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Investment Firm Culture: A New Take on Manager Selection and Social Responsibility

机译:投资企业文化:经理人选拔和社会责任的新认识

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摘要

For investors, one question stands above all others: "How do we identify outperforming managers?"Every year, institutional investors issue hundreds of RFPs seeking managers to replace those who have underperformed. In aggregate, asset owners and investment consultants spend vast amounts of money and countless hours researching managers and their strategies. This massive spend is how the industry has responded to academics' indictment of active portfolio management. Investors and consultants have long been able to shrug off research demonstrating that the average active manager underperforms net of fees. "After all," they say, "we do not hire the average investment manager; we choose the best of breed."
机译:对于投资者而言,首先要提出一个问题:“我们如何确定表现出色的经理人?”每年,机构投资者都会发布数百个RFP,以寻求经理人来取代表现不佳的经理人。总体而言,资产所有者和投资顾问花费大量金钱和大量时间来研究经理及其策略。这笔巨额支出是该行业如何响应学者对主动投资组合管理的指控。长期以来,投资者和顾问一直能够摆脱研究,这表明在职经理人的平均表现不包括费用。他们说:“毕竟,我们不雇用普通的投资经理;我们选择最好的。”

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