fundforward international edition 2014

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10 WAYS TO MAKE THE MOST OF FUNDFORUM INTERNATIONAL

1. Prioritise and Plan Your Week: Look at the entire week’s agenda on the MyFundForum Networking Platform. Prioritise which high profile sessions, small group discussions, and structured networking you must attend, plus identify which individuals you need to meet.

2. Schedule Meetings with MyFundForum Check who’s around and set up meetings using MyFundForum on your mobile device. Visit the Digital Media Helpdesk at the event for more information.

3. Frame Your Future Arguments & Set Yourself Apart From The Crowd By absorbing the content-rich sessions with the key industry players & most influential professional buyers

4. Recalibrate Your Business Strategy with Ten Unique Global Insights That You Cannot Just Google: From China’s Sovereign Wealth Head to US Policy on Cyber-Freedoms and Cybercrime, what are the implications for you, your business, and your clients?

5. New Engaged Conversations Help You Fast Track New Business Relationships. See the Event Diary for our whole new programme of small group discussions and public & private peer-to-peer consulting sessions, running parallel to the Main Conference.

6. Collaborate on Future Strategy for the Asset Management industry. Building on the conclusions of the morning plenary sessions, join our professionally facilitated Leaders’ Action Plans, listed in the Event Diary.

7. Be Targeted. Make Sure You Sign Up For “Matchme” Supercharged Networking. This new format accurately targets and brings together selector needs and Fund Manager supply. This facilitated session will happen in the morning coffee break on the 24 th and 25th June. Places for Asset Managers are limited, so sign up first thing each morning at the Information Desk, and list your top three most interesting funds.

8. Become a Dinosaur & Ignore the Next Generation Customer: OR alternatively, make sure your business stays alive, and engage your clients by participating in our “Think Like Amazon” facilitated summit, held on Thursday 26th June. See the Event Diary for full details.

9. For Every Old Friend You Meet, Make A New One. Join the Bonhomie during our numerous fabulous Social Events. See the Event Diary for Full Details. But don’t just stick to people you know, go off-piste and start conversations with new contacts, you’ll be surprised at the relationships you can build.

10. Share, Comment, Follow! Social Media is strictly encouraged! Join the conversation on #FFORUM14. Not sure what to do or what all the fuss is about? See The Event Diary and attend our Social Media Surgery Sessions.

JOIN THE BIGGER PICTURE FundForward is part of a wider programmebringing exclusive interviews & insights fromexceptional people at the cutting edge ofAsset Management, who will be speakingthrough-out the year in the FundForumGlobal Series.

If you want to be part of the community, sign up to our FundForum Newsletters, whichare delivered by email monthly.

is.gd/FundForumNewsletter

Join @FundForum on Twitter

Top- Level Content, Conversations & Collaboration

3 what do you think? #FFORUM14

The Magazine of FundForum On The People & Ideas Shaping The Future Of Asset Management

International Edition

Welcome to FundForward, the exclusive FundForum magazine - profiling some of the incredible practitioners and inspirational thoughtleaders speaking at FundForum International 2014 – and throughout the year in our Global Series.

We promise you fresh ideas to challenge your thinking about the future of your business; what you do and how you do it? In our in-depth features we focus on some of the big themes that cut across the four content-and-networking intensive days of FundForum International 2014.

On demonstrating the value of asset management, read a taster from Dr Ian Goldin, Oxford Martin School, Oxford University, on “The Role of Asset Managers in Thinking Long Term”; or take in former J.P. Morgan’s Global Head of Research, Nick O’Donohue, now CEO, Big Society Capital on “How Social Investment Opportunities Have Gone Mainstream”. Alternatively we profile Rising Star, Maxime Carmignac on her take on the future of asset management and also view the Chair of the G20/OECD Task Force on Financial Consumer Protection, Regulator Theodor Kockelkoren for a taste of things to come.

Look out for ground-breaking stories of innovation that drive through FundForum International 2014. Whether from Australia from Danielle Press, CEO, Equipsuper on the practicalities of “Delivering Financial Adequacy In Retirement”or from Katie Koch, Goldman Sachs on @GS10kWomen and their cutting edge programme bringing credit to female entrepreneurs around the world.

In our Future Scope series we profile the leader of our Special Focus Morning, Thursday 26th June on “Engaging The Next Generation of Customers”. Get a feel from Kenneth Cukier, Data Editor, The Economist on “Why You Must Think Like Amazon”. Come along to fantastic hands-on session where we will take you through the implications function by function. At the other end of the spectrum get the perspective from one of the world’s most prolific tech pioneers, Vanu Bose and his quest to “Connect the World’s Next Billon Customers.”

After all that, flick to the second half of the magazine to see the FundForum International 2014 Event Guide for details on all the Sponsors and Exhibitors, four days of Social Events & Structured Networking Features and how to use the MyFundForum App.

Looking forward to catching up with you all at FundForum International.

With Very Best Wishes

Jenny Adams Editor In Chief, FundForum International 2014

[email protected]

P.S Join me for the annual Survivor’s Run along the Coast Route des Douaniers, Thursday morning at 6.55am, just email me!

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9th Annual FundForum Asia April 2015,JW Marriott, Hong Kong New Horizons For Asian Asset Management +44 (0) 20 7017 7200 www.fundforumasia.com

6th Annual FundForum USA 2014 27 – 29 October 2014, Mandarin Oriental, Boston

The Only Event To Bring Together The U.S. & Global Asset Management Industry

+44 (0) 20 7017 7200 www.fundforumusa.com

8th Annual FundForum Middle East 2014 The MENA Investment Management Forum 21 – 23 September 2014, Ritz-Carlton DIFC, Dubai The Middle East’s Most Prestigious Investment Management Conference +44 (0) 20 7017 7200 www.fundforumme.com

7th Annual FundForum Latin America 2 - 3 December 2014,Sofitel Santa Clara, Cartagena, Colombia

The Most Renowned Asset & Wealth Management Conference InSouth America +44 (0) 20 7017 7200 www.fundforumlatam.com

FUTURE ICBI FUNDFORUM EVENTS INCLUDEFUTURE EVENTS

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TABLE OF CONTENTS

FundForum International Editor-in-Chief: Jenny Adams FundForward Editor: Amos RojterEditorial staff: Amos Rojter, Rachel Lewis, Karen TaylorSponsorship Team: Helen Lowe, Rustum Bharucha, Edward Jones Design Team: LockOn ProductionsPrint Team: Trio Offset Artistic director: Chris Shields, LockOn Productions Cover credit: LockOn Productions Print run: 1000 copies

EXPLORING THEMES OF 2014


Page 6 LEADERS ON THE RECORD: Danielle Press – Lessons FromAustralia: How To Deliver Financial Adequacy In Retirement

Page 8 BIG IDEAS THINKTANK: Ian Goldin - Revaluing The Future: TheRole Of Asset Managers In Thinking Long Term

Page 9 RISING STAR: Katie Koch – Giving Credit where Credit is Due:Supporting Women Entrepreneurs

Page 10 REGULATION: Nadine Chaker - Navigating the New CollateralLandscape

Page 12 FUTURESCOPE: Kenneth Cukier - Why You Must Think LikeAmazon to Win the Next Generation of Customers

Page 13 THE FUTURE IS UPON US: Maxime Carmignac - The Future Of Asset Management

Page 14 SHARE CLASS HEDGING: Jay Moore - Every Basis Point Counts

Page 15 BIG IDEAS THINKTANK: Nick O’Donohue – Social InvestmentOpportunities Goes Mainstream

Page 18 ECONOMIC REVIEW: Razia Khan – Nigeria enters the Global League

Page 19 FUND SELECTION: Andrew Summers - A Maverick Selector’sView Of The World

Page 20 ACCESS AFRICA: - Barclays – The Why, What and How

Page 22 REGULATOR REVIEW: Theodor Kockelkoren - Ariana’s Needs - Where Does One Invest?

Page 23 FUTURESCOPE: Vanu Bose - Connecting the World’s Next Billon Customers

Page 25 INDUSTRY REFLECTION: Edward Bonham Carter: Lessonslearned in Asset Management

Page 27 EVENT GUIDE

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LEADERS ON THE RECORD

Ultimately, the greater focus will be meeting the social challenge of funding the increasing proportion of our communities entering retirement. Like other funds, Equip has a specific remit to provide members with financial adequacy in retirement.

We have been modelling a retirement product, being launched in Australia this month, that delivers a predictable and reliable level of income for members while optimising the longevity of their savings. Called Equip MyPension, it is mainly targeted at the more than 70% of members who choose not to seek professional financial advice as they plan their retirement.

But delivering financial adequacy in retirement involves much more than developing product solutions. In Australia, people aged 60 or more can withdraw all their benefit in a lump sum, tax-free if they wish. There is nothing to stop them cashing in as they retire, spending all their savings and/or paying off debts, then living off the government Age Pension although, as balances increase, this is becoming less common.

Equip is allocating substantial resources to promoting and delivering financial education and advice to members to bring about the behavioural change we believe is necessary to support retirement adequacy.

Thankfully, after years of investment and the establishment of a subsidiary financial planning business about six years ago, we are seeing the benefits of this. Over 16% of our total assets are now managed for members under advice.

MULTI-FACETED STRATEGIES NEEDED TO DELIVER FINANCIAL ADEQUACY IN RETIREMENTAustralia’s superannuation system is widely admired, with our retirement savings pool of over AUD 1.7 trillion ranking us the 4th behind the United States, United Kingdom and Japan. This has been an outstanding achievement for an economy ranked 17th in the world based on GDP.

The principal driver of the Australian system is that almost every working Australian must contribute a mandated 9.25% of their salary into super with current government policy set to gradually increase this to 12% by 2023. Compulsory contributions were introduced at 3% of salary in 1993.

However, there is a range of other factors that have contributed to the sustained growth of the Australian retirement pool. Among these are:

• Very strong investment market performance relative to other countries

• The strong regulatory framework for the national financial services system;

• The competitive superannuation environment;

• A vibrant and innovative not-for-profit (or ‘mutual’) funds movement that has remained focused on the best interests of members; and

• The move to fee-for-service across the financial planning sector and the demise of commissions, particularly counter-productive trailing commissions.

That is not to say that the system is perfect. Even some of its strengths have created challenges, in particular in areas of board and investment governance and effective conflict management.

The government and its regulator, the Australian Prudential Regulatory Authority (APRA) are engaged with the industry in evolving the governance structures of funds.

These are important issues and will be resolved through accommodation of political, regulatory and industry discussion.

Danielle Press, CEO, EQUIPSUPER

Danielle Press was appointed Equipsuper’s Chief Executive Officer in 2010. She has wide experience in financial services and investments in Australia, the USA, Europe and Asia.

subscribe to the FundForum Newsletter http://is.gd/FundForumNewsletter

Swiss Fund Data AG is 70 %-owned by the Swiss Funds &

Asset Management Association and 30 %-owned by the SIX Swiss

Exchange. Its activities are exclusively in the service of the fund

industry and, as a service provider for the financial services indus-

try as a whole, it enjoys a high level of trust and renown – this

is true for both institutional clients and professional investors as

well as fund providers with above-average quality expectations

and qualified private investors. With its comprehensive database

and a website recognized by FINMA as an official electronic pub-

Serving the fund industry

lication medium, Swiss Fund Data AG offers a wide variety of

professional services. As a one-stop-shop for fund information,

it plays a key role as a data and marketing hub for the entire

fund industry and maintains direct connections to data vendors,

authorities, media and fund providers. A non-profit organisa-

tion, Swiss Fund Data AG aims to keep operating costs as low

as possible so that its clients enjoy the lowest possible subscrip-

tion fees. At the same time, it continuously invests in innovations

that benefit all market participants.

Broad range of professional services

The services offered by Swiss Fund Data are presented in brief

as follows:

• Electronic publication of fund data, legal notices and fund

documents via a close, established network.

• The website of Swiss Fund Data AG is the medium for the

publication of

• data(masterdata,TER/PTR,fundprices,taxfigures).

• alllegalfunddocuments(fundagreement,articlesof

incorporation, prospectus, annual and semi-annual

reports,KIID).

• allmarketingdocumentsandlegalnoticestoinvestors.

• All documents and notices for ETFs and listed funds are

forwarded to the SIX Swiss Exchange and published on its

website.

• In the case of legal notices published on the website, a

confirmation of the publication is created automatically and

e-mailed to the client.

• Various online platforms, such as nzz.ch, letemps.ch and

cash.ch, access selected fund data and documents directly

from Swiss Fund Data AG.

• The publication of legal notices in the SOGC can be com-

missioned via Swiss Fund Data AG and costs at least 40%

less than publishing directly in the SOGC.

• The daily NAV data is forwarded on an hourly basis to more

than 38,000 recipients in all key countries via the affiliated

datavendors(e.g.SIXTelekurs,Reuters,VWD,FTInterac-

tiveData,Swissquote).

