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Worldwide Professional Investment Community Study 2009/10 (PIC) Study of the worlds most senior Professional Investors Alex Fumagalli Senior Research Executive.

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Presentation on theme: "Worldwide Professional Investment Community Study 2009/10 (PIC) Study of the worlds most senior Professional Investors Alex Fumagalli Senior Research Executive."— Presentation transcript:

1 Worldwide Professional Investment Community Study 2009/10 (PIC) Study of the worlds most senior Professional Investors Alex Fumagalli Senior Research Executive May 2010

2 Contents Background – what the PIC study is Methodology Importance of PIC study & areas covered Audience composition Market sentiment – what C-Suite level executives think about the current market situation Top line media consumption results – Print & Online Summary of findings

3 What is PIC 2009/10? Overall, PIC provides insights of the composition of the professional investment community worldwide as well as measuring media consumption of this audience. The Erdos & Morgan Worldwide Professional Investment Community study has been conducted biennially since 1987. The eleventh in the series, the survey targets a universe of individuals from the buyside in companies with a minimum of US$100 million under management serving one of the following five functions: Analyst Chief Investment Officer Director of Research Head of Trading Portfolio Manager Universe: 41,386 (Sample size: 3,956)

4 Methodology The sample was obtained from Ipreo* and the study was conducted entirely in English An e-mail invitation was sent to the entire sample on September 22, 2009 asking them to participate in the online survey. This was followed up with reminder invitations. Fieldwork was completed by December 22, 2009 A total of 14,148 individuals received an invitation to participate. By the study closing date, 3,956 useable questionnaire had been received. This represent a net effective response rate of 33.7% *Ipreo replaces Thomson Financial as studys sample supplier

5 Why is this study important? The survey is the only source of media information on the most important 41,000 asset fund managers worldwide and is therefore an invaluable planning tool The study has been running for more than 20 years PIC is now firmly established as the premier Global survey at reaching this hard to reach audience It covers the top end of this audience in a reliable way, with a very robust sample size For the first time, it now measures website data

6 Areas Covered Job Function Type of Firm Total Assets Firm Has Under Management Total Equity Assets Firm Has Under Management Value of Funds Personally Managed or have influence over Types of funds Personally Managed or have influence over Investment Orientation Investment Style Industries Covered/Followed Media Consumption

7 Audience composition

8 PIC Audience Not many of them, only 41,386, but… They manage/influence total Assets worth US $49,422,750,711,808 [US $49.4 trillion] On average they manage/influence Assets worth US $1,214,390,272 [US $1.2 billion]

9 Universe: 57,285Universe: 41,386 Universe composition & YoY change Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] Note: PIC 2009/10 shows a drop of 28% in total population. While it is possible that this difference might be caused by using two different studys sample suppliers, this appears to be in line with expectations given current marketplace realities

10 Universe composition – Type of firms The vast majority of the PIC universe (91%) is made up by Mutual or Hedge Fund firms Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]

11 United States Total assets mngd: US $19 trillion Avg per person: US $864 million Value of assets managed by the PIC audience by region UK/ROI Total assets mngd: US $9.4 trillion Avg per person: US $1.7 billion Europe ex UK/ROI Total assets mngd: US $11.1 trillion Avg per person: US $1.5 billion Asia Pacific ex Japan Total assets mngd: US $6.1 trillion Avg per person: US $1.8 billion Japan Total assets mngd: US $1.7 trillion Avg per person: US $2 bn Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]

12 Despite the fact that the total value of Asset Funds managed has decreased, the average value of Asset Funds managed has remained unchanged Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] USA Cont Europe UK/ROI Asia/Pacific (ex Japan) Japan Not surprisingly the value of Total Asset Funds managed by the PIC audience has declined from 2007/08 mainly due to a decrease in total audience. What hasnt changed is the value of those who make up the PIC audience Global - 36% - 50% - 40% - 22% +2% -43% Total Assets mngd (US$ Trillion) Avp per person (p.p). (US$ Billion) n/c -4% +7% n/c +13% n/c

13 Market Sentiment…

14 14 Confidence in the banks long term stability - Trust - is the most important attribute when choosing a firm to work with Q. Now thinking of when you are working with banks, please rank how important these attributes are when choosing a firm to work with? 14 Base: All global respondents (131)

15 15 In 2007, Trust was at the same level as Innovative and Adaptive is today Q. Now thinking of when you are working with banks, please rank how important these attributes are when choosing a firm to work with? % stating 5 (highly important) Base: All global respondents (131)

16 % Decrease Trust % Increase Trust Q. Over the past year, how has the level of trust in your lead provider in the following categories changed? Trust levels – changes in past 12 months Source: Financial Times Global C-Suite Sentiment Survey 2003 to 2009 June 23-July 17 2009 470 total respondents Trust in all areas has been decimated

17 Q.Over the next year, do you expect the following categories of providers to become more or less critical to your business strategy? Marketing/PR- critical to success All respondents % Less critical % More critical Most critical to success of business strategy Source: Financial Times Global C-Suite Sentiment Survey 2003 to 2009 June 23-July 17 2009 470 total respondents

18 Most Credible Media Owner

19 The FT is regarded as the most Credible media owner by the most influential* professional Investors on the survey This is a reflection of the FT high quality journalism and independence. Credible in its reporting of financial & economic issues Source: PIC 2009/10 [Universe 2,533 – Sample 282] *Those who personally manage asset funds worth US $5billion or more

20 Top-line media consumption

21 Global Reach Print (AIR)Websites (visited yesterday) The FT is now the third most read publication on this study, up 3 positions from the 2007/08 study, overtaking BusinessWeek, Bloomberg Markets and the Institutional Investor in the process FT.com is the 4 th most visited site by professional investors worldwide and it is the 3 rd most visited print websites Source: PIC 2009/10 [Universe 41,386 – Sample 3,956]

