FundForward International Edition 2014

2
10 WAYS
TO MAKE THE MOST OF FUNDFORUM
INTERNATIONAL
1. Prioritise and Plan Your Week: Look at the
entire week’s agenda on the MyFundForum
Networking Platform. Prioritise which high
profile sessions, small group discussions, and
structured networking you must attend, plus
identify which individuals you need to meet.
2. Schedule Meetings with MyFundForum
Check who’s around and set up meetings
using MyFundForum on your mobile device.
Visit the Digital Media Helpdesk at the event
for more information.
3. Frame Your Future Arguments & Set
Yourself Apart From The Crowd By
absorbing the content-rich sessions with
the key industry players & most influential
professional buyers
4. Recalibrate Your Business Strategy with
Ten Unique Global Insights That You Cannot
Just Google: From China’s Sovereign Wealth
Head to US Policy on Cyber-Freedoms and
Cybercrime, what are the implications for you,
your business, and your clients?
5. New Engaged Conversations Help You Fast
Track New Business Relationships. See the
Event Diary for our whole new programme of
small group discussions and public & private
peer-to-peer consulting sessions, running
parallel to the Main Conference.
6. Collaborate on Future Strategy for the
Asset Management industry. Building on the
conclusions of the morning plenary sessions,
join our professionally facilitated Leaders’
Action Plans, listed in the Event Diary.
7. Be Targeted. Make Sure You Sign Up For
“Matchme” Supercharged Networking.
This new format accurately targets and brings
together selector needs and Fund Manager
supply. This facilitated session will happen in
the morning coffee break on the 24 th and
25th June. Places for Asset Managers are
limited, so sign up first thing each morning at
the Information Desk, and list your top three
most interesting funds.
8. Become a Dinosaur & Ignore the Next
Generation Customer: OR alternatively, make
sure your business stays alive, and engage
your clients by participating in our “Think Like
Amazon” facilitated summit, held on Thursday
26th June. See the Event Diary for full details.
9. For Every Old Friend You Meet, Make A
New One. Join the Bonhomie during our
numerous fabulous Social Events. See the
Event Diary for Full Details. But don’t just stick
to people you know, go off-piste and start
conversations with new contacts, you’ll be
surprised at the relationships you can build.
10. Share, Comment, Follow! Social Media is
strictly encouraged! Join the conversation on
#FFORUM14. Not sure what to do or what
all the fuss is about? See The Event Diary and
attend our Social Media Surgery Sessions.
JOIN THE BIGGER PICTURE
FundForward is part of a wider programme
bringing exclusive interviews & insights from
exceptional people at the cutting edge of
Asset Management, who will be speaking
through-out the year in the FundForum
Global Series.
If you want to be part of the community,
sign up to our FundForum Newsletters, which
are delivered by email monthly.
is.gd/FundForumNewsletter
Join @FundForum on Twitter
Top- Level Content, Conversations & Collaboration

3
what do you think? #FFORUM14
The Magazine of FundForum On The People & Ideas Shaping The Future Of Asset Management
International Edition
Welcome to FundForward, the exclusive FundForum magazine
- profiling some of the incredible practitioners and inspirational
thoughtleaders speaking at FundForum International 2014 – and
throughout the year in our Global Series.
We promise you fresh ideas to challenge your thinking about the
future of your business; what you do and how you do it? In our in-
depth features we focus on some of the big themes that cut across
the four content-and-networking intensive days of FundForum
International 2014.
On demonstrating the value of asset management, read a taster
from Dr Ian Goldin, Oxford Martin School, Oxford University, on
“The Role of Asset Managers in Thinking Long Term”; or take in former J.P. Morgan’s Global
Head of Research, Nick O’Donohue, now CEO, Big Society Capital on “How Social Investment
Opportunities Have Gone Mainstream”. Alternatively we profile Rising Star, Maxime Carmignac
on her take on the future of asset management and also view the Chair of the G20/OECD Task
Force on Financial Consumer Protection, Regulator Theodor Kockelkoren for a taste of things to
come.
Look out for ground-breaking stories of innovation that drive through FundForum International
2014. Whether from Australia from Danielle Press, CEO, Equipsuper on the practicalities of
“Delivering Financial Adequacy In Retirement”or from Katie Koch, Goldman Sachs on
@GS10kWomen and their cutting edge programme bringing credit to female entrepreneurs
around the world.
In our Future Scope series we profile the leader of our Special Focus Morning, Thursday 26th June
on “Engaging The Next Generation of Customers”. Get a feel from Kenneth Cukier, Data Editor,
The Economist on “Why You Must Think Like Amazon”. Come along to fantastic hands-on session
where we will take you through the implications function by function. At the other end of the
spectrum get the perspective from one of the world’s most prolific tech pioneers, Vanu Bose and
his quest to “Connect the World’s Next Billon Customers.”
After all that, flick to the second half of the magazine to see the FundForum International 2014
Event Guide for details on all the Sponsors and Exhibitors, four days of Social Events & Structured
Networking Features and how to use the MyFundForum App.
Looking forward to catching up with you all at FundForum International.
With Very Best Wishes
Jenny Adams
Editor In Chief, FundForum International 2014
jadams@icbi.co.uk
P.S Join me for the annual Survivor’s Run along the Coast Route des Douaniers,
Thursday morning at 6.55am, just email me!

4
9th Annual FundForum Asia
April 2015,
JW Marriott, Hong Kong
New Horizons For Asian Asset Management
+44 (0) 20 7017 7200
www.fundforumasia.com
6th Annual FundForum USA
2014
27 – 29 October 2014,
Mandarin Oriental, Boston
The Only Event To Bring Together The U.S.
& Global Asset Management Industry
+44 (0) 20 7017 7200
www.fundforumusa.com
8th Annual FundForum Middle
East 2014
The MENA Investment Management Forum
21 – 23 September 2014,
Ritz-Carlton DIFC, Dubai
The Middle East’s Most Prestigious Investment
Management Conference
+44 (0) 20 7017 7200
www.fundforumme.com
7th Annual FundForum
Latin America
2 - 3 December 2014,
Sofitel Santa Clara, Cartagena, Colombia
The Most Renowned Asset & Wealth
Management Conference In
South America
+44 (0) 20 7017 7200
www.fundforumlatam.com
FUTURE ICBI FUNDFORUM
EVENTS INCLUDEFUTURE EVENTS

5
TABLE OF CONTENTS
FundForum International Editor-in-Chief: Jenny Adams
FundForward Editor: Amos Rojter
Editorial staff: Amos Rojter, Rachel Lewis, Karen Taylor
Sponsorship Team: Helen Lowe, Rustum Bharucha, Edward
Jones
Design Team: LockOn Productions
Print Team: Trio Offset
Artistic director: Chris Shields, LockOn Productions
Cover credit: LockOn Productions
Print run: 1000 copies
EXPLORING THEMES
OF 2014
Page 6 LEADERS ON THE RECORD: Danielle Press – Lessons From
Australia: How To Deliver Financial Adequacy In Retirement
Page 8 BIG IDEAS THINKTANK: Ian Goldin - Revaluing The Future: The
Role Of Asset Managers In Thinking Long Term
Page 9 RISING STAR: Katie Koch – Giving Credit where Credit is Due:
Supporting Women Entrepreneurs
Page 10 REGULATION: Nadine Chaker - Navigating the New Collateral
Landscape
Page 12 FUTURESCOPE: Kenneth Cukier - Why You Must Think Like
Amazon to Win the Next Generation of Customers
Page 13 THE FUTURE IS UPON US: Maxime Carmignac - The Future Of
Asset Management
Page 14 SHARE CLASS HEDGING: Jay Moore - Every Basis Point Counts
Page 15 BIG IDEAS THINKTANK: Nick O’Donohue – Social Investment
Opportunities Goes Mainstream
Page 18 ECONOMIC REVIEW: Razia Khan – Nigeria enters the
Global League
Page 19 FUND SELECTION: Andrew Summers - A Maverick Selector’s
View Of The World
Page 20 ACCESS AFRICA: - Barclays – The Why, What and How
Page 22 REGULATOR REVIEW: Theodor Kockelkoren - Ariana’s Needs
- Where Does One Invest?
Page 23 FUTURESCOPE: Vanu Bose - Connecting the World’s Next Billon
Customers
Page 25 INDUSTRY REFLECTION: Edward Bonham Carter: Lessons
learned in Asset Management
Page 27 EVENT GUIDE

6
LEADERS ON THE
RECORD
Ultimately, the greater focus will be meeting
the social challenge of funding the increasing
proportion of our communities entering
retirement. Like other funds, Equip has a
specific remit to provide members with financial
adequacy in retirement.
We have been modelling a retirement product,
being launched in Australia this month, that
delivers a predictable and reliable level of income
for members while optimising the longevity
of their savings. Called Equip MyPension, it
is mainly targeted at the more than 70% of
members who choose not to seek professional
financial advice as they plan their retirement.
But delivering financial adequacy in retirement
involves much more than developing product
solutions. In Australia, people aged 60 or more
can withdraw all their benefit in a lump sum,
tax-free if they wish. There is nothing to stop
them cashing in as they retire, spending all their
savings and/or paying off debts, then living
off the government Age Pension although, as
balances increase, this is becoming less common.
Equip is allocating substantial resources to
promoting and delivering financial education
and advice to members to bring about the
behavioural change we believe is necessary to
support retirement adequacy.
Thankfully, after years of investment and the
establishment of a subsidiary financial planning
business about six years ago, we are seeing the
benefits of this. Over 16% of our total assets are
now managed for members under advice.
MULTI-FACETED STRATEGIES
NEEDED TO DELIVER FINANCIAL
ADEQUACY IN RETIREMENT
Australia’s superannuation system is widely
admired, with our retirement savings pool
of over AUD 1.7 trillion ranking us the 4th
behind the United States, United Kingdom
and Japan. This has been an outstanding
achievement for an economy ranked 17th in
the world based on GDP.
The principal driver of the Australian system
is that almost every working Australian must
contribute a mandated 9.25% of their salary
into super with current government policy
set to gradually increase this to 12% by 2023.
Compulsory contributions were introduced at
3% of salary in 1993.
However, there is a range of other factors that
have contributed to the sustained growth of
the Australian retirement pool. Among these
are:
• Very strong investment market
performance relative to other countries
• The strong regulatory framework for the
national financial services system;
• The competitive superannuation
environment;
• A vibrant and innovative not-for-profit
(or ‘mutual’) funds movement that has
remained focused on the best interests
of members; and
• The move to fee-for-service across the
financial planning sector and the demise
of commissions, particularly counter-
productive trailing commissions.
That is not to say that the system is perfect.
Even some of its strengths have created
challenges, in particular in areas of board and
investment governance and effective conflict
management.
The government and its regulator, the
Australian Prudential Regulatory Authority
(APRA) are engaged with the industry in
evolving the governance structures of funds.
These are important issues and will be
resolved through accommodation of political,
regulatory and industry discussion.
Danielle Press, CEO, EQUIPSUPER
Danielle Press was appointed Equipsuper’s
Chief Executive Officer in 2010. She has wide
experience in financial services and investments
in Australia, the USA, Europe and Asia.
subscribe to the FundForum Newsletter http://is.gd/FundForumNewsletter

