An interview with Inside Careers. JB\'s manifesto for fund analysis, not quite.

1. SENIOR PROFILES WWW.INSIDECAREERS.CO.UK/BAN
Scottish Widows - Fund Monitoring Manager movements, preparing regular reports and
engaging the business. The framework then
multi-manager fund or consultancy one day and
bring together what I’ve learned. My immediate
supports the existing business, governance ambition is to introduce a ‘game-changer’ into the
and proposition development. To be effective fund platform space.
“For over ten years I have been proud to call myself a fund analyst but it wasn’t in monitoring any large platform means being
disciplined and avoiding fire fighting at all costs. Academically, I hope to pass exams set by the
an easy path to take.” Read Jon’s profile to see how his career has developed and Chartered Institute for Securities & Investment
how he ended up as a Fund Monitoring Manager for Scottish Widows. Why is fund governance important? (CISI) and the Chartered Financial Analyst (CFA)
Fund governance is all about understanding the professional bodies; and at 37 I still like to think
way funds are set up and run. It’s about checking I can achieve a doctorate one day. Lastly I try to
When I started fund analysis it was still a relatively obscure whether fund managers follow mandates correctly support CISI, as an external specialist and member
discipline, but has since gained much deserved credo and perform in a manner expected. For example, of the Scottish CISI committee, and hope to
through the rise in governance and regulation. Firstly, how much risk are they taking, are there unusual do more in the future. All this and hopefully to
through the FSA’s Retail Distribution Review, which will investment patterns or significant changes in the fund relocate to the North West coast of Scotland,
shake-up how investment providers work with advisers composition or process? The objectives of mutual for a loch-side view and perhaps a return to the
and how advisers serve customers. Secondly, through fund managers cannot be easily aligned to individual adviser sector.
‘Treating Customers Fairly’, which sets out increased levels clients. Therefore, a huge element of trust is created
of responsibility for how funds are sold to investors and between customers and providers and we need to What are your interests outside of work?
how they perform afterwards. monitor funds on behalf of our clients. I still like to paint; although I can’t remember the
last time I did. In addition I love classic cars and
Why did you choose a career in Fund Analysis? What do you enjoy most about your job? I am still working on my old race car for some
JoN ‘JB’ BeCkeTT When I graduated from university I wasn’t anywhere near I knew from my academic days that I was not long overdue track time. I do genuinely enjoy
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top of my class and at the time, as now, there were too many really a ‘numbers’ person (I actually wanted to fund analysis and I have a long running research
SCoTTISH WIDoWS go to art college and become an artist). It’s my paper covering investment behaviour and buying
graduates for too few opportunities. I started out as a ‘temp’
for Scottish Widows, one of the biggest employers in Scotland. creative side that provides a different perspective patterns, which I hope to publish soon.
2001 when attributing data, developing methodology,
Arguably you could say I fell into Finance but later discovered
Investment Manager/Para-planner, solving problems or finding solutions. Do you have any advice for anyone wanting
fund analysis in the financial adviser sector. Now, I am back at
JRG Financial to get into the industry?
Scottish Widows (Lloyds) but this time things are very different.
Pragmatically speaking I try to understand the A good fund analyst needs to have a broad range
2003 logic behind the metric more than the maths. It of skills:
What is a typical day like for you?
Senior Fund Analyst, Franklin is early days but what I am currently enjoying is
When I am setting up a new monitoring platform, it can
Templeton bringing innovative fund analysis into a traditional • Investment management and economic
be organised chaos to begin with. A monitoring platform
is much like any multi-manager product, just a lot bigger. setting. What I enjoy the most is solving puzzles understanding.
2008 Instead of adding and subtracting funds through asset or complex queries - ‘root-cause analysis’. • Feel for the marketplace and customer
Product Manager (Europe, allocation, it’s all about ensuring the platform has the right trends.
CEEMEA & Americas), Franklin balance of funds for our customers. It’s about diversification What have you found to be most rewarding? • Be quantitatively proficient.
Templeton and creating a competitive proposition. Thinking back I would say my favourite role • Understand the human element in portfolio
was working for a small consultancy in my 20s, management.
2009 In monitoring, we track performance, risk, sales activity and selecting funds and allocating assets, holistically, • Have plenty of curiosity and a healthy dose
Intelligence Analyst, Standard Life other metrics for over 1,000 funds, and inform the business for clients. There was the huge responsibility of lateral thinking.
Group as necessary. There is so much to do from the cost-benefit of choosing the right funds and asset mix for • Be objective, professional and ethical at all
of new systems, speaking to linked fund managers, answering the client, to work with the adviser to ensure times.
2010 day to day queries, identifying stakeholder needs; not to needs and the right return-risk profile was met.
Fund Monitoring Manager, Lloyds/ mention understanding the funds themselves. The sheer size However, there was also the huge satisfaction Initially try out a range of research roles, while
Scottish Widows of the current platform makes it quite a different challenge when you got it right. I have learned so much studying with a relevant body like the CISI or
to those I’ve created before. Being able to adapt is a must. since then but even now I look back and can say the CFA, find a fund analysis team and work
truthfully that the service we offered imbued your way up. Go the extra mile by learning both
As things settle down then good fund analysis is all about many of the features being proposed today. professionally and academically, logging continuous
the framework - looking at the whole platform top-down. professional development through a recognised
This starts with checking your quantitative screening What would you like to achieve in the future? scheme. Lastly, if you are really interested in fund
and the overall shape of the platform by flagging key My long-term aim hasn’t really changed since analysis then perhaps consider an easier path
first analysing funds in 2000, I still want to run a down south. 