The FCA's asset management market study

To be held on Monday, December 7, 2015

Participants are welcome to arrive from 5.30pm.
The discussion will take place 6.00pm to 7.30pm. 
Wine and canapes will be available from 7.30pm.

With support from Allen & Overy


  • Becky Young (FCA)

  • Guy Sears (Investment Association)

  • Johannes Elsner (McKinsey)

  • Philip Mansfield (Allen & Overy)

  • Robyn Grew (Man Group)


On November 18, the FCA published detailed terms of reference for a major investigation into the UK’s £6.6 trillion asset management industry – focusing on the value delivered to clients.

The Authority will focus on costs, competition and the role of investment consultants. Questions it will ask include: how do asset managers compete to deliver value? Are they willing and able to control costs and quality along the value chain? Are there barriers to innovation?

The deadline for submissions on the terms of reference is December 18 – and the FCA is likely to be issuing information requests to market participants shortly – so we need to move fast. We are, therefore, delighted that Becky Young, a Manager in the FCA’s Competition department, has agreed to walk us through the thinking behind the market study. She will not, however, get things all her own way. Joining her on the panel:

  • Guy Sears, the interim chief executive of the Investment Association and chair of the Joint Money Laundering Steering Group. He was previously director for risk, compliance and legal at the IA, and before that deputy CEO at APCIMS and head of market conduct at the FSA.
  •  Johannes Elsner, a member of McKinsey's European Asset Management Practice with a special focus on the UK. Prior to joining McKinsey, he worked at the Bundestag, the House of Lords and at Freshfields Bruckhaus Deringer.
  •  Philip Mansfield, a Partner in the A&O Competition team.  He has extensive experience of advising financial institutions on investigations, and is currently advising a client on the FCA’s Investment & Corporate Banking Market Study.
  • Robyn Grew, global head of legal and compliance at Man Group, which she joined from Barclays Capital, where she was managing director with responsibility for global corporate compliance and global operational risk.

The FCA’s initiative is an important one, and the industry needs to make its voice heard.