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New Releases Multi-Manager Funds: Long-Only Your Shopping
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Downloads ISBN: 978 1 84374 220 3
No. of Pages: 270 Book Summary
Subtotal: £0.00
Author(s): Sohail Jaffer (ed)
Careers: About the Author VAT: £0.00
Publisher: Euromoney Books
The first definitive guide to the rapidly expanding multi- Total: £0.00
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Magazines 'Showing impeccable timing and impressive insight, this Euromoney book looks in detail at the workings of multi-management and
explores how and why it has become an irresistible force set to dominate the investment world.'  
From the Foreword by Steve Delo Chairman of  Association of Institutional Multi-Manager Investing.
Databases The first definitive guide to the rapidly expanding multi-manager industry.
Events More than 20 leading practitioners (including product providers, distributors, private and institutional investors, trustees and
consultants) provide you with a global overview of the industry:
n Who are the major players?
Workbook n What is the value-added of multi-management and does this outweigh the fees?
n What are the balances that investors must strike when investing in multi-management?
Specialist Research Includes special sections on asset allocation, due diligence and risk control for each investor class.  Also covers legal and  
regulatory issues.
In Focus Articles
ISI Emerging Markets Contents overview:
n Development of the industry
Euromoney Books n Why invest in multi-manager funds?
Intelligence n Manager of managers versus fund of funds
n Fund structuring
By subject: n Total Expense Ratios
n Issues for pension funds, insurers, trustees and other institutional investors
Aviation Finance n Issues for high-net-worth individuals
n Selecting administrators
Capital Markets - Debt Benchmarking and indexation
Capital Markets - Equity n Currency hedging
n Liability driven investment
Corporate Finance Performance measurement and risk control strategies
Derivatives n Due diligence
n Accounting considerations
Energy Tax considerations
Fund Management & n Legal and regulatory issues
Investment  Published March 2006.
Hedge Funds  Other titles edited by Sohail Jaffer:
Islamic Finance n Alternative Investment Strategies (published 1998)
n Funds of Hedge Funds (published 2003)
Law, Tax, Accountancy &
n Islamic Asset Management: Forming the Future for Shari'a-Compliant Investment Strategies  (published 2004)
n Islamic Retail Banking and Finance: Global Challenges and Opportunities (published 2005)
Leasing & Asset Finance  
Maths, Modelling &  
Project, Trade & Real
Estate Finance
Risk Management and Table of Contents
Structured Finance
Other Foreword

Useful Links
Part I: The growth of multi-manager investing
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Ch 1: Introduction to the multi-manager marketplace - Sohail Jaffer, FWU Group   
Get the Catalogue
Contact us Ch 2: The evolution of the multi-manager industry -  Thomas Marsh and Ken Yap, Cerulli Associates
Ch 3: The growth of European assets under multi-management  - Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment  
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Ch 4. “The Great Debate”: Manager of manager funds vs funds of funds - Philippe D'Orgeval, AXA

Part II:  Benefits and costs of multi-manager investing
Ch 5: What are the benefits of multi-manager investing? –  Shashank Kothare, Russell Investment Group   

Ch 6: The benefits, misperceptions and rationale for the multi-manager approach – Tony Earnshaw, Northern Trust Global

Ch 7: The performance of multi-manager funds – problems and solutions for investors - Patrick Armstrong and Dr. Ana Cukic-
Munro,  Insight Investment 

Ch 8: Investing in high conviction portfolios: the Australian experience - John Owen, MLC

Ch 9: Impact of  fees: tracking the total expense ratio of multi-manager funds - Ed Moisson, Lipper Fitzrovia

Part III:  The perspectives of investors in multi-manager funds

Ch 10:  Multi-manager investing for pension funds, insurers and other institutional investors - Andrew Slater, SEI Investments

Ch 11: The use of manager of managers funds within unit linked life and pension products in Europe - Angus Duncan, Aon

Ch 12: Investment issues for family offices in multi-manager funds – Richard Howard, Fleming Family & Partners

Ch 13: Investing in multi-manager funds: issues for high net worth investors -  Praveen Jagwani, Standard Chartered  

