Christensen popularized the idea of analyzing a company by looking at the “Jobs to Be Done” needed by its clients.  Most money managers think their main job is returns, but they are wrong.  According to Amanda Tepper, CEO of Chestnut Advisory Group: “contrary to conventional wisdom, investment performance alone does not drive asset flows. While there is a clear relationship between the two, investment performance accounts for only about 15% of the reason for placing money with managers. We found (very low) correlations between trailing three-year returns (the primary metric most institutional investors follow) and subsequent one-year net capital inflows.”