22 Survey on Survey Coverage Change The FT is the only title to increase coverage amongst this set of titles Reach % change (2007/08 – 2009/10) % Reach 2007/082009/10 The Wall Street Journal (WW)59.259.1 The Economist40.140.2 Financial Times33.734.5 Bloomberg Markets35.133.9 Institutional Investor34.933.8 BusinessWeek34.930.1 Barrons29.228.1 Forbes26.424.2 The New York Times24.223.8 Fortune23.422.6 Financial Analysts Journal22.522.2 Pensions & Investments16.615.9 Investors Business Daily12.912.4 Time12.312.0

23 Global ex USA Reach Print (AIR)Websites (visited yesterday) Source: PIC 2009/10 [Universe 19,244 – Sample 3,141]

24 Print (AIR)Websites (visited yesterday) The FTNs dominance in Europe is evident. The FT reaches 35% more professional investors than the nearest competitor, the Economist… FT.com is the website of choice for the majority of professional investors in Europe European Reach Source: PIC 2009/10 [Universe 12,962 – Sample 2,252]

25 Print (AIR)Websites (visited yesterday) The FT reaches more professional investors than any other title in Continental Europe too. The FT reaches 27% more professional investors than the nearest daily competitor The WSJ Europe. FT.com is the press titles website of choice for the majority of professional investors in Continental Europe Continental Europe Readership Source: PIC 2009/10 [Universe 7,535 – Sample 1,678]

26 Print (AIR)Websites (visited yesterday) The FT reach is even more pronounced in the UK where the FT reach is greater than the combined reach of all the UK quality dailies namely, The Times, The Daily Telegraph, The Guardian and The Independent FT.com is the most visited website by the professional investment community in the UK, reaching 68% more professional investors than the nearest website guardian.co.uk UK Reach Source: PIC 2009/10 [Universe 5,527 – Sample 574, includes ROI]

27 Print (AIR)Websites (visited yesterday) …The FT has also maintained its position as the number 4th most read title in the Asia/Pacific region, reaching 1 in 4 of all professional investors in this region ahead of many regional titles …and 1 in 5 visit FT.com. FT.com is the second most visited website in the Asia/Pacific region Asia/ Pacific Readership Source: PIC 2009/10 [Universe 4,546 – Sample 687]

28 Print (AIR)Websites (visited yesterday) The FT has maintained its position in the USA, reaching 1 in 4 professional investors in this region… 1 in 10 professional investors in the USA visit FT.com USA Reach Source: PIC 2009/10 [Universe 22,142 – Sample 815]

29 Total assets mngd [US $trillions] Avg. assets mngd [US $billions] Asset Funds managed: Comparison between total and average - GLOBAL Source: PIC 2009/10 [Universe 41,386 – Sample 3,956] FT readers manage total Asset Funds worth US$18.9 trillion - 38% of total Asset Funds managed by the PIC audience. FT readers manage, on average, US$1.3 billion – 9% higher than the average Study average

30 The Law of the vital few Pareto principle, also known as The law of the vital few ( Paretos 80/20 rule states that consumption (or wealth, power etc) is concentrated in a small number of individuals. It usually holds that 20% of people consume 80% of a product) Although the PIC community, as a whole, represents a very powerful group of Professional Investors, only a small portion of this audience operates within large enough firms that would allow them to personally manage the biggest Asset Funds…

31 8%* (3,366) out of the total PIC audience (41,386) control 25% [US $12trillion] of total Asset Funds On average, they manage Asset Funds worth US $3billion. This is almost 3 times as large as the average Asset Funds managed by the average PIC respondent The Vital Few *This 8% vital few are those who personally managed US $1billion or more AND operate in those firms with US $10billion or more under management

32 Source: PIC 2009/10 [Universe 3,366 – Sample 527] Which media owner is the most effective at reaching The Vital Few?

33 Summary

34 The FT is regarded as the most credible publication by the most influential professional investors on the survey The FT continues to be one of best read publications as well as websites among this audience. Additionally, the FT is the most read publication by institutional investors in the UK and Europe. Not to be outdone, FT.com is also the most read/visited website in the UK and Europe Out of the 10 top titles on this study the FT is the only publication to show an increase in reach The FT has improved its reach of this important market worldwide since 2007/08, and now has the 3 rd highest coverage of all titles measured on the survey and the 3 rd highest coverage of all publications websites.

35 Appendix

36 Same Methodology, different studys sample supplier There has been a change in studys sample supplier. The new supplier, Ipreo, replaced the previous (2007/08) studys sample supplier Thomson Financial. Ipreo, it was found, offers a richer and more robust dataset overall. PIC 2009/10 shows a drop of 28% in total population (from 57,285 in 2007/08 to 41,386 in 2009/10). While it is possible that this difference might be caused by using two different studys sample suppliers, this appears to be in line with expectations given current marketplace realities.

37 Global reach of top News-organisations (Print and Online)

38 European Readership

39 ..and The FT reaches more professional investors than any other title in Continental Europe too. The FT reaches 27% more professional investors than the nearest daily competitor The WSJ Europe. Continental Europe Readership

40 The FT reach is even more pronounced in the UK where the FT reach is greater than the combined reach of all the UK quality dailies namely, The Times, The Daily Telegraph, The Guardian and The Independent UK Readership

41 The FT has maintained its position in the USA, reaching 1 in 4 professional investors in this region… USA Readership

42 …The FT has also maintained its position as the number 4 th most read title in the Asia/Pacific region, reaching 1 in 4 of all professional investors in this region ahead of many regional titles Asia/ Pacific Readership


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