Yuri Bender finds

out what is driving the trend towards outsourcing of asset management among Europe’s financial institutions.

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Click here to read the supplement on Europe's sub-advisers

Executives drawn together from some of Europe’s top banking and asset

management institutions agree that in the ‘internal versus external’

battle, it is the client who must come out the winner.

Opinions from the inside

Sub-advisory roundtable, April 2004,

Frankfurt-am-Main, Germany. Participants:

• Heinrich Adami, Managing Director, Pictet Investment Company

• Moz Afzal, Chief Investment Officer, EFG Private Bank

• Josef Altmann, Managing Director, BNP Paribas Deutschland

• James Bevan, Chief Investment Officer, Abbey National

• Hansjoerg Borutta, Managing Director, Investment Solutions, UBS

• Paul Burik, Managing Director, Commerzbank Asset Management Group

• Michael Klimek, Managing Director, Germany, Goldman Sachs Asset Management

Panel Moderator: Yuri Bender, Editor-in-chief, Professional Wealth Management

The process of outsourcing asset management starts with defining the

correct sub-advisory model to follow. Alex Fletcher explains to Paula Garrido how this is done.

Methodology

Our sub-advisory survey was initiated by e-mail questionnaire. Telephone interviews were then conducted by

PWM’s researchers with major retail and private banks,

insurance companies and fund houses at a senior

management level.