Monday, March 29, 2010

So What Happens After You Leave the Plunge Protection Team?

Philippa Malmgren was Special Assistant to the President for Economic Policy on the National Economic Council. She was also a member of the President's Working Group on Financial Markets, aka, the Plunge Protection Team.

What happens when you leave such a position?

You become president of a boutique research and advisory firm, Canonbury Group. This is where you consult with the people you just regulated. Canonbury's clients include:

* Barclays Capital
* CLSA
* UBS Warburg
* UBS Warburg Private Bank
* Deutsche Bank
* Dresdner Kleinwort Wasserstein
* Commonwealth Bank of Australia
* Colonial First State
* Westpac Banking Corporation
* Bank of Ireland
* MFS
* Pimco
* Bank of America
* Alliance Capital Management Corporation
* Goldman Sachs Asset Management
* ABN AMRO Asset Management
* Investec
* T & D Daido Asset Management
* Instinet Global Services
* Nippon Asset Management
* Nissay Asset Management
* Dai-Ichi Life Asset Management
* Daido Life
* Partners Asset Management
* Bank of America
* JP Morgan Chase
* JP Chase Asset Management
* Van Eck Global
* Milestone Merchant Partners
* Bank Julius Baer
* Sumitomo Life International
* Chuo Mitsui Trust and Banking
* Toyo Trust and Banking
* NASDAQ Europe
* ABN AMRO
* Moore Capital
* Wellington
* Central Banks in many countries
* Caxton
* Merriil Lynch Investment Managers
* Mellon Bank
* Investec
* Pequot
* Alliance Capital
* SAC
* Fidelity
* Bank of Ireland
* Fortress
* Citigroup
* Batterymarch Financial Management, Inc.
* Arience Capital
* Bayerische Hypo-und Vereinsbank AG
* Bourne Park Capital
* Brevan Howard
* Deutsche Bank Asset Management
* Gartmore
* Morley Investment Management
* BNP Paribas
* Bussan Asset Management Co., Ltd.
* Black Arrow Capital Management, LLC
* Eaton Vance Management Investment Managers
* Duncan Lawrie Limited
* EFG Eurofinancière d'Investissements
* Broadstone Capital Group Limited
* Bussan Asset Management Co., Ltd.
* Cardinal Asset Management Citic Capital
* Colchester Global Investors Limited
* DLIBJ Asset Management Co., Ltd.
* DWS Investment GmbH
* Gartmore Investment Management
* Fullerton Fund Management Company Ltd
* GSIC
* Credit Suisse First Boston
* Electrolux
* Caterpillar
* Dow Chemical
* Daiwa Securities SMBC Co. Ltd.
* Carret and Company LLC
* J.P. Morgan Investment Management Inc
* National Bank of Dubai
* Zenkyoren
* Viking Global Investors LP
* UFJ Bank Limited
* Toyota Motor Corporation
* The Sumitomo Trust
* Skandia
* Societe Generale
* SONY
* Sharp Corporation
* Soros Fund Management LLC
* Standard Chartered Bank
* Principal Global Investors
* Pacific Asset Management
* Nordea Investment Management
* Morgan Stanley & Co.,
* Macquarie Bank Limited
* Hang Seng Investment Management Limited
* DWS Investment GmbH
* Putnam Investment Management
* Prudential Securities Incorporated
* Miller and Tabak
* RAB Capital Limited
* Schroder Investment Management
* Sovereign Asset Management Limited
* CQS
* Porter, Felleman Inc.
* Itochu
* Tara Capital
* International Fund Investment
* State of Victoria (Australia)


How valuable are their services? Who really knows. Bear Stearns and Lehman were clients. Things didn't work out well for those two. But it does seem like everyone wants to send this very small shop a check, including Goldman Sachs, JP Morgan, Morgan Stanley and the Soros Funds.

Malmgren has also co-founded, with a former Goldman Sachs partner, Principlais Asset Management. According to the Wealth Bulletin, the firm looks for thematic investment ideas based on "government policy decisions."

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