Poll results: When selecting a manager, how important is the firm's culture?

Forty-seven percent of respondents to a P&I Online survey last week believe firm culture is “crucial” when selecting a money manager.

The question was asked as a result of the new “tell-all” book, “Why I Left Goldman Sachs,” by former Goldman Sachs employee Greg Smith. Mr. Smith called the firm's culture “toxic and destructive.”

Thirty-eight percent of respondents said firm culture was “very important” when selecting a money manager, 10% said culture was “moderately important,” 2% said “slightly important” and 2% said “not important.”

Despite Mr. Smith appearing on “60 Minutes” on Oct. 21 and making the rounds on cable news, his book did not make it into the New York Time's Bestseller list for non-fiction.