The role of investment managers has become increasingly complex.

Role Complexity...

In today's market, investors are more short-term performance focused and less forgiving. Competition has produced a proliferation of investment alternatives
. . . more asset classes, subsets of assets, and products (e.g. CDO, CDS)

There are increased regulations and filing requirements.

There are more funds competing for investor dollars and attention.

Risk management . . . higher asset class correlation driving higher portfolio vulnerability as investors require greater risk transparency.