“大概在19世纪70年代的一个夏天，一个主要卖空者的朋友聚集在罗得岛州的纽波特海岸，他们欣赏纽约最富有的经纪人的巨型游艇。卖空者长时间地、深思熟虑地注视着这些美丽的船只，然后挖苦地问道：“客户的游艇在哪里？”
- Jason Zweig在他对Fred Schwed Jr.的1940年经典的介绍中，顾客的游艇在哪里？或者，好好看看华尔街
If investors complained about Wall Street in Schwed’s day, they’re howling now. You can see the distrust in deeply skeptical regulators, highly critical pop culture (The Big Shortbook and movie, and Showtime’s数十亿（连续剧）和喋喋不休的抗议运动(Occupy Wall Streetand Bernie Sanders’ presidential campaign). Since Schwed’s time the definition of Wall Street has broadened to include asset management, an industry that has inspired its fair share of criticism for overcharging and underdelivering. We have to admit that such strong reactions, though often based on misconceptions and exaggerated facts, are not wholly undeserved, leaving the asset management industry vulnerable to disruption.
对良好货币管理人员的需求从未如此。总投资资产持续上升。高净值现在现在是建立和既定资本的资本来源新兴市场。婴儿潮一代生活在退休后更长时间，因为他们停止工作，他们需要他们的资产持续更长时间。然而，对于投资者来说太少了。
我们的许多同事都不相信这种破坏是迫在眉睫的。毕竟，资产管理是世界上最赚钱、最令人兴奋的业务之一。我们为什么还要担心干扰者呢？创新专家克莱顿·克里斯滕森（Clayton Christensen）认为，挑战在于，现有企业对颠覆有一个盲点。很难看出这一点，因为它违背了迄今为止最有可能导致成功的一系列根深蒂固的假设。因此，盈利的大公司很难看到威胁，尤其是当这些威胁来自规模较小、更具创新性的公司或传统竞争对手之外时。即使当权者意识到可能会出现混乱，他们也会对这种情况大打折扣，或者因为既得利益集团或内部官僚机构的原因，无法足够快地改变现有的商业模式——到那时已经太迟了。
We take the contrarian view. We expect that asset management is about to go through a particularly dynamic period of disruption, for three reasons: high profits, new technologies and a new set of client demands resulting from global social changes. First, the industry is extremely profitable, and excess profit pools attract competition and substitution. According to the Boston Consulting Group (BCG), total 2014 industry profits were $102 billion globally, flowing from remarkably high operating margins of 39 percent. Second, financial technology venture capital is exploding: CB Insights reports that $10.5 billion was invested in fintech start-ups in the first nine months of 2015, compared with less than $5 billion in all of 2014. And third, a number of global trends — including changing demographics, the growing power of women and emerging-markets wealth — are shifting how and when asset managers must serve their clients. Collectively, these irresistible forces are meeting a movable object: the calcified asset management industry structure.
为了构建我们的研究框架，我们创造了一幅可投资资产的世界图景，它由全球经济的货币供应量减去运营资本组成。它相当于一旦经济获得资金满足今天的需要，就可以节省或投资哪些剩余资源供将来使用。总的来说，可投资资产总额超过270万亿美元，不包括杠杆（见下面的“真实世界”）。
我们将可投资资产宇宙分类为三个主要重叠群体：金钱持有人，金钱经理和中介机构。金钱持有人最终最终受到资产如何履行影响的受益者。他们也产生了大部分经济风险。金钱持有人 - 包括sovereign funds，个别家庭，退休人员和公司 - 在他们的意外地区剧烈地，期望和投资复杂程度。
金钱持有人代表金钱经理，他代表持有人决定如何分配可投资资产如何在最佳风险下产生最佳回报。一些钱持有人可以直接投资一部分或全部可投资资产;他们目前通过直接购买持有47万亿美元的债券和股票。相比之下，alternative assets- 包括私募股权，风险投资和对冲基金 - 个人直接访问的人更难。这一大量资产课程，代表资金8万亿美元，通常收取更高的访问费用，可仅供选择少数少数金钱持有人使用。
Last, intermediaries such as investment consultants and funds of funds have become a critical part of the ecosystem. Intermediaries provide different services to money holders and managers. They offer access to otherwise inaccessible managers and can provide valuable investment perspectives. In today’s period of unprecedented disruption, we see intermediaries in a strategic vise: They need to add increasing value to money holders and money managers while keeping costs low and responding to relentless competitive pressures.
