Citywire Selector has canvassed top fund selectors to hear what their views are on the standard of service they get from asset managers. First up is David Tissandier, head of fund selection at La Francaise, who shares his views on just how good asset management groups have been at managing their relationships with him and where they need to improve.
We asked him what the most pressing issues are - here's what he said:
For you, what’s the most important thing a fund group should do in terms of service?
The most important service requirements are: transparency of the information communicated, reactivity regarding market movements and investor requests, and lastly, the quality of performance analysis.
- What do the fund providers most often get wrong?
Generally, fund providers focus on flagship funds that have performed well in the past and avoid underperforming funds that could nevertheless perform well in the future given expected market conditions.
- Generally speaking, how good is salesperson product knowledge in the fund groups?
We like to meet with qualified sales people who are more a mix between product specialists and sales representatives. The should be knowledgeable of the investment process and risk profile of the fund and have an in depth understanding of the investment manager’s strategy
- Do you think these requirements are changing, or will change in future?
Ideally, asset manager representatives will have to become more specialized especially in an increasingly competitive environment in the field of asset management.
- Finally, do you have any pet hates or examples of very good or very bad service you’ve received?
From our perspective the sales person that rolls out his catalogue of funds without having preselected a certain number is counterproductive. We prefer the presentation of a select number of funds for which the fund provider/sales person goes into detail concerning the investment process and strategy.