[quickthrower2]

You cant test it or back test it in any statistically significant way. If you have a way to tell if they have Alpha then you don’t need them.

[takinola]

Couldn't you just look at their historical performance and compare against an S&P500 index? It would be trivial to see if their performance justified the fees. It may not be statistically valid but if they can't demonstrate a benefit over the last 5 years, I wouldn't put any stock in them.

[throwaway828]

See if they have Omega ;)

But as you say, if you know what Omega is you're probably not their customer.