FEATURE: CREDIT CRISIS
“This is possibly the best time you will ever PROFILE – FACT BOX
have in your career, as it will be the most
intellectually demanding and will present you
with the steepest learning curve”
deal, today, and for the foreseeable future, for some of them their
bonus is their job. Sit down at your desk and be truly thankful.
Cuts being made in the asset management industry in London,
New York, Hong Kong, Paris and Frankfurt are not just slicing into
business fat but into muscle too. If you were running an asset-
management fi rm or a private bank or any other fi nancial institution,
would you do any diff erent? We are now in a situation where there are
few choices available.
Sarah Dudney
However, as the smoke clears, and the path to change becomes
Career highlights:
more apparent, distinct opportunities for asset management businesses
Sarah Dudney is a vice-president of
will emerge. First, the industry needs to gain new direction. Th e one
Lockwood Gibb & Associates and has been
clear theme we will see in 2009 in the City is regime change at senior
in the executive search business for eight
management level.
years following a career at Aegon in a
corporate planning and research role.
REBUILDING TRUST
If you are in a position of power now or have received the tap on the
shoulder, this is possibly the best time you will ever have in your
career, as it will be the most intellectually demanding and will present
you with the steepest learning curve. It will also be the best non-
fi nancial reward you will receive. Th e most valuable career advice we
can off er you in this period is: keep focused on your key objectives and
do not fall in love with your company. Ask yourself who you can trust
in your team? Rebuilding trust within your fi rm will be just as
important as rebuilding trust with clients. One weak link in senior
management can bring the entire chain down. We have all learnt to
our cost that the inherent value in a deferred compensation scheme
depends in part on the value and quality of senior managers.
Our clients have not only experienced a stomach churning loss of
assets, but in many cases their assets have been bumped through a
series of unprecedented management changes at breakneck speed as
companies have consolidated or nationalised.
Yuan Yuan Xu
Investor trust has evaporated, but one small step to rebuilding trust
Career highlights:
is to get on their side of the table – and stay there. Firms have to show
Yuan Yuan Xu is a senior researcher at
that they are managing money as if it were their own. Th at is why
Lockwood Gibb & Associates. She is
some institutions will thrive in this environment and some will not.
preparing for her CFA Level II examination
One key group of institutions is emerging and this is made up of
next year, having passed the CFA level one
family offi ces, which have been growing quietly, particularly in Europe
exam in June 2008. She has worked in the
and the Middle East. In some cases they have not suff ered losses like
search industry for three years and is a
some of the banks and they can teach the industry an important
graduate of Cass Business School with a BSc
lesson. Th ey do not tolerate losses easily.
in banking and international fi nance.
Relearning the value of fi duciary management will be one of the
most important challenges the asset management industry faces in
the next 12 months.
WWW.CFAUK.ORG PROFESSIONAL INVESTOR 31
30-3130-31 compensation.indd 31compensation.indd 31 27/11/0827/11/08 16:29:0216:29:02
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