Now & Z/Yen - July 2003
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Now & Z/Yen - July 2003
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© The Z/Yen Group of Companies 2008
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"Zest for Enlightenment" The Irregular Newsletter of Z/Yen Limited July 2003 Z/Yen Setting the standards for Broker Performance
Z/Yen's Twenty20 Vision is Ahead of the Game
SpecialiZm - Optimising Experts
Control, Dear Boy, Control
Caution to the Winds
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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).
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.
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 at:
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.
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.