NICSA MidWest Regional Meeting Vincent Manning v2.pdf · 2005-09-24 · Panelists Vincent Manning...

NICSA MidWest Regional Meeting

Vincent Manning

Agenda

� Introductions� Industry Primer� Managed Asset Market Place� Servicing Separately Managed Accounts� Outsourcing as an Option� Q&A


PanelistsVincent ManningVenture Financial Systems Group, LTD.

Roger GregoryDST International

Jim PrescottThe Burridge Group, LLC

Walter MakaruchaThe Bank of New York, BNY SmartSource


Why Are We Here?

� Separately managed accounts (SMA) held $399 billion in assets at the end of 2002(Source: The Money Management Institute).

� SMA assets are expected to increase to $1 trillion by 2006 and $2 trillion by 2011(Source: Financial Research Corp – “FRC”).

� More investors will turn to managed accounts over the next five years, cutting the ratio of mutual funds to managed accounts in halfFRC).


Managed Accounts

� Separately Managed Accounts – Investment accounts featuring customized offerings based on providing tax optimization and security restrictions on an individual basis (a.k.a. Wealth Management, High Net Worth Accounts, Wrap Accounts).

� Multi-Style Managed Accounts – A fund of funds type of approach offering the same customization as in SMAs while spreading investments across multiple products (e.g., 50% Growth Fund, 40% International Fund, and 10% Fixed Income Fund).


Benefits of Managed Accounts Vs. Mutual Funds

No, typically with a no-load mutual fund investors must determine their goals themselves.

YesDetermining Investor's goals

YesYes, managers are evaluated and constantly screened by trained financial analysts.

Evaluation of Professional Money Managers

No, most no-load mutual funds only offer an 800 phone number.

Yes, face to face discussions with an investment professional.

Investor Contact

No, usually semi-annually, but varies with fund company.

Yes, viewable both electronically and in hard copy on a quarterly basis.

Performance reporting

No, investors must calculate their own performance.

Yes, viewable both electronically and in hard copy.

Quarterly reports customized to reflect actual activity and holdings.

Service

YesYes, Personal Financial Advisors, CPAs, and Lawyers.

Can be used in conjunction with any financial advisor

withdrawals/redemptionsNo, typically funds have restrictions. YesUnlimited

No, clients are not permitted to view the current securities that comprise the fund.

YesTransparency of holdingsYesYesOnline access to view account

No, with a mutual fund the investor owns a share of the fund which is comprised of a diversified portfolio.

YesDirect ownership of securities

No, in order to refund clients leaving the fund, money managers must sell securities to raise the capital necessary for redemptions.

YesControl of asset in-flow and out-flow from account

NoYesStock screening according to individual criteria regarding social, ethical, and economic values/preferences.

NoYesAble to be tailored to investor's unique needs.

General Features(Break Points)

NoYes, discounts of up to 25% or more as the account grows.

Volume discountsCost Related Features

NoYesAbility to harvest losses to offset gains

Yes, the average US mutual fund has 20% imbedded, unrealized capital gains (Morningstar Principia, 1996).

No, with a separate account the investors cost basis is initiated at the time each security is purchased.

Imbedded and unrealized capital gains

NoYesCapable of customizing account to focus on after tax returns

Tax Related Features

YesYesAccess to professional active money management

ExpertiseMutual FundSeparate AccountFeatures

(Source: Separate Account

Solutions)

Why Are We Here?

� Current technical and operational landscape is void of industry standards.� Analogous to mutual fund industry in the early 1980s.� Until recently, industry power has been concentrated in

the hands of a few sponsors and systems providers.


Industry Challenges

� Lack of standardization among sponsor systems presents significant operational hurdles.

� Major sponsors, excluding Merrill Lynch, maintain proprietary portfolio accounting and trading systems.

� Operational complexity increases dramatically as the number of sponsor connections increases.

� MSP market is very immature with offerings of operational solutions extremely limited.

� Most vendors are in beta phase with products and offerings.


Industry Challenges

� Leading investment management outsource providers rushing to enter market space with high-cost solutions and little experience. It remains unclear who will emerge as long-term leaders.

� The life-cycle of current Technology Platforms/Solutions may be short-lived.

� Assets are custodied by the sponsor, at the custodian of their choice, and not the manager. Managers are forced to deal with multiple custodians for each product offered across multiple sponsors.


