STRATEGY FOR SEEDING THE NEW GENERATION OF INNOVATIVE EMERGING ASSET MANAGERS

Size: px
Start display at page:

Download "STRATEGY FOR SEEDING THE NEW GENERATION OF INNOVATIVE EMERGING ASSET MANAGERS"

Transcription

1 STRATEGY FOR SEEDING THE NEW GENERATION OF INNOVATIVE EMERGING ASSET MANAGERS Alain LECLAIR, Chairman, Emergence International July 4 th,

2 PRESENTATION OF THE ROUND TABLE STRATEGY FOR SEEDING THE NEW GENERATION OF INNOVATIVE EMERGING ASSET MANAGERS INTRODUCTION: Alain LECLAIR, Chairman, Emergence SPEAKERS : Jean-Philippe BOUCHAUD, Chairman, Capital Fund Management Fabrice DUMONTEIL, CEO, Eiffel Investment Group Lionel MELKA, Chief Investment Officer & Co-Founder, Bernheim, Dreyfus &Co Philippe PAQUET, Deputy CEO, NewAlpha Asset Management 2

3 PARIS FUND INDUSTRY: LEADER IN EUROPE AND WORLDWIDE 600 PARIS-BASED ASSET MANAGEMENT COMPANIES A permanent growing number : an average of +40 per year 4 ASSET MANAGERS IN THE TOP 20 GLOBAL RANKING BILLION EUROS UNDER MANAGEMENT NUMBER ONE CENTER FOR FUND MANAGEMENT IN EUROPE (20%)and number two globally (behind the USA) Funds Financial Management* Industry in Europe EUR bn at end December 2011 France 19,6% Germany 19,1% Ireland 0,3% Luxemburg 0,5% Spain 2,0% Sweden 2,3% Belgium 2,5% Italy 4,8% Switzerland 7,5% Others 10,3% * Assets domiciliated in Luxemburg and Irland reallocated to promoter s country of origin AFG estimates USA 13,3% UK 17,8% Source: EFAMA, AFG, CSSF, IFIA

4 A COMPLEX ENVIRONMENT CREATING OPPORTUNITIES FOR THE ASSET MANAGERS CREATING NEW ACTORS: A LEADING BENCHMARK FOR DYNAMIC AND INNOVATIVE MARKET PLACES Paris is in Europe the leading place for independent Asset Management Companies International recognition of the French managers very high level of professional expertise Top education and research of the French University and Business Schools, especially in the quantitative area FOR THE FINANCIAL MARKETS AN INCREASING ROLE OF THE MARKETS TO FINANCE THE EUROPEAN ECONOMY Reinforced regulations which restrict classical banking schemes (Basel III, Solvency II, Dodd-Frank) Large pool of individual and institutional savings New asset classes : environment, energy, health FOR THE INVESTORS EMERGING CONCEPT MEETS AN INCREASING INTEREST OF GLOBAL INVESTORS New source of performance for investors Historical development in the U.S.A. via pension funds, endowment Recent developments in Europe and emerging financial places 4

5 STRONG FRENCH ENTREPRENEURIAL DYNAMICS 400 INDEPENDENT ASSET MANAGEMENT COMPANIES 150 created over the past 5 years SOME HAVING REACHED A EUROPEAN & INTERNATIONAL SIZE A permanent growing number of management companies in France HURDLES TO REACH THE 100 MILLIONS EURO UNDER MANAGEMENT THRESHOLD Too little seed-money in Paris Institutional constraints: level of participation, track-record critical mass phenomena : global investors are avert to funds with low assets under management Marketing and sales often need to be scaled up Number of companies Gross Number of companies created Breakdown of independent management companies in France by assets under management Source: AMF Source: AFG 2010 Growth of emerging asset managers is a key objective for the Paris Fund Industry 5 Source: AMF

6 A SHIFT IN FINANCING THE EUROPEAN ECONOMY EUROPEAN FINANCING STRUCTURE USA FINANCING STRUCTURE Consequences of Basel III and Solvency II Rebalancing of banking versus market financing An increasing role of third party asset management TOWARDS A NEW EQUILIBRIUM OF THE FINANCING SCHEME New constraints in investment banking activities Many experienced and talented professionals have already moved out of their Groups to launch their own asset management company * Non bank financial intermediation 6

7 SEEDING PERFECTLY MATCH INVESTORS AND MANAGERS INTERESTS (1/2) BENEFITS FOR THE HAPPY FEW : TO PROVIDE SEED MONEY TO THE MOST PROMISING AND INNOVATIVE INVESTMENT FUNDS, managed by newly created French or International Asset Managers, incorporated in France Detect Analyse Select Promote EMERGENCE : 30 MILLION EUROS AVERAGE INVESTMENT PER SEEDED FUND 7

