We are a pioneer of manager of managers programmes. We believe that many investment markets are inefficient and therefore that active management can deliver value for investors. Some managers are better than others at managing money and we aim to utilise those with genuine skill within our manager of managers portfolios.
By delegating stock selection and asset allocation to carefully constructed combination of very skilled portfolio managers, we can provide a broadly diversified portfolio capable of consistent outperformance.
We believe that there is insufficient reward to investors for assuming a rigid style (e.g. valuation, capitalisation) bias in portfolios and that this is therefore an inefficient utilisation of an investor's risk budget. By carefully selecting and combining a group of specialist investment managers with complementary styles and disciplines we believe the probability of achieving consistent outperformance is improved.
We seek to focus on using emerging and niche managers and find that the decision, motivation and insight of these managers add significant value.
Northern Trust's Manager of Manager capability can be accessed through Northern's range of pooled funds or through bespoke segregated mandates. Existing Northern Trust Manager of Managers capabilities include:
Equity - Core and Higher Alpha:
UK, Europe, US, Canada, Japan, Pacific ex Japan, Emerging Market, Global, Global ex Japan, Global ex US, Global ex UK
Equity - Style Specific:
US Value, US Growth, US Small Cap, US Large Cap, US Mid Cap, Emerging and Minority Manager Programmes
Global Aggregate, US Aggregate, UK Aggregate, UK Government, UK Corporate Bond, UK Index-Linked
David Lester is a Vice President at Northern Trust Global Advisors. Based in the Toronto office, David leads the asset management sales effort at Northern Trust in Canada. With a focus on providing innovative investment and outsourcing solutions to the marketplace, David will be working closely with pension plan sponsors, charitable organizations, and other institutional investors. David started his investment career in 1996 with a retail mutual fund company. Prior to joining Northern Trust, David spent 12 years at SEI, most recently as the Director of National Accounts where he lead the firm’s institutional sales and marketing efforts.
David has authored a range of articles on pension-related topics in addition to speaking at industry conferences. He is a past chair of the Ontario Regional Council of the Canadian Pension & Benefits Institute and is a member of the Toronto CFA Society.
David holds a Bachelors Degree in Mechanical Engineering from McGill University where he was awarded the British Association Medal for Great Distinction. David graduated from INSEAD in Fontainebleau France with distinction, where he received a Masters Degree in Business Administration.