Paris Fund Industry Forum

Transcription

1 Paris Fund Industry Forum Zurich, Wednesday 29th May 2013 Park Hyatt Hotel Share Innovative Solutions To Face Global Concerns Lead sponsors

2 PROGRAM Registration and Coffee Welcome address by Paul-Henri de La Porte du Theil Chairman, AFG (French Asset Management Association) Opening address by His Excellency Mr Michel Duclos French Ambassador to Switzerland How to benefit from a dynamic fund industry in a (post-)crisis environment The key competitive advantages of the Paris fund ecosystem A comprehensive and efficient service offering best in class depositaries, fund administrators and asset service providers Cross-border dimension of the Paris fund Industry Advantages of Paris fund centre for Swiss-based investors and professionals Moderator: Isabelle Hamel, Director, PWC Asset Management Regulatory Speakers: - Stéphane Toullieux, Chief Executive Officer, Financière de l Echiquier - Eric Dérobert, Group Head of Public Affairs, CACEIS - Didier Saint-Georges, Member of the Investment Committee, Carmignac Gestion - Virginie Louvel-Loreal, Partner, Landwell & Associés - Emmanuel Doumas, Deputy Head of Savings and Financial Markets Division, French Treasury Coffee Break & Personal Meetings Innovative asset management: what are the key trends? Drivers of change in the asset management industry: investment economics, demographic factors, industry dynamics, behavioral finance Low interest rates environment: the quest for innovative yield: debt funds (real estate, infra structure, non-listed small companies), closed-ended funds New ideas in Asset Allocation: reaching objectives in a constrained environment Equity funds: alignment of investment time-horizons with fundamentals of target companies Impact of banking and insurance regulatory changes on the asset management industry Moderator: Jean-François Bay, Chief Executive Officer, Morningstar France Speakers: - Henri Chabadel, Head of Investment Solutions, Groupama Asset Management - Jean-Marie Mercadal, Deputy Chief Executive Officer, OFI Asset Management - Patrick Rivière, Managing Director, La Française Group - Nicola Vasta, Chief Executive Officer, CCR Asset Management - Muriel Faure, Chief Executive Officer, FOURPOINTS Investment Managers and Vice-Chairperson, AFG (French Asset Management Association).

3 Program Address by Raoul Wuergler Deputy Secretary General, Association of Foreign Banks in Switzerland Lunch Break followed by Personal Meetings How to strike a balance between transparency, innovation and risk? Transparency and reporting towards investors Risk management and portfolio management processes The role of the French regulator Financial innovation and quantitative strategies Innovation and defensive strategy: low volatility and option based approaches Contribution of emerging managers to innovation and investor protection Moderator: Valérie Lazaro, Head of Fund Analysis and Reporting Production, EuroPerformance a SIX Company Speakers: - François BONNIN, Chief Executive Officer and Founding Partner, John Locke Investments - Denis PANEL, Chief Investment Officer, THEAM, BNP Paribas Investment Partners - Stéphane MAUPPIN-HIGASHINO, Head of the Investment Specialists Team, Amundi - Alain LECLAIR, Chairman, EMERGENCE - the French Emerging Asset Manager Seeding Platform - Natasha CAZENAVE, Head of Asset Management Regulation Policy Division, AMF (Autorité des Marchés Financiers) Address by Ed Moisson Head of UK & Cross-Border Research, Lipper Coffee Break & Personal Meetings End of Paris Fund Industry Forum 3rd edition

4 personal meetings q q q Low volatility management Denis Panel, Chief Investment Officer, THEAM, BNP Paribas Investment Partners q q q AIFM and Switzerland: a view from both sides EU and Switzerland Philippe Bens, Managing Director, CACEIS (Switzerland) SA q q q Positive returns in difficult markets: Carmignac Patrimoine range Marco Fiorini, Head of Country Switzerland, Carmignac Gestion q q q Volatility management Hatem Dohni, Co-Chief Investment Officer, and Régis Gaston-Breton, Head of International Sales, CCR Asset Management q q q Which potential for quality growth stocks in the current low growth environment? Franz Weis, Senior Portfolio Manager, COMGEST q q q European best picks: where is the hunt? Stéphane Toullieux, Chief Executive Officer, and Jérôme Blanc, Head of International Development, Financière de l Echiquier q q q Systematic asset management: is it of any value? François Bonnin, Chief Executive Officer and Founding Partner, John Locke Investments q q q Investing in French commercial real estate: what are the opportunities in 2013? Stephen Ferly, International Sales Manager La Française AM International and Marc bertrand, Managing Director, La Française Real Estate Managers q UCITS credit arbitrage strategy Stanislas Grenet, Portfolio Manager, and Charles Soullard, Head of Sales, OFI Asset Management q q US Equities Market, time to invest! Jean-Marie Mercadal, Deputy Chief Executive Officer, and Charles Soullard, Head of Sales, OFI Asset Management q q q How sector allocation can be a genuine source of performance Tristan Abet, Head of Portfolio Management, OpenMind Asset Management q q q Investing in the leaders benefiting from global growth Muriel Faure, Chief Executive Officer and Michel Raud, Chief Investment Officer, FOURPOINTS IM q q q How to get access to a performing Paris fund marketed internationally: Rouvier Evolution Albert Veyrenc, Deputy Managing Director, CM-CIC Securities, and Philippe Lang, Fund Manager, Partner and Head of the Swiss Branch, Rouvier Associés q q q Investing in European infrastructure and real estate debt René Kassis, Managing Director, Head of Infrastructure and Real Estate Debt Fund and Thibault Vitry, Relationship Manager, La Banque Postale Asset Management