Swiss Fund Data AG is 70%-owned by the Swiss Funds &
Asset Management Association and 30%-owned by the SIX Swiss
Exchange. Its activities are exclusively in the service of the fund
industry and, as a service provider for the financial services indus-
try as a whole, it enjoys a high level of trust and renown – this
is true for both institutional clients and professional investors as
well as fund providers with above-average quality expectations
and qualified private investors. With its comprehensive database
and a website recognized by FINMA as an official electronic pub-
Serving the fund industry
lication medium, Swiss Fund Data AG offers a wide variety of
professional services. As a one-stop-shop for fund information,
it plays a key role as a data and marketing hub for the entire
fund industry and maintains direct connections to data vendors,
authorities, media and fund providers. A non-profit organisa-
tion, Swiss Fund Data AG aims to keep operating costs as low
as possible so that its clients enjoy the lowest possible subscrip-
tion fees. At the same time, it continuously invests in innovations
that benefit all market participants.
Broad range of professional services
The services offered by Swiss Fund Data are presented in brief
as follows:
• Electronic publication of fund data, legal notices and fund
documents via a close, established network.
• The website of Swiss Fund Data AG is the medium for the
publication of
• data (master data, TER/PTR, fund prices, tax figures).
• all legal fund documents (fund agreement, articles of
incorporation, prospectus, annual and semi-annual
reports, KIID).
• all marketing documents and legal notices to investors.
• All documents and notices for ETFs and listed funds are
forwarded to the SIX Swiss Exchange and published on its
website.
• In the case of legal notices published on the website, a
confirmation of the publication is created automatically and
e-mailed to the client.
• Various online platforms, such as nzz.ch, letemps.ch and
cash.ch, access selected fund data and documents directly
from Swiss Fund Data AG.
• The publication of legal notices in the SOGC can be com-
missioned via Swiss Fund Data AG and costs at least 40%
less than publishing directly in the SOGC.
• The daily NAV data is forwarded on an hourly basis to more
than 38,000 recipients in all key countries via the affiliated
data vendors (e.g. SIX Telekurs, Reuters, VWD, FT Interac-
tive Data, Swissquote).
• Swiss Fund Data AG compiles monthly statistics on the
Swiss fund market with the relevant market commentary in
collaboration with Morningstar and SFAMA.
• Swiss Fund Data AG has a cooperation with the Swiss
Federal Tax Administration (FTA) for the electronic submis-
sion of annual reports.
• In cooperation with SIX Financial Information, the flat-rate
withholding tax data for the UK and Austria is delivered to
the Swiss paying agents.
The One-Stop-Shop for
• Fund Prices
• Performance Data
• Comparisons of Funds
• Market Data
• Documents
• Legal Notices
• Funds and ETF News
Commodity
Real Estate
Other
Alternatives
Mixed Assets
Money Market
Bond
Equity
37.4%
33.5%
11.2%
9.3%
4.4%
2.9%
1.1% 0.1%
All figures in %
December 2013
Asset Allocation in the Swiss Fund Market
Your complete information platform for the funds and ETFs approved for sale in Switzerland. Swiss Fund Data AG offers investors
easy access to data, notices, documents and other information, and thereby increases transparency in Swiss fund market.
www.swissfunddata.ch

8
BIG IDEAS THINKTANK When asset managers invest in a particular
company or asset, they do so in anticipation
that the asset will enjoy positive performance
over the coming years or indeed decades. It is
therefore inherently in asset managers’ interest
to build a bridge from the short to long term,
for it is the long-term evolution of the markets
that will determine the redemption value of
investments.
The Oxford Martin Commission for Future
Generations, convened by the Oxford Martin
School at the University of Oxford, brought
together a group of international leaders
concerned about the increasing short-termism
which pervades governments and business
cultures. Our report, Now for the Long Term, was
launched in October 2013 and outlines a number
of recommendations to advance the interests
of future generations and promote resilient,
inclusive, and sustainable growth. One of our
key messages is that it is not only governments
that need to take the longer-term view; the
corporate sector, too, must shoulder greater
responsibility. The Commission calls for investors
and regulators to give greater priority to long-
term ‘health’ and look beyond daily or quarterly
reporting cycles; ultimately, this will require
smarter regulation, remuneration tied to long-
term performance, and voting structures that
reward long-term growth.
Some prominent pension funds are leading the
way in calling for the prioritisation of the long
term, as are individuals such as Dominic Barton,
Managing Director of McKinsey & Company,
and Mark Wiseman, President and CEO of
Canada Pension Plan Investment Board. The
asset management community has a particularly
important role to play in the pursuit of long-term
thinking; not only do asset managers possess
a fundamental interest in looking ahead, but
businesses alone do not have the power to lobby
against the mark-to-market accounting, quarterly
earnings, and short-term incentive bonuses
that currently exist. Given that the underlying
interests of much of asset management are
inherently long term, asset managers could
play a more significant role in championing
longer term thinking and investment across the
corporate sector, revaluing the future for the
benefit of all.
Professor Ian Goldin
Director, Oxford Martin School
UNIVERSITY OF OXFORD
REVALUING THE FUTURE: THE
ROLE OF ASSET MANAGERS
IN THINKING LONG TERM

9
RISING STAR Women-owned SMEs face barriers to entry
and business growth that include access to
education and training, legal and cultural barriers
and infrastructure-related challenges. Access
to finance is typically identified as a critical
constraint. While financing is almost always a
challenge for SMEs, the difficulties are often
intensified by gender-related factors, including
women’s lack of collateral, weak property rights
and discriminatory regulations, laws and customs.
The International Finance Corporation estimates
that as many as 70% of women-owned SMEs in
the formal sector in developing countries are
unserved or underserved by financial institutions –
a financing gap of around $285 billion.
We assess the potential impact that closing this
credit gap for women-owned SMEs can have
on economic development, estimating the link
between credit to SMEs and growth in income
per capita. Our results suggest that closing the
credit gap for women-owned SMEs in the BRICs
and N-11 countries over the next few years could
boost real income per capita growth rates in
those countries by around 85bp on average. If
the credit gap is closed by 2020, incomes per
capita could be on average around 12% higher
by 2030 across the BRICs and N-11, relative to
our baseline scenario. Closing the credit gap for
women-owned SMEs across the developing world
as a whole could boost income per capita growth
rates by over 110bp on average. While eliminating
the whole gap is a tall order, the impact on growth
could be dramatic.
Initiatives to expand SME financing exist, but few
have a gender-specific component. As a result,
targeting women-owned SMEs in the developing
world represents a significant financing
opportunity. Solutions should tackle both the
supply side (such as policy bias, discrimination
and misconceptions about female credit risk) and
the demand side (such as women’s reluctance to
apply for loans). Adding business training and
mentoring will help to ensure productive use of
capital. Because improved access to credit is most
impactful when coupled with strong institutional
environments, efforts should be made to establish
more robust institutions and favorable business
conditions.
Against a backdrop of a weaker growth trajectory
in emerging markets, the substantial growth
premium that can result from investing in women-
led SMEs should matter deeply to policymakers,
corporates and asset owners around the world.
HOW CLOSING THE CREDIT
GAP FOR WOMEN-OWNED
SMALL- AND MEDIUM- SIZED
ENTERPRISES CAN DRIVE
GLOBAL GROWTH
Katie Koch
Head of Global Portfolio Solutions
International, GOLDMAN SACHS ASSET
MANAGEMENT
Download the whitepaper:
http://is.gd/KatieKoch
Investing in women and girls is one of the
highest return opportunities available in
the developing world, as a wide range of
economic research shows. Our own work has
demonstrated that bringing more women
into the labor force can significantly boost
per capita income and GDP growth. Our
research has also shown that women’s higher
propensity to use their earnings and increased
bargaining power to buy goods and services
that improve family welfare can create a
virtuous cycle: female spending supports the
development of human capital, which fuels
economic growth in the years ahead. Given
these significant benefits, we look at the role
of women-owned small- and medium-sized
enterprises (SMEs) in raising labor force
participation and boosting economic growth
in emerging markets. Only one-third of the
world’s SMEs in the formal sector are currently
run by women, with a wide variation across
countries and plenty of scope for growth.

