PA’s head of financial services, David Troman, is quoted in an article in Ignites Europe on teamwork in fund firms.
The article looks at how fund firms are increasing their focus on teamwork as the culture of star fund managers fades.
David explains that teams in fund firms have traditionally been built around a “big” personality or key player but this is changing with increasing external pressure on firms to perform and add value.
The previous star model had the ability to create loyal and high-performing teams but it was risky in that it was “not unheard of for whole teams to move from one organisation to another”, he says.
He adds: “The new model is not likely to appeal to the next generation of people entering the workforce. They are used to a flatter, more collaborative working style, enabled by social media, and where respect for the capabilities of others and fairness can be highly prized,” says Mr Troman.
David talks about next steps for fund firms: “Firms should now be looking at ways to create approaches to teamwork that gets the best out of all members in the team rather than requiring them to comply with the norm set by a key player.”
David goes on to talk about a range of levers that firms can use to foster better teamwork: “Reward is one part but is really challenging to get right.”
He goes on to say: “If too high, financial reward and incentives can be meaningless in their influence, and if too low can result in ‘perverse or unintended’ behaviours, where one team member’s lack of performance can attract too much attention and blame.”
He explains that non-financial incentives such as meals out together or an extra day off when a big client or sale is landed should be included, as well as communication on team achievements.
“Getting leaders to think about the range of traits and types they need in their team is important”, says David, “as is assessing what their own strengths and weaknesses are.”
David concludes by talking about future recruitment in fund firms: “Simple tips include having a conversation around team types and what is missing before starting any recruitment campaign. This can also include a discussion of how to deal with areas where the team leader is less effective.”