• Swiss Fund Data AG compiles monthly statistics on the

Swiss fund market with the relevant market commentary in

collaboration with Morningstar and SFAMA.

• Swiss Fund Data AG has a cooperation with the Swiss

FederalTaxAdministration(FTA)fortheelectronicsubmis-

sion of annual reports.

• In cooperation with SIX Financial Information, the flat-rate

withholding tax data for the UK and Austria is delivered to

the Swiss paying agents.

The One-Stop-Shop for

• FundPrices

• PerformanceData

• Comparisons of Funds

• Market Data

• Documents

• Legal Notices

• Funds and ETF News

Commodity

Real Estate

Other

Alternatives

Mixed Assets

Money Market

Bond

Equity

37.4%

33.5%

11.2%

9.3%

4.4%

2.9%

1.1% 0.1%

All figures in %December 2013

Asset Allocation in the Swiss Fund Market

Your complete information platform for the funds and ETFs approved for sale in Switzerland. Swiss Fund Data AG offers investors

easy access to data, notices, documents and other information, and thereby increases transparency in Swiss fund market.

www.swissfunddata.ch

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BIG IDEAS THINKTANK When asset managers invest in a particular company or asset, they do so in anticipation that the asset will enjoy positive performance over the coming years or indeed decades. It is therefore inherently in asset managers’ interest to build a bridge from the short to long term, for it is the long-term evolution of the markets that will determine the redemption value of investments.

The Oxford Martin Commission for Future Generations, convened by the Oxford Martin School at the University of Oxford, brought together a group of international leaders concerned about the increasing short-termism which pervades governments and business cultures. Our report, Now for the Long Term, was launched in October 2013 and outlines a number of recommendations to advance the interests of future generations and promote resilient, inclusive, and sustainable growth. One of our key messages is that it is not only governments that need to take the longer-term view; the corporate sector, too, must shoulder greater responsibility. The Commission calls for investors and regulators to give greater priority to long-term ‘health’ and look beyond daily or quarterly reporting cycles; ultimately, this will require smarter regulation, remuneration tied to long-term performance, and voting structures that reward long-term growth.

Some prominent pension funds are leading the way in calling for the prioritisation of the long term, as are individuals such as Dominic Barton, Managing Director of McKinsey & Company, and Mark Wiseman, President and CEO of Canada Pension Plan Investment Board. The asset management community has a particularly important role to play in the pursuit of long-term thinking; not only do asset managers possess a fundamental interest in looking ahead, but businesses alone do not have the power to lobby against the mark-to-market accounting, quarterly earnings, and short-term incentive bonuses that currently exist. Given that the underlying interests of much of asset management are inherently long term, asset managers could play a more significant role in championing longer term thinking and investment across the corporate sector, revaluing the future for the benefit of all.

Professor Ian GoldinDirector, Oxford Martin SchoolUNIVERSITY OF OXFORD

REVALUING THE FUTURE: THE ROLE OF ASSET MANAGERS IN THINKING LONG TERM

what do you think? #FFORUM14

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RISING STAR Women-owned SMEs face barriers to entry and business growth that include access to education and training, legal and cultural barriers and infrastructure-related challenges. Access to finance is typically identified as a critical constraint. While financing is almost always a challenge for SMEs, the difficulties are often intensified by gender-related factors, including women’s lack of collateral, weak property rights and discriminatory regulations, laws and customs. The International Finance Corporation estimates that as many as 70% of women-owned SMEs in the formal sector in developing countries are unserved or underserved by financial institutions – a financing gap of around $285 billion.

We assess the potential impact that closing this credit gap for women-owned SMEs can have on economic development, estimating the link between credit to SMEs and growth in income per capita. Our results suggest that closing the credit gap for women-owned SMEs in the BRICs and N-11 countries over the next few years could boost real income per capita growth rates in those countries by around 85bp on average. If the credit gap is closed by 2020, incomes per capita could be on average around 12% higher by 2030 across the BRICs and N-11, relative to our baseline scenario. Closing the credit gap for women-owned SMEs across the developing world as a whole could boost income per capita growth rates by over 110bp on average. While eliminating the whole gap is a tall order, the impact on growth could be dramatic.

Initiatives to expand SME financing exist, but few have a gender-specific component. As a result, targeting women-owned SMEs in the developing world represents a significant financing opportunity. Solutions should tackle both the supply side (such as policy bias, discrimination and misconceptions about female credit risk) and the demand side (such as women’s reluctance to apply for loans). Adding business training and mentoring will help to ensure productive use of capital. Because improved access to credit is most impactful when coupled with strong institutional environments, efforts should be made to establish more robust institutions and favorable business conditions.

Against a backdrop of a weaker growth trajectory in emerging markets, the substantial growth premium that can result from investing in women-led SMEs should matter deeply to policymakers, corporates and asset owners around the world.

HOW CLOSING THE CREDIT GAP FOR WOMEN-OWNED SMALL- AND MEDIUM- SIZED ENTERPRISES CAN DRIVE GLOBAL GROWTH

Katie KochHead of Global Portfolio Solutions International, GOLDMAN SACHS ASSET MANAGEMENT

Download the whitepaper: http://is.gd/KatieKoch


Investing in women and girls is one of the highest return opportunities available in the developing world, as a wide range of economic research shows. Our own work has demonstrated that bringing more women into the labor force can significantly boost per capita income and GDP growth. Our research has also shown that women’s higher propensity to use their earnings and increased bargaining power to buy goods and services that improve family welfare can create a virtuous cycle: female spending supports the development of human capital, which fuels economic growth in the years ahead. Given these significant benefits, we look at the role of women-owned small- and medium-sized enterprises (SMEs) in raising labor force participation and boosting economic growth in emerging markets. Only one-third of the world’s SMEs in the formal sector are currently run by women, with a wide variation across countries and plenty of scope for growth.

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REGULATION Collateral was always important when it came to obtaining credit, but it is fast becoming the sole determinant of institutions’ ability to engage in financial transactions in the cash or derivative markets. Collateral needs on both the buy and sell-side span multiple asset classes and are global in scope. The inexorable shift from cash to non-cash collateral continues to gather pace.

New regulations, heightened risk sensitivity and fast-changing market dynamics are combining to make collateral management solutions more critical than ever. Both the buy-side and the sell-side are being confronted with new challenges and complexities in a changing global economy. Buy-side compliance to post is a particular focus, with these market participants facing significant change.

If the predicted ‘collateral crunch’ has yet to materialise – though there remains a strong sentiment in the market that such a shortfall remains a clear possibility – the ability to optimise your collateral , to transform idle assets to actively use as part of an overall investment strategy, remains key. Even if there is sufficient collateral in the system to meet overall requirements, it will still be critical for firms to properly mobilise it. Where is your collateral? How quickly can you access it? How liquid is it? These are important considerations moving forward.

Looking to the future, balance sheet management, liquidity and more effective financing are emerging as key challenges alongside risk and cost efficiencies. With the advent of Basel III, financial institutions and intermediaries are looking for new and efficient ways to collateralise and to fund liquidity. In addition, concerns around liquidity and repo shortages are prevalent on both the buy and sell side.

Demand for collateral segregation is also on the rise, particularly among institutional asset managers, and new capabilities are now coming online around the aggregation and optimisation of collateral as providers look to service the full gamut of those emerging needs. What in the past has been commonly referred to as quad party is today better understood and defined as full physical segregation, and this remains another key focus.

NAVIGATING THE NEW COLLATERAL LANDSCAPE

Nadine ChakarExecutive Vice President, Global Collateral Services, BNY MELLON


Given the regulations now coming online to address risk and transparency concerns arising from the financial crisis, alongside new market requirements focused on capital rules, liquidity and collateral eligibility requirements, institutional investors are having to take a hard look at how better to utilise and manage their collateral.

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bnymellon.com

These illustrations do not depict actual clients or investment results. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When the investment is sold the amount received could be less than that originally invested. Past performance of any investment is not indicative nor a guarantee of future results. If distributed in EMEA, this advertisement is a financial promotion for Professional Clients only. This is not investment advice. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries. Products and services may be provided under various brand names and in various countries by the subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorised and regulated as required within each jurisdiction. Not all products and services are offered in all locations. This material is not intended, and should not be construed, to be an offer or solicitation of services or products or an endorsement thereof in any jurisdiction or in any circumstance that is contrary to local law or regulation. Issued by The Bank of New York Mellon Corporation with respect to services other than investment management. Issued in EMEA, with respect to investment management, by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. BNY Mellon Investment Management EMEA Limited is ultimately owned by The Bank of New York Mellon Corporation. ©2014 The Bank of New York Mellon Corporation. All rights reserved.

The ocean gets warmer. The Peruvian

anchovy harvest suffers. It raises the

price of fishmeal, cattle feed, and beef.

for a university endowment. The endowment

funds the work of a brilliant marine biologist.

She studies the Peruvian anchovy.

Proving small fish can lead to big insights.

Invested in the world.

We turn global insights like theseinto powerful investment strategies

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FUTURESCOPE The fund management industry is at a crossroads -- and companies risk becoming roadkill. Like other industries facing digital transformation, it is harder to sustain old business models. Amid such unpredictability, the best way forward is to learn from a winner of a similar battle in another industry, retailing. And the undisputable victor is Amazon.

The American online retailor succeeded by doing things that fly in the face of the “rulebook” of how a company should act. For example, instead of trying to scale offerings to the largest number of customers, Amazon engineered its systems to offer a personalized, tailored experience to every shopper. Instead of looking for big improvements in efficiency, Amazon scoured every nook and cranny of its operations to look for tiny, incremental gains.

More striking still, Amazon took a pro-consumer approach at every turn. At times when it faced a choice between doing something that benefited its business partners and suppliers or benefited the customer, it chose the end-user. When it wanted to sell used books alongside new ones, publishers screamed. A bookstore would never do that! But Amazon did it anyway because it provided value to the consumer.

Most importantly -- and most relevant for the fund management industry -- Amazon’s success is not built on thick margins. Rather, the company is a powerhouse because at every turn, it has shaved margins to the bone. It squeezed its suppliers as much as it squeezes itself. Its thin margins let it be more competitive and win the loyalty of consumers. (Yes, it barely makes a profit -- but this is simply because it reinvests its earnings into information-technology in order to enter new businesses, from ebook readers to cloud-computing.)

And the linchpin of Amazon’s success? Big data. The company uses data at every step to measure, learn, improve, implement and respond. In many respects, the fund management industry and financial services sector seems a long way off from the internet-inspired precision-engineering of Amazon.

But it need not be. All it takes is a shift in mindset -- the vision and leadership -- for today’s fund executives to think in a fresh, data-driven way. If not, their companies may resemble the booksellers of yesteryear, that are today out of business.

Kenneth Cukier Kenneth Cukier is the data editor of The Economist and the co-author of “Big Data: A Revolution That Will Transform How We Live, Work, and Think” a New York Times Bestseller translated into 20 languages.

WHY YOU MUST THINK LIKE AMAZON TO WIN THE NEXT GENERATION OF CUSTOMERS


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THE FUTURE IS UPON US I sense the GFC has deepened the divide between passive and active management, with the serial disappointments delivered by so many active managers since 2008 making matters that much worse.

What’s more, this market shift has by no means run its course. According to PWC estimates, passively managed strategies should grow from $7 trillion in 2012 to $23 trillion in 2020, doubling their share to 22% of global assets. In my opinion, this search for alpha will also lead to a fascinating convergence between the long only and the alternative investment spaces.

Following the market abuses that were responsible, in part, for the GFC and the subsequent wave of public distrust of all things financial, the authorities have been above all concerned with protecting the end investor. Since April 2013, the UK has been living through the retail distribution review (RDR), whose main purpose is to raise industry standards and eradicate distributor rebates to end clients. Similar changes are ongoing in the Netherlands and Switzerland. The question in my view is not whether this approach will spread to all European markets, but when. The asset management industry is becoming as heavily regulated as the pharmaceutical industry.

More importantly, the huge pressure now weighing on sovereign finances has prompted the unpleasant realisation among end clients that when it comes to retirement savings, it’s every man for himself now – time for self-medication, if you will. This is a structural shift, driven by demographics and exacerbated by the GFC, but one that can give asset managers a critical role to play.

My belief is that a stable, family-owned asset manager, with a proven ability to generate returns independent of market cycles and to attract top talent, will help clients navigate this new reality.

I am convinced that the future of asset management will require flexibility, focus, transparency and trust – and an avowedly long-term perspective. My aim, and indeed my company’s, is to deliver on these values to our clients the world over in the seconds, minutes, hours, days, weeks, months and years to come.

