SOCIETE GENERALE CROSS ASSET RESEARCH

Transcription

1 SOCIETE GENERALE CROSS ASSET RESEARCH

2 GLOBAL RESEARCH: PART OF GLOBAL MARKETS Retail Networ ks Asset Manag ers Pensio n Funds A 2,600 strong integrated cross-asset platform Dedicated client teams worldwide: Soverei gns Global Markets Private Banks 800 Sales 800 Traders Family Offices Banks 200 Engineers Hedge Funds Insuran ce Co.s 300 Research experts (Economists, Analysts, Strategists, Quantitativists, Support) Our philosophy in global markets Balanced model Global and integrated platform Cross asset + advisory approach Centralised risk management Strategically aligned allocation of scarce resources Global coverage thanks to Societe Generale local networks in Eastern Europe (Moscow, Bucharest, Warsaw and Prague), a strong presence in the US, and our recent alliance with JapanInvest in Asia (Hong Kong and Tokyo), together with our established UK and Western European base. 2

3 GLOBAL RESEARCH: 300 PROFESSIONALS More than 300 analysts, strategists and economists combining their expertise into our unique cross-asset approach Commodities Economics Equity Strategy Credit Cross Asset Quantitative Rates Technical Analysis Forex Emerging Markets Derivatives 3

4 CROSS ASSET APPROACH AND PRODUCTS Highly Rated Cross Asset Products This genuine Cross Asset approach offers our clients strong value added, and is a real differentiating factor for SG Research. 4

5 CROSS ASSET PRODUCTS TRADE IDEAS AND TECHNICAL Best of SG Trade Ideas What the Charts say All Strategy teams involved Monthly Ca. 25 Trade ideas each time Medium-term Outlook Benchmark assets Quarterly 5

6 SHORT SUMMARY PRODUCTS (DAILY & FORTNIGHTLY) 6

7 GLOBAL ECONOMICS Michala MARCUSSEN Head of Global Economics London #3 Global Economics Bloomberg s survey The World s Top Forecasters #2 -China #3 -UK The Global Economics team, composed of 20 economists based in Paris, London, Warsaw, Prague, Moscow, New York and Hong Kong, provides : Economic Scenario Policy Watch High Frequency Data and Event Analysis Thematic Research / Beyond the Cycle A COMPLETE AND REGULAR FLOWS OF PUBLICATIONS Eco Analysis, On Our Minds, Global Economic Outlook, Beyond the Cycle (Global/Asian/European/American Themes), Special reports 7

8 GLOBAL ASSET ALLOCATION Alain BOKOBZA Head of Global Asset Allocation Paris #1 Multi Asset Research Global Asset Allocation team produces top ranked cross asset research such as the flagship Multi Asset Portfolio with a strategic asset allocation of 17 different asset classes at a 12 months outlook to help our clients, as trusted advisors to the largest institutional investors, to optimize the performance and risk profile of their assets through a diversified investment process. A FULL RANGE OF PUBLICATIONS SG Watch, Risk Premium in pictures, Multi Asset Snapshot, MAP, Special Reports 8

9 GLOBAL STRATEGY SG ALTERNATIVE VIEW Albert EDWARDS Head of Global Strategy Alternative View London Our Global strategist provides alternative and independent macro strategic views. Since 2008, his team overall is ranked #1 by Thomson Extel Survey #1 Global Strategy Best team and Best analysts FLAGSHIP PUBLICATIONS Global Strategy Weekly, Popular delusion 9

10 EQUITY GROUP: EQUITY QUANTS Andrew LAPTHORNE Head of Equity Quantitative Research #1 Equity Quant Best team and Best analysts A REGULAR FLOW OF QUANT RESEARCH PRODUCTS Global Quantitative Equity Strategists provide top-down (profit outlook, valuation, risk and style allocation), bottom-up (stock selection, M&A risk, market impact, trading strategies etc) research and model and extensive index coverage and event-orientated trading strategies. The team develops and runs the successful WISE stock selection models for US, Japan and Europe. Bespoke work forms a major part of the client offering in additional to an extensive and regular research product range Global Style Counseling, Global Earnings Estimate, Global Equity Market Arithmetic, Global Income Investor, Model updates: WISE, Switch ideas, Merton Model, Index Watch. Coverage Market leading web service exwatch.rha Major regional indices: FTSE, MSCI World and STOXX Main domestic indices: e.g CAC, DAX, FTSE, S&P

11 CROSS-ASSET QUANTITATIVE RESEARCH & MODELLING Julien TURC Head Cross-Asset Quantitative Research and Modelling Paris MAIN PUBLICATIONS The Cross Asset Quant team builds models and tailor-made services/products to help our clients in their trading and investment decisions Cross-asset Model quant funds Cross-asset dislocations Sentiment indicators Strategic investing Cross-asset volatility Capital structure Statistical modelling Asset specific FX (Spot & Options) Rates (G10, EM, Swaps & Derivatives) Equities (portfolio analystics, M&A scoring) Credit (Relative Value, Derivatives) Quant Alert, Research Articles, Models Quant Alerts Research articles Comments on model-based signals Changes in sentiment, directional signals, relative value opportunities, performance of flagship models Above 100 quantitative white papers available online X-asset models Global derivatives Credit, FX, Interest rates, equities Systematic strategies Online model updates 11

