Richard Marshall, FundRock Management Company S.A.

Richard Marshall Richard Marshall is Head of Product and Network for FundRock Management Company S.A. (“FRMC”). FRMC Product focus on ways to create new product and value-add support to our client base. FRMCs Network function oversees our relationships with industry partners and fund associations. Richard has 26 years’ experience in the financial industry and began his career at Save & Prosper in Edinburgh in 1993. He has held management roles at BNY Mellon and BlackRock. Prior to joining FRMC, Richard spent 10 years at BlackRock, fulfilling a directorship in their Luxembourg ManCo from 2006-2012 and led BlackRock’s EMEA Fund OnBoarding group from 2012-2016. Richard was also a member of numerous governance committees within BlackRock and is a frequent attender at Fund Boards.

Agenda

09.25 - 10.10

TA industry challenges and how to overcome them

What hurdles are we facing in TA and fund distributions?

  • New technologies: is market adoption the issue?
  • AML/KYC solutions: too much choice?
  • Regulation: can the mandatory be an opportunity?

10.10 - 10.40

New products and distribution trends

A focus on new products and distribution trends

  • Top-selling products
  • Active vs Passive funds
  • Growth of ESG and sustainable finance
  • Distribution channels in development

11.10 - 11.40

AML/KYC Utilities and communication

  • Update on AML/KYC utilities and initiatives
  • Evolution of AML/KYC operating models
  • UBO register
  • 4th and 5th EU AML Directive

11.40 - 12.10

Trends in TA operations

  • Best opportunities for further automation – survey of Luxembourg TAs
  • Negative Media screening – Luxembourg market practice
  • Transfer Agency operational support for UBO register
  • Stock Transfers – support for single-leg transfer protocols

14.05 - 14.35

Meet the investors

Investor expectations – focus on millennials

  • Approach to savings
  • Preferred products
  • (Digital) distribution channels and appetite for D2C
  • Drivers of improved investor education

14.35 - 15.15

Meet the distributors

Distributors of Luxembourg-domiciled funds have their say: what are their most pressing needs and challenges?


15.15 - 15.55

MiFID 2: What does this mean in practice for asset managers, distributors and TAs?

Some 18 months after MiFID 2 went live, we take stock of its impact

  • The role of the distributor: evolution and new players
  • Asset managers as product manufacturers
  • Defining target markets
  • Analysing distributors’ reporting
  • Demand on TAs for value-added services re. investor profiling and distribution markets
  • Changing distribution patterns
  • Have MiFID 2 and other regulatory initiatives reached their objectives in terms of cost transparency?

16.25 - 17.10

Meet the regulators

Regulatory developments

  • CSSF Circular 18/698 in its applicability to TAs
  • UBO register
  • FATF visit in Luxembourg in 2020
  • GDPR impact on TA activities
  • Luxembourg DLT law voted 14 February 2019