72 THE INVESTMENT TEAM
workshop was cancelled because of low turnout, and none of the
inquiries from around the country resulted in additional training
bookings.
The purpose of my reporting this is not to portray ourselves as
pathetic (like the lonely Maytag repairmen of the investment in-
dustry). Rather, the point is to highlight the paradox of an industry
that is beating a large drum and shouting, “We believe in team-
work” while demonstrating no real interest in learning the skills.
I finally got so curious about this phenomenon that I contacted
nearly 50 friends in the industry nationwide and simply asked, “Do
you know of any money managers that have done team training?”
I have received many responses, but not one lead yet.
Well, maybe investment teams already know the skills. Maybe
they don’t need the training. Possibly. Certainly at some firms this
is true. But my experience, and that of Patrick O’Donnell, Interac-
tion Associates, and others, tends to argue against that position for
the general industry. O’Donnell states that:The investment management industry is only now beginning to
focus on the challenge of managing itself. Morningstar recently
updated the employee turnover numbers for the top 20 mutual
fund companies. These numbers are startling. A few companies
have no turnover in some years; others have double-digit em-
ployee turnover in a single year or maybe for two years in a row
[“The Future of Investment Management,” AIMR Publications,
Dec. 1998].Teams, like friendships and marriages, need careful attention
so that trust and respect can develop. It’s impossible to boast of
good teamwork when members are coming and going at a high
rate.
The issue of trust brings to mind another experience of mine
working with investment professionals. I was working with a major
investment firm to deliver a workshop in diversity. The business
case for the course was the benefits of leveraging differences: cul-08-13 ware 72 1/19/01, 1:10 PM