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Global Massachusetts
2015
Boston, Massachusetts, April 12, 2006
– Edward H. (Ted) Ladd, Chairman Emeritus, Standish Mellon
Asset Management and Grace Fey, Executive Vice President, Frontier
Capital Management Company, LLC hosted a Global Massachusetts 2015
roundtable discussion attended by 14 investment management leaders.
Attendees discussed the opportunities, challenges, and needs of
the financial services sector in Massachusetts and listened to presentations
by Professors Lawrence Franko and Arindam Bandopadhyaya of the University
of Boston and Professor Li Jin of the Harvard Business School. Opening
comments were provided by:
- Joseph C. Antonellis, Executive Vice President & Chief
Information Officer, State Street Corporation;
- Edward H. D’Alelio, Executive in Residence, UMASS College
of Management; Former Managing Director, Putnam Investments;
- Robert E. Smyth, Chairman, President & CEO, Citizens Bank;
and
- Jack M. Wilson, President, University of Massachusetts.
Sector Challenges/Trends
Boston firms are facing more competition, both domestically and
internationally. The rise of index investing and enhancements of
customer service features through web-based technologies have cut
profit margins. At the same time, the expected tidal wave of baby
boomer savings have not yet materialized. Recent industry job growth
therefore is not occurring on the money management side of the business,
but in the compliance arena due to Sarbanes-Oxley disclosure and
accounting requirements.
Responses/Opportunities
Massachusetts firms can leverage their competitive advantages of
reputation, expertise, experience, and relationships. The global
integration of capital markets creates an opportunity for firms
to provide domestic investors with higher returns based on an understanding
of foreign markets and the ability to mitigate political risk and
information challenges. For foreign investors, the opportunity lies
in persuading such investors to move from T-bills to other investments
that combine stability with higher returns.
Talent/Higher Education
Explore ways to train and recruit more fund account managers and
other entry and mid-level talent through collaborations with the
New England College of Finance and community colleges. Develop international
university partnerships to deepen our understanding of international
markets and to recruit talent. Expand course offerings in a global
business education at local colleges and universities.
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