RT Journal Article SR Electronic T1 Institutional Portfolio Management JF The Journal of Portfolio Management FD Institutional Investor Journals SP 33 OP 43 DO 10.3905/jpm.2005.570146 VO 31 IS 4 A1 Mark J.P Anson YR 2005 UL https://pm-research.com/content/31/4/33.abstract AB Institutional portfolio management has two main goals: 1) to implement the policy risk of the institutional fund as efficiently as possible, and 2) to add value. While these two goals may be accomplished by beta drivers and alpha drivers, asset managers often attempt to extract alpha from beta drivers. This leads to expensive products that add more beta than alpha. To better manage institutional portfolios, beta products must be separated from alpha products, so that the two goals can be accomplished more effectively. This has implications both for the types of products produced by money managers and the types of products purchased by the institutional investor's staff.