During his many trips to Asia in the past decade, Paul McCulley has often found himself plopped at a table with local executives, chatting at length about the way macro economics influence the mutual fund industry.

The meetings can last hours, said the portfolio manager at PIMCO, and can involve as many as 20 executives who call Hong Kong, Taiwan, Japan, China and other Pacific Rim countries home. "A three-hour meeting that is a quasi-graduate school seminar is not unusual at all," he said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.