2011 study invest servicing

Kurt Salmon Investment Servicing Business

Confidence Index - SurveyBuilding and maintaining sustainable business

in the asset servicing and management industry

24, rue Salomon de Rothschild - 92288 Suresnes - FRANCETél. : +33 (0)1 57 32 87 00 / Fax : +33 (0)1 57 32 87 87Web : www.carrenoir.com

INEUM Kurt SalmonINE_06_0409_Logo_CMYK14/12/2010

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Illustrator version CS3.

July 2011



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KURT SALMON INVESTMENT SERVICING BUSINESS CONFIDENCE INDEX - SURVEY

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About Us

Kurt Salmon is a global management consultancy of more than 1,600 consultants in 15 countries across five continents. Our clients are industry leaders who benefit from our deep industry and functional expertise. As trusted advisor, Kurt Salmon partners with clients to design, and then drive strategies and solutions that make lasting and meaningful impact. We are committed to deliver measurable results for our clients through executional excellence. Kurt Salmon is part of Management Consulting Group Plc, listed on the London Stock Exchange.



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Contents

Research Background 4

Executive Summary 5

A snapshot of industry attitudes and key concerns 7Optimism to creep through from a current low 7

Market is split as asset servicers identify opportunities 8

National optimism differs whilst caution remains a general trend 9

Key concerns are consistent throughout the industry 10

Navigating in turbulent times - actions taken by the industry 12Earnings growth will be limited with some players expecting more 12

Transfer concerns into harmonized strategies – the industry approach 13

Enhancing the existing value proposition as an effective approach to sustainable growth 14

Regulatory changes pose a challenge and opportunity 15

Operational efficiency is a key to cost reduction 16

Take care of the customers 17

An industry approach to building and maintaining sustainable business 19Case study - Brown Brothers Harriman: partner in the pursuit of business sustainability 19

Kurt Salmon, the business sustainability process 22



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Research BackgroundThe investment servicing industry has been under considerable pressure in recent times. During May and June of 2011, Kurt Salmon conducted a survey in an effort to gauge current sentiment and expectations over the coming 6 months.

Senior Executives representing both Asset Managers, Asset Management Companies and the providers of Asset Servicing were questioned on topics such as business environment and earning expectations, areas of concern and the strategies that have been put in place.

The report provides a barometer of views on the current situation and plans for the near future with an aim to identify key strategies that will endure beyond the coming six to nine months.

28 participants

Senior Executives were polled

Assets size

Asset under Management (USD Trillion)

Asset under Custody & Administration (USD Trillion)

9 countries

Countries coverage

�•�CEO�•�COO�•�Country Head �•�Head of strategy and products�•�Head of regulatory affairs�•�Head of sales and distribution

•�1.6

•�107.3

Australia, Belgium, France, Ireland, Japan, Luxembourg, Portugal, Switzerland, UK

Figure 1

Number of financial institutions polled

Countries coverage

64%36%

21%

36%14%

7%

11%

4%4%

3%

Asset Manager

Asset Servicing

UK/Ireland

Luxembourg

France

Belgium

Portugal

Switzerland

Japan

Australia



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Executive SummaryAsset Mangers and Asset Servicers alike, find the current business climate difficult with neither expecting a significant improvement for the second half of 2011. On the other hand, the level of skepticism differs with Asset Service providers registering as marginally cautions rather than full out pessimistic. Asset Managers are clearly expecting the doldrums to persist well into 2012.

For a good part, low interest rates, general market instability (in particular the European financial situation) and regulatory burden are responsible for poor expectations across Europe, Australia and Japan. A closer look reveals a somewhat polarized landscape - clearly some countries are dealing with particular issues; Japan and Portugal for example, whilst other regions and in particular Benelux expect a better than average improvement.

In addition to agreeing on industry concerns that appear less than positive the market also appears to be in agreement regarding earnings growth expectations which remain mostly cautions. With fewer external opportunities the asset management industry will turn to its core services and infrastructure with an aim to maximize the potential of existing products through enhanced distribution - BRIC and CIVETS markets are key - and focused pricing. In parallel to the expected revenue increase, cost reduction, which means streamlining operations, will result in a net gain.