5 PRESENTED BY The Association Française de la Gestion Financière (AFG) represents asset management play ers based in France and in all asset management segments, both discretionary asset management (mandates) and collective funds. These professionals manage 2,600 billion in assets, of which more than 1,300 billion in collective form (Europe s leader, and second worldwide after the USA). The brand Paris Fund Industry gathers together the whole Paris-based investment fund value chain: asset managers, custodians, lawyers, auditors, Paris-Euro place, the French regulator (the AMF) and the French Treasury. In its role, Paris Fund Industry aims in particular at assisting non-french professional investors who plan to make use of a Paris-based manager, invest in a Paris-domiciled fund or launch Parisdomiciled funds (UCITS or AIFs). It also aims at bringing information to foreign service providers regarding the facts and figures as well as the regulatory framework applicable to the highly competitive Paris fund centre. The dynamism of the French fund industry is shown by facts: more than 80,000 fund professionals are located in France (one quarter of the whole EU); Paris is the 1st centre for fund management in Europe, and the 2nd centre for fund domiciliation in Europe. LEAD SPONSORS Amundi ranks second in Europe and ninth worldwide among the players in asset management with billion under management. Located at the heart of the main investment regions in some 30 countries, Amundi offers a comprehensive range of products covering all asset classes and major currencies. Amundi has developed savings solutions to meet the needs of more than 100 million retail customers worldwide and designs innovative, high-performing products for institutional clients which are tailored specifically to their requirements and risk profile. It contributes to funding the economy by orienting savings toward company development.benefiting from the support of two powerful banking groups, Crédit Agricole and Société Générale, Amundi aims to establish itself as a leading European asset management. BNP Paribas Investment Partners is the dedicated autonomous asset management business of the BNP Paribas Group. BNP Paribas Investment Partners offers the full range of investment management services to both institutional and retail clients around the world. Central to the way we work is the concept of partnership both in terms of how we behave as a family of companies and our relationships with our clients. Around 800 investment professionals work across our network of some 60 investment centres, each specialising in a particular asset class or type of product. With total assets under management of EUR 502 billion, BNP Paribas Investment Partners is the 6th-largest asset manager in Europe. CACEIS is one of the world s market leaders in asset servicing and the largest depositary bank and premier fund administrator in Europe, holding assets under custody of 2.5 trillion and assets under administration of 1.3 trillion for institutional and corporate clients. Through an extensive network of offices spanning Europe, North America and Asia, CACEIS offers a broad range of services covering depositary and custody, fund administration, middle office outsourcing, derivatives clearing, forex, securities lending, fund distribution support and issuer services. With strong yet steady expansion in terms of assets, clients and geographical coverage, and the solid support of our principal shareholder Crédit Agricole, CACEIS has proven itself a reliable and capable asset servicing partner. Founded in 1989 by Edouard Carmignac, Carmignac Gestionis one of the leading asset management companies in Europe today. Its share capital is held entirely by its managers and staff.in this way, the company s long term viability is ensuredby a stable shareholding structure, reflecting its spiritof independence. This fundamental value ensures thefreedom required for a successful and renowned portfoliomanagement. With 54 billion in assets under management, Carmignac Gestion has developed a comprehensive range of 18 funds across all asset classes equities, bonds and multi-strategy, as well as mandate offering. Our funds are actively distributed in 11 European countries: France, Luxembourg, Switzerland, Belgium, Italy, Germany, Spain, Netherlands, Austria, Sweden and the United Kingdom. A subsidiary of UBS Global Asset Management in France CCR AM results from the merger of the asset management subsidiaries of CCR Group with UBS Global Asset Management (France) SA in A presence in all the Third-Party Distributor and Institutional marketing segments Staff close to 96 including 25 investment professionals. Recognised expertise in Money Market/Credit, Volatility, European Equities, Asset allocation and Behavioural Finance.

