Asset Management category

Asset Management in the Middle East: Ten big changes to watch for in the next decade

October 4, 2020

An article by Andrew Hutchings

Andrew Hutchings, Chairman and co-founder of Universal Copywriters (Uniwriters)

Developments over the last thirty years in other parts of the world indicate where the industry could be headed in 2010-20.

In asset management, as in other industries, the short-term excitement about a change often exceeds reality. Regulatory changes, entry of new competitors, movement of high profile executives, development of new products and distribution deals can generate interesting headlines, but very rarely result in profound changes to the landscape. The changes that really matter actually come from trends that operate over five-to-ten years, if not longer.

It is now nearly 30 years since yields on U.S. Treasury bonds peaked, providing the impetus for a secular bull market in equities, which ran to the year 2000 in the U.S. and for longer in other countries. The rise in the U.S. stock market, and the international investment opportunities that became available as a result of the lowering of barriers to capital flows, shaped the development of the U.S. mutual fund industry in the 1980s and the 1990s. In Europe, the key factors were the Undertakings for Collective Investments In Transferable Securities (UCITS) directive(s), from 1985 onwards, and the widespread realization that demographics were such that individuals would have to do more to provide for their own retirement incomes. In Asia, the key issues are that economies are likely to generate superior growth rates for the foreseeable future and that capital pools are enormous and/or expanding rapidly. In all three regions, information technology has contributed to better solutions for investors.

All this begs the question: what are the ten things that really matter for asset management in general, and investment funds in particular, in the Middle East?  The starting point must be that[1] capital pools in the region, which are already substantial, will continue to grow. Over the next decade, the Middle East will continue to be a major source of natural resources – especially hydrocarbons – for the rapidly developing economies of East and Southeast Asia. The Gulf Co-operation Council (GCC) countries that are running large current account surpluses thanks to exports of oil and gas will amass additional savings in Sovereign Wealth Funds. The corollary of this is that, like China now or Japan in the 1980s and early 1990s,[2] the Middle East is a natural source of investment capital for the rest of the world. Because the GCC currencies (and most others in the Middle East and North Africa) are pegged to the U.S. dollar, investors can invest in the U.S., Hong Kong and various other places, with minimal currency risk: in this respect, the Middle East has a huge advantage relative to China and Japan.

One implication of this is that the[3] Middle East is an obvious market for the distribution of UCITS funds that are domiciled in Luxembourg or Ireland. The UCITS funds are already in existence, and provide access to every conceivable asset class that an institutional or individual investor might need. The UCITS ‘brand’ is a trusted one and is synonymous with first class regulation and transparency. As is the case in Asia, there are local asset management companies in all of the GCC countries. Most are affiliated with local universal banks or other local corporate groups. However, very few have achieved the absolute size that would give them the economies of scale enjoyed by large asset managers in  the rest of the world. Therefore, [4] many banks in the Middle East are likely to come to the conclusion that there is more money to be made from distributing investment funds than managing them. This is what happened in continental Europe in the 1990s and what is happening in China now. Nevertheless, as the fragmented financial services industries consolidate over the coming decade [5] it is a near certainty that at least one very substantial Middle East based asset management company will emerge: its business will not be confined to one country in the region.

Of course, universal banks are not the only organisations that can embrace Open Architecture and seek to profit from the distribution of products that are sourced from other companies. Thanks in part to the development of health insurance, insurance premiums are rising rapidly from low bases in almost all countries in the region.  Within the coming decade, [6] Middle Eastern insurers will turn to fund distribution as their industry matures. It is also a safe bet that [7] the growth in Open Architecture will be accompanied by a strong increase in distribution of Sharia-compliant funds. Sharia-compliant banking and Takaful have had to overcome a number of challenges, but are growing rapidly in many GCC countries and in certain countries outside the Middle East, such as Malaysia. The decade to 2020 will probably be seen as the decade in which Islamic finance moved to the mainstream.

In differing ways, the governments of Dubai, Abu Dhabi, Bahrain and Qatar have all sought to promote their states as offshore financial services centres. That each has some control over local Sovereign Wealth Funds (and, often, other institutions as well) means that they have some ability to nurture a local asset management industry. This is a formula that the government of Singapore, for instance, has made to work well. However, unlike Singapore or Hong Kong, none of the Middle Eastern centers has access to a massive hinterland (like Southeast Asia or Greater China). The implication is that [8] the Middle Eastern centers will flourish, provided each focuses on a different niche, with the result that they can develop through collaboration rather than competition.