10
REGULATION Collateral was always important when it came to
obtaining credit, but it is fast becoming the sole
determinant of institutions’ ability to engage in
financial transactions in the cash or derivative
markets. Collateral needs on both the buy and
sell-side span multiple asset classes and are
global in scope. The inexorable shift from cash to
non-cash collateral continues to gather pace.
New regulations, heightened risk sensitivity and
fast-changing market dynamics are combining
to make collateral management solutions more
critical than ever. Both the buy-side and the sell-
side are being confronted with new challenges
and complexities in a changing global economy.
Buy-side compliance to post is a particular focus,
with these market participants facing significant
change.
If the predicted ‘collateral crunch’ has yet to
materialise – though there remains a strong
sentiment in the market that such a shortfall
remains a clear possibility – the ability to
optimise your collateral , to transform idle
assets to actively use as part of an overall
investment strategy, remains key. Even if there is
sufficient collateral in the system to meet overall
requirements, it will still be critical for firms to
properly mobilise it. Where is your collateral?
How quickly can you access it? How liquid is
it? These are important considerations moving
forward.
Looking to the future, balance sheet
management, liquidity and more effective
financing are emerging as key challenges
alongside risk and cost efficiencies. With the
advent of Basel III, financial institutions and
intermediaries are looking for new and efficient
ways to collateralise and to fund liquidity. In
addition, concerns around liquidity and repo
shortages are prevalent on both the buy and sell
side.
Demand for collateral segregation is also on
the rise, particularly among institutional asset
managers, and new capabilities are now coming
online around the aggregation and optimisation
of collateral as providers look to service the full
gamut of those emerging needs. What in the
past has been commonly referred to as quad
party is today better understood and defined
as full physical segregation, and this remains
another key focus.
NAVIGATING THE NEW
COLLATERAL LANDSCAPE
Nadine Chakar
Executive Vice President, Global Collateral
Services, BNY MELLON
subscribe to the FundForum Newsletter http://is.gd/FundForumNewsletter
Given the regulations now coming online
to address risk and transparency concerns
arising from the financial crisis, alongside
new market requirements focused on capital
rules, liquidity and collateral eligibility
requirements, institutional investors are
having to take a hard look at how better to
utilise and manage their collateral.

11
bnymellon.com
Theseillustrationsdonotdepictactualclientsorinvestmentresults.Thevalueofinvestmentsandtheincomefromthemisnot
guaranteedandcanfallaswellasriseduetostockmarketandcurrencymovements.Whentheinvestmentissoldtheamount
receivedcouldbelessthanthatoriginallyinvested.Pastperformanceofanyinvestmentisnotindicativenoraguaranteeoffutureresults.
If distributed in EMEA,this advertisement is a financial promotion for Professional Clients only.This is not investment advice.BNY Mellon is the
corporatebrandofTheBankofNewYorkMellonCorporationandmayalsobeusedasagenerictermtoreferencetheCorporationasawholeorits
varioussubsidiaries.Productsandservicesmaybeprovidedundervariousbrandnamesandinvariouscountriesbythesubsidiaries,affiliatesand
joint ventures of The Bank of New York Mellon Corporation where authorised and regulated as required within each jurisdiction.Not all products
and services are offered in all locations. This material is not intended, and should not be construed, to be an offer or solicitation of services or
productsoranendorsementthereofinanyjurisdictionorinanycircumstancethatiscontrarytolocallaworregulation.IssuedbyTheBankofNew
York Mellon Corporation with respect to services other than investment management.Issued in EMEA,with respect to investment management,
by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England
No. 1118580. Authorised and regulated by the Financial Conduct Authority. BNY Mellon Investment Management EMEA Limited is ultimately
owned byThe Bank of NewYork Mellon Corporation.©2014The Bank of NewYork Mellon Corporation.All rights reserved.
The ocean gets warmer. The Peruvian
anchovy harvest suffers. It raises the
price of fishmeal, cattle feed, and beef.
for a university endowment. The endowment
funds the work of a brilliant marine biologist.
She studies the Peruvian anchovy.
Proving small fish can lead to big insights.
Invested in the world.
We turn global insights like these
into powerful investment strategies

12
FUTURESCOPE The fund management industry is at a crossroads
-- and companies risk becoming roadkill. Like
other industries facing digital transformation, it
is harder to sustain old business models. Amid
such unpredictability, the best way forward is to
learn from a winner of a similar battle in another
industry, retailing. And the undisputable victor is
Amazon.
The American online retailor succeeded by doing
things that fly in the face of the “rulebook” of
how a company should act. For example, instead
of trying to scale offerings to the largest number
of customers, Amazon engineered its systems
to offer a personalized, tailored experience
to every shopper. Instead of looking for big
improvements in efficiency, Amazon scoured
every nook and cranny of its operations to look
for tiny, incremental gains.
More striking still, Amazon took a pro-consumer
approach at every turn. At times when it faced a
choice between doing something that benefited
its business partners and suppliers or benefited
the customer, it chose the end-user. When it
wanted to sell used books alongside new ones,
publishers screamed. A bookstore would never
do that! But Amazon did it anyway because it
provided value to the consumer.
Most importantly -- and most relevant for the
fund management industry -- Amazon’s success
is not built on thick margins. Rather, the company
is a powerhouse because at every turn, it has
shaved margins to the bone. It squeezed its
suppliers as much as it squeezes itself. Its thin
margins let it be more competitive and win the
loyalty of consumers. (Yes, it barely makes a
profit -- but this is simply because it reinvests its
earnings into information-technology in order
to enter new businesses, from ebook readers to
cloud-computing.)
And the linchpin of Amazon’s success? Big data.
The company uses data at every step to measure,
learn, improve, implement and respond. In many
respects, the fund management industry and
financial services sector seems a long way off
from the internet-inspired precision-engineering
of Amazon.
But it need not be. All it takes is a shift in
mindset -- the vision and leadership -- for today’s
fund executives to think in a fresh, data-driven
way. If not, their companies may resemble the
booksellers of yesteryear, that are today out of
business.
Kenneth Cukier
Kenneth Cukier is the data editor of The
Economist and the co-author of “Big Data: A
Revolution That Will Transform How We Live,
Work, and Think” a New York Times Bestseller
translated into 20 languages.
WHY YOU MUST THINK LIKE
AMAZON TO WIN THE NEXT
GENERATION OF CUSTOMERS

13
THE FUTURE IS UPON US I sense the GFC has deepened the divide between
passive and active management, with the serial
disappointments delivered by so many active
managers since 2008 making matters that much
worse.
What’s more, this market shift has by no means run
its course. According to PWC estimates, passively
managed strategies should grow from $7 trillion in
2012 to $23 trillion in 2020, doubling their share to
22% of global assets. In my opinion, this search for
alpha will also lead to a fascinating convergence
between the long only and the alternative
investment spaces.
Following the market abuses that were responsible,
in part, for the GFC and the subsequent wave of
public distrust of all things financial, the authorities
have been above all concerned with protecting the
end investor. Since April 2013, the UK has been
living through the retail distribution review (RDR),
whose main purpose is to raise industry standards
and eradicate distributor rebates to end clients.
Similar changes are ongoing in the Netherlands
and Switzerland. The question in my view is not
whether this approach will spread to all European
markets, but when. The asset management
industry is becoming as heavily regulated as the
pharmaceutical industry.
More importantly, the huge pressure now weighing
on sovereign finances has prompted the unpleasant
realisation among end clients that when it comes
to retirement savings, it’s every man for himself
now – time for self-medication, if you will. This
is a structural shift, driven by demographics and
exacerbated by the GFC, but one that can give
asset managers a critical role to play.
My belief is that a stable, family-owned asset
manager, with a proven ability to generate returns
independent of market cycles and to attract top
talent, will help clients navigate this new reality.
I am convinced that the future of asset management
will require flexibility, focus, transparency and trust
– and an avowedly long-term perspective. My aim,
and indeed my company’s, is to deliver on these
values to our clients the world over in the seconds,
minutes, hours, days, weeks, months and years to
come.
Maxime Carmignac
MD, London, CARMIGNAC GESTION
In today’s global financial marketplace,
information travels at such speed that opinions
must be formed in a matter of hours, decisions
taken in a matter of minutes and trades placed
in a matter of seconds. An inter-connected
world means that we can find out what’s
happening on the other side of the globe in
real time – just by checking our mobile devices.
While such progress has brought tremendous
gains to our industry, it can also make equally
tremendous losses happen much faster: witness
the GFC, i.e. the Global Financial Crisis of 2008.
The resulting scars are still healing and the
subsequent repercussions of the GFC may well
change our industry for good.
March 17, 2008 – the day Bear Stearns, the
85-year-old American investment bank,
collapsed – coincided with my first day working
for a New York-based hedge fund. They say
confidence is a drug on the way up and a virus
on the way down. Well, this was never more
evident than in the succeeding months, which
saw Lehman Brothers go bankrupt, followed
shortly thereafter by the Madoff scandal.
I could go on, but suffice it to say that the 60%
fall in the MSCI World between July 2007 and
March 2009 affected everyone, either directly or
indirectly.
The GFC has radically changed our industry
paradigm and triggered major reforms in
the investment, regulatory and distribution
environment.
THE FUTURE OF ASSET
MANAGEMENT

