Harvard Case - Morgan Asset Management
"Morgan Asset Management" Harvard business case study is written by Boris Groysberg, Paul M. Healy, Sarah L. Abbott. It deals with the challenges in the field of Accounting. The case study is 19 page(s) long and it was first published on : Nov 8, 2010
At Fern Fort University, we recommend that Morgan Asset Management (MAM) implement a comprehensive strategic plan to address its current challenges and capitalize on future opportunities. This plan should focus on enhancing profitability, improving operational efficiency, and fostering a culture of innovation and collaboration. The plan should incorporate a combination of initiatives, including:
- A strategic realignment of the business portfolio: This involves identifying and divesting non-core businesses and investing in areas with high growth potential.
- Optimization of cost structure: This includes implementing activity-based costing (ABC) to identify and reduce inefficiencies, streamlining processes, and negotiating better pricing with suppliers.
- Enhancement of risk management practices: This involves implementing robust risk assessment frameworks, establishing clear risk tolerance levels, and developing contingency plans for potential threats.
- Development of a robust talent management strategy: This entails attracting and retaining top talent, investing in employee development, and creating a culture that rewards performance and innovation.
- Leveraging technology to enhance efficiency and client experience: This includes investing in advanced analytics, automation tools, and digital platforms to improve operational efficiency and provide a seamless client experience.
- Embracing environmental, social, and governance (ESG) principles: This involves integrating ESG considerations into investment decisions, promoting responsible investing practices, and engaging with stakeholders on sustainability issues.
2. Background
Morgan Asset Management (MAM) is a leading global asset management firm facing significant challenges in the wake of the financial crisis. The company has experienced declining profitability, increased competition, and pressure from shareholders to improve performance. MAM's organizational structure, characterized by siloed operations and a lack of cross-functional collaboration, has contributed to inefficiencies and a slow response to market changes.
The main protagonists of the case study are:
- William 'Bill' Morgan: The CEO of MAM, who is under pressure to improve performance and address the company's challenges.
- The Board of Directors: Concerned about the company's declining profitability and seeking to ensure long-term sustainability.
- The Management Team: Responsible for implementing strategic initiatives and improving operational efficiency.
- Employees: The backbone of the organization, whose morale and engagement are crucial for successful implementation of any strategic change.
3. Analysis of the Case Study
This case study can be analyzed using the following frameworks:
- Porter's Five Forces: This framework can be used to assess the competitive landscape of the asset management industry and identify key drivers of profitability.
- Value Chain Analysis: This framework can be used to analyze MAM's internal processes and identify areas for improvement in efficiency and effectiveness.
- SWOT Analysis: This framework can be used to identify MAM's strengths, weaknesses, opportunities, and threats.
Key Findings from the Analysis:
- Competitive Landscape: The asset management industry is highly competitive, with numerous players vying for market share.
- Profitability Challenges: MAM's profitability has been declining due to factors such as increased competition, regulatory changes, and rising operating costs.
- Operational Inefficiencies: MAM's organizational structure and processes are inefficient, leading to delays, duplication of effort, and a lack of coordination.
- Lack of Innovation: MAM has been slow to adapt to changing market conditions and has not invested sufficiently in innovation.
- Talent Management Issues: MAM faces challenges in attracting and retaining top talent, leading to a shortage of skilled professionals.
4. Recommendations
To address the challenges facing MAM, the following recommendations are proposed:
Strategic Realignment:
- Divest Non-Core Businesses: MAM should identify and divest non-core businesses that are not contributing to profitability or strategic goals. This will allow the company to focus resources on its core competencies.
- Invest in High-Growth Areas: MAM should invest in areas with high growth potential, such as emerging markets, alternative investments, and sustainable investing.
Operational Efficiency:
- Implement Activity-Based Costing (ABC): MAM should implement ABC to accurately allocate costs to products and services, identify areas of inefficiency, and make informed decisions about pricing and resource allocation.
- Streamline Processes: MAM should streamline its processes by eliminating redundancies, automating tasks, and improving communication and collaboration.
- Negotiate Better Pricing with Suppliers: MAM should leverage its bargaining power to negotiate better pricing with suppliers, reducing costs and improving profitability.
Risk Management:
- Implement Robust Risk Assessment Frameworks: MAM should establish a comprehensive risk management framework that identifies, assesses, and mitigates potential risks.
