The CEO runs the organization like the military sending orders down the line. While the CEO is visionary and brilliant, he also has flaws. He changes his mind frequently and have little tolerance for input that does not agree with his favored direction of the day. As a result he has surrounded himself with inept yes-people in the C-suite. This is particularly true for the 3 investment CIOs. One is a failed investor from the active equity arm of the fund, the second is an academic macro PhD with no understanding of asset management while the third has no core investment beliefs at all. Working in the organization is highly frustrating as all decisions are taken at the top by a CEO that is too far removed to have relevant information. Many decisions affecting us on the floor are made based on assumptions, rumors and partial knowledge. The yes people around him do not fill the information gap either due to incompetence or fear - I don’t know which. Anyway - the result is ever-changing directions and mixed signals to employees. The lack of trust in the leader-group is reflected every year in an annual survey (which does not lead to any changes) and saps morale. As midlevel management has no authority they are unable to make decisions on even the simplest questions. There is a lack of working together towards a common goal, a high degree of office politics and a substantial amount of back-stabbing to gain favor in a hierarchical organization where many managers are remote from their employees.