14
Achieving this objective isn’t as simple as it may
seem and ineffective programs can cost investors
millions over time. It is important to ask yourself
the following questions:
1) Are your program parameters well defined?
Effective passive hedging programs rest on
clear rules-based processes. These rules must
be properly defined to balance the trade-off
between tracking error and costs. Critical hedging
parameters include forward contract tenor,
rebalance frequency, trading filters and execution
timing. The calibration of these parameters will
significantly influence a fund’s performance and
ultimately drive how competitive your offering is
relative to your peers.
2) Is your FX process operationally efficient?
Although a set of well-calibrated parameters will
ensure precise design, the day to day success
on the program will depend on how robust your
operational process is. Most managers use
customized spreadsheets to perform daily hedge
calculations. Although such an approach may
provide a short-term solution, the long-term risks
of these models are often overlooked until it’s too
late.
3) How do you ensure you’re achieving effective
trade execution?
Defining effective execution for FX hedging
does not always follow conventional thinking.
Depending on what’s driving the trading decision
(investor flows or underlying NAV valuation
changes), appropriate execution timing may
differ. It’s important to understand the accounting
methodologies and availability of exposure data
when making trading decisions and measuring
execution.
4) Is there room for increased transparency?
Both operational and execution decisions
cannot be measured for appropriateness without
transparent reporting. The ability to demonstrate
the “why” and “why not” of your operational
decision process is as important to internal risk
teams as the transparency of performance is to
your investors. Detailed reporting will ensure all
aspects of the hedging program are well presented
and promote better decisions.
SHARE CLASS HEDGING
Jay Moore, from Brown Brothers Harriman’s
Foreign Exchange Team looks at the
importance of Share Class Hedging
If given the choice, for any given asset class,
investors prefer not to be constrained to
managers within their currency borders. After
all, what are the chances the best managers
across all asset classes are within your home
currency?
Share class hedging is a valuable tool for
managers to distribute their funds cross border
while preserving every basis point possible of
the performance they so painstakingly strive to
achieve. The objective of share class hedging
is to replicate the manager’s performance with
as little tracking error as possible regardless of
currency denomination.
Chris Gothard, from BBH’s Foreign Exchange team will be at FundForum International 2014.
For more information please contact Chris.Gothard@bbh.com
This article is provided by Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) to recipients, who are classified as Professional Clients or
Eligible Counterparties if in the European Economic Area (“EEA”), solely for informational purposes. This does not constitute investment advice and
is not intended as an offer to sell or a solicitation to buy securities or investment products. This material does not comprise an offer of services. Any
opinions expressed are subject to change without notice. Unauthorized use or distribution without the prior written permission of BBH is prohibited.
This publication is approved for distribution in member states of the EEA by Brown Brothers Harriman Investor Services Limited, authorized and
regulated by the Financial Conduct Authority (FCA). BBH is a service mark of Brown Brothers Harriman & Co., registered in the United States and
other countries. © Brown Brothers Harriman & Co. 2014. All rights reserved. May 2014. BBH is not affiliated with Fund Forum magazine.
EVERY BASIS POINT COUNTS

15
BIG IDEAS THINKTANK Over the last few years, we have seen many
mainstream financial institutions from across the
financial services spectrum get involved in social
investment. As a result, there are an increasing
range of products now available, particularly funds
that can be aligned with investors’ personal values
in areas such as education, health and social care.
Some leading examples are:
• Threadneedle’s UK Social Bond Fund was
launched in partnership with Big Issue Invest
earlier this year, the first product of its kind.
The fund is similar to a corporate bond fund,
with daily liquidity, but is focused on providing
much needed credit to charities and other
social organisations, such as building affordable
homes or funding a university to build a
medical research centre.
• After its first close in December 2013, Impact
Ventures UK, launched by LGT Venture
Philanthropy and Berenberg is now investing
in enterprises that create strong positive
social impact for disadvantaged people and
communities.
• Cheyne Capital recently announced that they
are planning a £300m impact property fund in
the UK. The fund will buy or build properties
and rent them to social services organisations
that are providing affordable housing for
individuals in need.
Social investment provides a new and exciting
opportunity for financial institutions of all kinds
to be involved - from private banks recognising
the demand from their high net worth clients,
to pension consultants showcasing the range
of funds in the sector and actively engaging
their clients to become social investors or asset
managers launching new social investment funds
to meet investor demands.
The UK is at the forefront of its development, and
for those interested in cutting-edge investments
and using part of their portfolio to do good, this is
just the beginning.
Nick O’Donohoe
Chief Executive, Big Society Capital
Making money and doing good isn’t something
you would usually expect to go together. But
the advent of social investment means the two
needn’t be mutually exclusive. Where before you
might have one pot of money for investments,
and a separate pot for your philanthropy, a new
range of opportunities are available to investors
that deliver financial returns and tackle some
of our most challenging issues in the UK, from
youth unemployment to dementia care.
THE EMERGENCE OF REAL
OPPORTUNITIES TO GET
INVOLVED IN SOCIAL
INVESTMENT

LONDON | CHICAGO | NEW YORK | LOS ANGELES
+44 (20) 7887-6000 | WWW.BACKSTOPSOLUTIONS.COM
It’s Time to Work Smarter.
Backstop's highly-integrated software is purpose-built for
institutional investors. Our functionality allows you to efficiently
manage relationships, communicate with clients and monitor
multi-manager portfolios. With all this in one centralised
database,you'llhavethetoolsyouneedtomakebetterbusiness
and investment decisions, reduce risk and retain capital.

17
ECONOMIC REVIEW Alas, things are not so clear-cut.
First, there is the accuracy of expectations around
the rebasing of GDP. Ghana’s experience in 2010
– ‘discovering’ an economy that was 60 per cent
larger than previously thought when rebasing its
GDP after 17 years – has done much to shape
expectations. But Ghana is not Nigeria, and there
is no reason why one country’s experience should
mirror that of another.
Second, oil prices play a big role in determining
estimates of Nigerian GDP, and prices may be
volatile. If global oil prices fall, we would have to
change our thinking about the size of Nigeria’s
GDP.
Examining a range of micro-level indicators, there
is little evidence that Nigeria’s economy might be
as significant as South Africa’s, despite Nigeria’s
population being three times larger. While South
Africa’s financial markets and its banking sector
are easily on par with some developed markets,
Nigeria’s financially developing status means that
it does particularly badly on these metrics.
This also holds true for revenue collection.
South Africa’s tax take compares favourably with
developed markets – with a revenue-to-GDP ratio
of 28 to 29 per cent. Nigeria, by contrast, is overly-
dependent on oil, which contributes more than 70
per cent of consolidated government revenue. If
Nigeria’s GDP is rebased, its non-oil revenue tax
collection ratio may fall to less than four per cent
of GDP, much lower than most regional peers.
For developing countries, it isn’t so much the size
of current GDP, as the potential of the economy
to continue to grow that should matter. Here,
Nigeria’s metrics may be problematic, and the
rebasing of GDP is likely to draw greater scrutiny
to what is missing.
The country’s over-dependence on oil revenue
suggests that the government enjoys a degree
of autonomy from tax-raising that may weaken
political accountability. One of the early
achievements of post-apartheid South Africa was
success in revenue collection, but, despite the
shift to more accountable forms of governance
after 1999, Nigeria has made little progress in
mobilising enough non-oil revenue – at least when
measured against GDP.
Worse still, despite significantly weak
infrastructure, which will require years of public
and private sector investment to remedy, Nigeria
has accumulated little long-term oil savings. In the
event of an oil-revenue shock, there is no financial
cushion and capital expenditure may have to be
cut back.
cont /...
The year 2014 will go down as a milestone
in Nigeria’s history, the moment when the
country achieves global scale. For months
statisticians have been working to recalculate
Nigeria’s gross domestic product (GDP), an
exercise which is likely to dramatically increase
the size of its economy.
Countries typically ‘rebase’ their GDP statistics
every five years – using new information from
household and other surveys to shed light on
neglected or under-reported economic sectors –
but Nigeria has not done so since 1990.
Some suggest that as early as this year Nigeria’s
economy may emerge as the largest in sub-
Saharan Africa, with estimates of the likely upward
revision to GDP running from 20 per cent to 60
per cent.
What we tend to think of as a USD290 billion
economy may in fact be closer to USD400 billion,
a bit larger than South Africa’s and substantially
bigger than Hong Kong’s – or so the argument
goes.
Even before the new GDP statistics are released,
Nigeria has been named alongside Mexico,
Indonesia and Turkey as one of the MINTs – the
four countries seen as the next generation of
developing economies that will achieve great
importance.
Nigeria – which doesn’t export much besides
oil – will not benefit from a big export-led surge
in production, as other emerging economies
may have done. However, when it comes to
demographic growth, Nigeria outpaces most.
Already the world’s seventh most populous
economy, UN projections suggest that Nigeria will
be the fourth most populous by 2035, after India,
China and the United States.
As more of its population reaches working
age, Nigeria should experience a boost to
growth. Even given the challenges of job
creation, consumption should rise. The
investment arguments in favour of Nigeria
appear compelling: so many people, so much
opportunity, and its economy getting bigger still.
NIGERIA ENTERS THE GLOBAL
LEAGUE

18
ECONOMIC REVIEW
Razi Khan
Razia Khan is Standard Chartered Bank’s London-
based Head of Research, Africa, responsible
for providing in-depth analysis on African
economies to the Bank’s clients. As well as
advising key multinational corporations and
funds with African interests in Europe, the US,
Asia, and the Middle East, Razia is a frequent
visitor to Africa, sharing her insights on African
economies with clients and policy makers. A
frequent media commentator, Razia is often
called on to provide analysis of African markets
in key local and international media, and has
been acknowledged as the leading analyst on
African economies. Razia is a graduate of the
London School of Economics with a BSc Hons
degree in Economics and an MSc (Econ) in
Development, including Monetary Economics
and International Trade Law.
Bigger is not necessarily better. Post-rebasing,
Nigeria’s average per capita income, currently
estimated by the International Monetary Fund
at USD1,725 a year, is likely to see a substantial
lift. But the proportion of Nigerians who live on
a dollar a day, estimated at 63 per cent in 2011,
is unlikely to change very much. In effect, GDP
rebasing will reveal an even deeper problem of
income inequality.
Despite a decade of growth averaging seven
per cent per year in real terms – which allows
an economy to double in size every ten years –
survey evidence suggests that Nigerian poverty,
whether measured in relative, absolute or even
subjective terms, has increased. The rebasing of
GDP is unlikely to change this. In highlighting
even greater inequality, it may reveal why so
many Nigerians feel poor, and the attendant risk
to political stability.
The fact that Nigeria’s middle class is growing is
not refuted by these statistics. Important gains
have been made, but most likely only within
certain pockets of the economy. The challenge
for Nigeria, both pre and post-rebasing, is to
ensure that conditions that support economic
transformation, not just headline growth, are in
place. Growth needs to be made meaningful
and prosperity needs to be shared more evenly.
NIGERIA ENTERS THE GLOBAL
LEAGUE CONT /...
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consent of Standard Chartered Bank.
As Nigeria moves closer to elections next year,
caught up in the hype of being a MINT – with
the rebasing of GDP just one event in a rushed
political timetable – the risk is the country will miss
an opportunity to take stock and look more closely
at the deeper messages behind the headlines.