The value of the universe of investable assets has increased over time, fueled by both population growth (which typically expands the value of the underlying corporations and other assets) and economic growth. This type of growth is also referred to as beta return, or the above-cash-market return. To benefit from such organic returns, investors do not require much investment acumen other than smart diversification.
但要击败市场——创造真正的阿尔法（回报率高于被动基准业绩）——要困难得多，而且，有些人会说，在可持续的基础上，甚至是不可能的。在扣除费用和成本的基础上始终如一地交付alpha已经被证明是一个难以实现的目标。例如，自2000年以来，对冲基金平均每年都比美国股市表现差1.5个百分点，尽管它们的回报在较长时期内看起来很有吸引力：从1970年到2015年，对冲基金每年比标准普尔500指数高出3个百分点，有人可以说，对冲基金在20世纪80年代和90年代是一个不同的盘子，当时的行业规模更小，更灵活。
即使备受追捧的基金经理们成功地取得了超过市场平均回报率的业绩，也无法保证他们今后还会继续这样做。与指数基金和交易所交易基金等低成本替代基金相比，管理费和激励费都很高(ETFs），对冲基金受到审查，特别是鉴于最近的平庸表现。因此，许多投资者询问了高度持怀疑的问题，要求更透明度，并期望成果和目标的更好一致性。
The asset management industry is one of the few industries that collectively play a near-zero-sum game. By contrast, most other industries are positive sum: If you eat a great steak dinner, it doesn’t imply that others have to eat hot dogs. In asset management each new money manager that is able to generate alpha in liquid markets normally does so at the expense of other managers or individual investors that underperform the market benchmark. Investors happily pay high fees for top managers but resist paying them for consistent underperformance. The pursuit of hot managers combined with the mathematical difficulty of outperforming markets leads to many of the peculiarities in our industry.
最初，我们基于我们对哈佛商学院的研究教授Christensen的古典观点“破坏性创新”。在他的框架中，产品或服务首先通过为客户提供一两项工作，通常在既定市场的低端执行。最终，该公司移动高档并取代了既定的竞争对手。
For a tangible example we looked at the unprecedented growth of low-cost ETFs and index funds. As a result of the sector’s success (assets have jumped from $3 trillion to $11 trillion over the past decade), the proportion of money managed in traditional active core strategies has withered from nearly 60 percent of assets in 2003 to less than 40 percent today, a trend likely to continue (see “The Big Squeeze,” below).
Similarly, low-cost retail investment firms like Charles Schwab Corp., Fidelity Investments and Vanguard Group are not immune to pressure from the even-lower-cost, technology-enabled robo-advisers like Betterment. Change is happening so fast that disrupters are now in danger of being disrupted. In a tepid global economy, money holders worry more about minimizing costs, taxes and fees than about generating unpredictable top-line returns. Schwab is looking to take market share from traditional full-service brokerages; Wealthfront works on snaring Bank of America Merrill Lynch clients. Meanwhile, in just a few years, China’sAlibaba Group Holding为其货币市场基金积累了超过1000亿美元的资产，Yu’e Bao。有谣言的其他互联网巨头，如Facebook或谷歌，也进入投资业务。
克里斯滕森模型的美丽是它阐明了为什么成功，管理良好的现任现任往往对从市场底部感到难以感知和反应新人。该模型预测电力转换回消费者或客户，因为他们获得了低成本，高价值产品。在一天结束时，破坏性创新通常适用于金钱持有人。
与中断概念一致，我们采访的一些专家们没有看到现行的高度自动化顾问作为令人担忧的竞争对手。他们认为，Robo-Adviser缺乏既定经理的投资复杂性和投资顾问的人类触感，今天可能是真实的。我们并不是说任何特定的Robo顾问或互联网公司将超过金钱管理机构。但是，我们认为这些球员集体是对现状的有意义威胁。
正如克里斯滕森的理论预测的那样，处于市场底层的创新者完全有能力通过增加新的能力来发展。他们没有现任者对扰乱现有利润流的恐惧，也没有旧技术的负担和大组织的高成本结构。创新者的解决方案最终将足以满足更复杂客户的需求。技术往往预示着新商业模式的突破，尤其是当它们提供较低的成本时。想象一个机构投资者的低成本机器人顾问并不牵强。事实上，我们遇到过许多正是这种模式的初创企业。亚博赞助欧冠
除了我们行业的内部挑战外，还有一些有意义的外部力量在起作用，它们可能会加速颠覆：人口结构的转变、跨地域和跨代的财富转移、技术革命以及长期经济趋势的逆转。在我们看来，未来的资产管理公司可能会在结构上有巨大的不同，并提供与投资者需求更紧密的一致性。差不多贝莱德has led a quiet revolution in the ETF space (which has become a critical component of the firm’s staggering growth to $4.5 trillion in assets today), we expect new business models to arise to reshape the future of asset management far more quickly than could have been envisioned even five years ago.