Maxime CarmignacMD, London, CARMIGNAC GESTION

In today’s global financial marketplace, information travels at such speed that opinions must be formed in a matter of hours, decisions taken in a matter of minutes and trades placed in a matter of seconds. An inter-connected world means that we can find out what’s happening on the other side of the globe in real time – just by checking our mobile devices. While such progress has brought tremendous gains to our industry, it can also make equally tremendous losses happen much faster: witness the GFC, i.e. the Global Financial Crisis of 2008. The resulting scars are still healing and the subsequent repercussions of the GFC may well change our industry for good.

March 17, 2008 – the day Bear Stearns, the 85-year-old American investment bank, collapsed – coincided with my first day working for a New York-based hedge fund. They say confidence is a drug on the way up and a virus on the way down. Well, this was never more evident than in the succeeding months, which saw Lehman Brothers go bankrupt, followed shortly thereafter by the Madoff scandal.

I could go on, but suffice it to say that the 60% fall in the MSCI World between July 2007 and March 2009 affected everyone, either directly or indirectly.

The GFC has radically changed our industry paradigm and triggered major reforms in the investment, regulatory and distribution environment.


THE FUTURE OF ASSET MANAGEMENT


Achieving this objective isn’t as simple as it may seem and ineffective programs can cost investors millions over time. It is important to ask yourself the following questions:

1) Are your program parameters well defined?

Effective passive hedging programs rest on clear rules-based processes. These rules must be properly defined to balance the trade-off between tracking error and costs. Critical hedging parameters include forward contract tenor, rebalance frequency, trading filters and execution timing. The calibration of these parameters will significantly influence a fund’s performance and ultimately drive how competitive your offering is relative to your peers.

2) Is your FX process operationally efficient?

Although a set of well-calibrated parameters will ensure precise design, the day to day success on the program will depend on how robust your operational process is. Most managers use customized spreadsheets to perform daily hedge calculations. Although such an approach may provide a short-term solution, the long-term risks of these models are often overlooked until it’s too late.

3) How do you ensure you’re achieving effective trade execution?

Defining effective execution for FX hedging does not always follow conventional thinking. Depending on what’s driving the trading decision (investor flows or underlying NAV valuation changes), appropriate execution timing may differ. It’s important to understand the accounting methodologies and availability of exposure data when making trading decisions and measuring execution.

4) Is there room for increased transparency?

Both operational and execution decisions cannot be measured for appropriateness without transparent reporting. The ability to demonstrate the “why” and “why not” of your operational decision process is as important to internal risk teams as the transparency of performance is to your investors. Detailed reporting will ensure all aspects of the hedging program are well presented and promote better decisions.

SHARE CLASS HEDGING

Jay Moore, from Brown Brothers Harriman’s Foreign Exchange Team looks at the importance of Share Class Hedging

If given the choice, for any given asset class, investors prefer not to be constrained to managers within their currency borders. After all, what are the chances the best managers across all asset classes are within your home currency?

Share class hedging is a valuable tool for managers to distribute their funds cross border while preserving every basis point possible of the performance they so painstakingly strive to achieve. The objective of share class hedging is to replicate the manager’s performance with as little tracking error as possible regardless of currency denomination.

Chris Gothard, from BBH’s Foreign Exchange team will be at FundForum International 2014. For more information please contact [email protected] article is provided by Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) to recipients, who are classified as Professional Clients or Eligible Counterparties if in the European Economic Area (“EEA”), solely for informational purposes. This does not constitute investment advice and is not intended as an offer to sell or a solicitation to buy securities or investment products. This material does not comprise an offer of services. Any opinions expressed are subject to change without notice. Unauthorized use or distribution without the prior written permission of BBH is prohibited. This publication is approved for distribution in member states of the EEA by Brown Brothers Harriman Investor Services Limited, authorized and regulated by the Financial Conduct Authority (FCA). BBH is a service mark of Brown Brothers Harriman & Co., registered in the United States and other countries. © Brown Brothers Harriman & Co. 2014. All rights reserved. May 2014. BBH is not affiliated with Fund Forum magazine.

EVERY BASIS POINT COUNTS

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BIG IDEAS THINKTANK Over the last few years, we have seen many mainstream financial institutions from across the financial services spectrum get involved in social investment. As a result, there are an increasing range of products now available, particularly funds that can be aligned with investors’ personal values in areas such as education, health and social care.

Some leading examples are:

• Threadneedle’s UK Social Bond Fund was launched in partnership with Big Issue Invest earlier this year, the first product of its kind. The fund is similar to a corporate bond fund, with daily liquidity, but is focused on providing much needed credit to charities and other social organisations, such as building affordable homes or funding a university to build a medical research centre.

• After its first close in December 2013, Impact Ventures UK, launched by LGT Venture Philanthropy and Berenberg is now investing in enterprises that create strong positive social impact for disadvantaged people and communities.

• Cheyne Capital recently announced that they are planning a £300m impact property fund in the UK. The fund will buy or build properties and rent them to social services organisations that are providing affordable housing for individuals in need.

Social investment provides a new and exciting opportunity for financial institutions of all kinds to be involved - from private banks recognising the demand from their high net worth clients, to pension consultants showcasing the range of funds in the sector and actively engaging their clients to become social investors or asset managers launching new social investment funds to meet investor demands.

The UK is at the forefront of its development, and for those interested in cutting-edge investments and using part of their portfolio to do good, this is just the beginning.

Nick O’DonohoeChief Executive, Big Society Capital

Making money and doing good isn’t something you would usually expect to go together. But the advent of social investment means the two needn’t be mutually exclusive. Where before you might have one pot of money for investments, and a separate pot for your philanthropy, a new range of opportunities are available to investors that deliver financial returns and tackle some of our most challenging issues in the UK, from youth unemployment to dementia care.

THE EMERGENCE OF REAL OPPORTUNITIES TO GET INVOLVED IN SOCIAL INVESTMENT

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17

ECONOMIC REVIEW Alas, things are not so clear-cut.

First, there is the accuracy of expectations around the rebasing of GDP. Ghana’s experience in 2010 – ‘discovering’ an economy that was 60 per cent larger than previously thought when rebasing its GDP after 17 years – has done much to shape expectations. But Ghana is not Nigeria, and there is no reason why one country’s experience should mirror that of another.

Second, oil prices play a big role in determining estimates of Nigerian GDP, and prices may be volatile. If global oil prices fall, we would have to change our thinking about the size of Nigeria’s GDP.

Examining a range of micro-level indicators, there is little evidence that Nigeria’s economy might be as significant as South Africa’s, despite Nigeria’s population being three times larger. While South Africa’s financial markets and its banking sector are easily on par with some developed markets, Nigeria’s financially developing status means that it does particularly badly on these metrics.

This also holds true for revenue collection. South Africa’s tax take compares favourably with developed markets – with a revenue-to-GDP ratio of 28 to 29 per cent. Nigeria, by contrast, is overly-dependent on oil, which contributes more than 70 per cent of consolidated government revenue. If Nigeria’s GDP is rebased, its non-oil revenue tax collection ratio may fall to less than four per cent of GDP, much lower than most regional peers.

For developing countries, it isn’t so much the size of current GDP, as the potential of the economy to continue to grow that should matter. Here, Nigeria’s metrics may be problematic, and the rebasing of GDP is likely to draw greater scrutiny to what is missing.

The country’s over-dependence on oil revenue suggests that the government enjoys a degree of autonomy from tax-raising that may weaken political accountability. One of the early achievements of post-apartheid South Africa was success in revenue collection, but, despite the shift to more accountable forms of governance after 1999, Nigeria has made little progress in mobilising enough non-oil revenue – at least when measured against GDP.

Worse still, despite significantly weak infrastructure, which will require years of public and private sector investment to remedy, Nigeria has accumulated little long-term oil savings. In the event of an oil-revenue shock, there is no financial cushion and capital expenditure may have to be cut back.

cont /...

The year 2014 will go down as a milestone in Nigeria’s history, the moment when the country achieves global scale. For months statisticians have been working to recalculate Nigeria’s gross domestic product (GDP), an exercise which is likely to dramatically increase the size of its economy. Countries typically ‘rebase’ their GDP statistics every five years – using new information from household and other surveys to shed light on neglected or under-reported economic sectors – but Nigeria has not done so since 1990.

Some suggest that as early as this year Nigeria’s economy may emerge as the largest in sub-Saharan Africa, with estimates of the likely upward revision to GDP running from 20 per cent to 60 per cent.

What we tend to think of as a USD290 billion economy may in fact be closer to USD400 billion, a bit larger than South Africa’s and substantially bigger than Hong Kong’s – or so the argument goes.

Even before the new GDP statistics are released, Nigeria has been named alongside Mexico, Indonesia and Turkey as one of the MINTs – the four countries seen as the next generation of developing economies that will achieve great importance.

Nigeria – which doesn’t export much besides oil – will not benefit from a big export-led surge in production, as other emerging economies may have done. However, when it comes to demographic growth, Nigeria outpaces most. Already the world’s seventh most populous economy, UN projections suggest that Nigeria will be the fourth most populous by 2035, after India, China and the United States.

As more of its population reaches working age, Nigeria should experience a boost to growth. Even given the challenges of job creation, consumption should rise. The investment arguments in favour of Nigeria appear compelling: so many people, so much opportunity, and its economy getting bigger still.

NIGERIA ENTERS THE GLOBAL LEAGUE

18

ECONOMIC REVIEW

Razi Khan Razia Khan is Standard Chartered Bank’s London-based Head of Research, Africa, responsible for providing in-depth analysis on African economies to the Bank’s clients. As well as advising key multinational corporations and funds with African interests in Europe, the US, Asia, and the Middle East, Razia is a frequent visitor to Africa, sharing her insights on African economies with clients and policy makers. A frequent media commentator, Razia is often called on to provide analysis of African markets in key local and international media, and has been acknowledged as the leading analyst on African economies. Razia is a graduate of the London School of Economics with a BSc Hons degree in Economics and an MSc (Econ) in Development, including Monetary Economics and International Trade Law.

Bigger is not necessarily better. Post-rebasing, Nigeria’s average per capita income, currently estimated by the International Monetary Fund at USD1,725 a year, is likely to see a substantial lift. But the proportion of Nigerians who live on a dollar a day, estimated at 63 per cent in 2011, is unlikely to change very much. In effect, GDP rebasing will reveal an even deeper problem of income inequality.

Despite a decade of growth averaging seven per cent per year in real terms – which allows an economy to double in size every ten years – survey evidence suggests that Nigerian poverty, whether measured in relative, absolute or even subjective terms, has increased. The rebasing of GDP is unlikely to change this. In highlighting even greater inequality, it may reveal why so many Nigerians feel poor, and the attendant risk to political stability.

The fact that Nigeria’s middle class is growing is not refuted by these statistics. Important gains have been made, but most likely only within certain pockets of the economy. The challenge for Nigeria, both pre and post-rebasing, is to ensure that conditions that support economic transformation, not just headline growth, are in place. Growth needs to be made meaningful and prosperity needs to be shared more evenly.

NIGERIA ENTERS THE GLOBAL LEAGUE CONT /...

This material has been prepared by Standard Chartered Bank (SCB), a firm authorised by the United Kingdom’s Prudential Regulation Authority and regulated by the United Kingdom’s Financial Conduct Authority and Prudential Regulation Authority. It is not independent research material. This material has been produced for reference only and does not constitute an invitation or recommendation to enter into any transaction.

Information contained herein has been obtained from sources believed by SCB to be reliable. Any opinions or views of third parties expressed in this material are those of the third parties identified, and not of SCB or its affiliates. While all reasonable care has been taken in preparing this material, SCB and its affiliates make no representation or warranty as to its accuracy or completeness, and no responsibility or liability is accepted for any errors of fact, omission or for any opinion expressed herein. SCB or its affiliates may not have the necessary licenses to provide services or offer products in all countries or such provision of services or offering of products may be subject to the regulatory requirements of each jurisdiction. You are advised to exercise your own independent judgment (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein. SCB and its affiliates expressly disclaim any liability and responsibility for any damage or losses you may suffer from your use of or reliance on the information contained herein.

You may wish to refer to the incorporation details of Standard Chartered PLC, Standard Chartered Bank and their subsidiaries at

http://www.standardchartered.com/en/incorporation-details.html.

This material is not for distribution to any person to which, or any jurisdiction in which, its distribution would be prohibited.

© Copyright 2014 Standard Chartered Bank. All rights reserved. All copyrights subsisting and arising out of these materials belong to Standard Chartered Bank and may not be reproduced, distributed, amended, modified, adapted, transmitted in any form, or translated in any way without the prior written consent of Standard Chartered Bank.

As Nigeria moves closer to elections next year, caught up in the hype of being a MINT – with the rebasing of GDP just one event in a rushed political timetable – the risk is the country will miss an opportunity to take stock and look more closely at the deeper messages behind the headlines.