The Players

� Wirehouses/Sponsors� Top 5 control over 70% of the assets (FRC)

� Investment Managers� Top 10 control 35% of AUM (FRC).

� Technology Platform� CheckFree APL, IDS, Advent, DST, FIN

� Customization Tools� LifeHarbor, SoftPak, Upstream, Parametric,

Placemark, Tamarac, Smartleaf, BTA, Hyland, Vestmark

� Outsource Providers� BONY, Mellon, State Street


The Problem: Technical and Operationally Inefficient Marketplace

Portfolio Manager

Model A

Model B

Model D

Program #1

Program #2

Program #3

Program #4

Program #5

Program #6

Program #7

Program #8

Logon

Logon

Logon

Logon

OperationsTeam

Model C

INTERFACE

Source: Cerulli Associates


The Problem: Technical and Operationally Inefficient Marketplace

� Lack of standardization among sponsor systems presents significant operational hurdles and technical challenges.� Majority of major sponsors maintain proprietary

portfolio accounting and trading systems.� No standard technology protocols or workflow

processes across sponsor systems making it difficult to standardize operations across multiple sponsors.

� Operational complexity increases dramatically as the number of sponsor connections increases.


With Scalability Comes Complexity…� If you look at the current operational infrastructure through

the eyes of the money manager. The largest managers participate in upwards of 50 sponsor programs. That means they have to:� Reconcile their portfolio management system with 50 different

custodians.� Deal with 50 different new account procedures.� Implement 50 different termination policies.� Execute 50 different billing systems. (Can any manager say

definitively that they know they're being paid correctly by all sponsors?)

� Place trades for the same stock at 50 different broker dealers. (Who goes first?)

� Maintain 50 trade-error accounts.� Receive cost data on securities transferred in 50 different ways.� The list could go on and on. It’s easy to see the immediate

operational challenges.Source: Lockwood Financial Services


Key Operational Functions

� Account Openings and Closing

� Portfolio Management

� Trading

� Reconciliation

� Performance Reporting

� Marketing Support and Service


Key Operational Functions� Current Environment

� Each sponsor relationship requires some level of manual intervention.� Customized portfolio management systems required to properly manage products

and accounts.� Institutional front-office personnel can be leveraged for some time while a base of

accounts are established.� Managers responsible for internal reporting and marketing materials.� Aggregation of appropriate data represents greatest challenge.

� Future Considerations� Industry is workings towards standardized, automated solutions.� Future requirements for account customization and tax considerations are expected

to increase in the future.� Market moving towards daily valuations requiring automated interfaces with

sponsors and tight, systematic reconciliation procedures for asset managers.� AIMR compliance should be considered an absolute requirement.

� Third Party Vendors (TPVs) offer single connectivity to multiple sponsors allowing for single system for account maintenance.

� Outsourcing of some operational functions is an option.


Potential Operational Models

� Maintain middle- and back-office internally

� Outsource back-office while maintaining middle-office internally

� Outsource middle- and back-office functionality

� Participate in third-party direct distribution networks


Servicing Options – Advantages of Internal and Outsourcing Options

Internal Servicing– Get to know your client

– Ability to employ talent

– Timely problem resolution

– Can develop metrics to prepare for growth

– Ability to design customized workflow

Outsourcing– Potential cost savings

– Eliminate training costs and concerns

– Financial risks due to operational errors are outsourced to third party


Servicing Options – Disadvantages of Internal and Outsourcing Options

Internal Servicing– Could be costly:

people, technology, infrastructure

Outsourcing– Potential to lose control of

effective client servicing

– Can lose ability to implement value added technology as needed

– Place all operational matters in the hands of a third party provider –reputation at stake


Potential Solution: Industry Utility

� In a November 2002 white paper, The Money Management Institute (MMI) called for the creation of an industry utility to transmit critical communications between industry participants.

Industry StandardsPortfolio Manager

Model A

Model B

Model D

OperationsTeam

Model C

Program #1

Program #2

Program #3

Program #4

Program #1

Program #2

Program #3

Program #4

Program #5

Program #6

Program #7

Program #8

Program #5

Program #6

Program #7

Program #8

Logon

Logon

Logon

Logon

INTERFACE


The Reality: We Are Not There Yet

� The Money Management Institute is working to bring standards to the industry.