One sign of an industry trying to draw competitive advantage from wherever it might arrive appears in the form of FATCA, AiFMD and UCITS IV/V. More industry participants will find ways to have regulatory reform work for them than not.

At the end of the day the customer matters. Every player in the investment servicing business will make sure that the customer experience is close and quantifiable.

Michel Kabanga KAYEMBEInvestment Funds Advisory Services, Practice Leader



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A snapshot of industry attitudes and key concerns

Optimism to creep through from a current low

Tough market conditions have almost become the norm with ongoing economic crises raging through Europe. The investment servicing industry as a whole is contending with one regulatory reform after another which adds change on top of an already unstable base. Emerging markets continue to grow but not without a few faltering steps, adding to an air of nervousness, further compounded by unprecedented natural disasters, such as Japan.

In the face of adverse conditions industry confidence is not surprisingly low and should remain that way though there does seem to be a glimmer of hope from some industry contenders over the next six to nine months.

52.733.0

Perceptions about the current business conditions Over the next 6 months

Key findings from our research

• Market pressure and few opportunities are putting a squeeze on the investment servicing industry as reflected by a negative perception of the current business conditions.

• Over the next 6 months conditions are expected to improve with an increase of 19.6 points.• Market pressure pushes industry players to pursue their effort in containing cost while looking for new sources of

revenue with a focus on the value proposition in light of limited opportunities.

Figure 2



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Market is split as asset servicers identify opportunities

Asset Servicers have converted changes, whether directly positive or negative, into opportunities whilst Asset Managers have not. As a result Asset Servicers expect some improvement in business conditions, a factor that creates a clear distinction within the investment servicing industry.

38.4

14.3

Over the next 6 months – Asset Managers Over the next 6 months – Asset Servicers

Figure 3


• Asset servicing providers and asset managers are separated by a difference of 24.1 points.• Asset managers are considerably more pessimistic as they don’t see any future structural changes over the next

6 months. The asset management industry will have to demonstrate its capability to cope with the uncertainty through new sources of revenue with a clear approach for survival. Their confidence is to improve with an increase of over 4.5 points.

• Asset servicers expect an increase of middle office outsourcing and plan to extend their global service offerings capabilities despite great regulatory burden. Their confidence is to improve with an increase of over 15.2 points.



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National optimism differs whilst caution remains a general trend

A common trend of low interest rates, general market instability and regulatory burden ties regions – caution prevails. However, different regions are facing different challenges a fact reflected by varying levels of optimism.

Figure 4

25% 33% 42%

17% 50% 33%

50% 25%25%

50% 50%0% *

33% 33% 33%

100%*

Benelux

UK / Ireland

France

Australia / Japan

Switzerland

Portugal

* Limited sample set of 1 or 2 participant(s)

Confidence Level Frontier

Pessimist Cautious Optimistic


• Local market conditions are considered favorable by 42% of organizations surveyed - Luxembourg, as the largest fund administration platform in Europe remains optimistic.

• In Luxembourg, Asset servicers are expecting:• Asset funds to return to pre-crisis levels and to win new mandates (small, medium and large size).• Demand for Specialised Investment Funds (SiF), private equity structures to increase.• Modest increases in interest rates are expected to have a positive impact on net interest income revenue.

• All other regions remain cautious.



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Key concerns are consistent throughout the industry

Regardless of the industry sector or region the core concerns are evident. Asset managers and service providers are harmonious about the root cause of negative sentiment in the prevailing business environment.

50 50

67 33

43 57

100 0

62 38

75 25

50 50

36 64

Regulatory burden & cost related

Client nervousness

General market uncertainty

Stock market downturn

EU financial crisis

Japan tsunami, nuclear crisis

Middle east political instability

Low interest rate

N=2

N=3

N=7

N=3

N=13

N=4

N=4

N=11

Figure 5Asset mgt Asset servicing


•� 66% of the participants are concerned about the EU financial crisis, the low level of interest rates and general market uncertainty.

•� The industry is clearly sensitive to the market conditions. This means it is imperative that asset managers and asset servicers be able to assess the sensitivity of earnings whatever the business conditions in which they operate.