19

FUND SELECTION

For fund selectors, to be able to react appropriately to a fund manager departure one needs to appreciate its impact on what matters – relative performance: Firstly, truly understand what organisational traits drive a fund’s relative performance. Is it the fund manager (personality, experience, investment style)? Is it the depth of the analyst pool? Is it idea generation that stems from the way the team is structured or remunerated? Is it the broader resources of the company, such as research or superior risk management capabilities? Secondly, know the portfolio and how it might be impacted by substantial redemptions. Even if you decide to remain invested, plenty of other people won’t. Thirdly, know the alternatives. Don’t remain invested just because it’s the easiest thing to do. Wait and see can be a perfectly valid, so long as it’s a proactively determined decision rather than the default response.

From a fund management house’s perspective succession planning should be taken seriously, it should be open and honest and it should be expansive. Serious succession planning means fund houses should have a clear long-term plan in place. Having a “reliable number two” might be sufficient only for holiday cover and not as a long term solution to a manager departure. It should be open insofar as fund houses should engage with investors about what they are considering. If the solution to a manager leaving would be to replace him or her externally, that should be clear to all. Honesty is crucial: no marketing of a “star manager” until he or she leaves at which point the fund “has always been run by a team”. Finally succession planning requires considering all repercussions of a manager exit, such as the impact on the current funds run by a manager who is promoted to replace a departed manager on another fund.

Given personnel mobility is a fact of life, it is surprising how unprepared many fund management houses and fund selectors are when the inevitable happens. Whilst preparing for every possible scenario is impractical, there are ways for both sides to mitigate the risks.

Andrew SummersHead of Fund Research and Collectives, INVESTEC WEALTH & INVESTMENT

A MAVERICK SELECTOR’S VIEW OF THE WORLD

Over the past year we have seen a large number of high profile fund manager changes. This has taught both fund selectors and fund management houses several important lessons. From both parties’ perspective the easiest fund manager change is when a fund manager leaves the industry (providing no alternative vehicle to consider moving to) and smoothly hands over the reigns to an impressive deputy already well known to investors (allowing us to be comfortable staying invested). However, few of the recent manager moves have been this simple and already difficult situations have been exacerbated by unforced errors made by fund management houses and have revealed flaws in fund selectors’ due diligence.

20

THE WHY, WHAT AND HOW

Why?

Why?ACCESS AFRICA

2.What are the main areas in which businesses are engaged in Africa?

Over recent years, the African economy has undergone a number of seismic changes; less reliance on agriculture has been paired with increasing importance being placed on service sectors, particularly the financial sector. While investors from emerging market countries in Latin America and Asia have already seized the opportunity to invest in Africa, Germany and other European companies have been taking a more risk-conscious approach.

Geographically, interest has expanded from a fairly narrow focus on South Africa to now span the continent, particularly as other economies develop and reach the stage where consumers and institutional investors have the liquidity and sophistication to look for enhanced returns. Nonetheless, economic performance still varies significantly across the region. Looking to the immediate future, much of the attention is focused on those countries where new resource discoveries (particularly oil and gas) may help transform their economies (including Mozambique, Kenya and Tanzania), and where a continued push on energy and transport infrastructure may be able to unleash economic potential in a different way (such as Nigeria and South Africa).

There are a growing number of infrastructure funds and other closed-ended vehicles which are focusing on providing investors and pension funds with meaningful exposure to the large infrastructure and investment programmes in course throughout Africa. Fund managers such as Inframed, Helios, Harith Partners, Actis have been at the forefront, often partnering with development and government agencies to help shape and benefit from these opportunities.

In terms of asset classes, we have seen a rapid growth in the currency, rates and equities markets and, most recently, also in the issuances of sovereign credit. Dollar-denominated Eurobonds are rapidly gaining favour as they offer investors low-risk entrance into the market, and equity investments are steadily becoming more attractive to investors when compared with other investment types including debt. As the markets develop and the liquidity increases in countries outside of South Africa and Nigeria, this trend will continue to grow.

CONT /...Join @FundForum on Twitter

1. What is about Africa that appeals to Fund and Asset Managers?

Africa’s growth story cannot be overlooked: the IMF forecasts that by 2017, 11 of the 20 fastest-growing economies will be in Africa. The six largest countries (South Africa, Nigeria, Egypt, Algeria, Angola and Morocco) alone are a $1.3 trillion economy and, according to the IMF (2013), Sub-Saharan Africa is the second fastest growing region in the world after Asia. As a result, increasingly, the emphasis of conversations is shifting from “why” Africa, to “where” and “how.”

Many African countries benchmark well on key risk factors relative to other emerging markets. Upswings in governance and political stability, an enabling environment that encourages investments, coupled with a trend of growing populations and urbanisation, are all combining to produce a very positive risk/reward relationship in Africa, particularly for companies with robust risk management strategies.

Looking specifically at the funds industry, the RisCura-AVCA-SAVCA LP survey (April 2014) found that 85% of investors surveyed were expecting to increase their allocations to African private equity in the next two years, while 70% said returns from Africa would outperform other emerging markets (although, admittedly, the survey is somewhat biased on a small pool of investors who are already interested in the region). The fundraising stats paint a similar picture: Africa-focused funds raised nearly $2 billion in total last year, according to PEI’s Research & Analytics division, about twice as much as the previous year.

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Why?

How?ACCESS AFRICA cont /...

4. How are banks supporting activity in Africa?

Despite the continent’s rich diversity and opportunities for growth, it remains a complex entity, placing responsibility on banks to drive financial inclusion. Urbanisation and increased formal employment will aid this process to some extent, as will the advances in mobile technology across the continent.

Banks can target new market segments by creating products which lend themselves to straight-through-processing and volume transacting. These new products, supported by innovation in mobile payment services, are aimed at the previously unbanked, cash-rich community and don’t require individual bank accounts. Where these products have been most successful is where they have been supported by large education programmes explaining the product and its benefits. On a corporate and institutional level, banks play a pivotal role in providing insights into local practices and customs as well as sector expertise.

To find out more about how Barclays can support your success in Africa, contact:

Phil Bowkley, Head of Funds and FinTech, Corporate Banking, Barclays

E: [email protected]

T: +44 207 116 9363

Pieter Venter, Head of Funds and FinTech (Africa), Corporate Banking, Barclays Africa

E: [email protected]

T: +27 219 276 440.


3. What are the main hurdles for fund managers looking to establish operations in Africa?

Despite the growth forecast in the region, perceptions of a lack of ease of doing business and widespread corruption remain. According to Ernst & Young’s 2013 ‘Doing business in Africa’ report, there are several features of the continent that make it a difficult place to operate, including infrastructure gaps, bureaucratic bottlenecks and undeveloped consumer demand.

In our experience, the biggest mistake one can make is to think of Africa as one homogeneous entity. If there is one word to describe Africa’s 50+ countries, it is “diversity.” There are strong differences moving from north to south and east to west across the continent, and exchange controls and a lack of liquidity are barriers to moving funds across jurisdictions.

For us, we see that the key for fund and asset managers operating in the region is to educate their investors on the risks/returns associated with Africa, giving their managers the flexibility to innovate and grow. Furthermore, understanding the local perspectives and regulations is fundamental when setting a strategy for entering a market. To support this, working with a partner with strong local knowledge and presence will prove a decisive factor in tapping into the African opportunity.

Figure 1: Africa’s Risk and Opportunity matrixSource: E&Y Africa by Numbers report, Doing business in Africa 2013

22

REGULATOR REVIEW Now imagine, Ariana has followed the advice of wise people and has invested her money following the advice of her local bank. Advice here means the bank has asked Ariana to fill in a questionnaire of roughly 30 questions after which the bank hacs proposed an asset allocation. In her case the bank has also recommended a number house funds fitting her proposed asset allocation. Periodically, Ariana receives a report indicating whether she is within limits of the proposed asset allocation. For this service, Ariana again is charged 80 to 100 bp.

The annual performance report Ariana receives shows how much return is has made in the previous year. Yet, no comparison to a benchmark is made. No effort is made to show performance over a longer period of time – even if Ariana already invests with her bank for over 10 years. Also, no effort is made to indicate what risk return trade-off Ariana has made in her portfolio. At the same time, Ariana is utterly insecure whether she is doing the right things. Especially if her portfolio has tanked, but even if things have grown a bit she questions what could happen and whether she is not exposed too much.

Reading a bit about the investment industry, Ariana wonders what she is really paying her fund managers as well as all the gentlemen involved in the rest of her “investment value chain”. On a rainy weekend, she invests some serious time to find out. She is quite outraged when she discovers she can’t. A fair amount of the costs, it seems, cannot be found anywhere. She is particularly outraged because experience as well as research show her costs matter a great deal – contrary what her banks seems to implicitly tell her.

Finally, when Ariana makes another effort towards rational investing and tries to identify superior funds, she fails utterly. Research shows her superior funds, consistently outperforming the benchmark do exist – be it in small numbers. At the same time, there are no objective reliable indicators to identify those funds. It seems finding these funds is an art in itself. Questioning her bank she is astonished to learn that in fact they are not much better than she is. At that point she puts the matter to an end and moves to low cost index funds only.

I think, Ariana’s story points to a number of potential improvements the industry would be wise to put their energy to.

Theodor KockelkorenBoard Member, AFM Chairman, Task Force on Financial Consumer Protection, OECD

ARIANA’S NEEDS – WHERE DOES ONE INVEST?

What would a customer look for? Say, a customer like most of in the ‘Retail Space’ aspiring to build a bit of wealth for his or her old age, let’s call her Ariana. Ariana would like to invest rather than put all her money in a saving account. She would love to have low cost support in making the right investment decisions. She is longing to gain some level of comfort after having made these decisions. Having thought about her decisions looking back and forward, she is craving better information, especially on all the costs involved in her decisions as well as on the added value her fund managers really managed to create for her.

Currently, the reality in most countries is deeply disappointing to Ariana. First of all, it is easy to overpay for the support services she is receiving. Imagine, Ariana has invested through an internet platform in a number of investments funds. What Ariana may or may not know (as the information is not easily accessible) is that she is paying easily 80 to 100 bp on her invested money annually for something as meagre as an execution service. Quite an outrageous pricing proposition


FUTURESCOPE Wireless spectrum is often licensed over large areas, states or entire nations. The carriers with the licenses focus their build-outs on the profitable population centers, often building minimal rural coverage only to meet government requirements. If it were possible for a local entrepreneur to gain access to spectrum on a village by village basis, local entrepreneurs would be incentivized to build coverage that provide a reasonable return. The U.S. passed a secondary markets ruling which allows spectrum to be sold, leased or loaned the third parties. Similar legislation for rural areas in developing countries would open up the opportunities for building micro-cellular coverage.

The technology and spectrum licensing schemes must be coupled with a complimentaryfinancing scheme. New technology innovation can make running rural cellular networks cost effective, the regulatory changes would make it feasible for entrepreneurs to build local networks, and the availability of micro-finance for local wireless netreprenuers would enable rural coverage to become a reality.

Finally it is worth noting that this approach has benefits in the developed countries as well. TheU.S., due to geography and population actually has the second lowest percentage of the ruralpopulation covered of any region, trailing only Africa. There are far fewer people without coverage in the U.S, but the problem for coverage of the last 5% is just as daunting.

CONNECTING THE NEXT BILLON

Bringing cellular communications to rural areas increases the opportunity earning power of therural population. Every 10 percentage-point increase in mobile-phone penetration in developing countries yields an extra 0.81 percentage points of annual economic growth, according to a 2009 World Bank study GSMA has estimated that each 10% increase in broadband connectivity results in up to a 1.4 percentage in village GDP.

But connecting the next billion is not as straight forward as connecting the last billion. The last billion was connected by building cellular network in urban centers of countries like Indian and China. These urban centers have the skilled labor, power and telecommunications infrastructure required to build cellular networks in very much the same way they were built in the west. The next billion will come from rural areas in India, China, Africa, Asia and Latin America. These areas to do have the power, skilled labor or telecommunications infrastructure, and thetraditional method of building cellular networks is practical or cost effective. To cost effectively build networks in these areas requires an innovative approach in technology, regulation and financing.

The focus of technology innovation must be moved from the developing market focus of higher data rates and more spectrum efficiency, to reducing power consumption, physical footprint and simplifying maintenance and operations.

Where SOFTWARE Meets the Spectrum

Vanu BosePresident & CEO, VANU INCSpeaking 23rd June, Emerging & Frontier Markets

What makes Ireland great, makes Ireland great for businessEmail: [email protected] @IDAIRELAND

1011469 IDA Ireland Alternative A5.indd 1 30/05/2014 09:18

25

INDUSTRY REFLECTION

LESSONS LEARNED IN ASSET MANAGEMENT


Retaining and building market share in the asset management sector is increasingly challenging, with the rise of passives and regulation adding to the competitive pressures. In my view, active fund managers need to remember what they exist to do – to seek to outperform net of all fees over the medium-long term and to meet the fund objectives. Our industry is still bloated with too many mediocre funds not delivering. We need to keep things simple, focus on what we are good at and ditch the rest, remembering that scale alone in asset management does not bring success – a focus on excellence is in my opinion more important.

