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Articles

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”

Benjamin Graham, The Intelligent Investor (1949)

 

As a mission, Phocion sets out to elevate operating control standards within the investment industry. It accomplishes this by focusing on three core areas:

  • Performance
  • Compliance
  • Due Diligence

Phocion authors meaningful articles that enlighten and educate the investment industry. The articles influence the industry towards greater integrity and away from the “speculative” nature of operations that Ben Graham referred to in his opus magnum.

August 14, 2017

The Tug of War Between Portfolio Managers and Analysts – What Investors Want to See

The due diligence process offers managers the opportunity to showcase all components of their operations, from front office decision-making to back office policies and procedures. The dynamic between portfolio manager and analysts is a component that investors prioritize to understand. Clearly there is no “one-size-fits-all” solution as each manager has its own distinct firm culture.
August 1, 2017

Your Compliance Program Must Go Beyond Regulator Requirements

We often encounter managers that do not comprehend the critical role that their compliance culture can play in driving assets under management higher. Rather than embrace their compliance program as an opportunity to offer investors another distinguishing feature about their business, they view compliance as a source of cost-cutting.  In so doing they are unknowingly
June 13, 2017

A Checklist for Canadian Securities Dealers as Many Fall Short in Meeting AML Requirements

When it comes to compliance, many Canadian investment firms are not meeting their anti-money laundering (“AML”) obligations. This article assists these firms by providing them with valuable insights.   What are the Requirements? What Types of Firms are Responsible? The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA” or “the Act”) requires that
June 23, 2016

Empowering Athletes to Achieve Financial Peace of Mind‎

For many professional athletes the world of private wealth management has proven to be a ruthless jungle preying to dish out miserable consequence. Many examples exist of athletes being exploited out of their wealth by predators arriving at their doorstep with impeccable timing disguised in proverbial sheep’s clothing. This article makes no mention of specifics
June 1, 2016

An Advocacy for a Chief Performance Officer (CPO)

This article is forthcoming in The Journal of Performance Measurement (Summer 2016) Introduction The performance industry has evolved considerably over the past decades. Concepts such as performance calculation, presentation, evaluation and attribution have become more complicated than ever. This is due to a changing investment industry, which has evolved from one mostly focused on traditional
May 25, 2016

Managers Distinguish Themselves by Implementing Sound Risk Practices

The implementation of sound risk management practices can assist Investment Managers to distinguish themselves in the eyes of investors. Managers should be mindful that investors essentially want two things from them: (1) confidence that manager investment strategies are repeatable, and (2) safety of their capital. With respect to the latter point, this article touches on
February 23, 2016

CRM2: Missing the Mark

The Client Relationship Model (CRM) is coming into effect in Canada with advisors/dealers (from now on referred to as “managers”) and investors trying to digest the new retail investment industry standards. The Investment Industry Regulatory Organization of Canada’s (IIROC) previous President and CEO, Susan Wolburgh Jenah, described CRM as “a comprehensive reform package designed to