2. “Secondly, we need to ensure that there is a strong alignment of interest between the objectives of businesses in our industry and those of our clients. Investment management firms must resist undue or inappropriate pressure from their owners to act for short-term gain in what is a long-term industry. I believe that the best defense is to ensure that the firms which make up the industry have enough operational independence to do the best for clients whatever their ownership structure. This means taking a long-term approach to managing capacity and liquidity that does not prejudice clients’ interests, while ensuring that how we reward our investment managers fully aligns their interests with those of clients…

3. “Finally, and above all, we need to project confidence and communicate this clearly and directly with our clients… We need to say what we believe and say it clearly. For example, if we believe in equities as the dominant long-term investment instrument then let’s say so. And if we think that the best way to invest in equities is globally, let’s say that too. Let’s make the case, have the courage of our convictions and tell it like it is. Only if we are clear about what we believe and communicate this to our clients can we truly help them to trust us.”