The first definitive guide to the rapidly expanding multi-manager industry. More than 20 leading practitioners (including product providers, distributors, private and institutional investors, trustees and consultants) provide you with a global overview of the industry.
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'Showing impeccable timing and impressive insight, this Euromoney book looks in detail at the workings of multi-management and explores how and why it has become an irresistible force set to dominate the investment world.'
From the Foreword by Steve Delo Chairman ofAssociation of Institutional Multi-Manager Investing.
The first definitive guide to the rapidly expanding multi-manager industry.
More than 20 leading practitioners (including product providers, distributors, private and institutional investors, trustees and consultants) provide you with a global overview of the industry:
Who are the major players?
What is the value-added of multi-management and does this outweigh the fees?
What are the balances that investors must strike when investing in multi-management?
Includes special sections on asset allocation, due diligence and risk control for each investor class. Also covers legal and regulatory issues.
Development of the industry
Why invest in multi-manager funds?
Manager of managers versus fund of funds
Total Expense Ratios
Issues for pension funds, insurers, trustees and other institutional investors
Issues for high-net-worth individuals
Benchmarking and indexation
Liability driven investment
Performance measurement and risk control strategies
Legal and regulatory issues
Published March 2006.
Other titles edited by Sohail Jaffer:
Alternative Investment Strategies (published 1998)
Funds of Hedge Funds (published 2003)
Islamic Asset Management: Forming the Future for Shari'a-Compliant Investment Strategies (published 2004)
Islamic Retail Banking and Finance: Global Challenges and Opportunities (published 2005)
Table of Contents
Foreword Part I: The growth of multi-manager investing
Ch 1: Introduction to the multi-manager marketplace - Sohail Jaffer, FWU Group
Ch 2: The evolution of the multi-manager industry - Thomas Marsh and Ken Yap, Cerulli Associates
Ch 3: The growth of European assets under multi-management- Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment
Ch 4. “The Great Debate”: Manager of manager funds vs funds of funds - Philippe D'Orgeval, AXA
Part II: Benefits and costs of multi-manager investing
Ch 5: What are the benefits of multi-manager investing? – Shashank Kothare, Russell Investment Group
Ch 6: The benefits, misperceptions and rationale for the multi-manager approach – Tony Earnshaw, Northern Trust Global Advisors
Ch 7: The performance of multi-manager funds – problems and solutions for investors - Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment
Ch 8: Investing in high conviction portfolios: the Australian experience - John Owen, MLC
Ch 9: Impact of fees: tracking the total expense ratio of multi-manager funds - Ed Moisson, Lipper Fitzrovia
Part III: The perspectives of investors in multi-manager funds
Ch 10: Multi-manager investing for pension funds, insurers and other institutional investors - Andrew Slater, SEI Investments
Ch 11: The use of manager of managers funds within unit linked life and pension products in Europe - Angus Duncan, Aon
Ch 12: Investment issues for family offices in multi-manager funds – Richard Howard, Fleming Family & Partners
Ch 13: Investing in multi-manager funds: issues for high net worth investors - Praveen Jagwani, Standard Chartered
Ch 14: Overcoming behavioural biases in multi-manager investing - Steven Bleiberg, Legg Mason
Part IV: Investment, management and operational challenges
Ch 15: Manager of manager funds versus funds of funds: A comparison of operation processes - Pierre Carras
Ch 16: Fund administration: why selecting the right administrator is essential for a successful fund -Pierre Carras
Ch 17: Multi- manager investing in equity mutual funds: a private bank perspective - William Ramsay and David Steiger, EFG
Ch 19: Tracking the Index : how do you do it? - Robert A. Jaeger and Keith L. Stransky, EACM
Part V: Performance measurement and risk control
Ch 20: Performance measurement issues from an institutional investor's perspective - Tom Hoffman, Managers Investment Group Ch 21: Risks of multi-manager fund selection: the due diligence process- Nancy Curtin, Fortune Asset Management
Ch 22: Performance measurement from the administrator's perspective - Marcus West, Aon
Ch 23: How to manage the currency risk in multi-manager long-only portfolios - Mathieu Gilbert, Rothschild and Fernando Pablos Contreras, ETS
Part VI: Legal, regulatory and taxation issues
Ch 24: Compliance issues for Multi-Manager Funds - Andrew Bates, Dillon Eustace Ch 25: Investing in multi-manager funds: key legal and regulatory considerations for investors - Andrew Bates, Dillon Eustace
Ch 26 : Multi-manager investing from a UK trustee's perspective - Nicholas Harries, Macfarlanes
Ch 27: Multi-manager issues affecting trustees - Daniel Martineau, Close Trustees Ch 28: Multi-manager investing and the taxation dimension - Ali Kazimi, Ernst & Young
In Part 1, ‘The growth of multi-manager investing’, we consider the growth of multi-manager funds and the assets under management.
