ou'Ye a Wr'eealth M We Managger and their assets ... - The Wealth Net

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4 the winners Steve D’Sousa, sales & marketing director at JHC; and Nancy Curtin, chief investment officer at Close Brothers Asset Management “In terms of the reporting package, I have always felt the ‘look through’ facility showing clients precisely what they own via any Sarasin fund holdings in their portfolio is a very powerful tool in terms of providing greater transparency and simply making the portfolio more interesting. I also hope the judges were impressed by our secure online site, which allows clients to interact with their portfolio and their fund managers on a variety of levels.” In previous years this Award has been dominated by Sarasin & Partners and Berry Asset Management, which was a finalist again. However, the Judging Panel noted that the quality of entries for this had increased which perhaps signalled that this duopoly on success for reporting could be coming to an end in the near future. Close Brothers Asset Management won the Client Service Quality – HNW Award. The firm is coming to the end of a restructuring, during which it has refocused its business to solely serve private clients. However, Nancy Curtin, its chief investment officer, said that restructure was not the reason for the victory. She said the private client investment business had not been affected by the changes, which had seen the firm sell off non-core parts of the business as well as build up its advice arm. Instead she said it was the continued service, including for some clients that have been with the firm for over 20 years, that was key to the success. PAM Awards 2012 Prior to the changes, and now, the firm builds “genuinely bespoke” portfolios, she said, that benefit from shared intellectual capital and investment processes. “We go out of our way to understand clients’ needs on everything, including risk, liquidity as well as non-financial needs,” she explained. “We also understand that this can change with time, so keep a dialogue open with them.” She added this was endorsed by the client surveys that are taken every three years. In the most recent, from the fourth quarter of 2011, 98 percent said they were satisfied or very satisfied while 83 percent would recommend the firm. PAM Awards hat tricks Heartwood completed its PAM Award hat trick winning the Total Wealth Solutions Provider – HNW Award for the third year in a row. “Combining investment management, tax, retirement and estate planning and delivering it cohesively to a client with tangible financial benefits is a demanding process,” commented Simon Lough, the firm’s chief executive. “It relies on having the right blend of specialist skills and a robust service model. While total wealth offerings are becoming more common, a culture where wealth structuring and investment are truly integrated cannot be conjured out of the ether, and the fact that this philosophy and practice is embedded within Heartwood is what sets us apart.” Schroders Private Banking also won an award for the third year running - Image and Reputation- UHNW. “This is the third consecutive year we have won this award,” said Rupert Robinson, chief executive of the firm. “It reflects the integrity and skill of our people to provide complex solutions to very wealthy clients and families. It reflects the integrity of our business model, the Schroders brand and our proven ability to deliver excellence to this client segment.” The firm has been a multiple PAM Award winner in previous years and 2012 was no exception as it also won in the Investment Performance - Cautious Portfolios category. “The enhancements we have made to our investment process have led to superior risk adjusted returns across our core multi-asset class strategies,” said Mr Robinson. “We continue to www.pamonline.com
invest in talent with the appointment of Kieron Launder as chief investment officer for the private bank in London. Also our move to adopting a risk budgeting approach to asset allocation post 2008 has resulted in more high conviction views being expressed in client portfolios leading to superior results.” Does size matter? Once again boutique firms and smaller organisations dominated the PAM Awards. This year only two global banks were amongst the winners – JP Morgan Private Bank and Citi Private Bank. “We take a comprehensive approach, looking across clients' balance sheets and entire estate with a long-term perspective to best position them for the future,” said Olivier de Givenchy, head of JP Morgan Private Bank UK and Ireland. “I believe our integrated team model, expertise within the UHNW segment, depth of resource and overall capabilities are unrivalled in the market place today. Our approach is based on our credibility as an institution, the quality of our staff and as J. Pierpont Morgan said, ‘doing only first-class business in a first-class way,’ and I believe this is why we won the PAM Award for Total Wealth Solutions Provider-UHNW.” David Poole, head of Citi Private Bank in the UK, said that he felt being part of a large banking organisation was one of the reasons behind winning the Client Service Quality – UHNW Award. Mr Poole said that the private bank only focused on extremely wealthy clients, who were “quasiinstitutional” in their needs. “Being part of a large global bank allows us to provide a completely comprehensive offering to larger and often multi-jurisdictional clients,” he explained. Extremely wealthy clients often do not differentiate between their business and private wealth, with many having wealth created and tied up in their businesses. Mr Poole said many looked for a bank that saw their needs as a whole and could serve them all, from business to personal and philanthropic. He added the difficulty that large organisations, such as Citi, face is keeping a global service, but stopping it becoming impersonal. To this end, Citi private bankers have between 10 and 20 clients each. A ratio which Mr Poole said means a banker can, if needed, contact all their clients in one day – as they did during the financial crisis in 2008. In fact, Mr Poole singled out this ratio as the key factor behind the bank’s PAM Awards success. Boutique successes Three boutique firms became first time winners this year, namely Cheviot Asset Management, Vestra Wealth and Taylor Young Investment Management. They won the Investment Performance – Defensive Portfolios, Investment Performance – Growth Portfolios and Investment Performance-High Growth Portfolios respectively. The PAM Judges also identified Signature, a small Bristol-based investment management firm for the overall quality of all their investment performance entries, although they failed to make the Finalists short-list. Peter Thomson, chief executive of Taylor Young, said that the thematic approach the firm takes to investing was behind its victory in the Investment Performance – High Growth Portfolios category. “We are concentrated on what are the drivers and enablers of future change,” he explained. “What is going to make a positive different to asset prices? We always have a pipeline of new ideas and refresh when necessary.” Once a theme has been selected investments are picked that are most likely to benefit from the trend. Mr Thomson described the approach as mixing the best of a top down approach with the best of a bottom up approach. The firm is a long term investor in stocks that it thinks will benefit from the trends it highlights. The stocks tend to be the mid to small cap sectors. He said these areas suited the approach best, if you can hold the investment and not have the liquidity issues a larger investment firm may have. He added that whilst this approach is used across all levels of risk, it is in the high growth area that it has the largest impact on returns. David Scott, managing partner of Vestra Wealth, also believes being a boutique helped the firm win the Investment Performance – Growth Portfolios Award. “Our investment philosophy is not concerned with hugging a benchmark,” he said. “So, if we believe an investment is not good we will have no exposure, for instance in the period covered by the Award we didn’t favour Japan. All a larger the winners www.pamonline.com PAM Awards 2012 5
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ou'Ye a Wr'eealth M We Managger and their assets ... - The Wealth Net

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