8 SEEDING PERFECTLY MATCH INVESTORS AND MANAGERS INTERESTS (2/2) BENEFITS FOR INVESTORS : AN EFFICIENT SCREENING TOOL 100+ applications Stringent selection by the Fund advisor, NewAlpah AM A SECURED FRAMEWORK TO SEED AND MONITOR EMERGING ASSET MANAGERS Follow-up of seeded funds and managers Strong risk management of seeded funds A KEY ROLE OF THE INVESTORS IN THE GOVERNANCE AND MONITORING OF THE FUND Veto power of the Investment Comity Conflict of interests are strictly managed OPTIMIZED REGULATORY SOLVENCY II S CONSTRAINTS Transparization of the portfolio (look-through) A DOUBLE SOURCE OF REVENUES The performance of the incubated funds (3 year seeding period) Fee-sharing from seeded managers (overall 7 year period) 8

9 THE EMERGENCE FUND AN UMBRELLA CONTRACTUAL FUND A regulated tailor-made structure LARGE FRENCH AND INTERNATIONAL INVESTORS Board : Aviva, BNP Paribas Cardif, CAVP, CDC, CNP, Macif Gestion, UMR in the process of being enlarged, headed by Alain LELCLAIR INNOVATIVE INVESTORS GOVERNANCE TO PARTICIPATE to seeded managers selection Investment Committee headed by Jean-Tristan PARODI, CDC INNOVATIVE FEE-SHARING SCHEMES between EMERGENCE Fund and the seeded asset managers 30 M seed-money per investment for 3 years fee sharing for 7 years TARGETED ASSETS: MILLION EUROS for the first sub-fund (final closing 3Q12) THE FIRST SUBFUND : ABSOLUTE RETURN managed by NewAlpha AM OTHER SUBFUNDS UNDER STUDY LEGAL FRAMEWORK DESIGNED WITH GIDE LOYRETTE NOUEL AND PWC SELLAM 9

10 Overview NEWALPHA AM : THE MANAGER OF THE FIRST SUB-FUND Investment management company regulated by France s Autorité des Marchés Financiers (AMF) More than 1,500 seeding projects analyzed - 19 seeding partnerships with early stage managers $720 million in cumulative seeding investments $3 billion managed by currently partnering managers 10 professionals averaging 16 years experience NewAlpha has been awarded several times for detecting and seeding talented emerging managers Voted Best Seeding Platform in 2010 and 2011 by Hedge Funds Review Best Performing Specialist FoHF Over 3 years Award in 2011 (HFR European FoHF Awards) Best Long / Short Europe fund in 2010 (HedgeWeek) and 2011 (EuroHedge) for Melchior European NewAlpha Genesis 3 has been nominated in two categories for the World Finance 2012 Awards : Most innovative FoHF Europe and Best Seeding FoHF Europe 10

11 TYPOLOGY OF APPLICATIONS RECEIVED FOR THE SUBFUND ABSOLUTE RETURN BY INVESTMENT STRATEGY TYPE Other (6%) Volatility Arb (7%) Multi-Strategy (8%) Europe (26%) Managed Futures (6%) Global (63%) Global Macro (23%) Fixed Income (9%) Event Driven (11%) L/S Equity (31%) USA (7%) Emerging (3%) Asie (1%) BY ASSETS UNDER MANAGEMENT 11

12 CONTACTS CONTACTS EMERGENCE Alain LECLAIR, Président d Emergence / Anaële COJAN-BAUDANT, Secrétaire générale d Emergence / CONTACTS NEWALPHA AM Antoine ROLLAND, Président de NewAlpha AM Philippe PAQUET, Directeur Général en charge du Développement de NewAlpha AM / Clarisse ANGER, Directeur de la clientèle institutionnelle, NewAlpha AM / CONTACTS FINANCE INNOVATION Arnaud de BRESSON, Délégué général, Paris EUROPLACE, Directeur général FINANCE INNNOVATION

Olympia Capital Management

Olympia Capital Management Olympia Capital Management Olympia Capital Management 2 Delivering innovative solutions since 1989 An independent and experienced team Founded in 1989 to manage funds of hedge funds Richmond Park: an active

More information

Moderator Antoine Valdes, Founder and Chief Executive Officer, Alto Invest

Moderator Antoine Valdes, Founder and Chief Executive Officer, Alto Invest Update 03/04/2015 RG Main conference (round tables) held in English One to few meetings sessions held in German, in English and in French Location Schellenberg Wittmer Zurich office www.swlegal.ch Löwenstrasse

More information

Round Table 16:00 18:00 Share Innovative Solutions To Face Global Concerns

Round Table 16:00 18:00 Share Innovative Solutions To Face Global Concerns Round Table 16:00 18:00 Share Innovative Solutions To Face Global Concerns Paris Europlace Forum, Paris, July 11, 2013 Pierre Bollon, Director General, AFG 1 Presentation of Paris Fund Industry A collective

