Z/Yen Setting The Standards For Broker Performance

Z/Yen's practice in the finance sector has recently been strengthened by several new projects and new associates. Projects include two market surveys for the London Clearing House together with work for individual banks and two new market wide surveys of the Operational Performance of Brokers (OPB). These OPB surveys are becoming the market standard for how fund managers measure broker's operations groups. Continuing from last year's successful UK survey, this year Z/Yen will be surveying around 80 fund managers in the US, UK and Europe. To support this work, we welcome new associates, Francis Halliwell, Derek Long, David Pearce, James Pitcher and Jonathan Davies. Ian Harris seemed unusually pleased when he learnt of these early summer wins and especially the associate signings, but then it is a dangerous time of year for Z/Yen associates. Several unsuspecting newbies found themselves press-ganged (see following item).

Z/Yen's Twenty20 Vision Is Ahead Of The Game

While the marketing whiz-kids at the English Cricket Board claim credit for launching the popular 20 overs-a-side cricket format this year, Z/Yen can prove that it has been using the format for years (see Now and Z/Yens passim). This year's fixture with The Children's Society found us way out west (Perivale) for a glorious evening of close-fought cricket. Z/Yen were ahead of the game for most of the match, but a late-order collapse by Z/Yen (Ian Harris scored roughly nothing, going approximately first ball) followed by a late-order rally by the last few Children's Society batsmen, enabled the client team to win by 1 wicket with 10 balls to spare. The tension of a close ending was a new experience for most of the players. The crowd was still and hushed during the closing overs (they were probably asleep - ed). Z/Yen's star performer this year was Giles Wright, who recorded 20+ runs (retired) and a stunning overhead catch which none of us quite believed at the time even though we'd seen it with our own eyes. Most importantly, players and spectators all thoroughly enjoyed the evening - even the press-ganged associates.

SpecialiZm - Optimising Experts

Z/Yen has completed a major piece of research into interim management and the use of experts. This included over 100 personal interviews and an email questionnaire to which we had over 400 responses. The key findings indicate that 80% of "so-called interim management" assignments are specific, well-defined assignments rather than gap filling for absent staff. Well-defined assignments deliver success in 82% of cases, but only 66% of gap filling assignments are so perceived. Clients think that 93% of assignments are clearly defined at the outset, but the experts think only 67% are clearly defined. Therefore there is often a mismatch between the client and the expert's view of the brief. We believe that this research has turned Z/Yen into experts at successfully placing experts. The results of our research are published on our website. Further information that will help you get the best out of using experts is available from our very own experts' expert, Mark Yeandle, who conducted most of the research.

Control, Dear Boy, Control

One investment banking client asked Z/Yen to conduct a swift survey of product control functions in 9 investment banks in order to inform a business process re-engineering project. Running against a two week timescale, Z/Yen's finance team managed to involve the banks in a fast, co-operative exchange of views on product control - how to do daily P&L's, the importance of balance sheet reconciliation, what is the role of technology, how to link product control to financial reporting? The end results indicated that independent, global product control worked well; so did product control as an operational service. Mixed models seemed to be less effective. We thank all the banks who came forward so helpfully, enabling Z/Yen to control this tight-deadline project effectively.

Caution to the Winds

Like our irregular newsletter, our irregular Reflective Repasts continue. At our last one in mid-May, Dr Douglas McWillams, head of the Centre for Economics and Business Research, led a fascinating discussion on the Precautionary Principle, i.e. is it better to do nothing rather than something? As always, S.B. Lady Daphne made the perfect setting for a great debate. As the guest of honour, Doug did a fantastic job bringing out subtle points from the participants. In the end, the balance of favour seemed to be that the Precautionary Principle was, at best, a weak substitute for clear thinking supported by good analysis. At worst, the Principle was a dangerous impediment to progress.