11 th Annual Forum. Hiring a Money Manager- the Process. Elaina Spilove, CIMA Senior Institutional Consultant

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1 11 th Annual Forum Hiring a Money Manager- the Process Elaina Spilove, CIMA Senior Institutional Consultant May 21- May 22,

2 Requests for Proposals (RFP's) Should they be used? How to get the most out of them 2

3 Agenda Assemble the team Develop a timeline Create the RFP Identify Candidates to Participate & Distribute Review & Score Interview Decide 11 th Annual PAPERS Forum 3

4 Assemble A Team Writing the RFP Approving the RFP Sending the RFP and collecting responses Reviewing the RFP Communicating results 4

5 Develop a Timeline Determine estimated completion dates for key parts of the process Establish Q&A period and determine level of interaction for respondents Set time limitations Distribute written answers to all candidates to maintain level playing field 11 th Annual PAPERS Forum 5

6 Create the RFP Reflect your culture Keep questions clear & direct Provide background information Know your biases, statutes, fiscal codes Maintain focus Sample RFP: o model_rfp.aspx 6

7 Details of the RFP 11 th Annual PAPERS Forum 7

8 Identify Candidates Consultant recommendations Personal referrals Online directories Number to be considered Establish a deadline 8

9 Considerations for Evaluation 11 th Annual PAPERS Forum 9

10 Review and Score Allow ample time for review Committee meeting for discussion & review Utilize assessment matrix (see next slide) 10

11 Scoring the Candidates: A Sample Assessment Matrix 11 th Annual PAPERS Forum 11

12 Interview Schedule in person meetings Allow ample time for candidates to present Determine if they are a good fit Consider site visits 12

13 Decide Use assessment matrix Decide how to resolve ties Discuss the transition process 11 th Annual PAPERS Forum 13

14 Sources of RFP Data IMCA CFA Institute Institute for Private Investors Investment Adviser Association YOUR INVESTMENT CONSULTANT 14

15 Examples : Sources of Manager Data Lipper Thompson Reuters Informa Investment Solutions Morningstar YOUR INVESTMENT CONSULTANT 11 th Annual PAPERS Forum 15

16 Manager search and recommendation Identify the need for a manager replacement or asset class addition to the current portfolio analyze the qualities the manager will need to fill the role in your portfolio Screen for preliminary candidates using mainly quantitative criteria narrow candidate list Examine remaining candidates on quantitative and qualitative criteria review available research narrow candidate list Evaluate remaining candidates as part of the whole portfolio determine finalists Presentation of finalists to board/committee Board/committee makes final selection 11 th Annual PAPERS Forum 16

17 Analyze Information Qualitative and Quantitative 17

18 Analyze Qualitative & Quantitative Information 11 th Annual PAPERS Forum 18

19 Using Your Investment Consultant 19

20 Summary Assemble the team Develop a timeline Create the RFP Identify Candidates to Participate & Distribute Review & Score Interview Decide Use Resources Available Thru Your Investment Consultant 11 th Annual PAPERS Forum 20

21 Disclaimer UBS Institutional Consulting Services are investment advisory services and clients should carefully read the UBS Institutional Consulting ADV Disclosure Document for important information regarding our consulting services, including fees and scope of services, before entering into a UBS Institutional Consulting Services Agreement. Fiduciary status under the Investment Advisers Act is different from fiduciary status under ERISA or the Internal Revenue Code. While in our investment advisory programs, we act as a fiduciary under the Investment Advisers Act; we do not act as a fiduciary under ERISA or the Internal Revenue Code unless we expressly agree to do so in writing. It is important that you understand the ways in which UBS Financial Services Inc. (UBS) conducts business and the applicable laws and regulations that govern the firm. As a firm providing wealth management services to clients, UBS is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser and a broker-dealer, offering both investment advisory and brokerage services. Though there are similarities among these services, the investment advisory programs and brokerage accounts UBS offers are separate and distinct, differ in material ways and are governed by different laws and separate contracts. It is important that you carefully read the agreements and disclosures UBS provides to you about the products or services offered. While UBS strives to ensure that these materials clearly describe the nature of the services provided, please do not hesitate to contact your Financial Advisor if you would like clarification on the nature of your accounts or services you receive from us. For more information, please visit our website at UBS March The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member SPIC. CIMA is a trademark of the Investment Management Consultants Association. CFA and Chartered Financial Analyst are trademarks owned by the CFA Institute. 21

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