We are pleased to announce an expansion in our publication offers to clients.

Investment Management Review is a quarterly magazine published by Sage & Hermes in association with us. This magazine focuses on important developments, trends and topics concerning the workings of the fund management industry, which are of potential long-term significance, and excludes matters of merely short term significance.

Several innovative features set this publication apart from other magazines covering the industry

What is new in the concept underlying this magazine? Most people have difficulties in keeping abreast of all developments covered in a vast number of different sources, both general and specialist, in areas such as pensions, alternative investments, wealth management, and investment techniques.

Investment Management Review will help with these difficulties in several ways:

- All original articles are of lasting value and are written by expert practitioners and researchers, with in-depth understanding, enabling readers to keep abreast of the issues surrounding key developments and topics.

- The magazine includes a unique digest which reviews, analyses and comments upon the most pertinent of what others have said. Relevant information is extracted from conferences, journals, periodicals, reports and websites and provides for busy readers a precise of all that is most significant for the longer term - excluding material of transient value.

- A statistical section is included which provides a comprehensive picture, not readily available, of the global industry.

 

Investment Management Review - Our Mission

Sage & Hermes' quarterly magazine, Investment Management Review, was launched in Spring 2005. and is published in association with MGI Management Global Information.
Its mission is to provide strategic analysis and news and views to fund management industry participants worldwide.
The publication gives an overview of new developments and thinking across broad areas and topics in the industry. Sage & Hermes are based in the UK, within easy reach of London and MGI in Geneva , Switzerland, but the approach to research is global. The best research and the most significant developments from around the world are surveyed .The analytical articles would normally be based on themes and issues of global interest and significance. Sources includes:

USA
Barron's
Business Week
CFA Institute
Financial Analysts Journal
Institutional Investor
Investment Company Institute
Journal of Portfolio Management
Journal of Investing
Lipper

Europe
Funds Europe
Global Investor
International Fund Investment
Professional Investor
Third Party Distribution (3pd)

And others covering specialist sectors such as alternative investment, structured products and pensions, which include:

Alpha
Global Pensions
Hedge Funds Review
Investment and Pensions Europe
Journal of Alternative Investments
Structured Products

Other sources monitored encompass the research output from leading consultancy firms, various industry websites and newspapers such the Financial Times, International Herald Tribune and Wall Street Journal.

The magazine is divided into three sections. The first section consists of in-depth articles of topical interest written by industry experts. The second section is a digest that extracts from the sources mentioned above, as well as many websites and reports by other research houses, the best material which is of strategic interest to decision-makers and has potential significance for the longer term, rather than being of transient value. For this purpose, important conferences are also reviewed.The third section provides a short summary of industry statistics which are not readily available from a single source elsewhere.

The following editorial in our launch issue reiterates our ethos

External scrutiny and soul-searching within the industry continue, resulting in a regular stream of prognostications by industry insiders, consultants and others. Deep-seated problems previously obscured by the easy profits of the late '90s are still being discussed and debated. These relate to what it takes to win in the developing free-for-all, given the perception of industry overcapacity and the belief that the best days are over. Of course, recent developments have not all been negative. New competitive and structural forces that emerged during the bull market era are now gathering force, posing opportunities as well as challenges to fund managers. An example is the controversial subject of open architecture, which is covered in two articles in this issue.

Keeping in touch with all the diverse developments of the multifaceted fund management industry are getting tougher. Not that there is a shortage of information. The problem is the sheer number and diversity of reports, conferences, websites and periodicals, including those specialising in the wide range of industry sectors, such as hedge funds, private equity, pensions, mutual funds and distribution. Busy executives find it difficult to monitor all this and yet need to stay informed. We will help by screening out items of transient value and focusing only on issues of long-term significance.

Moreover, quality reporting is widely encountered but good succinct analysis is more infrequent. Investment Management Review will help you on two fronts. Firstly, we will have articles written with in-depth understanding of the industry by expert researchers, enabling you to keep abreast of the issues surrounding key developments and topics.

Secondly, part of the magazine will be a digest where we review and comment upon some of the most pertinent of what others have said. In particular we survey many academic and professional journals. Unfortunately, a good deal of their content is written by academics principally for other academics, and is often neither comprehensible nor of interest to practitioners. But frequently there are nuggets, which deserve industry attention. These will be brought to you by this magazine, which will thereby act as a bridge between the academic and practitioner worlds. For this launch issue, we have selected from sources going back further than will be the case in the future.

It is useful to survey where the industry is now compared to a few years ago and where it might be in a few years' time. Five to ten years ago hedge funds were still the preserve of the wealthy. Open architecture was not the buzzword it is today. Particularly during the dotcom years of the later '90s money was easy to make and clients easy to find. Professionalism was not at a premium, but has now been rediscovered as essential.

Many currently fashionable ideas have been around for years, if not decades, without sustained and widespread acceptance, and their newfound popularity could yet again prove ephemeral. On the other hand, the chances are that the forces that will shape the industry in the next decade are also in place. The question is: which of the current trends will prevail and which will peter out? The answers are unlikely to lie in extrapolation. Only analysis of the underlying factors can lead to the insights, which we will endeavour to provide.

Charting the outcomes will be fascinating.

