“Uncovering Managers in Today’s Crowded Market: Accessing the Platform” was one of the sessions from the MMI 2011 Fall Solutions Conference. This post is a summary of that session.
- Thomas Latta – Global Head of Traditional Due Diligence, Bank of America Merrill Lynch, leading the traditional asset class due diligence teams (35-40 people), both domestic and international, also serves the entire organization including US Trust, his team provides advice and guidance around the implementation of managers. This doesn’t include portfolio construction.
- Barnaby Grist – Head of Wealth Management at Cetera Financial Group. Formed 18 months ago after three broker dealers from ING merged. Responsible for support of all advisor platform needs. Formerly with Charles Schwab.
- Greg Nordmeyer – VP and General Manager, Managed Accounts, Ameriprise Financial. $100 bil in AUM in managed accounts. Has P&L responsibility for product management, product development and research teams.
How do you formalize your expectations with managers?
In order to set expectations and improve communications, Ameriprise created a guide for managers coming into their firm, Nordmeyer explained. However, since every relationship is different, each manager can’t be handled in exactly the same way. They are all unique relationship, from large, established asset managers down to very small boutique firms.
The manager’s guide does help explain how to work with Ameriprise’s platform and includes general information about operations, sales and marketing, points of contacts, as well as answers to specific questions such as “how do the quarterly fact sheets work?”. They update it and distribute it annually, Nordmeyer said.
Latta added that Merrill Lynch has wealth management specialists in the field and their job is to identify needs for particular resources and then communicate them back to the Due Diligence Team.