19
FUND SELECTION
For fund selectors, to be able to react appropriately
to a fund manager departure one needs to
appreciate its impact on what matters – relative
performance: Firstly, truly understand what
organisational traits drive a fund’s relative
performance. Is it the fund manager (personality,
experience, investment style)? Is it the depth of the
analyst pool? Is it idea generation that stems from
the way the team is structured or remunerated? Is
it the broader resources of the company, such as
research or superior risk management capabilities?
Secondly, know the portfolio and how it might be
impacted by substantial redemptions. Even if you
decide to remain invested, plenty of other people
won’t. Thirdly, know the alternatives. Don’t remain
invested just because it’s the easiest thing to do.
Wait and see can be a perfectly valid, so long as it’s
a proactively determined decision rather than the
default response.
From a fund management house’s perspective
succession planning should be taken seriously,
it should be open and honest and it should be
expansive. Serious succession planning means
fund houses should have a clear long-term plan in
place. Having a “reliable number two” might be
sufficient only for holiday cover and not as a long
term solution to a manager departure. It should
be open insofar as fund houses should engage
with investors about what they are considering.
If the solution to a manager leaving would be
to replace him or her externally, that should be
clear to all. Honesty is crucial: no marketing of
a “star manager” until he or she leaves at which
point the fund “has always been run by a team”.
Finally succession planning requires considering
all repercussions of a manager exit, such as the
impact on the current funds run by a manager who
is promoted to replace a departed manager on
another fund.
Given personnel mobility is a fact of life, it
is surprising how unprepared many fund
management houses and fund selectors are when
the inevitable happens. Whilst preparing for every
possible scenario is impractical, there are ways for
both sides to mitigate the risks.
Andrew Summers
Head of Fund Research and Collectives,
INVESTEC WEALTH & INVESTMENT
A MAVERICK SELECTOR’S VIEW
OF THE WORLD
Over the past year we have seen a large
number of high profile fund manager changes.
This has taught both fund selectors and fund
management houses several important lessons.
From both parties’ perspective the easiest
fund manager change is when a fund manager
leaves the industry (providing no alternative
vehicle to consider moving to) and smoothly
hands over the reigns to an impressive deputy
already well known to investors (allowing us to
be comfortable staying invested). However, few
of the recent manager moves have been this
simple and already difficult situations have been
exacerbated by unforced errors made by fund
management houses and have revealed flaws in
fund selectors’ due diligence.

20
THE WHY, WHAT AND HOW
Why?
Why?ACCESS AFRICA
2.What are the main areas in which businesses
are engaged in Africa?
Over recent years, the African economy has
undergone a number of seismic changes; less
reliance on agriculture has been paired with
increasing importance being placed on service
sectors, particularly the financial sector. While
investors from emerging market countries in
Latin America and Asia have already seized the
opportunity to invest in Africa, Germany and other
European companies have been taking a more
risk-conscious approach.
Geographically, interest has expanded from a
fairly narrow focus on South Africa to now span
the continent, particularly as other economies
develop and reach the stage where consumers
and institutional investors have the liquidity and
sophistication to look for enhanced returns.
Nonetheless, economic performance still
varies significantly across the region. Looking
to the immediate future, much of the attention
is focused on those countries where new
resource discoveries (particularly oil and gas)
may help transform their economies (including
Mozambique, Kenya and Tanzania), and where
a continued push on energy and transport
infrastructure may be able to unleash economic
potential in a different way (such as Nigeria and
South Africa).
There are a growing number of infrastructure
funds and other closed-ended vehicles which
are focusing on providing investors and pension
funds with meaningful exposure to the large
infrastructure and investment programmes in
course throughout Africa. Fund managers such
as Inframed, Helios, Harith Partners, Actis have
been at the forefront, often partnering with
development and government agencies to help
shape and benefit from these opportunities.
In terms of asset classes, we have seen a rapid
growth in the currency, rates and equities markets
and, most recently, also in the issuances of
sovereign credit. Dollar-denominated Eurobonds
are rapidly gaining favour as they offer investors
low-risk entrance into the market, and equity
investments are steadily becoming more
attractive to investors when compared with other
investment types including debt. As the markets
develop and the liquidity increases in countries
outside of South Africa and Nigeria, this trend will
continue to grow.
CONT /...
1. What is about Africa that appeals to Fund
and Asset Managers?
Africa’s growth story cannot be overlooked:
the IMF forecasts that by 2017, 11 of the 20
fastest-growing economies will be in Africa.
The six largest countries (South Africa, Nigeria,
Egypt, Algeria, Angola and Morocco) alone
are a $1.3 trillion economy and, according
to the IMF (2013), Sub-Saharan Africa is the
second fastest growing region in the world after
Asia. As a result, increasingly, the emphasis of
conversations is shifting from “why” Africa, to
“where” and “how.”
Many African countries benchmark well on key
risk factors relative to other emerging markets.
Upswings in governance and political stability,
an enabling environment that encourages
investments, coupled with a trend of growing
populations and urbanisation, are all combining
to produce a very positive risk/reward
relationship in Africa, particularly for companies
with robust risk management strategies.
Looking specifically at the funds industry, the
RisCura-AVCA-SAVCA LP survey (April 2014)
found that 85% of investors surveyed were
expecting to increase their allocations to
African private equity in the next two years,
while 70% said returns from Africa would
outperform other emerging markets (although,
admittedly, the survey is somewhat biased
on a small pool of investors who are already
interested in the region). The fundraising
stats paint a similar picture: Africa-focused
funds raised nearly $2 billion in total last year,
according to PEI’s Research & Analytics division,
about twice as much as the previous year.

21
Why?
How?ACCESS AFRICA cont /...
4. How are banks supporting activity in Africa?
Despite the continent’s rich diversity and
opportunities for growth, it remains a complex
entity, placing responsibility on banks to drive
financial inclusion. Urbanisation and increased
formal employment will aid this process to some
extent, as will the advances in mobile technology
across the continent.
Banks can target new market segments by
creating products which lend themselves
to straight-through-processing and volume
transacting. These new products, supported by
innovation in mobile payment services, are aimed
at the previously unbanked, cash-rich community
and don’t require individual bank accounts.
Where these products have been most successful
is where they have been supported by large
education programmes explaining the product
and its benefits. On a corporate and institutional
level, banks play a pivotal role in providing
insights into local practices and customs as well as
sector expertise.
To find out more about how Barclays can support
your success in Africa, contact:
Phil Bowkley, Head of Funds and FinTech,
Corporate Banking, Barclays
E: philip.bowkley1@barclays.com
T: +44 207 116 9363
Pieter Venter, Head of Funds and FinTech
(Africa), Corporate Banking, Barclays Africa
E: pieter.venter@absacapital.com
T: +27 219 276 440.
3. What are the main hurdles for fund
managers looking to establish operations in
Africa?
Despite the growth forecast in the region,
perceptions of a lack of ease of doing business
and widespread corruption remain. According
to Ernst & Young’s 2013 ‘Doing business in
Africa’ report, there are several features of
the continent that make it a difficult place
to operate, including infrastructure gaps,
bureaucratic bottlenecks and undeveloped
consumer demand.
In our experience, the biggest mistake one can
make is to think of Africa as one homogeneous
entity. If there is one word to describe Africa’s
50+ countries, it is “diversity.” There are
strong differences moving from north to south
and east to west across the continent, and
exchange controls and a lack of liquidity are
barriers to moving funds across jurisdictions.
For us, we see that the key for fund and asset
managers operating in the region is to educate
their investors on the risks/returns associated
with Africa, giving their managers the
flexibility to innovate and grow. Furthermore,
understanding the local perspectives and
regulations is fundamental when setting a
strategy for entering a market. To support
this, working with a partner with strong local
knowledge and presence will prove a decisive
factor in tapping into the African opportunity.
Figure 1: Africa’s Risk and
Opportunity matrixSource:
E&Y Africa by Numbers
report, Doing business in
Africa 2013

22
REGULATOR REVIEW Now imagine, Ariana has followed the advice of
wise people and has invested her money following
the advice of her local bank. Advice here means
the bank has asked Ariana to fill in a questionnaire
of roughly 30 questions after which the bank hacs
proposed an asset allocation. In her case the bank
has also recommended a number house funds fitting
her proposed asset allocation. Periodically, Ariana
receives a report indicating whether she is within
limits of the proposed asset allocation. For this
service, Ariana again is charged 80 to 100 bp.
The annual performance report Ariana receives shows
how much return is has made in the previous year.
Yet, no comparison to a benchmark is made. No
effort is made to show performance over a longer
period of time – even if Ariana already invests with
her bank for over 10 years. Also, no effort is made
to indicate what risk return trade-off Ariana has
made in her portfolio. At the same time, Ariana is
utterly insecure whether she is doing the right things.
Especially if her portfolio has tanked, but even if
things have grown a bit she questions what could
happen and whether she is not exposed too much.
Reading a bit about the investment industry, Ariana
wonders what she is really paying her fund managers
as well as all the gentlemen involved in the rest of her
“investment value chain”. On a rainy weekend, she
invests some serious time to find out. She is quite
outraged when she discovers she can’t. A fair amount
of the costs, it seems, cannot be found anywhere.
She is particularly outraged because experience as
well as research show her costs matter a great deal –
contrary what her banks seems to implicitly tell her.
Finally, when Ariana makes another effort towards
rational investing and tries to identify superior funds,
she fails utterly. Research shows her superior funds,
consistently outperforming the benchmark do exist
– be it in small numbers. At the same time, there
are no objective reliable indicators to identify those
funds. It seems finding these funds is an art in itself.
Questioning her bank she is astonished to learn that
in fact they are not much better than she is. At that
point she puts the matter to an end and moves to low
cost index funds only.
I think, Ariana’s story points to a number of potential
improvements the industry would be wise to put their
energy to.
Theodor Kockelkoren
Board Member, AFM Chairman, Task Force on
Financial Consumer Protection, OECD
ARIANA’S NEEDS – WHERE
DOES ONE INVEST?
What would a customer look for? Say, a
customer like most of in the ‘Retail Space’
aspiring to build a bit of wealth for his or her
old age, let’s call her Ariana. Ariana would
like to invest rather than put all her money in
a saving account. She would love to have low
cost support in making the right investment
decisions. She is longing to gain some level
of comfort after having made these decisions.
Having thought about her decisions looking
back and forward, she is craving better
information, especially on all the costs involved
in her decisions as well as on the added value
her fund managers really managed to create for
her.
Currently, the reality in most countries is deeply
disappointing to Ariana. First of all, it is easy
to overpay for the support services she is
receiving. Imagine, Ariana has invested through
an internet platform in a number of investments
funds. What Ariana may or may not know (as
the information is not easily accessible) is that
she is paying easily 80 to 100 bp on her invested
money annually for something as meagre as an
execution service. Quite an outrageous pricing
proposition