In Chapter 1, Sohail Jaffer, the Lead Editor, introduces the multi-manager market-place, and describes some of the key issues that have driven its development including the different types of multi-manager long only products available, the shift towards open investment architecture, the positive impact of UCITS III Product directive in Europe and the benefits of pooling for the long term savings market segment. Benjamin Phillips from Cerulli Associates describes the evolution of the multi-manager industry in Chapter 2, illustrating its growth, and constraints. This is followed by Patrick Armstrong and Ana Cukic-Munro from Insight Investment, who describe in Chapter 3 multi-manager investment in Europe in the context of pressure on investors from non-traditional assets, hedge funds, and the benefits, and constraints of multiple-asset investment. In Chapter 4, Philippe Orgeval, from AXA draws some conclusions from the debate within the multi-manager universe – should investors proceed by the way of manager-of-manager, or fund-of-fund portfolios or indeed adopt a hybrid approach to multi-manager investing.
In Part II, we consider the question of the additional value that multi-management can provide. Value for the additional layer of fees is the constant leitmotif in managed fund investment, and in this section of the book, we bring together a number of different perspectives. Shashank Kothare from Russell Investment Group opens the debate in Chapter 5 by enunciating the key benefits to investors of the multi-manager approach. Tony Earnshaw from Northern Trust continues the discussion in Chapter 6, elaborating on what is best practice for pension funds, how to ensure that they get the best from the philosophy of multi-management, how to find the specialists, and how to get the best from the fee structure. In Chapter 7, Patrick Armstrong and Ana Cukic-Munro from Insight Investment describe the performance of multi-manager funds, and how they can provide solutions, but also drawbacks, to investors. John Owen, from MLC, provides us with the Australian perspective in Chapter 8. He considers the benefits of a high-conviction strategy alternative in multi-manager investing, where the specialist managers are retained who include only their preferred stocks, without ‘fillers’ to balance the portfolio. This part concludes with a discussion from Ed Moisson at Lipper Fitzrovia, in Chapter 9, who discusses the total expense ratio of multi-manager funds now required by European regulators – how actually do fees impact on fund performance?
Part III specifically concerns investors in multi-manager funds, both institutional investors and high net worth individuals. In Chapter 10 Andrew Slater at SEI considers the specific issues that institutional investors, including pension funds and insurers but also charities and foundations, need to consider, particularly in the light of pension deficits in the UK. Further, he addresses the issues of what are the institutional requirements for multi-management, and in what cases can they benefit from outsourcing investment management. In Chapter 11, Angus Duncan from Aon discusses the use of multi-manager funds specifically within unit-linked life and pensions products. In Chapter 12, Adrian Bramier-Jones from Fleming Family & Partners considers the specific investment issues affecting the decision to use multi-manager funds by family offices. Praveen Jagwani at Standard Chartered discusses investment issues for high net worth investors in Chapter 13, considering the issues that would drive high net worth investors to multi-manager investment. In Chapter 14, Steven Bleiberg and Legg Mason consider the behavioural biases of these individual investors, and why multi-managed funds provide some comforting solutions.
In Part IV, we consider investment, management and operational issues from the perspective of the multi-manager fund manager. We begin with two chapters from Pierre Carras, who in Chapter 15, provides a comparison of the operational processes in manager-of-manager and funds-of-funds He follows this in Chapter 16 with a discussion on fund selection, and why selecting the right administrator is essential for a successful fund. Chapter 17, David Steiger and William Ramsay at EFG consider multi-manager investing from the perspective of a private bank, and discuss how to select the right fund and how to change funds. Paul Osborne at Bramdean describes liability-driven investment structures in Chapter 18 and using the liabilities of a pension scheme at the centre of an investment strategy to improve the risk profile of an investment scheme. He discusses the role of multi-managers within this.