More information

Presentation FOURPOINTS. July 2013

Presentation FOURPOINTS. July 2013 Presentation FOURPOINTS Investment Managers July 2013 2 Company Profile FOURPOINTS, the new management company created by the merger of PIM Gestion France and IT Asset Management FOURPOINTS is the result

More information

Paris Fund Industry Forum INVITATION

Paris Fund Industry Forum INVITATION INVITATION Zurich, Wednesday 29th May 2013 Park Hyatt Hotel Share innovative solutions to face global concerns The first annual forum held in Switzerland will focus primarily on answering the needs of

More information

Asset Management. A Commitment to Excellence

Asset Management. A Commitment to Excellence Asset Management A Commitment to Excellence Our core aspirations, which we share with our partners and customers, are deeply rooted in the culture of a group which puts excellence before its other commitments

More information

Only a leader in Alternative Investments can offer you such a choice

Only a leader in Alternative Investments can offer you such a choice Only a leader in Alternative Investments can offer you such a choice together to the essence Dexia Asset Management, a European leader in Alternative Investments n An Alternative manager since 1996 n World

More information

DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP

DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP European Funds Practice DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP European Funds Practice Dechert s international Financial Services Practice features an industry-leading group of experienced

More information

8:30 AM 8:35 AM Welcome Address by Frank Herring, Partner - Frankfurt am Main, Allen & Overy

8:30 AM 8:35 AM Welcome Address by Frank Herring, Partner - Frankfurt am Main, Allen & Overy Latest version: 05/09/2014 8:00 AM - 8:30 AM Registration 8:30 AM 8:35 AM Welcome Address by Frank Herring, Partner - Frankfurt am Main, Allen & Overy 8:35 AM 8:45 AM Opening address by Paul-Henri de La

More information

The Asset Management Working Group

The Asset Management Working Group Finance Initiative Innovative financing for sustainability The Asset Management Working Group What, why, who? Environmental and social issues count. Goldman Sachs Global Investment Research, February 2004.

More information

Paris Orléans. Full year 2013/2014 results presentation

Paris Orléans. Full year 2013/2014 results presentation Paris Orléans Full year 2013/2014 results presentation 25 June 2014 Contents Sections 1 Highlights of 2013/2014 2 2 Business review 4 3 Financial review 9 Appendices 23 1 1. Highlights of 2013/2014 1.

More information

Fund Services Intelligence

Fund Services Intelligence Fund Services Intelligence AIF & UCITS platforms Launching or transferring your vehicle Processing risk management Providing investment management Servicing your structure We look after regulatory tasks

More information

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND

ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND For professional investors only A NEW OPPORTUNITY Absolute return funds offer an attractive, alternative source of alpha outright or as part of a balanced

More information

Amundi ETF & Indexing Research Chair with Edhec Risk Institute Results of The EDHEC European ETF Survey 2014

Amundi ETF & Indexing Research Chair with Edhec Risk Institute Results of The EDHEC European ETF Survey 2014 Amundi ETF & Indexing Research Chair with Edhec Risk Institute Results of The EDHEC European ETF Survey 2014 Les Echos Forum de l Asset Management 15 April 2015 Introduction Amundi ETF & Indexing is pleased

More information

PRESS RELEASE AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007)

PRESS RELEASE AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007) PRESS RELEASE Paris, September 18, 2007 AXA ANNOUNCES THE SUBSCRIPTION PRICES FOR 2007 EMPLOYEE SHARE OFFERING (SHAREPLAN 2007) The subscription prices for AXA s 2007 employee share offering (Shareplan

More information

Rothschild & Cie Gestion. Paris Europlace

Rothschild & Cie Gestion. Paris Europlace Rothschild & Cie Gestion Paris Europlace July 11, 2013 Contents Sections 1 Rothschild Group 2 2 Rothschild & Cie Gestion 6 3 Rothschild HDF Investment Solutions 10 4 International business coverage 13

More information

A Cross Border One Stop Shop for Alternative Investments Managers

A Cross Border One Stop Shop for Alternative Investments Managers A Cross Border One Stop Shop for Alternative Investments Managers Architects of Alternative Investments Solutions A boutique dedicated to the Alternative Investments community Reinhold & Partners is a

More information

The Universal Management Company

The Universal Management Company The Universal Management Company Jean Devambez, BNP Paribas Securities Services Claude Niedner, Arendt & Medernach Christopher Stuart-Sinclair, Deloitte 25 October 2013 The Universal Man Co: combine your

