Emerging Managers Forum

November 20, 2014 | Yale Club of New York City

Emerging Managers Conference: Keys to Distribution and Infrastructure Success

This program is an opportunity for you to meet sponsor gatekeepers and learn firsthand about their preferences, acceptance criteria, and what they consider best practices for both sponsors and asset managers. It is also a chance to network and engage with other emerging managers about the opportunities and challenges common to growing a retail advisory business – as well as specific strategies and action steps to gain distribution. Finally, it is a chance for you to become familiar with MMI and the work we do to represent the interests of new entrants into the advisory solutions marketplace.

We are inviting a select group of leading emerging managers we believe will immediately recognize the value of a program dedicated to exploring ways to approach and work with sponsor firms in today’s rapidly shifting product and FA environments. 


Additional Information

Agenda

Emerging Manager Forum
Yale Club of New York City

Keys to Distribution and Infrastructure Success

50 Vanderbilt Ave, New York, NY 10017
November 20, 2014

Agenda (PDF)

7:30AM – 8:15AM               
Continental Breakfast and Registration

8:15AM – 8:30AM                
Welcome and Opening Remarks

John McCareins, Jr., Senior Investment Program Manager, Northern Trust Investments
Chair, MMI Emerging Manager Committee

8:30AM – 9:30AM               
Accessing the Platform: Wirehouse Perspective

Manager research has historically focused on a combination of due diligence, investment quality and the search for alpha within style buckets. The process typically requires a qualitative review and opinion along with historical performance and verified returns. The approach is labor intensive and non-scalable which limits the introduction of large numbers of new managers. Adding alternatives and opportunistic/tactical strategies to the mix only complicates the work a sponsor's research team must perform. How do research groups recommend that strategies be allocated to create more complete portfolios? How should emerging managers engage research teams to provide a compelling case for their product? What does a sponsor require from a manager once it has been added to the platform? Our panel will provide insight into the changing nature of the research process, the types of strategies they are (and aren't) looking for, and how firms can differentiate themselves.

Moderator: Rick Ledbury, Vice President of Data Services, Money Management Institute

Panelists:
Joel Stickney, Executive Director, Morgan Stanley Wealth Management
Jim Langham, Managing Director, Mutual Fund Products, Insurance and Annuities, UBS Financial Services
Scott Brady, Director, Head of US Mutual Funds, Merrill Lynch

9:30AM – 10:30AM             
Accessing the Platform: Another Opportunity – Regionals/Independents/RIAs

For most emerging managers, the Holy Grail is the wirehouse platform, but there is also tremendous opportunity in the rapidly growing Regional/Independent/RIA channel. Their business models are, of course, different from those of the wirehouses and from each other, but the goal at the end of the day is the same – finding solutions that work well for advisors and clients actively seeking ways to achieve uncorrelated sources of alpha, diversification, and risk exposure management. In its ongoing evolution and growth, the RIA channel has gained a good deal of attention, but the regional and independent players also continue to broaden their mandates and remain significant forces in the wealth management space and major targets of opportunity for emerging managers. This panel will examine – in contrast to the wirehouses – the forces that drive product acceptance for each group, as well as their distribution challenges, service needs, due diligence procedures, and partnering opportunities.

Moderator: Joel Hempel, Chief Operating Officer, Lockwood Advisors

Panelists:
Stephen Beinhacker, Managing Director, Manager Research Team, Investment Management Unit, SEI
Timothy Clift, Chief Investment Officer, Envestnet
Nicholas Lacy, Vice President, Director of Institutional Research, Raymond James

10:30AM – 10:45AM                       
Refreshment and Networking Break

10:45AM – 11:45AM                       
The Enduring Distribution Conundrum: Internal or External?