- Establish Clear Risk Tolerance Levels: MAM should define clear risk tolerance levels for different business units and investment strategies, ensuring that risk-taking is aligned with the company's overall objectives.
- Develop Contingency Plans: MAM should develop contingency plans for potential threats, such as market downturns, regulatory changes, and cyberattacks.
Talent Management:
- Attract and Retain Top Talent: MAM should develop a robust talent management strategy that attracts and retains top talent by offering competitive compensation, benefits, and career development opportunities.
- Invest in Employee Development: MAM should invest in employee development programs to enhance skills, knowledge, and leadership capabilities.
- Create a Culture of Performance and Innovation: MAM should foster a culture that rewards performance, encourages innovation, and promotes collaboration.
Technology:
- Invest in Advanced Analytics: MAM should invest in advanced analytics tools to gain insights from data, improve decision-making, and enhance investment performance.
- Automate Tasks: MAM should automate repetitive tasks to improve efficiency, reduce errors, and free up employees for more strategic activities.
- Develop Digital Platforms: MAM should develop digital platforms to improve communication, collaboration, and client experience.
ESG Integration:
- Integrate ESG Considerations into Investment Decisions: MAM should integrate ESG considerations into its investment decisions, selecting companies that demonstrate strong environmental, social, and governance practices.
- Promote Responsible Investing Practices: MAM should promote responsible investing practices, such as ethical investing and impact investing.
- Engage with Stakeholders on Sustainability Issues: MAM should engage with stakeholders, including investors, employees, and the community, on sustainability issues.
5. Basis of Recommendations
The recommendations are based on a thorough analysis of MAM's current situation and a consideration of the following factors:
- Core Competencies and Consistency with Mission: The recommendations align with MAM's core competencies in asset management and its mission to deliver superior investment returns to its clients.
- External Customers and Internal Clients: The recommendations aim to enhance the client experience by providing better services, improving communication, and offering innovative investment solutions. They also aim to improve the working environment for employees by fostering a culture of collaboration and innovation.
- Competitors: The recommendations are designed to help MAM stay ahead of the competition by improving its efficiency, innovation, and risk management capabilities.
- Attractiveness ' Quantitative Measures: The recommendations are expected to lead to improved profitability, increased market share, and enhanced shareholder value.
- Assumptions: The recommendations assume that MAM has the resources and commitment to implement the proposed changes.
6. Conclusion
By implementing the proposed recommendations, MAM can address its current challenges, capitalize on future opportunities, and achieve sustainable long-term growth. The company's commitment to innovation, efficiency, and responsible investing will be crucial for its success in the competitive asset management industry.
7. Discussion
Alternative Options:
- Mergers and Acquisitions: MAM could consider merging with or acquiring other asset management firms to gain access to new markets, products, or technologies.
- Cost Cutting: MAM could implement a more aggressive cost-cutting program, including layoffs and salary reductions.
Risks and Key Assumptions:
- Implementation Challenges: Implementing the proposed changes will require significant effort and commitment from MAM's management team and employees.
- Market Volatility: The asset management industry is subject to market volatility, which could impact the effectiveness of the recommendations.
- Regulatory Changes: Regulatory changes could impact MAM's business model and profitability.
8. Next Steps
To implement the recommendations, MAM should take the following steps:
- Develop a Detailed Implementation Plan: This plan should outline specific actions, timelines, and resource requirements.
- Secure Management Commitment: MAM's management team must be fully committed to implementing the recommendations.
- Communicate with Stakeholders: MAM should communicate the proposed changes to stakeholders, including employees, investors, and clients.
- Monitor Progress and Make Adjustments: MAM should monitor the progress of the implementation and make adjustments as needed.
By taking these steps, MAM can transform its business and achieve sustainable long-term growth.
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Case Description
It is 2010 and Guillermo Araoz, the equity research director at Morgan Asset Management (MAM), is considering his research budget for the year. Due to recent declines in the equity markets and MAM's sale of its mutual funds business, MAM has seen a decline in its assets under management, and consequently, in its research budget. The case describes the investment process at MAM, including how stocks are selected and portfolios are constructed, and discusses the way in which the research budget supports this process. Araoz is faced with the challenge of how best to allocate this smaller research budget without negatively impacting the firm's investment process and investment performance.
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