More information

Natixis Asset Management announces the creation of, Mirova, a management company

Natixis Asset Management announces the creation of, Mirova, a management company Paris, 6 January 2014 Natixis Asset Management announces the creation of, Mirova, a management company 2/2 In order to accelerate the development of its responsible investment activities, Natixis Asset

More information

Allianz Roadshow USA November 2000

Allianz Roadshow USA November 2000 Investor Relations Allianz Roadshow USA November 2000 AV Medienzentrale 10.00 I. Introduction Who are we? Henning Schulte-Noelle Chairman and CEO Paul Achleitner Finance Joachim Faber Asset Management

More information

FRANCE GERMANY SPAIN USA CANADA SINGAPORE

FRANCE GERMANY SPAIN USA CANADA SINGAPORE Summary Track Record Introduction to Inovalis Business Model Inovalis Team 2 I N T RO D U C T I O N T O Introduction 1998 Inovalis was established in 1998 in Paris by three Associates who are still managing

More information

AXA INVESTMENT MANAGERS

AXA INVESTMENT MANAGERS AXA INVESTMENT MANAGERS Entering a new phase of growth Investor Day November 20, 2014 Andrea ROSSI CEO AXA Investment Managers Member of the AXA Group Executive Committee Certain statements contained herein

More information

LOREM IPSUM DOLORES TEUM

LOREM IPSUM DOLORES TEUM PARIS FUND INDUSTRY: THE SMART CHOICE LOREM IPSUM DOLORES TEUM Smart, Innovative and Secure Smart, Innovative and Secure TABLE OF CONTENTS 01 Foreword 02 Key figures 05 Best performances for investors

More information

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE 2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading

More information

Portfolio performance and risk analysis solutions. A one-stop solution for all your client reporting, performance, attribution and risk needs

Portfolio performance and risk analysis solutions. A one-stop solution for all your client reporting, performance, attribution and risk needs Portfolio performance and risk analysis solutions A one-stop solution for all your client reporting, performance, attribution and risk needs UNDERSTAND and explain your performance You need to be able

More information

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015 Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth

More information

Fiduciary Management at BNP Paribas Investment Partners A true partnership approach. For Professional Investors

Fiduciary Management at BNP Paribas Investment Partners A true partnership approach. For Professional Investors Fiduciary Management at BNP Paribas Investment Partners A true partnership approach For Professional Investors By taking the fiduciary journey with us, you are engaging in a true working partnership,,

More information

Vote for growth, seize US equities potential. For professional investors

Vote for growth, seize US equities potential. For professional investors Vote for growth, seize US equities potential For professional investors Vote for growth, seize US equities potential I October 2012 I 2 Why US EquitieS at BNP Paribas Investment Partners? A strong history

More information

Alain Schmitt Directorate General for Enterprise October 14 th, 2014

Alain Schmitt Directorate General for Enterprise October 14 th, 2014 Alain Schmitt Directorate General for Enterprise October 14 th, 2014 I. Facts and figures about innovation in France II. Startup financing III. Entrepreneurship culture and ecosystems Worldwide ranking

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Carlo Comporti Committee of European Securities Regulators (CESR) 11-13, Avenue de Friedland 75008 Paris. Paris, 23 December 2009. Ref.

Carlo Comporti Committee of European Securities Regulators (CESR) 11-13, Avenue de Friedland 75008 Paris. Paris, 23 December 2009. Ref. EP/BDG/VH- n 2646_12/Div. Carlo Comporti Committee of European Securities Regulators (CESR) 11-13, Avenue de Friedland 75008 Paris Paris, 23 December 2009 AFG RESPONSE TO CESR S CONSULTATION ON A COMMON

More information

Green, Social and Ethical Funds in Europe Review. November 2015

Green, Social and Ethical Funds in Europe Review. November 2015 Green, Social and Ethical Funds in Europe 2015 Review November 2015 All rights reserved. Reproduction and dissemination of material in this report for educational or other non-commercial purposes are authorised

More information

Model Portfolio Platform Service (For Professional Advisers only)

Model Portfolio Platform Service (For Professional Advisers only) Model Portfolio Platform Service (For Professional Advisers only) 2 Portfolio solutions well managed Accessible : risk-graded : trusted research Novia, Transact, Standard Life and Brown Shipley 12 Collective

More information

Opalesque Round Table Series FRANCE. Opalesque 2011 Roundtable Series Sponsor: opalesque.com

Opalesque Round Table Series FRANCE. Opalesque 2011 Roundtable Series Sponsor: opalesque.com Opalesque Round Table Series FRANCE Opalesque 2011 Roundtable Series Sponsor: opalesque.com Editor s Note Fostered by a range of innovative initiatives from French asset management associations, regulators,

More information

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European

More information

2013 AT A GLANCE. A responsible bank, committed to you

2013 AT A GLANCE. A responsible bank, committed to you 2013 AT A GLANCE A responsible bank, committed to you ProfilE Whether across Europe or around the globe, BNP Paribas provides all its clients with the banking solutions they need to achieve their goals.

