-Terrible relationship between sister companies, LaSalle Bank and AAAM. AAAM did not report to CEO of LaSalle, AAAM predecessor company a competitor of LaSalle Bank. Grievances from both sides. Met LaSalle Bank executive management within two weeks of joining; apologized and initiated monthly dialogue to resolve issues. Improved working relationship; increased referrals both ways. -LaSalle Bank and AAAM had two similar, but separate investment groups. 21 employees at LaSalle Bank who largely duplicated activities of AAAM. Bad blood (see previous example).Initiated contact with LaSalle Bank executive management and suggested AAAM take over LaSalle group. Reduced AA net costs by $3 million. AAAM took over 5 people from LaSalle staff and added new capabilities, e.g., manager of managers. -Prospect (NBIMC). Prospect wanted a customized investment management solution and few potential bidders responded. We could offer a customized solution but only at a great expense. Brought prospect to our head office and convinced them that our traditional approach was better than custom. We won mandate on which we were exclusive bidders because of initial demand that product be customized. -People make plans and promises. Direct reports with lots of good ideas and no, or uncertain follow through. People don’t deliver on their own ideas and promises. Initiated regularly scheduled meetings with staff; took minutes and reviewed past minutes at each subsequent meeting. Kept promises on track to delivery. -Startup in Canada. No corporate brand - new to market. Getting the word out. Focused product lineup; focused prospect list (first sub-advisory and then endowment foundation). $2 billion in AUM in first 2 years (in a market 1/10 the size of the U.S.) -Strategic Plan in U.S. Needed a strategy after global strategy largely ignored U.S. Gain agreement of boss and global functional heads, as well as U.S. team. Initiated and managed “bottom up” strategic planning process from start to finish. Strategic Plan 100% accepted by Global Executive Team. -Cost cutting. Strategic Plan implementation delayed by compliance issues and downturn in performance - needed quicker path to increased profitability in U.S. market. Had to be prepared quietly, speedily and with limited resources. Looked at several alternatives and created a comprehensive plan that left the portfolio management and sales elements (and profitable growth) of the strategic plan intact while reducing staff by almost 50%. Cost cutting plan accepted 100% by Global Executive team. Disposal of under performing and non-strategic operations. -Sale of 401(k) platform and mutual funds. Carefully assessed future potential. Some people felt that we should build on these platforms and not sell them. Asked for aggressive growth plan for both groups; business cases were prepared and ensured that buy-ins for business unit sales came from all relevant quarters. Sold both operations for surprisingly high prices and redeployed resources into more profitable areas. -Need to provide long-term oriented coaching for careers of direct reports. No one ever asks people what they really like and want to do. Managers are often too afraid to ask for honest responses and people are afraid of expressing their true feelings. Met all direct reports informally and talked about what they really want to do long-term. Guided people towards developmental opportunities that will move them in their preferred long-term direction. -How I added staff in Canada.A startup. No money, needed to show profitability and unwilling to build staff prematurely. Added staff judiciously; tried to time additions to reflect business growth; put recruiting firm on notice of potential needs. Minimized losses and moved to profitability in second year of operation. -Greenwich Report 2000 No investment brand. Rarely had portfolio manager visits to North America. Presented myself as a product specialist. Recognized as leading investment management organization for quality of investment professionals ( because of what I told people. -Why National Life picked us!Finals presentation for a large sub-advisory account.Competed against 5 other top-flight companies. No other existing business in Canada at the time. Effectively addressed client’s investment, marketing and administrative needs. Selected as sub-advisor for existing global equity fund. -How achieved profitability for AAAM in Chicago. Firm was modestly profitable and investment performance was sub-par. No additional funding available. Resistance to overall cost cutting due to multiple rounds in prior years. Cut costs through attrition, divestitures and reinvested in promising areas. Profit +25% in year one. Exceeded aggressive budget by 20% in year two. -Initiated global innovation committee at AAAM. Few innovative ideas apparent in the organization over a period of many years. Sleepy organization. Weak marketing effort globally. I contacted global CEO and pressed for action by offering ideas. Appointed Co-chair, which resulted in many new ideas which have been successfully implemented. -At Beutel, Goodman took on additional research areas. Bank analyst for North American banks. No international research integration and no interest in gaming stocks in this value shop. Researched gaming stocks and presented ideas. Assisted international PM with financial services stock research. Several gaming stocks profitably added to portfolio performance. Formal letter of thanks from international PM to CIO for my help in adding value. -Involvement in non-profits (what attracts me). I like difficult complex problems.Heartland Alliance (assists refugees and homeless), little corporate support. Court Theatre - little corporate support.On critical committees to build corporate support. Both have had material improvements in corporate funding. -Decided that I needed MBA/CFA before age 30. BA only. Working full-time and couldn’t afford school full-time. Did MBA/CFA simultaneously in 3 years on a part-time basis. MBA/CFA by age 30. -Took on a bond job that no one wanted. Wanted to enter investment management field. No experience. Earned MBA/CFA. Took first and only job offered as a bond PM. Did well enough with bond PM job to be promoted ultimately to run overall pension fund. -Developed an investment philosophy at a major pension fund. A bank investment department with no direction or philosophy. No one cared if we had an investment philosophy or not. Ascertained what kind of philosophy would be acceptable and looked for similar external firms for guidance on implementation. A common vision plus philosophy for the team that was endorsed by the trustees of the pension fund. -Agreed to take on an un-integrated Chicago office post-acquisition and a major CEO role. Acquisition of US company that strongly resisted integration with the new parent organization. I was an outsider to Chicago. Numerous - enhanced dialogue and encouraged visits both directions. I believe in the importance of face-to-face dialogue. Profit and full integration with AAAM globally. I like the US - have Green Card and am going for citizenship A Canadian. Some people believe that I was here for the short term. Pursuing citizenship currently. -I like Chicago and why. New to US and Chicago. Integrated into community quickly via joining clubs and non-profits. Seeking citizenship. -LaSalle investment group integrated with AAAM. Functional head of private clients globally was skeptical of opportunity. Functional head refused to visit Chicago. Complained about deal that I spearheaded to Global CEO initially. Finally convinced Global Functional Head to visit. He returned extremely enthusiastic about the opportunity. New team integrated into global network and continues to build new sources of local profitability. -Implementation of Strategic Plan. Strategic Plan adopted in 2005, but everyone skeptical that we would put into action. Needed resources to keep us on track. Hired Head of Strategy. When delays in compliance and poor performance threatened plan success, moved quickly to reinvigorate. Cost-cutting plan (surgical - not across the board) quickly prepared and adopted. -When introduced to organizations, always quick to discern issues holding back progress. These are old stories now, but at two organizations, I wrote the business case to buy the first computer ever! Companies had no spare money. Wrote business case and pressed for approval from senior management. Two organizations bought their first computer. -Benchmarking and beyond is ingrained in me. Focus continuously and ignoring shortfalls relative to competitors. Inertia. Source data; provide it to relevant people and encourage continuous evolution. Try to continuously move ahead of curve.