Historically, the asset management business has been slow to change. The stakes are high, the sector is closely regulated, and there are few early adopters of innovation. Not surprisingly, investors tend to prefer things they understand well: Roughly half of the world’s $270 trillion-plus of investable assets are in real estate and cash, which were also the most popular investment areas in the 1800s. Alternative investments, which have been a separate asset class only since the early 1980s, make up less than 2 percent of investable assets.
虽然资产管理行业缓慢变化，但在其历史上的关键点，外力迅速改变了其动态。要了解更多关于他们的信息，我们与康涅狄格州康涅狄格州咨询公司凯西，Quirk＆Associates的咨询公司咨询公司联合创始人和现在的Darien高级顾问谈过。我们想了解在80年代和'90年代积极管理资金中的资产巨大扩张的内容。在凯西的观点中，投资者在20世纪上半叶的温和主义受到大萧条和两次世界大战的启发，主要是现金和债券的节省。“通过监管，防止获得股票市场，银行成为投资者的主要选择，”他解释道。“继1973年级的股票市场崩溃之后，加上新的Erisa法规，投资者开始寻找大银行的替代品。”由于这些变化，闸门被开放，养老基金和个人投资者可以投资新的方式。成千上万的公司在证券交易委员会注册为顾问。
“当鲑鱼回归产卵时，就像熊钓鱼一样，”凯西说。需要小的资本和基础设施来开始资金管理业务 - “两个白人和瓦片”现在是一个“金钱经理”，他补充道。这导致了共同基金和对冲基金行业的爆炸，并创造了今天最大的投资名称。虽然管理人员随着资产的膨胀而大幅增长，但养老基金和捐赠者受到更严格的规则的管辖，导致人才和激励不平衡。
In theory, regulations protect money holders and ensure that the retired grandmother does not gamble away or get defrauded out of her hard-earned savings. In reality, the picture may be quite different. Partly as a result of institutional inertia, the incentive systems have gotten way out of whack. Although hedge fund managers can earn millions — and even billions — of dollars, public pension fund CIOs and their teams, entrusted with trillions of dollars to allocate, receive far more modest government employee salaries. Often, highly talented people at pension funds are limited by rigid internal approval processes that make it difficult to invest in new systems and operations. The situation at endowments and foundations can be similar.
我们越试图了解资产管理如何发展，我们看出我们的行业相对于别人的高度不寻常和有点令人困惑。例如，今天的2％的管理费用通常由对冲基金和其他替代资产公司收取的，最初是为了为新兴管理人员提供营运资金。当公司小，20世纪70年代和80年代，该模型是有道理的。然而，由于公司流入前所未有的资本流入和规模经济，管理费用的资产百分比没有下降。这常常创造了促进资产的反常激励，通常不考虑性能。今天的替代资产管理人员从管理费中获得了一部分薪酬，使我们的行业成为少数人可以在为客户丢失数百万美元的数百万美元的少年中获取数百万美元。
这种想要在管理层中培养资产的趋势在许多情况下对金钱持有人负面消极，因为规模与返回之间存在不可避免的张力。2013年，所有关于阿尔法，由特许替代投资分析师协会运营的网站，开展了对近3000个长短股权对冲基金的研究，发现小型管理人员每年平均220个基点越来越优于他们的较大同行。前十年。该研究引用了许多因素，包括新兴管理人员更高的边际激励措施，并赢得这一群体的愿望通常更为宣称。大型对冲基金往往会遇到流动性限制，并在交易时影响市场定价，减少利用套利机会的能力。当然，规模尺寸是创造了某些专有的优势，例如处理监管要求越来越复杂的能力，并投资昂贵的新技术，这些技术可能在击败市场方面提供竞争优势。
The asset management industry is experiencing what can be described as a winner-take-all phenomenon. According to a study by BCG, the world’s ten largest managers as measured by net inflows in the U.S. and Europe over the past 15 years captured nearly two thirds of those assets. This concentration can be partly explained by the principal-agent challenge that institutional investors face.
