1. RESUME
ALAN MURRAY HARMER
e-mail luseq2@gmail.com
PROFILE
A senior executive with extensive experience in capital markets in banking, broking and funds
management. Roles have been a mixture of research, management and marketing and have
included postings in Sydney, New York, London, Tokyo, Paris Riyadh and Mauritius. Has
managed portfolios of international equities, property, fixed interest and forex with consistent, top
quartile performance. Extensive experience in financial planning and advice (has Masters of
Commerce in Financial Planning – distinction average). Strong leadership and people skills.
CAREER HISTORY
2004 – 2010 Chief Executive Officer
Maxxim Pty Ltd – Melbourne
2002-2004 Research Manager/ Chairman of Investment Committee
Macquarie Financial Services - Sydney
1999-2001 Head of Asset Management
Al Bank al Saudi al Fransi/Credit Agricole – Paris/Riyadh
EDUCATION
1998-2005 Master of Commerce (financial planning) - distinction average
UWS
1987 Supervisory Analyst (corporate law/investment theory)
US SEC/ Columbia University
1979-1980 Master of Business Administration – credit average
University of Adelaide
1969-1972 Bachelor of Economics
University of Adelaide
OTHER RELEVANT INFORMATION
Member Saudi central bank investment committee
Member of the advisory panel for the accreditation program for the Institute of
Banking
Former Chairman Australian Business Economists
Have developed proprietary software for each of the equity, fixed interest and forex
markets
Former lecturer with the Australian Institute of Management
Alan Harmer – Resume Page 1
2. PROFESSIONAL EXPEREINCE
MAXXIM PTY LTD
Chief Executive Officer Oct 2004 to MAY 2010
Maxxim is an equities manager based in Melbourne, with branches in Mauritius and Malta.
Maxxim has a quant process that blends behavioural finance and traditional valuation techniques
to select stocks. It has a proprietary valuation approach based on normalised free cash flow and a
behavioural finance model that encompasses earnings and price momentum. Its core competence
is in Australian, US and Asian equities.
• October 2004 Maxxim started
• May 2005 started managing retail mandates with Segue, a financial planning practice
based in Melbourne, focusing on retirement planning and self managed superannuation
funds. Its emphasis on client service has enabled it to provide benefits not readily
available in mainstream financial services.
• June 2007 – retail mandates reached $A100m.
• January 2008 – began a joint venture with US interests to establish an East Coast hedge
fund
• April 2008 - signed a joint venture with a local Australian bank to distribute its products to
wholesale mandates – seed capital $10m
• August 2008 – initiated discussions with a major Middle Eastern bank to distribute
Shariah-compliant and traditional funds to high net worth mandates – retail funds $3b
• June 2009 – signed a joint venture with a Mauritian bank to distribute its products to
wholesale mandates in Africa and Europe – retail funds $23m
My responsibilities include:
• Discretionary management of client portfolios
• Monitoring the performance of client investments
• Research into local and international equities
• Education of existing clients and marketing to prospective clients
Achievements
Strong value added across most asset classes
Over the 3 years to December 2008 added 16% pa of value in Australian shares, and
21%p.a. in US equities (source Actuarial Solutions, Bloomberg)
Lipper awards for best manager of Saudi and GCC stocks in 2008 – alpha 18%
Since September 2009 added 32% of value to a portfolio of global shares with a
maximum drawdown of 7% (source FSC, Lipper)
Alan Harmer – Resume Page 2
3. MACQUARIE BANK LIMITED
Senior Research Consultant / Chairman of Investment Committee
Jun 2002 to Jun 2004
Macquarie is an international investment bank, with a market capitalisation (then) of just under
AUD35 billion. The Financial Services Group (FSG) is dedicated to the distribution of financial
services, including managed funds; full service stock broking; financial planning; private
banking; margin lending and structured products. FSG had 300 retail brokers and 100 advisers in
wealth management and the private bank.
My responsibilities have included:
• Research, recommendation and review of managed funds for the Approved List and the
model portfolio
• Analysis of institutional research of listed equities for retail distribution
• Liaison with other divisions for pre-screening of Macquarie products being considered for
retail distribution
• Divisional representative on internal committees such as superannuation, investment
management and private equity
• Chairman of Investment Committee
Achievements
Complete an authoritative review of all asset classes, leading to a 40% increase in
funds under management
Training and coaching of staff in managing review process, leading to increased
productivity
Substantial and consistent out-performance of the model portfolio by 11.7% pa for
Australian equities and 26% pa for international equities in 2002 and 2003.
AL BANK AL SAUDI AL FRANSI (BSF)
Head of Asset Management Jun 1999 to Jun 2001
This was a joint venture between Credit Agricole and local interests. Credit Agricole had
USD300b in funds under management. BSF had USD 0.5 billion
My responsibilities included:
• Discretionary Portfolio Management for high net worth individuals including members of
the Saudi royal family
• Managing the bank’s equity base
• Product development – rebadging the product for European banks
• Research into managed funds
• Preparation of recommended list of mutual funds
• Development of the bank’s investment web site
Achievements
Funds under management grew by 54% p.a. (market growth 17%)
Managing a diverse team (Arab/Indian/French/Filipino)
Ranked #3 of 580 US equity managers for 1999 to 2001 (source Morningstar) with
alpha of 32% pa (passive) and 107% pa (aggressive)
Ranked #1 in local equities for 1999 and 2000 (source SAMA)
Ranked top decile of global fixed interest managers in 2000 (source Micropal)
Alan Harmer – Resume Page 3
4. GLOBAL actively managed portfolios
PORTFOLIO portfolio market alpha place
2000 30.0% -1.5% 31.5%
BSF
2001 14.0% -18.5% 32.5%
2002 1.0% -25.3% 26.3%
58.0% 32.2% 25.8%
Macquarie
2003
2005 27.6% -2.1% 29.7% Segue
2008 -32.8% -53.2% 20.4% Rajhi
2009* 9.9% 1.0% 8.8%
Kappa
2010* 22.5% 0.7% 21.9%
* part period
directly
managed 13.4% -11.7% 25.1%
GLOBAL style analysis
constraint
PORTFOLIO s style source RANK
2000 global sharia high conviction
compliant 50 stocks BSF #1 580
2001
large cap
2002 S&P 500 benchmark Macquarie
2003 aware
S&P 500 high conviction Actuarial
2005
PASSIVE 5 stocks Solutions
S&P 500 Lipper
2008 PASSIVE benchmark
2009* aware FSC
S&P 1500 #6 3387
2010*
Alan Harmer – Resume Page 4