� DTCC is working to bring standards to new account openings process.

� New market participants offer expanded solutions along with pressure to standardize communications.


The Future…� Service and technology offerings are

continually evolving.� The emergence of industry and technology

standards provide the opportunity for gains in operational efficiencies.

� Seeing a move towards bundling of services (e.g., SEI/Hyland/APL, Upstream/Lava Trading, Thomson/Vestmark).

� Standards will allow managers to apply best of breed solutions.


Managed Asset Market PlaceThe Players, The Core Functions, The Tools

Roger GregoryProduct ManagerDST International

Boston, MA


Managed Assets: The Players

� Wirehouse� Sponsor� Product Provider� Hybrid� Supermarket� TAMP




Old-line large brokerage firms.




Wirehouses, firms distributing SMA’s




Asset managers, proprietary or outsourced




Overlay managers, brand aggregators/consolidators




Originally mutual fund distribution, now expanding product offerings.




Turnkey asset management program


Managed Assets: Core Functions

� Distribution Channel� Financial Planning� Product Offerings� Trade Execution� Custody� Product Provider




• Banking• Insurance• Wirehouse• Regional Brokers• Mutual Fund Complex




• Risk Profiling• Asset Allocation• Product Selection• On-going Monitoring




• Mutual Funds/MF SMA• Annuities• SMAs• Self Directed Brokerage




• Mutual Fund• Equity• Fixed Income


Managed Assets: Core Functions� Distribution Channel� Financial Planning� Product Offerings� Trade Execution� Custody� Product Provider

• Fully Disclosed/Omnibus• Self Clearing • Trust




• Mutual Funds• Pensions/Institutional• Fund Wraps• SMAs• Hedge Funds


Managed Assets: The Tools� Advisor Tool Kit� Interfaces� Decision Support� Order Management� Compliance� Trading Links� Back Office Processing� Recon / Synchronization� Performance Measurement� Reporting


Managed Assets: The Tools

� Advisor Tool Kit� Interfaces� Decision Support� Order Management� Compliance� Trading Links� Back Office Processing� Recon / Synchronization� Performance

Measurement� Reporting

• Client questionnaire• Risk assessment• Monetary milestones• Asset allocation• Product selection• Proposal generation• Imaging / workflow• System interfaces• Reporting





• Account activity• New account• Account funding• Legal changes• Style changes• Manager changes• Terminations

• Reconciliation• Posted trades• Off-market• Positions and cash





• Targets/models• Dispersion • Rebalancing• Tax efficiency• Gain / loss harvesting• Client restrictions• Raising / investing

cash• Portfolio monitoring





• Centralized review• Aggregation by

sponsor• Sponsor rotation• Non-sponsor

execution• GTC / carryover





• Restrictions• Cash limits• Wash sales• Securities changing

holding periods• Firm wide thresholds





• Order routing• Execution reports• Allocations• Confirmations• DTC affirmations• Settlement advice





• Does manager report to client?

• Should manager augment sponsor back office weaknesses?• Income accruals• Amortization / OID

• Value of enterprise wide consolidated positions





• Shadow accounting: who’s books are correct?

• Who does lot accounting?

• Sync overlays data

• Recon finds differences

• Who publishes client reports?


Managed Assets: The Tools� Advisor Tool Kit� Interfaces� Decision Support� Order Management� Compliance� Trading Links� Back Office Processing� Recon / Synchronization� Performance


• Client • Sponsor composites• Manager • Manager composites• Advisor • Benchmarks / blends • Attribution





• Client• Management • Sales • Advisor


Servicing Separately Managed AccountsJim Prescott

Burridge Group LLC


Burridge Group LLCAMG Affiliate since 1996

� Burridge Growth Partners – 1996� Sound Capital Partners – 1998

$1.6 billion AUM as of 9/30/03� Portfolio Services Group (PSG) – 1998


Burridge / PSG

� 34 Employees in LLC� 14 in sales and marketing including 5

wholesalers and 6 internal sales support� 12 in research between two firms� 1 compliance officer� 7 in operations and trading