•� Regulatory burden and related cost have been accepted as embedded to the financial sector.

Industry main concerns



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Figure 6Asset servicing Asset mgtEarning growth expected over

the next 12 months

Earnings growth will be limited with some players expecting more

Most participants expect little change in the top line however some have clearly identified viable areas for growth. With tough external factors the asset industry will have to turn inwards and innovate with what it already has.

Navigating in turbulent times - actions taken by the industry

14.0

20

13.2

11.5

8.5

4.1

2.5

2.5

Extremely optimistic

0.0

0.0

Optimistic

Cautious

Pessimistic

Extremely pessimistic

A cautious outlook prevails


•� Considering that a cautious outlook prevails, the average earnings expected range from 4.1% to 8.5%.•� Confidence in structural changes remains low however, the industry expects an optimistic 14% to 20% growth.•� Key Metrics effecting the positive upswing include:

•� Increase in revenue per AuM•� Increase in average revenue per client•�Increase in net sales per product (fund)



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Figure 7Asset mgt Asset servicingKey source of earnings

Transfer concerns into harmonized strategies – the industry approach

The asset industry will continue to operate in a restrictive environment one which is driving managers and service providers alike to focus on factors within their control. Strategies to reduce cost (synergy, outsourcing and improved efficiency) and increase revenue with customers, more evolution rather than revolution, is the recipe for continued and sustainable growth, growth against which the industry has marked double figures.

Internal factors

External factors

57

17

13

43

83

88

100 N=6

N=8

N=6

N=23Internal factor - value proposition

adjustement

Internal factor - pricing discipline

Internal factor - cost containment

based approach

External factor - normalization / of net

interest income0

Co

stR

even

ue


•� Strategy will focus on the value proposition as attested by 53% of the participants who are already working on adjustments to secure their source of earnings over the coming months coupled with a pricing discipline in an effort to increase their margin.

•� Tighter filter on deal acceptance with an aim to reject the unprofitable. Whatever the size of the deal, asset servicing providers who want to stay in the industry have recognized the importance of identifying non profitable clients.

•� AiFMD and UCITS V bring with them the necessity to align risk against reward with the liability of a depositary or custodian bank.



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Figure 8

Components of an adjusted value proposition

Enhancing the existing value proposition as an effective approach to sustainable growth Most organizations will follow a common trend and capitalize on existing products distributed through new and/or extended channels. In parallel, cost will be driven down with externalization of middle-office functions. In general confidence is high that these two measures will promote stable growth over and beyond the next six to nine months.

29%

25%

21%

18%

7%

Slice #1

Slice #2

Slice #3

Slice #4

Slice #5

Extending distribution capabilities, reporting services

Slice #1

Middle-office outsourcing capabilities (OTC, collat mgt)

Slice #2

Expending business to new markets / extending geographical coverage (mainy Emerging Markets : BRICS, CIVETS)

Slice #3

Fund governance, directors ships, oversight and risk management

Slice #4

New asset class / investment solutions & capital protection (e.g asset allocation)

Slice #5


• Investing in distribution services, reporting and middle–office services are the priorities for the next 6 months and should provide continued growth.

• The enhancement of distribution capabilities will require organizations to establish and develop relationships with 3rd party distributors in the perspective of an open architecture for example; reaching beyond an asset manager’s traditional network.

• Many organizations also expect to expand their business into the emerging markets, such as BRIC and CIVETS regions (Brazil, Russia, India, China, Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa respectively).



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Regulatory changes pose a challenge and opportunity

A number of regulatory changes are either on the horizon or already in motion and although not identified as a particular cause of concern their strategic relevance becomes interesting when turned into a competitive advantage. Over two thirds of interviewees are approaching regulation as such.

Figure 9

Is regulation a constraint or does it create some opportunities?

15%

Slice #1

52%Slice #3

33%

Slice #2

A pure constraintSlice #1

Offersome opportunitiesSlice #2

Each constraint can create an opportunity

Slice #3

Asset mgt Asset servicing

Main regulation being implemented over the next 6/9 months

N=5

N=1

N=3

N=2

N=7

N=2

N=16

N=14

N=18

N=10

40

67

100

29

100

44

29

38

30 70

63

71

56

71

0

0

33

100

60Other / general regulation

T2S

Solvency

CAD

DODD - Franck

RDR

FATCA

AIFMD

UCITS V

UCITS IV


• Only 15% of those polled identify regulatory change as a pure constraint with an overwhelming 85% that identify some kind of opportunity.