Ch 14: Overcoming behavioural biases in multi-manager investing - Steven Bleiberg, Legg Mason

Part IV: Investment, management and operational challenges

Ch 15: Manager of manager funds versus funds of funds: A comparison of operation processes - Pierre Carras

Ch 16: Fund administration: why selecting the right administrator is essential for a successful fund -Pierre Carras

Ch 17: Multi- manager investing in equity mutual funds: a private bank perspective - William Ramsay and  David Steiger, EFG 

Ch 18: High-performance multi-manager funds and liability-driven investment -Paul Osborne, Bramdean

Ch 19: Tracking the Index : how do you do it? -  Robert A. Jaeger and Keith L. Stransky, EACM

Part V: Performance measurement and risk control

Ch 20: Performance measurement issues from an institutional investor's perspective - Tom Hoffman, Managers Investment Group

Ch 21: Risks of multi-manager fund selection: the due diligence process- Nancy Curtin, Fortune Asset Management  

Ch 22: Performance measurement from the administrator's perspective - Marcus West, Aon

Ch 23: How to manage the currency risk in multi-manager long-only portfolios - Mathieu Gilbert, Rothschild  and Fernando Pablos 
Contreras, ETS 

Part VI: Legal, regulatory and taxation issues

Ch 24: Compliance issues for Multi-Manager Funds - Andrew Bates, Dillon Eustace

Ch 25: Investing in multi-manager funds: key legal and regulatory considerations for investors -  Andrew Bates, Dillon Eustace

Ch 26 : Multi-manager investing from a UK  trustee's perspective - Nicholas Harries, Macfarlanes

Ch 27: Multi-manager issues affecting trustees - Daniel Martineau, Close Trustees

Ch 28: Multi-manager investing and the taxation dimension - Ali Kazimi, Ernst & Young  

