Managed Funds and Risk Warnings: There to Protect the Investor, or the Fund Manager?

Advisers would be well aware of the "Risks" section in financial products’ offer documents, the best known of which relates to past performance not being guaranteed. However, in reality many of the examples of risk listed in a PDS are more likely to be there to reduce the risk to the fund manager as much as, or possibly even more than, the investor.