Your SlideShare is downloading. ×
0
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Kim Yates Presentation Education Conference Feb 06
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Kim Yates Presentation Education Conference Feb 06

757

Published on

Fashion, apparel, textile, Fashion, apparel, textile, merchandising, garmentsmerchandising, garments

Fashion, apparel, textile, Fashion, apparel, textile, merchandising, garmentsmerchandising, garments

Published in: Business, Lifestyle
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
757
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. AIMSE 18 TH ANNUAL CONFERENCE - EDUCATIONAL SEMINAR Career Development SKILLS NEEDED FOR MARKETERS Kim Yates, Director Asset Management Practice, Principal Search 1st February 2006
  • 2. AGENDA <ul><li>How did we arrive at where we are? A look at some major events that have changed the asset management industry </li></ul><ul><li>Career management – how can you maximise your potential in an increasingly specialist market …. </li></ul>
  • 3. HISTORY OF ASSET MANAGEMENT <ul><li>Late 19th century: Investment Trusts </li></ul><ul><li>1931: M &amp; G Launch first UK Unit Trust </li></ul><ul><li>1970s: Development of Pension Fund Management </li></ul><ul><li>1980s: Dramatic Growth of Mutual Funds </li></ul><ul><li>1990s: Growth of AUM, economies of scale, acquisitions by banks and insurance companies </li></ul><ul><li>2001-03: The Perfect Storm </li></ul><ul><li>Present &amp; Future: Horses for Courses </li></ul>
  • 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? <ul><li>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 </li></ul><ul><li>Independent managers (Henderson, Geoffrey Morley, GT) challenged the merchant banks and the business development function emerged in the early 80s </li></ul>
  • 8. THE BUSINESS DEVELOPMENT FUNCTION GROWS UP <ul><li>The development of business development skill and practice were largely learned from the US </li></ul><ul><ul><li>Management of Consultant Relations </li></ul></ul><ul><ul><li>Development of dedicated RFP teams </li></ul></ul><ul><ul><li>Direct Sales Activity </li></ul></ul><ul><ul><li>Training for Beauty Parades </li></ul></ul>
  • 9. THE BUSINESS DEVELOPMENT FUNCTION GROWS UP <ul><li>Sales initially called “marketing” </li></ul><ul><li>By 1990 </li></ul><ul><ul><ul><li>Sales and marketing differentiated </li></ul></ul></ul><ul><ul><ul><li>Dedicated consultant relations function </li></ul></ul></ul><ul><li>Late 90s </li></ul><ul><ul><ul><li>Balanced to Specialist trend well advanced </li></ul></ul></ul><ul><ul><ul><li>Product Champions introduced to support sales of multiple specialist products </li></ul></ul></ul>
  • 10. CLIENT RELATIONSHIP MANAGEMENT IS INTRODUCED AS A SEPARATE FUNCTION <ul><li>Previously undertaken by a combination of investment managers and back office administrators </li></ul><ul><li>Large firms such as MLIM and Schroders split the investment teams around 2000 </li></ul><ul><li>CRMs now recognised as a critical function requiring specialist skills and knowledge </li></ul><ul><li>Revenue generation is now an important part of the CRM function </li></ul>
  • 11. INSTITUTIONAL BUSINESS STRUCTURES - Model 1
  • 12. INSTITUTIONAL BUSINESS STRUCTURES - Model 2
  • 13. CLEAR DISTINCTION OF MANUFACTURING AND DISTRIBUTION – An Opportunity for You <ul><li>Success = Superior Investment Performance + Strong Client Relationships </li></ul><ul><li>Power base of distribution has increased enormously since it took “ownership of clients” </li></ul><ul><li>Business management skills largely held in distribution – the role of CEO is now in sight </li></ul>
  • 14. RAPPROCHEMENT OF RETAIL AND INSTITUTIONAL <ul><li>Historically retail was regarded as the poor relation </li></ul><ul><li>But margins are good and it is growing fast </li></ul><ul><li>Patterns of distribution are changing “pushing product via IFAs is no longer the name of the game” </li></ul><ul><li>Key distributors need sophisticated levels of technical service as well as highly commercially tuned business management skills </li></ul><ul><li>Skills needed for wholesale distribution are closer to those in the institutional market </li></ul><ul><li>Remuneration for retail sales directors has now pushed ahead of their institutional counterparts </li></ul>