Book Summary
In Part 1, ‘The growth of multi-manager investing’, we consider the growth of multi-manager funds and the assets under
In Chapter 1, Sohail Jaffer, the Lead Editor, introduces the multi-manager market-place, and describes some of the key issues that
have driven its development including the different types of multi-manager long only products available, the shift towards open
investment architecture, the positive impact of UCITS III Product directive in Europe and the benefits of pooling for the long term 
savings market segment. Benjamin Phillips from Cerulli Associates describes the evolution of the multi-manager industry in Chapter
2, illustrating its growth, and constraints. This is followed by Patrick Armstrong and Ana Cukic-Munro from Insight Investment, who
describe in Chapter 3 multi-manager investment in Europe in the context of pressure on investors from non-traditional assets,
hedge funds, and the benefits, and constraints of multiple-asset investment. In Chapter 4, Philippe Orgeval, from AXA draws some
conclusions from the debate within the multi-manager universe – should investors proceed by the way of manager-of-manager, or
fund-of-fund portfolios or indeed adopt a hybrid approach to multi-manager investing.
In Part II, we consider the question of the additional value that multi-management can provide. Value for the additional layer of fees
is the constant leitmotif in managed fund investment, and in this section of the book, we bring together a number of different
perspectives. Shashank Kothare from Russell Investment Group opens the debate in Chapter 5 by enunciating the key benefits to
investors of the multi-manager approach. Tony Earnshaw from Northern Trust continues the discussion in Chapter 6, elaborating
on what is best practice for pension funds, how to ensure that they get the best from the philosophy of multi-management, how to
find the specialists, and how to get the best from the fee structure. In Chapter 7, Patrick Armstrong and Ana Cukic-Munro from
Insight Investment describe the performance of multi-manager funds, and how they can provide solutions, but also drawbacks, to
investors. John Owen, from MLC, provides us with the Australian perspective in Chapter 8. He considers the benefits of a high-
conviction strategy alternative in multi-manager investing, where the specialist managers are retained who include only their
preferred stocks, without ‘fillers’ to balance the portfolio. This part concludes with a discussion from Ed Moisson at Lipper
Fitzrovia, in Chapter 9, who discusses the total expense ratio of multi-manager funds now required by European regulators – how
actually do fees impact on fund performance?
Part III specifically concerns investors in multi-manager funds, both institutional investors and high net worth individuals. In Chapter
10 Andrew Slater at SEI considers the specific issues that institutional investors, including pension funds and insurers but also
charities and foundations, need to consider, particularly in the light of pension deficits in the UK. Further, he addresses the issues
of what are the institutional requirements for multi-management, and in what cases can they benefit from outsourcing investment
management.  In Chapter 11, Angus Duncan from Aon discusses the use of multi-manager funds specifically within unit-linked life
and pensions products. In Chapter 12, Adrian Bramier-Jones from Fleming Family & Partners considers the specific investment
issues affecting the decision to use multi-manager funds by family offices. Praveen Jagwani at Standard Chartered discusses
investment issues for high net worth investors in Chapter 13, considering the issues that would drive high net worth investors to
multi-manager investment. In Chapter 14, Steven Bleiberg and Legg Mason consider the behavioural biases of these individual
investors, and why multi-managed funds provide some comforting solutions.
In Part IV, we consider investment, management and operational issues from the perspective of the multi-manager fund manager.
We begin with two chapters from Pierre Carras, who in Chapter 15, provides a comparison of the operational processes in 
manager-of-manager and funds-of-funds He follows this in Chapter 16 with a discussion on fund selection, and why selecting the
right administrator is essential for a successful fund. Chapter 17, David Steiger and William Ramsay at EFG consider multi-manager
investing from the perspective of a private bank, and discuss how to select the right fund and how to change funds. Paul
Osborne at Bramdean describes liability-driven investment structures in Chapter 18 and using the liabilities of a pension scheme at
the centre of an investment strategy to improve the risk profile of an investment scheme. He discusses the role of multi-managers
within this.
In Chapter 19, Robert Jaeger and Keith Stransky from EACM consider the use of multi-manager portfolios within a single asset
class, and the potential to create a single portfolio with acceptable levels of tracking error against the index.
In Part V, we consider specific issues of performance measurement and risk control. Tom Hoffman at Managers Investment Group
considers the compelling issues of performance measurement in Chapter 20, discussing the impact of fees, the use of
benchmarks, how to analyse different styles and the results of multi-manager funds next to the fund universe across a variety of
fund classes. This is followed by Nancy Curtin at Fortune Asset Mangement who, in Chapter 21, discuses the due diligence
process in manager selection and what are the strategies to be adopted to ensure effective risk control. Chapter 22, Marcus West
at Aon discusses roles, responsibilities and interdependency of the main service partners within a manager of managers
structure. Finally, in Chapter 23, Mathieu Gilbert from Rothschild discusses the issue of currency risk involved in multi-manager
investing – the vast expansion of cross-border buying of funds, fund of fund managers are now subject to considerable foreign
exchange risk.
The final section of this book, Part VI, discusses the regulatory and taxation issues affecting investors, managers and trustees.
We begin with two chapters from the lawyers, Dillon Eustace. In Chapter 24, Andrew Bates from that firm, discusses the
compliance issues that affect the selection of managers, designing mandates, and due diligence checklists. Andrew follows this in
Chapter 25 with a discussion of the regulatory framework applicable to manager of manager funds and funds of funds in the two
largest European investment jurisdictions – Ireland and Luxembourg. In Chapter 26, Nicholas Harries from Macfarlanes discusses
the regulatory issues affecting UK trustees. In Chapter 27, Daniel Martineau from Close Trustees considers the more general 
trustee issues. Finally, to close the book, in Chapter 28 Ali Kazimi from Ernst and Young looks at the taxation dimension to multi-
manger investing.