More information

We Protect, You Perform

We Protect, You Perform Copyright Active Asset Allocation 2013 We Protect, You Perform Copyright Active Asset Allocation 2013 Our vision Our values Active Asset Allocation puts in practice a responsible approach to preserve the

More information

Acquisition of PIMCO. Munich, November 1 st, 1999

Acquisition of PIMCO. Munich, November 1 st, 1999 Acquisition of PIMCO Munich, November 1 st, 1999 Cornerstones of a strategic transaction 4 Profiles Allianz Largest global insurance company Strong European asset management operations Strong European

More information

Canada Life Manager-of-Managers

Canada Life Manager-of-Managers Canada Life Manager-of-Managers Contents What is the Manager-of-Managers approach to investing? What are the benefits to investors? Is this a new approach to investing? Who are SEI? Key facts SEI global

More information

Asset Management in Europe: Facts and Figures. EFAMA s Second Annual Report

Asset Management in Europe: Facts and Figures. EFAMA s Second Annual Report Asset Management in Europe: Facts and Figures EFAMA s Second Annual Report April 2009 Table of Contents 1 Key Findings... 3 2 Key Figures at end 2007... 4 3 Introduction... 5 3.1 The EFAMA s Annual Asset

More information

HERMÈS INTERNATIONAL

HERMÈS INTERNATIONAL HERMÈS INTERNATIONAL Circular on Share Buyback Programme Authorised by the Annual General Meeting of Shareholders as of 4 June 2013 This circular has been drawn up in accordance with Articles 241-1 et

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information

La Française and Inflection Point Capital Management sign Japan s Stewardship Code

La Française and Inflection Point Capital Management sign Japan s Stewardship Code Press Release, February 4, 2015 La Française and Inflection Point Capital Management sign Japan s Stewardship Code Two European investment companies, behind a dynamic joint venture partnership forging

More information

Quarterly Indicators for the Nine Months Ended 30 September 2015. Attributable net profit for the period of 875 million, up 3.9%.

Quarterly Indicators for the Nine Months Ended 30 September 2015. Attributable net profit for the period of 875 million, up 3.9%. PRESS RELEASE Paris 5 November, 2015 Quarterly Indicators for the Nine Months Ended 30 September 2015 Attributable net profit for the period of 875 million, up 3.9%. CNP Assurances, the leading personal

More information

FUNDING INNOVATION IN

FUNDING INNOVATION IN FUNDING INNOVATION IN EUROPE Jean-David Chamboredon CEO of ISAI «Ze» French Internet Entrepreneurs Fund jdc@isai.fr 05/09/2012 - ISAI @ MICS Final Event - 1 About me Started with Cap Gemini, where I spent

More information

HEDGING FX RISK. Taking stock of the challenge for mid-caps and SMEs

HEDGING FX RISK. Taking stock of the challenge for mid-caps and SMEs HEDGING FX RISK Taking stock of the challenge for mid-caps and SMEs Published in association with A research report by ABOUT KANTOX Kantox is the alternative to traditional FX products and services offered

More information

Antony Jenkins Deutsche Bank Global Financial Services Investor Conference

Antony Jenkins Deutsche Bank Global Financial Services Investor Conference 7 June 2011 Antony Jenkins Deutsche Bank Global Financial Services Investor Conference Good morning and thank you all for coming. I want to start by thanking Deutsche Bank for inviting me to speak on behalf

More information

Three Pillar Approach - Getting the most out of commodities

Three Pillar Approach - Getting the most out of commodities Three Pillar Approach - Getting the most out of commodities Contents Investment Strategy Why Invest The Three Pillars Risk & Liquidity Regulation Investor Protection Fund Structure Key Partners Fund Features

More information

Alternative Investment

Alternative Investment 27 / 09 / 2004 SOCIETE GENERALE INVESTOR DAY Alternative Investment Alain Clot, Chief Executive Officer SG AM Group Philippe Brosse, Chief Executive Officer SG AM AI Christophe Mianné, Global Head of Equity

More information

BONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re

BONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re BONDING AMAN UNION November 21 st, 2012 Daniel Stausberg Atradius Re 0 Bonds Presentation - Agenda Introduction 1 - Overview Global Bonding Market 2 - Products 3 - Characteristics 4 - Atradius Re s expertise

More information

Fiduciary Management. What it should deliver to your fund

Fiduciary Management. What it should deliver to your fund Fiduciary Management What it should deliver to your fund The Concept Fiduciary Management is a comprehensive investment management service which enables institutional investors to realise their strategic

More information

Internal policy relating to trading in securities and compliance with French laws and regulations applicable to insider trading.