Our people are a critical part of success in what remains, in the active space, a people business. Increasingly, good people want to work for organisations that enable them to use their talents and skills to their best advantage. This is partly about remuneration structures and aligning employees’ interests with those of clients but it is also about creating the right environment where people can thrive, excel and deliver.

We are only at the start of enormous structural change in the savings industry as countries with ageing populations give individuals more responsibility to manage their financial futures. In the UK this has led to the government removing the requirement for retirees to buy an annuity, giving the asset management sector a significant opportunity to create innovative products that can attract significant assets. It is those who pay greatest attention to the above factors that will have the best chance of winning in this brave new world.

Notes:

The value of investments and the income from them can fall as well as rise and may be affected by exchange rate variations, you may get back less than originally invested.

The views expressed are those of the Vice Chairman at the time of writing and may change in the future.

Jupiter Asset Management Limited, registered address: 1 Grosvenor Place, London SW1X 7JJ is authorised and regulated by the Financial Conduct Authority.

Edward Bonham Carter Vice Chairman, JUPITER FUND MANAGEMENT PLC.

Having stepped down from my role of Chief Executive of Jupiter Fund Management plc in March, it is a good point at which to reflect on some of the lessons learned from my 14 years at the helm.

When I took over as joint CEO of Jupiter in 2000, equity markets were at the start of a savage bear phase lasting three years. It was the first of two bear markets through which I steered the business, the second being the financial crisis that started in 2007. I have always been surprised by the number of businesses that repeatedly made the same mistakes during the economic cycle – becoming overly bloated during upturns then slashing staff numbers and marketing budgets in downturns to find themselves at a competitive disadvantage when the cycle turns. A much better way, in my view, is to avoid getting excited during bull markets by aggressively expanding your cost base and then be wary of cutting back in downturns as it is during difficult times that you build your advantage.

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FundForum International 2014 Welcome Drinks Reception

FundForum International 2014 Drinks Reception

FundForum International 2014 Gala Evening

18.30 – 20.30, Monday 23rd June 2014 Casino Terrace, Monte Carlo Casino

His Excellency the Minister of State of the Principality of Monaco requests the pleasure of your company at a Welcome Drinks reception on the occasion of the FundForum International 2014 At the Casino Terrace, Casino Square

(In case of bad weather, the cocktail will be held in the Atrium of the Casino)

18.00 – 20.00, Tuesday 24th June 2014 Le Meridien Beach Plaza, Pool Terrace

The drinks will be held at the Le Meridien Beach Plaza, 22 avenue Princesse Grace MC 98 000 Monaco. World Cup 2014 Live Matches Being Shown!

NB Entry Strictly Restricted To FundForum Main Conference Badge Holders Only

19.30 – 21.30, Wednesday 25th June 2014 Monte Carlo Bay Hotel

NEW Venue for 2014!

The gala evening will be held at

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Buffet dinner, drinks and entertainment

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SOCIAL EVENTS

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SPONSORS & EXHIBITORS

We are a pure asset management company and only manage assets for third parties, allowing us to focus solely on their needs. We now manage €226.2 billion of third party assets, as at 28 February 2014.

Our clients access our investment from equities, fixed income, property, as well as tailored solutions.

We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.

Our investment teams are based in the markets or regions in which they invest. Clients understand our process and portfolios because they are transparent.

accelerando associates is a leading European fund distribution consultancy founded in 2004 with offices in Frankfurt, London and Valencia.

We provide bespoke advisory services to specialist and mainstream asset management firms around the globe.

Our international team combines cutting-edge experiences from investment sales, investment management and

consulting from four European countries, whilst speaking five European languages. Based on our vast experiences and insights we have built an unparalleled platform on European fund distribution intelligence.

We help asset management firms to develop and to optimise European fund distribution in a smart, practice focused and cost efficient manner.

Amundi ranks first in Europe1 and ninth worldwide1 in the asset management industry with AUM of over €770 billion worldwide2.

Located at the heart of the main investment regions in more than 30 countries, Amundi offers a comprehensive range of products covering all asset classes and major currencies.

Amundi has developed savings solutions to meet the needs of more than 100 million retail clients worldwide and designs

innovative, high-performing products for institutional clients which are tailored specifically to their requirements and risk profile.

The group contributes to funding the economy by orienting savings towards company development.1. Source IPE « Top 400 asset managers active in the European marketplace » published in June 2013.2. Amundi Group figures as of 31 December 2013.

AssetLogic offers the finance industry the Fund Information Network. A revolutionary web-based service that combines the security and privacy of a financial application with the ease-of-sharing found in social networks.

Increasing regulations and investor demands for transparency have significantly increased the amount of information that must be aggregated and shared between asset managers, investors, service providers and many others. However, this data is stored in proprietary systems that don’t communicate

with one another.

Members of the Fund Information Network collect, share and report on data and documents contributed by their trusted partners.

The increased efficiency, data integrity, accountability and transparency enable the industry to trust its information and meet the ever-increasing data management and compliance demands.

Aviva Investors is a global asset management business dedicated to building and providing focused investment solutions for clients which include pension funds, wholesale and retail banks, insurance companies, private wealth managers, charities and local government organisations.

We are the asset management arm of Aviva plc, the UK’s largest general insurer and one of Europe’s leading providers of life and general insurance.

We employ over 1,000 people in 19 locations and 15 countries and have assets under management of £241 billion* across a range of real estate, fixed income, multi- asset and equity funds.

Above all, we aim to deliver sustainable investment strategies and returns that meet our clients’ objectives.

Our investment strategies include:• Long-only and absolute return global fixed income strategies• Multi-asset investments to address our clients’ diverse needs• Direct and indirect global real estate

• Global, regional and style equity strategies

* as at 31 December 2013

BLME is the largest Islamic Bank in Europe. BLME Asset Management is a dynamic organisation that combines industry experience and financial market expertise to offer innovative investment solutions across a range of asset classes.

Our experienced team is dedicated to delivering client-focused investment solutions tailored to your specific requirements. We offer a wide range of distinctive products and solutions that are designed to cater for the individual investment needs of an investor.

Barclays moves, lends, invests and protects money for customers and clients worldwide. With over 300 years of history and expertise in banking, we operate in over 50 countries and employ over 140,000 people.

We provide corporate banking solutions to businesses with an annual turnover of more than £5 million in the UK, and to large local companies, financial institutions and multinationals in non-UK markets. We support the success and growth of

our clients by providing lending, risk management, cash and liquidity management, trade finance, and asset and sales financing.

Our clients also benefit from access to the breadth of expertise across Barclays. We’re one of the largest financial services providers in the world, and are also engaged in retail banking, credit cards, investment banking, and wealth management.

www.aberdeen-asset.com

www.accelerando-associates.com

www.amundi.com

www.asset-logic.com

www.avivainvestors.com

www.blme.com

www.barclayscorporate.com

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BlackRock is a global asset manager that has built its offering around its clients’ greatest needs: providing breadth of capabilities and depth of knowledge - across active and passive strategies, including iShares(r) ETFs. This is combined with a singular focus on delivering strong, consistent performance and an ability to look across asset classes, geographies and investment strategies to find the right solutions. With deep roots in every region across the globe, some 100 investment teams in 27 countries share their best

thinking to gain the insights that can change outcomes. And, with a passion to understand risk in all its forms, BlackRock’s 1,000+ risk professionals dig deep to find the numbers behind the numbers and bring clarity to the most daunting financial challenges. That shapes and strengthens the investment decisions that BlackRock and its clients are making to deliver better, more consistent returns through time.

BlueBay is a specialist manager of fixed income credit and alternative products. Based in London, with offices in the US, Luxembourg, Hong Kong and Japan, we manage over US$57.8 billion (as at 31 December 2013) for institutions and high net-worth-individuals.

BlueBay Asset Management LLP is a wholly-owned subsidiary of Royal Bank of Canada (RBC) and part of the RBC asset management division, RBC Global Asset Management group of companies.

BNP Paribas has a presence in 80 countries with nearly 190,000 employees, including more than 145,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking.

In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas enjoys top positions in Europe, a strong presence in the Americas and solid and fast-

growing businesses in Asia-Pacific.

Its Securities Services business is a leading global custodian with a local presence in 34 countries across five continents. It provides integrated solutions to all participants in the investment cycle including the buy side, sell side, corporates and issuers.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or

administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

BRAM – Bradesco Asset Management was launched in Sao Paulo in 2001 following the merger of Bradesco´s asset management businesses bringing together over 40 years of investment expertise in the LatAm market. With US$ 130 billion AUM, BRAM plays a key role in the LatAm market. The team boasts broad reach and agility to deliver sustainable risk adjusted returns over the long term. Most group heads have been working together since 2001 and have fine tuned

a robust, fundamental investment process which relies on a detailed and constant screening, modeling as well as monitoring of the investment universe by the investment research team. BRAM offers international investor the opportunity to invest in LatAm through its equity and fixed income SICAV funds, locally listed funds in specific markets and tailored/managed accounts for select partners and institutional clients.

Brown Brothers Harriman (BBH) is a privately-held financial institution serving the most sophisticated institutions and individuals across three business lines: Investor Services, Investment Management, and Private Banking. Our culture of accountability fosters deep and lasting relationships built on commitment, adaptability and trust. We are independent, selective and specialised in our approach.

BBH Investor Services, the firm’s largest business line, provides cross-border custody, accounting, administration and related services in close to 100 markets for many of the

world’s leading asset managers and financial institutions. With approximately $3.7 trillion in assets under custody1 BBH, is consistently ranked among the world’s top global custodians, asset administrators, foreign exchange, and securities lending providers.2

For more information about our differentiated approach, please visit www.bbh.com. 1 As of December 31, 2013. 2 As measured by results in major industry surveys

CACEIS is the asset servicing banking group of Crédit Agricole dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a broad range of services covering depositary and custody, fund administration, middle office outsourcing, derivatives clearing, forex, securities lending, fund

distribution support and issuer services. With assets under custody of €2.5 trillion and assets under administration of €1.3 trillion, CACEIS is one of the world market leaders in asset servicing and the largest depositary bank and the premier fund administrator in Europe (figures to 31 December 2012).

www.blackrockinternational.com

www.bluebayinvest.com

www.bnpparibas.com

www.bnymellon.com

www.bradesco.com.br

www.bbh.com

www.caceis.com

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More than 500 customers in 17 domiciles are processing domestic and cross-border transactions across Calastone’s multi-award winning transaction network. Fund managers, distributors and transfer agents around the world are joining Calastone’s network to transact their orders, benefiting from the cost and risk reduction opportunities transaction automation can offer – a single connection to a fast-growing network for the global fund community. Calastone’s goal is to increase efficiency through reducing cost and risk via our

fully automated STP transaction network. We remove all the technical barriers to automation of fund transactions through our interoperability, network and service. Any party involved in the production, distribution or management of funds, of any size, located around the world using Calastone is able to transact electronically over Calastone’s global transaction network. Calastone has offices in London, Luxembourg, Hong Kong, Taiwan, Singapore and Australia.

Calypso Technology is a premier global capital markets platform provider, serving financial institutions of all types with a full range of integrated cross-asset front-to-back office solutions for treasury and derivatives including trading, risk, processing, clearing, collateral, cash management, liquidity,

accounting and reporting. The Calypso platform is steadily emerging as a global standard for capital markets businesses and serves as an ideal foundation for innovation and future growth.

Capita Asset Services has over 40 years proven fund administration experience providing fund administration and professional services solutions across a wide range of asset classes and funds. We currently service over 70 investment managers and provide a range of services to around 300 funds.

Capita Asset Services also provides corporate, private client, treasury, debt administration, shareholder and employee solutions, with 2,500 professional staff dedicated to making

delivering service excellence and creating efficiencies for our clients. Our operations are based in the UK, Ireland, the Channel Islands and Europe, with representative offices in the US and Asia – holding over 4,000 multi-national and UK based clients and relationships.

We are part of Capita plc, a FTSE 100 and the UK’s leading provider of business process outsourcing and integrated professional support solutions.

Capital Group is one of the world’s largest and most experienced investment managers with around $1.3 trillion under management. Founded in the US in 1931, Capital Group has been singularly focused on delivering superior, consistent results for long-term investors using high-conviction portfolios, rigorous research and individual accountability. Capital offers 19 long-only Luxembourg domiciled funds, which are based on our traditional, research intensive investment process.