About the Author

Author biographies
About the Editor
Sohail Jaffer
Sohail Jaffer is a Partner and CIO within the FWU Group, the international financial services group headquartered in Munich. FWU
Group’s core activities comprise asset management, life insurance (Family Takaful and unit-linked investment plans) and pensions.
As Managing Director of Premium Select Lux SA, an asset management subsidiary of FWU AG in Luxembourg, his responsibilities
include fund product development, the evaluation and selection of external asset managers for multi-manager programmes and
building international distribution across bank and other financial intermediary channels for a broad array of private label wealth
management solutions including a Dynamic Quant global equity investment strategy and socially responsible investment products.
From June 1998 until June 1999 he was Senior Vice President within the International Mutual Funds Group of Scudder, Stevens
and Clark Ltd, based in London and responsible for international product development in Europe and Japan. From 1989 to 1998 Mr
Jaffer worked in Citibank London. He was with the Financial Institutions Group until 1996 and later was Director within Citibank’s
Alternative Investment Strategies Group, which formed part of Citibank Global Asset Management. His responsibilities included
international business and product development, designing structured fund products linked to a broad spectrum of alternative
investments, and the sales and marketing of a wide range of Alternative Investment Funds to institutional investors in Europe and
the Middle East region. He is a UK qualified accountant (FCCA) and was an Audit Partner with PricewaterhouseCoopers.
A Council Member of the Alternative Investment Management Association (AIMA) for the Benelux region, he was also Chairman of
AIMA for two consecutive terms from 1997 to 2000. He is also an active member of AIMA’s Investment Research Committee. He
has written extensively on alternative investments throughout the financial media, and is the editor of Alternative Investment
Strategies, Funds of Hedge Funds for Professional Investors and Managers, Islamic Retail Banking and Finance and Islamic Asset
Management, all published by Euromoney books.
Sohail is a member of ALFI’s Asset Management Advisory Committee and of ALFI’s Hedge Fund Committee. ALFI is the Association
of the Luxembourg Fund Industry.
About the Contributors
Patrick Armstrong
Patrick Armstrong joined Insight Investment in November 2003. Patrick is Head of Fund and Manager Selection at Insight Investment
Multi-Manager responsible for selecting potential investment managers and funds for Insight's multi-manager offering, as part of a
highly-experienced multi-manager team. Patrick's expertise lies in assessing the strength of managers' investment processes, and
their ability to consistently outperform. Patrick was previously Head of Fund and Manager Selection at UBS in its Managed
Accounts Programmes Group. Prior to this Patrick was an equity analyst at Deutsche Bank Securities, focusing on the energy
sector. Patrick holds a Bachelor of Commerce degree in Finance and Economics from the University of Saskatchewan and an
MBA from the Rotman School of Management at the University of Toronto. He is also a CFA charter holder.
Andrew Bates
Andrew Bates is a Partner and Head of Financial Services at Dillon Eustace, one of Ireland’s leading law firms, where his areas of
practice cover cross-border investment funds, asset management and life assurance. He is a member of the Irish Law Society
and International Bar Association and is a regular speaker at fund management conferences and contributor to financial services
related publications. Andrew also sits of the boards of several fund and asset management groups. Dillon Eustace has offices in
Dublin, Tokyo and Boston and has an alliance with Arendt & Medernach, Luxembourg.
Steven Bleiberg
Steven Bleiberg is Head of the Global Investment Strategy Group at Legg Mason, managing the firm’s multi-asset class products
across a variety of client bases. Steven held the same job at Citigroup Asset Management (CAM) prior to Legg Mason’s acquisition
of CAM in December 2005. Before joining CAM, Steven worked at Credit Suisse Asset Management (CSAM), where he was a
portfolio manager and Chairman of CSAM’s Global Equity Strategy Group, joining in 1991. From 1989 to 1991, he was a portfolio
manager at Matrix Capital Management in Greenwich, Connecticut. From 1984 to 1989, Steven was a research associate in the US
Equity Department of BEA Associates. He holds a BA in Government from Harvard University and an MS in Finance from the Sloan
School of Management at MIT.
