the process working effectively and efficiently? II Consistency in approach. II Sell discipline. These subcategories need not be individually rated but rather help the team keep the appropriate framework in mind as a rating is assigned. Each investment professional involved in a particular manager review or search should determine his or her ratings independently. A larger investment meeting should be held to debate the final rating of each category for each manager involved in the search process. A typical investment meeting should be intense, investment-oriented, and open to vigorous debate. Such meetings could take as long as one full day and are rarely shorter than four hours. CONCLUSIONS__________________________________ The asset management approach to manager selection imparts many benefits, both tangible and intangible, to the manager-selection team. First and foremost, it provides a systematic, re suits-driven framework in which to pursue strong investment results for clients. In addition, this approach provides ancillary and mutually reinforcing benefits, including: 11 Strong relationships and open access to money managers who are appreciative of and familiar with the investment approach. II Enhanced information networks via multiple "touch-point" contacts in each organization. II Promotion of a dynamic investment-management culture within the manager-selection team; this culture in turn helps to attract and retain outstanding investment professionals within the manager selection group. II A philosophy that lends itself to an asset-management business structure, in which payment is based on assets and performance rather than a consulting-style retainer fee. This structure, in turn, aligns the interests of the manager-selection group and the client. ill A daily, asset-management-like perspective on manager monitoring, which in turn drives greater manager knowledge and, ultimately, improved investment results. For any asset-management business-including one in which the assets being managed are investment portfolios-this last benefit is perhaps the most important from a commercial and client-satisfaction standpoint.