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  • What we see is that Confidence in the bank's long term stability is ABSOLUTELY VITAL to bank buyers in their consideration process for bank selection. With 54% stating “Confidence in the bank's long term stability” is “always important” with a score of “5” on the 5 point scale. This is followed by: The people and relationship side with 37% giving it the highest rating Knowledge and expertise in your sector with 33% giving it the highest rating possible Scale and international presence 13% highly rated in importance Innovative and adaptive with 11% and Offering a wide range of products / advice in a range of areas JUST 8% This is ESPECIALLY interesting when we explore how these attributes scores have evolved over the past 3 waves of Bank Image surveys NEXT
  • What we have here is the 3 years of data. 2007 BI was done July 3 –Sept 9 2007 2008 BI was done Oct-Dec 2008 2009 Aug-Sept 09 1 Thing to note is that Prior to 2008, we did not have an attribute of “Confidence in the bank's long term stability – However we did have BANK REPUTATION…a close proxy. We replaced the BANK REPUTATION with “Confidence in the bank's long term stability” in 2008 and 2009. So notice “Confidence in the bank's long term stability continues to be the DOMINANT factor of importance – I had suspected that we would have seen some decline in this factor during this latest wave…given (SHALL I SAY) the stabilization in the banking industry…or maybe the RELATIVE RECOVERY we have been experiencing compared to last years Q4…BUT THAT IS NOT WHAT BUYERS ARE TELLING US. ALSO – notice the next 2 most imp attributes… The people and relationship side AND Knowledge and expertise in your sector BOTH continue to see declines in those who give it the highest scores for importance. FINALLY - Innovation and Wide Range of products - Although they were NEVER Key Criteria of importance….they continue to be of LESSER importance. NEXT
  • In the summer of this year, we carried out our latest wave of the “C-suite Sentiment” study which looked at the attitudes of senior corporate decision-makers to doing business over the coming months. As we saw earlier, their optimism about the state of the global economy has improved dramatically BUT their trust in business partners and suppliers across all sectors as we can see here, declines in all areas.
  • Corporate leaders seem to be recognising the increasing importance of advertising and communications. In fact, advertising is regarded the most important factor to the business strategy in the next 6 months.

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  • Worldwide Professional Investment Community Study 2009 /10 (PIC)
        • Study of the world’s most senior Professional Investors
    Alex Fumagalli Senior Research Executive May 2010
  • Contents
    • Background – what the PIC study is
    • Methodology
    • Importance of PIC study & areas covered
    • Audience composition
    • Market sentiment – what C-Suite level executives think about the current market situation
    • Top line media consumption results – Print & Online
    • Summary of findings
  • What is PIC 2009/10? Overall, PIC provides insights of the composition of the professional investment community worldwide as well as measuring media consumption of this audience. The Erdos & Morgan Worldwide Professional Investment Community study has been conducted biennially since 1987. The eleventh in the series, the survey targets a universe of individuals from the buyside in companies with a minimum of US$100 million under management serving one of the following five functions: Analyst Chief Investment Officer Director of Research Head of Trading Portfolio Manager Universe: 41,386 (Sample size: 3,956)
  • Methodology The sample was obtained from Ipreo* and the study was conducted entirely in English An e-mail invitation was sent to the entire sample on September 22, 2009 asking them to participate in the online survey. This was followed up with reminder invitations. Fieldwork was completed by December 22, 2009 A total of 14,148 individuals received an invitation to participate. By the study closing date, 3,956 useable questionnaire had been received. This represent a net effective response rate of 33.7% *Ipreo replaces Thomson Financial as study’s sample supplier
  • Why is this study important?