• Changes in regulation are identified as an opportunity even though they are considered a constraint by some 52% of those polled.

• The top 3 regulatory changes in sight for the next 6 to 9 months: FATCA, AiFMD and UCITS IV.



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Operational efficiency is a key to cost reduction

Organizations will (if not already doing so) break down their different functions in order to harmonize processes, find synergies and indentify tasks that can be handled elsewhere. At the same time centers of excellence will further improve economies of scale and efficiency leading to lower costs.

Figure 10

Operational efficiency constituents

Shared services refer to: HR, compliance, legal or IT functions

Centre of excellence refers to a functional expertise located whether in one country or in a specific region

33%

31%7%

11%

18% Shared

services

Centre of

excellence

Enhance / Rationalize platforms

Offshoring / nearshoring

Outsourcing


• Greater operations efficiency is a key to future growth with shared services (such as HR, compliance and legal), centers of excellence (with functional expertise being located in one country or region) and platform rationalization as key proponents.

• Strong organization is required with well managed procedures to ensure that improvements are effectively implemented throughout the operational model, resulting in a lower risk of failure.



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Figure 11

Asset manager – the customer intimacy journey

Take care of the customers

All in all, the industry understands that their clients expect a regular and informative relationship. The ability to establish and maintain such a relationship will over time increase share of wallet and drive sustainable earnings.

14%

43%

43%

45%

36%

18%

10%

40%

40%

10%

Communicating directly with

clients (Roadshow, survey)

Improving client experience /

Ensuring reliability of the promised

services

Leveraging / expanding existing

services and expertise

Weekly / daily Monthly Quarterly Half a year Yearly

22%

67%

42%

37%

21%

9%

14%

45%

23%

9%

Communicating directly with

clients (Roadshow, survey)

Improving client experience /

Ensuring reliability of the promised

services

Leveraging / expanding existing

services and expertise


• Regular customer interaction will play a key role in an effort to expand growth.• 40% of asset managers and 45% of asset service providers polled mentioned that they only meet their clients in

a formal manner two or four times per year for a strategic review. • Roughly 40% of relationship managers (asset managers and asset service providers equally) ensure satisfaction

of services on a weekly basis.

Asset servicing – the customer intimacy journey



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An industry approach to building and maintaining sustainable business

Case study - Brown Brothers Harriman: partner in the pursuit of business sustainability

Geoffrey M. Cook, Partner, Brown Brothers Harriman Geoffrey was made a Partner of the Firm in January 2009, is res-ponsible for the Firm’s Luxembourg office, its Global Relationship Management and Bu-siness Development disciplines as well as its Fund Solutions and Distribution Support offering.

Mr. Cook is a member of the Institute of Chartered Accountants of Scotland. 1. WHAT IS YOUR VIEW OF MARKET CONDITIONS IN THE NEXT 6 MONTHS?

Despite the positive rebound in the economy towards the end of 2010 following the 2008-2009 financial crisis, we at BBH are taking a fairly neutral view of the short-term market conditions – in other words, it is neither positive nor negative, rather, we feel that we are in a ‘holding pattern’ at the moment.

There is a feeling of uncertainty in the marketplace largely due to the European government debt problems. Uncertainty impacts currencies, the ability to invest, market stability in both debt and equity markets. Markets thrive on clarity and direction and, until there is a clearer path forward in terms of when and how European debt restructuring is to take place, we will continue to live in a slightly surreal world.

How do you view bank liquidity at the moment?

Banks have done a good job of restoring liquidity by moving assets out of other financial vehicles into bank deposits. However, in a low-interest-rate environment

there is no real return on those investments - interest rates are needed to give long-term meaningful return. Liquidity has, therefore, been temporarily restored but, in the low-interest-rate environment, this may not be sustainable.

