From Products to Solution
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1 From Products to Solution Best Practices for Institutional Asset Managers Helping You Make Smarter Business Decisions Webinar January 28, Greenwich Associates, LLC. All rights reserved. No portion of these materials may be copied, reproduced, distributed or transmitted, electronically or otherwise.
2 Lydia Vitalis Principal Investment Management Greenwich Associates Bethany Paterson Client Associate Investment Management Greenwich Associates Today s Presenters 1
3 Greenwich ACCESS TM Tap Into Greenwich Associates Research On Demand Greenwich Associates is offering you access to the primary data, focused thought leadership pieces and best-practice information you need to validate your Asset Management business strategy, identify new growth opportunities and drive revenue. Primary Research Thought Leadership Community The most comprehensive online library of primary research derived from more than 60,000 annual interviews with key financial industry decision makers in 70 countries Knowledge on specific best practices and issues that matter through our quarterly reports, which include recommendations to help you grow your business A community of Asset Managers and events. Subscriber driver research agenda with quarterly webinars and events. 2
4 % of Total Assets Has Anything Really Changed? 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4% 3% 8% 8% 10% 11% 9% 9% 7% 11% 18% 10% 16% 13% 4% 9% 4% 4% 12% 6% 6% 5% 9% 9% 7% 8% 2% 10% 5% 5% 24% 30% 30% 22% 34% 63% 37% 52% 51% 76% 76% 16% 64% 16% 28% 27% 27% 24% 13% 38% 9% 21% 28% 23% 19% 8% 5% 4% 14% 15% 16% 10% 6% 9% 7% 8% '08 '13 '08 '13 '08 '14 '08 '14 '08 '14 '08 '14 Other Alternatives Real Estate Fixed Income International Equity Domestic Equity Source: Greenwich Associates 2014, Global Institutional Investors Programs Note: Alternatives include hedge fund, private equity, commodities and infrastructure. In Canada, other includes non-canadian bonds, cash and short term investments, money market, target risk fund, target retirement fund and traditional balanced. In the U.K., other includes cash, pooled LDI, and multi-asset/diversified growth. In Cont. Europe, other includes money market. In Asia, other includes cash and short term investments. In Japan other includes insurance company general accounts, multi-asset, cash and short term investments and trust bank disc. accounts. 3
5 Today s Topics of Focus Today s discussion will focus on 1. Key factors that are driving the increased focus on delivering investment solutions rather than selling investment products 2. Why Investment Managers need to consider the Solutions dynamic 3. What this means for Investment Managers in terms of their business strategy 4. How Investment Managers need to think about the provision of Solutions 4
6 Agenda Industry Dynamics and the Product to Solutions Shift Why Investment Solutions Matter How to Develop a Strategy for Investment Solutions Summary and Q & A 5
7 Industry Shifts and Manager Implications Fundamental Shifts Driving Forces Manager Imperatives Insufficient returns and low interest rates have caused large funding gaps. Low economic growth has led plans to reduce anticipated returns, making funding challenges even more transparent. Regulatory frameworks and mark-tomarket accounting drive more riskaverse behavior among corporates. 1 2 Products Relationships Develop truly distinctive investment capabilities to succeed in an increasingly competitive market. Invest in growth categories: global, specialty, alternatives, outcomeoriented solutions. Define who you will serve and how you will compete by aligning closely to client needs. Investors have an increased focus on funding status and volatility leading to more focus on risk and underlying needs. Investors are reaching for returns while seeking new ways of improving risk / return characteristics of the portfolio. The needs and behaviors among investor types continue to diverge. 3 4 Industry Structure Branding Build a best-in-class distribution organization to meet increasing demands for client service, sales process and thought leadership. Reposition to benefit from secular structural developments in DB. DC, OCIO, etc. Define and activate your value proposition: a distinctive brand identity is essential 6
8 Key Drivers of Global Solutions Demand Structural Demographics driving demand for income. Pension reform driving holistic focus on liabilities and innovation in asset allocation models. Cyclical Post crisis focus on absolute returns / principal protection. Low growth environment driving up complexity. Growth in solutions and outcome products OCIO / fiduciary management LDI and risk management solutions Multi-asset / allocation products Volatility products Longevity insurance Absolute return products Income products Inflation-linked products Target date products 7
