Think global act ****ing local
Global banks are always keen to stress the strength of their local presence. Think global but act local is the common mantra.
It's not clear, though, what it actually means.
Until last month, that is, when Arne Lindman, CEO of ABN Amro Asset Management, made a stab at a useful definition of the term at a conference in Stockholm.
The Nordic summit had a dual purpose - it explained investment and risk management themes to clients of ABN Amro and its asset management subsidiary and it also provided a forum for ABN to launch the rebranding of Alfred Berg, the local corporate and investment bank that it bought in 1995.
Alfred Berg now boasts the familiar ABN Amro green and yellow shield next to its name, sending the signal that Alfred Berg is an important component of the parent bank's overall business.
In a speech to clients, Lindman explained that it is the firm's policy that funds should be managed in their own region. So Asian equities are managed in Hong Kong, European products are managed from London and the Netherlands and so on.