Asset manager distribution – or the lack of it – is the be-all and end-all. It becomes the critical difference between consistently ramping up assets and sitting by and watching while a franchise, however good its performance, erodes.  At the heart of the problem is the asset manager’s classic decision-making challenge about how best to deploy scarce and precious marketing resources.  Increasingly, it comes down to a tug-of-war choice between internalizing and externalizing the asset-gathering function.  This panel will look at the factors and experiences that typically come into play when making this decision, the considerations – including risks – that must be addressed in choosing which route to follow, and how a step in either direction may alter how the firm is perceived by its own staff, distributors, advisors and clients.  

Moderator: Russell Parker, President, RPM AUM

Panelists:
Marc Dent, Principal, Business Development, Trident Distribution Partners
Michael Herndon, Partner, Good Harbor Financial, LLC
Adam DeSimone, Managing Partner, Canard Capital Partners

11:45AM – 12:00PM            
“Enlightened Self-Interest”: How to Unlock Employee Potential through Training and Development

Attracting and motivating top-notch employees is one of the key challenges faced by every asset manager – regardless of size – but it’s especially important for smaller firms. Knowledgeable and engaged employees are critical to your success. That’s why MMI partnered with Wheelhouse Analytics to create an innovative e-learning platform tailored specifically to employees in the managed solutions space. Jim Seuffert will provide an overview of the program and share insights on how leading firms are using post-hire training to unlock employee potential, increase workplace skills and deliver exceptional customer service.

Jim Seuffert, Senior Partner, Wheelhouse Analytics

12:00PM – 1:00PM              
Networking Luncheon with Special Guest Speaker
Glenn Regan, Managed Accounts and Manager Research Executive, Consultant to MMI 

Glenn Regan is the former head of Morgan Stanley's Wealth Management Consulting Group discretionary asset management programs.  He spent 15 years as a director of Consulting Group Investment Advisor Research and its predecessor teams, overseeing the research and evaluation process of all investment management firms.  Mr. Regan began his career with the firm’s Consulting Group in 1987 and served as a director of Consulting Group’s Institutional Services department, where he assisted institutional clients in the development of investment policy guidelines, asset allocation strategies, portfolio structure and investment strategy.  

1:00PM – 2:00PM                
Handling the Core Infrastructure Issues 

As an emerging manager, you can have solid performance and key distribution relationships, but you still need to run an efficient business to be successful.  This session focuses on the fundamental infrastructure questions that emerging managers must address, including operations, core technology systems, trading platforms, outsourcing, legal and compliance issues, model portfolios, etc.  Our panel will discuss important considerations, weigh critical trade-offs, and share lessons learned in managing the business side of an emerging asset management.

Moderator: Gary Jones, Senior Director, Collaborative Consulting

Panelists:

Steven Camp, Senior Vice President, Director – VestmarkBPO, Vestmark Inc.
Lauren E. Ricketts, Compliance Consultant, Second Vice President, Northern Trust Investments
Hanna Salvatore, Principal, HS Consulting

2:00PM – 3:00PM                
Emerging Manager Perspective: Challenges & Opportunities

The panel will explore the evolution of emerging manager firms and provide valuable insight into the critical elements and nuances of building a legacy investment management business. Our panel of executives from early stage to later stage emerging managers will share their experiences, perspectives and lessons learned on these topics:

  • Vision and business strategies
  • Financing and capitalizing your business
  • Distribution strategies
  • Operations, Infrastructure & Compliance
  • Learning from the mistakes of others is key and builds trust with the audience.

Moderator: Mark A. Meisel, Senior Vice President, Multi-Manager Investments, Northern Trust Investments

Panelists:
Warren Besser, Senior Vice President, Strategy & Corporate Development, Natixis Global Asset Management
Robert Cannon, President & CEO, Horizon Investments
Robert Tynes, Managing Director, Gratry & Company

3:00PM
Closing Remarks and Adjournment

Emerging Manager Forum
Yale Club of New York City

Keys to Distribution and Infrastructure Success

50 Vanderbilt Ave, New York, NY 10017
November 20, 2014

Agenda (PDF)

7:30AM – 8:15AM               
Continental Breakfast and Registration

8:15AM – 8:30AM                
Welcome and Opening Remarks

John McCareins, Jr., Senior Investment Program Manager, Northern Trust Investments
Chair, MMI Emerging Manager Committee

