So, you want to start an asset manager? (Part 1)
“Are you crazy?”
That was the first thought that entered my mind, when a friend – let’s call him “Warren” – told me he wanted to start an asset management business.
Warren has just left his employer after a 20-year career, which I’d characterise as pretty successful. As a lead portfolio manager, he has managed assets on behalf of clients exceeding R50 billion and delivered good returns which ranked above average and sometimes top quartile in the performance surveys.