Practitioners are increasingly in the business of navigating - and helping clients navigate - the complex moral landscape of investing. This paper explores the extent to which culture impacts on our morality.

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Portfolio Construction Forum's inaugural Private Markets International Short Course in New York could not have been more timely, as private markets moved through a structural inflection during April, May, and June, driven by rising liquidity demands, regulatory scrutiny, and the rapid funding of AI initiatives.

For investment advisers, empathy without objectivity can become harmful. Expertise, intuition and independent thinking are best built through deep internalised knowledge, not passive reliance on AI.

When considering the ethics of our actions, we often rely on two approaches - considering the outcomes and consequences, and whether the action accords with rules and norms. The effectiveness of a third approach is the focus of this research paper.

Behavioural analysis enables a deeper insight into fund performance and the identification of highly skilled managers capable of generating consistent investment alpha.

There is a space in financial services that is often overshadowed by the noise of markets, products, and performance. It is the space where investing meets investors — the point where technical decisions collide with human consequences. This space is not defined by models or forecasts. It is defined by judgement, responsibility, and the way fiduciaries choose to show up for the people who rely on them. It is here, in this intersection, that the true work of a prudent adviser or consultant takes place.

Historically a feature of the medical and legal professions, oaths have become increasingly popular in promoting ethical practice in other occupations. The effectiveness in the financial advice context is the focus of this research paper.

Together, these two articles shed light on important micro and macro challenges facing the growth of ethical responsibility in investment and wealth management.