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 firstname.lastname@example.org