Pierre Carras
Pierre Carras is a fund director (non-executive), and a consultant to the asset management industry. He has over 20 years’
experience in financial services. From 2000 to 2001, he was Group Executive Director in charge of risk control and compliance for
Fortis Investment Management. From 1987 to 1997, he was Resident Vice President with Citibank Luxembourg in the securities
business and treasury where he achieved integration of compliance and risk, costing and financials, and product development for
the fund administration business. He holds an MBA from Thunderbird in Phoenix, Arizona.
Fernando Pablos Contreras
Fernando Pablos Contreras is the head of Research and Development of ETS, an independent investment adviser. Fernando joined
ETS in 1999 to set up the currency overlay models. After receiving a diploma in Industrial Engineering in 1997 from the Madrid
Polytechnic University, he worked as project manager at S&K GIS developing quantitative models for logistics, route planning and
population distribution projects.
Dr Ana Cukic-Munro
Dr Ana Cukic-Munro joined Insight Investment in November. Ana is Head of Portfolio Strategy and Construction responsible for
overseeing portfolio strategy and construction of Insight's multi-manager offering, as part of a highly-experienced multi-manager
team. Ana's expertise lies in enhancing alpha through effective portfolio strategy and construction. Ana previously held a similar
role at UBS for three years, heading portfolio construction within the UBS Managed Accounts Programmes Group. Prior to joining
UBS, she worked as a portfolio analyst at Fisher Francis Trees and Watts, specialising in futures and fixed income trading. Ana
began her investment management career at Coutts & Co as an investment analyst. Ana holds a PhD in Quantitative Economics
and an MBA in Finance from Imperial College, London.
Nancy Curtin
Nancy Curtin is Chief Investment Officer of Fortune Group, a London-based alternative asset management firm. Nancy has over
20 years’ experience encompassing senior roles in asset management. Between 1993 and 1999 Nancy held a number of positions
at Baring Asset Management including Head of Emerging Markets, member of European Investment and Asset Allocation Team as
well as member of the Board of Baring Asset Management. In 1999 Nancy was appointed Managing director of Schroders
Investment Management NA and Head of Global Investments. A US citizen residing in the United Kingdom, Nancy graduated from
Princeton and Harvard Business School.
Angus Duncan
Angus Duncan is Sales Director at Aon Asset Management with overall responsibility for the retail business. Angus joined Aon
Asset Management in 2004 and has over 18 years experience in retail financial services having held various positions in the fund
management industry and in the life and pensions industry. Angus entered the financial services industry after six years in the
army. He has in turn been an independent financial adviser, a sales director for retail fund management groups and latterly Head
of Investment Sales at Skandia Life responsible for all investment sales communication.
Tony Earnshaw
Tony Earnshaw is Managing Director of Northern Trust Global Advisors Ltd and Chairman of the European Investment Committee.
He was also founder Chairman of the Association for Institutional Multi Manager Investing. Prior to joining Northern Trust in 1998 he
spent 20 years as a pension consultant, with responsibilities including business management and investment manager review and
monitoring. He obtained his BA in Social Science in 1975 and is a Fellow of the Pensions Management Institute.
Mathieu Gilbert
Mathieu Gilbert is Head of the Currency Overlay Department of La Compagnie Benjamin de Rothschild S.A. (CTBR), a member of
the LCF ROTHSCHILD Group, specialising in risk management services. CTBR handles all currency overlay services provided by
the Group. Mathieu joined the Group at the beginning of 2000 to develop and run the currency overlay activity. Mathieu holds a
post-graduate diploma in Finance from the Paris-Dauphine University and a masters degree in Risk Management,
Nicholas Harries
Nicholas Harries was called to the Bar in November 1995. He practised from Chancery chambers in Lincoln's Inn until January
2001, following which he spent two years in the private client tax department at one of the big four accountancy firms. He joined
the private client department at Macfarlanes in April 2003 and requalified as a solicitor in July 2005. His main area of expertise is
trusts – including the relevant UK taxation principles (particularly concerning offshore trusts), drafting and technical points of trust