Our investment process is designed to enable our experienced investment professionals to act on their highest convictions, while limiting the risk associated with isolated decision-making. A disciplined, multi-layered governance structure oversees the system’s operation. Managers are rewarded for their results, not the level of assets they manage.

As a private firm with an independent charter, we are focused on doing what’s right for investors over the long term.

Founded in 1992, Cerulli Associates specializes in worldwide asset management and distribution analytics. Headquartered in Boston, Cerulli also has offices in London and Singapore.

Cerulli Associates blends original research and data analysis to bring perspective to current market conditions and forecasts for future developments. Via a suite of research publications and an interactive data platform, we provide financial services firms with guidance in strategic positioning and new business development.

Our U.S. practices covers manufacturing and distribution issues across core areas including managed accounts, intermediary, retirement, annuities, retail investor, and retail and institutional asset management.

Our international practice covers asset management and distribution trends globally and in 45 countries worldwide (20 primary markets and 25 secondary markets). Our Asian practice examines trends in retail and institutional asset management across Asia and in specific countries.

Citi Investor Services provides a complete investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help our clients meet their performance objectives across asset classes, strategies and geographies. Citi provides complete investment services for institutional, alternative and wealth managers, delivering middle office, fund services, custody, and investing and financing solutions

that are focused on our clients’ specific challenges and customized to their individual needs. Citi offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi Investor Services holds, on average, $14.2 trillion in assets under custody.

Clearstream is a global leader in post-trade securities services and with more than €12 trillion in assets under custody, one of the world’s largest settlement and custody firms for domestic and international securities.

As a specialised fund custodian, Clearstream delivers state of the art solutions to standardise fund processing and to increase efficiency and safety in the investment funds sector.

Our global investment funds processing platform Vestima provides a single point to investment funds of all types - from

mutual funds to exchange-traded funds (ETFs) and hedge funds – offering order routing, DVP settlement, safekeeping and asset servicing for over 8 million trades per year. With more than 125,000 investment funds from 34 jurisdictions, Vestima is the world’s largest cross-border fund processing platform.

The key objective is to absorb market complexity and deliver efficient, secure and flexible solutions for the investment funds industry.

www.calastone.com

www.calypso.com

www.capitaassetservices.co.uk

www.thecapitalgroup.com

www.cerulli.com

www.transactionservices.citigroup.com

www.clearstream.com

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As a global leader in data-driven solutions for efficiency and control for over 20 years, the asset management industry relies on Confluence to solve the industry’s toughest data management, automation and regulatory challenges for managed investments. Innovative and scalable, the Confluence unified platform enables asset managers to consolidate and leverage data across business operations.

The platform features solutions to support a variety of fund types – including UCITS, alternative investments, U.S. ’40 ACT mutual funds, and contemporary fund structures such as ETFs. Headquartered in Pittsburgh, PA, Confluence serves the fund industry with key locations in Dublin, London, Luxembourg and San Francisco.

Dassault Systemes, the 3D Experience Company, provides Financial Services solutions designed to drive business execution for accelerated product innovation, customer intelligence, advanced analytics and regulatory insight. With proven reductions in implementation time, our solutions deliver real time business value faster and with less complexity than traditional approaches.

Today Dassault Systemes service 170,000 companies

worldwide across 12 industries including Financial Services. Our business solutions platform is on premise, on line and on the cloud and we are recognized by our customers across 140 countries and, recently by Forbes magazine, as one of the world’s most innovative companies. Dassault Systemes is majority shareholder controlled by Dassault Groupe. In 2012 our revenues were over €2 billion with an operating margin of above 30%.

Sal. Oppenheim stands for exclusive services in the comprehensive management of private and institutional assets for more than 220 years. We offer individual advice focusing on continuity in conjunction with the range of services of a modern asset management company. Sal. Oppenheim Luxembourg operates under “Deutsche Fund Platforms” as the White Label fund platform within Deutsche Bank’s Asset & Wealth Management Division globally.

“Deutsche Fund Platforms” in Luxembourg offers an integrated service model with an in-house administration and in-house custodian, offering all kind of Luxembourg fund structures, ranging from traditional UCITS products all the way to complex Alternative Investment structures that include the wrapping of hedge funds, private equity, real estate, ships and aircrafts. Sal. Oppenheim is a licensed Alternative Investment Fund Manager.

DIFC is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC’s client base comprises almost 1,039 active registered firms, including 22 of the world’s top 30 banks, six of the top 10 insurers, seven of the top 10 law firms, 11

of the world’s top 20 money managers and seven of the top 10 consultant companies in the world. Around 15, 000 employees operate in an open environment, complemented by international legal and regulatory standards through the DIFC Courts and Dubai Financial Services Authority (DFSA) respectively. DIFC offers its member companies 100 per cent foreign ownership, zero per cent tax rate, with no restriction on capital convertibility or profit repatriation.

Website: www.difc.ae , or follow us on Twitter @DIFC.

East Capital is a leading emerging and frontier market asset manager specialising in Eastern Europe and Emerging Asia.

The group manages USD 4bn and the product offering contains a wide range of country and regionally focused funds including the flagship strategies, the award-winning East Capital Eastern European Fund, East Capital Russian Fund and East Capital Emerging Asia Fund.

The investment strategy combines diligent market research and fundamental analysis with frequent company visits by the investment teams, which consist of 30 investment professionals.

East Capital is headquartered in Stockholm with offices in Hong Kong, Kyiv, Luxembourg, Moscow, Oslo, Paris and Tallinn.

Eastspring Investments, part of Prudential Corporation Asia, is Prudential plc’s asset management business in Asia. We are one of the region’s largest asset managers, with operations in 14 markets (including offices in the US and Europe) and about US$99.3 billion (about £60 billion) in assets under management (at December 31, 2013). In Asia, Eastspring Investments operates in Japan, Malaysia, Singapore, South Korea, Taiwan, Hong Kong, the United Arab Emirates,

Vietnam and Indonesia, and has joint venture operations in India, China and Hong Kong.

About one-third of Eastspring Investments’ total assets are sourced from third party clients including a wide range of retail and institutional investors. We also manage the assets of life and pension products sold by Prudential Group in the UK, the US and across Asia.

ETF Securities is the world’s largest independent provider of commodity exchange traded products (ETPs)1 and also provides a wide range of equity, alternative and currency ETPs. The company listed the world’s first physically-backed gold ETP in 2003 and now offers over 300 different ETPs covering a wide range of commodity, currency and equity exposures listed on major exchanges around the world.

At the end of April 2014, worldwide assets invested in ETF Securities ETPs stood close to US$19.2 billion.

1Based on number of listed products worldwide at end 2012. Source: Bloomberg, issuer websites, ETF Securities Global Commodity ETP Quarterly January 2013.

www.confluence.com

www.3ds.com

www.oppenheim.lu

www.difc.ae

www.eastcapital.com

www.eastspringinvestments.com

www.etfsecurities.com

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Eurizon Capital SGR S.p.A is the asset manager company of Intesa Sanpaolo Group specialized in products for retail and institutional clients. With AUM of around 193 billion euros*is one of the largest Italian asset managers.

Eurizon Capital offers a wide range of tailored products, featuring different management styles and providing investment solutions for various client needs.

It interprets asset management through specific business lines:- multi-asset, multi-style and multi-product portfolios;- LTE (Limited Tracking Error) products;- structured products based on quantitative methods.

Eurizon Capital SGR comprises:- Eurizon Capital S.A., specialized in managing Luxembourg domiciled mutual funds;- Epsilon SGR, joint venture between Eurizon Capital SGR (51%), and Banca Imi (49%).Beside Luxembourg, Eurizon Capital is present abroad:- in China, with a 49% shareholding in Penghua Fund Management;- in Eastern Europe , through a network of asset management companies controlled by Eurizon Capital S.A.

* Source: Assogestioni – 4th Quarter of 2013.

European Fund Administration S.A. (EFA) is an independent third-party administrator specialising in services to investment funds, unit-linked insurance products, private equity funds, real estate funds, hedge funds and funds of hedge funds.

EFA leads the outsourcing market in Luxembourg, Europe’s largest fund center.

EFA’s service range includes Net Asset Value calculation,

bookkeeping and portfolio valuation, transfer agent and registrar services, fiscal services, compliance and risk management, performance measurement and attribution, domiciliation and reporting solutions.

EFA is present in Luxembourg and Paris (via European Fund Administration S.A - France).

As one of the leading professional services organizations to the wealth & asset management industry, EY provides innovative services to global and domestic asset management clients. Our considerable knowledge, experience and commitment to excellent service provide you with a seasoned and qualified team that is highly responsive to the needs of your organization.

Our global wealth & asset management network encompasses key financial centers in the Americas, Asia-Pacific, EMEIA and Japan. Globally, we have more than

13, 500 professionals focused on serving the asset management industry. Our combination of talent and resources gives us the ability to anticipate and adapt to the rapid and accelerating changes of today’s global economy.

FE is an award-winning provider of ratings, investment research, data, software and performance analysis to the financial services industry.

Our products and services are designed to interpret and analyse data, helping financial advisers and private investors make sound investment decisions. Respondents to a 2013 survey by The Platforum voted FE and FE Trustnet the most influential data providers in the marketplace.

We also provide tools and software for fund managers and other financial services firms, including research, modelling,

reporting, sales, marketing and presentation materials. Our core products include the FE Analytics online fund research database and finXL, Webtools, Datafeeds, and Fund Document Production including Key Investor Information Documents from Kii Hub.

Latest innovations include FE Precision – a transparent fund dissemination management solution for asset managers and the Mercer Manager Analysis Portal (MAP”) – a collaboration with Mercer which uses FE data and technology to provide institutional quality research to the Wealth Management sector.

Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise.

Fitch Group is a global leader in financial information services

with operations in more than 30 countries. In addition to Fitch Ratings, the group includes Fitch Solutions, Fitch Learning, and Business Monitor International.

Fitch Group is jointly owned by Paris-based Fimalac, S.A. and New York-based Hearst Corporation.

Headquartered in San Mateo, California, Franklin Resources is a global organization known as Franklin Templeton Investments.

Our common stock is listed on the NYSE under the ticker symbol BEN, and is included in the S&P 500 Index.

Investment management is our core business and for over 65 years, investors around the world have looked to us as a trusted partner in asset management. Along the way, we have continuously broadened our expertise and become a firm with considerable worldwide presence.

Today we employ over 8500 employees, maintain offices in

over 35 countries and serve investors in over 150 countries. A globally diversified asset manager with USD 879.7 billion in AUM (as of Dec 13), we offer over 350 investment solutions to clients worldwide.

With the expansion of our global footprint, vast cross-border distribution business in over 50 countries, on-the-ground research capabilities and trading network, we have continued to build our local presence within the domestic fund management industry of individual markets as diverse as Brazil, Japan, China, India, United Kingdom, Australia, and Korea.

www.eurizoncapital.com

www.efa.eu

www.ey.com/wealthassetmgmt

www.financialexpress.net

www.fitchratings.com

www.franklintempleton.com

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Fundsquare is a wide-ranging and innovative solution developed by and for fund industry professionals. It aims to meet current and future challenges for the cross-border distribution of investment funds.

Fundsquare’s vision is to be the unique and worldwide fund market infrastructure that will facilitate relationships and exchange of fund information, whether it is transaction

information, data or documents, between distributors and funds.

Fundsquare’s business model is based on the creation of a unified mechanism combining order management services and added-value information services, while mutualising costs and enabling significant economies of scale for all industry players.

Fundsquare is a subsidiary of the Luxembourg Stock Exchange.

Established in 1988, Goldman Sachs Asset Management (GSAM) is one of the world’s leading asset managers with $742.4 billion in assets under management .

With a team of more than 1,900 professionals, our presence in 30 locations around the world allows us to bring global resources and new perspectives to our clients. It is our unique appreciation of local economies, markets and cultures that

helps us to cultivate long-standing relationships.

Each of our specialist investment teams offers a broad range of products across asset classes and regions. The teams, led by experienced Heads and Chief Investment Officers, aim to deliver strong and consistent results assisted by our deep understanding of the intricacies of risk management and an emphasis on encouraging individual creativity.

HSBC Securities Services (HSS) is one of the world’s leading providers of fund and securities services. With teams on the ground in 49 markets, we provide comprehensive global, regional and domestic securities services to:- Investment managers, insurance and pension funds - Sovereign wealth funds - Banks and broker dealers

- Corporates and financial institutions

HSS services include fund accounting and administration, transfer agency services, global custody, sub-custody and clearing and corporate trust and loan agency, as well as providing access to the entire range of industry leading products and services offered by the HSBC Group.

Northern Ireland attracts global companies because of its blend of an exceptionally skilled workforce with a strong work ethic, highly competitive operating costs, sophisticated infrastructure and existing cluster of synergistic businesses.