In Chapter 19, Robert Jaeger and Keith Stransky from EACM consider the use of multi-manager portfolios within a single asset class, and the potential to create a single portfolio with acceptable levels of tracking error against the index.
In Part V, we consider specific issues of performance measurement and risk control. Tom Hoffman at Managers Investment Group considers the compelling issues of performance measurement in Chapter 20, discussing the impact of fees, the use of benchmarks, how to analyse different styles and the results of multi-manager funds next to the fund universe across a variety of fund classes. This is followed by Nancy Curtin at Fortune Asset Mangement who, in Chapter 21, discuses the due diligence process in manager selection and what are the strategies to be adopted to ensure effective risk control. Chapter 22, Marcus West at Aon discusses roles, responsibilities and interdependency of the main service partners within a manager of managers structure. Finally, in Chapter 23, Mathieu Gilbert from Rothschild discusses the issue of currency risk involved in multi-manager investing – the vast expansion of cross-border buying of funds, fund of fund managers are now subject to considerable foreign exchange risk.
The final section of this book, Part VI, discusses the regulatory and taxation issues affecting investors, managers and trustees. We begin with two chapters from the lawyers, Dillon Eustace. In Chapter 24, Andrew Bates from that firm, discusses the compliance issues that affect the selection of managers, designing mandates, and due diligence checklists. Andrew follows this in Chapter 25 with a discussion of the regulatory framework applicable to manager of manager funds and funds of funds in the two largest European investment jurisdictions – Ireland and Luxembourg. In Chapter 26, Nicholas Harries from Macfarlanes discusses the regulatory issues affecting UK trustees. In Chapter 27, Daniel Martineau from Close Trustees considers the more general trustee issues. Finally, to close the book, in Chapter 28 Ali Kazimi from Ernst and Young looks at the taxation dimension to multi-manger investing.
About the Author
About the Editor
Sohail Jaffer Sohail Jaffer is a Partner and CIO within the FWU Group, the international financial services group headquartered in Munich. FWU Group’s core activities comprise asset management, life insurance (Family Takaful and unit-linked investment plans) and pensions.
As Managing Director of Premium Select Lux SA, an asset management subsidiary of FWU AG in Luxembourg, his responsibilities include fund product development, the evaluation and selection of external asset managers for multi-manager programmes and building international distribution across bank and other financial intermediary channels for a broad array of private label wealth management solutions including a Dynamic Quant global equity investment strategy and socially responsible investment products.
From June 1998 until June 1999 he was Senior Vice President within the International Mutual Funds Group of Scudder, Stevens and Clark Ltd, based in London and responsible for international product development in Europe and Japan. From 1989 to 1998 Mr Jaffer worked in Citibank London. He was with the Financial Institutions Group until 1996 and later was Director within Citibank’s Alternative Investment Strategies Group, which formed part of Citibank Global Asset Management. His responsibilities included international business and product development, designing structured fund products linked to a broad spectrum of alternative investments, and the sales and marketing of a wide range of Alternative Investment Funds to institutional investors in Europe and the Middle East region. He is a UK qualified accountant (FCCA) and was an Audit Partner with PricewaterhouseCoopers.
A Council Member of the Alternative Investment Management Association (AIMA) for the Benelux region, he was also Chairman of AIMA for two consecutive terms from 1997 to 2000. He is also an active member of AIMA’s Investment Research Committee. He has written extensively on alternative investments throughout the financial media, and is the editor of Alternative Investment Strategies, Funds of Hedge Funds for Professional Investors and Managers, Islamic Retail Banking and Finance and Islamic Asset Management, all published by Euromoney books. Sohail is a member of ALFI’s Asset Management Advisory Committee and of ALFI’s Hedge Fund Committee. ALFI is the Association of the Luxembourg Fund Industry.
About the Contributors
Patrick Armstrong Patrick Armstrong joined Insight Investment in November 2003. Patrick is Head of Fund and Manager Selection at Insight Investment Multi-Manager responsible for selecting potential investment managers and funds for Insight's multi-manager offering, as part of a highly-experienced multi-manager team. Patrick's expertise lies in assessing the strength of managers' investment processes, and their ability to consistently outperform. Patrick was previously Head of Fund and Manager Selection at UBS in its Managed Accounts Programmes Group. Prior to this Patrick was an equity analyst at Deutsche Bank Securities, focusing on the energy sector. Patrick holds a Bachelor of Commerce degree in Finance and Economics from the University of Saskatchewan and an MBA from the Rotman School of Management at the University of Toronto. He is also a CFA charter holder.
