Globally, Nomura wants to enhance its trading capacity by building up an inventory of financial products for clients to trade, a process that also costs money.

在全球市场，野村希望扩大可供客户交易的金融产品组合，提高其交易能力，这个过程也需要资金投入。

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It maintains that investors who buy and hold all the stocks in a broad stockmarket average as index funds do are likely to do better than investors who put their money into actively managed funds, not least because the higher charges and trading costs of professional money managers cut into investment returns.

ECONOMIST: Can you beat the blindfolded monkey?

The drawbacks related to the funds of funds of funds approach recommended to pensions by their investment consultants today are enormous and can be summarized as follows: a pension may end up having hundreds of millions of dollars or approximately 20% of its assets invested with over 150 largely unregulated high-risk money managers scattered throughout the world whose identities, securities holdings, trading costs and custodians are unknown.

FORBES: Pensions Perilously Binging Upon Hedge Funds, Funds of Funds and Funds of Funds of Funds (March 20, 2007)