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How to build a successful regional growth strategy
by Danielle Levy on Mar 14, 2013 at 13:06
Charles Stanley uses videos, video conferencing, intranet communications and ‘email round robins’ to stimulate idea generation among investment managers in different branches.
‘This is where technology becomes hugely important, putting a number of structures in place to share ideas. People fixate on geography but you can imagine that on a big floor in London you have someone who is insular, so you need to share ideas and good practice and make sure managers don’t become insular,’ he said.
Picking the right team
Recruiting the right team to spearhead growth is another critical decision and firms are faced with the dilemma of whether they hire from a rival – and hope they bring over the assets and knowledge they promise – or back an internal team which may lack the local edge.
For Charles Stanley hiring in teams with local credibility and connections is the preferred option, with Teper noting the firm has historically shied away from opening green field sites.
Macdonald, on the other hand, argues both approaches can work, having hired in an external team for its Edinburgh launch but backing internal managers for its recently opened York office.
‘For us it is all about the fit and what will work best for the area,’ he noted.
Loudon added: ‘Local knowledge is very important. You need a regional team that understands the local environment and local issues.’
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