What is the purpose of asset management?  That is not an academic question. Understanding its purpose is hugely important if we are to put more people to work, address climate change, and solve a host of other financial and societal issues.

At first, there seems to be an obvious answer: “To make money.”  But saying making money is the purpose of asset management — the industry which invests your money — is akin to saying breathing is the purpose of life.  Both are conditions necessary for survival, but neither is a purpose.