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Tuesday, September 20, 2011
The Cornell Club-New York, 6 East 44th
Street, New
York, NY 10017
Global Fund Distribution -
Opportunities & Challenges
Global Fund Distribution -
Opportunities & Challenges
Global markets offer real opportunities to asset managers, yet also pose significant challenges. Our distinguished panel of experts will provide valuable insights into the unique characteristics of key international markets.
CONTENTS Global Fund Distribution - Opportunities & Challenges
Agenda………………………………………………………………………………………………1
Speaker Biographies………………………………………………………………………… 2
Presentations…………………………………………………………………………………….9
AGENDA
07.30 – 08.00 Registration and Breakfast
08.00 – 08.30 Global Fund Distribution: Opportunities and
Challenges
08.30 – 09.15 Panel 1: How to Build a Cross–Border Fund
Business
09.15 – 10.00 Panel 2: Unlocking Global Distribution Channel
10.00 Close
Hosted by KB Associates with contributors from:
• Allfunds Bank
• Citi Private Bank
• Greenwich Associates
• Harding Loevner LP
• Hermes BPK Partners LLP
• Southeastern Asset Management, Inc.
• Third Avenue Management
The agenda will cover the following topics:
• opportunities that exist in key overseas markets
• consultant and investor requirements
• the views of managers engaged in global fund distribution
1
KB Associates Speakers
• Mike Kirby Managing Principal, KB Associates
• Jill Paitchel Executive Director, KB Associates
America
• Ross Allen Consultant, KB Associates
Guest Speakers
• Borja Largo Landeta CIO, Allfunds Bank
• David R. Bailin Managing Director & Global Head of
Managed Investments, Citi Private Bank
• Patrick Mc Nelis Managing Director & Partner, Greenwich
Associates
• David R. Loevner CEO & Co-Founder of Harding Loevner LP
• Josh Hall Partner & Head of U.S. Operations, Hermes
BPK Partners LLP
• Andrew McCarroll General Counsel & Principal, Southern
Asset Management, Inc.
• Erik Kleinbeck Managing Director & Head of Sales, Third
Avenue Management
2
KB Associates Speaker Biographies
Jill Paitchel Executive Director with KB Associates America Jill has been involved in the offshore fund business since 1989. She has held senior positions with a number of leading asset managers and has been an independent consultant to both asset managers and their service providers. Prior to joining KB Associates Jill founded JP Global Funds Consulting to advise asset managers and the service providers which support them. She focused on providing strategic advice to firms seeking to grow their global distribution capability. Previously she was President of Janus International at Janus Capital Group where she was responsible for the company’s business activities outside the United States. Jill also worked with Citigroup Asset Management as Managing Director, Head of Retail & High Net Worth Asset Management for Europe, Middle East & Africa. In addition, Jill has served as a Director of a number of UCITS investment funds.
Mike Kirby
Managing Principal, KB Associates
Mike is Managing Principal at KB Associates a Dublin, London and New York based consulting firm which advises leading asset managers and investment banks on a range of fund governance, operational and compliance issues. He has previously held senior positions at Bank of New York where he was responsible for the establishment and management of its Dublin operations. He also held senior positions in the custody and fund administration businesses of JP Morgan in London and Daiwa Securities in Dublin.
3
Ross Allen
Consultant, KB Associates Ross is responsible for fund distribution services with KB Associates. He has extensive knowledge of the international fund marketplace and of the practical issues relevant to the cross border distribution of funds. Prior to joining KB Associates, Ross was at Bank of America Merrill Lynch. Previously he spent a number of years with HSBC Securities Services Ireland where he was responsible for the administration of hedge funds and funds of
hedge funds.
4
Guest Speaker Biographies
Borja Largo Landeta
CIO, Allfunds Bank Borja is Allfunds Bank CIO. Under his responsibility fall the activities of analysis and funds selection, asset allocation, risk management and operational due diligence. Borja began his career as an analyst of international investment funds Banif BSN. In 2000 he was part of the founding team of Allfunds Bank and has continued his work as a specialist in international investment funds, from the initial analysis department and to his current responsibilities as Chief Investment Officer since 2007. Allfunds Bank is the largest UCITS fund distributor in Europe with more than 80 bn USD under distribution.
David R. Bailin
Managing Director & Global Head of Managed Investments,
Citi Private Bank David is Managing Director and Global Head of Managed Investments for Citi Private Bank. His primary responsibilities include the development and oversight of all Alternative and Traditional Managed Investments, including due diligence, manager selection, portfolio allocation and end to end client service. He is also responsible for managing the Tailored Portfolio Group. Citi Private Bank provides investing, banking, lending and wealth advice to more than 25,000 of the world's most successful and influential families from offices located in over 25 countries worldwide.
5
Patrick J. Mc Nelis Managing Director & Partner, Greenwich Associates Patrick is a Managing Director and Partner of Greenwich Associates, he consults with the firm's strategic consulting group and investment management practice clients globally. Prior to joining the firm, Patrick was Head of Global Distribution and Client Service at Pyramis Global Advisors where he implemented best-in-class strategies for distribution, client service, consultant relations, marketing, and product development as well as establishing the company's first globally integrated business model. He previously held similar roles at Principal Global Investors and Citigroup Asset Management.
