INVESTMENT MANAGEMENT: BUSINESS AREA
PAUL BETHELL, CFA
Th e second issue is the separation of manufacturing
and distribution, and the third is the development of
Title: Fund Manager
open architecture. Roughly fi ve years ago, banks and
Current employer:
insurers which own asset management companies
Gulf Finance House started to open up their doors to other providers in
Previous employers: order to remain competitive. Asset managers whose
Insinger de Beaufort;
captive assets were being aff ected initially met the
MG Capital
move with reluctance, but now have embraced it
University:
University of Bath
through sub-advisory mandates and through the
Degrees: Bachelors in
development of their own specialist focuses. Asset
Economics managers have focused purely on investment expertise,
Professional qualifi cations: while distribution is being handled by the
CFA
development of investment platforms. “Investment
platforms are the way forward. Th ey create a
What attracted you to this career path?
democracy of information, delivery, and product
I was fascinated by the sheer variety of approaches
information,” says Taneja. He points out that there are
for calculating the ‘correct’ market price. My current
now more funds today globally than there are stocks.
role focuses on the design of investment strategies
“How could an intermediary honestly say, sitting at
based on quantitative disciplines, specifi cally within
his desk in London, that he or she has done the best
Shariah principles.
for his client?”
What are the major challenges you face in your
REAL PEOPLE
position?
Careers within retail investment are almost identical
The pace of development in the quant sector has
to those available in institutional houses. Careers are
accelerated in recent years and it’s quite likely that if
available in portfolio management, marketing and
you’re reading about a quant strategy in a text book,
client services, and fund accounting administration.
you’re almost certainly too late to use it! Continual
innovation is, therefore, the order of the day.
But there is a diff erence. “It’s a world of real people,
and individuals who enjoy it like the fact that they
Are there certain skills you would consider useful
are in touch with the people whose money they are
for your job?
potentially distributing. Th ey are in touch via road
In addition to strong technical skills in IT,
shows and large meetings,” says Kim Yates, director
mathematics and statistics, designing disciplined
of the asset management practise at Principal Search,
investment strategies requires a high degree of
the recruitment company.
empathy. Identifying potentially irrational market
Because funds are co-mingled or structured as
behaviour requires the ability to look at the world
OIECS, they are transparent, says Yates, and managers
from the point of view of a variety of different types
are constantly held to account. “Retail investment
of investor.
appeals to a certain type of person who likes detailed
engagement,” she says.
Cg
How do you think the role you’re in now will change
over time?
Going forward, I expect to focus more on the evolution
“A lot has happened to this
of new and complementary global multi-factor
models.
industry over the last fi fteen
Do you have advice for someone intending to pursue
the same career path?
years. One is the whole
I’ve encountered a lot of highly technical literature
and research. However intimidating much of it may
seem, the central ideas underlying the best
recognition of advice, and how
investment strategies are, or at least should be, easy
to comprehend. A good methodology does not need to
hide behind a wall of statistics. it is disseminated” Shiv Taneja, Cerulli Associates
WWW.CFAUK.ORG CAREERS GUIDE 2009 17
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