12 FIXED INCOME GROUP : RATES STRATEGY Vincent CHAIGNEAU Global Head of Rates Strategy Paris #1 Overall Trade Ideas #1 Sovereigns #4 Supranationals & Agencies #7 Securitisation & ABS #7 Covered Bonds A REGULAR FLOW OF PUBLICATIONS Rates Strategy team provides a comprehensive and highly rated offering of publications and analytics, with a focus on Trade Idea Generation. The team regularly meets investors and issuers (Sovereigns, Supranationals and Agencies) and prepares annual funding and previews new issues and auctions. Daily (European/Asian), Weekly, Fixed Income Special, Covered Bonds, Special Reports (Auction Outlook and Auction Preview, Inflation, US Rates, Cash flows, ), Analytics, Bond Outlook 12

13 FIXED INCOME GROUP : FX STRATEGY Vincent CHAIGNEAU Global Head of FX Strategy Paris Forex Strategy team constantly exchanges with the Trading in order to provide clients with the most relevant products, trade ideas and recommendations on Forex. The team works closely with Commodity specialists to generates highly rated cross-asset products such as When Commos meet FX MAIN FOREX PUBLICATIONS FX Daily (European/ Asian /US), FX Weekly and FX Strategy Specials "When Commos meet FX" combines Commodities and FX Strategy. It focuses on strong relationships and dislocations between currency / commodity pairs, and analyses the links identified through thematic approaches, fundamental research and technical analysis. 13

14 FIXED INCOME GROUP : EMERGING MARKETS STRATEGY Benoît ANNE Global Head of Emerging Markets Strategy London #3 Emerging Market Sovereigns #7 Emerging Markets Corporates The Emerging Markets Strategy team works in close cooperation with Macros and Quants teams to provide strong views and trade ideas on Emerging Markets globally. The EM products combine the expertise of GRS teams with the local footprint of our economists and strategists based in Société Générale's Eastern European subsidiaries. A GROWING RANGE OF EM PUBLICATIONS Emerging Markets Briefing, Emerging Weekly, EM Special, GEM Uncut, Focus Russia and Focus EM Europe Focus EM Europe gives in-depth insight into the main Eastern European markets, namely Russia, Poland, the Czech Republic, Romania and Hungary. It leverages the multi-asset capabilities of Société Générale Research, providing cross-asset analysis and strategy views on Eastern European assets. Focus Russia offers a cross-asset view on the Russian economy and local financial markets. 14

15 FIXED INCOME GROUP: CREDIT STRATEGY & SECTOR RESEARCH Simon SURTEES Head of Europe Credit Research London Guy STEAR Head of Asia Credit Research Hong-Kong Suki MANN Head of European Credit Strategy London Ken ELGARTEN Head of US Credit Strat & EM Credit New York #1 Overall Trade Ideas #1 - Overall Credit Strategy #1 Utilities #1 TMT #1 Non-Bank Financials institutions #2 High Yield #2 General Industries #3 Banks #4 Autos #4 - Consumers Credit Strategy and Credit Sector teams cover and provide fundamental analysis and trade recommendations. Credit Strategists provide global strategy on Debt instruments (Bonds, ABS, CDS and Derivatives). A COMPLETE OFFERING OF CREDIT PUBLICATIONS Credit daily Wrap-Up, Euro-Credit Weekly, Credit monthly, ABS monthly, US Credit Strategy Report, Special reports, Annual Outlooks, company report, Credit sector reports 290 companies covered in Europe 15

16 COMMODITIES GROUP Michael HAIGH Head of Commodities New York #1 Best Overall Commodity Research #1 Research in Oil #1 Research in Natural Gas Europe #1 Research in Base Metals #1 Research in Coal Commodities Research specialists produce large range of Fundamental and Strategic research. The team generates models, trading index, funds thematic ideas and formalizes and backtests and then pass it to structurers. Our experts pitch new product ideas and key principles to clients with the sales force. A FULL AND COMPLETE ARRAY OF COMMODITIES PUBLICATIONS Fundamental Analysis (Drivers, Special, Energy Pulse ), Investments Analysis, Trade Ideas & Technicals, Quarterly Commodities Review and Cross asset Products (When Commos meet FX, etc) 16

17 EQUITY GROUP: EQUITY SECTOR RESEARCH Fabrice THEVENEAU Head of Equity Research Paris sector teams in the top 10 A team of 80 Equity analysts 531 stocks covered Bottom-up, idea-driven products A COMPLETE AND BALANCED COVERAGE NOW GLOBAL Fundamental Reports (Company/Sector), Corporates news, Strict Database & valuation tools 17