David R. Loevner
CEO & & Co-Founder of Harding Loevner LP
David is Chief Executive Officer of Harding Loevner LP, an investment advisory firm that he co-founded in 1989. Harding Loevner manages $15 billion of global equities for institutional and individual clients, including US and European mutual fund families. David spent the prior nine years in the Rockefeller family offices, in New York and Hong Kong, managing investment and financial counseling programs, and subsidiary businesses, including the Rockefeller Insurance Company. Earlier, he worked for the World Bank in Washington D.C. as its country economist for Brazil.
6
Josh Hall
Partner & Head of U.S. Operations, Hermes BPK Partners LLP Josh is a Partner and Head of U.S. Operations of Hermes BPK Partners LLP. Prior to joining the firm in October 2008, Josh was a Senior Operational Due Diligence Analyst at Pioneer Alternative Investments in New York and was responsible for analysing and assessing the operational risks of all targeted investments for the fund of hedge funds’ portfolios. Previously Josh worked within the private equity division at Strategic Value Partners, LLC. Earlier he served as the Controller of the Private Equity Fund of Funds at Swiss Re Private Equity Advisers, Inc. Josh began his career as an Auditor at Deloitte & Touche LLP where he focused on hedge funds and private equity funds.
Andrew R. McCarroll
General Counsel & Principal,
Southeastern Asset Management, Inc. Andrew is a General Counsel and Principal of Southeastern Asset Management, Inc. As General Counsel, Andrew has been involved with the legal and structural aspects of the firm’s expansion into overseas markets. Southeastern has offices in Memphis, London, Singapore and Tokyo, and manages $37.5 billion in assets for institutional and individual clients, including US and European mutual funds. Andrew is a Director of the Longleaf Management Company in Ireland, which oversees the operation of a UCITS fund Southeastern launched in January 2010.
7
Erik Kleinbeck
Director of Sales, Third Avenue Management
Erik is a Director of Third Avenue Management. He heads the institutional sales and client servicing team and is responsible for strategic planning, as well as for identifying business and product development opportunities globally. Since joining Third Avenue in 2007, Erik has been integral in expanding the Company’s overseas business, especially with institutional investors based in Europe, the Middle East and Latin America. Prior to joining Third Avenue, he was a managing director at SPARX Investment & Research, the U.S. advisory arm of SPARX Asset Management, one of Japan's oldest independent investment boutiques. Earlier Erik worked at Credit Suisse Asset Management and Warburg Pincus Asset Management, where he held posts in both Tokyo and New York.
8
Presentations
9
KB Associates
Global Fund Distribution -Opportunities and Challenges
September 20, 2011
Global Fund Assets
Source: EFAMA March 2011
2011:Total Fund Assets €22 trillion
2003: Total Fund Assets €11 trillion
2011 2003
Europe –Assets by Domicile
Source: EFAMA Mar 2011
Total Fund Assets €8.1 TR
Europe
Source: EFAMA Handbook 2010 (estimated to Mar 2011-KBA)
Europe
Source: Lipper 2010
Europe
Source: Lipper 2011: Retail Market % (estimated market value- KBA)
Investment Strategies
Source: Lipper 2011 as at Dec 2010
Investment Strategies
Source: Lipper 2011 *totals exclude Fund of Fund assets
MKT size: €1.8TR
MKT size: €1.5TR
MKT size: €765BN
MKT size: €550BN
Target Countries
Source: PwC/Lipper 2011
Target Countries: Asia
Source: PwC/Lipper 2011
Target Countries: LATAM
Source: PwC/Lipper 2011
Distribution Channels: Europe
Source: Lipper 2009
Distribution Channels: Asia
Source: Lipper, PwC
Who invests?
Source: EFAMA 2011
Types of investors
Source: EFAMA 2011
Distribution- Key Considerations
� Investment Strategy: Equity, Bond, Mixed, Money Market
� Target country: Openness to foreign funds, investor appetite for investment strategy
� Investor type: Retail, Institutional, Insurance, Family office, Pension
� Channel: How to get the fund to market: Retail bank, Private bank, IFA?
KB Associates
Thank you
KB Associates
Global Fund Distribution -Opportunities and Challenges
Jill Paitchel
KB Associates
London Dublin New York
September 20, 2011
� Andrew R. McCarroll – Southeastern Asset Management, Inc.
� David R. Loevner – Harding Loevner LP
� Erik Kleinbeck – Third Avenue Management
How to Build a Cross-Border Fund Business
Unlocking Global Distribution Channels
� Borja Largo Landeta – Allfunds Bank
� David R. Bailin – Citi Private Bank
� Josh Hall– Hermes BPK Partners LLP
� Patrick J. Mc Nelis – Greenwich Associates
KB Associates
42 Brook Street
London
W1K 5DB
United Kingdom
Tel: +44-203-170-8811
Fleming Court
Fleming’s Place
Dublin 4
Ireland
Tel: +353-1-668 7684
Fax: +353-1-668 7696
260 Madison Ave
8th Floor
New York, NY 10016
USATel: +1 646 216 2106
www.kbassociates.ie
42 Brook Street
London
W1K 5DB
United Kingdom
Tel: +44 203 170 8811
Fleming Court
Fleming’s Place
Dublin 4
Ireland
Tel: +353 1 668 7684
Fax: +353 1 668 7696
260 Madison Ave
8th Floor
New York, NY 10016
USA
Tel: +1 646 216 2103