Money management firms tend to do too much, not making the strategic choices necessary for long-term success, said Michael E. Porter, C. Roland Christiensen professor of business administration at Harvard Business School. Speaking before the Association for Investment Management and Research's annual conference in Atlanta today, Mr. Porter said firms that have chosen not to do some things, like Vanguard, are the exception rather than the rule.
``Investment managers tend to do whatever the client wants,'' said Mr. Porter. Within virtually every money management firm, there is a reason why some clients love them, and the firms should do whatever that is, he said.
