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"THE FUTURE OF ASSET MANAGEMENT"
Many thanks to Orbis Investments for hosting this symposium.
If you haven't been to a Transparency Symposium before you can use the link below to read testimonials:
When and where is the symposium?
What's it all about?
This Transparency Symposium is an important thought leadership event wholly dedicated to discussing and debating the future of the asset management industry.
The inspiration behind it is the idea that there is so much change happening within asset management that we now need the opportunity to take stock of what is going, pause for thought and reflect, reconsider and refocus on what it is all going to mean at an industry, organisational and individual level.
We’ll be taking a very close look at the forces driving change in the sector and how those forces are shaping its future.
The symposium will feature input from a truly first class line-up of participants including senior representatives from the Financial Conduct Authority and The Pensions Regulator; plus, internationally-recognised thought leaders.
The underlying question the event will seek to answer is:
“What will the asset management industry look like 5 years from now, and why?”
What's the format going to be?
To provide the maximum opportunity for all delegates to get fully involved we have structured the event around hot topic panel sessions that will be useful platforms for sharing thought leadership whilst also enabling lively discussion and debate.
Here’s some information about the panel sessions:
"Purpose, Prudence and Priorities" – a panel that will focus on the key qualitative and existential questions facing the industry:
"The Technology Transformation Tsunami" – a session that will attempt to face up to the inevitable consequences of the awesome power of disruptors and their ability to overhaul the workings of every nook and cranny of the industry:
"Perspectives of Regulators and Policymakers" – a discussion on how regulatory change is impacting the sector from all sides; and how the work of regulators and policymakers will shape its future:
"Why do we need to improve alignment of interests? "– this session will be a constructive critique on the apparent deficiencies of the ad valorem, AUM fee model - Jack Bogle referred to flat fees as the “croupier’s take;” and it will also explore why some Asset Managers are choosing fee structures that seem to better align with the interests of their clients:
"The Leaders’ Perspectives" – a look at where the leaders of the industry’s key trade bodies, professional associations, think tanks and campaign groups want to lead the industry to; and why.
Who's involved so far?
The list below shows the key panel participants so far; others are being added:
Who shouldn't miss this symposium?
This symposium is going to bravely attempt to deal with questions of immense importance to the asset management industry so in many ways it's a not-to-be missed event for anybody that has an interest in the sector.
Furthermore, because we have structured the event around hot topic panel sessions that will enable lively discussion and debate, the event will be a particularly good opportunity for those that want to express their own views as well as having the chance to absorb the insights, experiences and perspectives of others.
We're expecting it to be a very stimulating, engaging and thought-provoking session, which, if all goes to plan will feed many constructive and consensus-based ideas straight into the key Regulators and Policymakers.
This event will be especially valuable to:
What's the Programme?
- Registration, refreshments and networking
- “Welcome: Our Industry’s future & what childbirth can teach us about customer outcomes” - Dan Brocklebank, Head of UK, Orbis Investments
- Andy Agathangelou, Founding Chair, Transparency Task Force
- "Purpose, Prudence and Priorities" – a panel that will focus on the key qualitative and existential questions facing the industry.
- "The Technology Transformation Tsunami" – a session that will attempt to face up to the inevitable consequences of the awesome power of disruptors and their ability to overhaul the workings of every nook and cranny of the industry.
- Awarding of the Transparency Trophy - who will be the winner of this symposium's trophy?
- Lunch and networking
- "Perspectives of Regulators and Policymakers" – a discussion on how regulatory change is impacting the sector from all sides; and how the work of regulators and policymakers will shape its future.
- "Why do we need to improve alignment of interests? "– this session will be a constructive critique on the apparent deficiencies of the ad valorem, AUM fee model - Jack Bogle referred to flat fees as the “croupier’s take;” and it will also explore why some Asset Managers are choosing fee structures that seem to better align with the interests of their clients:
- Refreshments and networking break
- "The Leaders’ Perspectives" – a look at where the leaders of the industry’s key trade bodies, professional associations, think tanks and campaign groups want to lead the industry to; and why.
- Key conclusions, wrap-up and close to the formal proceedings
- Optional complimentary drinks, nibbles and further networking
About the key participants
Director of Competition and Chief Economist,
Financial Conduct Authority
Mary Starks is Director of Competition and Economics, sharing the job with Deb Jones. Together they run the Competition and Economics division at FCA, now 130-strong, with a wide-ranging programme of competition casework underway.
Mary is also the FCA’s Chief Economist.