Andrew Bates Andrew Bates is a Partner and Head of Financial Services at Dillon Eustace, one of Ireland’s leading law firms, where his areas of practice cover cross-border investment funds, asset management and life assurance. He is a member of the Irish Law Society and International Bar Association and is a regular speaker at fund management conferences and contributor to financial services related publications. Andrew also sits of the boards of several fund and asset management groups. Dillon Eustace has offices in Dublin, Tokyo and Boston and has an alliance with Arendt & Medernach, Luxembourg.
Steven Bleiberg Steven Bleiberg is Head of the Global Investment Strategy Group at Legg Mason, managing the firm’s multi-asset class products across a variety of client bases. Steven held the same job at Citigroup Asset Management (CAM) prior to Legg Mason’s acquisition of CAM in December 2005. Before joining CAM, Steven worked at Credit Suisse Asset Management (CSAM), where he was a portfolio manager and Chairman of CSAM’s Global Equity Strategy Group, joining in 1991. From 1989 to 1991, he was a portfolio manager at Matrix Capital Management in Greenwich, Connecticut. From 1984 to 1989, Steven was a research associate in the US Equity Department of BEA Associates. He holds a BA in Government from Harvard University and an MS in Finance from the Sloan School of Management at MIT.
Pierre Carras Pierre Carras is a fund director (non-executive), and a consultant to the asset management industry. He has over 20 years’ experience in financial services. From 2000 to 2001, he was Group Executive Director in charge of risk control and compliance for Fortis Investment Management. From 1987 to 1997, he was Resident Vice President with Citibank Luxembourg in the securities business and treasury where he achieved integration of compliance and risk, costing and financials, and product development for the fund administration business. He holds an MBA from Thunderbird in Phoenix, Arizona.
Fernando Pablos Contreras Fernando Pablos Contreras is the head of Research and Development of ETS, an independent investment adviser. Fernando joined ETS in 1999 to set up the currency overlay models. After receiving a diploma in Industrial Engineering in 1997 from the Madrid Polytechnic University, he worked as project manager at S&K GIS developing quantitative models for logistics, route planning and population distribution projects.
Dr Ana Cukic-Munro Dr Ana Cukic-Munro joined Insight Investment in November. Ana is Head of Portfolio Strategy and Construction responsible for overseeing portfolio strategy and construction of Insight's multi-manager offering, as part of a highly-experienced multi-manager team. Ana's expertise lies in enhancing alpha through effective portfolio strategy and construction. Ana previously held a similar role at UBS for three years, heading portfolio construction within the UBS Managed Accounts Programmes Group. Prior to joining UBS, she worked as a portfolio analyst at Fisher Francis Trees and Watts, specialising in futures and fixed income trading. Ana began her investment management career at Coutts & Co as an investment analyst. Ana holds a PhD in Quantitative Economics and an MBA in Finance from Imperial College, London.
Nancy Curtin Nancy Curtin is Chief Investment Officer of Fortune Group, a London-based alternative asset management firm. Nancy has over 20 years’ experience encompassing senior roles in asset management. Between 1993 and 1999 Nancy held a number of positions at Baring Asset Management including Head of Emerging Markets, member of European Investment and Asset Allocation Team as well as member of the Board of Baring Asset Management. In 1999 Nancy was appointed Managing director of Schroders Investment Management NA and Head of Global Investments. A US citizen residing in the United Kingdom, Nancy graduated from Princeton and Harvard Business School. Angus Duncan Angus Duncan is Sales Director at Aon Asset Management with overall responsibility for the retail business. Angus joined Aon Asset Management in 2004 and has over 18 years experience in retail financial services having held various positions in the fund management industry and in the life and pensions industry. Angus entered the financial services industry after six years in the army. He has in turn been an independent financial adviser, a sales director for retail fund management groups and latterly Head of Investment Sales at Skandia Life responsible for all investment sales communication.
Tony Earnshaw Tony Earnshaw is Managing Director of Northern Trust Global Advisors Ltd and Chairman of the European Investment Committee. He was also founder Chairman of the Association for Institutional Multi Manager Investing. Prior to joining Northern Trust in 1998 he spent 20 years as a pension consultant, with responsibilities including business management and investment manager review and monitoring. He obtained his BA in Social Science in 1975 and is a Fellow of the Pensions Management Institute.