8:30AM – 9:30AM               
Accessing the Platform: Wirehouse Perspective

Manager research has historically focused on a combination of due diligence, investment quality and the search for alpha within style buckets. The process typically requires a qualitative review and opinion along with historical performance and verified returns. The approach is labor intensive and non-scalable which limits the introduction of large numbers of new managers. Adding alternatives and opportunistic/tactical strategies to the mix only complicates the work a sponsor's research team must perform. How do research groups recommend that strategies be allocated to create more complete portfolios? How should emerging managers engage research teams to provide a compelling case for their product? What does a sponsor require from a manager once it has been added to the platform? Our panel will provide insight into the changing nature of the research process, the types of strategies they are (and aren't) looking for, and how firms can differentiate themselves.

Moderator: Rick Ledbury, Vice President of Data Services, Money Management Institute

Panelists:
Joel Stickney, Executive Director, Morgan Stanley Wealth Management
Jim Langham, Managing Director, Mutual Fund Products, Insurance and Annuities, UBS Financial Services
Scott Brady, Director, Head of US Mutual Funds, Merrill Lynch

9:30AM – 10:30AM             
Accessing the Platform: Another Opportunity – Regionals/Independents/RIAs

For most emerging managers, the Holy Grail is the wirehouse platform, but there is also tremendous opportunity in the rapidly growing Regional/Independent/RIA channel. Their business models are, of course, different from those of the wirehouses and from each other, but the goal at the end of the day is the same – finding solutions that work well for advisors and clients actively seeking ways to achieve uncorrelated sources of alpha, diversification, and risk exposure management. In its ongoing evolution and growth, the RIA channel has gained a good deal of attention, but the regional and independent players also continue to broaden their mandates and remain significant forces in the wealth management space and major targets of opportunity for emerging managers. This panel will examine – in contrast to the wirehouses – the forces that drive product acceptance for each group, as well as their distribution challenges, service needs, due diligence procedures, and partnering opportunities.

Moderator: Joel Hempel, Chief Operating Officer, Lockwood Advisors

Panelists:
Stephen Beinhacker, Managing Director, Manager Research Team, Investment Management Unit, SEI
Timothy Clift, Chief Investment Officer, Envestnet
Nicholas Lacy, Vice President, Director of Institutional Research, Raymond James

10:30AM – 10:45AM                       
Refreshment and Networking Break

10:45AM – 11:45AM                       
The Enduring Distribution Conundrum: Internal or External?

Asset manager distribution – or the lack of it – is the be-all and end-all. It becomes the critical difference between consistently ramping up assets and sitting by and watching while a franchise, however good its performance, erodes.  At the heart of the problem is the asset manager’s classic decision-making challenge about how best to deploy scarce and precious marketing resources.  Increasingly, it comes down to a tug-of-war choice between internalizing and externalizing the asset-gathering function.  This panel will look at the factors and experiences that typically come into play when making this decision, the considerations – including risks – that must be addressed in choosing which route to follow, and how a step in either direction may alter how the firm is perceived by its own staff, distributors, advisors and clients.  

Moderator: Russell Parker, President, RPM AUM

Panelists:
Marc Dent, Principal, Business Development, Trident Distribution Partners
Michael Herndon, Partner, Good Harbor Financial, LLC
Adam DeSimone, Managing Partner, Canard Capital Partners

11:45AM – 12:00PM            
“Enlightened Self-Interest”: How to Unlock Employee Potential through Training and Development

Attracting and motivating top-notch employees is one of the key challenges faced by every asset manager – regardless of size – but it’s especially important for smaller firms. Knowledgeable and engaged employees are critical to your success. That’s why MMI partnered with Wheelhouse Analytics to create an innovative e-learning platform tailored specifically to employees in the managed solutions space. Jim Seuffert will provide an overview of the program and share insights on how leading firms are using post-hire training to unlock employee potential, increase workplace skills and deliver exceptional customer service.