6 CM-CIC Securities is the investment arm of the Crédit Mutuel-CIC group offering a range of services to meet the needs of two major sets of clients: entrepreneurs and corporate clients on the one hand, and institutional investors and fund management companies on the other. CM-CIC Securities is split into three different business lines: Corporate, which provides a diverse service offering to issuers when making financial transactions and throughout the various stages of their stock market operations; Brokerage, which fulfills the requirements of both French and international investors. The Brokerage business is backed by quality research products offering extensive coverage of stocks in Europe, the USA, Canada, Africa and Brazil; Global Custody, offering custody services for over 115 entrepreneurial asset management firms, a segment on which CM-CIC Securities is leader. There are currently EUR 16 bn in assets under management in 27,000 accounts. Founded in 1985, Comgest is an independent, international asset management group with entities in Paris, Dublin, Hong Kong, Tokyo and Singapore. Comgest is characterised by its unique approach of «quality growth in the long term» through its unconstrained style across all equity portfolios. It serves a diverse client base of long-term oriented investors around the globe. Assets under management: 14.6 bn / 11.8 bn / $ 18.6 bn Diverse community: more than 20 nationalities represented among 94 colleagues in the group globally Values-based management style As an independent group, the capital is entirely held by its employees and founders Our independence helps to ensure that our interests are fully aligned with those of our clients Stability, transparency, ethics and integrity are paramount to our culture and how we manage relationships A conservative and defensive culture; as shareholders, we conservatively manage capital for both our clients and the group EMERGENCE is the seeding platform dedicated to French emerging investment managers. The company finishes its first year of existence with 150 million Euros under management, 9 large institutional investors and 5 seeding partnerships after a stringent selection by the Investment Committee and the financial manager of the fund (over 120 applications). Created in January 2012 around major French and European institutional investors, EMERGENCE was initiated by the global competitiveness cluster Finance Innovation, chaired by Georges Pauget, former CEO of Credit Agricole SA, with the support of the AFG and Paris europlace. EMERGENCE aims to provide investors a privileged access to the most promising independent emerging managers, both in terms of investment and development. Thanks to the seed money allocated to these emerging manager during their early stage of growth, EMERGENCE boosts their development and increases their credibility, particularly vis-à-vis foreign competitors. Financière de l Echiquier is a Paris-based independent asset manager launched in With 5 billion euro of assets under management, Financière de l Echiquier is one of the leading French «boutiques». Focusing on bottom up stock picking since inception, the company has developed its own investment process relying on a proprietary in-depth investment research that puts emphasis on the quality of the management of the companies it selects. With 25 investment professionals, Financière de l Echiquier has one of the biggest research team among independent fund managers. Thanks to its unique approach, the Firm has earned numerous prices and achievement awards for the performance of the funds it manages. Financière de l Echiquier has been selected by prestigious International Institutions such as NBIM in Norway, the Ewing Marion Kauffman foundation in the USA or the Fonds de Pension of the City of Montreal to mention some of them. Recognized by wealth managers and IFAs in continental Europe, Financière de l Echiquier s funds have been registered in 8 countries. FOURPOINTS IM is the result of the merger of PIM Gestion France and IT Asset Management. The company is an independent asset management firm, approved by the AMF in France, the CSSF in Luxembourg and registered with the SEC in the United States. It is owned by its executives and employees. Its AUM totaled $1,2 billion at year end 2012, managed through a focused range of open ended equity funds or institutional mandates. It is part of the Philippe Group, established in 1931, with offices in New York and Paris since inception. FOURPOINTS IM is specialized in managing «long-only» growth equities publicly listed on the markets of developed countries: US Equity, Global Technology, Europeen global learders. The Management of all FOURPOINTS strategies, largely inspired by our integrated analysis and research, is primarily based on strong convictions and a fundamental, non-benchmarked approach. Our portfolio managers practice fundamental, stock picking and focus on stocks with high growth potential, sustainable and profitable. Our approach is thematic and is characterized by the pursuit of technological disruptions that create value. Our universe comprises about 300 names, of which 30 to 50 are in the portfolios. Groupama Asset Management : the Actively Responsible Asset Manager With 90,4 billion in assets (as at 31 december 2012), Groupama Asset Management is a Groupama subsidiary specialising in active asset management on behalf of business clients, to whom its experts offer comprehensive investment solutions covering the main asset classes. Gathered within a unique management center in Paris, Groupama AM s 50 fund managers share convictions supported by recognised know-how. They rely on a the research and analysis capacities provided by a team made of economists, financial and extra-financial analysts. Always close to its clients (various Groupama entities, institutional inve stors, businesses and distributors) both in France and Europe, Groupama AM adapts its management services to seize the opportunities of a changing world. To meet the clients expectations, the Groupama Asset Management teams work to improve the risk/return trade-off when building portfolios and to diversify investment universes and techniques by asset class. With a culture of risk-sharing among all employees, its investment policy conforms to strict prudential standards that are compliant with all management frameworks set by its clients.

