This article examines changes in the organisation of the asset management industry, with particular reference to pension schemes. From an initial position engaging mainly in ex post portfolio performance monitoring, investment consultants have come to occupy the central ex ante roles in...

Although Keynes did not prepare an explicit investment credo, there is enough material in his writings to produce an integrated account of his Approach to Portfolio Management under the four headings in the title. The starting point is Keynes’ philosophy, the central conception being that the...