In episode 97, Alex Proimos speaks with Nick Kelly, head of manager research, at Willis Towers Watson. This episode covers the evolution of manager research of the past 20 years. We discuss whether there is a competitive advantage in single or multi-asset class managers, the role of culture and incentives in driving both innovation and long term performance. Then we touch on the potential for red flags when monitoring post-investment and both qualitative and quantitative methods that help identify whether alpha is sustainable. Finally, we touch on the challenge of stewardship, fiduciary duty and business risk in asset management.