The region offers a high-quality near-shore base for the delivery of back and middle office support functions including fund servicing, legal and compliance, software development and customer service. It also has exceptionally strong

credentials in financial services technology and is a European leader in sophisticated software development for major financial institutions worldwide.

The strong track record of the sector in Northern Ireland is demonstrated by successive reinvestments of industry leaders including Citi and the Allstate Corporation and by more recent arrivals including Augentius Fund Administration and CME Group.

J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.2 trillion of assets under custody and $393 billion in

deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.

Jupiter Fund Management plc is an investment management business focused on generating investment out-performance across its range of investment capabilities, which include UK, European and emerging markets equities, specialist equities and multi-manager products. Jupiter’s core strength in equity investment management is complemented by capabilities in fixed income and absolute return funds.

Jupiter is a market leading fund manager in the UK retail mutual fund market based on the size of its AUM and net

sales, its strong investment performance track record, the strength of its brand and presence in key distribution channels. At 31 March 2014 over 78% of Jupiter’s AUM (£32.2bn) was in mutual funds, which are open-ended funds directed towards retail investors through intermediated distribution channels in the UK. In addition, Jupiter provides investment management services to institutional clients, private clients and investment trusts.

Founded in 1993, with offices in Belgium, France, Germany, Luxembourg, Switzerland and the UK, KNEIP serves more than 420 global fund management companies.

As a leading service and software provider to the global investment fund industry, we help our clients meet their regulatory reporting obligations, while enabling them to provide consistent and accurate fund data and documents to

their regulators, clients and data vendors.

We work with fund managers and administrators around the world to aggregate, format, and disseminate their fund data and reporting documents. Throughout this entire process, we control, report, and actively follow up on their quality and accuracy.

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 155,000 professionals working in member firms around the world.

KPMG’s global Investment Management practice comprises over 10,000 professionals aligned on a global basis to help promote cohesion, consistency and an ability to deliver focused professional services to clients. KPMG works with

industry leaders in a wide range of areas from top tier global mainstream and alternative managers to hedge fund start ups, trade associations and regulators. Being one of the largest networks of investment management service providers we are able to offer advice to investment management businesses based on in-depth industry knowledge and an intimate understanding of our firms’ clients’ business activities and strategic goals.

www.fundsquare.net

www.goldmansachs.com

www.hsbcnet.com/hss

www.investni.com/invest

www.jpmorgan.com

www.jupiteronline.com

www.kneip.com

www.kpmg.com

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Kurt Salmon is a global leader in strategy and operations management consultancy present in the main markets of North America, Europe, Asia and North Africa. Our 1,400 consultants advise companies’ top management and provide independent, fact-based advice as well as guidance to the world’s leading companies, as such in the Fund industry.

As a subsidiary of a London-based financial holding company, MCG plc, we are independent of any other discipline and are fully devoted to provide excellent client service. This guarantees that our recommendations and strategies are objective.

The firm’s success lies in our ability to build long-lasting client relationships based on trust and achievement of outstanding results that make us standard-setters for the consulting sector. We are the preferred advisor to executives looking to improve their company’s competitiveness in a constantly evolving and competitive world. Our unique combination of perspective, skills, experience and cultural adaptability enables us to help our clients succeed both now and tomorrow.

Our work ethic, client focus and commitment to excellence are at the heart of each project.

Liquidnet is the global institutional trading network that connects investors with the liquidity they need. We go beyond what the retail market can provide by defending and securing the integrity and the anonymity of the block trade. We do this while continuously looking for ways to bring in new sources of safe, actionable liquidity from asset

management firms, exchanges, brokers and corporations. Since we launched in 2001, our ability to anticipate and meet institutional demand has allowed us to extend trading to 42 equity markets across five continents for asset management firms who collectively manage US$13 trillion.

LGM Investments is a specialist Global Emerging Markets (GEM), Frontier and Asian equity manager, established in 1991. Our team of investment professionals is based in our offices in London, Hong Kong and Mumbai. As at 31 March 2014, LGM managed US$2.8 billion on behalf of our clients worldwide.

We currently manage six core strategies: GEM, Frontier, Asia, Asian Small Cap, China and India, and plan to establish GEM Small Cap. We are active bottom-up stock pickers with a

long-term perspective. Quality underpins all our investment thinking and results in non-index driven, high conviction portfolios with considerable outperformance potential.

LGM became a wholly owned subsidiary of Bank of Montreal (BMO) in April 2011. We are part of BMO Global Asset Management (BMO GAM).

Lyxor Asset Management, a subsidiary of Societe Generale Group, was founded in 1998 and counts 600 professionals worldwide managing US$ 115.7Bn * of assets.

Lyxor customizes active investment solutions as the expert in all modern investment techniques: ETFs & Indexing, Alternative, Structured, Active Quantitative & Specialized investments.

Supported by strong research teams and leading innovation capabilities, Lyxor’s investment specialists strive to optimize performance and risks across all asset classes.

* USD 115.7 bn - Equivalent to EUR 83.6 bn - AuMs as of April 30th , 2014.

Martin Currie is an independent and private company, founded in 1881. We are international equity specialists, managing money for a wide range of global clients. International in outlook and activities, we have offices in Edinburgh, London, Melbourne, New York, Singapore and Zurich.

Our approach to investing is refreshingly simple: we believe

that building stock-driven portfolios through fundamental research is the best way to exploit market inefficiencies and generate consistent outperformance.

We offer a focused range of investment products and dedicate all of our resources to delivering for our clients both in terms of investment outcomes and superior client relationships.

max.xs is a full service sales organisation, offering asset management firms immediate access to distributors and institutional investors, operational support and sales consulting. Services are offered through three distinct business models.

max.xs business partners provides a full service sales solution for German speaking countries. It enables asset management firms to capture new opportunities and to improve sales efficiency and effectiveness by diminishing the need to build or retain an own local sales infrastructure.

max.xs sales consultants deliver practical, ready-to-use advice on structuring and implementing market entry and business development strategies.

max.xs is now developing a European distribution solution, giving asset managers a one-stop access to Continental European markets, covering the entire distribution value chain.

max.xs is based in Frankfurt, Germany.

MDO is an independent service provider based in Luxembourg specialising in third party management company services, risk management, compliance monitoring, fund governance, substance solutions and supervision of delegations. MDO also offers experienced independent

Directors overseeing Luxembourg domiciled investment vehicles, including UCITS and non-UCITS funds. MDO Management Company currently acts as management company of over 40 UCITS with assets under management exceeding EUR 12 billion.

www.kurtsalmon.com

www.liquidnet.com

www.lgminvestments.com

www.lyxor.com

www.martincurrie.com

www.max-xs.de

www.mdo-manco.com

24, rue Salomon de Rothschild - 92288 Suresnes - FRANCETél. : +33 (0)1 57 32 87 00 / Fax : +33 (0)1 57 32 87 87Web : www.carrenoir.com

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Mercer is a leading global provider of investment services, and offers customized guidance at every stage of the investment decision, risk management and investment monitoring process. We have been dedicated to meeting the needs of our clients for more than 40 years, and we work with private banks, wealth managers, foundations, endowments, pension funds, sovereign wealth funds and other investors in over 46 countries. We assist with every aspect of institutional and retail fund investing including building portfolios, providing research tools subscriptions,

project based consulting advice and also ongoing monitoring and management of third party funds.

Mercer Manager Analysis Portal (MAP) online tool provides fund selectors with the same depth and caliber of fund research available to institutional investors. MAP covers an extensive range of managers and funds, combining comprehensive fund data with market leading qualitative forward looking analysis.

MFEX - Mutual Funds Exchange is the leading independent fund marketplace. MFEX offers financial institutions a fully automated, secure and transparent solution for fund trading, custody, collection and payment of rebates, and delivery of locally-compliant fund information.

The largest and most diverse global fund offering over 550 fund companies from 30 domiciles have elected to distribute

their funds through MFEX.

International fund trading platform MFEX operates in a B2B environment and we are currently distributing funds in more than 20 different countries. Our clients include private banks, insurance companies, custodians, pension funds, IFA networks as well as fund platforms.

Milestone Group provides advanced software solutions globally to asset managers, fund product manufacturers and distributors, life companies, and fund administrators. pControl is a single application platform delivering market leading operational efficiency, transparency and control to key business functions. Clients can select standard or tailored solutions including:

Fund Oversight: Oversight of outsourced functions.

Fund Processing: Valuation/ pricing and validation, cash allocation, rebalancing, income processing.

Fund Distribution: Fund orders, income, fee rebates, fund reconciliations.

Tax and Accounting: General ledger, CGT, distribution processing and calculation, tax expense calculation.

Investment Analytics: Fund performance, investment performance and attribution.

Mirabaud is an international financial group with a presence in the world’s major financial centres, providing individuals and institutional clients with tailored financial advice and services.

As a private bank, Mirabaud takes a long-term view, placing the emphasis on personalised relationships aimed at optimising performance. Mirabaud Asset Management with offices in Paris, London, Montreal, Barcelona, Zurich and Geneva, the Mirabaud Group’s Asset Management division focuses on investment management and advisory services.

The division provides:

• active management of equity funds and mandates

(Switzerland, UK, France, Spain, Europe, North America, Asia, emerging markets, global), with special emphasis on alpha generation strategies

• bond management, including global convertible, strategic and high-yield bond funds

• alternative investment management

• dynamic asset allocation

With a focus on value creation, Mirabaud Asset Management’s investment philosophy is based on a long-term vision, strong convictions and risk-adjusted performances

Founded in South Korea in 1997, Mirae Asset Global Investments Group (“Mirae Asset”) is today one of Asia’s largest independent asset managers, with in excess of $57bn of assets under management (as at February 2014). Mirae Asset has developed specialist expertise in emerging markets, with a strong focus on Asia, and offers a wide range of both traditional and alternative investment products, including equity and fixed income funds, ETFs, private

equity, real estate and hedge funds. Mirae Asset has one of the largest teams of investment professionals dedicated to emerging markets. With more than 120 portfolio managers, analysts and strategists located in our network of offices in 12 countries across the globe, we maintain proximity to the investment opportunities that we research, allowing a deep understanding of companies and the cultures in which they operate.

Morningstar is a leading provider of independent investment research. We work with advisers and institutions and we take a partnership approach to deliver a tailored solution that best meets their needs. We leverage our vast data resources,

technological capabilities, and fundamental research to deliver innovative solutions that help investors reach their financial goals.

Multifonds is an award winning multi-jurisdictional, multi-asset-class investment fund software platform offering three fully integrated products in a single flexible and scalable architecture: Multifonds Global Investor supports investors servicing and transfer agency for more than $1.4trillion worth of assets for both traditional and alternative funds, Multifonds Portfolio Accounting supports the increasingly complex middle-office needs of asset managers and

their administrators and Multifonds Fund Accounting is the market-leading fund accounting software platform supporting more than $2.5trillion worth of assets. Multifonds serves most of the world’s leading global custodians, third-party administrators, insurance companies and asset managers, supporting more than $3.5 trillion in assets across more than 30 jurisdictions.

www.mercer.com www.mercermap.co

www.mfex.com

www.milestonegroup.com.au

www.mirabaud-am.com

www.miraeasset.com.hk

www.morningstar.com

www.multifonds.com

38


In today’s environment of increased need for operational efficiency and regulatory pressure, NeoXam’s solutions help asset managers, third-party administrators and insurance companies to meet the latest industry challenges.

NeoXam provides front, middle and back-office solutions to the asset management industry. Benefiting from 25 years of experience, NeoXam serves more than 95 customers around

the world. More than $7 trillion of assets are processed daily on our solutions by more than 10,000 users.

The NeoXam suite is based on 3 key solutions which are the backbone of our clients’ infrastructure: NX GP3, NX Compliance and NX Manager.

NeoXam employs 280 people worldwide (Europe, USA, Asia, and Africa).

A proven partner to some of the world’s most successful and innovative investment managers in the funds business, Northern Trust has over 30 years’ experience administering the full spectrum of investment strategies across; traditional, exchange traded funds and alternative asset classes including hedge funds, fund of hedge funds, private equity funds and real estate funds.

Through our skills and expertise, we facilitate improved speed-to-market, business focus and distribution for our clients’ funds. Flexible servicing solutions include fund administration, global custody, depositary, performance measurement, investment risk analytics, back-and-middle office investment operations outsourcing, cross-border asset pooling and solutions for regulatory changes

Ossiam is a research-led asset management firm specializing in delivering enhanced beta solutions including risk management solutions such as Minimum Variance.

The firm’s investment concept is centered on innovation, selection of financial assets based on liquidity and flexibility of use and rule-based and transparent investment strategies.