9 Broad Client Relationships: Less Profitable; But Anti-Fragile 18% of client relationships are multi-product 38% of assets are in multi-product relationships* *Up from 31% in % of revenues are in multi-product relationships Multi-product relationships diversify the risk of under-performance. Broad client relationships extend the value-proposition beyond alpha delivery. Advisory relationships disintermediate consultants and intermediate narrow parts providers. Crises stress client relationships, but strengthen preferred partnerships. Broad client relationships are more durable. Source: Greenwich Associates Competitive Challenges Note: Data includes institutional relationships only. 8
10 Agenda Industry Dynamics and the Product to Solutions Shift Why Investment Solutions Matter How to Develop a Strategy for Investment Solutions Summary and Q & A 9
11 The Industry is Increasingly Complex; Resources are Increasingly Challenged Avg. # FTEs at sponsor Avg. # FTEs at sponsor Spectrum of Products / Solutions Selecting and Supervising External Managers Holistic Discretionary Outsourcing Customized Solutions Asset Allocation Products Bundled Products Individual Products Simple Source: Greenwich Associates 2011, U.S. IIF-12. Investment Administrative Services Source: Greenwich Associates Source: Greenwich Associates 2011, U.S. IIF
12 Investor Behavior has Permanently Changed More Sophisticated About costs, returns, benchmarks, alpha/beta and risk Less Trusting Greater Expectations Managers must work harder to explain and prove alpha (no closet beta) Investors need to achieve better outcomes (relative outperformance doesn t equate to success) Demand pressure on managers to extend their value proposition beyond alpha delivery Product Innovation Advice & Counseling Tailored Solutions Source: Greenwich Associates 11
13 Agenda Industry Dynamics and the Product to Solutions Shift Why Investment Solutions Matter How to Develop a Strategy for Investment Solutions Summary and Q & A 12
14 Solutions Definition is Broad and Varied Delivery Beyond Alpha Structuring - Diversified Growth/Income - Customized Multi-Asset - Inflation Protection - Absolute Return - Delegation (partial & Full)/Fiduciary/OCIO - Global Macro - Risk Parity - Min. Variance Advisory - Tactical/Strategic Advice - Glidepath Design - Manager Research - Customized Research - Fiduciary Services - Performance measurement & Attribution - Risk Analytics Engineering - LDI - Tail risk - Custom Overlays - Target Funds (Date, Risk, Income) - Alternative Beta 13
15 Product Centric Client Centric The Products-Solutions Ladder From Products to Solutions Holistic Portfolio Solutions LDI / OCIO / Risk Management Solutions Provider Packaged Outcome- Orientated Products Multi-Asset / Allocation Funds Provider e.g. absolute return, target date, guaranteed income etc. Tailored Products Needs-Sensitive Parts Provider Products Parts Provider Product Expertise high alpha / cost efficient beta barbell Asset & Risk Allocation Expertise strategic and tactical asset allocation / risk analytics / access to diverse asset classes 14
16 Business Impact of Tailored solutions Standardized Products Tailored Solutions Fit into orthodox asset allocation models Narrow client interaction Support consultant model Transaction focused Scalable Superior client outcomes through alignment with investor goals Integrated investment design and implementation: Greater sophistication Expanded opportunity set Dynamic Address internal investment resource and governance deficit Achieve enduring strategic partnerships Healthy demand dynamic Difficulties mastered are opportunities won Winston Churchill 15
17 Key Challenges in Climbing the Products-Solutions Ladder Investment capabilities and talent (strategic and tactical asset and risk allocation skill, access to diverse and specialist asset classes, derivatives skill) Technology and operations investment (scale efficiencies) Clients expect seamless delivery and robust reporting Consultative distribution capabilities and talent Navigate the client and the firm Credibility, trust and respect (value proposition evolution) Amid intense competition for preferred partner distinction Economic Model (customization is costly, pricing for advice) Demanding aggressive client segmentation Collaboration vs. competition (with asset managers, consultants, banks, and insurers) 16