7 John Locke Investments SA, based in Fontainebleau, has been active in the quantitative investment management industry for over twelve years and is proud to count some of the largest global investors amongst its client base. Over the last twelve years the firm has evolved from a single strategy investment manager into a diversified quantitative assets manager offering a variety of quantitative investments strategies to its clients. More recently, the firm has begun developing bespoke investment solutions, in collaboration with its clients, that seek to address the specific and idiosyncratic needs of these clients and their investment portfolios. The firm has always held the belief that through the use quantitative investment management techniques it will be best positioned to deliver robust non-correlated returns, over the long term, to its client base. We are also of the belief that a proprietary and independent research platform is critical if one wishes to be successful in the quantitative investment management arena. To this end, the firm has dedicated significant financial and human resources to the development of its own proprietary research platform, ElisaRT. Created in 1988, as a management company acting on behalf of external clients, La Banque Postale Asset Management (LBPAM), 100% owned by group La Banque Postale, is France s 5th largest asset management company with EUR 137 billion assets under management in UCITS funds and mandates at the end of Specialising in the eurozone, LBPAM deals in all major asset classes. As a manager with multiple forms of expertise, we are particularly well-known for our expertise in fixed income, insurance solutions and large caps equities. In June 2012, LBPAM launched a new expertise in European Infrastructure and Real estate Debt invest ment, with the arrival of a team of three experts with an average 15-year experience. The debt financing market offers compelling investment opportunities as it faces a structural imbalance in supply and demand, favoring lenders. Indeed, in the current low rate environment, Infrastructure and Real estate Debt offers attractive and stable returns coupled with low default risk. Investments consist of senior loans secured by real assets and cash-flows, primarily in transport infrastructures (roads, rail, airports & ports), social infrastructures, regulated utilities, environment, office, retail and residential properties. Finally, this asset class offers diversification benefits to institutional investors, with reduced volatility and low correlation to other asset classes. For over 35 years, La Française Group has developed its expertise in managing securities and real estate assets and providing global investment solutions. Over the past decade, La Française has also taken on significant minority holdings, becoming a major player in this segment. The Group takes a long-term view, taking tomorrow s challenges into account in today s convictions. It is a responsible investor, focused on its clients interests and satisfaction. La Française currently manages over 37 billion euros in assets. It enjoys full independence in pursuing its business activities, with the backing of a solid, unconventional shareholding structure that combines a leading bank, Crédit Mutuel Nord Europe, with the Group s managers and employees. Backed by two major French mutual insurance companies, Macif and Matmut, the OFI Group, founded in 1971, puts its asset management skills at the service of institutional investors. With 53.5 Billion assets under management at the end of December 2012, the OFI Group employs 260 staff, including 100 dedicated to investment management. 3rd largest asset manager company active on the French SRI segment, with over 4 billion under management in 12 SRI open-ended funds. Organized around two specific areas of expertise: «mutual funds management» and «discretionary management» aims to offer a complete range of products and services to European institutional investors, Corporates, Third-party distributors, Private investors. OpenMind Asset Management is a French management company licensed by the AMF. Concentrating on absolute returns, its name reflects its philosophy: success driven by its ability to keep an open mind in order to understand market trends and, thanks to this understanding, deliver performance. Tristan Abet, one of the co-founders, was formerly a macro-strategist at CA Cheuvreux and head of quantitative research. Over the course of the years he successfully developed a set of innovative management approaches which he now puts into action at OpenMind AM. Xavier Trilling, his associate, has extensive experience in relations with institutional investors in Europe and, at CA Cheuvreux, was in charge of client development in Switzerland. In December 2011, they were joined by Fabien Georges, formerly a flexible multi-asset fund manager for Avenir Finance in Paris. Their first fund incorporates the sectorial expertise developed since January 2007 and offers professional investors a unit trust with daily liquidity in the form of a UCITS IV organised under the laws of France: OpenMind Alpha Sector. The company s fund is seeded by La Française AM Group, which in turn controls 20% of its capital. Another absolute return fund, the result of analyses of different asset classes by the management team, is expected to be launched in PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See for more information. «PwC» is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way A Paris based Independent Investment Management Company, Rouvier Associés has been managing capital by the means of mutual funds since It was accredited by the Securities and Markets Authority in The company has 750 million assets under management (January 2013) for both private and professional clients, the latter representing slightly over 50% of AUM while clients outside France account for 20% of AUM. The funds and client accounts are deposited with CMCIC Securities. Rouvier Associés is characterized by strong distinctive features. The concentration of its resources (22 people, of which 11 fund managers) on a single offering consisting of four mutual funds with a patrimonial orientation. A single and stringent management process based on the selection of quality stocks bought with a significant discount to fair value. A decision making process by which all decisions affecting either the company or its management strategy are taken and implemented collegially.

