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This study aims to identify specific characteristics important in establishing and maintaining mutually beneficial relationships between endowment and pension fund managers and the providers of investment management services.

Utilizing exploratory factor analysis, this study of investment management service providers examines performance‐related and business relationship factors important to pension plan and endowment managers purchasing outside investment management services. These characteristics are examined across four asset categories: equities, fixed income, real estate and derivative/commodities/currencies.

This study identifies specific factors important in the purchase of investment management services. The results also compare and contrast similarities and differences between asset management services for different asset categories.

This research focuses specifically on the investment management services industry. There may also be applicable to other, similar industries such as the providers of actuarial services. Further research in other industries will broaden the scope and applications of the findings of this study.

This research suggests that the initial hiring and subsequent retention decisions are not distinctly separate decisions, but, as other relationship marketing research suggests, is part of a continuous process. Customers, in making their initial hiring decision, are already looking ahead to the criteria used to determine whether to retain a hired manager.

Firms wishing to enter the investment management services marketplace must emphasize both the performance and relationship factors when trying to market their services to new customers. Firms already supplying asset management services to customers must continue to emphasize relationship factors along with the traditional focus on performance.

One of the most important developments in banking is the increased emphasis on marketing a wide array of financial services. This emphasis has led to the adoption of the product management system in one form or another by many large, full‐service commercial banks. The transition to a product management system has required banks to change how they organize and manage their operations. Examines several of the major challenges and issues faced by product managers in the banking environment, namely, the identification of the product managers’ task responsibilities; the role of organizational support in facilitating product management; the influence of organizational culture; and the impact of power and conflict on product managers and the product management system. Also examines how product managers assess their job performance, work satisfaction, and the performance of the overall product management system in their bank. Develops directions for future research as well as several managerial recommendations to improve product management performance in banking.