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  1. AIMSE 18TH ANNUAL CONFERENCE - EDUCATIONAL SEMINAR Career Development SKILLS NEEDED FOR MARKETERS Kim Yates, Director Asset Management Practice, Principal Search 1st February 2006

  2. AGENDA • How did we arrive at where we are? A look at some major events that have changed the asset management industry • Career management – how can you maximise your potential in an increasingly specialist market….

  3. HISTORY OF ASSET MANAGEMENT • Late 19th century: Investment Trusts • 1931: M & G Launch first UK Unit Trust • 1970s: Development of Pension Fund Management • 1980s: Dramatic Growth of Mutual Funds • 1990s: Growth of AUM, economies of scale, acquisitions by banks and insurance companies • 2001-03: The Perfect Storm • Present & Future: Horses for Courses

  4. Growth of UK Pension Assets 1963 - 2004 Source: ONS, UBS

  5. Projections for total UK Pension Assets Source: UBS Global Asset Management estimates based on data from National Statistics, Inland Revenue, Association of British Insurers

  6. Internationalisation of US Pension Plans Source: InterSec Research

  7. WHERE DID IT ALL BEGIN? • Companies asked their bankers to help manage pension assets in the early days hence the dominance of the merchant banks – Warburg (subsequently Mercury/MLIM), Schroders, Morgan Grenfell, Flemings, Hill Samuel • Independent managers (Henderson, Geoffrey Morley, GT) challenged the merchant banks and the business development function emerged in the early 80s

  8. THE BUSINESS DEVELOPMENT FUNCTION GROWS UP • The development of business development skill and practice were largely learned from the US • Management of Consultant Relations • Development of dedicated RFP teams • Direct Sales Activity • Training for Beauty Parades

  9. THE BUSINESS DEVELOPMENT FUNCTION GROWS UP • Sales initially called “marketing” • By 1990 • Sales and marketing differentiated • Dedicated consultant relations function • Late 90s • Balanced to Specialist trend well advanced • Product Champions introduced to support sales of multiple specialist products

  10. CLIENT RELATIONSHIP MANAGEMENT IS INTRODUCED AS A SEPARATE FUNCTION • Previously undertaken by a combination of investment managers and back office administrators • Large firms such as MLIM and Schroders split the investment teams around 2000 • CRMs now recognised as a critical function requiring specialist skills and knowledge • Revenue generation is now an important part of the CRM function



  13. CLEAR DISTINCTION OF MANUFACTURING AND DISTRIBUTION – An Opportunity for You • Success = Superior Investment Performance + Strong Client Relationships • Power base of distribution has increased enormously since it took “ownership of clients” • Business management skills largely held in distribution – the role of CEO is now in sight

  14. RAPPROCHEMENT OF RETAIL AND INSTITUTIONAL • Historically retail was regarded as the poor relation • But margins are good and it is growing fast • Patterns of distribution are changing “pushing product via IFAs is no longer the name of the game” • Key distributors need sophisticated levels of technical service as well as highly commercially tuned business management skills • Skills needed for wholesale distribution are closer to those in the institutional market • Remuneration for retail sales directors has now pushed ahead of their institutional counterparts

  15. SKILLS NEEDED FOR SALESMEN AND WOMEN • “They are never prepared enough about our fund and most of the time waltz in and say “tell us about your fund.” I expect more, there are dozens of publications to tell them about our fund” • “It is extremely variable, too often sales people don’t have the level of detailed knowledge which we need” • “25% are the good ones – they distinguish themselves by understanding our needs and have more technical knowledge” • “Quality is variable and you know within 5 minutes whether they are knowledgeable” • “Some are more subtle than others, subtlety being a virtue!” • – “Variable quality, either very good or very bad”

  16. PENSION FUND SURVEY - CLIENT SERVICING • Good quality client servicing is a basic requirement • “I take it as read that we should have accurate and timely reporting” • “We would soon let them know if there were things that we were not • getting from them” • “My manager was strong in client service but they did not invest • enough and fell behind” • Competitive advantage comes from adding value over and above the service level agreement • “We should be leveraging on the experience of our managers on a • whole range of issues where they have something significant to say” • “ A CRM is great as a focus but not as a block…post Myners we need • to know much more” • “We noticed much greater efficiency in having one central • contact…we were always bothering the fund manager before”

  17. SKILLS NEEDED FOR SALESMEN AND WOMEN What our clients say they want… • Personal attributes • Communication skills, including language ability • Ability to listen • Technical investment knowledge • Enthusiasm, energy • Flexibility, entrepreneurial spirit • Stature, maturity, credibility • Self-motivation, self-starters, team players • Results driven, natural salesman

  18. SKILLS NEEDED FOR SALESMEN AND WOMEN What our clients say they want… • Professional qualifications/experience • Compliance – IMC, CFA • Technical product knowledge at an increasingly sophisticated level • Market knowledge – pensions practice and legal/regulatory framework, local influences • Personal Contacts

  19. SKILLS NEEDED FOR SALESMEN AND WOMEN - What my clients and your clients do not want… • Product push • Over-promise, under-deliver • Delivery of something other than what they bought • Meetings/calls for the sake of it – if you don’t have anything to say, don’t say it, think of something • Off target sales • Over-spending on the sales process • Desperation!

  20. AND FINALLY CAREER TIPS….. • Work hard • Demonstrate, don’t claim • Do what you are asked to do and do what you say you will do • Don’t take it personally and don’t get intimidated • What you don’t ask for, you don’t get • Manage your clients’ and your boss’ expectations • Don’t jump from job to job • But move jobs occasionally to enhance job status and remuneration • Network • (and be nice to headhunters, you never know when you might need them) • Enjoy your work, be proud of what you do