8 SPEAKERS Tristan Abet Head of Portfolio Management OpenMind Asset Management Tristan Abet, French national, 37, CIO & founding partner, is heading the portfolio management. Tristan started in 1999 at Dexia-BIL in Luxemburg. He joined Barclays IM in Paris in As a member of the investment committee he was in charge of the portfolio management of discretionary mandates as well as a dedicated bond fund. In 2005 he left the asset management industry to become macro-strategist at Crédit Agricole Cheuvreux. He created the quantitative research department of this subsidiary. Tristan graduated from Iéseg Business School (Lille), holds a Master in Corporate Finance (Lille University), a Master in Market Finance from ESC-EAP (Paris) and he is a chartered statistician with expertise in macro econometric modellings from ENSAE (Paris) Jean-François Bay Chief Executive Officer Morningstar France Bay, co-founder and chief executive officer of Seeds Finance and Multiratings, joined Morningstar when it acquired Seeds in July Seeds is a leading provider of investment consulting services and fund research. Bay holds a degree from the Institut Superieur du Commerce (ISC) in Finance, and he is an honorary member founder of the French Association of Institutional Investors (AF2i) and director-treasurer of the National Chamber of Councillors Financial Investment (CNCIF). Philippe Bens Managing Director CACEIS Switzerland Philippe joined CACEIS in 1992 where he is Managing Director of CACEIS (Switzerland) SA and Head of Regional Coverage Switzerland. Philippe has over 20 years experience in the funds industry. His previous positions include head of depositary banking services, head of a reporting team dealing with funds and NAV calculations, project manager and business development director in charge of Switzerland, Scandinavia, Middle East and Luxembourg. Philippe holds a Business Administration degree from a French business school. He also obtained his Foundation Certificate from the International Securities Market Association (ISMA). Marc Bertrand Managing Director La Française Real Estate Managers Marc Bertrand began his career in 1994 with GAN, in the real estate division as head of management control. He joined the Groupe UFG in 1999 as Director of management control prior to becoming, one year later, Director of Finance and eventually Administrative and Financial Director of the UFG Group. He is currently Managing Director of La Française Real Estate Managers. Jérôme Blanc Head of International Development Financière de l Echiquier Jérôme has a post graduate degree in economy and finance (Paris La Sorbonne). He worked within La Compagnie Financière Edmond de Rothschild and CDC Ixis Asset Management and joined Financière de l Echiquier in He is head of international development since François Bonnin CEO and Founding Partner John Locke Investments SA JLI investment programs are based on the systematic application of computerized trading strategies, with a particular focus on the dynamic management of risk. Since the beginning of his investment management career, Mr. Bonnin has always held the belief that sustainable returns are only achievable through a commitment to disciplined and rigorous quantitative research. This belief permeates all aspects of the research effort within the firm and is also ingrained in the corporate culture of John Locke Investments. Prior to creating John Locke Investments, Mr. Bonnin was in charge of Research and Alternative Investments at ING France, and Managing Director and Founding Partner of CAP STARDEX SA. Mr. Bonnin graduated from the Institut Superieur de Gestion in Natasha Cazenave Head of the Asset Management Regulation Policy Division AMF In this position, she has been closely involved in the regulatory changes in the Asset management field both at European and International level for the past two years. She took a leading role in the development of ESMA s technical advice on the AIFMD particularly with regard to the clarification of the duties and liability regime of depositaries. Prior to joining the AMF, she worked 8 years for Deminor. She started her career at Ernst & Young. Natasha holds a Masters Degree in Economics and Finance from the University of Paris Dauphine. Henri Chabadel Head of Investment Solutions division Groupama AM Henri joined Groupama Asset Management in 2008 and has 15 years of experience in the financial industry. Henri has started his career in 1998 as Inspector at Société Générale. He moved to Banque du Louvre in 2002, then to Louvre Gestion in In 2008, he joined Groupama AM, firstly as Head of Long-only Multimanagement, then as Head of Sigma Management division in Henri is now Head of Investment Solutions division since This division gathers ALM, dynamic allocation and multimanagement teams as well as financial engineering team in order to offer highly personalized investment solutions to our clients. Henri is graduated from the Ecole Nationale Supérieure des Mines and CFA (Chartered Financial Analyst) Institute. Paul-Henri de La Porte du Theil Chairman AFG (French Asset Management Association) Paul-Henri de La Porte du Theil was elected Chairman of AFG in May For most of his career, he worked at Crédit Agricole, where he headed the asset management subsidiary from 1991 to The one whose name is Amundi is the first French Asset Management Company with EUR 700 billion under management. Born in 1947, Paul-Henri de La Porte du Theil graduated from École Nationale Supérieure de l Aéronautique, received his Masters degree in economics and graduated from Stanford University s Executive Program.