law. Nicholas is the author of a chapter in Tolley's Administration of Trusts on the creation of trusts, the editor of the tax planning
chapter of Foster's Inheritance Tax and a contributor to Simon's Direct Tax Service.
Tom Hoffman
Tom Hoffman is Head of the Investment Research Group at Managers Investment Group (Managers) that oversees the research
and analysis of all portfolios and portfolio managers available through Managers. He is a senior member of the firm’s Investment
Committee. Tom joined The Managers Funds (predecessor to Managers) in 1994 as a senior investment analyst. Prior to that, he
worked for four years as an investment analyst at Liberty Asset Management Company in Boston, and before that with KPMG
Peat Marwick in its Investment Supervision Consulting Group. Tom is a Chartered Financial Analyst and holds an MBA in Finance
from New York University’s Leonard N. Stern School of Business and a BA from Lehigh University in 1985.
Richard Fitzalan Howard
Richard Fitzalan Howard joined Robert Fleming Holdings in 1975 and has over 25 years’ experience as an investment analyst and
fund manager. He was based in Fleming’s New York office from 1979 until 1982 and again from 1987 to 1990, when he became
President of Fleming Capital Management and was responsible for setting up Fleming’s US fund management business. He
returned to London in 1990 and implemented asset allocation for UK Pension Funds over a five-year period. In 1995 he was
appointed to head the Charities Division. Richard joined Fleming Family & Partners in 2000 as CEO of FF&P Asset Management. He
is a Director of JPMorgan Fleming Smaller Companies Investment Trust and a trustee of several charities.
Robert A. Jaeger
Bob is Vice Chairman and Chief Investment Officer of EACM Advisors LLC, a wholly-owned subsidiary of Mellon Financial
Corporation. EACM is a fund-of-funds manager serving a global group of institutional clients. EACM's expertise embraces both
hedge funds and high alpha long only managers. In 1984, Bob became one of the founding members of the investment
management team that eventually developed into EACM. Prior to entering the investment business Bob was a member of the
faculty at Yale University and at the University of Massachusetts at Amherst. Bob holds a B.A. from Princeton University, a B.Phil.
from Oxford University, and a Ph.D. from Cornell University. He is the author of All About Hedge Funds (McGraw-Hill, 2002).
Praveen Jagwani
Praveen Jagwani has had a banking career spanning 14 years across consumer finance, credit, private banking and investment
management. He joined the Indian operations of the ANZ Banking Group upon completion of his MBA and worked with them in
India, Australia and Bahrain. In 1999, he joined Standard Chartered Bank in Dubai and was instrumental in building the wealth
management business throughout the Middle East. A Chartered Financial Analyst, he currently manages the product function for
Wealth Management at Standard Chartered Bank at their corporate headquarters in Singapore.
Ali Kazimi
Ali Kazimi is Head of Operational Taxes at Ernst & Young LLP. His professional experience in financial services spans over 15
years during which he has worked with leading financial institutions and professional advisory firms. He is a graduate chartered
accountant, a member of the Association of Corporate Treasurers and a member of the Securities & Investment Institute. Ali is a
frequent conference speaker on a range of tax issues including securities lending and derivatives, pension pooling, custodial
structures and stamp duties. He has considerable experience of lobbying and negotiating with international taxation authorities.
Shashank Kothare
Shashank Kothare has been the Director of Investment Communications for Russell Investment Group in London since May 2005,
responsible for the Europe, Middle East and Africa (EMEA) region. He leads a team of communications specialists and is also
responsible for the web team which manages Russell’s extranet site and a range of client sites for the region. Shashank joined
Russell in London in May 1999. Prior to this, he worked in the pensions consultancy of Aon Consulting for six years. Shashank
holds a BSc in Pure Mathematics from the University of Warwick in 1993 and became a Fellow of the Institute of Actuaries in 2000.
Thomas Marsh
Thomas Marsh is Director at Cerulli Associates responsible for business development, marketing, and client management for both
US and international markets. Previously at Cerulli, he held the role of Senior Analyst, assembling research reports focusing on
retail and institutional fund management industries outside the United States. Prior to joining Cerulli, Tom spent five years covering