Previously Mary was a Senior Director at the OFT, where she had worked since 2008. Among other things Mary was responsible for the OFT’s financial services work, and its change programme.
She is an economist by background, and has previously worked at the New Zealand Commerce Commission, NERA Economic Consulting and the Bank of England.
CFA Society of the UK
Will is chief executive of the CFA Society of the UK (CFA UK), a position he has held since 2006. CFA UK represents the interests of 12,000 members of the UK investment profession. The society is one of the largest member societies of CFA Institute and is committed to leading the development of the investment profession through the promotion of the highest ethical and professional standards.
Will leads much of the society's advocacy and engagement work and authored its 2016 report on the 'Value of the Investment Profession'. He is a member of the Diversity Project's steering committee and of the implementation taskforce implementing last year’s recommendations to government on developing impact investing in the UK.
Under Will’s leadership, CFA UK has instituted its annual ethics survey and the Ethical Leadership Programme. He is an affiliate member of CFA Institute and CFA UK.
Catherine joined ShareAction as Chief Executive in 2008. ShareAction coordinates civil society to promote responsible investment across Europe, with a focus on mobilising mainstream institutional investors to support accelerated action by public companies on climate, workforce and food system risks.
She is a member of HM Treasury’s asset management taskforce and of the UK National Advisory Board on Impact Investing. She is a board member of the Scott Trust, owner of The Guardian media group, serving on the Scott Trust’s investment committee.
She was a member-elected trustee of The Pensions Trust, a £9bn pension scheme for the UK’s not-for-profit sector for five years until Spring 2013.
Catherine was recognised by the World Economic Forum as a Young Global Leader in 2014.
Head of Responsibility,
Hermes Investment Management
Reporting into Hermes Investment Management’s CEO, Leon Kamhi is responsible for developing and directing the programme for integrating responsibility across the Hermes group, overseeing its delivery and accountable for its success.
This includes ensuring investment teams are aware of and integrate ESG performance in investment decisions and that engagement is effectively incorporated alongside investment activities. In addition, in this role he oversees and contributes to how the firm’s responsibility activities and performance are integrated into Hermes’ client relationship management and reporting, the delivery of its corporate citizenship programme and the development of responsible structures and processes for the firm. He also leads a number of corporate and public policy engagements.
Previously at Hermes, Leon was responsible for the development and delivery of Hermes EOS’ global corporate and public policy engagement programme from 2012-2016 and acted as its commercial director from 2009-2012.
Prior to that, Leon worked within the Hermes UK Large Cap Focus Fund for seven years, where he was responsible for executing the fund’s engagement programmes. He also has 12 years of strategy consulting and operational industry experience.
Andrew Clare, Professor of Asset Management,
Cass Busines School
Andrew Clare is the Professor of Asset Management and Associate Dean for Corporate Engagement at Cass Business School.
He was a Senior Research Manager in the Monetary Analysis wing of the Bank of England which supported the work of the Monetary Policy Committee. Andrew also spent three years working as the Financial Economist for Legal and General Investment Management (LGIM), where he was responsible for the group's investment process and where he began the development of LGIM's initial Liability Driven Investment offering.
He is the co-author of “The Trustee Guide to Investment”, and has published extensively in both academic and practitioner journals on a wide range of economic and financial market issues.
Andrew serves on the investment committee of the GEC Marconi pension plan; he is a trustee and Chairman of the Investment Committee of the Magnox Electric Group Pension Scheme; and he also serves as an independent member of Old Mutual’s Investment Oversight Committee.
Founder and Director,
Valborg is founder and Director of Borg Consulting, a sustainable investment advisory firm facilitating dialogue on RI practices and ESG integration along the investment chain.
Valborg was head of RI at the Norwegian Government Pension Fund Global (GPFG) from 2005 – 2013, overseeing development and implementation of RI policies and activities. As part of this role, Valborg regularly interacted with the Fund’s manager, NBIM, on issues pertaining to ESG-integration and active ownership, as well as the Council on Ethics for the Fund, on issues pertaining to ethical screening. As a consultant, Valborg dedicates time to develop and leverage an extensive network of institutional investors and SWFs globally to promote and build RI best practice. She has a particular interest in regulatory initiatives defining good stewardship and good corporate governance.
Valborg is educated as a lawyer in Norway. During her 20 years’ work experience across the public, private and international organisation sectors, she has worked with regulatory compliance and implementation of best practice standards in various fields, including customs, international trade and financial investing.
