The team
Here are the current members of the sector team.
Dan Waters - Sector Leader
When the FSA was restructured in April 2004 it was divided between wholesale and retail financial markets. Dan Waters is the Director of Retail Policy. He is also the FSA 'Sector Leader' for asset management, so is responsible for the FSA's overall strategy and liaison with that industry sector. Before April 2004, Dan was Director of the Regulatory Strategy and Risk Division responsible for the FSA's strategic planning, risk management and assessment systems, performance measurement and risk analysis and research.
Dan was the FSA's first Director of Enforcement, and played a major role in shaping the organisation's enforcement policies and processes. He previously worked at the Investment Management Regulatory Organisation, where he was Director of Monitoring and Enforcement, and at the United States Commodity Futures Trading Commission, where he was Head of International Enforcement Operations.
Bruce Robson
Bruce joined as Manager of the Asset Management Sector team in January 2006. Before that he was a Deputy Manager in the FSA's Retail Firms Division, supervising life insurance firms. Bruce joined the Investment Management Regulatory Organisation in 2000 since which time he has specialised in the supervision of asset management firms. He has also supervised banks, stockbrokers and independent financial advisers and contributed to a number of significant asset management sectoral issues such as consolidated supervision and split capital investment trusts. Before joining the FSA Bruce had 14 years working in a wide range of roles with a major UK financial services group, including stints in compliance and internal audit functions.
Jennifer Hayward
Jennifer joined the Asset Management Sector Team as an Associate in June 2005 from the Small Firms' Division of FSA, where she had roles in risk mitigation in supervisory case-work and in strategy and systems' development. Before joining the FSA in 2003, Jennifer worked as a sell-side equity research analyst at Credit Suisse First Boston Europe and between 1994 and 2000, as a U.S. equities fund manager at Hill Samuel Asset Management and Edinburgh Fund Managers.
Stéphane Blais
Stéphane joined the Asset Management Sector Team in January of this year from the Financial Sectors Team in FSR where he covered Asset Management and Hedge Funds. Before joining the FSA in May 2005, Stéphane worked in research and business development for asset management companies, focusing on issues such as trading systems and transaction cost analysis. Between 1999 and 2002 Stéphane was Director of the European TraderForum at Institutional Investor. He then helped establish the asset management practice at Inalytics in 2003, before working as an independent consultant for an Alternative Trading System (ATS) and a Fund of Hedge Funds.
Brandon Horwitz
Brandon joined the Asset Management Sector team in September 2007. Prior to this, Brandon was a portfolio manager at Morgan Stanley Investment Management responsible for liability driven investment (LDI) and portable alpha funds. His previous roles at Morgan Stanley include being responsible for U.K. pension fund clients in Morgan Stanley's European Pensions Group where he focused on helping pension funds use derivatives to manage asset liability risks and to improve investment efficiency. Before joining Morgan Stanley, Brandon worked in Watson Wyatt's investment practice concentrating on the applications of structured products and derivatives for pension funds. Brandon received a B.Sc. (Honours) in actuarial science and mathematics of finance from WITS University in Johannesburg, and an M.Sc. in finance and economics from the London School of Economics and is a partially qualified actuary.
David Turner
David joined the Asset Management Sector Team in November 2007. Before joining the FSA he worked for Barclays deZoete Wedd in a variety of trading and derivatives pricing roles before moving to Merrill Lynch Asset Management where he was part of a global equity team. Since then he has worked as a quantitative equity analyst for two hedge funds and completed an MSc in Finance from London Business School.
Sadya Khan
Sadya joined the sector team from MRGD in late 2004 and also works on the CIS Policy team within the Retail Policy Division. She has been responsible for designing and implementing the FSA wide Asset Management Curriculum and continues to work on ways to improve the training available to staff working on asset management issues. Prior to joining the FSA, Sadya worked at Canada Life on the mortgage endowment review project and tutored Mathematics and English pre and post completing her BSc in Law and Computing. She has also passed the Islamic Finance Qualification.