Mathieu Gilbert Mathieu Gilbert is Head of the Currency Overlay Department of La Compagnie Benjamin de Rothschild S.A. (CTBR), a member of the LCF ROTHSCHILD Group, specialising in risk management services. CTBR handles all currency overlay services provided by the Group. Mathieu joined the Group at the beginning of 2000 to develop and run the currency overlay activity. Mathieu holds a post-graduate diploma in Finance from the Paris-Dauphine University and a masters degree in Risk Management, Nicholas Harries Nicholas Harries was called to the Bar in November 1995. He practised from Chancery chambers in Lincoln's Inn until January 2001, following which he spent two years in the private client tax department at one of the big four accountancy firms. He joined the private client department at Macfarlanes in April 2003 and requalified as a solicitor in July 2005. His main area of expertise is trusts – including the relevant UK taxation principles (particularly concerning offshore trusts), drafting and technical points of trust law. Nicholas is the author of a chapter in Tolley's Administration of Trusts on the creation of trusts, the editor of the tax planning chapter of Foster's Inheritance Tax and a contributor to Simon's Direct Tax Service.
Tom Hoffman Tom Hoffman is Head of the Investment Research Group at Managers Investment Group (Managers) that oversees the research and analysis of all portfolios and portfolio managers available through Managers. He is a senior member of the firm’s Investment Committee. Tom joined The Managers Funds (predecessor to Managers) in 1994 as a senior investment analyst. Prior to that, he worked for four years as an investment analyst at Liberty Asset Management Company in Boston, and before that with KPMG Peat Marwick in its Investment Supervision Consulting Group. Tom is a Chartered Financial Analyst and holds an MBA in Finance from New York University’s Leonard N. Stern School of Business and a BA from Lehigh University in 1985.
Richard Fitzalan Howard Richard Fitzalan Howard joined Robert Fleming Holdings in 1975 and has over 25 years’ experience as an investment analyst and fund manager. He was based in Fleming’s New York office from 1979 until 1982 and again from 1987 to 1990, when he became President of Fleming Capital Management and was responsible for setting up Fleming’s US fund management business. He returned to London in 1990 and implemented asset allocation for UK Pension Funds over a five-year period. In 1995 he was appointed to head the Charities Division. Richard joined Fleming Family & Partners in 2000 as CEO of FF&P Asset Management. He is a Director of JPMorgan Fleming Smaller Companies Investment Trust and a trustee of several charities.
Robert A. Jaeger Bob is Vice Chairman and Chief Investment Officer of EACM Advisors LLC, a wholly-owned subsidiary of Mellon Financial Corporation. EACM is a fund-of-funds manager serving a global group of institutional clients. EACM's expertise embraces both hedge funds and high alpha long only managers. In 1984, Bob became one of the founding members of the investment management team that eventually developed into EACM. Prior to entering the investment business Bob was a member of the faculty at Yale University and at the University of Massachusetts at Amherst. Bob holds a B.A. from Princeton University, a B.Phil. from Oxford University, and a Ph.D. from Cornell University. He is the author of All About Hedge Funds (McGraw-Hill, 2002).
Praveen Jagwani Praveen Jagwani has had a banking career spanning 14 years across consumer finance, credit, private banking and investment management. He joined the Indian operations of the ANZ Banking Group upon completion of his MBA and worked with them in India, Australia and Bahrain. In 1999, he joined Standard Chartered Bank in Dubai and was instrumental in building the wealth management business throughout the Middle East. A Chartered Financial Analyst, he currently manages the product function for Wealth Management at Standard Chartered Bank at their corporate headquarters in Singapore.
Ali Kazimi Ali Kazimi is Head of Operational Taxes at Ernst & Young LLP. His professional experience in financial services spans over 15 years during which he has worked with leading financial institutions and professional advisory firms. He is a graduate chartered accountant, a member of the Association of Corporate Treasurers and a member of the Securities & Investment Institute. Ali is a frequent conference speaker on a range of tax issues including securities lending and derivatives, pension pooling, custodial structures and stamp duties. He has considerable experience of lobbying and negotiating with international taxation authorities.