Financial services is, of course, not the only industry that regional governments are looking to develop as economies are diversified away from energy. Massive new infrastructure projects across the region will require innovative funding. [9] Infrastructure funds and other locally-focused vehicles could well be in the mainstream of the Middle Eastern asset management industry by 2020.

Finally, it is often forgotten that the Middle East and North Africa is home to well over 200 million people. In most countries in the region, people are poor and financial services under-developed as a result of structural problems. However, most countries are making some progress towards resolution of the problems. [10] In the next ten years a very substantial funds industry will develop in at least one of Egypt, Algeria and Morocco.

By 2020, the asset management industry of the Middle East will be much larger and more sophisticated than it is today.

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About Andrew Hutchings

Andrew Hutchings is Chairman and co-founder of Universal Copywriters (Uniwriters), a consultancy that works with global investment managers, private banks, institutional banks and publishers of commercial intelligence. He has written extensively on asset management, investment fund distribution and financial market infrastructure - in the Middle East, the Asia-Pacific and Europe. He has worked as a Co-ordinating Editor for Global Custodian and has extensive experience as a Research Editor.

Post Under: Asset Management

Spotlight Series: Daniel Enskat, Strategic Insight on the future of the Fund Management Industry

August 20, 2020

Daniel Enskat, Managing Director, STRATEGIC INSIGHT was guest commentator for a panel debate entitled “INNOVATION IN PRE & POST-RETIREMENT PRODUCTS: How can we create products that deliver what they promise? Collaborating and competing towards a new European style 401k lifecycle product with Jervis Smith, Managing Director, Global Head of Client Executive, Global Transaction Services, CITI; Dominique Carrel-Billiard, CEO, AXA INVESTMENT MANAGERS, Andrew  Fisher, CEO, TOWRY LAW and Philippe Marchessaux, CEO, BNP PARIBAS INVESTMENT PARTNERS.

In discussion with the Spotlight Series, he reflects on meta trends with long term influence like the rise of the global middle class.  And the future of the Fund Management industry?  In the face of wars, natural disasters, sub prime crisis etc the Industry maintained 2bn/ day net flows for last 10 years; it is a very robust industry.

Post Under: Product Development

Spotlight Series: Mark Tennant, Honister Capital questions optimism

August 12, 2020

Reuters reports that the Bank of England has cut its forecast for UK economic growth and predicts that inflation would fall well below its 2 percent target in two years.

A day after the Federal Reserve downgraded its outlook for the United States, the BoE’s quarterly Inflation Report — the first since a harsh government budget in June — showed it too is worried about the durability of recovery from the worst recession since World War Two.

“Business and consumer sentiment have shown signs of softening, measures of financial fragility remain elevated and there is great uncertainty about the outlook for both the United States and our most important trading partner, the euro area,” Bank of England Governor Mervyn King told a news conference…

In an interview for the Spotlight Series earlier this summer, Mark  predicted this,  warning that we might not be out of the woods yet, questioning how we can wipe out 50 trillion dollars in wealth and only experience a recession on par with the 90s… surely there has to be more to come.

Mark Tennant, Chairman, HONISTER CAPITAL interviewed Dr. Joachim Faber, CEO, ALLIANZ GLOBAL INVESTORS for the THE MARK TENNANT CUSTOMER LEADERSHIP INTERVIEW 2010 at FundForum International 2010.  With a leading topic entitled “Weathering the Storm” they discussed how the decentralised business model has been an effective way to remain close to the customer, by-pass the worse aspects of the crisis and meet customer needs.

Post Under: Asset Management

Spotlight Series: Jean-Francois Hautemulle, Unicredit Private Banking on the quandry of too much choice

August 6, 2020

A recent article in Citywire

quoted a new survey conducted by Fidelity and Morningstar that revealed the fund of funds market in Germany has recovered strongly since the financial crisis.  The shift towards open architecture approach within these funds has continued, with 63% of fund of funds now using a diverse choice of companies, compared to 56% in 2007.