18 SG CROSS ASSET RESEARCH COVERAGE (Stocks number under coverage) October 2010 October 2011 October 2012 February 2013 Austria Belgium Brazil Canada Denmark Finland France Germany Greece Hong Kong India Ireland Israel Italy Luxembourg Mexico Netherlands Norway Poland Portugal Russia South Africa Spain Sweden Switzerland Turkey UAE UK United States Total October 2010 October 2011 October 2012 February 2013 CAC % 92.48% 84.15% 81.87% FTSE % 68.94% 80.54% 89.10% DAX 96.00% 96.74% 93.18% 93.18% IBEX 80.10% 81.63% 79.00% 79.00% MIB 73.21% 76.70% 78.52% 78.52% SMI 90.88% 74.17% 86.37% 86.37% AEX 47.03% 29.42% 52.03% 56.25% EUROSTOXX % 84.68% 91.36% 90.76% EUROSTOXX % 64.15% 73.96% 73.86% 18

19 EQUITY SECTOR RESEARCH TEAMS HALF OF THE TEAM BASED IN LONDON London 32 Equity Analysts Paris 19 Equity Analysts New York 5 Equity Analysts Madrid 3 Equity Analysts Milan Moscow 1 Equity Analyst Warsaw 1 Equity Analyst Bengalore 3 Equity Analysts 2 Equity Analysts 19

20 EQUITY GROUP: EQUITY STRATEGY Paul JACKSON Equity Strategy London Loic de GALZAIN Equity Technical Analysis Paris Alain KAYAYAN Equity Strategy London Equity Strategy team works closely with the Economics, Global Strategy, Quant and Asset Allocation teams to develop market leading strategy products focusing on their own views as well as using input from Equity analysts. MAIN PUBLICATIONS Equity Compass, Jackson s Corner, News 20

21 EQUITY GROUP: EQUITY DERIVATIVES STRATEGY Vincent CASSOT Head of Equity Derivatives Strategy Paris The Equity Derivatives Strategy team publishes periodical and ad hoc analysis of derivatives markets together with trade ideas recommendations on a wide range of instruments and provides clients with a full package of services, from customized report to tailor made studies, offline or online with its website: MAIN PUBLICATIONS Weekly, Special reports, snapshots, Volhub 21 21

22 EQUITY GROUP: EQUITY QUANTS Andrew LAPTHORNE Head of Equity Quantitative Research #2 Equity Quant Best team and Best analysts A REGULAR FLOW OF QUANT RESEARCH PRODUCTS Global Quantitative Equity Strategists provide top-down (profit outlook, valuation, risk and style allocation), bottom-up (stock selection, M&A risk, market impact, trading strategies etc) research and model and extensive index coverage and event-orientated trading strategies. The team develops and runs the successful WISE stock selection models for US, Japan and Europe. Bespoke work forms a major part of the client offering in additional to an extensive and regular research product range Global Style Counseling, Global Earnings Estimate, Global Equity Market Arithmetic, Global Income Investor, Model updates: WISE, Switch ideas, Merton Model, Index Watch. Coverage Market leading web service exwatch.rha Major regional indices: FTSE, MSCI World and STOXX Main domestic indices: e.g CAC, DAX, FTSE, S&P

23 COOPERATIONS WITH JI ASIA, FIRSTENERGY JI ASIA and Société Générale formed the Alliance in June 2010 to create a unique Asia research and execution product for institutional clients worldwide 20 analysts Total coverage of 350 stocks - o/w 300 Japanese, 50 other Asian - o/w 150 with rating, 200 light, opportunistic coverage Common branding Distribution through SG systems Coordination with SG Macro Research Cooperation with SG Sectoral Analysts 23

24 RESEARCH CONFERENCES ALL ACROSS EUROPE At least 2 research events per year in each financial European city 110 conferences / year Flagship events of Research Premium Review Paris Annual Research Conferences Beyond Europe Conference Central Banks Conference - Paris Annual Global Strategy Conferences Quarterly conferences (Breakfasts, group lunches, cocktail presentations) Around 80 conference-calls / year Nearly 400 Roadshows / year Over 600 corporate accesses / year Ca meetings/year Building stronger bonds with Institutional clients 24

25 SG RESEARCH WEBSITE The complete range of publications is easily accessible via our website and through our dedicated ipad application. 12 main sections (Economy, Strategy, Credit, Forex, Equity ) with 5 major functionalities for each: Analytics: list of all analytics available for the chosen category SG Finder: powerful search engine on the category selected Report Browser: new possibility to browse all reports with direct access to the main story Subscriptions: direct link to the subscriptions of the selected category Analyst: dedicated page for all analysts of the chosen category New My reports page where you can browse the reports to which you are subscribed On Bloomberg terminal: new SG Research page with the keyword SGRS. Apple Store: search for SG Research Icon on your ipad: Same login as your professional address 25

26 SG LEADER IN GLOBAL CROSS ASSET RESEARCH Macro & Strategy Fixed Income #1 Global Strategy #1 Multi Asset Research #3 Global Economics 2013 #1 Overall Credit Strategy #1 Overall Trade Ideas #1 in Sovereigns #1 in 3 sector teams 2013 Commodities Equity 2013 #1 Best Overall Commodity Research #1 Research in Oil #1 Research in Natural Gas Europe #1 Research in Base Metals #1 Research in Coal #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 10 26