Internal policy relating to trading in securities and compliance with French laws and regulations applicable to insider trading. «In case of a doubt concerning the interpretation of the text please note that the French document will take precedence. Valeo Internal policy relating to trading in securities and compliance with French

More information

Study of Australian Superannuation Fund attitudes to Private Equity investing

Study of Australian Superannuation Fund attitudes to Private Equity investing Study of Australian Superannuation Fund attitudes to Private Equity investing Australian study 2005 FOREWORD In Australia, superannuation funds are a major source of capital for the development of the

More information

Profile RETAIL BANKING INVESTMENT SOLUTIONS CORPORATE AND INVESTMENT BANKING

Profile RETAIL BANKING INVESTMENT SOLUTIONS CORPORATE AND INVESTMENT BANKING 2012 AT A GLANCE Profile Whether across Europe or around the globe, BNP Paribas provides all its clients with the banking solutions they need to achieve their goals. Our branches and offices in 80 countries

More information

master-feeder structures: made in luxembourg UCITS IV

master-feeder structures: made in luxembourg UCITS IV master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of

More information

Extending the Frontier of the Euro Market? Analysing the Potential of a 50-year OAT. February 2005

Extending the Frontier of the Euro Market? Analysing the Potential of a 50-year OAT. February 2005 Extending the Frontier of the Euro Market? Analysing the Potential of a 50-year OAT February 2005 The Need for Ultra-long-dated Bonds Investor Feedback The AFT Approach 1 The Need for Ultra-long-dated

More information

Aviva France Bruno Rostain

Aviva France Bruno Rostain Aviva France Bruno Rostain Avivaplc Aviva s market position and prospects Antarius (Crédit du Nord) AFER Financial results and conclusions Appendix: Aviva s unit-linked fund performance Slide 18 French

More information

Pensions Age Spring Conference

Pensions Age Spring Conference Pensions Age Spring Conference Franck Dargent Deputy CEO London Stock Exchange, 20 th April 2012 This document contains information intended for use with Institutional Investors and Investment Professionals

More information

AFG would like to stress an important issue which is the way entities enter into these operations.

AFG would like to stress an important issue which is the way entities enter into these operations. AGA n 4342/Div FSB Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland Paris, 15 December 2014 AFG response to the FSB s consultation on Strengthening

More information

Message from the Partners

Message from the Partners In Brief In Brief March 2016 Our primary responsibility is for the interests of our clients. As a matter of principle all partners are available to meet clients and do so regularly. 1 Message from the

More information

Foreign collective investment schemes Changes - February, 2008

Foreign collective investment schemes Changes - February, 2008 Foreign collective investment schemes Changes - February, 2008 Approved for distribution in or from Switzerland: Cazenove International Fund Plc - The Cazenove Strategic Debt Fund FIRST INDEPENDENT FUND

More information

WE RE AT YOUR SIDE BNP PARIBAS GROUP IN LUXEMBOURG. Data up to date as at 31/12/2011

WE RE AT YOUR SIDE BNP PARIBAS GROUP IN LUXEMBOURG. Data up to date as at 31/12/2011 WE RE AT YOUR SIDE BNP PARIBAS GROUP IN LUXEMBOURG 2012 Data up to date as at 31/12/2011 BNP Paribas in Luxembourg Established since 1919 4,000 employees 3 business areas: Retail Banking, Investment Solutions,

More information

European Portfolio Advisory Group Market update

European Portfolio Advisory Group Market update European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory

More information

www.pwc.lu Closed-end investment funds in Luxembourg: market overview following the enforcement of the AIFMD 16 October 2014

www.pwc.lu Closed-end investment funds in Luxembourg: market overview following the enforcement of the AIFMD 16 October 2014 www.pwc.lu Closed-end investment funds in Luxembourg: market overview following the enforcement of the AIFMD Agenda I. Investment vehicles in Luxembourg - overview II. Closed-ended funds in Luxembourg

More information

Your Factor of growth

Your Factor of growth Your Factor of growth factoring.bnpparibas.com Set your financial goals Your Needs Does your growth require extra working capital? Do you need additional funding? Are you looking for discounts from your

More information

2012 Preqin Global Investor Report: Hedge Funds

2012 Preqin Global Investor Report: Hedge Funds 2012 Preqin Global Investor Report: Hedge Funds alternative assets. intelligent data. Foreword Although 2011 was another disappointing year for hedge fund performance, 2012 has had a strong start, despite

