THE TRUST MANDATE: THE BEHAVIOURAL SCIENCE BEHIND HOW ASSET MANAGERS REALLY WIN AND KEEP CLIENTS

Book ID/图书代码： 05930018C00004

English Summary/英文概要： This groundbreaking new book answers an essential question: why is it that a fund client selects, or an investment consultant recommends, one asset manager over another when the two are, on paper at least, very similar? Also, why is it that some asset managers maintain their mandates during difficult periods in the cycle and others don’t, even though their performances are identical?

Authors Herman Brodie and Klaus Harnack investigated the drivers of these selection decisions and uncovered that so-called ’soft’ factors play the primary role - even more so for consultants than for end-clients. They also discovered that these soft factors are essentially the means clients use to judge an asset manager’s benevolent intentions, one of the two dimensions of the universal human evaluation more commonly known as trust.

Backed by compelling data and research from multiple disciplines, The Trust Mandate breaks open the science of trust for asset managers, revealing the systematic steps clients take in their search for evidence of good intentions - the essential, but often missing, component in business relationships. It also shows how trusted managers are able to win more clients, keep them longer, merit good recommendations, allowed to take more risks, and justify higher fees.

Chinese Summary/中文概要： 作为一本开创性的书籍，本书回答了一个基本问题：当两名资产经理非常类似时，为什么基金客户选择某位经理而非另一位，又或者投资顾问推荐某位经理而非另一位？此外，为什么某些资产经理在困难时期仍能留住客户、维持业务，而另一些却不能，即便他们的业绩相同？

作者Herman Brodie和Klaus Harnack调查了这些选择和决定的驱动因素，发现所谓的“软性”因素起主要作用。作者还发现，这些软性因素本质上是客户用来判断资产经理的善意意图的手段，这是人类普遍评价的两个维度之一，通常被称为“信任”。

《信托与信任》以令人信服的数据和研究作为支持，揭示了客户在寻找善意意图时所采取的系统性步骤，而善意意图往往是商业关系中必不可少的、但缺失的部分。本书还显示了值得信赖的经理如何能够赢得更多的客户，更好地留住客户，能够承担更多的风险，并证明收取更高的费用是合理的。（LYR）

Awards/获奖情况：大多数基金经理表现出能力、但缺乏热情。炫耀卓越的智力，吹嘘过去的成功交易，这些反而使客户不高兴。相反，我们应该向英勇而又值得信赖的消防员学习。我认识Herman Brodie好几年了，参加过他的有关行为金融学的课程。本书中，他没有让人失望。业绩最好的经理未必赢得最多的业务……对于投资专业人士来说，这是一本真正值得一读的书。—— Charlie Morris，新闻资本集团首席投资官

Too many fund managers ooze competence but lack warmth. Big watches, showing off superior intelligence and bragging about past winning trades put clients off. Instead, we should learn from the firefighters, who are heroic and trustworthy. I have known Herman Brodie for several years, having attended his ground breaking courses on behavioural finance. In this book, he doesn t disappoint. The best performing managers don t get to manage the most assets. For that, we look to the index funds that have thrived precisely because they have removed the need for trust and competence. Genuinely a worthwhile read for investment professionals. And if they all read it, pitch documents would no longer be so bland. ---- Charlie Morris, Chief Investment Officer, Newscape Capital Group

About the Author/作者介绍： Herman Brodie在伦敦、巴黎和法兰克福的投资银行工作了十多年。2000年，他与人共同创立了他的第一家公司Cognitrend，一家为金融机构提供行为金融研究建议的咨询公司。他自2013年起担任Prospecta 有限公司董事总经理。Brodie与他人合著了《金融市场实践史》，并担任该课程的讲师，该课程是为爱丁堡商学院MBA课程开发的，面向投资专业人士。此外，Brodie还撰写了许多关于行为金融学的文章。

Klaus Harnack持有康斯坦茨大学社会心理学和动机学博士学位。他现任梅恩斯特大学工作和组织心理学讲师和学术顾问。除了学术工作外，他还为众多专业人士提供跨学科知识辅导。他运用心理学的见解和策略来为专业人士的决策、谈判和管理技能提供建议。此外，他还是一位作家兼科学专栏作家。

Herman Brodie spent over a decade in investment banking roles in London, Paris and in Frankfurt. In 2000 he co-founded his first company, Cognitrend, a consultancy to advise financial institutions on the utilisation of behavioural finance research. He has pursued this goal since 2013 as Managing Director of Prospecta Limited. Brodie is a co-author and lecturer of ’A Practical History of Financial Markets’, a course aimed at investment professionals, developed for the Edinburgh Business School’s MBA programme, and has penned numerous articles on behavioural finance. Klaus Harnack received his Ph.D. in social psychology and motivation from the University of Konstanz. He is currently lecturer and academic counsellor for work and organisational psychology at the University of Muenster. Besides his academic work, he provides interdisciplinary knowledge transfer for a wide range of professionals. His utilises psychological insights and strategies to support professionals in their decision-making, negotiation and conflict management skills. He is an author and scientific columnist.

Format:HARDCOVER

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