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<br /> Issue 2 June 2010<br /> Investment Management Review<br /> A Quarterly Update for the Investment Management Industry<br /> Evolution<br /> · Exploiting Uncertainty in<br /> Investment Markets<br /> · Seeking Out the Hot Spots in<br /> Global Distribution<br /> · Retail Asset Allocation:<br /> Delivering the Promised<br /> Product<br /> · Growth Trajectory:<br /> The Increasing Popularity<br /> of the Manager of Managers<br /> Investment Model<br /> · Balancing Risk and Reward<br /> in Securities Lending<br /> · Bank Debt: Controlling Your<br /> Operational Complexity in a<br /> Rapidly Changing Market<br /> · Vision Forward on the<br /> Canadian Pension Market<br /> · Asia Pacific's Pension<br /> Market Revolution<br /> · Risk, Yield and Cost<br /> Management: The Science<br /> Behind Cash and Liquidity<br /> Management<br /> · North America Regulatory &<br /> Legislative Update<br /> Issue 2 June 2010<br /<a title="653546 Evolutionsingles IMR_singles - Final.pdf page 1" href="http://viewer.zmags.com/publication/61051363?page=1"> Issue 2 June 2010 Investment Management </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 2" href="http://viewer.zmags.com/publication/61051363?page=2"> Issue 2 June 2010 CONTENTS 2 Exploiting U</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 3" href="http://viewer.zmags.com/publication/61051363?page=3"> IMR UP FRONT Evolution Welcome to the summer ed</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 4" href="http://viewer.zmags.com/publication/61051363?page=4"> Exploiting Uncertainty Professor Amin Rajan </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 5" href="http://viewer.zmags.com/publication/61051363?page=5"> in Investment Markets A new beginning e</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 6" href="http://viewer.zmags.com/publication/61051363?page=6"> In this article, Prof. Amin Rajan of CREATE-Resea</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 7" href="http://viewer.zmags.com/publication/61051363?page=7"> The Core Improvements Asset managers know that th</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 8" href="http://viewer.zmags.com/publication/61051363?page=8"> IMR 6</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 9" href="http://viewer.zmags.com/publication/61051363?page=9"> Seeking out the hot spots in global distribution </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 10" href="http://viewer.zmags.com/publication/61051363?page=10"> In a year when the global funds industry was stil</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 11" href="http://viewer.zmags.com/publication/61051363?page=11"> investment for registered investment funds, high </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 12" href="http://viewer.zmags.com/publication/61051363?page=12"> The rise of the advisors is something firms must t</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 13" href="http://viewer.zmags.com/publication/61051363?page=13"> “In a number of markets, especially those of the </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 14" href="http://viewer.zmags.com/publication/61051363?page=14"> RETAIL ASSET ALLOCATION: Delivering Bernard Hanr</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 15" href="http://viewer.zmags.com/publication/61051363?page=15"> the Promised Product More is being asked of in</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 16" href="http://viewer.zmags.com/publication/61051363?page=16"> From the smallest retail investment advisors to t</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 17" href="http://viewer.zmags.com/publication/61051363?page=17"> Case Study Towry: Laying Down an Infrastructure f</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 18" href="http://viewer.zmags.com/publication/61051363?page=18"> Fred Naddaff Head of Fund Services, North America</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 19" href="http://viewer.zmags.com/publication/61051363?page=19"> In brief, a manager of managers is an investment </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 20" href="http://viewer.zmags.com/publication/61051363?page=20"> The Role of the Third-Party Service · Provi</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 21" href="http://viewer.zmags.com/publication/61051363?page=21"> Prospects for Continued Growth $ Billions At Ci</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 22" href="http://viewer.zmags.com/publication/61051363?page=22"> Balancing Brian Staunton Managing Director, </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 23" href="http://viewer.zmags.com/publication/61051363?page=23"> Risk and Reward in Securities Lending As lend</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 24" href="http://viewer.zmags.com/publication/61051363?page=24"> Where two or three years ago we tended to talk to</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 25" href="http://viewer.zmags.com/publication/61051363?page=25"> money. They were straying too far from what secur</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 26" href="http://viewer.zmags.com/publication/61051363?page=26"> Bank Debt: IMR 24</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 27" href="http://viewer.zmags.com/publication/61051363?page=27"> Controlling Your Operational Complexity in a Rapi</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 28" href="http://viewer.zmags.com/publication/61051363?page=28"> In a word: complexity. Bank debt — as with all co</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 29" href="http://viewer.zmags.com/publication/61051363?page=29"> low of 22%. Likewise, the percentage of distresse</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 30" href="http://viewer.zmags.com/publication/61051363?page=30"> Vision Forward on the IMR 28</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 31" href="http://viewer.zmags.com/publication/61051363?page=31"> Canadian Pension Market Like t</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 32" href="http://viewer.zmags.com/publication/61051363?page=32"> Now, with the recovery solidly at hand, Gurmeet S</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 33" href="http://viewer.zmags.com/publication/61051363?page=33"> How can a service provider assist pension plans i</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 34" href="http://viewer.zmags.com/publication/61051363?page=34"> Asia Pacific's Pension Market Revolution Keng Lia</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 35" href="http://viewer.zmags.com/publication/61051363?page=35"> Asia Pacific is home to some of the largest pensio</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 36" href="http://viewer.zmags.com/publication/61051363?page=36"> The creation of a national pension fund in China </a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 37" href="http://viewer.zmags.com/publication/61051363?page=37"> fund managers and global custodians. Global custo</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 38" href="http://viewer.zmags.com/publication/61051363?page=38"> Roger Brookes Director, EMEA Client and Sales Man</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 39" href="http://viewer.zmags.com/publication/61051363?page=39"> Risk, Yield and Cost Management: The Science Behi</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 40" href="http://viewer.zmags.com/publication/61051363?page=40"> As complex businesses with a variety of operation</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 41" href="http://viewer.zmags.com/publication/61051363?page=41"> How Can You Optimize Your Cash and Liquidity Mana</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 42" href="http://viewer.zmags.com/publication/61051363?page=42"> A recent addition to the liquidity management too</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 43" href="http://viewer.zmags.com/publication/61051363?page=43"> · Directed Investment Mandates. Investment manage</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 44" href="http://viewer.zmags.com/publication/61051363?page=44"> North America Regulatory & Legislative Update Br</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 45" href="http://viewer.zmags.com/publication/61051363?page=45"> Four major events dominated the financial industry</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 46" href="http://viewer.zmags.com/publication/61051363?page=46"> The compliance date for the so-called Madoff Rule</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 47" href="http://viewer.zmags.com/publication/61051363?page=47"> provides several limitations on the ways firms, in</a> <a title="653546 Evolutionsingles IMR_singles - Final.pdf page 48" href="http://viewer.zmags.com/publication/61051363?page=48"> Calendar of Events SEPTEMBER: 14 The A</a>