These have been testing times. A sector such as retail remains beleaguered, while office is at best becalmed. But it is in testing times that asset managers can prove their worth. For institutional investors, it’s been a time to review and reflect.

Times of market stress pull at the loose threads of a portfolio. It becomes clear if holdings or a strategy are starting to unravel, making a clear-headed assessment of holdings and the market situation essential.

How should institutional investors go about such a review? How should they be reviewing their managers? And when they review their own internal workings, how should they be structuring their own teams?

Elizabeth Bell, co-head of real estate at Hamilton Lane, believes it is important to assemble investment teams with diverse backgrounds, whether that’s on a personal basis in terms of age, gender and race, or a professional basis. Ideally, they also need to represent broad investing experience into real es