9 Eric Dérobert Group Head of Public Affairs CACEIS Eric Dérobert, 55, joined Crédit Agricole In After CACEIS was founded in 2005, he was promoted to Group Head of Market Infrastructures, a position extended to Public Affairs in Eric Dérobert is vice-chaiman of AFTI (Association Française des Professionnels des Titres). He contributes to numerous European industry working groups and Think Tanks. Eric Dérobert graduated from IEP Paris (Sciences-Po) in 1980 and holds a degree in international Law from Paris II University. Hatem Dohni co-chief Investment Officer and Head of the Volatility Division CCR Asset Management Hatem started his career within Actions et Participations as an Analyst in M&A. He then went on to work for Credit Lyonnais Asset Management as Co-head of convertible bond funds (1998 to 2005). He joined CCR Asset Management in He is also teaching financial engineering technics at Paris Assas University. Emmanuel Doumas Financial Market Division French Directorate -General of the Treasury The Savings and Financial Market Division at the French Directorate-General of the Treasury is the division where all financial market related Directives and Regulations are negotiated for France, and then transposed in French laws. Emmanuel Doumas joined the Savings and Financial Market Division in He is graduate of Ecole Normale Superieure (ENS), and Ecole Nationale des Ponts et Chaussees (ENPC). He is also PhD in Economics, and has published various articles, reports and books in Economics and Transportation Economics. Michel Duclos French Ambassador French Embassy in Switzerland Michel Duclos, born on 20 August Alumnus of the Ecole nationale d administration ( ). Career: Ministry of Defense, ; Ministry of Foreign Affairs (Policy Planning Staff), ; Policy Planning Staff (Deputy head), ; Counsellor at the French Embassy in Moscow, ; Counsellor at the French Embassy in Bonn, ; Ministry of Foreign Affairs, Head of disarmament, ; Ambassador, permanent representative of France at the Western European Union (WEU) in Brussels, ; Ambassador, representative of France at the Political and Security Committee of the European Union in Brussels, ; Deputy permanent representative at the Permanent Mission of France at the United Nations in New York, ; French ambassador to Syria, ; Diplomatic counsellor to the Minister of the Interior, September 2009-May 2012; French ambassador to Switzerland, July 2012 and to Liechtenstein, January Membership: Member of the International Institute for Strategic Studies (London). Languages: English, Spanish, Russian. Muriel Faure CEO FOURPOINTS Graduate of ESSEC, Member of Société Française des Analystes Financiers (SFAF), vice president of AFG (Association Française de Gestion financière). Muriel Faure began her career as a financial analyst in 1982; she then worked as an international fund manager from 1985 onwards for ABN-AMRO, Fortis, Paribas and Crédit Lyonnais. Intrigued by the potential and complexity of new technologies and the lack of existing independent asset management companies with industrial approach, she co-founded IT Asset Management. She now develops FOURPOINTS, which is dedicated to find growth stocks and build long term track records. Stephen Ferly International Sales Manager Switzerland & Consultant Relations La Française AM Stephen joined La Française in 2007 as head of institutional marketing prior to becoming Consultant Relationships Manager of the international division of La Française in 2010 and to being appointed International Sales Manager for Switzerland in Prior to this time, he assumed various positions for Société Générale Asset Management. From 2005 to 2007, Stephen Ferly was Head of Marketing at Oddo Asset Management. Stephen holds a DEA from Paris 1 Sorbonne University, a post graduate degree in Finance from ESCP europe and a CEFA from SFAF. Regis Gaston-Breton Head of International Sales CCR Asset Management His role is to develop CCR AM sales activities amongst UBS network (Wealth Management and Global Asset Management) principally in EMEA. Between 2004 and 2008, Régis Gaston-Breton was Head of Wholesale France & Monaco of UBS Global Asset Management France. Regis Gaston-Breton joined UBS Global AM in 1999 and started as institutional sales in Paris. Before joining UBS, he exercised sales responsibilities within Caisse d Epargne Group. Stanislas Grenet Porfolio Manager OFI Asset Management Stanislas Grenet joined OFI AM in 2009 after the merger with ADI Alternative Investments where he used to work since 2006 as an arbitrage fund manager. Previously, Stanislas used to be a proprietary trader at CM-CIC Group and Credit Agricole since Stanislas holds a master of finance from Paris Dauphine University René Kassis Managing Director, Head of Infrastructure and Real Estate Debt Fund La Banque Postale Asset Management Previously at Dexia from 2002 to 2012: Global Head of Infrastructure and deputy head of project finance. Experience in transport infrastructure, Public- Private Partnerships, environment, utilities, energy and telecommunications in europe, North America, South-East Asia and Australia. 19 years experience in financial advisory services and origination, structuring of structured financing in Paris, London and Singapore. 44 years, graduate of the ESSEC business school