Jean -Francois Hautemulle, Head of Fund Selection, UNICREDIT PRIVATE BANKING was an expert panellist in a session moderated by Richard Romer-Lee, Research Director, OBSR entitled “OPEN & GUIDED ARCHITECTURE: The Rise of Guided Architecture And The Implications For The Distributor/ Manufacturer Relationship.  He was joined on the panel by Adrian M. Weiss, Head Investment Products & Advice, CITI GLOBAL CONSUMER GROUP EMEA; Philippe Baumann, Deputy Head of Open Architecture, LOMBARD ODIER DARIER HENTSCH & CIE and Richard Vincent, Head, Open Architecture Funds, SKANDIA INVESTMENT GROUP.

In an interview for the Spotlight Series, Jean-Francois discusses his experience of open (Germany) and guided (Italy) architectures and how choice is a good thing; too much choice is paralysing.

Post Under: Distribution Strategy

Spotlight Series: Anne Richards, CIO, Aberdeen Asset Management at FundForum International 2010

July 26, 2020

Anne Richards, CIO, ABERDEEN ASSET MANAGEMENT participated in a panel debate on new asset allocation models for fund selectors at FundForum International 2010 with fellow CIO panellists Rick Lacaille, STATE STREET GLOBAL ADVISORS and  Christian Dargnat, BNP PARIBAS INVESTMENT PARTNERS and moderated by  Amin Rajan, CEO, CREATE-RESEARCH.

In an interview for the Spotlight Series, Anne discussed the double-edged sword that is volatility.  Government bonds have responded well but the Equities Market, with renewed fears about Greece, has experienced more difficulties.  Even in this market, there is more optimism (however cautious) than 12 months ago.

The real growth opportunities can be seen in Asia and Emerging Market economies where the fiscal situation is much better than most of the domestic markets.  Interest is growing in both Emerging Market Debt and Asian Fixed Income.

For the end investor, the key challenge is to responsibly inform them so they understand that volatility is a feature of all investment.  If they have chosen the correct strategy, a little volatility shouldn’t be an issue.  We must avoid the knee-jerk reactions of Q4 2008 (after Lehman’s), when investors panicked, sold out at the bottom of the market and then couldn’t benefit from market improvements in 2009.

A complete round up of news and views from FundForum International 2010

July 6, 2020

FundForum International is the “must attend” annual asset management conference.  The 2010 event continued that tradition, 20 years in the making.    On behalf of our co-sponsors, CACEIS & KPMG, we would like to thank all the delegates and speakers and look forward to bringing you an even more energised event in 2011.

In addition to the coverage of the event by Beverly Chandler,  we’ve gathered the leading articles and commentary from the business news websites to give you a comprehensive review of this years hugely successful event.

We have captured a series of video interviews with some of the industry leaders which will be posted on this site over the coming weeks.   To make sure you don’t miss out, either add the RSS feed to your reader or sign up for email alerts.

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A Twitter Overview:

reutersClaireM: IBM’s Suzanne Duncan stirred up the Forum with research that showed the trust gap between providers and investors has worsened this year

reutersClaireM‎: Marshall says doesn’t regret not gating in crisis although assets collapsed. Believes hedge fund industry did itself no favours by gating

Dumes618Fund Forum Exclusive: AEGON appoints Citi as Fund Administration Service Provider to a new Global Macro Absolute Return Fund

reutersClaireM‎: Broderick says as Europe transfers burden of retirement provision to private sector, it will expect costs to fall.

JenLoewiAdams‎: Regulator Eddy Wymeersch says not often that he gets to talk face to face with the industry, so thumbs up FundForum#ffi10

reutersClaireM‎: Faber believes prospects for active mngt are good and a lot of passive strategies will face limitations in volatile low growth world


Fund Fees and self-loathing in Monaco - Financial News

The number of attendees rose this year by a fifth compared with last year. More than 70 companies had stands at the Grimaldi events centre, located on the Monaco beachfront, including KPMG, JP Morgan and Citigroup.

Each morning delegates attended lectures and panel sessions featuring leading industry figures such as Jamie Broderick, chief executive in Europe for JP Morgan, Todd Ruppert of T Rowe Price and Jim McCaughan of Principal Global Investors…. more here

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Chiefs told to concentrate on clients - Financial News

The first step in solving any problem is to admit you have one. Amid the yachts, Ferraris and champagne receptions, delegates at the annual Fund Forum conference in Monaco did precisely that.

