By Mark Walker, managing partner at Tollymore Investment Partners

Institutional investment management is broken. Asset gathering business objectives and gold-plated cost structures magnify the imperative to grow AUM.

Investment firms led by marketers rather than investment managers create strategies tailored to what will sell rather than what works.

Large pools of management fees are required to fund large, expensive, teams designed to convey analytical edge. Pressures to justify high management fees discourage investment professionals from acknowledging ignorance or mistakes and create an action bias...