Managing an Investment Management Firm
| Date: | June 2007 |
| Author: | Catherine Doherty |
This research seeks to analyse the internal management of the firms which make up the highly diverse and fragmented industry called investment management. It looks at the context these firms are working in, and how they are seeking to manage themselves.
The purpose of this report is to:
- Build a useful set of models for comparing investment management firms.
- Provide food for thought on the challenges being faced by different types of firms, and exchange information on how people are addressing them.
- Examine why people would choose to own such a firm, and which benefits and problems arise from different types of ownership.
- Test the statement 'this is an industry like no other' to see whether this is an excuse for not learning from other industries or a genuine obstacle that managers face.
Table of contents
| Management Summary | 1 | |||
| 1.0 | Introduction | 3 | ||
| 1.1 | Scope | 4 | ||
| 1.2 | Methodology | 5 | ||
| 2.0 | The Journey in Context | 11 | ||
| 2.1 | "An unprecedented period of change" | 11 | ||
| 2.2 | Received wisdom | 12 | ||
| 2.3 | "Your mission is..." | 13 | ||
| 3.0 | The Chairman's Challenge | 15 | ||
| 3.1 | Targets and timescales | 16 | ||
| 3.2 | Ownership conflicts | 19 | ||
| 4.0 | The Product Head's Challenge | 25 | ||
| 4.1 | Product range management | 26 | ||
| 4.2 | Innovation and evolution | 29 | ||
| 4.3 | Value chain debate | 33 | ||
| 4.4 | Boutiques and multi-boutiques | 36 | ||
| 5.0 | The Talent Manager's Challenge | 39 | ||
| 5.1 | Management style | 40 | ||
| 5.2 | Succession planning | 42 | ||
| 5.3 | Leadership | 43 | ||
| 5.4 | Team building | 45 | ||
| 5.5 | Remuneration and retention | 46 | ||
| 6.0 | The Managing Director's Challenge | 49 | ||
| 6.1 | Management information | 50 | ||
| 6.2 | Leveraging ownership | 53 | ||
| 6.3 | Managing change | 55 | ||
| 6.4 | Client and product profitability | 57 | ||
| 6.5 | Scaling for growth | 61 | ||
| 7.0 | Work in Progress | 69 | ||
| 7.1 | The perils of generalisation | 70 | ||
| 7.2 | What is success? | 71 | ||
| 7.3 | An industry like no other? | 72 | ||
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