�1 manager�2 in trading and settlements�4 administrators


Portfolio Services Group

� Provides SMA marketing and administration services to AMG affiliates

� Burridge Growth Partners – Chicago, IL� Essex Investment Management – Boston, MA� Frontier Capital Management – Boston, MA� Renaissance – Cincinnati, OH� Systematic Financial – Teaneck, NJ� Sound Capital Partners – Seattle, WA


Portfolio Services Group SMA Programs

A.G. EdwardsBank of AmericaConcordDB Alex BrownLegg MasonLinsco Private

LedgerLockwoodMerrill Lynch

Morgan StanleyPrudentialSmith BarneyUBSWachoviaWells Fargo

Over 7,000 accounts


Portfolio Services Group Multiple Style Portfolios

� Wachovia DMA�6 blends

� Wells Fargo�3 blends

� Prudential MACS�2 bends

� 6 AMG managers sub-advising to PSG including�Burridge, Essex, Systematic, Renaissance,

Davis Hamilton, Rorer


Operational Challenges Facing PSG� Reduced fees and higher expectations� Staying focused and setting rules� Mirroring and not mirroring� Reconciliation� Restrictions� Frozen accounts, terminations, “special

situations”� Tax aware management� Cash flow management� Cross training


Additional Challenges

� Communicating with other managers � Identifying outliers� Moving from paper to imaging� Each sponsor working differently but moving

toward standards� Paper, files, websites, dial-ups . . . .

� How do we get it all done? We needed help.


Outsourcing at PSG

� Spectrum Global Funds Administration� Outsourced CFO since April of 2002� Created CRM “Asset Gathering Tool”

� Rorer Asset Management� AMG Affiliate “Big Brother”� Advantage Outsourcing Services� Providing administrative support starting October,

2003� OnBase


Success Through Partnership

NICSA Midwest Regional Meeting

October 8, 2003

2… Around the Globe… Around the Globe

Executing theInvestment

Decision

InvestmentDecision

Analyzing thePortfolio The Bank of

New York’sGlobal

Solutions

� Asset Allocation� Analytics� Compliance

� Trade Execution� Equities� Fixed Income� Foreign Exchange

� Transfer Agency� Credit Services� Funds Transfer

� Trade Order Management� Electronic Instruction Capture

� Safekeeping� Short Term Cash� Securities Lending� Securities Clearance

� Global Accounting� Strategic Outsourcing� Offshore Services� Collateral Management

� Investment Risk Management� Performance

Measurement/Analytics� Compliance� VaR

� Currency Risk Management

� Web-based Reporting� VaR Reporting

Servicing thePortfolio

Issuers

Servicing the Investment Lifecycle…

3

• World Advisor Program� Sponsor Focused� Small Platform� Back-office Offering

• World Advisor Program� Sponsor Focused� Small Platform� Back-office Offering

BNY Clearing

2000

BNY’s Evolution in the Managed Account Business

2002

� Focused on Gathering Assets and Increasing Distribution

� Front-office Offering� Proprietary Front-end Tools

� Entire Management Team Retained

� Focused on Gathering Assets and Increasing Distribution

� Front-office Offering� Proprietary Front-end Tools

� Entire Management Team Retained

� Focused on SMA Back-office Processing

� Highly CustomizedTechnology Platform

� Multi-custodian� Entire ManagementTeam Retained

� Focused on SMA Back-office Processing

� Highly CustomizedTechnology Platform

� Multi-custodian� Entire ManagementTeam Retained

$8 Billion AUA40,000 Accounts


LockwoodAcquisition

EMATAcquisition

2003

• Investment ManagerFocused

• Lift Out/BSP• Multi-sponsor, Multi-custodian

• Investment ManagerFocused

• Lift Out/BSP• Multi-sponsor, Multi-custodian

$10.2 Billion AUA31,000 Accounts

56 Sponsors

$10.2 Billion AUA31,000 Accounts

56 Sponsors

• Sponsor Focused• Peak 1 & Peak 2 Offerings

• Peak 1 Separate Accts.

• Sponsor Focused• Peak 1 & Peak 2 Offerings

• Peak 1 Separate Accts.

