Asset Management

“The average attrition rate in asset management's, 13 or 14%. Ours is half of that. This is across the entire 9400 person entity of capital group.”

“There are a lot of people fishing in that pond, but actually building asset management companies and managing them, there seemed to be nobody that sets out to do that. I thought maybe that is my career path. If I can do that, there are a few people fishing in …”

“The money management fees today are a fraction of what they were Even a decade ago.”

“First, it's important for them to understand how they and their organization got there, which is they got there not because they were a great Leaders, but because they were really good at doing the job, doing the work, doing the analysis, doing the presentatio…”

“The general population is 40% thinkers, T, and 60% feelers or F. In my 460 profiles, 80% thinkers and 20% feelers.”

“If you look at where Andreessen, General Catalyst, a lot of those firms have kind of taken their model, it starts to look much more like an asset management firm than the Artisanal craft, you know, two hundred million dollar fund venture capital of the kind of…”

“The core, let's say core credit, core equity businesses are going to get consolidated. So if you're kind of met big, you're going to become mega and you're going to distribute and produce products. And I think there'll be consolidation there and you're kind of…”

“The higher the skill level in a competitive game, the more luck determines the outcome.”

“The challenge is that all of those channels make the winners win more.”

“And I was like, of course, because as venture capital just becomes traditional asset management investment banking, the last step to total conversion is to play golf.”

“I think one thing that asset management as an industry has discounted is the importance of building up your operations, investing in your technology, making sure the plumbing works all the time.”

“We run a general sales force, which I believe is the right way to really get proper scale. We challenge ourselves all the time. Is having a specialist sales force the right way to go? Just very difficult to get operating leverage in that scale if you're doing …”

“But I think it's splintering off of professionalization of turning into asset management is really going to happen in venture in the next couple of years.”

“I think the fact that HBS and Wharton and Stanford and all the top business schools have also been late to it didn't help because most of the leaders of these firms were educated in the same era, so they just weren't exposed to it”

“I think having worked in asset management for 10 plus years now I think the best investors are Obsessed with investing, but they're also obsessed with team construction and the tools of optimizing a team.”

“Julia leads asset management and it's not normal for a co-CEO to run asset management in a real estate business. It's usually the investment folks and secondary is asset management. We believe that's wrong.”

“Managing a one billion dollar AUM firm is a really good business to be in unless you used to manage a six billion dollar AUM firm. And the challenge is it's really hard to go backwards in asset management. It's hard for morale. People want to make more and mor…”

“We're not smarter than anyone else, and we're not going to work harder than anyone else either, but we have to care more than anyone else. That's our best chance. We have to care more, and that's the types of people that are typically attracted to this industr…”

“And the incredible thing is asset management as an industry is way nearer the social media end than it is the outsourcing end. It's a sort of 30% margin industry and some parts are significantly better than that.”

“More firms and private equity alternatives, hedge funds, asset management are getting into what I would call sophisticated marketing and reputation management. And that's been accelerated by COVID too”

“If you don't have the performance, you can't market your way out of it.”

“Asset management is 1.3% Of 69 trillion dollars in capital that are managed by one of the largest demographics of folks on the planet being women and people of color.”

“I'm actually Of the belief that the bigger impact will be on getting the large firms to be more diverse. That has a bigger overall impact than funding diverse managers. Although I think the more bang for the buck is finding these new diverse managers to suppor…”

“People-intensive businesses often make the mistake of taking the producers, the people that are generating the revenues in one sense or another, whether in asset management it's portfolio managers and investment people, In wealth management, it's private wealt…”

“Most people looking at asset management think it's simple, but in fact, it's extraordinary complex. And as I like to say to people, if it was so simple, every manager would outperform. And we know that that's not the case. So, it's actually a very complex and …”

“The whole motivation of the business, the way the fee structure is set up with the way portfolio managers are paid is all based on asset flow and growth. And unfortunately, while We thought that performance-based managers were really based on performance. They…”

“Many of us were brought up with the idea that the way you manage money Is you start with a blank piece of paper, and you sit down and talk to somebody who runs a company, and you decide whether they seem to have a good strategy and know what they're doing or n…”

“I've been fairly convinced that when you look at life cycles of firms and talent and how, in particular, the hedge fund industry, but I think this applies to any asset management or investment manager, it's just very hard to maintain the same entrepreneurial t…”

“There isn't a feeling from the leaders in asset management groups to create a place where you deal with essence as opposed to image. You do your work, you keep your head down, you produce. That's the name of the game.”