An experienced editor at a leading finance publication once advised me never to write about ESG. “No-one will read it,” he said. 

Rather than writing about ESG, then, I’m going to write about marketing – specifically, marketing in the fund management industry. All businesses need a good marketing plan, but for fund managers, it’s an especially important part of the business model. Two reasons:  

First, fund management is a highly competitive industry. There are over 10,000 mutual and exchange-traded funds in the US alone, with many thousands more overseas. Add in hedge funds and other investment partnerships and the choice balloons. Distribution is hard, but the barrier to entry for a new fund is surprisingly low. 

Second, fund management companies sell a rather abstract product: a promise – a promise to at least preserve and preferably to grow customers’ wealth. Their challenge is that it’s impossible to quantify the value of that promise at the point of sale. Will the fund be up 110% y…