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The culture of traditional asset managers SUCKS. Too much apathy, ego, selfishness and differences in incentives. If you left your firm right now to start a new fund, how many of you would have your bosses or firms fund you? 0%? Maaaaaybe 0.0000001%?
Everyone thinks they are better than everyone and no one is willing to give anyone else younger than them a shot because of jealousy and paranoia that the underling will perform better than the boss.
The entire industry is setup as a bunch of serfs serving a handful of senior mgmt masters who couldn't give two shits about anyone else's lives or careers. They could 100% start new funds internally for analysts to learn to manage money & see who has the potential to grow.
But no. Can you imagine if an analyst's portfolio did better than the PM? They would lose their mind. It's politically unfeasible because they would be too worried about losing their job. Tenure trumps merit and doing what's best for the firm.
Take a look at VC and see how many minions without any track records get handouts from their former bosses and firms to start something new. Why can't traditional asset mgmt do this? What's stopping them other than being selfish assholes who want to pull up the ladder?
Bottom line. Stop being greedy bitches and give the young uns a shot. If this happened, the industry might be pleasantly surprised at the job growth this could spur from unexpected places.
