RETAIL INVESTMENT
MANAGEMENT
BY: MAHA KHAN PHILLIPS • PROFILES BY: STUART NEWMAN
R
etail investors have their assets clubbed together in DEVELOPMENTS
pooled funds, or mutual funds, often through Th e retail industry is changing. “A lot has happened to this
intermediaries. In the UK, retail clients invested industry over the last 15 years. One is the whole
roughly £770 billion in investment funds in 2007, recognition of advice, and how it is disseminated,” explains
according to a report by International Financial Services Shiv Taneja, managing director of Cerulli Associates in
London (IFSL). UK-based investment funds consist of UK London. He says there is now recognition that advice is a
domiciled funds and UK managed funds domiciled outside service, and not a product.
of the country. Th e former includes unit trusts, open ended
investment companies (OEICs), investment trusts, co-
mingled funds and other retail products.
UK managed funds domiciled outside of the UK include
“Retail investment appeals to
funds such as undertakings for collective investment in
transferable securities (UCITS) and exchange traded funds
a certain type of person who
(ETFs) marketed to retail investors, according to IFSL.
Th ese totalled £540 billion at the end of 2007.
likes detailed engagement”
Kim Yates, Principal Search
ELLA HOXHA, CFA
Title: Fund Manager
Are there certain skills you would consider useful for your job?
Current employer:
Invesco Asset Management
You need excellent analytical skills and the ability to put things
Degrees:
into perspective. Also, being disciplined and constantly
Bachelors (Hons) in Business
demanding more from yourself. You never know it all! Separating
Finance; Masters in emotion from rationale is important. Learn from mistakes but do
International Finance
not let successful investments go to your head. And of course,
Professional qualifi cations:
plenty of luck!
CFA; IMC
What attracted you to this career path?
How do you think the role you’re in now will change over time?
The wide spectrum of skills required. Fund management is about
As mutual funds use derivatives more extensively, I expect most
looking at the bigger picture – it seldom becomes mundane. The
transactions to occur via these instruments. This will give most
buy side allows you to have more social life, given working hours
fund managers the ability to implement strategies without being
are, on average, lower than most sell side positions.
held back by UCITS II type regulations.
What are the major challenges you face in your position?
Do you have advice for someone intending to pursue the same
Coping well under pressure is a must, as well as handling the
career path?
pros and cons of investing: accepting you have good and bad
Do not expect to become a great investor overnight, it takes skill
performing periods. The learning curve is steep and constant
and, above all, experience. Learn from those around you but
change is part of the routine.
never be afraid to offer input, even at the earlier stages.
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