Start-up Projects on the Increase Globally
Tuesday, January 12, 2010 10:17
According to Murat Unal, chief executive of Funds@Work–a German asset management consultancy, the time is ripe for disgruntled asset management professionals to abandon their current jobs and set up shop on their own.
There is a sharp increase in the number of start-ups. It is definitely the right environment to start up a new asset management company, but, of course, you need to have the core competencies that people look for.
The consultancy’s past four projects all involved senior industry figures, such as chief investment officers, who wanted to walk on new and innovative paths and do things differently from their prior organization.
In the UK, stockbroker Oriel Securities has set up a boutique asset management arm headed by David Urch, a highly regarded UK equities manager with experience at Fidelity International and Scottish Widows Investment Partnership.
Mr Urch left Fidelity in 2008 after the financial meltdown prompted headcount reductions at the compnay’s Edinburgh office. He has been at oriel since the summer. John Campbell, senior managing director of investment manager services at State Street, says that start-ups I the US have been more prolific than Europe as the US is much more entrepreneurial.
However, if you can get money to manage, then you are in business. The question really is about reputation.
The economic environment, which has seen the asset management industry re-shaped over the last 18 months, has reportedly acted as a “great catalyst” to spur professionals to flee their current jobs.
During a recent Ignites Europe Exchange webcast, Roy Stockell, partner at Ernst & Youn, said that there was still room for new boutique players with, for example, the five largest UK houses only accounting for 30% of the market. However, Mr Unal says new boutiques need to innovate and differentiate themselves from the market in order to succeed.
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