One of our clients, Mark Yusko of Morgan Creek Capital Management, recently sat down for a lengthy interview with Real Vision TV, a new video on-demand channel that features some of the world's smartest investors talking about global markets, the economy, politics and other issues. Here's a preview of Mark's interview: We get requests for proposals, or RFPs, on a weekly basis these days and one thing I've noticed is that they all seem to ask the same questions. It's almost as if those looking for public relations advise are all playing from the same template. I saw two RFPs over the last two months from large asset management firms that had the exact same wording in the majority of their questions. I had to ask myself how much these firms actually knew about hiring a strategic communications consultant, or if they merely Googled around to find out what to ask. (Full disclosure: I've done the same thing when hiring a service provider.)
Having worked in the industry for almost five years now, I thought I'd put together a list of the tough questions that everyone should ask, especially when looking for a PR firm that is specializes in financial services. Unlike some other industries, financial services really requires a specialist firm who knows the message, understands the current landscape and has a solid understanding of all constituencies. You don't want a firm who needs a "refresher course" on what an exchange traded fund or managed futures strategy is - they should know.
Source for top 25 - Institutional Investor Magazine By Zach Kouwe Ray Dalio on YouTube – A Great PR MoveRay Dalio, founder of the largest hedge fund in the world, the $150 billion Bridgewater Associates, has decided it’s time to really come out of the shadows and begin sharing his pearls of economic wisdom. Mr. Dalio, who has been called a “hedge fund cult leader” and “the world’s richest and strangest hedge fund,” has slowly been engaging with the media over the last few years, most likely to combat and explain his unusual management style. But he never looked that comfortable providing a 30-second answer to a TV reporter’s questions about his outlook for the markets. Now, instead of dealing directly with the media to demystify his theories on the economy, he’s taken his message directly to the people through YouTube. (As of this writing his video already had over 350,000 views.) Mr. Dalio explained his move to YouTube to the New York Times: “While I kept it confidential until recently, I now want to share it because I believe that it could be very helpful in reducing big economic blunders, if it was more broadly understood,” he wrote in an e-mail. He explained that, “I believe that most influential decision makers and most people cause a lot of needless economic suffering because they are missing the fundamentals.” There’s no doubt Mr. Dalio wants to influence policymakers, regulators and academics. But another benefit of sharing his message on YouTube is that it humanizes him a bit and shows the world he’s a serious and transparent thinker – not just the billionaire leader of some hedge fund cult. This is great PR for Bridgewater – it will help the firm recruit the best and the brightest thinkers from around the world and will likely attract investors as people from Asia to Africa learn about Mr. Dalio’s successful strategies and theories on the economy. (We wouldn’t be surprised if Bridgewater decides to open its strategies to retail investors at some point.) Just a few years ago, you would never think one of the world’s best hedge fund managers would be appearing on YouTube. Most managers over 50 think YouTube is a service for funny videos or music. They’ve never thought about it as a way to actually reach the public, express their views and build their brands. But reaching out directly to the public and bypassing the media filter, even if the media does pick up on it later, is sometimes the most effective way to get your message out. Big and small asset managers should pay attention. By Zach Kouwe
This week the Securities and Exchange Commission issued an update to their socialmedia guidelines regarding filing requirements under the Investment Company Act and other statutes. Overall, it appears the Commission wants to foster a more lenient regulatory environment on Twitter and other social platforms so investment companies aren’t stifled from using this new form of marketing and communication. The update makes clear that the sharing relevant links, stories, white papers and other non-fund-related things over Twitter and other platforms are exempt from filing requirements. Here’s an example of a Tweet that is acceptable: “Consumer Reports has written an article in which it mentions our ‘Brand X’ Rewards Card. Are you a member?” “The ‘Low Volatility Anomaly’ is explained in our latest white paper LINK” Even mentioning the word “performance” or sharing a link back to a website that includes fund performance data is exempt from filing requirements. Stating specific performance data in the communication still needs to be filed. (ie. Fund X achieved a 3 month return of XX%) These new guidelines should allow asset management firms and other investment companies more leeway to communicate and influence via social media. Many large alternative and traditional asset managers such as The Carlyle Group,Blackstone Group, Pimco, Blackrock and State Street are already using Twitter as a public relations tool to build their brands and communicate their thought leadership. (Pimco already has over 100,000 followers) While these large firms have the resources and extensive compliance departments to ensure adherence to the rules, these new guidelines make basic sharing of information on social media a much less burdensome activity. Every asset manager that aims to be an influencer in the community should be participating. |
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