Funds Management News

Fund Industry Urged to Rethink Culture

Posted by Anton Murray Consulting on . Posted in Funds Management News


A researcher has called Australian fund managers to move beyond slight changes to investment strategies to ramp up sustainability measures, starting with overhauling their organisations’ teams. Willis Towers Watson (WTW) research hub the Thinking Ahead Institute (TAI) has issued the call to action to the investment industry this week across Sydney and Melbourne. After conducting 120 cultural reviews across high-conviction managers, TAI raised concerns with a number of them because of an “undue reliance on one individual” or a “personality cult” as described by WTW strategic advisory consultant Rebecca Bannan.

“Individual talent, superior skill and insight [have] been foundational to the success of this industry, which is why the star fund manager model has evolved and it has indeed flourished,” Ms Bannan said. “But is it sustainable? Investing has been shifting from an individual game to a team sport. Leadership in the investment industry must demonstrate self-awareness and humility to embrace the team context. “But this doesn’t mean that we’ve lost our conviction in boutique asset managers, just that we think teams are more positioned for a sustainable future and even the smallest funds can be run with a team.”

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