Chief Executive Officer, Aquamarine Capital
Guy Spier is a Zurich-based investor and the author of The Education of a Value Investor.
Since 1997, he has managed Aquamarine’s privately offered investment funds.
Guy previously worked as an investment banker in New York and as a management consultant in London and Paris. He has an MBA from the Harvard Business School, class of 1993, and holds a First Class degree in Politics, Philosophy and Economics from Oxford University.
On graduating from Oxford, he was co-awarded the George Webb Medley prize for the best performance that year in economics.
For most of the last twenty years Daniel held CEO roles at City trade associations -the AIC and the Investment Association, the trade body for the UK’s £5.5 trillion asset management industry.
He is currently a Non-Executive Director of Big Issue Invest Fund Management and Digital Moneybox, a member of Legal & General’s Independent Governance Committee and a member of the Advisory Board of the Ethical Capitalism Group.
Daniel is passionate about the need for investment to refocus away from short-term, index-relative performance towards sustainable wealth creation. He recently tried but narrowly failed to launch a new independent investment trust, The People’s Trust as a vehicle to fulfil this objective.
Dr. Anna Tilba,
Associate Professor in Governance,
Northumbria University School of Law.
Dr. Tilba joined the School in January 2018 from Newcastle University Business School where she was a researcher in Strategy and Corporate Governance and a Director of Corporate Engagement.
She holds a PhD in Corporate Governance from the University of Liverpool Management School. Her main research interests are in pension fund governance, accountability and transparency within the UK Financial Services and institutional investor compliance with the codes of best practice. Anna has a strong record of publications in top tier international academic journals. She also reviews papers for such scholarly journals as Corporate Governance: An International Review, Organization Studies, European Management Review, Business History and her papers appear at various international conferences.
Dr. Tilba has been a member of the Advisory Committee on Fiduciary Duties of Investment Intermediaries for the Law Commission. The Consultation Paper on Fiduciary Duties was commissioned by the Department for Business, Innovation and Skills (BIS) and the Department for Work and Pensions (DWP).
She has also been conducting a research project for the UK Financial Conduct Authority (FCA) into the effectiveness of the oversight committees, which is published alongside the FCA's Asset Management Market Study.
Currently, Dr. Tilba is working with the Best Practice Principles (BPP) for Shareholder Voting Review Group on the BPP Consultation, which follows on from the European Securities Markets Authority’s Report into the application of the BPP.
Dr. Tilba is an Ambassador for the Transparency Task Force.
Head of Industry Liaison,
The Pensions Regulator
Neil and his team are responsible for engaging with suppliers of products, services and advice, as well as employers, regarding their understanding and readiness for workplace pensions reform.
Our aim is to help them fully understand their own or their client’s duties, including the duty to automatically enrol eligible workers into a pension scheme; and the duties of trustees in both the public and private sector.
Neil has over 30 years’ experience in dealing with large companies in both private and public sector. Neil has previously worked as a client director for BT and Siemens, and as a management consultant for PriceWaterhouseCoopers.
Neil has a technology background in computer software engineering, gained after graduating from Exeter University with a Maths & Physics BSc.
Head of UK,
Dan Brocklebank is a Director and Head of UK at Orbis Investments. Having studied PPE at Brasenose College, Oxford he qualified as a Chartered Accountant with Arthur Andersen.
Bitten by the investing bug in the wake of the collapse of the dot com bubble, he joined Orbis Investments in 2002 as part of the investment team. Orbis currently manages approximately $30bn in a small number of primarily equity strategies globally.
For the last 9 years Dan was responsible for Orbis’ team of global industry analysts based in London. At the same time, he has worked with Orbis’ institutional and retail customers to help them understand Orbis’ long-term, fundamental and contrarian investment approach.
Dan has a particular interest in Orbis’ goal of making long-term investing simple and accessible to all and he is a Director of Orbis’ UK retail platform.
Chief Commercial Officer, Calastone
Jon joined Calastone as Chief Commerical Officer in 2014, and leads all commercial market engagement for Calastone’s UK & European business.
Prior to joining Calastone he spent 4 years at BNYMellon as Head of Transfer Agency EMEA & APAC, leading transfer agency services outside of the US. Jon also served on the board of BNYM IL.
Prior to that Jon was the Chief Administration Officer at International Financial Data Services Limited, StateStreet’s transfer agency organisation, for 13 years. Here he had responsibility for all aspects of service to clients.
Insight Financial Research
Andrew has been an analyst and observer of asset management and banking for nearly 20 years.