    • The survey is the only source of media information on the most important 41,000 asset fund managers worldwide and is therefore an invaluable planning tool
    • The study has been running for more than 20 years
    • PIC is now firmly established as the premier Global survey at reaching this “hard to reach” audience
    • It covers the top end of this audience in a reliable way, with a very robust sample size
    • For the first time, it now measures website data
  • Areas Covered
    • Job Function
    • Type of Firm
    • Total Assets Firm Has Under Management
    • Total Equity Assets Firm Has Under Management
    • Value of Funds Personally Managed or have influence over
    • Types of funds Personally Managed or have influence over
    • Investment Orientation
    • Investment Style
    • Industries Covered/Followed
    • Media Consumption
  • Audience composition
  • PIC Audience
    • Not many of them, only 41,386, but…
    • They manage/influence total Assets worth
    • US $49,422,750,711,808 [ US $49.4 trillion ]
    • On average they manage/influence Assets worth
    • US $1,214,390,272 [ US $1.2 billion ]
  • Universe composition & YoY change Universe: 57,285 Universe: 41,386 Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] Note: PIC 2009/10 shows a drop of 28% in total population. While it is possible that this difference might be caused by using two different study’s sample suppliers, this appears to be in line with expectations given current marketplace realities
  • Universe composition – Type of firms The vast majority of the PIC universe (91%) is made up by Mutual or Hedge Fund firms Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]
  • Value of assets managed by the PIC audience by region United States Total assets mngd: US $19 trillion Avg per person: US $864 million UK/ROI Total assets mngd: US $9.4 trillion Avg per person: US $1.7 billion Europe ex UK/ROI Total assets mngd: US $11.1 trillion Avg per person: US $1.5 billion Asia Pacific ex Japan Total assets mngd: US $6.1 trillion Avg per person: US $1.8 billion Japan Total assets mngd: US $1.7 trillion Avg per person: US $2 bn Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]
  • Despite the fact that the total value of Asset Funds managed has decreased, the average value of Asset Funds managed has remained unchanged Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] USA Cont Europe UK/ROI Asia/Pacific (ex Japan) Japan Not surprisingly the value of Total Asset Funds managed by the PIC audience has declined from 2007/08 mainly due to a decrease in total audience. What hasn’t changed is the value of those who make up the PIC audience Global - 36% - 50% - 40% - 22% +2% -43% Total Assets mngd (US$ Trillion) Avp per person (p.p). (US$ Billion) n/c -4% +7% n/c +13% n/c
  • Market Sentiment…
  • ‘ Confidence in the bank’s long term stability’ - Trust - is the most important attribute when choosing a firm to work with Q. Now thinking of when you are working with banks, please rank how important these attributes are when choosing a firm to work with? Base: All global respondents (131)
  • In 2007, Trust was at the same level as Innovative and Adaptive is today Q. Now thinking of when you are working with banks, please rank how important these attributes are when choosing a firm to work with? % stating “5” (highly important) Base: All global respondents (131)
  • % Decrease Trust % Increase Trust Q. Over the past year, how has the level of trust in your lead provider in the following categories changed? Trust levels – changes in past 12 months Source: Financial Times “Global C-Suite Sentiment Survey” 2003 to 2009 June 23-July 17 2009 470 total respondents Trust in all areas has been decimated
  • Q.Over the next year, do you expect the following categories of providers to become more or less critical to your business strategy? Marketing/PR- critical to success All respondents % Less critical % More critical Most critical to success of business strategy Source: Financial Times “Global C-Suite Sentiment Survey” 2003 to 2009 June 23-July 17 2009 470 total respondents
  • Most Credible Media Owner
  • The FT is regarded as the most Credible media owner by the most influential* professional Investors on the survey This is a reflection of the FT high quality journalism and independence. Credible in its reporting of financial & economic issues Source: PIC 2009/10 [Universe 2,533 – Sample 282] *Those who personally manage asset funds worth US $5billion or more
  • Top-line media consumption
  • Global Reach Print (AIR) Websites (visited yesterday) The FT is now the third most read publication on this study, up 3 positions from the 2007/08 study, overtaking BusinessWeek, Bloomberg Markets and the Institutional Investor in the process FT.com is the 4 th most visited site by professional investors worldwide and it is the 3 rd most visited print websites Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]
  • Survey on Survey Coverage Change The FT is the only title to increase coverage amongst this set of titles Reach % change (2007/08 – 2009/10) 12.0 12.3 Time 12.4 12.9 Investor’s Business Daily 15.9 16.6 Pensions & Investments 22.2 22.5 Financial Analysts Journal 22.6 23.4 Fortune 23.8 24.2 The New York Times 24.2 26.4 Forbes 28.1 29.2 Barron’s 30.1 34.9 BusinessWeek 33.8 34.9 Institutional Investor 33.9 35.1 Bloomberg Markets 34.5 33.7 Financial Times 40.2 40.1 The Economist 59.1 59.2 The Wall Street Journal (WW) 2009/10 2007/08   % Reach  
  • Global ex USA Reach Print (AIR) Websites (visited yesterday) Source: PIC 2009/10 [Universe 19,244 – Sample 3,141]