All companies have some form of the principal-agent problem, in which the principal and its agent have different incentives and motivations. In our industry the problem is exacerbated by the presence of so many conflicted intermediaries. To avoid career risk, an individual allocator is often motivated to assign assets to the most popular fund or type of investment. If an allocator hires a known player, underperformance will rarely prompt questions about that person’s judgment. The resulting herd mentality penalizes new managers, potentially stifles innovation and generates suboptimal returns.
此外，努力寻找，评估和管理数千个小型外部投资可能对许多机构投资者来说可能是不可行的。亚博赞助欧冠从选择的一组管理人员来说可扩展的产品倾向于将资产集中在一些知名公司，而不管返回。理论上，金钱应遵循预期的未来回报。实际上，动态更复杂，往往会保护现状。
While money managers are at minimal personal risk, they have disproportionate power to create systemic economic risk. This negative externality is unique to financial services and was particularly visible in the 2008 financial crisis. But the Great Recession that followed was hardly unique in this asymmetrical risk-and-reward dynamic. When highly leveraged hedge fund firm Long-Term Capital Management collapsed in the late 1990s, the resulting bailout, under the supervision of the Federal Reserve Bank of New York, required 16 leading financial institutions to agree on a $3.6 billion recapitalization for a firm led by 11 individuals. By comparison, when oil prices doubled between 2009 and 2011, the spike created stress for consumers but there was no concern that the global economy would collapse.
资产管理行业的高增长和缓慢变化正在推动其下一场最大的挑战：迫在眉睫的人才危机。我们的业务比它所有的客户更加同质，这对一个崇拜多样化的行业是一种真正免费午餐的行业非常讽刺。只有10％的共同基金资产和3％的对冲基金资产由妇女管理。同样小的百分比由传统的少数群体管理。尽管有些研究表明，缺乏多样性仍然存在，但展示了女性的资金优于胜过。
缺乏多样性还有另外两个负面影响。首先，它限制了投资者的理解。到2040年，美国将成为占多数的少数民族国家，消费和行为模式将不可避免地发生转变。第二，“如果公司只关注一小部分人和他们的直接同行群体，就很难吸引顶尖人才，”总部位于纽约的战略咨询公司Imprint group的首席执行官卡罗尔•莫利（Carol Morley）说。
As the incumbents mature, many are facing a painful leadership succession challenge, adding significant operating risk. The money manager owner class is disproportionately near retirement age. According to Imprint Group, one third of global alternative assets are managed by men over 60. While some firms, like D.E. Shaw & Co., are investing in leadership transitions years ahead of time, others are making fatal mistakes. For example, Chris Shumway’s botched transition out of his firm, Shumway Capital Partners, triggered huge simultaneous redemptions, requiring asset liquidations at fire-sale prices and eventually the closure of a highly successful $8 billion hedge fund. In some instances, audit and risk oversight companies and technologies that help limited partners monitor founding partner departure risk can add value. But in many cases they are monitoring stasis without understanding the internal dynamics that will make or break these sensitive leadership transitions.
