Assume you currently work as an equity analyst for an investment company. Your primary responsibility is to conduct industry analyses, which will influence your company's investment strategies. Your current focus is on the financial services industry with a specific focus on the asset management sub-sector. (in no more than two to three sentences for each question)

1. Conduct a brief Porters five competitive forces analysis on this sub-sector.
2. What stage in the industry life cycle do you think the asset management sub-sector is? Corroborate your choice with a brief discussion of industry evidence.
3. What are the important macroeconomic variables to consider when analyzing the asset management sub-sector and why do you think those variables are important to your analysis?
4. What type of competitive strategy would you expect the top-performing firms in the industry to follow?