The tone of the conference was set at the start by speaker, Jamie Broderick, chief executive of JP Morgan Asset Management in Europe.  He said the asset management industry needed to focus more on clients, and those who did not would be left behind.  Investors were concerned about three issues, he said: high fees, an obsession with creating products rather than finding solutions, and a lack of clarity about what was really going on with their money…. more here

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The full round up by Claire Milhench of Reuters can be viewed here.  We’ve put some of the key topics from her review below.

Marshall not so gaga for Osbourne - Reuters

Lord Myners played a cheeky game of bull and bear with Paul Marshall, the co-founder of hedge fund company Marshall Wace, at the close of his Q&A session at the Fund Forum in Monaco this morning… more here

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Doubts grow over fund firms’ Asia dash - Reuters

Asset managers are ramping up their presence in Asia to tap the cash of the growing middle class but some industry managers are warning that the quick bucks these funds are chasing may be elusive.  Establishing an identity and building distribution networks takes time. Regulatory bottlenecks and a stubborn attachment to traditional bank savings will also act as a brake on business.

“Asia will continue to hog the limelight as a source of new assets but it won’t be the next gold rush,” Amin Rajan, chief executive of consultancy Create, said at the Fund Forum in Monaco…. more here

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Allianz plans to boost PIMCO with new hires - Reuters

Allianz Global Investors, the funds arm of German insurer Allianz (ALVG.DE), plans to add about 100 staff this year, with bond manager PIMCO the biggest beneficiary as investor appetite for fixed income products continues.  AGI Chief Executive Joachim Faber said the head count had increased across the entire group by 100 people last year and he expected to repeat that this year.

“The PIMCO business is growing very strongly so it has had the most people added,” said Faber in an interview on the sideline of the annual Fund Forum in Monaco… more here

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Fund Managers under pressure to rebuild trust - Reuters

Fund managers have failed to rebuild relationships with investors that soured when the global financial crisis left them nursing billions in losses, leaving their clients even more disgruntled.

Trust between fund managers and their clients has continued to deteriorate two years on from the crisis, a survey by research organisation IBM Institute for Business Value showed, and managers at the Fund Forum in Monaco said the industry faces an uphill task to restore clients’ confidence. “We’d be kidding ourselves if we thought that our institutional or our retail clients thought we (as an industry) did a good job in the downturn. We need to be more transparent and keep products simple,” Martin Gilbert, chief executive of Aberdeen Asset Management (ADN.L) said. … more here

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Reprieved fund firms face up to failings - Reuters

Fund managers meeting in Monaco this week for their annual summit may have been given a reprieve by last year’s stock market rally but it helped to paper over the fundamental cracks identified at the 2009 conference.

Industry bigwigs such as Martin Gilbert of Aberdeen Asset Management (ADN.L) and John Flint of HSBC Asset Management (HSBA.L) will debate the best business models for these turbulent times, with managers who fail to reposition their businesses likely to find themselves in difficulty.  The 2010 Fund Forum conference, which runs from Tuesday to Thursday, comes at a time when the sovereign debt crisis has triggered another bout of volatility and investors are showing a reluctance to load up on equities… more here

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Fund firms see second wave of M&A - Reuters

The asset management industry is poised for a fresh round of consolidation as economies teeter on the edge of a fresh slowdown, leaving weaker operators rescued by the 2009 rally looking vulnerable all over again.

Delegates to the industry’s annual Fund Forum in Monaco are expecting further M&A, with smaller firms struggling under the weight of new regulations before being picked off by larger rivals, while continuing financial turmoil is expected to put more balance sheets under pressure…. more here

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To view articles from the Financial Times, you must have a subscription, details here

Call for greater transparency on EFTs - Financial Times.

Greater calls for transparency have dominated talks at this year’s Fund Forum. Several chief executives say the market needs to make an effort to restore more here

Fund managers told to embrace new rules - Financial Times

Fund managers attending last week’s Fund Forum in Monaco were told to embrace new regulations rather than fear them. more here

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Nordic Fund Selectors panel at FundForum International - FundSelection

Successful panel with Nordic fund selectors The room was packed when I moderated a panel with fund selectors from the Nordic region at the FundForum in Monaco this week. It was an honest discussion and the public was very pleased with the openness of the selectors… more here

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Paul Marshall offers caution on UCITS - WSJ

A founder of one of the U.K.’s largest hedge funds has warned that investors may be “disappointed” in the more heavily regulatedUCITS funds, which have increased in popularity since the financial crisis… more here

