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Kim Yates Presentation Education Conference Feb 06


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Kim Yates Presentation Education Conference Feb 06

  1. 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. 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. 3. HISTORY OF ASSET MANAGEMENT <ul><li>Late 19th century: Investment Trusts </li></ul><ul><li>1931: M & 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 & Future: Horses for Courses </li></ul>
  4. 4. Growth of UK Pension Assets 1963 - 2004 Source: ONS, UBS
  5. 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. 6. Internationalisation of US Pension Plans Source: InterSec Research
  7. 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. 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. 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. 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>
  13. 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. 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. 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. 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. 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. 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. 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. 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>