A recent analysis by Citywire found that, despite criticism of their performance, fund of funds managers produce better returns than single-fund managers over the long term in most sectors. Looking at a three year period that ended in June, Citywire discovered that the average FoF manager returned a total of 71.7% in the global growth sector, while the single-fund manager produced only 49.6%. The percentages were similar in the active managed sector as well. Single-manager funds did outperform multi-managers in the Asia Pacific ex-Japan sector with 79.9% growth vs. 69.3% over the period of the analysis. Incidentally, that sector presents problems for managers because of the unique characteristics of each country in the region, Patrick Armstrong of Insight Investments told Citywire.