the asset management industry as a journalist for Institutional Investor Inc.’s newsletter division. During that time, he served as
Managing Editor of Money Management Letter and Managing Editor of Global Private Banking. Tom holds a bachelor’s degree in
English Literature and Journalism from the State University of New York at Albany.
Daniel Martineau
Daniel Martineau is Managing Director and Founder of Close Trustees (Switzerland) SA (‘CTS’). CTS is a joint venture between the
senior management group in Geneva and Close Brothers Group plc, a merchant bank based in the UK. The company acts
principally as a genuinely independent trustee as it is not tied to any Close Brothers Group investment manager. Daniel previously
worked in management positions first onshore with leading trust companies in Canada and then offshore with trust companies in
Nassau, Jersey and Geneva. A graduate of the University of Western Ontario in London, Canada, he subsequently earned his
Master of Business Administration at the University of Miami. He is accredited as a member of the Trust Companies Institute in
Canada, is a chartered member of the Financial Planning Institute of Canada and a member of the Society of Estate and Trust
Practitioners (STEP).
Ed Moisson
Ed Moisson has overall responsibility for communications at Lipper Fitzrovia, a firm specialising in fee and expense research for
collective funds, covering European and offshore markets. Ed joined Fitzrovia in 1999 and has spoken at the European
Commission’s UCITS Contact Committee, the OECD’s Committee on Financial Markets, and IOSCO’s Committee on Investment
Management. Previously Ed was head of research at a UK property firm. His original background was in the arts, gaining an MPhil
from Cambridge University and a BA from the University of York.
Philippe d’Orgeval
Philippe d’Orgeval is Chief Investment Officer at AXA. Prior to joining AXA Multimanager, Philippe was Head of Brokerage with
Zebank. Prior to this, he was a financial analyst with Pargesa and a European equity portfolio manager with Rothschild Asset
Management in Paris. Philippe graduated with an MA in Finance from ESSEC and a BA in Economics and Finance from Paris IX
Dauphine University. He also holds a post-graduate degree in Economics and Finance from Orleans University and is a Chartered
Financial Analyst.
Paul Osborne
Paul Osborne is Head of Sales and Marketing at Bramdean Asset Management, and one of the founding partners. After gaining
extensive experience in managing fixed-income portfolios for a wide range of global clients, Paul moved into senior sales positions
with WestAM and Lombard Odier. His passion for the multi-manger approach began with SEI Investments and he aims to deliver
leading-edge solutions for investors with Bramdean. Paul is a graduate of Trinity College, Oxford and has an MBA from Warwick
Business School.
John Owen
John Owen is a Research Analyst at MLC Investment Management in Sydney, Australia. He joined MLC in 1994 and became a
member of MLC Investment Management in August 1998 with responsibility for the research of incumbent and prospective
Australian equities, UK equities and listed property managers. In 2005, he was appointed as Head of the Retail Communications
Team within MLC Investment Management. His investment career commenced in 1979 when he joined The Sydney Stock
Exchange as a company analyst. In 1985 he joined Westpac Investment Management where, for ten years, he managed
Australian equity portfolios and was Head of Westpac's Australian equities research team.
William Ramsay
William Ramsay is Chief Investment Officer of EFG Bank. Prior to joining EFG in 1998, he was head of Private Investor Products
and Services at Rothschild Asset Management in London. William joined Morgan Grenfell & Co Limited as a graduate trainee in
1979, where he managed unit trust and pension fund assets from 1981. In 1986 he joined NM Rothschild Asset Management,
where he headed up the Rothschild Private Investor operation from 1995. He joined EFG in 1998, initially as Managing Director of
the London bank’s asset management arm. He was a member of the UK Government’s pensions regulator, the Occupational
Pensions Board, from 1989-97, and became a member of the Securities Institute in 1993. An economist by training, he holds
degrees from London and Brunel University.
Phillip Silitschanu
Phillip Silitschanu serves as Editor of The Cerulli Edge™—Global Edition, Cerulli Associates’ monthly research publication focusing
on issues and trends facing the global financial services industry. Prior to joining Cerulli, Phillip was a Senior Analyst at Brown
