Client Reporting Best Practice
| Date: | December 2007 |
| Author: | Peter Ellis |
| Price: | £500 to non-members of the Investit Intelligence Member service |
The research investigated best practice client reporting by establishing what clients consider to be most important. It also investigated current market practice by looking at the processes and systems used by investment managers. Recent trends were identified by comparing the results of this research with the findings of similar research completed in Q4/2004. The research also investigated the new challenges that are being created by the increasing use of a wider range of investment strategies (e.g. LDI, 130:30, absolute returns) and of OTC derivatives.
Table of contents
| Management Summary | 1 | |||
| 1.0 | Introduction | 3 | ||
| 1.1 | Scope of the research | 4 | ||
| 1.2 | Methodology | 5 | ||
| 1.3 | The Investit team | 9 | ||
| 1.4 | Terminology and presentation of data | 10 | ||
| 1.5 | Acknowledgements and references | 12 | ||
| 2.0 | An Overview of Client Reporting | 13 | ||
| 2.1 | The role of client reporting in client relationship management | 14 | ||
| 2.2 | An holistic view of client reporting | 16 | ||
| 2.3 | Formal period-end reports | 19 | ||
| 2.4 | The recipients of investment reviews | 22 | ||
| 2.5 | Report providers | 24 | ||
| 3.0 | The Development of Client Reporting | 29 | ||
| 3.1 | the client perspective of client reports | 30 | ||
| 3.2 | the evolution of investment strategy | 32 | ||
| 3.3 | A brief history of client reporting | 34 | ||
| 3.4 | the divergence of reporting from strategy | 36 | ||
| 3.5 | The disconnect with manager monitoring | 37 | ||
| 3.6 | Looking to the future | 38 | ||
| 4.0 | Market Practice in Client Reporting | 39 | ||
| 4.1 | Valuation reports | 40 | ||
| 4.2 | Investment reviews | 44 | ||
| 4.3 | Client reporting systems | 51 | ||
| 4.4 | Recent trends | 54 | ||
| 5.0 | Best Practice in Client Reporting | 59 | ||
| 5.1 | The challenge of reporting to institutional clients | 60 | ||
| 5.2 | The main shortcomings that need to be addressed | 62 | ||
| 5.3 | Key future challenges | 64 | ||
| 5.4 | The core requirements of clients | 67 | ||
| 5.5 | The Client Reporting Framework | 70 | ||
| 5.6 | Guidelines for best practice client reporting | 73 | ||
| 6.0 | Supporting New Investment Strategies and OTCs | 81 | ||
| 6.1 | The take-up of new investment strategies | 82 | ||
| 6.2 | the lack of direction on reporting | 83 | ||
| 6.3 | Market practice for reporting on new investment strategies and OTCs | 84 | ||
| 6.4 | Best practice guidelines for reporting on new investment stragies | 88 | ||
| 6.5 | Best practice guidelines for reporting on OTCs | 90 | ||
| 6.6 | The impact on performance teams | 92 | ||
| 6.7 | The need for an integrated business strategy | 93 | ||
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