As the global financial crisis continues to unfold, Funds Europe reassembles its CEO panel to talk about the health of the industry…
Read Nick Fitzpatrick’s overview, then see what our eight distinguished industry leaders have to say about the state of the world… Partly this is because the crisis has set in concrete some of the main problems investment firms face. And it’s about time too: some of these problems were already well known before August 2007 when sub-prime hit. Examples range from disappointment with active management, to the difficulty of bringing down fund administration costs. The financial crisis has crystallised these issues and at least now there should be a new sense of urgency to deal with them. Chief executives have had a long think. Ronald O’Hanley, president and CEO of BNY Mellon Asset Management, said recently: “Let’s face it, we as an industry have let our clients down.” At the end of 2008 Funds Europe hosted a panel of CEOs from some of the top asset management firms to reflect on the crisis. Six months later they are back to give their views about how the crisis is unfolding and how the industry is adapting. Two notable points are that executives think that the industry’s reputation should be better than it is, but hasbeen caught in the maelstrom surrounding banks. They are also keen to point out that asset management reward structures have normally reflected long-term results rather than quick gains. Here we offer a full version of their thoughts. A shortened version can be found in Funds Europe July issue. |
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Jon Little, vice chairman |
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Richard Wohanka Fortis Investment Management Is the crisis unfolding worse or better than expected? |
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Elizabeth Corley, CEO Allianz Global Investors, Europe Is the crisis unfolding worse or better than expected? |
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Massimo Tosato, vice chairman Schroders Is the crisis unfolding worse or better than expected? |
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Jean-François Boulier, CIO Aviva Investors France Is the crisis unfolding worse or better than expected? |
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Todd Ruppert, CEO & President T Rowe Price Global Investment Services Is the crisis unfolding worse or better than expected? |
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Charlie Porter, CEO Is the crisis unfolding worse or better than expected? |
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