More information

CHINESE AND EUROPEAN CAPITAL MARKETS NEXT STEPS TOWARDS GLOBALISATION

CHINESE AND EUROPEAN CAPITAL MARKETS NEXT STEPS TOWARDS GLOBALISATION Hong Kong Financial Forum co-organized with CHINESE AND EUROPEAN CAPITAL MARKETS NEXT STEPS TOWARDS GLOBALISATION Hong Kong September 24 2007 JW MARRIOTT HOTEL Paris EUROPLACE is the organization whose

More information

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV ) 69, route d Esch L-1470 Luxembourg

More information

BNP PARIBAS INVESTMENT SOLUTIONS Savings, investment and insurance for all our clients needs

BNP PARIBAS INVESTMENT SOLUTIONS Savings, investment and insurance for all our clients needs BNP PARIBAS INVESTMENT SOLUTIONS Savings, investment and insurance for all our clients needs INVESTMENT SOLUTIONS EXECUTIVE COMMITTEE We would like to thank our 26,160 employees around the world for their

More information

Wealth Management Survey 2014. Luxembourg

Wealth Management Survey 2014. Luxembourg Wealth Management Survey 2014 Luxembourg INTRODUCTION In 2011, EDOUARD FRANKLIN issued the third edition of the Luxembourg Wealth Management Survey in a very chaotic economic context. In a three years

More information

SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL

SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL Mutual fund in compliance with European regulations SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL Summary: Name: SSgA World Index Equity Fund. Legal form: French open-ended investment

More information

AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris

AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris Paris, 30 January 2014 AFG comments to ESMA s consultation paper on the Revision of the provisions on diversification of collateral in ESMA s guidelines

More information

CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS

CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS Carmignac Gestion welcomes the publication of the Green Paper and congratulates the European

More information

The Italian Asset Management market

The Italian Asset Management market key figures 23 April 2014 Research Department 1. Summary statistics Open-end funds Mandates The recent mkt recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales

More information

European Money Market Mutual Fund Survey on Regulation: Summary Results & Analysis

European Money Market Mutual Fund Survey on Regulation: Summary Results & Analysis European Money Market Mutual Fund Survey on Regulation: Summary Results & Analysis 2013 Treasury Strategies, Inc. All rights reserved. Executive Summary Treasury Strategies, the leading consulting firm

More information

AGENDA. 17.00 17.15 Registration and welcome Drink 17.15 17.30 ishares Switzerland and the future of the Swiss Platform for investors

AGENDA. 17.00 17.15 Registration and welcome Drink 17.15 17.30 ishares Switzerland and the future of the Swiss Platform for investors Swiss ETF Event Zurich, 22 October 2014 AGENDA 17.00 17.15 Registration and welcome Drink 17.15 17.30 ishares Switzerland and the future of the Swiss Platform for investors Sven Württemberger Director,

More information

Q&A for changes to Vanguard s Ireland-domiciled fund range

Q&A for changes to Vanguard s Ireland-domiciled fund range Q&A for changes to Vanguard s Ireland-domiciled fund range As we broaden our presence in Europe, we are able to enhance our product suite by reducing costs and introducing a new share class structure designed

More information

Solvency II and key considerations for asset managers

Solvency II and key considerations for asset managers 120 Solvency II and key considerations for asset managers Thierry Flamand Partner Insurance Leader Deloitte Luxembourg Xavier Zaegel Partner Financial Risks Leader Deloitte Luxembourg Sylvain Crepin Director

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT AUGUST 2015 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q2 2015 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

Poxel Raises 16 million in a Series A Financing to Accelerate Pipeline Development

Poxel Raises 16 million in a Series A Financing to Accelerate Pipeline Development Poxel Raises 16 million in a Series A Financing to Accelerate Pipeline Development Lyon, France, July 8, 2010 -, a diabetes drug development specialist, announces today that it has raised 16 million (USD

More information

PHOTO. for alternative investments

PHOTO. for alternative investments PHOTO αsuite for alternative investments Understanding the challenges The alternative investment industry is developing at an ever increasing rate with new markets and vehicles, as trading strategies and

More information

REPORT ON FUNDS OF HEDGE FUNDS

REPORT ON FUNDS OF HEDGE FUNDS REPORT ON FUNDS OF HEDGE FUNDS FINAL REPORT REPORT OF THE TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS JUNE 2008 REPORT ON FUNDS OF HEDGE FUNDS Table of Contents Page

More information

The Italian Asset Management market

The Italian Asset Management market key figures Research Department 1. Summary statistics Open-end funds Mandates The recent mkt recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund /

More information

Implementing ESG Criterias in Fixed Income Strategies June 2015

Implementing ESG Criterias in Fixed Income Strategies June 2015 Implementing ESG Criterias in Fixed Income Strategies June 2015 For investment professionals only Natixis Global Asset Management Overview Global, affiliate-based organization Each of our affiliates manages

