Research: Sub-advising in Europe

02 June, 2004

Methodology

Our sub-advisory survey was initiated by e-mail questionnaire. Telephone interviews were then conducted by

PWM’s researchers with major retail and private banks,

insurance companies and fund houses at a senior

management level.

The panel of 85 institutions covered Austria, Denmark, Finland, France,

Germany, Italy, Norway, Spain, Sweden, Switzerland and the UK. Our

researchers targeted in

particular those institutions already using sub-advisers and those planning to do so in the future.

In addition to naming sub-advisers, rating them and providing selection

and replacement criteria, respondents were asked whether they had

separately managed in-house assets, how the outsourcing decision was

made and about branding issues.

CRACKING THE CODE

The information is presented by country. Within each country each

institution is listed alphabetically. Institutions are coded (eg,

Italy’s Banca Intesa is IT3) and these codes are linked to a list of

sub-advisers on page 26.