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Fund managers gathered here perhaps got a little indigestion along with their breakfast at the first address of the day - MarketWatch

The managing director of Cerulli Associates got things off to a rousing start with a prediction that global funds under management this year are unlikely to repeat the not-so-spectacular growth from last year — a 16.2% gain. But there was even more gloom tinged in that. Shiv Taneja, addressing a crowded room of early-rising managers said that gain from 2009 came wholeheartedly from a recovery in markets… more here

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Double Dip? Better Be Nimble And Quick - MarketWatch (video)

Invesco portfolio manager Bernard Aybran talks about the dangers of a double dip recession for global economies and keeping a portfolio protected… more here

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Keeping the customer happy and the money flowing - MarketWatch

Tall orders, but those seem to be the general themes for this week’s Fund Forum International, which will gather over a 1,000 asset allocators and 35 chief executives in the small sovereign city-state surrounded by France, known best for its status as a tax haven and refuge for wealthy foreigners.

Whereas last year gathered a group of shell-shocked asset managers who were looking for day-to-day strategies for survival, this year, managers and CEOs will be looking for ideas on how to create sustainable, long-term gains at a time when markets are volatile and investors still haven’t had their faith in managers fully restored… more here

Post Under: Asset Management, General

Change essential for asset management industry

July 1, 2020

Suzanne Duncan speaking at FundForum International 2010

In a scary but inspiring report, Suzanne Duncan, financial markets leader for the IBM Institute for Business Value, presented the results of the largest global survey on the investor trust gap. A banking crisis is four times as bad as any other financial crisis, she said. It’s twice as deep and twice as long. Five key findings from the research were that sophistication in the fund management industry has outstripped our ability to handle it; together governments and the industry must balance stability and innovation; firms must deliver on brand promises and in order to thrive, the industry must solve its identity crisis.

Findings showed that the industry has very powerful brands and three key strengths: client centricity, flexibility and stability. However, 57 per cent of those surveyed felt that they failed to deliver. Turning to confidence, Duncan said that 70 per cent of clients interviewed felt that providers had their own interests at heart and worked at the investors’ expense and shockingly, roughly the same proportion of providers agreed with this finding. The industry is capable of change said Duncan. “Imagine if it applied the innovation and rigour it applies to its products to the clients” she said. What keeps you awake at night was the final question asked by IBM and 80 per cent reported that it was business model uncertainty. This, said Duncan, was a good thing.

She closed with two predictions. Consolidation lies in the future for the asset management industry she believes. “It is the single most fragmented part of the financial system” she said. Secondly, there would also be unbundling and the creation of more boutiques and specialist firms. “More specialised firms have superior performance” she said.

Further questioning from the audience found that clients want clear unbiased advice and there was some degree of support for performance fees being charged where possible. “One thing we really like about hedge funds is that they have skin in the game. There is a better alignment of incentives in that model” Duncan said and also reported that there is a severe trust gap between governments and the fund management industry with governments generally believing that the asset management industry was only in it for its own advancement while the asset management industry wanted to work with governments to improve its offerings.

Concerns about growth of hedge funds using Ucits

June 29, 2020

Claude Kremer, Chairman, ALFI speaking at FundForum International 2010

Speaking today on the rise of Newcits, Claude Kremer, chairman of Alfi, pointed out that there is no such thing as Newcits: “It is purely an imaginative term used by the press” he said. Who would have thought that the Undertaking for Collective Investments in Transferable Securities as Ucits started out, would have gone so far from those safe transferable securities. The earlier session had Manfred Schraepler, head of fund structuring at Deutsche Bank, detailing how big their business on the Ucits funds platform has grown over the eight years they have been in business.

Kremer described the Newcits phenomenon as a convergence of hedge funds and Ucits, and an opportunity for traditional offshore style hedge funds to come onshore, thereby creating a whole new market for their wares. “Is there a reason for concern?” he asked. “Is it one bridge too far?” The regulators are concerned because Ucits is a product designed primarily for retail investors. There is no doubt that Ucits based on hedge funds are popular. A recent study by Lipper numbered them at 650 with US$ 100 bn in Euros in assets.