Pershing



ManagedAccount Group

4

Investment Manager & Sponsor Outsourcing Solutions

SMANon-

sponsorInstitution Mutual

FundsDefinedBenefit

SMA asSponsor

& IM

BNY Supporting a Multi-product Investment Manager

BNY Supporting an SMA Sponsor

� Operations – Sponsor Level� Broker/Dealer Services

� Account Set-up & Maintenance

� Reconciliation

� Relationship Management

� Performance Reporting

� Billing

� Operations – Manager Level� Trade Support & Enrichment Services

� Account Set-up & Maintenance

� Accounting, Reconciliation & PerformanceReporting

SMA Sponsor

InvestorIFA IM

Broker

Custody

IMIM

IM

IMSMA Sponsor

SMA Sponsor

SMA Sponsor

5

What to Outsource?

Reconciliation

Model Maintenance

Performance & Analytics

Sponsor Support

Record-keeping

Sales

Asset Allocation

Tax HarvestingClient Servicing.

Settlement

SMAMarketing

Investment Mgmt.

Rotation Mgmt.

Trade Dealing & Execution

Account Maint. & Administration

InvestmentInvestmentManagerManager

BNY SmartSourceBNY SmartSource

6

PortfolioManagement

System

AccountSet-up

& Maintenance

DailyReconciliation

Services

Fee Calculation& Processing

Services

PerformanceReportingServices

Commoditized Functions are Candidates for Outsourcing

� Receive & verify new account information from sponsor & send welcome package� Open account & notify manager account is ready to trade� Process contributions, withdrawals, rebalancing requests� Facilitate tax gain/loss sell requests within account restrictions� Maintain account records, manager/style changes & terminations

� Perform final reconciliation of new account before releasing to manager� Perform daily reconciliation between portfolio accounting & custodians� Maintain security master database� Process voluntary corporate action on portfolio accounting

� Perform fee calculations (including multiple components)� Reconcile investment manager fees from various sponsor programs� Collect (or direct custodian to debit) fees from client accounts & disburse as

appropriate� Provide MIS reporting on fee transactions & billing history

� Produce quarterly performance reports for client accounts� Provide composite reporting for managers� Provide Investor Workstation for clients to review account

holdings & performance

� Portfolio accounting & record keeping� Portfolio modeling & block trade creation� Trade allocation� Account re-balancing

7

Outsourcing Advantages Outweigh the Concerns

Manager’s Concerns� Loss of control� Accountability� Confidentiality of:

� Data� Models� Intellectual property� Clients

� Loss of customization

Key Advantages� Cost control� Focus on core� Scaleability� Risk transference� Infrastructure upkeep

8

Finding the Right Outsourcing Partner

Selection Criteria Listed in Order of Importance:

Source: Celent Communications Investment Manager Survey – March 2002

Criteria (1=Highest)

3.34

3.33

3.11

2.44

2.20

0 1 2 3 4

Cost

People/Culture

Stability ofOutsourcer

Specific Expertisein Investment Area

Technology Platform

9

Client Support/Service Model

Investment Manager

PortfolioManager

Marketing& Sales

Finance& Acct.

Investment ManagerOperations Coordinator

BNY SmartSourceClient Service

Team

BNY PMA Team

� Business Manager

� SMA Operations Manager

� Account Maintenance Manager

� Reconciliation Manager

� Settlements Manager

� Records Manager

Operations

BNY SmartSource

10

BNY Competitive Advantages as an Outsourcing Partner

� Focused Outsourcing Strategy & Experience� Proven Track Record with Large Outsourcing Projects� History of Innovation� Tenured Pioneers

� Leading Technology� State-of-the-Art Tools� Modular Yet Fully Integrated – Highly Customized

� Investment Manager Focus� Relationship Driven� Key Business Line� Dedicated Resources with Investment Management Expertise

� Flexibility� Consultative View� Understanding of Sponsor & Investment Manager Needs� Flexible Service Models & Transition Strategies

� Product Breadth� Commitment to Securities Processing� Service Capabilities Across the Investment Lifecycle� Ability to Work with Investment Managers Across All Product Types

(i.e., Managed Accounts, Fund Vehicles, HNW & Institutional)

11

Some Final Thoughts…

� Managed accounts is a complex business - more styles/programs, MSP & multi-currency

� Most managers need to reach $2.1B in AUM to achieve profitability

� The average spend on technology alone is between $1 - $3M

� Scale and operational efficiency are the primary keys to success

� Drive to Standards!

