2011 PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT CONFERENCE
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1 2011 PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT CONFERENCE The Changing Landscape of Financial Service Providers: What Does It Mean for Investing for Security in Retirement? John F. Casey Chairman March 17, 2011
2 Sponsors of retirement plans are still in the process of strategic and tactical implementation The 4 Step Client Process What happened to our investment program? Where are we now? Where do we want and need to be going forward? Who do we want to work with and what are their roles? 1
3 Six key trends will shape the institutional asset management landscape Market Drivers Need for returns Aging population Regulatory environment Defined benefit underfunding Target date regulation and development Increasedinvestor sophistication and development Growth of sovereign investors Key Trends 1. Demand for outcomes 2. New investment frameworks 3. Shifting asset allocations 4. Target date fund growth 5. An emphasis on alignment 6. Globalizing clientele 2
4 Investors cost of capital remains a large challenge Expected Return Target Return (Cost of Capital) Expected Return Gap Expected Risk 3
5 Alternative no more Legacy Allocation Paradigm* Hd Hedge Fund Allocation Private Equity Real Estate Emerging Allocation Paradigm Illiquid Investments Liquid Alpha ( Opportunistic ) Liquid Illiquid Equity Equity Equity Credit Fixed Income Fixed Income Hard Assets Cash Cash Cash 4
6 Demand for outcomes will bifurcate the world s asset managers into two camps Outcome Oriented Oriented Investing Drivers Sideways, volatile capital markets Solution Providers Emphasize portfolio construction Achieve multiple objectives Use more balance-sheet wrappers Interest in alternative investments, real assets Boomer demand for decumulation, income Under resourced investors Component Providers Emphasize specialist alpha Focus solely on return Provide returns within other packaged products (annuities, notes, plans) 5
7 Facing more complicated goals and markets, more investors are outsourcing Drivers of Outsourcing Demand Difficult capital market environment Limited investor resources Demand for alternatives Investment consulting model disadvantages Examples US institutional tional market Insurance general accounts Global high net worth market Dutch pension market Australian superannuation Cost Global manager of managers managers market 6
8 Facts investment consultants and clients increasingly realize Importance of Alignment Issues Ownership structure Long-term incentives Year-end bonus Compensation clawbacks Total compensation Participation i i and carry Most Important Second Most Important Third Most Important Third Least Important Second Least Important Least Important 0% 20% 40% 60% 80% 100% Percentage of Respondents Source: Casey Quirk/eVestment Alliance 2010 Consultant Survey 7
9 Strategic reactions to secular trends will differentiate winners and losers Manager Success Factors Corporate Management Focus on core skills Professional executive management Cost structure profitable with client aligned fees Alignments that achieve the best of independent firms Distribution Expansion beyond local markets, traditional retirement & retail channels Investments credible professionals Willingness to let go of the end client Investments Skill to deliver uncorrelated alpha; Scale to deliver diversified beta Fixed income and derivatives capabilities Credible advice efficiently packaged 8
10 Select Casey Quirk Publications FOHFs: Rethinking Resource Requirements September 2001 FOHFs: Market Trend Analysis May 2002 Institutional Demand for Hedge Funds September 2004 Institutional Demand for Hedge Funds II: The Global Perspective October 2006 The Hedge Fund of Tomorrow: Building an Enduring Firm April Success in Investment Management: Building and Managing the Complete Firm June 2000 Style is Dead. Long Live Style! August 2001 Success in Investment Management: Three Years Later October 2003 The Search for Investment Quality May 2003 The Geeks Shall Inherit the Earth? November Consultant Search Forecast March 2007 The Brave New World: Winning i Product Strategies for a Changing Global Market September 2007 Small Cap Spillover March Business Benchmarking Survey: Long Term Alignment Drives Success July Consultant Search Forecast January Consultant Search Forecast February 2008 Crisis in Asset Management November 2008 The New Gatekeepers December
11 About Casey Quirk Casey, Quirk & Associates LLC ( Casey Quirk ) is a management consulting firm that focuses exclusively on serving investment management organizations. Our mission is to work with our clients and partners to build great investment management companies. The firm, founded in February 2002 by the senior principals of Barra Strategic Consulting Group, draws on over 20 years of experience advising asset management companies. Based in Darien, Connecticut, Casey, Quirk & Associates is led by its four founding members. John Casey, founder of both RogersCasey and Barra Strategic Consulting Group, serves as the firm s Chairman. The other founding members include David Bauer, Jeb Doggett, and Kevin Quirk, all of whom have worked as a team since the mid 1990 s. A new partner, Yariv Itah, was appointed in 2006; and Ben Phillips was appointed partner and director of research in Two additional partners, Daniel Celeghin and Grace Cicero, were appointed in The firm s services include: Firm Evaluation & Business Strategy Design M&A/Transaction Advisory Strategic Investments & Partnerships Investment Monitoring Advisory Services Ongoing Strategic/Business Advisory Services Our broad knowledge of the marketplace is unique, and we are committed to continually researching the industry. Our members have authored many leading industry white papers including: Success in Investment Management: Building and Managing the Complete Firm (with Merrill Lynch in June, 2000), Style is dead. Long live style! (August, 2001), Fund of hedge funds Rethinking resource requirements (September, 2001), The Search for Investment Quality A Survey of Investors, Consultants, and Managers (May, 2003), Success in Investment Management: Three Years Later (with Merrill Lynch in October, 2003), Institutional Demand for Hedge Funds: New Opportunities and New Standards (with The Bank of New York in September, 2004), 2005 Business Benchmarking Survey: Long Term Incentive Alignment Drives Success (with McLagan in July, 2006), Institutional Demand for Hedge Funds 2: A Global Perspective (with The Bank of New York in October, 2006), The Brave New World: Winning Product Strategies for a Changing Global Market (with Merrill Lynch in September, 2007), Crisis in Asset Management: Industry Profitability Under Siege (with ithml McLagan in November, 2008), The New Gatekeepers: Gtk Winning i Business Models for Investments t Outsourcing (December, 2008), The Hedge Fund of Tomorrow: Building an Enduring Firm (with The Bank of New York Mellon in April, 2009), and Target Date Retirement Funds: The New Defined Contribution Battleground (November 2009). Our members use proprietary strategic frameworks, leading investment analytic tools, and broad market perspective to support our advisory services. The firm s members have broad experience working in all of the major global markets, in all of the industry s primary market segments, and in every asset class. 10
12 Casey, Quirk & Associates LLC 19 Old King s Highway South Darien, CT USA (203)
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