Webinar: What is the fate of investment research and how will it be bought in future?
The UK’s Financial Conduct Authority (FCA) recently announced that fund managers can only charge underlying clients for research through trading commissions if it is original and has a meaningful impact on trading decisions. The FCA and its precursor the Financial Services Authority (FSA) said it would review how research costs were being expensed to the fund over 2013 and 2014. The regulator has lived up to its word and now managers have to adapt.
Questions to be addressed will include:
- How can firms quantify what is meaningful research?
- Managers now have to place a valuation on the unpriced research that they currently use and, if they wish to continue using it, they will have to use commissions to buy it. How should funds best approach this?
- What will happen to firms purchasing bundled research from their executing brokers – will this lead to more execution only arrangements?
- What will happen to independent research providers?
- Will returns take a hit if managers cannot gain access to meaningful research?
- Are investors concerned about research costs?
- Are regulators globally looking at this, and if so whom?
- What do firms now need to do to ensure they do not fall foul of the FCA?
The webinar will be moderated by COOConnect founding partner Dominic Hobson, and will include the following panellists:
Opening and closing remarks by Dominic Hobson, Founder of COOConnect.
Dan Schnurr is Chief Technology Officer for Geospatial Insight Limited, a newly formed British SME, providing independent research and intelligence services for financial services, business and consulting markets. Dan is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) with over 20 years’ experience of using aerial and satellite imagery for intelligence and mapping applications. He is one of first survey professionals in the UK to use imagery intelligence (IMINT) and measurement & signature intelligence (MASINT) as source data for substantive research services. For investment management, these include risk analysis and investment evaluation of equities and commodities, supporting due diligence prior to portfolio entry. Once assets are under management, research services include tracking of real assets, providing actionable intelligence for investment timing and trading strategies.
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.
Glenn Bedwin is Chief Operating Operator for Absolute Strategy Research, a leading European independent macro research provider. Since 2012, he has been a Board Director for The European Association of Independent Research Providers (Euro IRP), with particular interest in the regulators approach to independent research. Glenn has worked closely with the investment research market for over 30 years in a variety of roles including product management and design, business strategy, commercial management and research procurement. He has worked at Datastream, Thomson Financial and Fidelity International as well as providing consultancy services to a variety of independent research firms and hedge funds. Glenn is particularly interested in product management and marketing of investment research with a particular emphasis on pricing and the CSA process.
Tim O’Halloran is a Co-Founder of Westminster Research Associates LLC (WRA), a ConvergEx Group Company. He heads business development and has day-to-day management responsibilities for Westminster’s CSA and CCA business, as well as leading Westminster’s brokerage relations and independent research initiatives. Since WRA’s founding in 1993, Tim has been a senior member of the core team that has led Westminster Research through multiple challenging economic and capital markets business cycles, and positioned WRA as a thought leader in the commission management space, recognized for their innovation and groundbreaking industry work. He has been instrumental in establishing WRA as a leader in the management of CSAs and CCAs and was part of the team that positioned WRA for its sale to The Bank of New York in 2001. WRA’s unique, clearinghouse approach has led to the broader industry practice of ‘commission aggregation’, a transformative change in the provision and acquisition of investment research. Tim holds a Master of Business Administration (MBA) with a concentration in Finance (with Honors) from Fordham University and a Bachelor of Science (BS) in Business Economics from The State University of New York, College at Oneonta. He is a Principal of ConvergEx Group LLC and holds Series 7, 63 and 24 licenses.
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.
Andrea Cenko is a Solutions Consultant responsible for sales development and sales positioning of Advent’s research management solution, Tamale RMS in EMEA. Andrea has been with Advent since 2008 and has worked exclusively with the Tamale product holding support, implementation consulting, and account management roles within the business unit. Prior to joining Advent, Andrea worked for Tamale Software.
LOGISTICS AND PUBLICITY:
Each panel discussion will be broadcast live and will take place at a central London venue. Attendees will be able submit questions online that can be put to the panellists during the webinar.
Access to the recording of the webinars will be made available in three formats: as a video recording, as a written transcript of the discussion and as a podcast.
HOW TO GET INVOLVED
Please contact James Blanche, Director of Sales, if you would like further information on any of these webinars, to suggest a webinar topic, to participate in a panel discussion or to discuss sponsorship opportunities; by email at firstname.lastname@example.org or by telephone on +44 (0)7769 277 927.