Toby Hogbin, Director, Martin Currie speaking at FundForum International 2010

Toby Hogbin of Martin Currie said: “The Ucits franchise gives a veneer of regulation for potential investors.” He added that Ucits is now a global franchise, with 40 per cent of sales coming in from non-European domiciles. But it is a franchise that appears to offer safety in uncertain times. The growth in funds under management in Ucits style hedge funds is driven by fear and an investor need for liquidity. It is perceived that Newcits offer that and believed that risk money is going into these products.However, Peter Branner of SEB, offered a more scary scenario going forward. “I foresee a Madoff within the Ucits framework” he said.

The panel was largely agreed that, as ever, manufacturers or distributors of these products alike need to ensure that clients understand and know what they are buying.

Drivers for sustainable growth

June 29, 2020

Martin Gilbert, CEO, Aberdeen Asset Management speaking at FundForum International 2010

A lively panel debated which credible business models will deliver sustainable growth in the asset management industry going forward. First thoughts were on the question of ownership with Martin Gilbert of Aberdeen Asset Management, unsurprisingly, espousing the joys of independence. “Banks will struggle owning their own manufacturing” he said. For the owned sector, John Flint of HSBC pointed out that banks working as intermediaries have to be very careful with their own brand.

Alain Grisay, CEO, F&C Investments speaking at FundForum International 2010

For Alain Grisay, chief executive of F & C which has been through a number of what he charmingly described as ‘blessings’ of different ownership, being independent for the first time for one whole year ‘feels great’.

A live audience poll asking what the best parentage for a fund management firm should be found that half the audience believed that independent and public was the best route going forward, while 25 per cent liked private partnership and 11 per cent preferred a boutique arrangement.

Another audience poll focussed on what the biggest driver for growth in assets under management could be going forward. To this question, 38 per cent of the audience believed Asia was the unstoppable force while 35 per cent looked for an upturn in markets and 24 per cent believed macro economic forces would return us to growth.

Post Under: Asset Management

An insider and an outsider and an industry facing challenges

June 29, 2020

Jamie Broderick, J.P. Morgan Asset Management Europe speaking at FundForum International in Monaco

Two very different types of presenters laid out an equally grim picture of the fund management industry and its future today but both declared themselves excited and passionate about the future. Jamie Broderick, chief executive officer of J P Morgan Asset Management Europe, opened, saying that he was in the business of managing the future not predicting the future. “We indulge retail investors” he said. “Sometimes we would rather look clever than wise.”

Retail investors are disaffected with us, he said. Not because the industry didn’t predict the housing and sub prime crisis but because it didn’t construct portfolios that could cope with it. Broderick made a series of predictions, many of which he claimed were blindingly, obvious but no less important for that. He predicted a growth in focus on transparency and accountability to regulators. In the future we will see pressure on pricing become intense, said Broderick. “There will be less manufacturers. Currently there are 38,000 funds in Europe while in the US there are only 8,000. The focus will be less on products and more on solutions and we will be more actively attentive to end investors’ needs.” Roderick concluded that the future might be boring but he was excited by it.

Patrick Dixon, Chairman, Global Change Ltd speaking at FundForum International 2010

The outsider’s perspective was presented by Patrick Dixon, chairman of Global Change and a self proclaimed futurist. In a provocative and impassioned attack on the industry that he said he loved, Dixon declared that the fund management industry faces a major crisis. This crisis came in three parts: getting the cash in, making cash and then keeping it.

“I am passionate about fund managers” Dixon said. “What you do, you do for the pensioners of today and tomorrow.” Challenging his audience, he said: “Life is too short to sell products you don’t believe in - if you are selling things you don’t believe in you should go to prison - that’s the external view, that’s the language my mum uses.”

According to Dixon, the future is not being driven by an apocalyptic series of random events. “The future of your business is being driven by emotion” he said. “Emotion is critical.”

The fundamental issue for disenchanted investors was loss of trust: “Trust is everything, it’s fundamental and the primary question her is how can trust be restored in this industry.”

A further new development for the fund management industry is that trust is now not just communicated by clever advertising or marketing campaigns, but by the on-line community. ” Advertising is dead in an on-line world” said Dixon. The problems with on-line comment is that you don’t know who has arrived at these opinions. “”Can it be that the only thing that you believe are comments by perfect strangers even though you know it’s complete rubbish” he said. The impact of this development for fund managers is profound. “Even if you perform in the top quartile, you aren’t safe” said Dixon. “Ignorant people could write rubbish about your funds and then you’re toast. We have to sharpen up.”

Post Under: Asset Management


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