资产管理显示了行业中断的典型标题：不满意的客户和极其有利可图的现任。该行业看起来有点像出租车业务，这是对奖杯业主的高度利润，同时为骑手提供低服务水平 - 并且正好在优步的景点中。
我们的研究表明，电力基础最终将从货币管理人员转移到金钱持有人。当内部和外部部队都会产生重大紧张局势时，我们生活在资产管理的枢轴时间。特定行业的压力，如监管紧缩和继承挑战，加上全球经济，人口统计和技术转变，正在重塑资产管理。
从根本上说，全球经济的变化性质对资产管理有破坏性。经过十年的繁荣和生产力增长，发达国家和新兴市场的贪得不家的繁荣，世界的经济机器耗尽蒸汽。独自一人，这种幅度的构造转变将重写任何行业的规则。在我们的中，震惊只是被觉得。
第一次地震——增长的幻觉——由于向金融体系注入了大量杠杆而被延长。由于政府、企业和家庭的债务总额超过200万亿美元，扩大全球债务负担已不再是可行的选择。如果全世界都是个人，即使在美国也没有资格申请新的信用卡。由此产生的影响是未来回报预期的重大调整。大多数机构投资者已将7%至8%的净预期收益纳入其投资组合，以便能够偿还债务和负债。从历史上看，这样的预期并非不合理，因为股市的平均回报率约为每年7%。由于发达国家经济增长乏力，通货紧缩风险不断，新兴市场经济放缓，市场对未来的预期可能会低得多。中国——或许是这些财富转移的最大驱动力——正处于从出口驱动型经济向消费主导型经济转变的过程中，其特点将是GDP增速降至20年来最低的个位数。亚博赞助欧冠
对于投资者来说，新的经济图片意味着寻找收益率的热情。不再可以乘坐市场乘坐市场，并为Beta退货提供信誉（即市场的一般扩张）。对对冲基金尤其如此。经过几年的良好性能，新的和建立的经理的记录数是闭门的。BlueCrest Capital Management，Jat Capital Management，标准太平洋资本，老虎消费者管理和老虎克乐经营只是过去12个月内百次过夜（和某些情况）在某些人中有一些标识的对冲基金公司。
Oddly, this economic environment may be the perfect opportunity to better align the incentives of money managers and money holders. Boston-based Adage Capital Management offers a rare example of a business model with strong alignment. The $23 billion hedge fund firm pioneered the approach of being compensated just for alpha generation. In its model Adage receives performance fees only when it outperforms its benchmark; it returns money to investors when it misses the mark.
We also see increasing collaboration between money holders and money managers as the line between these actors begins to blur. Co-investment options, greater transparency and true thought partnership are among the ways money managers can take investors’ interests closer to heart and generate value in a low-growth economy.
人口结构的变化正在这个行业掀起一系列浪潮。婴儿潮一代的退休、千禧一代获得可投资资产、女性角色的增加以及新兴市场中新富阶层日益成熟，这些都表明，无论是在今天还是在可预见的未来，投资者群体都有着显著的不同。当投资者改变时，他们的预期也会改变。
最终，将权力转移回投资者手中需要更加关注持币者的实际需求。颠覆性创新大师克里斯滕森（Christensen）的工作推广了通过观察客户所需的“要完成的工作”来分析公司的思想。最成功的公司能够满足客户的功能、技术和情感需求。例如，星巴克公司不仅仅提供咖啡；事实上，有人可能会说，它的咖啡不是最好的质量。然而，该公司拥有一个忠实的客户群，因为它提供了一个独特的居家和工作之间的第三方体验。这项工作是高度重视和支付通过销售一船高毛利率的咖啡。
许多货币管理人员认为产生优秀的投资回报足以保留和发展资产，但它们是错误的。“与传统智慧相反，单独投资业绩不驱动资产流量，”康涅狄格州康斯特州康斯波特咨询公司威斯波特咨询小组首席执行官Amanda Tepper说。根据Chessnut的研究，投资绩效仅占投资者与经理人的资金的15％的原因。“我们发现尾随三年回报之间的相关性非常低，返回大多数机构投资者使用的主要公制]和随后的一年净资本流入，”Tepper解释道。亚博赞助欧冠
To be successful, money managers need to cover such basics as meeting return expectations at the right risk levels with proper internal controls (the technical jobs to be done). The true opportunity set comes from connecting deeply with investor needs (the emotional jobs to be done).
到目前为止，最重要的破坏力量是这些社会和人口浪潮。随着女性和千禧一代成为关键的分配者，他们将创造一批新的服务不足的客户，他们的价值观和期望尚未得到满足。家庭财富顾问委员会（Family Wealth Advisors Council）的数据显示，到2020年，女性目前14万亿美元的可投资资产预计将达到22万亿美元。与此同时，千禧一代正在步入职场。
These new decision makers will expect the industry to reflect both better diversity and more-accessible information and insight. Indeed, managers will need to look more like the decision makers themselves in many respects and be available through multiple self-service channels at all times, like the service providers these clients use to order food or pay bills online. These money holders will be less likely to invest only with money managers who look like Warren Buffett and less willing to wait for a branch office to open on a Monday morning.
