Participation in the 2008 Survey was unprecedented in its 22 year history, with 321 different individual institutional investors voting. They responded to 60 questions, concerning products, individuals, and firms, which contained 514 different nominations of individuals, products and firms in the overall survey.
A total of 845 institutions were polled, with 2,781 individuals contacted. The survey was carried out online in October-November 2008. Each voter was individually nominated by the sponsoring stockbroking firms, and thus the universe of institutional investors closely mirrored the global investor universe in Irish quoted securities.
One third of the voting sample described themselves as “hedge fund managers” (e.g. mandated to engage in short selling or covering), and two thirds were from mutual fund managers, with the remainder in an assortment of institutions, (see breakdown on page 4).
The sample frame was derived by amalgamating lists of investors nominated by stockbroking firms who were invited to nominate clients for the survey. The nomination of an individual from an institution by more than one stockbroking firm automatically qualified that institution and its nominated individuals for inclusion in the survey.
In the case of uniquely nominated institutions, (i.e. institutions represented by just one individual nomination from one stockbroking firm), inclusion in the survey depended on their participation in a ‘draw’ whereby each stockbroking firm was allocated the same number of unique nominees. These were chosen randomly.
Votes were counted on an institution-by-institution basis, with multiple votes by individuals from one institution aggregated together. There was a limited form of weighting within the survey for member institutions in the Irish Association of Investment Managers, whereby firms in that Association with a greater NAV than those with less had their votes weighted by up to 6 times that of the smaller members. All other votes were treated on an equal basis.
This limited weighting was in accordance with the below proportions:
Irish funds under management:
• €30 billion plus: x6
• €15-30 billion: x4
• €10-15 billion: x 2
• €10 billion and less: x1 |