Brothers Harriman’s International Corporate Actions group. Formerly, Phillip worked at State Street Bank in Boston. Phillip is fluent
in several languages, including English, French, Portuguese, and Spanish. He earned an MBA from Babson College, and a BS in
Finance from Boston University.
Andrew Slater
Andrew Slater is Director of Institutional Strategy at SEI Investments, with responsibility for advice provided to UK, Continental
European and South African institutional clients. Additionally, and most recently, he is at the forefront of the development of SEI’s
global proposition to pension plans and their corporate sponsors. Andrew joined the London office of SEI Investments in January
2001. Prior to this, he worked for eight years at PricewaterhouseCoopers. He has a first-class MA degree in mathematics from
Cambridge University, is a Fellow of the Institute of Actuaries and a Chartered Financial Analyst.
David Steiger
David Steiger is the manager of EFG Bank’s Luxembourg and Swiss-regulated regional equity mutual funds. He was promoted to
his current role shortly after the merger between EFG and Banque Edouard Constant, which he had joined three years earlier.
Prior to that, David worked for Credit Suisse Private Banking, joining as a graduate trainee in 1994 and becoming a portfolio
manager and member of the US Investment Team responsible for the stock selection in several sectors. David is a CIIA and holds a
Federal Diploma for Financial Analysts and Portfolio Managers and is a member of the SFAA. He holds a BA in Business and
Administration from HEC Lausanne.
Keith L. Stransky
Keith is an Executive Vice President at EACM Advisors LLC. He is also the Senior Portfolio Manager of EACM’s Long-Only Multi-
Manager Program and has been with the firm and its prior affiliate, Evaluation Associates, for over 23 years. Keith was one of the
founding members of the investment management team that eventually developed into EACM. Prior to joining EACM, Keith was a
Technical Director at Hamilton, Johnston & Co., Inc. He holds a B.A. from Queens College, C.U.N.Y., a M.S. from New York
University, and earned his Chartered Financial Analyst designation in 1984.
Shiv Taneja
Shiv Taneja is Director, Asia-Pacific at Cerulli Associates. Based in Singpore, Shiv plays a key role in supporting the firm’s flagship
global research initiatives, including Cerulli Global Update and The Cerulli EdgeTM—Global Edition. Shiv’s analyses focus on the
Asian and Australian retail and institutional asset management industries, with specific emphasis on product development and
distribution trends. Shiv also actively participates in Cerulli’s international consulting assignments. Prior to his current assignment,
Shiv spent four years in London conducting European research initiatives for Cerulli. Before joining Cerulli, Shiv managed the
London-based commercial consulting unit for Standard & Poor’s Fund Services. Previously, Shiv served as Personal Finance
Editor for the Business Times in Singapore. Shiv holds a masters degree in Commerce (development finance) and a bachelor’s
degree in Commerce (accounting and finance), both from the University of Bombay.
Marcus West
Marcus West joined Aon Asset Management in 2002 having worked for Gissings, a firm of Actuaries and Pension Consultants,
and Hays plc. Marcus  is primarily responsible for the ongoing monitoring of the outsourced activities undertaken on behalf of Aon 
Asset Management and acts as a key operational interface between Aon and the Administrator, Custodian and Investment
Managers. In addition, he plays a key role in the successful oversight of the appointed managers for the Norwich Union Manager
of Managers Retail Funds, to whom Aon is the appointed Investment Adviser. Marcus holds the IMC, the Global Operations
Management paper and the Fund Management paper of the Securities and Investment Institute.
Ken Yap
Ken Yap is a Director at Cerulli Associates responsible for overseeing Cerulli’s US and non-US quantitative research initiatives. His
experience encompasses detailed market and competitive analysis of non-US asset management industries. He is one of the lead
analysts of Cerulli Global Update, and has contributed to a number of Cerulli Reports™, including International Managed Accounts, 
Asian Distribution Dynamics, European Platform-based Distribution, and Italian Mutual Fund Advisory (GPF) Portfolios. Prior to
joining Cerulli, Ken was a consultant at a UK-based consultancy specialising in the telecommunications industry. He has a
bachelor’s degree in electrical engineering from National University of Singapore and an MBA from Cambridge University.
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