� Outsourcing must be a partnership rather than a traditional vendor relationship

Contact InformationVincent ManningVenture Financial Systems Group, [email protected]

Roger GregoryDST [email protected]

Jim PrescottThe Burridge Group [email protected]

Walter MakaruchaThe Bank of New York, BNY SmartSource212-815-6161 [email protected]


BiographiesVINCENT MANNINGVenture Financial Systems Group, LTD.Managing ConsultantVincent Manning is a Managing Consultant at Venture responsible for providing leadership in the development and implementation of innovative solutions to solve complex technical and business issues. Vincent actively works with senior management teams to assess current business and systems environments and proposes organizational and process reengineering solutions. He is responsible for directing and managing project teams to ensure timely and effective execution of management efforts. Mr. Manning’s engagements have covered both front- and back-office initiatives ranging from conceptual design through final implementation.Over the past five years Vincent has led initiatives in every area of the trading cycle covering issues ranging from data modeling, business processing, enhancing trading systems, providing web-based reporting platforms, and the integration of front- and back-office systems to provide real-time positions, prices, and transactions.Mr. Manning is currently a member of the National Investment Company Service Association (NICSA) Technology Committee. Prior to joining Venture, Mr. Manning was with Fidelity Investments as a Senior Business Analyst. Prior to Fidelity, Mr. Manning was with William M. Mercer, Incorporated for five years as a Consultant. Mr. Manning holds an MBA with a Strategic Management concentration from Boston College and a BA degree in Economics from Brown University.


BiographiesROGER GREGORYDST InternationalProduct Manager

Mr. Gregory has over 25 years of experience in portfolio management and accounting systems software development and is currently a product manager forDST’s Managed Asset Platform.In this role, Roger is part of team responsible for both the functional and technical direction of DST’s managed account solutions and their current evolution.Roger was previously responsible for the original design and development of DST's HiNet accounting solution, which is a rules-based client-server multi-currency portfolio accounting system, currently in use by many leading US financial institutions. Mr. Gregory holds an M.S. in Computer Science and a B.A. in Political Science from Boston University.


Biographies

Jim PrescottBurridge Group LLCVice President, Operations

Mr. Prescott has been active in the Chicago investment operations business for over twenty years.

He oversees the operations and trading area at Burridge and has played an important role in growing the firm a one product traditional manager to an aggressive SMA manager with multiple product lines.

Prior to joining Burridge in 1995, Jim spent 14 years with Fiduciary Management Associates in Chicago as their Vice President of Operations.

Jim holds a B.S. in Business Administration from DePaul University.


BiographiesWALTER J. MAKARUCHA The Bank of New York, BNY SmartSourceVice President – SMA Business Manager and BNY SmartSource Product Manager

Walter Makarucha is a Vice President and Separately Managed Accounts (SMA) Business Manager within BNY SmartSource, The Bank of New York’s investment manager outsourcing division. He also is responsible for Product Management within BNY SmartSource and also serves as the group’s SEC Compliance Policy Manager.

As SMA Business Manager, Mr. Makarucha is responsible for all SMA related middle- and back-office outsourcing services provided to Investment Managers. Mr. Makarucha leads a management team with an average of 10 years experience in providing operational support to managers. The team specializes in dealing in multiple sponsor/custodial/brokerage relationships in a multitude of programs and investment styles.

In his Product Management capacity, Mr. Makarucha is responsible for the creation, development, and deployment of new products and services to be offered to existing and new clients of the Bank. In addition to Product Management, Mr. Makarucha is a recognized subject matter expert in the area of straight through processing (STP) and has spoken at many industry conferences. In addition, he has authored a number of articles on this topic.

Mr. Makarucha joined the Bank of New York in May 2002. Prior to joining the Bank of New York, Mr. Makarucha was employed by Deutsche Bank Asset Management and Private Banking Americas as Director of Information Technology and Securities Operations. He also was president of an IT subsidiary for Credit Suisse, a major European investment bank. Under Mr. Makarucha’s direction, this firm grew rapidly and was ultimately acquired by EDS. Mr. Makarucha was also Chief Operating Office responsible for technology and operations for Credit Suisse Asset Management Americas, and Swiss Bank Corporation Portfolio Management International. Mr. Makarucha is a seasoned professional with over 20 years in the financial services industry.


NICSA MidWest Regional Meeting Vincent Manning v2.pdf · 2005-09-24 · Panelists Vincent Manning...

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