The current upper management is selective about who they want to promote. In the last several years, promotion has been based on favoritism vs performance. Employees who are dedicated and show up are often overlooked with little to no recognition.
Asset managers would talk badly about their own teammates in front of others. You can hear them outside the office complaining loudly and not even trying to be discreet about it. Instead of fixing known issues, bad behaviors are often ignored and rewarded with constant praises and promotions which greatly affects office morale. Management is aware of the issues but instead of reporting it, some choose to jump on the bandwagon and disregard the problem, while others fear retaliation.
High turnover of employees is a good indicator that there is a problem within the department. Often it is only talked about when the employee has left the company.