kasina Distribution Shifts Shaping US Asset Management

Distribution Shifts Shaping the Future of US Asset Management Mike Ma Institutional Investor Institute Senior Delegate Roundtable Aspen, CO January 19, 2010

Today’s agenda ,[object Object],[object Object],[object Object],[object Object]

The retail distribution challenge today ,[object Object],[object Object],[object Object],Source: kasina, Aligning Distribution: The $500M Challenge, 2007

Two problems with the external wholesaling model ,[object Object],[object Object],Source: kasina, Aligning Distribution: The $500M Challenge, 2007

How have retail organizations tried to respond? ,[object Object],[object Object],[object Object]

Cost-cutting: Lower-cost distribution models ,[object Object],[object Object],[object Object],[object Object],Source: kasina, The Truth About Hybrid Wholesaling , 2008

Cost-cutting: Using technology to drive sales ,[object Object],[object Object],[object Object],Source: kasina, “Your Site Can Sell, Too”, 2008

Adjusting compensation ,[object Object],[object Object],[object Object],[object Object]

Adjusting compensation ,[object Object],[object Object],Source: MF Wire

Retail Distribution is Focused on Tactical Reform ,[object Object],[object Object],[object Object]

Institutionalization of Retail

Investment decisions are being centralized ,[object Object],[object Object],[object Object],[object Object],Source: kasina, Evolving Distribution Amid Bad Markets, 2009

Institutionalization of retail distribution ,[object Object],[object Object],[object Object],Source: kasina, Cracking the Code, 2007

Key Accounts Strategy Is Requiring a Split of Roles ,[object Object],Source: kasina, Beyond Key Accounts, 2005

Case Study: International Stock Funds Source: Morningstar Direct Fund Flows Update, December 2009 ,[object Object]

How do stars affect eventual market share? ,[object Object],Source: Morningstar Direct, kasina analysis Eventual Morningstar Rating

A counterintuitive result ,[object Object],[object Object],[object Object],Source: Morningstar Direct, kasina analysis Value buying Story

Summary: Institutionalization of Retail is Happening ,[object Object],[object Object]

There are significant reasons to act today ,[object Object],[object Object],[object Object],[object Object]

Few have done well ,[object Object],[object Object]

Institutional brands matter ,[object Object],Source: MF Wire

Institutional organizations are already institutional ,[object Object],[object Object]

Consolidation creates quality and capacity ,[object Object],[object Object],Source: Casey Quirk Investments Outsourcing Survey 2008

Global Implications of Institutionalization ,[object Object],Source: kasina, Distribution Summit, 2008

Mergers create single point of entry ,[object Object],Source: kasina, Distribution Summit, 2008

Regional footprints are cross-channel ,[object Object],But no matter where the investor is, the firm has tried to stay true to a simple mission: to help investors reach their objectives by being the highest-value provider of investment services -- Bill McNabb

Your audience is growing … and listening online ,[object Object],[object Object],Source: What Advisors Do Online 2009, kasina

Technology makes it easier to build a brand ,[object Object]

“ None of the songs were suitable for commercial release” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: http://en.wikipedia.org/wiki/Yankee_Hotel_Foxtrot

Thirsty for new ideas, and willing to work for them ,[object Object],[object Object],[object Object],[object Object]

Thank You. For more information, please contact: 581 Avenue of the Americas, 5th Fl New York, NY 10011 Mike Ma Principal e-mail: [email_address] phone: +1 646 257 4470 fax: +1 212 349 7413

kasina Distribution Shifts Shaping US Asset Management

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