In my journeys around the asset management industry I sometimes come across fairly large ($2b in AUM or so), well respected asset managers with no marketing and no sales (or at least none that is in evidence).
These are firms that have found an audience for which there is no need to sell or market their services, ie. affinity marketing, and are not active in selling or marketing on a broader basis, ie. competing in the broader institutional marketplace.
The owners are fat and happy doing what they love doing - investing - and are not interested in growing or developing their business further. Their websites are atrocious, their resourcing levels low, and oftimes they have lots of family working in the business.
I can't imagine any (or many) of them are frauds. But they show the signs and have the capacity to carry out shenanigans if that is their predilection.
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