Jim Seuffert, Senior Partner, Wheelhouse Analytics

12:00PM – 1:00PM              
Networking Luncheon with Special Guest Speaker
Glenn Regan, Managed Accounts and Manager Research Executive, Consultant to MMI 

Glenn Regan is the former head of Morgan Stanley's Wealth Management Consulting Group discretionary asset management programs.  He spent 15 years as a director of Consulting Group Investment Advisor Research and its predecessor teams, overseeing the research and evaluation process of all investment management firms.  Mr. Regan began his career with the firm’s Consulting Group in 1987 and served as a director of Consulting Group’s Institutional Services department, where he assisted institutional clients in the development of investment policy guidelines, asset allocation strategies, portfolio structure and investment strategy.  

1:00PM – 2:00PM                
Handling the Core Infrastructure Issues 

As an emerging manager, you can have solid performance and key distribution relationships, but you still need to run an efficient business to be successful.  This session focuses on the fundamental infrastructure questions that emerging managers must address, including operations, core technology systems, trading platforms, outsourcing, legal and compliance issues, model portfolios, etc.  Our panel will discuss important considerations, weigh critical trade-offs, and share lessons learned in managing the business side of an emerging asset management.

Moderator: Gary Jones, Senior Director, Collaborative Consulting

Panelists:

Steven Camp, Senior Vice President, Director – VestmarkBPO, Vestmark Inc.
Lauren E. Ricketts, Compliance Consultant, Second Vice President, Northern Trust Investments
Hanna Salvatore, Principal, HS Consulting

2:00PM – 3:00PM                
Emerging Manager Perspective: Challenges & Opportunities

The panel will explore the evolution of emerging manager firms and provide valuable insight into the critical elements and nuances of building a legacy investment management business. Our panel of executives from early stage to later stage emerging managers will share their experiences, perspectives and lessons learned on these topics:

  • Vision and business strategies
  • Financing and capitalizing your business
  • Distribution strategies
  • Operations, Infrastructure & Compliance
  • Learning from the mistakes of others is key and builds trust with the audience.

Moderator: Mark A. Meisel, Senior Vice President, Multi-Manager Investments, Northern Trust Investments

Panelists:
Warren Besser, Senior Vice President, Strategy & Corporate Development, Natixis Global Asset Management
Robert Cannon, President & CEO, Horizon Investments
Robert Tynes, Managing Director, Gratry & Company

3:00PM
Closing Remarks and Adjournment

Questions?

Attendee Registration:
Nia Edwards - nedwards@mminst.org
(202) 822-4949

Speaker Registration:
Laura Payne - lpayne@mminst.org
(202) 822-4949

Fees & Billing:
Michelle Marsh - mmarsh@mminst.org
(202) 822-4949

Attendee Registration:
Nia Edwards - nedwards@mminst.org
(202) 822-4949

Speaker Registration:
Laura Payne - lpayne@mminst.org
(202) 822-4949

Fees & Billing:
Michelle Marsh - mmarsh@mminst.org
(202) 822-4949

Registration Fees

We invite you to take advantage of a special introductory registration fee of $350.

Attendance will be strictly limited to 50 registrants to ensure an interactive meeting. Please see the enclosed agenda for details about the full program.
If you have any questions about the conference, please contact Arlen Oransky at aoransky@mminst.org or (212) 309-6451.

Cancellations: No refunds will be granted for cancellations after 5:00pm ET on Thursday, Novermber 6th. Please notify MMI at (202) 822-4949.

We invite you to take advantage of a special introductory registration fee of $350.

Attendance will be strictly limited to 50 registrants to ensure an interactive meeting. Please see the enclosed agenda for details about the full program.
If you have any questions about the conference, please contact Arlen Oransky at aoransky@mminst.org or (212) 309-6451.

Cancellations: No refunds will be granted for cancellations after 5:00pm ET on Thursday, Novermber 6th. Please notify MMI at (202) 822-4949.