Until there is a greater agreement, on a multi-country basis, on public finance that is in balance with what the public is willing to accept, there will continue to be uncertainty. We are in an unusual economic cycle, the likes of which we have never really seen before. We are all doing okay, people continue to invest in funds, BBH is doing very well, our own capital investments are increasing, and however, we are not yet back in a normal economic cycle.

Therefore, we would say that the outlook for the market seems to be stable for the immediate future. We expect it to only start to trend more positively when some of these other structural factors become clearer.

2. WHAT ARE THE PRIORITIES FOR BBH TO MAKE YOU SUCCESSFUL?

The foundation for all our work at BBH is the relationship we have with our clients. Therefore, our priorities are primarily dictated by those of our clients. This factor has been core to our strategy for many years and will continue to remain so. This is also what we believe makes our business truly sustainable – our structure and our business model is uniquely client-centric. Ours is a privately held partnership, and our success is fully dependent on the success of our clients.

How do you align with clients and how often do you contact them?

We work with our clients to create a framework that is aligned around their strategic objectives. In order to attain this alignment, we need to know what our clients want to achieve. We also advocate regular contact with clients on all levels. One of the benefits of a partnership structure is that clients can easily access the business owners, and the flat hierarchy promotes collaboration and flexibility.



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Our service delivery and strategic approach is local-to-local with a global overlay to ensure a consistent approach. For example, one of our main areas of focus in recent years has been on creating a global service model for many UCITS funds which are registered in one domicile (for example, in Dublin or Luxembourg) but sold and invested globally. Those clients need an operating model that will cover the entire globe – starting in Japan through to the end of the U.S. day – the end points of delivery are local, in Hong Kong, Tokyo, Luxembourg, New York, and so on. The most noteworthy feature of this model is that it is commanded and controlled globally to ensure smooth and consistent service delivery.

In a partnership, the partners are directly liable for the firm’s obligations; therefore, risk management is a high priority for us. In short, for us, risk is personal. We focus on risk management at the local and global levels. Globally, our focus is at an enterprise risk level which covers not only the firm itself, but also every element from credit to operational risk for our whole Investor Services organization. Our product risk managers oversee the implications of executing certain functions with certain products. We also have local, geographical risk functions. Finally, we instill personal responsibility for risk management in all our employees at every level across our firm.

How selective are you in terms of choosing your clients?

To run a sustainable organization we need to be very selective and focused in terms of our client base, especially in the current environment. We have very rigorous upfront and ongoing selection criteria for clients to make sure they are aligned with the type of organization we are and would want to be. We need to understand the owners of the organization, their business philosophy, resources, capitalisation, and sometimes there are also country /political issues to take into account.

We view top-line growth in two parts in order to be sustainable. The first is growth with existing clients, and the second is growth through new clients. We take a focused approach to both. We have made it our mantra to have very limited stand-alone sales efforts. Whilst relationship management and sales are different disciplines, we encourage our relationship managers to own the whole process and be responsible for the client relationship, both before and after BBH wins

the business. This approach produces ownership and alignment – and ultimately promotes the sustainability of our organisation’s business.

To ensure consistency of approach globally and to monitor our progress, we have set up, what we call, “Disciplines” – for both Relationship Management and Sales – in order to provide a framework for our employees in the RM and Sales areas. We give them a toolbox, consisting of a light geographical overlay of tools and best practices, which the Discipline management monitors to make sure that we are providing a consistent experience to our clients. The Discipline reports back centrally and educate us as to how we are performing. It also delivers sales reporting, which helps us understand where we need to adjust, the types of business we sell, the types of clients, etc.

What type of clients do you have and what type are you looking for?

We subscribe to the philosophy of maintaining a balanced portfolio of clients. We choose to serve a smaller number of clients than our peers – more in the hundreds, than the thousands – so that we can build better and longer lasting relationships with each of them. We service the large international blue chip asset managers, as well as maturing middle-sized clients, and we also work with some start ups, taking some bets on new companies that will grow to be successful. A great example - we engaged with an asset manager in 2001 that had zero assets when we started to work with them. Today they manage over $40 billion, and we service the majority of those assets.

How do you choose a good start up?

