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餐馆正在被摧毁。金钱经理应该害怕。

Illustration by Jeremy Leung/II
Illustration by Jeremy Leung/II

小心较小的餐馆和资产经理之间的平行。

T.他纽约时报报道称，“大型链和资助的餐馆小组拥有资源，以乘坐长期关机，而是独立的餐馆，这些餐厅占美国用餐景观的三分之二 - 面条店，食客，以及总是迷人的城市餐厅门出门 - 可能无法生存。。。。75％的独立餐馆被关闭以保护美国人免受冠状病毒的保护不会成为它。“

T.he pandemic will have a similar effect on the asset management business. As could be expected, large, established managers will weather the storm. Many independently owned active managers, however, will be forced out of business — some because of poor performance, but others who generate good returns will also shut their doors because of cash-flow problems.

postpo分配器已经说他们ning fund decisions; the slurry in these managers’ sales pipelines is drying up. Despite having built solid businesses that put up good numbers, without new business and the associated revenues, they will have to cut their already lean staffs and, soon thereafter, close for business.

他们的损失也是我们的损失。

与2008 - 2009年不同，当市场崩溃的原因至少与行业有关时，今天这些企业家冒着一切冒险为客户创造更好的投资成果，他们的受益人没有自己的错误。这些是管理者 - 特别是新兴的经理 - 往往胜过他们更熟悉的同龄人and produce the alpha we so desperately seek.

We need to help these managers. I’m not suggesting a government bailout (although these managers should take advantage of such programs).

No. This is the time for forward-thinking allocators — especially those CIOs who have won all of the industry innovation and lifetime achievement awards — to realize that, asGideon Lichfield writesin theMIT Technology Review，我们不会恢复正常。现在是时候立即加强并投资这些经理 - 特别是新兴的管理人员 - 这是最不稳定的位置。

I’m not suggesting these allocators weaken their fiduciary standards and make imprudent investment decisions. Quite the opposite. As亚博赞助欧冠专栏作家克里斯托弗·斯切洛尔告诉我，我们不应该让良好的危机去浪费。正如Covid-19危机一样，揭示民间社会的缺点和新的可能性（例如，美国医疗保健系统和普遍基本收入），它揭示了我们目前的分配过程中的弱点和机遇。以下是我们可以为此过程提供三种变化，这将立即释放这些管理者：

  • 打开分配窗口，专门用于新兴管理人员。甚至可能不会移动分配器的众所周知的众所周知的众所周知的分配对这些管理者的多个级别非常重要。
  • Change your selection criteria. For example, be more flexible with the assets-under-management and track-record-length requirements. The crisis makes clear their arbitrary and punitive nature.
  • Change your manager diligence process. Let’s begin by admitting that our kabuki dance with managers is generally ineffective (just ask Fund Evaluation Grouphow well this process worked in its selection of Malachite Capital Management) and potentially harmful.
今天，我们看到了强制性和多个面对面经理会议和体育场地访问是一种不必要的奢侈品。可以更便宜地实现同样的目标 - 具有适当的社会疏散，并使用技术进行更小的排放量。

让我们利用这种健康危机，并通过引入新的协议来使所有这些视频呼叫更加强大：记录和存档每个视频会议，后来应用情绪识别人工智能，以亚慱体育app辨别每个经理的讲话和肢体语言的可能隐藏的见解。让我们承认，鉴于Covid-19的传染性，关键员工的共同位置可能不是理想的工作结构。

由于目前的愧疚，没有时间完成和分配者审查所需的460个问题争议问卷调查问卷。分配者可以通过字面上询问管理者有效地压缩和加快决策过程。刚刚向他们询问这些视频呼唤最不舒服但相关的问题亚慱体育app。他们还应与当前和前客户和服务提供商与经理的经验交谈。（雇用私人调查员也可以加快勤奋的过程。）设置高通/失败栏。

不可否认，这些标准和技术的变化使分配者暴露给更多的商业和投资风险 - 因此新兴管理人员必须通过采用极端透明度的姿势来减轻这​​些风险。没有更多的蜜月和保密;快速，诚实地回答问题，并提供任何信息分配者请求。这意味着不仅是历史日报，而且是日常交易和职位，就业合同和非学习协议，商业财务和烧伤率，安全程序和销售管道。

And, yes, be prepared to explain the secret sauce.

管理人员和分配人应探索与双方的利益对齐和保护双方的替代费用结构，流动性术语和车辆结构。2019年，我们可能已呼吁这些替代方案让步;今天，他们是必需品。

However, allocators should not use the manager’s precarious position to their advantage. If this is to work, it must be a genuine partnership. In fact, this crisis is turning our current strategic-partners paradigm on its head: It is now the allocators that are the active partner, providing managers with not only capital and preferential fees and terms, but also much-needed knowledge transfer related to governance, financial management, human resources, and strategic planning.

与他们的餐馆同行一样，管理人员也必须准备追溯到不同的商业模式，包括他们自己的迭代：创建分配者将在内部采取和实施的投资信号。分配者也应该灵活，并考虑直接在经理的业务中投资（我喜欢将此作为礼品卡分配）。

Over the past five years, through inflows and merger-and-acquisition activity, we’ve seen aconcentration of assets across asset classes in the largest managers。In this time of crisis, we should expect this “flight to quality” to continue.

However, given a substantial body of research shows that as assets under management increase, performance erodes — and the fact that these larger managers have shown little interest in creating innovative investment processes or adopting new technologies — we should expect that this consolidation will fail to provide us with the investment outcomes we seek and the innovation we so desperately need.

We are on the brink of losing a generation of new managers — managers with different skills, diverse backgrounds and experiences, and novel approaches to solving investment problems.

Allocators love talking about how they are long-term investors. Now is the time to demonstrate that by investing in these managers of the future. Without such bold action, we will be left with the equivalent of “large chains and well-funded restaurant groups.” And I don’t know about you, but after suffering the physical and financial hardships of this pandemic, I think we deserve better than Applebee’s.