10 Philippe Lang Fund Manager, Partner, Head of the Swiss Branch Rouvier Associés Philippe LANG is an alumni of Sciences Po Paris. He began his career in project financing and international development with Technip and Thales. He joined Rouvier Associés in 2003 and has been a partner since Additionnally, he co-chairs the financial analysis committee and heads the Swiss Branch which he launched in January Valérie Lazaro Head of Fund Analysis and Reporting Production Europerformance Since 2007, Valérie Lazaro has been managing Europerformance teams in charge of collecting, controlling and qualifying all the static and dynamic data on a large basis of European funds, as well as producing and reporting to the French fund industry analysis and calculations on performance, market shares, rankings During the last 25 years, she developed a rich and varied experience in UCITS management for Société Générale, J.P. Morgan, Paribas Asset Management, BNP Paribas Securities Services and recognized UCITS expert by colleagues and professional associations or authorities. Valérie Lazaro graduates with a Master of Science and Technology in Business and Management from the University La Sorbonne Nouvelle, Paris. Alain Leclair Chairman EMERGENCE Alain Leclair has been the Founder and Chairman of Paribas Asset Management (Paris, New York, Tokyo) and chairs today the supervisory board of Financière de la Cité. Alain is currently AFG s Honorary Chairman (he chaired the French Asset Management Association from 1997 to 2009) and Past Chairman of the European Federation of Asset Management (EFAMA). He is member of the French financial cluster «Finance Innovation» and chairs the recently created French incubator asset management fund «EMERGENCE». Alain is a graduate of the «Ecole des Hautes Etudes Commerciales» (HEC, 1962) and of Institut d Etudes Politiques de Paris (1964). Virginie Louvel-Loreal Partner Landwell Virginie Louvel has been a Tax Partner at Landwell & Associés, a law firm member of the Pricewaterhouse- Coopers tax & legal network, since For 21 years, Virginie has been advising financial sector clients on direct and indirect taxation. Since 2004, she has been in charge of the firm s «Investment Management» tax and legal practice. She regularly assists main actors of the asset management in structuring investment vehicles or in developing commercialization of their products in Europe and worldwide (vehicles location and legal form, passport issues, discussions and filing with local regulators, tax reporting,..). Virginie graduated from the University of Rennes (France) where she obtained a DJCE /DESS in Business and Tax laws. She also got a Legal Law Master in International Business Law from the University of Exeter (United Kingdom). Stéphane Mauppin-Higashino Head of the Investment Specialists Team Amundi Stéphane began his career as an economic attaché for the French Trade Commission in Australia. In 1996, he became Credit Analyst for Société Générale (Australia) and joined Fortis Investment Management in 1997 as an Emerging Equities Portfolio Manager. He was promoted Deputy Head of the Emerging Equities Management team in He joined Amundi (formerly Crédit Agricole Asset Management) in 2006 after graduating from the INSEAD MBA programme. He also holds a Bachelor of Commerce from ESSCA (French Business School) and an MSc of International Trade and Finance from Lancaster University. Jean-Marie Mercadal Deputy Managing Director and CIO OFI AM Jean-Marie Mercadal joined OFI AM in 2003 and has 24 years of experience in the financial sector. Jean-Marie started his career at BFT on Fixed Income and Equity Arbitrage where he was for 2 years. Then, he spent 14 years at La Banque du Louvre as CEO of Louvre Gestion. Jean-Marie graduated from Toulouse Management Business School. Ed Moisson Head of UK & Cross-border Research Lipper Ed joined Lipper through its acquisition of Fitzrovia International, which he joined in He specialises in research into fees and flows and related industry dynamics, which inevitably links to performance analysis. Ed has spoken at more than eighty industry conferences and has participated in the European Commission s UCITS Contact Committee, the OECD s Committee on Financial Markets, IOSCO s Committee on Investment Management and CESR s Sub-group on the KIID. He sits on committees of the IMA (Sectors) and ALFI (TERs). He writes the monthly Lipper Fund Flash among other regular flows-related commentary. Denis Panel Chief Investment Officer THEAM, BNP Paribas Investment Partners Denis Panel is Chief Investment Officer at THEAM since its inception in THEAM is a partner of BNP Paribas Investment Partners specialised in index, active systematic, guaranteed and alternative management and is the result of an alliance between BNP Paribas Asset management SIGMA (Structured, Indexed and Generation of Multi-Alpha) teams and Harewood Asset Management. Denis joined BNP Paribas in 2007 where he headed the SIGMA division of BNP Paribas Asset Management after having worked at Sociéte Générale AM and at Crédit Agricole AM. Denis is also Professor of Asset Management of the MBA Program of HEC. He has more than 18 years of financial markets experience. Denis graduated as an actuary from the ISFA (Institut de Science Financière et d Assurances), Lyon (1994).

