Consulting for Management
In addition to our
recruitment services we offer Chief
Executives and Senior Managers an independent point of view at a reasonable
cost. We have first-hand experience of the international Capital Markets and
the Investment Management Industry that goes back more than 30 years and we
have worked and lived in most leading financial centres.
This makes us a logical
choice if you look for help when you want to improve your market
penetration, control your risk profile or costs or integrate a new
Experience in working in different cultures also may help the international
business deal with conflicts and challenges arising out of the mixing of
different nationalities in the business.
To hire expensive
outside help should be seen as a last resort - and in many cases an
admission of failure. The usual consulting buzzwords just cover up one
simple fact: the client is very often paying for advice that has been pulled
together from earlier assignments by young and inexperienced staff.
People are the most important asset in any Financial Service Business and
the link between the Consulting and Recruitment side of our business gives
us a unique edge in helping you to succeed.
Contact us for a preliminary
ESG: 'Integrate or Die'
issue for active managers?
Not sure I agree with the
author. ESG investing is around for more than 20 years. Suddenly it is
all the rage and should dominate the investment world? But should it not
really be the task of governments to set rules and laws that protect the
environment, the work place and related social issues? Why should activists
of all colours and the fund management industry set the standards? If the
laws are insufficient then they should be changed in a democratic fashion.
By giving in to noisy activists the fund management industry only heaps more
costs and expenses on the end investor - real people that already suffer
from minuscule returns due to QE.
Texas Teachers: New Fee
Model for Hedge Funds
Will 1+30 become the
new standard? Relating the higher performance fee to some kind of hurdle
rate is the problem. Which rate is suitable? And if is is some money market
rate this is particularly problematic. At present rates are so low that
beating them would not be that onerous. And if rates are high, 6, 7 or 8
pct, then the hurdle is difficult to overcome
Merger Poker - EFG,
BTG Pactual and BSI Lugano
There is lots of
talk about the need to get bigger in the Financial Services Industry. But
there are plenty of potholes on the route to 'Bigger and Better'. Apart from
accounting and valuation issues the question of contrasting management
cultures can also pose significant integration risks. Do not write off
smaller competitors or even nimble mid-sized Asset Managers or Private
Joe Strähle verrechnete sich mal kurz um 41% - Inside Paradeplatz
Credit Suisse: Old wine in new bottles?
Sad as it is to see a proud Swiss institution (again) unable to find a local
candidate to fill the vacancy at the top of the organisation I watch with
first pronouncements of its newly-installed CEO. But apart from the
unresolved question of whether or not it is wise to combine the business of
banking with asset management (there is a strong argument in favour of
independent asset managers) it is quite an irony that Credit Suisse is now
supposed to find salvation in asset management - after having shed quite a
few parts of the business during the past few years. And do the private
banking clients really want to be 'cross-sold' the goodies that the
investment bankers are 'incentivised' (to put it mildly) to create for them?
Tidjane Thiam may have done a creditable job at Prudential but he was
promoted in March 2009, at the very bottom of the bear market. Talking of
How realistic is a 15% ROE target?
Under CEO Josef Ackermann Deutsche Bank was targetting a
return on equity of 25%. This number always looked wildly ambitious to us
and not very helpful for two reasons: setting such a high target creates a
sense of failure if it is missed, even when the number achieved may be quite
respectable. There is nothing wrong with 13, 14 or 15% but it would be seen
as missing the target. The high hurdle rate could also have negative
consequences as it pushes staff to do deals that are not prudent just in
order to 'make their number' for the performance review. This is
particularly dangerous in banking were sound practices should first of all
be concerned with the return of capital. When Deutsche Bank aims for
a more realistic ROE target of 15% under Ackermann's successor we can only
hope that this number does not turn out to be as elusive as the previous