How bureaucratic are the multi-manager platforms?
Not between PM and analysts, but more on overall management. E.g. decisions on risk allocation, drawdown management, mandates, and even when a PM will be canned. How much is determined by performance and how much by relation/politics? How would you rank your platform on that spectrum (pure meritocracy, whatever that means, vs management/risk/sector head having complete discretion and "relation" plays major roles)?
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