  • 15. <ul><li>“ 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” </li></ul><ul><li>“ It is extremely variable, too often sales people don’t have the level of detailed knowledge which we need” </li></ul><ul><li>“ 25% are the good ones – they distinguish themselves by understanding our needs and have more technical knowledge” </li></ul><ul><li>“ Quality is variable and you know within 5 minutes whether they are knowledgeable” </li></ul><ul><li>“ Some are more subtle than others, subtlety being a virtue!” </li></ul><ul><li>– “ Variable quality, either very good or very bad” </li></ul>SKILLS NEEDED FOR SALESMEN AND WOMEN
  • 16. PENSION FUND SURVEY - CLIENT SERVICING <ul><li>Good quality client servicing is a basic requirement </li></ul><ul><ul><li>“ I take it as read that we should have accurate and timely reporting” </li></ul></ul><ul><ul><li>“ We would soon let them know if there were things that we were not </li></ul></ul><ul><ul><li>getting from them” </li></ul></ul><ul><ul><li>“ My manager was strong in client service but they did not invest </li></ul></ul><ul><ul><li>enough and fell behind” </li></ul></ul><ul><li>Competitive advantage comes from adding value over and above the service level agreement </li></ul><ul><ul><li>“ We should be leveraging on the experience of our managers on a </li></ul></ul><ul><ul><li>whole range of issues where they have something significant to say” </li></ul></ul><ul><ul><li>“ A CRM is great as a focus but not as a block…post Myners we need </li></ul></ul><ul><ul><li>to know much more” </li></ul></ul><ul><ul><li>“ We noticed much greater efficiency in having one central </li></ul></ul><ul><ul><li>contact…we were always bothering the fund manager before” </li></ul></ul>
  • 17. SKILLS NEEDED FOR SALESMEN AND WOMEN What our clients say they want… <ul><li>Personal attributes </li></ul><ul><ul><li>Communication skills, including language ability </li></ul></ul><ul><ul><li>Ability to listen </li></ul></ul><ul><ul><li>Technical investment knowledge </li></ul></ul><ul><ul><li>Enthusiasm, energy </li></ul></ul><ul><ul><li>Flexibility, entrepreneurial spirit </li></ul></ul><ul><ul><li>Stature, maturity, credibility </li></ul></ul><ul><ul><li>Self-motivation, self-starters, team players </li></ul></ul><ul><ul><li>Results driven, natural salesman </li></ul></ul>
  • 18. SKILLS NEEDED FOR SALESMEN AND WOMEN What our clients say they want… <ul><li>Professional qualifications/experience </li></ul><ul><ul><li>Compliance – IMC, CFA </li></ul></ul><ul><ul><li>Technical product knowledge at an increasingly sophisticated level </li></ul></ul><ul><ul><li>Market knowledge – pensions practice and legal/regulatory framework, local influences </li></ul></ul><ul><ul><li>Personal Contacts </li></ul></ul>
  • 19. SKILLS NEEDED FOR SALESMEN AND WOMEN - What my clients and your clients do not want… <ul><li>Product push </li></ul><ul><li>Over-promise, under-deliver </li></ul><ul><li>Delivery of something other than what they bought </li></ul><ul><li>Meetings/calls for the sake of it – if you don’t have anything to say, don’t say it, think of something </li></ul><ul><li>Off target sales </li></ul><ul><li>Over-spending on the sales process </li></ul><ul><li>Desperation! </li></ul>
  • 20. AND FINALLY CAREER TIPS….. <ul><li>Work hard </li></ul><ul><li>Demonstrate, don’t claim </li></ul><ul><li>Do what you are asked to do and do what you say you will do </li></ul><ul><li>Don’t take it personally and don’t get intimidated </li></ul><ul><li>What you don’t ask for, you don’t get </li></ul><ul><li>Manage your clients’ and your boss’ expectations </li></ul><ul><li>Don’t jump from job to job </li></ul><ul><li>But move jobs occasionally to enhance job status and remuneration </li></ul><ul><li>Network </li></ul><ul><li>(and be nice to headhunters, you never know when you might need them) </li></ul><ul><ul><li>Enjoy your work, be proud of what you do </li></ul></ul>
  • 21. &nbsp;

×