The phrase,“Never waste a good crisis”has been uttered by many people in reference to the global financial crisis (GFC). In our case,we believe that the deeper the crisis,the better the lessons. The crisis allowed us to look at the leadership and cultures of asset managers under the ultimate stress test. We grouped the firms in three categories:
1. Thrivers: the firms that sailed through the crisis. We have identified six and call them the Focus 6.
2. Survivors: firms that survived but did not fare as well as the Thrivers.
3. Divers: one of the firms in our database sank (closed its doors) two months after taking the survey.
Regardless of which boat you were in,the opportunity for profound lessons was rich.