11 Michel Raud Co-CIO and Deputy CEO FOURPOINTS MBA at Hautes Etudes Commerciales (HEC), Professor of Finance, Member of the Société Française des Analystes Financiers (SFAF). Michel Raud was Director of Research on French equities at Nivard Flornoy. In 1984, he became Managing Director at Banque Financière CARDIF (Member of the Paribas Group). In 1988, he joined the Philippe Group. He is now Co-CIO and Deputy CEO of FOURPOINTS. Nicola Vasta Chairman and Chief Executive Officer of CCR AM and Head of Southern Europe for UBS Global AM since October 2012 Nicola Vasta has spent his entire career at UBS, starting in 1989 as a financial analyst responsible for the Italian and Spanish equity markets. In 1995 he was appointed Head of International Equities and in 1996 joined the Institutional Management division. In 2004 he was appointed as Head of Italian markets and became a member of the European Management Committee. Patrick Rivière Managing Director La Française Graduate of the «Institut des sciences financières et d assurances» and «the Institut du droit du Travail et de la Sécurité Sociale», he began his career with Cholet Dupont ( ). Successively thereafter, he was General Manager of Fimagest, President of the Board of Management of Fortis Investment Management and Chief Regional Officer of Invesco Continental Europe. Patrick Rivière joined Group UFG (which became La Française) in September 2008 as Vice President. Albert Veyrenc Deputy Managing Director, Head of Global Custody CM-CIC Securities Albert VEYRENC is a graduate of Paris Dauphine University. He began his career as an organisational consultant, joining the CM-CIC Group in In 1991, he participated in the creation of the Group s investment arm, now CM-CIC Securities. He has successively held the position of Organisational Director, IT Systems Director and Back Office Director. He has been Deputy Managing Director since 2008, responsible for the Depositary bank business and Global Custody division. Didier Saint-Georges Member of the Investment Committee Carmignac Gestion Didier Saint-Georges started his career in 1982 working in the French Embassy in New Zealand as Commercial Attaché. He moved on to Citigroup and Hamant-Carmignac, before spending 10 years from 1989 on at JP Morgan, in Paris, New York and London. He then spent two years at Merrill Lynch in Paris as Head of Equities in Subsequently, he became Managing Director and General Manager of the Paris Branch, in charge of Global Equities and Derivatives, before moving to Carmignac in 2007, as a Member of the Management Board and a Member of the Investment Committee. Mr Saint-Georges graduated from Ecole Supérieure de Commerce de Paris, before completing his MBA in 1982 at Georgia State University, USA. Charles Soullard Stéphane Toullieux Head of Institutional Sales OFI AM Charles Soullard joined OFI AM in 2005 and has 12 years of experience in the financial sector. Charles started his career at Ixis AM as institutional sales. Charles graduated from Reims Business School. Chief Executive Officer Financière de l Echiquier Stéphane Toullieux is a graduate of EDHEC Business School in Lille. After eight years working with Crédit Commercial de France, he joined Financière de l Echiquier in 2001, assuming responsibility for business development. He has been the Chief Executive Officer of Financière de l Echiquier since Franz Weiss Senior Porfolio Manager Comgest Franz Weis graduated from Heriot-Watt University (Edinburgh) and holds an MSc in International Banking and Financial Studies. He started his career in 1990 at Baillie Gifford & Co. where he worked as a portfolio manager and analyst, before going on to work for F&C Asset Management as senior portfolio manager and Director of European equities. He joined Comgest in Raoul Wuergler Deputy Secretary General Association of Foreign Banks in Switzerland Raoul Wuergler is Deputy Secretary General of the Association of Foreign Banks in Switzerland since Among others he is in charge of the asset management and collective investment schemes matters where he defends the interest of the foreign-owned financial firms in Switzerland. He graduated in politics at the University of Lausanne. The Asso - ciation of Foreign Banks in Switzerland represents the interests of the near ly 150 foreign banks and the numerous foreign fund companies active in Switzerland. The AFBS lobbies for the preservation of attractive frame conditions of the Swiss financial centre and assists its members in implementing regulatory and legislative changes. Nearly half of the banks in Switzerland are foreign-owned; two thirds of the collective investment schemes authorised for distribution in Switzerland are from foreign promoters and domiciled abroad.

12 Contact Romain Guizard, International Development Manager Paris Fund Industry 31 rue de Miromesnil Paris France Phone: [email protected]