23
FUTURESCOPE Wireless spectrum is often licensed over large
areas, states or entire nations. The carriers
with the licenses focus their build-outs on the
profitable population centers, often building
minimal rural coverage only to meet government
requirements. If it were possible for a local
entrepreneur to gain access to spectrum on a
village by village basis, local entrepreneurs would
be incentivized to build coverage that provide a
reasonable return. The U.S. passed a secondary
markets ruling which allows spectrum to be
sold, leased or loaned the third parties. Similar
legislation for rural areas in developing countries
would open up the opportunities for building
micro-cellular coverage.
The technology and spectrum licensing schemes
must be coupled with a complimentary
financing scheme. New technology innovation
can make running rural cellular networks cost
effective, the regulatory changes would make
it feasible for entrepreneurs to build local
networks, and the availability of micro-finance for
local wireless netreprenuers would enable rural
coverage to become a reality.
Finally it is worth noting that this approach has
benefits in the developed countries as well. The
U.S., due to geography and population actually
has the second lowest percentage of the rural
population covered of any region, trailing only
Africa. There are far fewer people without
coverage in the U.S, but the problem for
coverage of the last 5% is just as daunting.
CONNECTING THE NEXT BILLON
Bringing cellular communications to rural areas
increases the opportunity earning power of the
rural population. Every 10 percentage-point
increase in mobile-phone penetration in
developing countries yields an extra 0.81
percentage points of annual economic growth,
according to a 2009 World Bank study GSMA
has estimated that each 10% increase in
broadband connectivity results in up to a 1.4
percentage in village GDP.
But connecting the next billion is not as
straight forward as connecting the last
billion. The last billion was connected by
building cellular network in urban centers of
countries like Indian and China. These urban
centers have the skilled labor, power and
telecommunications infrastructure required
to build cellular networks in very much the
same way they were built in the west. The
next billion will come from rural areas in India,
China, Africa, Asia and Latin America. These
areas to do have the power, skilled labor or
telecommunications infrastructure, and the
traditional method of building cellular networks
is practical or cost effective. To cost effectively
build networks in these areas requires an
innovative approach in technology, regulation
and financing.
The focus of technology innovation must be
moved from the developing market focus of
higher data rates and more spectrum efficiency,
to reducing power consumption, physical
footprint and simplifying maintenance and
operations.
Where SOFTWARE Meets the Spectrum
Vanu Bose
President & CEO, VANU INC
Speaking 23rd June, Emerging & Frontier
Markets

WhatmakesIrelandgreat,makesIrelandgreatforbusiness
Email:idaireland@ida.ie @IDAIRELAND

25
INDUSTRY
REFLECTION
LESSONS LEARNED IN ASSET
MANAGEMENT
Retaining and building market share in the asset
management sector is increasingly challenging,
with the rise of passives and regulation adding
to the competitive pressures. In my view, active
fund managers need to remember what they
exist to do – to seek to outperform net of all fees
over the medium-long term and to meet the fund
objectives. Our industry is still bloated with too
many mediocre funds not delivering. We need to
keep things simple, focus on what we are good at
and ditch the rest, remembering that scale alone
in asset management does not bring success
– a focus on excellence is in my opinion more
important.
Our people are a critical part of success in what
remains, in the active space, a people business.
Increasingly, good people want to work for
organisations that enable them to use their
talents and skills to their best advantage. This is
partly about remuneration structures and aligning
employees’ interests with those of clients but it is
also about creating the right environment where
people can thrive, excel and deliver.
We are only at the start of enormous structural
change in the savings industry as countries
with ageing populations give individuals more
responsibility to manage their financial futures. In
the UK this has led to the government removing
the requirement for retirees to buy an annuity,
giving the asset management sector a significant
opportunity to create innovative products that
can attract significant assets. It is those who pay
greatest attention to the above factors that will
have the best chance of winning in this brave new
world.
Notes:
The value of investments and the income from them can
fall as well as rise and may be affected by exchange rate
variations, you may get back less than originally invested.
The views expressed are those of the Vice Chairman at the
time of writing and may change in the future.
Jupiter Asset Management Limited, registered address:
1 Grosvenor Place, London SW1X 7JJ is authorised and
regulated by the Financial Conduct Authority.
Edward Bonham Carter
Vice Chairman, JUPITER FUND MANAGEMENT
PLC.
Having stepped down from my role of Chief
Executive of Jupiter Fund Management plc in
March, it is a good point at which to reflect on
some of the lessons learned from my 14 years at
the helm.
When I took over as joint CEO of Jupiter in
2000, equity markets were at the start of a
savage bear phase lasting three years. It was
the first of two bear markets through which I
steered the business, the second being the
financial crisis that started in 2007. I have always
been surprised by the number of businesses
that repeatedly made the same mistakes during
the economic cycle – becoming overly bloated
during upturns then slashing staff numbers
and marketing budgets in downturns to find
themselves at a competitive disadvantage when
the cycle turns. A much better way, in my view,
is to avoid getting excited during bull markets
by aggressively expanding your cost base and
then be wary of cutting back in downturns as
it is during difficult times that you build your
advantage.

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SOCIAL EVENTS

30
SPONSORS & EXHIBITORS
We are a pure asset management company and only manage
assets for third parties, allowing us to focus solely on their
needs. We now manage €226.2 billion of third party assets, as
at 28 February 2014.
Our clients access our investment from equities, fixed
income, property, as well as tailored solutions.
We package our skills in the form of segregated and pooled
products across borders. We invest worldwide and follow a
predominantly long-only approach, based on fundamentally
sound investments – we do not chase market fads.
Our investment teams are based in the markets or regions
in which they invest. Clients understand our process and
portfolios because they are transparent.
accelerando associates is a leading European fund
distribution consultancy founded in 2004 with offices in
Frankfurt, London and Valencia.
We provide bespoke advisory services to specialist and
mainstream asset management firms around the globe.
Our international team combines cutting-edge experiences
from investment sales, investment management and
consulting from four European countries, whilst speaking five
European languages. Based on our vast experiences and
insights we have built an unparalleled platform on European
fund distribution intelligence.
We help asset management firms to develop and to optimise
European fund distribution in a smart, practice focused and
cost efficient manner.
Amundi ranks first in Europe1
and ninth worldwide1
in the
asset management industry with AUM of over €770 billion
worldwide2
.
Located at the heart of the main investment regions in more
than 30 countries, Amundi offers a comprehensive range of
products covering all asset classes and major currencies.
Amundi has developed savings solutions to meet the needs
of more than 100 million retail clients worldwide and designs
innovative, high-performing products for institutional clients
which are tailored specifically to their requirements and risk
profile.
The group contributes to funding the economy by orienting
savings towards company development.
1.
Source IPE « Top 400 asset managers active in the European
marketplace » published in June 2013.
2.
Amundi Group figures as of 31 December 2013.
AssetLogic offers the finance industry the Fund Information
Network. A revolutionary web-based service that combines
the security and privacy of a financial application with the
ease-of-sharing found in social networks.
Increasing regulations and investor demands for transparency
have significantly increased the amount of information that
must be aggregated and shared between asset managers,
investors, service providers and many others. However, this
data is stored in proprietary systems that don’t communicate
with one another.
Members of the Fund Information Network collect, share and
report on data and documents contributed by their trusted
partners.
The increased efficiency, data integrity, accountability and
transparency enable the industry to trust its information and
meet the ever-increasing data management and compliance
demands.
Aviva Investors is a global asset management business
dedicated to building and providing focused investment
solutions for clients which include pension funds, wholesale
and retail banks, insurance companies, private wealth
managers, charities and local government organisations.
We are the asset management arm of Aviva plc, the UK’s
largest general insurer and one of Europe’s leading providers
of life and general insurance.
We employ over 1,000 people in 19 locations and 15
countries and have assets under management of £241
billion* across a range of real estate, fixed income, multi-
asset and equity funds.
Above all, we aim to deliver sustainable investment strategies
and returns that meet our clients’ objectives.
Our investment strategies include:
• Long-only and absolute return global fixed income
strategies
• Multi-asset investments to address our clients’ diverse
needs
• Direct and indirect global real estate
• Global, regional and style equity strategies
* as at 31 December 2013
BLME is the largest Islamic Bank in Europe. BLME Asset
Management is a dynamic organisation that combines
industry experience and financial market expertise to offer
innovative investment solutions across a range of asset
classes.
Our experienced team is dedicated to delivering client-
focused investment solutions tailored to your specific
requirements. We offer a wide range of distinctive products
and solutions that are designed to cater for the individual
investment needs of an investor.
Barclays moves, lends, invests and protects money for
customers and clients worldwide. With over 300 years of
history and expertise in banking, we operate in over 50
countries and employ over 140,000 people.
We provide corporate banking solutions to businesses with
an annual turnover of more than £5 million in the UK, and to
large local companies, financial institutions and multinationals
in non-UK markets. We support the success and growth of
our clients by providing lending, risk management, cash and
liquidity management, trade finance, and asset and sales
financing.
Our clients also benefit from access to the breadth of
expertise across Barclays. We’re one of the largest financial
services providers in the world, and are also engaged in
retail banking, credit cards, investment banking, and wealth
management.
www.aberdeen-asset.com
www.accelerando-associates.com
www.amundi.com
www.asset-logic.com
www.avivainvestors.com
www.blme.com
www.barclayscorporate.com

