As Wall Street continues to stabilize after a prolonged bear market and the mutual fund scandal remains top-of-mind among industry executives, the scrutiny behind selecting a portfolio manager has heightened, as has the popularity of the professionals tasked with making such decisions.

A new study from financial services advisory firm Cerulli Associates, "Professional Buyers and Manager Selection," explores this new dynamic and reveals that although there may exist a litany of approaches to conducting manager research, the fundamental manner in which firms hire and retain quality talent, the way they segment analysts, collect data, balance quantatative and qualitative data and ultimately discover new managers is undergoing a dramatic sea change.

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