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Full Description
This groundbreaking new book answers an essential question: why is it that a fund client selects, or an investment consultant recommends, one asset manager over another when the two are, on paper at least, very similar? Also, why is it that some asset managers maintain their mandates during difficult periods in the cycle and others don't, even though their performances are identical?
Authors Herman Brodie and Klaus Harnack investigated the drivers of these selection decisions and uncovered that so-called 'soft' factors play the primary role - even more so for consultants than for end-clients. They also discovered that these soft factors are essentially the means clients use to judge an asset manager's benevolent intentions, one of the two dimensions of the universal human evaluation more commonly known as trust.
Backed by compelling data and research from multiple disciplines, The Trust Mandate breaks open the science of trust for asset managers, revealing the systematic steps clients take in their search for evidence of good intentions - the essential, but often missing, component in business relationships. It also shows how trusted managers are able to win more clients, keep them longer, merit good recommendations, allowed to take more risks, and justify higher fees.
The clients of trusted managers enjoy reduced anxiety, earn higher long-run returns, and avoid costly and pointless transitions from firm to firm. So high-trust relationships are a genuine win-win situation. Yet the task of initiating and nurturing them falls squarely on the service provider. Asset managers must learn to convey their good intentions. The Trust Mandate shows why - and how - in unprecedented detail.
Contents
About the Authors
Introduction
1 - What Drives Asset Flows?
Follow the money
Fly on the wall
A detour: can selectors pick top-performing managers?
Summary
2 - Soft Factors in Asset Manager Selection
Soft factors in flow of funds data
Soft factors in survey responses
What do selectors want?
What do selectors (really) want?
Summary
3 - The Role of Trust in Economic Relationships
The logic of good intentions
The definition of trust
Social capital
Summary
4 - Types of Trust
System trust
Role trust
Interpersonal trust
The interaction between the three types of trust
Summary
5 - Warmth and Competence
Dual dimensions of impression formation
The evolutionary origins of warmth and competence
Stereotypes, emotions, and behaviour
Warmth and competence in social perceptions
In the kingdom of the cold, the lukewarm is king
Summary
6 - Lessons from the Most Trusted Professions
A worldwide ranking of trust in professions
Trust in patient-doctor relationships
Money managers should learn from doctors
Summary
7 - The Foundations of Interpersonal Trust
The love drug
Trust by physical cues
Trust by social cues
Manufactured trust
Summary
8 - The Curse of Competence
Trust in bankers hits new lows
The warmth-competence trade-off
A worthwhile trade
Stop trying to appear competent
Concede competence strategically
Detour: A promotional video
Summary
9 - Developing Interpersonal Trust
Value congruence
Caring
Vulnerability
Psychological distance and trust
Trust repair
Summary
10 - The Missing 'It'
What we found out on the way
Annex 1
Trust games
Trust around the world