Our editorial team has strong industry credentials as shown below

Editorial Director and Head of Research

Funds managed by Arjuna Sittampalam excelled during the 80s and 90s in the highly competitive UK unit trust market, simultaneously achieving top-level performance in both bond and equity league tables. In 1986, he won the 'Fund Manager of the Year' title awarded by the Bowen Group. He spearheaded independent fund management subsidiaries of Swiss Bank Corporation and Sanwa Bank in 1987-93.

He was the founding editor in 1994 of Funds International, a global financial newsletter subscribed to by senior executives of large financial institutions worldwide. Subsequently, he acted as consultant to leading financial institutions in the US, Germany and Holland.

In recent years, he has written articles for several publications, including the Financial Times, Financial News and Financial Weekly. In November 2005, he was awarded the prestigious Wincott Foundation prize for the best article appearing during 2005 in the Professional Investor, the journal of the United Kingdom Society of Investment Professionals (UK SIP). This is the UK member society of the CFA Institute, the pre-eminent global organisation for fund managers and analysts.

Consulting Editor

Mark Clement has had experience working in fund management and was recently Executive Director and Global Head of Interest Rate and Credit Derivative Operations at Goldman Sachs in London. He has a broad and in-depth awareness of both the theory and practice of derivatives and structured products.

Advisory Board

Sage & Hermes benefits from the advice and close involvement of four distinguished figures in the investment industry.

Richard Granville
Former member of the London Stock Exchange Council,
Former partner of Hoare Govett,
Recently director of investment trusts managed by the UK groups, Framlington and Rathbones.

Paul Griffiths
CEO of AXA Investment Managers UK,
Former director of Investec Asset Management and head of their Fixed Income division,
Winner of the 'Investment International Fixed Interest Fund Manager of the Year' award in 1996, 1998 and 1999, and runner-up in 1997, whilst at INVESCO Asset Management.

Wolfgang Mansfeld
President of the European Fund and Asset Management Association (EFAMA) 2002-05,
Board member of Union Investment,
Board member of BVI, the German funds industry association.

Paul Seymour
Former CEO of Target Life and Laurentian Financial Group,
Recent member of the Council of the Institute of Actuaries,
Currently chairman of BGI Endowment Fund and a director (formerly chairman) of Funds II and III, all three funds managed by Barclays Global Investors.

 

Contributing Authors

In line with our ethos , we are proud to list the following experts who have written for the magazine. Our magazine is written by top thinkers for those who value thinking

Dr Wolfgang Mansfeld is a Member of the Board of Union Investment, and was President of the European Fund and Asset Management Association (EFAMA) in 2002-05

Christopher Granville is a former First Secretary in the British Embassy in Moscow and a Fellow of All Souls College, Oxford. He is now Chief Strategist at United Financial Group, a leading Russian investment bank partnered since November 2003 by Deutsche Bank. In successive surveys of investors carried out by Institutional Investor and Thompson Extel, Christopher has consistently been ranked among the top analysts now working on Russia.

Ray Soudah is the founder of Millennium Associates AG, the only Swiss based independent M&A advisory firm to the financial services industry worldwide specialising particularly in wealth and asset management including alternative investments and private equity. He is widely quoted in the investment media as an expert on M&A. For example, see the item on Julius Baer in the Digest section of this issue.

Jag Alexeyev is managing Director of Strategic Insight Global. Strategic Insight is a leading global fund research house that assists over 200 of the largest investment companies around the world in their product, marketing, distribution, customer retention, and business development efforts. They are widely known for detailed reports, unique analysis and perspective, and comprehensive databases.

Dr. Scott Levy, currently a director of PIL International Holdings, has worked as a proposition development specialist in Asia and Europe for both onshore and offshore investment products. He has written for a variety of publications and given presentations on innovation and product development to product providers and the British Institute of Actuaries. He is also involved with trade issues as a member of the Investment Life Assurance Group in the UK.

Kathleen Currie is Director, Investment Solutions at AXA IM and is globally responsible for liability driven investments. She was formerly a Vice President and Director in the Customised Solutions group of TD Securities Inc (London). Her experience embraces working as a derivatives specialist for TD Securities and the Royal Bank of Canada, as well as having worked in government and corporate treasuries.

Elizabeth Corley is CEO at Allianz Global Investors Europe and CEO at RCM Europe ex-Germany. Brigitte Miksa is Head of Pensions International at Allianz Global Investors, responsible for pension research and pension business development for international markets. Allianz Global Investor is the Asset Management company of Allianz S.E. and one ot the top 5 asset managers globally with a total volume of €1,234 bn assets under management as of September 30th 2005 .

Jean-René Giraud is CEO, Edhec-Risk Advisory, & Director of Development, Edhec Risk and Asset Management Research Centre.

Edhec-Risk Advisory is the consulting arm of Edhec's Risk and Asset Management Research Centre. Launched in 2003, Edhec-Risk Advisory has developed a series of service offerings aimed at supporting "buy-side" financial institutions as well as their service providers in both the traditional "long-only' and the alternative universes.

 

Recent issues of Investment Management Review have covered such topics as:

Analysis of a rare large-scale 'blunder' by the legendary investor, Warren Buffett
Why offshore investment centres might be declining
Exciting prospects for foreign managers in Russian asset management
Why mergers and acquisitions should be an integral part of business strategy for asset managers
Attack by the renowned founder of Modern porytfolio theoery on the concept of beta and the capital asset pricing model , another lynchpin of finanacial markets
The growing dangers posed by private equity
An exciting new asset class

Anybody interested in the fund management industry but has only limited time to read the vast number of sources will value this publication with its concentrated focus on the most significant developments