FYI: Institutional investors often hire investment consultants to provide recommendations on fund managers. Because the investment consulting industry had assets under advisement of about $38 trillion as of 2017, institutional investors must believe their recommendations add value. But do they?
To help answer that question, I’ll review some of the findings from academic research.
Regards,
Ted
https://www.etf.com/sections/index-investor-corner/swedroe-institutional-investing-money-pit