Women and Millennials tend to invest differently from the past generation of older men. Women are less likely than men to interpret or favor information that confirms their existing beliefs. When selecting investments, Millennials are both more risk-averse and more socially conscious than past generations. Having come of age during the financial crisis, they have a negative brand perception of some of the traditionally dominant financial services companies.
Last, technology innovation provides kinetic energy that makes disruption possible in all industries. Asset management is no exception. The power of technology innovation is difficult to foresee because the outcomes of disruption are not linear. Instead, technology innovation starts slowly and builds up speed at the end. We believe technology is likely to have a far greater impact on our industry in the next five years than it has had in the past ten.
在最基本的层面，技术正在推动资产管理的民主化。零售投资者，小型机构和家庭办公室有更多的投资选择，而不是以前的战略品种，增加的访问和低成本。从历史上看，这些投资者团体一直是最疾病的。对于净资产量低于100万美元，少数质量投资机会已经存在，但这些投资者在全球范围内占147万美元的市场。这部分原因是由于监管限制，而且因为还有很少的可扩展性，低成本，高质量的投资选择。为此，我们在资产管理中确定了许多破坏性模型。某些复杂的对冲基金，如两个西格玛，严重依靠技术来利用投资机会。此空间的其他新兴的破坏者包括Artivest和Franklin Squale Capital Partners，该资本合作伙伴提供零售投资者直接访问个人历史无法访问的对冲基金。众筹的网站（Angellist，很快Indiegogo）允许投资者直接以不可能的方式购买早期的公司。
New technology platforms also enable tremendous scale. BlackRock’s Aladdin is an operational system that better enables institutions to manage their own risks.According to theEconomist,阿拉丁保持它的眼睛上的近7%e world's $225 trillion of financial assets. A number of younger technology companies, including Novus and Addepar, are aiming to create scale through data aggregation and systematization. Technology will likely further drive greater transparency in a historically opaque industry, catching operational issues earlier and making Bernie Madoff–like fraud much more difficult to execute. Emerging governance and oversight platforms like AcordIQ provide institutional investors with the scalability and reliability to manage thousands of external money managers at lower cost and lower risk.
Technology is neither a panacea nor fault-free, as the August 2015 flash crash and Bank of New York Mellon Corp.’s mutual fund settlement problems readily illustrate. Overall, technology will enable asset aggregation and streamline operations, both of which will likely result in a de facto reduction in fees. But it will not be a competitive differentiator on its own because of its rapid proliferation and ability to be duplicated.
A good mentor once warned us that making predictions about the future is at best futile and at worst perilous. Thus we do not consider our research to be a prediction but rather a wake-up call for ourselves and our colleagues about how our industry is changing. Disruption is imminent whether or not we see exactly how it is happening. The results will likely lead to meaningful, positive change for investors. Both existing and emerging firms can ride the wave of disruption instead of being swept under it. Those that remain blind run the risk of losing their businesses.
So what does the successful asset manager of the future look like? Based on our analysis, the firm will embody several competitive, profoundly differentiated characteristics. First and foremost, the asset manager of the future will need to systematically identify new sources of alpha amid stagnant markets. Purely picking individual securities to gain an edge will be increasingly difficult and ultimately unsustainable, as data is more readily available and markets are far more efficient than in past decades. Instead, the manager will need the acumen to identify specific investment opportunities and allocate capital across multiple asset classes in an agile fashion.
We see the line between liquid and illiquid strategies blurring, allowing more flexibility for investing across public and private assets. A multistrategy platform that allows for both niche investment opportunities and economies of scale can be an effective way to accomplish alpha generation. Simultaneously, we see the hugely disruptive trend of passive, low-cost indexing continuing to gain significant market share among institutional and retail investors. When beta returns are low, investors will focus more on minimizing costs and reducing taxes.
未来将产生α的经理investors as a thought partner of the client investment team. This closer alignment and better understanding of evolving portfolio-level objectives will likely lead to an increase in co-investment opportunities. These shifts suggest that asset managers and allocators will change their interactions in meaningful ways. Allocators will need to evolve their assessment approach from a siloed, asset-specific model. In the end, we anticipate a more fluid model in which money managers will be more flexible and proactive and allocators will expect more accountability for managers in meeting their investment objectives for given levels of risk.