He set up his own research company ten years ago, building on extensive experience advising blue chip clients at PwC.
Andrew now works with a range of clients including global banks, investment managers and major consultancies. He is a chartered account, a qualified securities analyst and contributes to the work of several finance-related think tanks.
Divyesh worked for Mercer for over 23 years in a variety of roles and was the Global Head of Research when he left in 2013 to join Schroders.
At Schroders Divyesh was Global Head of Product and DC - this involved helping to enhance Schroders’ product strategy across the business with a strong presence both in the Institutional and Retail worlds.
Divyesh returned to Mercer in September 2015 where his role is client consulting and participating in Mercer Investments' thought leadership efforts.
Throughout his career at Mercer Divyesh has worked with many of the largest investors across Europe and the Middle East. He has worked with a number of sovereign wealth funds as well as a number of the big pension funds in the region on a variety of investment issues, ranging from formulating long term strategy to addressing governance related considerations.
Divyesh is a Fellow of the Institute of Actuaries.
Callund Consulting Ltd
Nick is managing director of Callund Consulting, founder and director of Climate Bonds Initiative (CBI) and Radix, the think tank of the radical centre.
Nick is a visiting fellow at Anglia Ruskin University and Cass Business School.
Nick recently won The President’s Award for outstanding contribution to the Actuarial Profession and the Phiatus Award for an actuary who has made the most impressive charitable efforts.
Nick’s book, Finance, Society and Sustainability was recently published by Palgrave Macmillan.
Head of Product & Technology,
Gareth is a director, member of the Executive Committee and heads the product development and technology unit at Colmore.
Prior to joining Colmore, Gareth was a director at Capital Dynamics, one of the largest private asset managers globally, where he was Fund CFO. Previously, he worked in the finance department at Select Service Partner UK Ltd.
Earlier in his career, Gareth worked in IT as an operations director for an OEM provider to the public sector.
Gareth has been a featured speaker at conferences on fee transparency in the Private Equity Industry, and has worked closely on industry initiatives such as the AltExchange Alliance.
In addition, Gareth has numerous collaborations with industry bodies to facilitate data transparency and validation in private assets.
Certifications: He completed his accountancy examinations with the Association of Chartered Certified Accountants (ACCA) in 2009.
Education: Gareth holds a master’s degree in electronic engineering from Durham University.
Head of Customer Insight and Fund Reviews at Legal & General Investment Management
David has responsibility for assessing Legal & General Investment Management’s product range across customer, investment, operational and commercial metrics.
He also manages a customer research programme that helps to identify customer needs and their understanding of investment products. David has 18 years of experience in financial services across distribution, product development and product management.
Most recently he has been working on MIFID II integration, looking at target market assessment and customer appropriateness, as well as assessing the FCA Asset Management Market Study consultation papers and policy statements.
Outside work, David is keen cyclist and a deputy chair of governors at the local primary school his two children attend.
B2E Technologies and
SBC Systems UK
James Markham and his business partner launched their group of businesses in 2002. Within the group, James is managing director for the technology business, currently consisting of SBC Systems (UK) Ltd, established in the UK in mid 2005, and B2E Technologies Ltd, set up in 2014.
He has over 30 years of experience in human resources and the implementation of technology both within the UK and internationally.
Prior to starting his own businesses, James was a partner with Watson Wyatt, a global actuary and HR consultancy, where he was responsible for leading and developing their European e-HR and flex benefits practice, and has held senior roles within the HR and organisation change consultancy practices of PriceWaterhouseCoopers and KPMG, delivering a variety of projects in Europe, Africa, North America and Asia.
He has lectured at MBA level and held research posts at the University of California, Cornell University and Heidelberg University. James has an MA from Cambridge University, and a Masters from Birmingham University.
He is a life fellow of the Royal Society for the Encouragement of Arts, Manufactures and Commerce, and a fellow of the UK Institute of Consulting.
Independent Consultant; and a Leader of TTF's Market Integrity Team
David has been consulting on his own account since 2011 on a number of contracts with national IFA firms and leading insurance and banking organisations.
Previous roles over twenty years with Marsh and Mercer included managing the SW region of Mercer Employee Benefits, consulting, proposition development, and project & change management. Recent contract roles can be broadly described as proposition and change management, focusing on aspects of governance, and bringing change to the delivery of financial services.
