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Pain of managed futures 'gains'

Fees paid to brokers and fund managers wipe out profits and investors incur a loss instead, writes DAVID EVANS

[LOS ANGELES]  THE pitch was enticing. At a time when the Standard & Poor's 500 Index had suffered a decline of 41 per cent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief. In a prospectus, the New York securities firm invited its customers