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Alternative Market Briefing

Smaller managers should stick closer to the money source to raise assets

Wednesday, October 23, 2013

Beverly Chandler, Opalesque London:

The Opalesque 2013 Nordic Roundtable, sponsored by Estlander & Partners, Eurex and Taussig Capital found the delegates discussing how career risk and decisions by committee affect investors’ investment decisions.

Mikael Stenbom of RPM said that there was also a lot of second guessing when investment decisions are made, especially in large, complex organizations. "This is totally understandable – there has been a lot of stress in these organizations over the last four or five years, lots of people have lost their jobs, there has been organizational reshuffling and uncertainty, and this creates stress and nervousness."

Stenbom felt that the situation was that you have an individual responsible for manager selection. "His job is to recommend a new investment opportunity to the CIO. He does not want his recommendation to be rejected, so he will second guess the CIO’s reaction and recommend the manager that, in his opinion, is most likely to be accepted. That means he is not only evaluating the manager, he is also evaluating or anticipating the reaction from the CIO. And the CIO in turn may be second guessing the investment committee who may be second guessing th......................

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