为解决灵活性可能出现的运营风险，分配者可能会要求更完整的治理模型。因此，未来的资产经理将需要以综合方式查看风险，而不是在单独的筒仓中。传统观点对市场，信贷和运营桶进行冒险。在经典的组织图表中，CIO负责市场风险，财政官员或CFO，用于交易对手的风险和适用于操作风险的COO。未来的资产管理公司将学会在全面地查看风险并不仅关注滞后指标（亏损），而是与其长期企业健康有关的领先指标（人才保留，基础设施投资，继任计划），最终，提供客户的结果。风险管理将需要更深入地了解相关性，而不仅仅是在战略层面，而且在基本的水平上。
技术正在重塑资产管理，并将有助于阿尔法生成和透明度。未来的资产管理公司将利用技术将公司的价值重新平衡给投资者。在内部，管理者将投资于技术以获得竞争性的投资优势：人工智能和大数据能力以及更无缝地整合前台和后台流程将成为基准。从外部看，技术解决方案将为投资者揭开神秘面纱。黑匣子对冲基金模式正在变得过时，老练的投资者要求更高的透明度和对经理人投资方法和风险管理模式的更深入理解。公司将提供一个实质上开放的书籍，通过先进的面向客户的技术与投资者沟通、分享和互动。在低净值散户投资者中，技术是造成混乱的最大动力，迄今为止，他们一直得不到充分的服务。技术允许可扩展性、可访问性和透明性，这将有可能公平竞争，并为散户投资者提供获得新机会的机会，以及以智能方式比较这些机会的能力。拥有庞大投资者网络和技术渠道的出人意料的参与者将可能以创新的商业模式进入零售资金管理行业。例如，总部位于旧金山的初创公司Long Game的目标是打乱850亿美元的彩票业，将彩票玩家转变为首次储户和投资者。
培养和保持人才fo至关重要r success. The investment industry today is very immature in its human capital management. As founders age and investor demographics change, established investment firms risk a talent crisis and will have to rethink how to attract, develop and retain people. We foresee that asset management leadership will professionalize to address these concerns, as has happened in other industries in a similar stage of their life cycles. In particular, we see a need for a CEO who’s fully focused on leadership.
“Purpose-led companies are more likely to have employees who exhibit cohesive behavior and act in the best interest of the company and the investors,” says Jeff Hunter, founder of Westport-based Talentism and former head of recruiting at hedge fund firm Bridgewater Associates.
职业化作为驱动器的一部分,我们ee more self-regulation and the proactive adoption of corporate governance by private investment firms. Leading firms will establish active, engaged executive boards similar to public companies’, demonstrating that decisions are being made thoughtfully, systematically and with investors’ objectives paramount. Of course, this will create better checks and balances on the historically all-powerful founder or cult CIO. We anticipate that this emphasis on effective governance will in turn reshape the due-diligence process. Today’s largely manual and sporadic processes will evolve to include more timely, systematic and ongoing oversight.
最终，影响我们行业的因素将导致更大的透明度、更完善的治理、更好的人才管理以及更紧密地协调激励和目标。但这些强大的力量将对信任文化产生至关重要的影响。在我们的行业中，疏忽大意和彻头彻尾的欺诈行为太常见了，投资者已经受够了。未来的资产管理者，无论是在零售领域还是在机构领域，都将不惜一切代价创造并捍卫投资者的信任。亚慱体育app怎么下载
Vanguard不仅因为它的低成本模式而成为资产管理中最成功的违约者之一，而且由于公司提供了高水平的透明度。像先锋一样，不断赚取并加强客户的信任，未来的领导经理必须拥抱比常态更高的透明度。由于不透明度求死，金钱持有人将看到谁一直以其最佳利益为工作。
仍然，我们概述的任何机制都没有在没有高度诚信的内部文化的情况下工作。亚慱体育app怎么下载信任将是迄今为止未来资产经理的最大竞争优势。只有在我们的行业中的信任亚慱体育app怎么下载文化普遍存在，我们才能将陷入问题的愤怒“客户的游艇在哪里？”•
Katina Stefanova是一名纽约的Marto Capital的Cio and Ceo，基于纽约的多士策略资产经理。David Teten是一家位于纽约风险投资公司的合作伙伴。Brent Beardsley是芝加哥全球领导的波士顿咨询集团的财富和资产管理实践。要阅读他们研究的全部结果，请访问disruptinvesting.com。