...but here's some initial information:
About the name 'Team PAM'.
The P is for Progressive, the A is for Asset; the M is for Managers.
So Team PAM is primarily for asset managers that have a progressive outlook.
The overall purpose of this new community is to facilitate collaboration between asset managers that have a more enlightened and progressive approach than most.
The initiative has been triggered by the publication in the UK of the Financial Conduct Authority’s Asset Management Market Study Final Report which was presented by the FCA’s Becky Young and Robin Finer (senior FCA executives within the Regulator’s Competition Department) at our Transparency Symposium on 5th July, in London.
Member firms will be those that are already completely comfortable with high levels of transparency on costs and charges so they are well-suited to operating in the ‘Post Final Report World’. They will also possess one or more of these attractive characteristics:
- Enlightened leadership
- Being orientated to the idea of the capital markets being a ‘force for good’
- Striving to deliver high value for money for their clients
- An evidence-based approach
- Advanced use of technology
- An inclusive ownership structure, such as mutuality
- Having a fee structure that aligns with clients’ interests
- Being focused on the longer term
- A determination to serve their clients’ best interests wherever possible.
We have already had two monthly conference calls and it has become very obvious very quickly that there is much to be gained through collaboration.
The firms being attracted to this initiative do not fear each other or the Regulator; they are confident in the inherent strength of their offerings and are already working to high ethical standards.
Members so far include Sparrows Capital, IG Group, Vontobel Asset Management, eVestor, The People's Trust, Natixis Global Asset Management, Scaleable Capital and Hermes Investment Management, so take-up has already been terrific. As with all our communities it will be down to Founder Members to agree objectives and the best strategies to achieve them. Any firm that has a pro-transparency and pro-client way of working is welcome to get involved as Founder Members too.
There is no joining or membership fee or anything like that at all; members will just find ways to work together to help improve the way the sector as a whole operates (and is seen to operate); whilst of course not breaching any Competition Law rules.
Team PAM is all about displaying values-based leadership for the greater good, and understanding how ‘enlightened self-interest’ can work so positively in the real world. We think Team PAM will make a great deal of sense for its members - culturally, commercially and reputationally; and apart from anything else it should be very useful for networking.
Naturally, membership is open to active and passive managers because being tribalistic about such issues would just get in the way of progress. Our view is that the supply-side is far too complex and nuanced to be looked at in overly-simplistic, binary terms.
Our aspiration for Team PAM is that it helps to accelerate the culture-change that is now taking place in the industry; just as the FCA’s Market Study most certainly will. Culture is key. Members of Team PAM will be challenging themselves to consistently display behaviour that will help to rebuild trust in the sector as a whole. All experienced, right-minded asset management professionals ought to want to do that.
Of course, if you were to participate and subsequently decide ‘it’s not for you’ that’s fine; there’s no contractual commitment of any kind - just think of Team PAM as a collaborative self-help group, working together for the ‘greater good’ and adjusting to the ‘Post Final Report World’ as best they can.
The Transparency Task Force is proud to be facilitating this positive initiative through which all parties stand to gain.
Please get in touch through:
Who's involved so far?
Details about Team PAM's Founder Members can be downloaded through the link below. You will see that as well as Asset Managers it includes organisations that are well placed to support the work that Team PAM undertakes.
How will Team PAM operate?
That's a simple one to answer:
Members of Team PAM join a monthly conference call, but there is no expectation that you will join every call - just make the ones that are convenient for you. These calls are always held on the first Thursday of the month, starting at 16:00 and ending at 17:00 (UK times). The dial-in details for the calls are always as follows:
Dial in: 0333 44 33 44 3 Room number: 78371389# PIN: 7188#
We use a very inexpensive facility called WhyPay.
If you want to become a member of Team PAM please get in touch so we know to expect you on one of our calls.