We look at a start-up’s plans, its products, its area of focus, and get answers to questions such as: Who are the people that are involved with it? How serious are they? Do they have the right resources, sufficient capitalization and backing to get up and running? What are their distribution plans? This can give us a fairly good idea straight away about how realistic and viable they are. It’s important to have a balanced portfolio to be sustainable – the bigger complex clients will push you into new areas, the others medium-sized ones provide the volume, and the smaller start-ups are a way of incubating ideas and an exciting source of potential growth. They become collectively a group of clients that works well together in terms of how we move forward as an organization.



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3. WHAT DIFFERENTIATES YOU AND MAKES YOU THE SERVICE PROVIDER OF CHOICE?

1. Our client -centric and consistent approach has probably been the most important reason why we have built a consistent and increasing group of clients on a global basis.

2. Our people – we don’t have an enormous balance sheet of assets, which makes our people even more valuable to us. They are our best assets. For us it is critical to get the people right, which is shown in all our client feedback, surveys report cards etc.

3. Our partnership structure – we can consistently, year-on-year, pursue our focused strategic direction. In 2009-2010 we did not lay off any staff by design in order to proactively maintaining our workforce for the time when we would come out of the crisis and be ready to supporting our clients when they needed us the most. We can adapt our response to market conditions in a measured thoughtful way which can smooth out economic peaks and troughs. We made some modest cost adjustments, but there was no front line impact. The partners accepted a lower return in 2009 and, in 2010, our performance rebounded.

The proof that our strategy works is really shown in how we are doing – our clients are expanding, our business is expanding – we service more than $3 trillion in assets globally, we are expanding geographically and in terms of products – for example, we are expanding our Transfer Agency business for cross-border fund managers – we have trebled our Transfer Agency book of business in the last 18 months and doubled staff in that area, which is key to building out of global funds and asset managers’ services. Our clients also continue to rate us very highly in industry surveys as well as in our own internal client satisfaction surveys which of course, to us, is the most critical measure of our success.



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Kurt Salmon, the business sustainability process

From the analysis performed we can trace an almost sequential flow of questions to answers and issues to solutions. Participants representing key areas of the business have made clear their concerns and understanding of where the risks and challenges come from today and forward into the medium term. In doing so and as part of the exercise areas in which the industry is taking initiative to ensure a prosperous and sustainable future becomes apparent.

In order to steer a clear path to sustained growth an organized and rigorous approach is necessary. Kurt Salmon has identified four key steps based around a set of Business Sustainability Criteria (the value of any individual criterion is important to the global process) with at the end of each step a value oriented deliverable. The organization in question is measured and referenced against the criteria alongside comparable rivals in order to identify key indicators. With recommendations in hand indicators are built into the organization’s business and importantly, communication mediums. As part of the process implementation value verses implementation cost are clearly evaluated.

As is necessary in a constantly evolving and complex environment a periodic (at this time annual) calibration of the Business Sustainability Criteria is performed through an equivalent survey process.

ImmersionWhat does “business sustainability” means for your organization?

Set directionTo what extent the business sustainability adds unique value and creates lasting impact?

Prepare road mapHow should we develop and communicate our vision to foster the broadest possible alignment?

Take actionWhat feedback do clients and industry influencers provide on this concept?

1 2 3 4

Iterate

Contributors

We would like to thank the financial institutions who contributed to our research and their participation in this survey:

• Aberdeen (UK)• Apex (Ireland)• Brown Brothers Harriman (UK, Luxembourg, US)• BNY Mellon (Belgium, Luxembourg)• BNP Paribas Securities Services (Luxembourg)• CACEIS (France)• CITI (Luxembourg)• Credit Suisse Fund Services (Luxembourg)• Dexia Asset Management (France)• Fidelity (UK)• HSBC (UK)• Invesco (Belgium)• JP Morgan WSS (Luxembourg)• KBL (Luxembourg)• Millenium (Portugal)• Natixis (Luxembourg)• Northern Trust (UK)• Pictet (Switzerland)• RBS (Luxembourg)• Schroders (Luxembourg)• Societe Generale Securities Services (France)• State Street Bank (France)• Swiss & Global Asset Management (Luxembourg)• Tokio Marine Asset Management (Japan)

www.kurtsalmon.com

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