PineBridge is a global asset manager with nearly 60 years of experience in emerging and developed markets, delivering innovative alpha-oriented strategies across asset allocation, equities, fixed income and alternatives. PineBridge manages approximately US $71.4 billion in worldwide AUM, as of 31

March 2014. What differentiates PineBridge is the integration of the on-the-ground knowledge with analytical insights, bridging global and local capabilities to deliver innovative products and solutions that create value for clients.

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®. Principal Global Investors has US$311.0 billion assets under management * with offices in the United States (Des Moines, New York, Chicago), London, Tokyo, Singapore, Hong Kong, and Sydney. Principal Global Investors and its affiliates employ more than 1,300 staff, including 512 investment professionals.

Our multi-boutique strategy enables us to provide an

expanded range of diverse investment capabilities, including equity, fixed income and real estate investments. We also have experience in currency management, asset allocation, stable value management and other structured investment strategies through our network of specialized investment groups and affiliates.

With an integrated global network of offices in 157 countries, PwC’s alternatives professionals provide the comprehensive coverage our clients need to stay at the forefront of industry developments. With more than 13,000 people working in asset management worldwide, we offer unique insights, industry-leading practices and informed perspectives on market trends to an extensive range of blue-chip companies.

Recognising the global nature of the alternatives industry, PwC

offers seamlessly integrated audit, tax and advisory services, allowing a smooth exchange of information, a carefully coordinated delivery and maximum efficiency.

PwC’s alternatives practice is unsurpassed in terms of its knowledge, experience and dedication to the industry. Our market share and size, the reputation of our clients and the quality of our services have established us as the global leaders in our field.

RenAsset Management (formerly known as Renaissance Asset Managers) is a specialist Emerging and Frontier markets institution with leading franchises in Eastern Europe, Turkey, Africa and Global Frontier markets.

With investment offices in London, Moscow, Istanbul and Johannesburg, we combine the investment rigour of the largest names in asset management with the bottom-up stock picking expertise of a local manager.

Russell’s Indexes business began in 1984 to accurately measure U.S. market segments and track investment manager behavior for Russell’s investment management and consulting businesses. The resulting index methodology produced the broad-market Russell 3000® Index and introduced the first small cap benchmark–the Russell 2000® Index. Today, our series of U.S. and global equity indexes reflect distinct investment universes – including asset class, geographic region, capitalisation and style – with no gaps or overlaps.

Russell Indexes offers more than three dozen product families and calculates approximately 700,000 benchmarks daily covering 98% of the investable market globally, 83 countries and more than 10,000 securities. Approximately $4.1 trillion in assets are benchmarked to the Russell Indexes. Russell‘s index data is also used to create a variety of exchange traded products offered through some of the best-known firms in the industry, representing more than $120 billion in assets.

www.neoxam.com

www.northerntrust.com

www.ossiam.com

www.pinebridge.com

www.principalglobal.com

www.pwc.com

www.renasset.com

www.russell.com/indexes

Schroders is a global asset management company with over 200 years of financial experience. We currently manage €262.9 billion on behalf of institutional and retail investors, financial institutions and high net worth clients from around the world, invested in a broad range of asset classes across equities, fixed income and alternatives.

We employ 3500 talented people worldwide operating from 37 offices in 27 different countries across Europe, the Americas, Asia

and the Middle East, close to the markets in which we invest and close to our clients.

Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.

Source: Schroders, all data as at 31 December 2013

www.schroders.com

39


Simmons & Simmons has a highly specialised international asset management and investment funds team. We have experts in fund formation, financial services regulation, trading documentation (including prime brokerage and derivatives documentation), corporate structuring and transactions, litigation, taxation and employment regulation. We have an in-depth understanding of the asset management industry. Recognised by the legal directories and the industry as being one of the leading firms in the sector, we advise: hedge funds, institutional managers, private funds, private equity, infrastructure funds and real estate investment.

We have an alliance with leading US firm Seward & Kissel LLP for hedge fund and asset management work. The alliance combines the strength of pre-eminent hedge fund and asset management practices in London, New York and Hong Kong to offer a top tier combined service for hedge funds and their managers around the world. Clients have immediate access to full service hedge fund and asset management expertise: from fund formation and management, to all advisory services such as regulation, derivatives, corporate structures, tax, litigation, employment, IP, finance, government investigations and transactional services.

SIX Swiss Exchange is the leading independent exchange in Europe. We connect companies from around the world with international investors and trading participants and are an ideal listing location. With the world’s fastest trading

technology X-stream INET we offer our trading participants excellent trading conditions. We maintain a close dialogue with both our domestic and foreign customers and offer them access to a strong global network.

Societe Generale has been playing a vital role in the economy for 150 years and is today one of the largest European financial services groups. At the core of Societe Generale’s universal banking business model, the Global Banking and Investor Solutions pole is a leading international player present in 53 countries with more than 18,000 professionals servicing clients across the following businesses:

- Corporate & Investment Banking with Societe Generale Corporate & Investment Banking - Private Banking with Societe Generale Private Banking - Asset Management with Lyxor Asset Management and Amundi Asset Management - Investor Services with Societe Generale Securities Services and Newedge

Spectra’s FundHive is a new and innovative cloud-based system that allows fund managers and administrators to manage their production complexities with ease. From Fund Reports, Fact Sheets, Prospectus and KIIDS to User Defined Reporting. All from a single source system, that combines static and dynamic data, multi-language content management and full typeset and data file output.

Spectra’s approach of utilising a single source system, provides Asset Managers and Administrators with a fully extensible system that can adapt to regulatory, market or client change, without the need for further development. Spectra’s FundHive provides the only compliance and regulatory reporting system that covers all areas of your business.

Standard Chartered PLC is a leading international banking group, with more than 86,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more information please visit www.sc.com. Hear from Standard Chartered’s experts and comment on our blog at ourviews.sc.com.

Standard Life Investments is a leading asset manager with an expanding global reach. Our wide range of investment solutions is backed by our distinctive Focus on Change investment philosophy, disciplined risk management and shared commitment to a culture of investment excellence. As at 31 December 2013, Standard Life Investments managed €221.3 billion on behalf of clients worldwide. Our investment

capabilities span equities, fixed income, real estate, private equity, multi-asset solutions, Fund-of-Funds and absolute return strategies. Headquartered in Edinburgh, Standard Life Investments maintains a presence in a number of locations around the world including Boston, Hong Kong, London, Beijing, Montreal, Sydney, Dublin, Paris and Seoul.

www.simmons-simmons.com

www.six-swiss-exchange.com

www.societegenerale.com

www.spectrags.com

www.sc.com

www.standardlifeinvestments.com

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $27.4 trillion in assets under custody and administration and $2.3 trillion in assets under management* at December 31, 2013, State Street operates in more than 100 geographic markets worldwide. www.statestreet.com.

* This AUM includes the assets of the SPDR Gold Trust (approx. $31 billion as of December 31, 2013), for which State

Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.

About State Street Global Advisors

State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street Corporation.

www.statestreet.com

40

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StatPro is a global provider of cloud-based portfolio analytics for the investment community. We provide vital analysis of portfolio performance, attribution and risk. Hundreds of investment professionals use our services directly or through a fund administrator/partner to perform sophisticated analysis, reporting and distribution every day.

Our unique value proposition is that you can share your portfolio analysis directly with as many people as you want for no extra cost. This self-service solution has helped our clients

generate more sales, improve their service to their clients and meet tough regulations all for less money.

StatPro has grown its recurring revenue from less than £1 million in 1999 to around £30 million at 30 June 2013 and currently enjoys a renewal rate of approximately 95%. We have operations in Europe, North America, South Africa, Asia and Australia with approximately 450 clients in 36 countries around the world.

For more than twenty-five years, Strategic Insight, an Asset International company, has been at the forefront of thorough, unbiased global fund industry research and business intelligence. Strategic Insight sets the standard for trusted business intelligence and global fund analysis.

We offer the most comprehensive, accurate global fund information available to help our clients direct their efforts wisely and grow their businesses. Our mission is to strengthen the industry and help our clients succeed in the

global marketplace by providing them with the research, data and analytical support they need to identify product and distribution opportunities and make smart business decisions.

From desktop solutions to consulting services, Strategic Insight provides unique, customized solutions to meet the needs of all clients in today’s ever-changing market environment, providing truly global coverage and expertise with analysts on the ground in The Americas, Europe, Asia, and Australia.

Style Research is an independent provider of global investment research and portfolio analysis applications. We specialize in holdings based Style, structure, risk and performance analysis of portfolios, funds and markets and offer a variety of analysis and research services to professional investment institutions worldwide.

Style Research started business in London in 1996 and has

over 350 clients in 25 countries.

Consultants, fund of fund managers, advisors, and investors are able to gain deeper understanding of manager strategies, Styles and investment risk. They can improve diligence and monitoring processes, and also achieve more meaningful communications with their managers, clients and prospects.

SunGard Financial Systems provides mission-critical software and IT services to institutions in virtually every segment of the financial services industry. The primary purpose of these systems is to automate the many detailed processes associated with trading, managing investment portfolios and accounting for investment assets. These solutions address the processing requirements of a broad range of users within

financial services, including asset managers, traders, custodians, compliance officers, treasurers, insurers, risk managers, hedge fund managers, plan administrators and clearing agents. In addition, we also provide professional services that focus on application implementation and integration of these solutions and on custom software development.

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably,

thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

UBS Global Asset Management is a large-scale asset manager with well-diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate, infrastructure

and private equity investment capabilities that can also be combined into multi-asset strategies. The Fund Services unit provides professional services including legal fund set-up, accounting and reporting for traditional investment funds and alternative funds.

UK Trade & Investment is the Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high-quality investment to the UK’s dynamic economy acknowledged as Europe’s best place from which to succeed in global business.

UK Trade & Investment offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage.

www.statpro.com

www.sionline.com

www.styleresearch.com

www.sungard.com

www.swift.com

www.ubs.com

www.ukti-invest.com

Lipper, a Thomson Reuters company, provides independent insight on global collective investments including mutual funds, retirement funds, closed-end funds, ETFs, insurance products, hedge funds, and fund flows. As the world’s leading fund research and analysis organization, Lipper covers over 265,000 share classes in 61 registered for sale

(RFS) universes. We deliver premium-quality data, fund ratings, analytical tools, and global commentary through specialized product offerings designed for investment professionals. Our fund data and commentary reaches millions of investors everyday through newspapers, financial publications and websites. www.lipperweb.com

56

YOUR HEALTH AND SAFETY

IS OUR PRIORITY

SO PLEASE MAKE A NOTE OF

THE FOLLOWING PROCEDURES IN

THE UNLIKELY EVENT OF

AN EMERGENCY

Message in French:“pour des raisons de sécurité merci d’évacuer le bâtiment par les issus de secours les plus proches”.

Message in English:“for security reasons, thank you to evacuate the building by the nearest emergency exit”.

Message in Italian:“per motive di securezza voi preghiamo di prendere le uscite di emergenza”.

When you hear this alarm all people are asked to evacuate the building and join the relevant gathering point which is close to your nearest emergency exit. Once the incident has been

resolved, the fire department Marshall will give authorisation to re-enter into the building.

A fire department o�cer is present during the opening hours of the conference

FIREThe alarm will sound and you will hear a message in three languages (French, English and Italian):

IN THE EVENT OF ILLNESS OR INJURY

Please contact the security department using one of the following numbers:

Internal phone call: 2424

External phone call: +377 99 99 24 24

Stentophones (indicated on the maps put on the walls all over the building)

42

THE PEOPLE BEHIND FUND FORUMINTERNATIONAL

Edward JonesHead of Business Developement Alongside music, he is now (together with his 3 year old son) developing an obsession with Lego and his study is slowly being taken over by ever more elaborate coloured plastic models, placing yet more strain on domestic relations!

Lauren SheppardHead of VIP & Investor Relations I enjoy learning new languages and currently speak English, French and Spanish fluently. I also love all things biology and am totally obsessed with Game of Thrones!

Karen TaylorHead of LogisticsWhen I am not organising events and travelling the world, I am planning my wedding which seems to be a bigger challenge than organising FundForum!

Helen LoweSponsorship & Exhibitions Outside work I love being in the country, horse riding and walking.

Jenny Adams, Editor in Chief When I’m not wild running, I enjoy being up mountains, down rivers and under the sea with my family.

Rachel LewisHead of Sponsorship Logistics A passion for organising, travel and combat classes outside work.

Lis WoodCreative Director A self-confessed tea lover, I enjoy watching strictly - despite having two left feet myself.

Rustum Bharucha, Sponsorship & Exhibitions Outside the office I am a bit of an adrenaline junkie and love racing my motorbike on track days. My other passion is golf which I’m really good at playing very badly.

Amos RojterHead of Digital Media I’m an Aussie disguised behind an EU Passport, and when I’m not at FundForum in my lovely pink shirt, I’m exploring the world. 50 countries visited so far!


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