  • European Reach Print (AIR) Websites (visited yesterday) The FTN’s dominance in Europe is evident. The FT reaches 35% more professional investors than the nearest competitor, the Economist… FT.com is the website of choice for the majority of professional investors in Europe Source: PIC 2009/10 [Universe 12,962 – Sample 2,252]
  • Continental Europe Readership Print (AIR) Websites (visited yesterday) The FT reaches more professional investors than any other title in Continental Europe too. The FT reaches 27% more professional investors than the nearest daily competitor The WSJ Europe. FT.com is the press title’s website of choice for the majority of professional investors in Continental Europe Source: PIC 2009/10 [Universe 7,535 – Sample 1,678]
  • UK Reach Print (AIR) Websites (visited yesterday) The FT reach is even more pronounced in the UK where the FT reach is greater than the combined reach of all the UK quality dailies namely, The Times, The Daily Telegraph, The Guardian and The Independent FT.com is the most visited website by the professional investment community in the UK, reaching 68% more professional investors than the nearest website guardian.co.uk Source: PIC 2009/10 [Universe 5,527 – Sample 574, includes ROI]
  • Asia/ Pacific Readership Print (AIR) Websites (visited yesterday) … The FT has also maintained its position as the number 4th most read title in the Asia/Pacific region, reaching 1 in 4 of all professional investors in this region ahead of many regional titles … and 1 in 5 visit FT.com. FT.com is the second most visited website in the Asia/Pacific region Source: PIC 2009/10 [Universe 4,546 – Sample 687]
  • USA Reach Print (AIR) Websites (visited yesterday) The FT has maintained its position in the USA, reaching 1 in 4 professional investors in this region… 1 in 10 professional investors in the USA visit FT.com Source: PIC 2009/10 [Universe 22,142 – Sample 815]
  • Asset Funds managed: Comparison between total and average - GLOBAL Total assets mngd [US $trillions] Avg. assets mngd [US $billions] Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] FT readers manage total Asset Funds worth US$18.9 trillion - 38% of total Asset Funds managed by the PIC audience. FT readers manage, on average, US$1.3 billion – 9% higher than the average Study average
  • The Law of the vital few Pareto principle, also known as “The law of the vital few” ( Pareto’s 80/20 rule states that consumption (or wealth, power etc) is concentrated in a small number of individuals. It usually holds that 20% of people consume 80% of a product) Although the PIC community, as a whole, represents a very powerful group of Professional Investors, only a small portion of this audience operates within large enough firms that would allow them to personally manage the biggest Asset Funds…
  • 8%* (3,366) out of the total PIC audience (41,386) control 25% [ US $12trillion ] of total Asset Funds On average , they manage Asset Funds worth US $3billion . This is almost 3 times as large as the average Asset Funds managed by the average PIC respondent The Vital Few *This 8% vital few are those who personally managed US $1billion or more AND operate in those firms with US $10billion or more under management
  • Source: PIC 2009/10 [Universe 3,366 – Sample 527] Which media owner is the most effective at reaching “The Vital Few”?
  • Summary
  • Summary The FT is regarded as the most credible publication by the most influential professional investors on the survey The FT continues to be one of best read publications as well as websites among this audience. Additionally, the FT is the most read publication by institutional investors in the UK and Europe . Not to be outdone, FT.com is also the most read/visited website in the UK and Europe Out of the 10 top titles on this study the FT is the only publication to show an increase in reach The FT has improved its reach of this important market worldwide since 2007/08, and now has the 3 rd highest coverage of all titles measured on the survey and the 3 rd highest coverage of all publications’ websites.
  • Appendix
  • Same Methodology, different study’s sample supplier There has been a change in study’s sample supplier. The new supplier, Ipreo, replaced the previous (2007/08) study’s sample supplier Thomson Financial. Ipreo, it was found, offers a richer and more robust dataset overall. PIC 2009/10 shows a drop of 28% in total population (from 57,285 in 2007/08 to 41,386 in 2009/10). While it is possible that this difference might be caused by using two different study’s sample suppliers, this appears to be in line with expectations given current marketplace realities.
  • Global reach of top “News-organisations” (Print and Online)
  • European Readership
  • Continental Europe Readership ..and The FT reaches more professional investors than any other title in Continental Europe too. The FT reaches 27% more professional investors than the nearest daily competitor The WSJ Europe.
  • UK Readership The FT reach is even more pronounced in the UK where the FT reach is greater than the combined reach of all the UK quality dailies namely, The Times, The Daily Telegraph, The Guardian and The Independent
  • USA Readership The FT has maintained its position in the USA, reaching 1 in 4 professional investors in this region…
  • Asia/ Pacific Readership … The FT has also maintained its position as the number 4 th most read title in the Asia/Pacific region, reaching 1 in 4 of all professional investors in this region ahead of many regional titles