18 Between Public & Private Markets Geography Investment Capabilities and Talent: From Product Alignment to Multi-Dimensional Solution Decision Private Equity Private Debt Fundamental Input Quantitative Input Hedge Funds Manager/Team Input Public Markets Within Asset Class Across Broad Asset Classes Within Asset Class Within Asset Class Equity Fixed Income Real Assets 17
19 Technology and Operations investment: Build Seamless Delivery, Execution and Reporting (scale efficiencies) Solution Design Asset Allocation Portfolio Construction Capital Market Research & Analysis Sensitivity Analysis Solution Implementation Manager Research Trading, Rebalancing, Hedging Reporting and Analysis Risk Management and Analytics 18
20 Consultative Distribution Capabilities & Talent Next Gen Sales Professional Characteristics Next Gen Sales Challenges Focuses on long-term; builds trust and credibility Need to navigate the client and the firm in a dynamic interaction Considers investors needs holistically both sides of the balance sheet Needs skills beyond investments actuarial, capital markets Willing and able to serve as trusted advisor Longer sales cycle, transparency, and operational due diligence Analytical / technical skills Deep technical expertise Highly integrated with distribution and investment teams Broad technical expertise Substantive and thoughtful Transfer of intellectual capital 19
21 The Competitive Lines are Blurring In-House Staff Investment Consultants Institutional Investor Fiduciary Manager Insurers & Banks Asset Manager Competition has been shown to be useful up to a certain point and no further, but cooperation, which is the thing we must strive for today, begins where competition leaves off. Franklin D. Roosevelt
22 Co-Opetition? Use and Perception of Outsourced Providers among Endowments & Foundations Fund-of-funds 7% 7% 22% Dedicated OCIO Provider 20% 37% 22% Investment Manager 10% 17% 39% Most Likely to attract new clients in next 5 years Investment Consultant 33% 43% Most beneficial Model for Investors 44% Outsourced Provider Used 0% 10% 20% 30% 40% 50% 60% 21
23 Change Brings Both Risk and Opportunity Potential Risks Potential Opportunities Lose individual clients that hire an OCIO Gain leveraged access to smaller funds Fewer new business opportunities directly with plan sponsors OCIOs will have different and more rigorous selection criteria than funds May concentrate business with larger, more well-known asset managers Managers will need to approach OCIO as a separate sales channel Larger opportunity to gain access to OCIO platform OCIO selection criteria will be more institutional and similar to consultants OCIOs are receptive to specialty managers that generate alpha Selling to OCIOs is more cost efficient than direct sales to small funds May place downward pressure on fees due to scale and negotiating position OCIOs are smart money CONFIDENTIAL
24 Agenda Industry Dynamics and the Product to Solutions Shift Why Investment Solutions Matter How to Develop a Strategy for Investment Solutions Summary and Q & A 23
25 Moving From Products to Solutions Fundamentally Changes the Manager/Client Dynamic Client Needs Reporting Asset Allocation Risk Management Portfolio Construction Analysis Implementation Customized, Flexible, Optimal, Holistic Solutions 24
26 From Products to Solutions Supported by structural and cyclical drivers, investors are shifting their strategic focus to outcomes and the demand for holistic solutions will increase. Solutions are not a product, but rather a process defined by an integrated series of investment-related actions leading to a specific client-driven investment outcome. Solutions are not the only answer; product demand will still exist, but managers should understand how to succeed in the new environment. Successful provision of solutions requires: - Investment capabilities to be structured differently - Infrastructure investment - A redefinition of relationships: with clients and with other industry players - A review of business metrics: how to measure success and how to price for success An understanding of the changing of these dynamics, and how to succeed in the new solutions environment is key, whether you are going to be a provider of solutions to clients, or a provider of solutions components to these providers. 25
27 Thank You Thank you for taking the time to attend our webinar today Additional information or questions contact: Lydia Vitalis Bethany Paterson Please take a moment to let us know what you think (optional survey will appear) Greenwich Associates, LLC. Javelin Strategy & Research is a division of Greenwich Associates. All rights reserved. No portion of these materials may be copied, reproduced, distributed or transmitted, electronically or otherwise, to external parties or publicly without the permission of Greenwich Associates, LLC. 26
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