Latest Content » SUPPLEMENTS » Guide to Europe’s sub-advisers

Elisa Trovato reviews the responses to this year’s PWM survey, discovers a few truths about brands, boutiques and regional preferences, and reveals the rollcall of Europe’s most popular investment providers

Yuri Bender directs a discussion on the developing issues in the sub-advisory arena. Seven industry players reveal what they demand from their sub-advisers and discuss the battle of the boutiques versus the large houses

GSAM’s European sub-advisory team tells Elisa Trovato about its favoured delegation strategies and why the model portfolio is definitely in and why the currency overlay is out

The 85 respondents to this fourth annual PWM sub-advisory survey were decision-makers from private banks, wealth managers, retail banks, insurance companies and fund houses.

An absolute return focus sees the firm’s third manager hail from London’s hedge fund stock

Rival Dutch firms benefit from the sale of Läbsförsäkringar’s asset management arm

Benefits of a big company name and backing include quality and stability – and wider opportunities

— “The trend to more complex and sophisticated product concepts will push sub-advisory outsourcing” - Lukas Frey, Julius Baer

For many asset managers, the increasing delegation of strategies to third-party specialists is a matter of survival. And, according to the findings of the annual PWM sub-advisory survey, the competition for client satisfaction is feeding the multi-manager approach. Elisa Trovato reports

Yuri Bender directs a discussion focused on the kinds of decisions that shape the sub-advisory process. The eight industry heads reveal the different drivers which have led all of them to the outsourcing solution

As more banks across Europe are now willing to enter into sub-advisory arrangements, a three-way relationship is blossoming that is in the best interest of all: the banks, their sub-advisers, and their clients. Paula Garrido writes on the deeper benefits of outsourcing

Our third annual sub-advisory survey was initiated by e-mail questionnaire, sent to private and retail banks, insurance companies and fund houses.

— “A professional level of advisory service would be very hard to provide if you sold, say, 3000 third-party funds” - Ulf Riese, Handelsbanken

The Swedish asset management group believes that sub-advisory delegation can be a selling point for funds

— “When you delegate to a sub-adviser, the fund gets registered in Spain and settles in one day” - José Manuel Garcia del Sola, Banif

Banif sees a Spanish market torn between hard-to-negotiate outsourcing deals and straight distribution

— “The more we like a company and its portfolio managers, the more we tend to broaden its mandate” - Alessandro Costa, Sanpaolo

While the Italian bank’s board is yet to be convinced of the merits of openness, externalised assets are rising