Institutional investors across Europe are grappling with how best to turn volatility from risk into opportunity. Ceri Jones reveals the results of our investor survey

Mercer has traditionally focused on institutional investors but the consulting firm believes private banks will increasingly seek the expertise of third parties for advice on portfolio construction. Elisa Trovato reports

PWM’s second annual European Sub-Advisory Summit, held in Paris in November, invited many of the leading players in the industry to discuss what is driving the growth of the business. Elisa Trovato reports

Elisa Trovato directs a discussion on the developing issues in the sub-advisory arena. Eight leading players reveal the factors driving outsourcing, the importance of cost in the decison to sub-advise and opportunities in the Ucits III hedge fund space.

Goldman Sachs Asset Management’s Nick Phillips tells Elisa Trovato why private banks moving into hedge funds are looking to form partnerships with companies armed with well-resourced research teams

Investec: finding bespoke solutions

The desire for greater transparency, control over investments and bespoke solutions in the hedge fund space drove private bank Investec to sign sub-advisory agreements with two large firms, Goldman Sachs Asset Management and JP Morgan Asset Management, explains Andrew Summers, global head of product and research at Investec private bank in London. The two firms will each run a hedge fund multi-strategy mandate.

In this seventh annual PWM sub-advisory survey, 50 decision makers at private banks, life insurers, wealth managers and asset management companies were asked to give their insights into the European sub-advisory business.

The impact of the financial crisis on the criteria employed to select external fund management companies is one of the key themes emerging from the seventh annual sub-advisory study conducted by PWM.