Shashank Kothare Shashank Kothare has been the Director of Investment Communications for Russell Investment Group in London since May 2005, responsible for the Europe, Middle East and Africa (EMEA) region. He leads a team of communications specialists and is also responsible for the web team which manages Russell’s extranet site and a range of client sites for the region. Shashank joined Russell in London in May 1999. Prior to this, he worked in the pensions consultancy of Aon Consulting for six years. Shashank holds a BSc in Pure Mathematics from the University of Warwick in 1993 and became a Fellow of the Institute of Actuaries in 2000.
Thomas Marsh Thomas Marsh is Director at Cerulli Associates responsible for business development, marketing, and client management for both US and international markets. Previously at Cerulli, he held the role of Senior Analyst, assembling research reports focusing on retail and institutional fund management industries outside the United States. Prior to joining Cerulli, Tom spent five years covering the asset management industry as a journalist for Institutional Investor Inc.’s newsletter division. During that time, he served as Managing Editor of Money Management Letter and Managing Editor of Global Private Banking. Tom holds a bachelor’s degree in English Literature and Journalism from the State University of New York at Albany.
Daniel Martineau Daniel Martineau is Managing Director and Founder of Close Trustees (Switzerland) SA (‘CTS’). CTS is a joint venture between the senior management group in Geneva and Close Brothers Group plc, a merchant bank based in the UK. The company acts principally as a genuinely independent trustee as it is not tied to any Close Brothers Group investment manager. Daniel previously worked in management positions first onshore with leading trust companies in Canada and then offshore with trust companies in Nassau, Jersey and Geneva. A graduate of the University of Western Ontario in London, Canada, he subsequently earned his Master of Business Administration at the University of Miami. He is accredited as a member of the Trust Companies Institute in Canada, is a chartered member of the Financial Planning Institute of Canada and a member of the Society of Estate and Trust Practitioners (STEP).
Ed Moisson Ed Moisson has overall responsibility for communications at Lipper Fitzrovia, a firm specialising in fee and expense research for collective funds, covering European and offshore markets. Ed joined Fitzrovia in 1999 and has spoken at the European Commission’s UCITS Contact Committee, the OECD’s Committee on Financial Markets, and IOSCO’s Committee on Investment Management. Previously Ed was head of research at a UK property firm. His original background was in the arts, gaining an MPhil from Cambridge University and a BA from the University of York.
Philippe d’Orgeval Philippe d’Orgeval is Chief Investment Officer at AXA. Prior to joining AXA Multimanager, Philippe was Head of Brokerage with Zebank. Prior to this, he was a financial analyst with Pargesa and a European equity portfolio manager with Rothschild Asset Management in Paris. Philippe graduated with an MA in Finance from ESSEC and a BA in Economics and Finance from Paris IX Dauphine University. He also holds a post-graduate degree in Economics and Finance from Orleans University and is a Chartered Financial Analyst.
Paul Osborne Paul Osborne is Head of Sales and Marketing at Bramdean Asset Management, and one of the founding partners. After gaining extensive experience in managing fixed-income portfolios for a wide range of global clients, Paul moved into senior sales positions with WestAM and Lombard Odier. His passion for the multi-manger approach began with SEI Investments and he aims to deliver leading-edge solutions for investors with Bramdean. Paul is a graduate of Trinity College, Oxford and has an MBA from Warwick Business School.
John Owen John Owen is a Research Analyst at MLC Investment Management in Sydney, Australia. He joined MLC in 1994 and became a member of MLC Investment Management in August 1998 with responsibility for the research of incumbent and prospective Australian equities, UK equities and listed property managers. In 2005, he was appointed as Head of the Retail Communications Team within MLC Investment Management. His investment career commenced in 1979 when he joined The Sydney Stock Exchange as a company analyst. In 1985 he joined Westpac Investment Management where, for ten years, he managed Australian equity portfolios and was Head of Westpac's Australian equities research team.
William Ramsay William Ramsay is Chief Investment Officer of EFG Bank. Prior to joining EFG in 1998, he was head of Private Investor Products and Services at Rothschild Asset Management in London. William joined Morgan Grenfell & Co Limited as a graduate trainee in 1979, where he managed unit trust and pension fund assets from 1981. In 1986 he joined NM Rothschild Asset Management, where he headed up the Rothschild Private Investor operation from 1995. He joined EFG in 1998, initially as Managing Director of the London bank’s asset management arm. He was a member of the UK Government’s pensions regulator, the Occupational Pensions Board, from 1989-97, and became a member of the Securities Institute in 1993. An economist by training, he holds degrees from London and Brunel University.
