PRODUCT
DEVELOPMENTBY: MAHA KHAN PHILLIPS • PROFILES BY: STUART NEWMAN
P
roduct development is one of those careers that also aff ect underlying margins and profi tability, so getting
involves a host of diff erent things, depending on what product development right is critical. “Th ere are retail
type of institution you work for. “Product challenges, and distribution challenges, and diff erent
development in asset management sits squarely between challenges coming from the wealth side of the business.
investment management and distribution. In an asset Managing those internal relationships is very much part of the
management business, the fund manager or salesperson will role,” explains Ispahani.
think they know exactly what clients want and how things Enter the product development managers. People who are
should be structured. But it is easy to launch a product, and eff ective at product development must juggle a lot of balls in
it is diffi cult to take it off the market if it doesn’t do well,” the air at one time. Often, they have tax, derivatives, or
explains Iraj Ispahani, regional market leader, EMEA, for securitisation backgrounds. “Th ey are often people who are
Korn Ferry International, the recruitment fi rm. from the sell-side, who have worked in capital markets and are
Once a product is in the market, a fi rm must deal with the technicians,” explains Ispahani.
reputational risk of it doing badly. Products which do badly
“It is easy to launch a product,
and it is diffi cult to take it
PIERS RONAN, CFA
Title: Associate in Asset Finance
off the market if it doesn’t
Capital Markets
Current employer:
Credit Suisse do well” Iraj Ispahani, Korn Ferry International
University:
University College London
Degrees: Masters in Engineering in order to make sensible assumptions for valuation models while
Professional qualifi cations: CFA at the same time understanding the mechanics of the
transactions.
What attracted you to this career path? How do you think the role you’re in now will change over time?
It’s a fast paced career where you need to use both engineering We are constantly faced with issues that don’t have a prescribed
and business/sales skills from day one. solution so developing the right solutions is key. Securitisation
technology will always exist in one form or another because
What are the major challenges you face in your position? lenders often need security over assets and issuers will always
There are countless challenges currently facing the structured want effi cient ways to transfer risk, but the market will be smaller
fi nance market, not least, falling asset values and a severe in the near term and transactions will each be tailor-made to
shortage of liquidity. The main challenge now is fi guring out how satisfy the needs of both sides.
to reinvent the market; fi nding ways to secure fi nancing for
beleaguered banks and specialist lenders, while at the same time Do you have advice for someone intending to pursue the same
pushing forward with innovation in the areas of risk transfer and career path?
risk-weighted asset reduction trades. There are currently investment opportunities like never before and
anyone looking to get involved should look for niches which they
Are there certain skills you would consider useful for your job? think look like sensible growth areas. Think about which asset
Working in this industry requires the ability to see the big picture, classes make the most sense to securitise and why.
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