31
BlackRock is a global asset manager that has built its offering
around its clients’ greatest needs: providing breadth of
capabilities and depth of knowledge - across active and
passive strategies, including iShares(r) ETFs. This is combined
with a singular focus on delivering strong, consistent
performance and an ability to look across asset classes,
geographies and investment strategies to find the right
solutions. With deep roots in every region across the globe,
some 100 investment teams in 27 countries share their best
thinking to gain the insights that can change outcomes.
And, with a passion to understand risk in all its forms,
BlackRock’s 1,000+ risk professionals dig deep to find the
numbers behind the numbers and bring clarity to the most
daunting financial challenges. That shapes and strengthens
the investment decisions that BlackRock and its clients are
making to deliver better, more consistent returns through
time.
BlueBay is a specialist manager of fixed income credit and
alternative products. Based in London, with offices in the
US, Luxembourg, Hong Kong and Japan, we manage over
US$57.8 billion (as at 31 December 2013) for institutions and
high net-worth-individuals.
BlueBay Asset Management LLP is a wholly-owned subsidiary
of Royal Bank of Canada (RBC) and part of the RBC asset
management division, RBC Global Asset Management group
of companies.
BNP Paribas has a presence in 80 countries with nearly
190,000 employees, including more than 145,000 in Europe.
It ranks highly in its three core activities: Retail Banking,
Investment Solutions and Corporate & Investment Banking.
In its Corporate & Investment Banking and Investment
Solutions activities, BNP Paribas enjoys top positions in
Europe, a strong presence in the Americas and solid and fast-
growing businesses in Asia-Pacific.
Its Securities Services business is a leading global custodian
with a local presence in 34 countries across five continents.
It provides integrated solutions to all participants in the
investment cycle including the buy side, sell side, corporates
and issuers.
BNY Mellon is a global investments company dedicated to
helping its clients manage and service their financial assets
throughout the investment lifecycle. Whether providing
financial services for institutions, corporations or individual
investors, BNY Mellon delivers informed investment
management and investment services in 35 countries
and more than 100 markets. As of March 31, 2014, BNY
Mellon had $27.9 trillion in assets under custody and/or
administration, and $1.6 trillion in assets under management.
BNY Mellon can act as a single point of contact for clients
looking to create, trade, hold, manage, service, distribute or
restructure investments. BNY Mellon is the corporate brand
of The Bank of New York Mellon Corporation (NYSE: BK).
Additional information is available on www.bnymellon.com,
or follow us on Twitter @BNYMellon.
BRAM – Bradesco Asset Management was launched in
Sao Paulo in 2001 following the merger of Bradesco´s asset
management businesses bringing together over 40 years
of investment expertise in the LatAm market. With US$ 130
billion AUM, BRAM plays a key role in the LatAm market. The
team boasts broad reach and agility to deliver sustainable
risk adjusted returns over the long term. Most group heads
have been working together since 2001 and have fine tuned
a robust, fundamental investment process which relies on
a detailed and constant screening, modeling as well as
monitoring of the investment universe by the investment
research team. BRAM offers international investor the
opportunity to invest in LatAm through its equity and fixed
income SICAV funds, locally listed funds in specific markets
and tailored/managed accounts for select partners and
institutional clients.
Brown Brothers Harriman (BBH) is a privately-held financial
institution serving the most sophisticated institutions and
individuals across three business lines: Investor Services,
Investment Management, and Private Banking. Our culture
of accountability fosters deep and lasting relationships built
on commitment, adaptability and trust. We are independent,
selective and specialised in our approach.
BBH Investor Services, the firm’s largest business line,
provides cross-border custody, accounting, administration
and related services in close to 100 markets for many of the
world’s leading asset managers and financial institutions. With
approximately $3.7 trillion in assets under custody1
BBH, is
consistently ranked among the world’s top global custodians,
asset administrators, foreign exchange, and securities lending
providers.2
For more information about our differentiated approach,
please visit www.bbh.com.
1
As of December 31, 2013.
2
As measured by results in major industry surveys
CACEIS is the asset servicing banking group of Crédit
Agricole dedicated to institutional and corporate clients.
Through offices across Europe, North America and Asia,
CACEIS offers a broad range of services covering depositary
and custody, fund administration, middle office outsourcing,
derivatives clearing, forex, securities lending, fund
distribution support and issuer services. With assets under
custody of €2.5 trillion and assets under administration of €1.3
trillion, CACEIS is one of the world market leaders in asset
servicing and the largest depositary bank and the premier
fund administrator in Europe (figures to 31 December 2012).
www.blackrockinternational.com
www.bluebayinvest.com
www.bnpparibas.com
www.bnymellon.com
www.bradesco.com.br
www.bbh.com
www.caceis.com

32
More than 500 customers in 17 domiciles are processing
domestic and cross-border transactions across Calastone’s
multi-award winning transaction network. Fund managers,
distributors and transfer agents around the world are joining
Calastone’s network to transact their orders, benefiting
from the cost and risk reduction opportunities transaction
automation can offer – a single connection to a fast-growing
network for the global fund community. Calastone’s goal is
to increase efficiency through reducing cost and risk via our
fully automated STP transaction network. We remove all the
technical barriers to automation of fund transactions through
our interoperability, network and service. Any party involved
in the production, distribution or management of funds, of
any size, located around the world using Calastone is able
to transact electronically over Calastone’s global transaction
network. Calastone has offices in London, Luxembourg,
Hong Kong, Taiwan, Singapore and Australia.
Calypso Technology is a premier global capital markets
platform provider, serving financial institutions of all types
with a full range of integrated cross-asset front-to-back office
solutions for treasury and derivatives including trading, risk,
processing, clearing, collateral, cash management, liquidity,
accounting and reporting. The Calypso platform is steadily
emerging as a global standard for capital markets businesses
and serves as an ideal foundation for innovation and future
growth.
Capita Asset Services has over 40 years proven fund
administration experience providing fund administration and
professional services solutions across a wide range of asset
classes and funds. We currently service over 70 investment
managers and provide a range of services to around 300
funds.
Capita Asset Services also provides corporate, private client,
treasury, debt administration, shareholder and employee
solutions, with 2,500 professional staff dedicated to making
delivering service excellence and creating efficiencies for
our clients. Our operations are based in the UK, Ireland, the
Channel Islands and Europe, with representative offices in
the US and Asia – holding over 4,000 multi-national and UK
based clients and relationships.
We are part of Capita plc, a FTSE 100 and the UK’s leading
provider of business process outsourcing and integrated
professional support solutions.
Capital Group is one of the world’s largest and most
experienced investment managers with around $1.3
trillion under management. Founded in the US in 1931,
Capital Group has been singularly focused on delivering
superior, consistent results for long-term investors using
high-conviction portfolios, rigorous research and individual
accountability. Capital offers 19 long-only Luxembourg
domiciled funds, which are based on our traditional, research
intensive investment process.
Our investment process is designed to enable our
experienced investment professionals to act on their highest
convictions, while limiting the risk associated with isolated
decision-making. A disciplined, multi-layered governance
structure oversees the system’s operation. Managers are
rewarded for their results, not the level of assets they
manage.
As a private firm with an independent charter, we are focused
on doing what’s right for investors over the long term.
Founded in 1992, Cerulli Associates specializes in worldwide
asset management and distribution analytics. Headquartered
in Boston, Cerulli also has offices in London and Singapore.
Cerulli Associates blends original research and data analysis
to bring perspective to current market conditions and
forecasts for future developments. Via a suite of research
publications and an interactive data platform, we provide
financial services firms with guidance in strategic positioning
and new business development.
Our U.S. practices covers manufacturing and distribution
issues across core areas including managed accounts,
intermediary, retirement, annuities, retail investor, and retail
and institutional asset management.
Our international practice covers asset management and
distribution trends globally and in 45 countries worldwide
(20 primary markets and 25 secondary markets). Our Asian
practice examines trends in retail and institutional asset
management across Asia and in specific countries.
Citi Investor Services provides a complete investment services
solution for today’s diversified investor, combining specialized
expertise, comprehensive capabilities and the power of Citi’s
global network to help our clients meet their performance
objectives across asset classes, strategies and geographies.
Citi provides complete investment services for institutional,
alternative and wealth managers, delivering middle office,
fund services, custody, and investing and financing solutions
that are focused on our clients’ specific challenges and
customized to their individual needs. Citi offers integrated
cash management, trade, and securities and fund services to
multinational corporations, financial institutions and public
sector organizations around the world. With a network that
spans more than 95 countries, Citi Investor Services holds, on
average, $14.2 trillion in assets under custody.
Clearstream is a global leader in post-trade securities services
and with more than €12 trillion in assets under custody, one of
the world’s largest settlement and custody firms for domestic
and international securities.
As a specialised fund custodian, Clearstream delivers state
of the art solutions to standardise fund processing and to
increase efficiency and safety in the investment funds sector.
Our global investment funds processing platform Vestima
provides a single point to investment funds of all types - from
mutual funds to exchange-traded funds (ETFs) and hedge
funds – offering order routing, DVP settlement, safekeeping
and asset servicing for over 8 million trades per year. With
more than 125,000 investment funds from 34 jurisdictions,
Vestima is the world’s largest cross-border fund processing
platform.
The key objective is to absorb market complexity and deliver
efficient, secure and flexible solutions for the investment
funds industry.
www.calastone.com
www.calypso.com
www.capitaassetservices.co.uk
www.thecapitalgroup.com
www.cerulli.com
www.transactionservices.citigroup.com
www.clearstream.com

