What explains behavior that Chief Investment Officers, Directors of Research and Portfolio Managers are in fact marketing people dressed up as investment professionals? The most important skill to succeed is presentation skill. That is how people are promoted at my multi-billion dollar shop and we tell others that we have an 'investment culture'. Fund Manager changes are disclosed only in SEC filings, never in press releases. The attempt to hide information from clients is deliberate, yet we claim to be acting as fiduciaries. We called a marketing consultant recently. Among the first things they said was to forget about investment performance.

I don't think things were done in this manner even 10 years ago but standards have fallen drastically.So long as we don't break any laws or violate the ethics code, we are pretty much free to do anything. Being a public company, there is a whistle blower program but no employee (or even ex-employee) will say a word as long-term compensation is in management's hands. Unless CFA Institute is willing to take confidential / anonymous complaints about unethical behavior (not just in word, but also in spirit) by asset managers, this problem will remain pervasive and come to attention only after something egregious happens.