More information

HSBC Securities Services: UK Tax Transparent Funds for Insurers

HSBC Securities Services: UK Tax Transparent Funds for Insurers HSBC Securities Services: UK Tax Transparent Funds for Insurers Global Banking and Markets Cutting complexity to enhance growth The introduction of a UK domicile Tax Transparent Fund, also known as the

More information

France Telecom Orange investor day conquests 2015

France Telecom Orange investor day conquests 2015 France Telecom Orange investor day conquests 2015 adapt to conquer Stéphane Richard Chairman & CEO May 31 st, 2011 cautionary statement This presentation contains forward-looking statements about France

More information

Asset Management in the UK 2014-2015

Asset Management in the UK 2014-2015 ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

The French La Poste and Swiss Post announce launch of ASENDIA, combining their international mail activities

The French La Poste and Swiss Post announce launch of ASENDIA, combining their international mail activities July 9, 2012 International Mail The French La Poste and Swiss Post announce launch of ASENDIA, combining their international mail activities ASENDIA is present with subsidiaries in the US The French La

More information

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services.

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services. INDEX SERIES FTSE PUBLICATIONS FTSE ETF Issuer Services. BEIJING BOSTON DUBAI HONG KONG LONDON MILAN MUMBAI NEW YORK PARIS SAN FRANCISCO SHANGHAI SYDNEY TOKYO FTSE FTSE Group ( FTSE ) is a world-leader

More information

Présentation Investisseurs / Investor Presentation PROGRAMME

Présentation Investisseurs / Investor Presentation PROGRAMME Présentation Investisseurs / Investor Presentation PROGRAMME 12.15 13.30 Accueil Buffet 12.15 13.30 Welcome Buffet 13.30 17.00 SFDI, une plate-forme de croissance pour BNP Paribas - Introduction (Pierre

More information

Property & Casualty: AXA Direct

Property & Casualty: AXA Direct Investor Day 4 December, 2013 Property & Casualty: AXA Direct Stéphane Guinet CEO, AXA Global Direct Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking

More information

Investors Day 2012 Swiss Life Asset Managers. Patrick Frost, Group Chief Investment Officer Zurich, 28 November 2012

Investors Day 2012 Swiss Life Asset Managers. Patrick Frost, Group Chief Investment Officer Zurich, 28 November 2012 Investors Day 2012 Swiss Life Asset Managers Patrick Frost, Group Chief Investment Officer Zurich, 28 November 2012 Key messages Swiss Life Asset Managers aims to significantly increase its external customer

More information

Proposed friendly tie-up between Sopra and Steria to create a European leader in digital transformation

Proposed friendly tie-up between Sopra and Steria to create a European leader in digital transformation Proposed friendly tie-up between Sopra and Steria to create a European leader in digital transformation Combined revenue of 3.1bn and a group boasting over 35,000 professionals, located in 24 countries,

More information

Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update

Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit

More information

keep reaching The founders of change are people like you. Let us accompany you with financial solutions for all your banking and investment needs.

keep reaching The founders of change are people like you. Let us accompany you with financial solutions for all your banking and investment needs. 2011 AT A GLANCE The founders of change keep reaching are people like you. Let us accompany you with financial solutions for all your banking and investment needs. The poster opposite and the one on the

More information

FINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective

FINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective FINANCIAL RESEARCH SEPTEMBER 2015 Auto ABS from an EDW-Perspective MANAGEMENT SUMMARY 1. This analysis builds on our study Fasten Your Seatbelts - European Auto ABS on the Rise, in which we undertook a

More information

AMUNDI ETF MSCI GERMANY UCITS ETF

AMUNDI ETF MSCI GERMANY UCITS ETF AMUNDI ETF MSCI GERMANY UCITS ETF Semi-Annual report September 2015 AMUNDI S UCITS Fund manager : AMUNDI Delegated fund accountant : CACEIS FUND ADMINISTRATION FRANCE Custodian : CACEIS BANK FRANCE Auditors

More information

I. French money market... 3. Overview... 3. Definition: the whys and hows of the money market... 3. Size and recent trends... 4

I. French money market... 3. Overview... 3. Definition: the whys and hows of the money market... 3. Size and recent trends... 4 Contents I. French money market... 3 Overview... 3 Definition: the whys and hows of the money market... 3 Size and recent trends... 4 Back to classic money market funds... 5 calling for SRI... 5 II. SRI

More information

Crédit Agricole Asset Management Nextra: An ambitious European project in the Asset Management Industry. Press conference, Milan, January 10 th, 2006

Crédit Agricole Asset Management Nextra: An ambitious European project in the Asset Management Industry. Press conference, Milan, January 10 th, 2006 Crédit Agricole Asset Management Nextra: An ambitious European project in the Asset Management Industry Press conference, Milan, January 10 th, 2006 Content Rationale of the deal Description of the transaction

More information