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Shareholders presentation

Shareholders presentation. January 2008. Context. INTEGRATION PLAN. Moving the Front and Middle Office activities to the platform In-housing of Middle Office activity from ABC Organizational impact of merge. Project launched in September to implement new investment decision process.

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Shareholders presentation

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  1. Shareholderspresentation January 2008

  2. Context INTEGRATION PLAN • Moving the Front and Middle Office activities to the platform • In-housing of Middle Office activity from ABC • Organizational impact of merge Project launched in Septembertoimplementnewinvestmentdecisionprocess • Empowerment of investment managers • Enforcement of contro support • Simplification • Shorter decision process CONTINUOUS IMPROVEMENT • Clarification and refinition of responsibilities • Front office process • Empowerment and integration of risk management REVIEW OF INVESTMENT PROCESS

  3. Project organization STEERING COMMITTEE • Management of product strategy documents ProductStrategyDocument Operative processsupporttools Controlprocesssupporttools Investmentlimits Main activities • Activation of new process • Realization of IT tools • Provision of process documentation • Implementation of control tools • Implementation of control reporting • Definition of autonomy of the units in the Front Office • Definition and implementation of new limits

  4. Level of complexity of several banks Complexity index, percentage • Evidence 1: size and complexity are interlinked • Evidence 2: bankscapabilitytoextractvalueisdifferent • Evidence 3:there’s a complexityfrontierabovewhichcomplexitybecomeun-manageable

  5. New investment decision process BOARD OF DIRECTORS Verifycoherenceofinvestmentselection and generalinvestmentdirectives and report gaps Definesgeneralinvestmentdirectives on the productstrategydocument CHIEF INVESTMENT OFFICER INVESTMENT COMMITTEE CHIEF EXECUTIVE OFFICER Verifycoherenceofinvestmentstrategy and the TAA and report gaps Approvesinvestmentstrategybyproduct family MANAGERS OF FUND MANAGER TEAM Defines target assetallocation per model portfolio

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