Managing Today's Investment Firms by Joseph A. Carrier, Carlo Di Florio, Maarten L. Nederlof, Lee

By Joseph A. Carrier, Carlo Di Florio, Maarten L. Nederlof, Lee P. Munder, Bruce E. Clarke, Orie L. Dudley, Jim Harris, Charles B. Burkhart, Christopher J. Acito, Eugene Flood Harry S. Marmer

Lawsuits of the February 2003 AIMR seminar "Leadership, belief, revenue: handling state-of-the-art funding company"

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Increasingly, the answer involves a structure that includes one or more outside capital providers that in total own less than 50 percent of the firm. At Arrowstreet our solution to maintaining this balance involved creating a unique structure with one of our clients. Arrowstreet is a limited partnership that is 63 percent owned by management and 37 percent owned by two minority outside shareholders—the first being the California Public Employees’ Retirement System (CalPERS) and the second being Highcrest Partners, the private equity arm of Putnam Lovell NBF.

As I mentioned before, if a large firm is going to nest a small boutique within its structure, it needs bench strength and a prepared team ready to step in. , “the Northern way”), other firms, such as Mellon Financial Corporation, Bank of New York Company, Citigroup, and Chase Corporation, are also attempting to achieve scale and scope through acquisition and are going global. Conversely, some firms are succeeding by growing organically, such as Fidelity and the Capital Group Companies. Thus, whether the growth is evolving organically or from acquisition, the larger financial services firms are getting even larger; greater size is the dominant trend.

This arrangement has created quite an interesting business at the moment and is growing rapidly because many companies wish to outsource their investment management operations. Obviously, it gives us a great deal of control over the relationship, but it does bring with it other issues. For example, do we hire ourselves and fire ourselves? We have had to deal with that issue. When our performance was not up to competitive standards, we actually had to fire ourselves. S. equities, and thus, we have the associated issues of a small boutique within a large firm.

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