33
As a global leader in data-driven solutions for efficiency and
control for over 20 years, the asset management industry
relies on Confluence to solve the industry’s toughest data
management, automation and regulatory challenges
for managed investments. Innovative and scalable, the
Confluence unified platform enables asset managers to
consolidate and leverage data across business operations.
The platform features solutions to support a variety of fund
types – including UCITS, alternative investments, U.S. ’40
ACT mutual funds, and contemporary fund structures such
as ETFs. Headquartered in Pittsburgh, PA, Confluence
serves the fund industry with key locations in Dublin, London,
Luxembourg and San Francisco.
Dassault Systemes, the 3D Experience Company, provides
Financial Services solutions designed to drive business
execution for accelerated product innovation, customer
intelligence, advanced analytics and regulatory insight.
With proven reductions in implementation time, our
solutions deliver real time business value faster and with less
complexity than traditional approaches.
Today Dassault Systemes service 170,000 companies
worldwide across 12 industries including Financial Services.
Our business solutions platform is on premise, on line and
on the cloud and we are recognized by our customers across
140 countries and, recently by Forbes magazine, as one of
the world’s most innovative companies. Dassault Systemes is
majority shareholder controlled by Dassault Groupe. In 2012
our revenues were over €2 billion with an operating margin of
above 30%.
Sal. Oppenheim stands for exclusive services in the
comprehensive management of private and institutional
assets for more than 220 years. We offer individual advice
focusing on continuity in conjunction with the range of
services of a modern asset management company. Sal.
Oppenheim Luxembourg operates under “Deutsche Fund
Platforms” as the White Label fund platform within Deutsche
Bank’s Asset & Wealth Management Division globally.
“Deutsche Fund Platforms” in Luxembourg offers an
integrated service model with an in-house administration
and in-house custodian, offering all kind of Luxembourg fund
structures, ranging from traditional UCITS products all the
way to complex Alternative Investment structures that include
the wrapping of hedge funds, private equity, real estate,
ships and aircrafts. Sal. Oppenheim is a licensed Alternative
Investment Fund Manager.
DIFC is the financial and business hub connecting the
region’s emerging markets with the developed markets of
Europe, Asia and the Americas.
Since its launch in 2004, DIFC has been committed to
encouraging economic growth and development in the
region through its strong financial and business infrastructure.
Currently, DIFC’s client base comprises almost 1,039 active
registered firms, including 22 of the world’s top 30 banks,
six of the top 10 insurers, seven of the top 10 law firms, 11
of the world’s top 20 money managers and seven of the
top 10 consultant companies in the world. Around 15, 000
employees operate in an open environment, complemented
by international legal and regulatory standards through the
DIFC Courts and Dubai Financial Services Authority (DFSA)
respectively. DIFC offers its member companies 100 per cent
foreign ownership, zero per cent tax rate, with no restriction
on capital convertibility or profit repatriation.
Website: www.difc.ae , or follow us on Twitter @DIFC.
East Capital is a leading emerging and frontier market asset
manager specialising in Eastern Europe and Emerging Asia.
The group manages USD 4bn and the product offering
contains a wide range of country and regionally focused
funds including the flagship strategies, the award-winning
East Capital Eastern European Fund, East Capital Russian
Fund and East Capital Emerging Asia Fund.
The investment strategy combines diligent market research
and fundamental analysis with frequent company visits
by the investment teams, which consist of 30 investment
professionals.
East Capital is headquartered in Stockholm with offices in
Hong Kong, Kyiv, Luxembourg, Moscow, Oslo, Paris and
Tallinn.
Eastspring Investments, part of Prudential Corporation Asia,
is Prudential plc’s asset management business in Asia. We are
one of the region’s largest asset managers, with operations
in 14 markets (including offices in the US and Europe) and
about US$99.3 billion (about £60 billion) in assets under
management (at December 31, 2013). In Asia, Eastspring
Investments operates in Japan, Malaysia, Singapore, South
Korea, Taiwan, Hong Kong, the United Arab Emirates,
Vietnam and Indonesia, and has joint venture operations in
India, China and Hong Kong.
About one-third of Eastspring Investments’ total assets are
sourced from third party clients including a wide range of
retail and institutional investors. We also manage the assets
of life and pension products sold by Prudential Group in the
UK, the US and across Asia.
ETF Securities is the world’s largest independent provider
of commodity exchange traded products (ETPs)1
and also
provides a wide range of equity, alternative and currency
ETPs. The company listed the world’s first physically-backed
gold ETP in 2003 and now offers over 300 different ETPs
covering a wide range of commodity, currency and equity
exposures listed on major exchanges around the world.
At the end of April 2014, worldwide assets invested in ETF
Securities ETPs stood close to US$19.2 billion.
1
Based on number of listed products worldwide at end 2012.
Source: Bloomberg, issuer websites, ETF Securities Global
Commodity ETP Quarterly January 2013.
www.confluence.com
www.3ds.com
www.oppenheim.lu
www.difc.ae
www.eastcapital.com
www.eastspringinvestments.com
www.etfsecurities.com
®

34
Eurizon Capital SGR S.p.A is the asset manager company of
Intesa Sanpaolo Group specialized in products for retail and
institutional clients. With AUM of around 193 billion euros*is
one of the largest Italian asset managers.
Eurizon Capital offers a wide range of tailored products,
featuring different management styles and providing
investment solutions for various client needs.
It interprets asset management through specific business
lines:
- multi-asset, multi-style and multi-product portfolios;
- LTE (Limited Tracking Error) products;
- structured products based on quantitative methods.
Eurizon Capital SGR comprises:
- Eurizon Capital S.A., specialized in managing Luxembourg
domiciled mutual funds;
- Epsilon SGR, joint venture between Eurizon Capital SGR
(51%), and Banca Imi (49%).
Beside Luxembourg, Eurizon Capital is present abroad:
- in China, with a 49% shareholding in Penghua Fund
Management;
- in Eastern Europe , through a network of asset management
companies controlled by Eurizon Capital S.A.
* Source: Assogestioni – 4th Quarter of 2013.
European Fund Administration S.A. (EFA) is an independent
third-party administrator specialising in services to investment
funds, unit-linked insurance products, private equity funds,
real estate funds, hedge funds and funds of hedge funds.
EFA leads the outsourcing market in Luxembourg, Europe’s
largest fund center.
EFA’s service range includes Net Asset Value calculation,
bookkeeping and portfolio valuation, transfer agent and
registrar services, fiscal services, compliance and risk
management, performance measurement and attribution,
domiciliation and reporting solutions.
EFA is present in Luxembourg and Paris (via European Fund
Administration S.A - France).
As one of the leading professional services organizations
to the wealth & asset management industry, EY provides
innovative services to global and domestic asset
management clients. Our considerable knowledge,
experience and commitment to excellent service provide you
with a seasoned and qualified team that is highly responsive
to the needs of your organization.
Our global wealth & asset management network
encompasses key financial centers in the Americas, Asia-
Pacific, EMEIA and Japan. Globally, we have more than
13, 500 professionals focused on serving the asset
management industry. Our combination of talent and
resources gives us the ability to anticipate and adapt to the
rapid and accelerating changes of today’s global economy.
FE is an award-winning provider of ratings, investment
research, data, software and performance analysis to the
financial services industry.
Our products and services are designed to interpret and
analyse data, helping financial advisers and private investors
make sound investment decisions. Respondents to a 2013
survey by The Platforum voted FE and FE Trustnet the most
influential data providers in the marketplace.
We also provide tools and software for fund managers and
other financial services firms, including research, modelling,
reporting, sales, marketing and presentation materials. Our
core products include the FE Analytics online fund research
database and finXL, Webtools, Datafeeds, and Fund
Document Production including Key Investor Information
Documents from Kii Hub.
Latest innovations include FE Precision – a transparent fund
dissemination management solution for asset managers and
the Mercer Manager Analysis Portal (MAP”) – a collaboration
with Mercer which uses FE data and technology to provide
institutional quality research to the Wealth Management sector.
Fitch Ratings is a leading provider of credit ratings,
commentary and research. Dedicated to providing value
beyond the rating through independent and prospective
credit opinions, Fitch Ratings offers global perspectives
shaped by strong local market experience and credit market
expertise.
Fitch Group is a global leader in financial information services
with operations in more than 30 countries. In addition to Fitch
Ratings, the group includes Fitch Solutions, Fitch Learning,
and Business Monitor International.
Fitch Group is jointly owned by Paris-based Fimalac, S.A. and
New York-based Hearst Corporation.
Headquartered in San Mateo, California, Franklin Resources
is a global organization known as Franklin Templeton
Investments.
Our common stock is listed on the NYSE under the ticker
symbol BEN, and is included in the S&P 500 Index.
Investment management is our core business and for over
65 years, investors around the world have looked to us as a
trusted partner in asset management. Along the way, we have
continuously broadened our expertise and become a firm
with considerable worldwide presence.
Today we employ over 8500 employees, maintain offices in
over 35 countries and serve investors in over 150 countries. A
globally diversified asset manager with USD 879.7 billion in
AUM (as of Dec 13), we offer over 350 investment solutions to
clients worldwide.
With the expansion of our global footprint, vast cross-border
distribution business in over 50 countries, on-the-ground
research capabilities and trading network, we have continued
to build our local presence within the domestic fund
management industry of individual markets as diverse as Brazil,
Japan, China, India, United Kingdom, Australia, and Korea.
www.eurizoncapital.com
www.efa.eu
www.ey.com/wealthassetmgmt
www.financialexpress.net
www.fitchratings.com
www.franklintempleton.com

FundForward International Edition 2014

FundForward International Edition 2014

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FundForward International Edition 2014