As an asset management business, our people are one of our greatest assets.
Nurturing our unique culture is critical to the integrity of our investment philosophy and to achieving the long-term objectives of the business.
Over our history we have developed and nurtured a performance-driven culture that, to this day, has the same entrepreneurial flair that defined Coronation at inception. It is encoded in our DNA.
We know that without clients we do not have a business, and are committed to ensuring that in every decision-making process our clients come first. We also understand the important role played by our people in delivering on our promise to clients, which is why long-term ownership is a critical aspect of our culture. As an independent asset manager, our only significant assets are our people. Currently, 25% of the business is owned by employees, with leadership that operates on a partnership basis. The ownership culture is further entrenched by the founding policy of employees sharing in the success of the business.
By creating the right environment for personal and professional growth, we engender accountability and responsibility for the long-term success of the business. We are unambiguously a meritocracy. We believe that a clearly articulated culture that drives performance and excellence gives us a competitive advantage. We are passionate about the six shared values that define our culture, shape our principles and inform our behaviour:
We firmly believe an asset management company that is not owner managed will ultimately fail. Ownership empowers employees and entrenches long-term thinking across all areas of the business. This aligns with our investment philosophy, business objectives and approach to how we remunerate employees. The long-term investment in our people, and our business, is reflected in the number of employees who participate in long-term incentives, with vesting periods which extend as far as 2021 [to 2022]. Ownership aligns employees’ interests with those of all stakeholders.
ALWAYS PUT CLIENTS FIRST
Our business is built on always putting clients first. As an active manager, our primary focus is on the delivery of exceptional performance across all the portfolios that we manage. We are on 24 hours’ notice with all our clients, and our retail distribution is through the non-affiliated channels of independent financial advisers and linked investment service providers. By always putting the needs of our clients at the centre of our decision-making, we create long-term value for all stakeholders.
A key risk to the investment industry is that the majority of market participants increasingly focus on the short term. This is a fundamental mismatch given the typical long-term objectives of most pension funds and retail investors. Coronation has an unrelenting focus on the long term, both from an investment and business perspective. Where we identify value, we are willing to endure short-term pain in our pursuit of compelling long-term outcomes for clients. We are an investment-led business that puts clients first, and believe that the highest probability of generating alpha is by being a patient long-term investor. When we assess the performance of our investment mandates, it is over the long term rather than on periods of less than five years.
We employ talented individuals, each with their own unique skill, intellect and experience. We operate with a flat structure, which we value greatly. By creating an environment where world-class teams can excel, we are able to deliver positive outcomes for our clients. Our people are critical to our success. While we know that all strong teams are underpinned by strong individuals, we do not tolerate individuals who put themselves before the organisation, or who do not wish to be part of a strong cohesive team.
ALWAYS ACT WITH INTEGRITY
We have a fiduciary responsibility to our clients to act with uncompromising integrity across all levels of decision-making. At Coronation, ‘Trust is Earned’ is far more than three words in a logo; earning and maintaining our clients’ trust is at the heart of our ethos.
STRONG PERFORMANCE CULTURE
We are unashamedly a meritocracy and retain the soul of a boutique. We strive to create a winning culture – one that is attractive to the most talented and ambitious investment professionals.