Phillip Silitschanu Phillip Silitschanu serves as Editor of The Cerulli Edge™—Global Edition, Cerulli Associates’ monthly research publication focusing on issues and trends facing the global financial services industry. Prior to joining Cerulli, Phillip was a Senior Analyst at Brown Brothers Harriman’s International Corporate Actions group. Formerly, Phillip worked at State Street Bank in Boston. Phillip is fluent in several languages, including English, French, Portuguese, and Spanish. He earned an MBA from Babson College, and a BS in Finance from Boston University.
Andrew Slater Andrew Slater is Director of Institutional Strategy at SEI Investments, with responsibility for advice provided to UK, Continental European and South African institutional clients. Additionally, and most recently, he is at the forefront of the development of SEI’s global proposition to pension plans and their corporate sponsors. Andrew joined the London office of SEI Investments in January 2001. Prior to this, he worked for eight years at PricewaterhouseCoopers. He has a first-class MA degree in mathematics from Cambridge University, is a Fellow of the Institute of Actuaries and a Chartered Financial Analyst.
David Steiger David Steiger is the manager of EFG Bank’s Luxembourg and Swiss-regulated regional equity mutual funds. He was promoted to his current role shortly after the merger between EFG and Banque Edouard Constant, which he had joined three years earlier. Prior to that, David worked for Credit Suisse Private Banking, joining as a graduate trainee in 1994 and becoming a portfolio manager and member of the US Investment Team responsible for the stock selection in several sectors. David is a CIIA and holds a Federal Diploma for Financial Analysts and Portfolio Managers and is a member of the SFAA. He holds a BA in Business and Administration from HEC Lausanne.
Keith L. Stransky Keith is an Executive Vice President at EACM Advisors LLC. He is also the Senior Portfolio Manager of EACM’s Long-Only Multi-Manager Program and has been with the firm and its prior affiliate, Evaluation Associates, for over 23 years. Keith was one of the founding members of the investment management team that eventually developed into EACM. Prior to joining EACM, Keith was a Technical Director at Hamilton, Johnston & Co., Inc. He holds a B.A. from Queens College, C.U.N.Y., a M.S. from New York University, and earned his Chartered Financial Analyst designation in 1984.
Shiv Taneja Shiv Taneja is Director, Asia-Pacific at Cerulli Associates. Based in Singpore, Shiv plays a key role in supporting the firm’s flagship global research initiatives, including Cerulli Global Update and The Cerulli EdgeTM—Global Edition. Shiv’s analyses focus on the Asian and Australian retail and institutional asset management industries, with specific emphasis on product development and distribution trends. Shiv also actively participates in Cerulli’s international consulting assignments. Prior to his current assignment, Shiv spent four years in London conducting European research initiatives for Cerulli. Before joining Cerulli, Shiv managed the London-based commercial consulting unit for Standard & Poor’s Fund Services. Previously, Shiv served as Personal Finance Editor for the Business Times in Singapore. Shiv holds a masters degree in Commerce (development finance) and a bachelor’s degree in Commerce (accounting and finance), both from the University of Bombay.
Marcus West Marcus West joined Aon Asset Management in 2002 having worked for Gissings, a firm of Actuaries and Pension Consultants, and Hays plc. Marcus is primarily responsible for the ongoing monitoring of the outsourced activities undertaken on behalf of Aon Asset Management and acts as a key operational interface between Aon and the Administrator, Custodian and Investment Managers. In addition, he plays a key role in the successful oversight of the appointed managers for the Norwich Union Manager of Managers Retail Funds, to whom Aon is the appointed Investment Adviser. Marcus holds the IMC, the Global Operations Management paper and the Fund Management paper of the Securities and Investment Institute.
Ken Yap Ken Yap is a Director at Cerulli Associates responsible for overseeing Cerulli’s US and non-US quantitative research initiatives. His experience encompasses detailed market and competitive analysis of non-US asset management industries. He is one of the lead analysts of Cerulli Global Update, and has contributed to a number of Cerulli Reports™, including International Managed Accounts, Asian Distribution Dynamics, European Platform-based Distribution, and Italian Mutual Fund Advisory (GPF) Portfolios. Prior to joining Cerulli, Ken was a consultant at a UK-based consultancy specialising in the telecommunications industry. He has a bachelor’s degree in electrical engineering from National University of Singapore and an MBA from Cambridge University.