Breakfast Briefing: How to profit from cutting your spend on research


Date: Friday, October 18, 2013
Starting at: 8:00am BST, to 11:00am
Location: The Cavendish Hotel, 81 Jermyn Street, St James's, London, SW1Y 6JF
Contact: James Blanche



The panel discussion: How to profit from cutting your spend on research

Neil Scarth presentation: Why regulators care about research commission spending

Lee Robinson: How to manage research procurement



Money spent on buying research can be a drag on investment performance and fund manager fee income. Find out how to ensure it's spent wisely and well. Join our debate - help create a win-win situation by managing your research spend in a smarter way.

Attendance restricted to end-investors and fund management companies only.

Only 50 delegate places available: 
Save the Date - Register Now

The FCA wants to know how your firm manages, monitors and measures the spending of client monies on equity research. How will your firm fare in a compliance check?

We have invited a group of end-investors to participate in a breakfast panel discussion - which will also include fund managers - to explain how they would like to see funds purchase and manage research.

Registration and breakfast: 8:00am to 8:45am
Panel discussion: 8:45am to 10:30am / 11:00am



The discussion will be moderated by Dominic Hobson. Dominic is founder of COOConnect, a peer group network for fund managers, and editorial director of My Investor Circle, a media platform for end-investors. He was also one of the founders of Global Custodian magazine, a publication covering the securities industry, and for many years its editor in chief.

Dominic is a published author, with three books - The Pride of Lucifer, Saturn’s Children and The National Wealth – to his name. He was also amanuensis to Nigel Lawson, former Chancellor of the Exchequer, in the preparation of his memoirs. Dominic was born in Southern Rhodesia in 1958, and educated there and at Magdalene College, Cambridge. He spent four years in investment banking before electing to work for himself.


Lee Robinson is Founder, CIO and Portfolio Manager of Altana Distressed Assets Fund, and the founder of Altana Wealth (London and Monaco). Prior to launching Altana, Lee co-founded Trafalgar and was CIO of Trafalgar Catalyst Fund and Trafalgar Special Situations Fund. He also worked for 3 years at Tudor Capital, where he was senior manager responsible for building an impressive Global Equity Risk Arbitrage portfolio. Prior to that he worked at Deutsche Bank, Bankers Trust and Paribas in trading both equity derivatives and credit derivatives.

Lee developed a unique risk system at Tudor, which he brought successfully to Trafalgar. He is experienced in innovative trade construction using options and credit products. Moreover, he predicted the credit crisis in 2007-2009 and subsequent Sovereign crises. As a result, he traded profitably in 2008 including trades that successfully hedged against the deterioration of the financial system, the Iceland default, sub prime mortgages and the weakening of the European Banks. Lee has a BA in Mathematics from Cambridge University and is co-author of the book "The Gathering Storm".

Neil Scarth is Principal at Frost Consulting. He has held a wide range of roles in asset management and investment banking in Europe and North America over the last 25 years, ranging from launching and managing a range of asset management products to running equity businesses at global banks. Neil has comprehensive knowledge of the strategic and competitive framework that governs the inter-relationships between plan sponsors, asset managers and investment banks.  His portfolio management experience has emphasized financial services in equity long/short (Deephaven Capital International/London, Symmetry Management/New York) and pension/mutual fund advisory (Trilogy Global Advisors/New York).  Investment banking experience includes running integrated institutional equity business units for ABN-Amro and Merrill Lynch.  Neil is a member of the UK Investment Management Association’s Research Review Advisory Panel.  He holds an MA from the University of Southern California and a BA from Carleton University. 

Alan Miller founded SCM Private, the specialist ETF investment wealth management company, in June 2009. It is pioneering in the investment landscape by offering investors an actively passive management solution that combines passive investment instruments that are genuinely and continuously actively managed. In terms of fees and costs, SCM Private is amongst the fairest in the industry and publishes all fees in full, with no hidden charges and all clients treated the same. Over the last 21 years, Alan has worked for Hermes, Gartmore, Jupiter and was a founding shareholder and CIO at New Star. He also started the first Long/Short Hedge fund in 1997. Alan is also a non-executive director of several private companies including Pharminox Ltd and Tissue Regenix Ltd.

James Newman is Global Head of Operational Due Diligence for Barclays, Wealth and Investment Management and is responsible for implementing and maintaining an industry-leading operational risk platform across alternative and traditional asset classes.  A qualified accountant, and formally a Finance Director, James joined Barclays in 2010 and has been in the industry for over 14 years.



In November 2012 the Financial Services Authority (FSA), the then United Kingdom regulator, wrote to all CEOs of major fund management companies in London and asked them to explain how they manage conflicts of interest with their clients, including the expenditure of client equity commissions on equity research. By February of this year, as demanded by the FSA, all the leading fund managers had acknowledged to the regulator that they had put in place processes and procedures to manage the expenditure of equity commissions belonging to their clients. However, research by COOConnect suggests that few fund managers have fully grasped the import of the Dear CEO letter from the FSA.
A recent poll of managers by COOConnect on a list of measures that ought to be taken to comply with the FSA demands found that only one manager in three had taken at least one measure, and the remaining two thirds had taken no steps at all. The full findings of the poll are available to members of COOConnect and can be accessed here. Membership of COOConnect is free to fund managers and investors. 

Come and find out what you should be doing, what investors would like you to do, and what your peers are doing (or not doing) already - register now.

Who should attend: Investors, COOs, CIOs, CSA administrators, Heads of Trading

Please contact James Blanche with any questions concerning this event.
Telephone: +44 (0)7769 277 927


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