Projects managed have included:
David acted as Co-Chair of the FoAE Governance Task Force, played a large part in the production of their Guide to AE, and is now a Lead on the Market Integrity Team of the Transparency Task Force which has been working on a White Paper that helps to identfy potential improvements in the way that Codes of Conduct can be improved; both in their construction and their implementation. This important project has meant liaising with most of the UK's relevent Financial Services trade bodies, professional associations and standards boards.
Andy Agathangelou FRSA,
Transparency Task Force
Andy will be Chairing the Symposium. His overall objective is to galvanise support for the idea that greater transparency in financial services can drive positive, transformational change for the benefit of all.
Andy formed the Transparency Task Force following a meeting he led at Senate House, University of London on 6th May 2015. The meeting was the about the trust deficit that is impacting financial services and how harnessing the transformational power of transparency can drive the change that is needed.
That meeting set off a chain of events that led directly to the creation of our collaborative, campaigning community which is built on the idea that 'Sunlight is the Best Disinfectant'.
Since 6th May 2015 he has recruited, organised and mobilised over 300 volunteers around the world into 13 Teams:
- The Banking Team
- The Foreign Exchange Team
- The Market Integrity Team
- The Costs & Charges Team
- The Scams & Scandals Team
- Team PAM (Progressive Asset Managers)
- Team PISCES (Purpose; Impact Investing; Sustainability; Corporate Social Responsibility; Environment, Social & Governance; Socially-Responsible Investing)
- The Financial Stability Team
- Team APAC
- Team EMEA
- Team Americas
- Team GTI (Global Transparency Index)
- The AE Team
Our 13 Teams are the 'engine room' of the Transparency Task Force's work. Each Team is focused on a particular set of opacity-related challenges whereby subject-matter experts work together on a completely voluntary basis to develop and implement strategies to overcome those challenges.
Andy is also:
How to secure your place at the event
Please note that there is limited availability and all places must be booked in advance - use the link below.
It is a pay-to-attend event: £245 buys a place for one attendee.
If the pricing is genuinely a barrier, let us know and we'll look to discount as necessary - one way or another if the topic is of genuine interest we're keen that you can attend and participate, so if you genuinely need an adjustment to the price get in touch ASAP through:
firstname.lastname@example.org or 07501 460308
Payment can be made through credit card or invoice.
To view the slides used at the event click on the icon below.
You can download the spreadsheet below to view the list of people that were booked on to attend the event
You can download the TTF White Paper entitled "Ideas to help improve the future of Asset Management" below
The Great Divide
You can read the speech by Andrew G. Haldane, FAcSS (the Bank of England's Chief Economist and Executive Director of Monetary Analysis and Statistics) that he gave on 18th May 2016 at the New City Agenda Annual dinner.
The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it.
Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:
..."The most important and compelling message the Bank received at the Open Forum came in the first session. The Bank had conducted some polling of perceptions of the financial sector – for example, by asking people what one word best described the future of financial markets. Among the Bank’s usual contacts, including those in the financial sector, the most used word was “regulated”. Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.
For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. The word most used by them when describing financial markets was a rather different one: it was “corrupt”. Not far behind were words like “manipulated”, “self-serving”, “destructive” and “greedy”. I am sure many of you have heard those messages too. They are certainly ones I have encountered frequently on my visits around the country."...
Please click the green button below to access the full speech. If you need to read another piece first, here it is:
..."At least until recently many economists like me, when faced with this evidence, might have shrugged our shoulders. Social capital had no real role in our models of economic growth, unlike physical capital and human capital. Trust did not butter our parsnips and nor did it enter our production functions.
Recently, however, that orthodoxy has changed and the importance of trust has become clearer.
Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation. At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity.
At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.
Put differently, a lack of trust jeopardises one of finance’s key societal functions – higher growth.
Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. That jeopardises the second key benefit of finance to society – improved risk-sharing by households and companies.
So a lack of trust in finance potentially hobbles both economic growth and financial stability.
That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.
The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being."...
Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:
..." As a survey in 2013 of financial professionals found, rather remarkably, that over half believed their competitors engaged in illegal or unethical behaviour. A smaller, but still high, fraction of 24% believed their own company engaged in such practices. Similar percentages believed their industry did not fulfil its fiduciary function of putting clients’ interests first.
The significance of these findings is not the precise percentages, as striking as these are.
More fundamentally, it is because of what they reveal about finance’s perception of itself, the mirror it holds to the social identity of finance."...
Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:
If you are not already on the right page and want to read about our major international project to help rebuild trustworthiness and confidence in financial services, click on the orange button below: