Team PAM

The P is for Progressive; the A is for Asset; the M is for Managers; so Team PAM is for asset managers that have a progressive outlook. The overall purpose of this community is to facilitate collaboration between asset managers that have a more enlightened and client-centric approach.


The Team was launched on 5th July 2017 at our Transparency Symposium dedicated to the Financial Conduct Authority’s Asset Management Market Study, Final Report. The Final Report was highly critical of many parts of the Asset Management Sector. However, it would be completely wrong to assume that all Asset Managers operate in the manner that the FCA were highly critical of. In fact, many operate in a highly transparent and client-centric way. These are the organisations that are leading the way and they are already well-suited to the Post Final-Report era. They welcome the regulatory activity that is underway because they are aligned with its overall purpose – to create a fair, efficient and competitive market that will provide better value for money to savers and investors. 


Members of Team PAM will be totally comfortable embracing transparency and will 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.


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.


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.


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.


The Transparency Task Force is proud to be facilitating this positive initiative through which all parties stand to gain. 

Who's involved so far?


You can view the members of Team PAM and all our other Teams, and our Ambassadors by downloading the spreadsheet that you can access through this link; scroll to the bottom of the page.


If you would like to know more, please contact me through


Thank you!

TTF Press Release regarding Team PAM
TTF Press release regarding Team PAM.pdf
Adobe Acrobat document [1.4 MB]

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:

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