understand correctly, MS direct is cheaper than Bloomberg (17k p.a.), what about eVestment? MS direct provides 3x smaller coverage of hedge funds than Barclays Hedge/Eurekahedge, is eVestment any better?
We mostly need it for screening/getting the raw data. Ratings, optimal portfolios, style analysis, etc is of no use.
Are you talking about mutual funds or hedge funds? At the investment advisor I work at we have Morningstar Direct and Bloomberg Terminals. Morninstar Direct is really good for mutual funds and pretty good for separate accounts and hedge funds although it is up to the firm what data they report. We typically don't use the Bloomberg for fund screens but do use them to quickly lookup funds on occasion.
just a question, what do they use at your firm for portfolio construction, optimization and monitoring? bloomberg as well?
Everything, actually. It's for a family office-type stuff, so we're pretty flexible about investments. Up to now it's been mostly in-house strategies (hence with a bbg).
I worked at a big fund - for individual stock research Bloomberg is still the best. For fund and fund industry research, morning star direct is the best by a large margin.
For institutional products- separate accounts, and hedge funds, I'd go with eVestment.
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