Wealth & Asset Management Experience
Asset Management Strategy
For a large global Asset Manager, we evaluated their activities across the main geographical units. As part of this process, we also helped to coordinate their activities and eliminate unnecessary duplication. Our involvement consisted of three workstreams: Macro-Economic, Fixed Income and Back Office. In the Macro-Economic workstream, we helped our client to develop a robust Group “Macro view”, covering the key economic indicators and a quarterly report for the Board. The Fixed Income workstream compared side-by-side the investment activities of their multiple geographical units and developed a set of recommendations to enhance the cross-unit cooperation, including modifications to the organisational structure. Since the cross-unit knowledge of back-office activities was virtually non-existent, we first developed a comprehensive fact base covering all activities performed and systems used across the whole middle- and back-office value chain. Out of our long list of initiatives, we then jointly prioritised a sub-set of major initiatives. These included globally coordinating the management of brokers and custodians, as well as a global information platform initiative, which would create a “meta” data warehouse covering information from all Asset Management units.
Wealth Management Strategy
For a major European bank, we assessed their strategic opportunities across a range of European markets from the Mass Affluent up to High Net Worth and beyond. The client was already present in some of these markets, but was not covered in others. Our work consisted of a series of worksteps that moved from a “30,000 foot” perspective on opportunities in and across major geographic markets towards the creation of detailed business plans for the development of value-creating businesses in three different markets. In the first, this entailed structural change to the client’s existing business operations to create a new business; in the second, we worked with the client to execute an acquisition strategy to develop new feeder businesses for existing businesses; whilst in the third, we helped to identify an investment strategy for long-term development of the market. This work balanced the traditional analytical process with a series of client workshops intended to both inform the process and build commitment to execution. Our work led to commitment at Group Board level to invest in a strategy of significant expansion across Europe.
Family Office Strategy
Oliver Wyman expects family office space in Europe to undergo significant change over the next few years and we are expecting the emergence of pan-European multi-family offices. This provides opportunities for existing players with family office activities, as well as banks with corporate banking activities. We are supporting a player in pursuing a family office build strategy, pursuing both organic and non-organic growth options.
European Asset Manager Strategy: Set up joint venture with Asia-based bank
We supported a leading European Asset Manager in establishing an asset management joint venture (JV) with a Asia-based bank. In the first phase, we conducted a strategic due diligence process of the potential cooperation partner, focussing on the existing asset management production and distribution capabilities. We also performed a thorough market overview of asset management in APAC and China, identifying market requirements and success factors for our client. A first business model and business case for the JV was set up. In the second phase, we prepared and participated in the negotiation process for the JV, helping to detail out the business case and set up the contractual framework. We supported both sides on the ground in Europe and Asia. The phase concluded with the signing and legal establishment of the JV. We then were asked by our client – in a third phase – to set up the post-merger implementation project, driving the implementation of the JV.
