When we look at the asset management industry, we tend to confine ourselves to measurement of the performance of investment funds. We less often analyze the context in which decisions are made. This examination of the influence of the organizational structure of investment management companies on the performance of their managers is based on a series of meetings with IMC managers and an analysis of both qualitative and quantitative data collected from a sample of IMCs and French investment funds. The results demonstrate how much the organizational variables explain performance.