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EDHEC-Risk Information

EDHEC-Risk in the Press

Articles published in 2003

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December 2003

  • Les Echos (19/12/2003)  
    Les institutionnels plafonnent leurs investissements
    "(...) L'étude de l'EDHEC consacrée à la multigestion alternative en Europe montre que les « hedge funds » représentent moins de 5 % des actifs des investisseurs institutionnels. (...)"
    Copyright Les Echos [Full text - French]

  • FT Mandate (15/12/2003)
    Funds of funds practice comes under French fire
    "(…) A leading French business school has attacked fund of hedge funds for focusing too much on quantitative rather than qualitative portfolio construction, having too many funds in their portfolios and failing to undertake adequate due diligence. EDHEC Business School, in Lille and Nice, has surveyed 61 respondents in Europe, managing a total of €136bn. (…)"
    Copyright FT Mandate [www.ftmandate.com]

  • FT Mandate (15/12/2003)
    EDHEC to issue paper on hedge fund risk
    "(…) Appropriate benchmarks need to be defined to measure hedge fund risk and return, according to French business school, EDHEC. Dr. Noël Amenc, professor of finance at EDHEC and head of research at Misys Asset Management Systems, said the Lille and Nice-based business school would issue a White Paper on this next year. (…)"
    Copyright FT Mandate [www.ftmandate.com]

  • La Tribune (11/12/2003)  
    La multigestion alternative européenne a encore des progrès à faire
    "(...) Le centre de recherche sur la gestion de l'EDHEC publie aujourd'hui les résultats d'une enquête qui devrait chambouler certaines idées reçues sur les pratiques de l'industrie de la multigestion alternative européenne, porte d'accès la plus facile vers les fonds alternatifs (hedge funds). (...)"
    Copyright La Tribune [www.latribune.fr]

  • International Pensions News (10/12/2003)
    Institutional hedge fund allocation growing rapidly
    "(…) Hedge funds continue to gain ground as an increasingly significant section of the global alternative investment industry, with a new survey revealing that institutional investor allocation in European funds of hedge funds is rising swiftly. The review by the EDHEC group found that though high net worth investors still represented the main category of investors, institutional investor allocations were increading rapidly. (…)"
    Copyright International Pensions News

  • European Pensions and Investment News (08/12/2003)
    Taking the lid off innovation
    "(…) A recent conference organised by the French management school EDHEC and the Europlace Institute of Finance, together with Misys Asset Management Systems, heard that the choice of index has significant influence on performance. Professor Lionel Martellini, scientific director of the EDHEC risk and asset management research centre, said that a careful combination of style or sector indices could provide better returns and less volatility than a market reference index. (...)"
    Copyright European Pensions and Investment News [Full text]

  • Le Monde (06/12/2003)  
    Trois questions à... Noël Amenc
    "(...) "« Vous êtes professeur de finance à l'EDHEC. Selon vous, un scandale comme celui des « mutual funds » pourrait-il éclater en France ? ». (...)"
    Copyright Le Monde [Full text - Registration required - French]

  • IPE (05/12/2003)
    Institutions raising hedge allocation - EDHEC
    "(…) "The growing importance of institutional investors is leading to a greater concentration on diversification rather than absolute return," says EDHEC, who conducted the survey into alternative multimanagement in the second half of 2002, to which there were 61 funds of hedge funds manager respondents, managing 136 billion euros at the time. (…)"
    Copyright IPE [Full text]

  • La Tribune (05/12/2003)  
    Les hedge funds en voie d'institutionnalisation
    "(...) En Europe, la tendance est au contraire à l'ouverture. "Les régulateurs ont réalisé qu'ignorer les hedge funds, ce n'est pas protéger les investisseurs. Et ne pas leur donner de cadre favorable, c'est condamner à terme la gestion européenne", analyse Noël Amenc, directeur du centre de recherche sur la gestion de l'EDHEC. (...)"
    Copyright La Tribune [www.latribune.fr]

  • Reuters (05/12/2003)
    Fund of hedge fund investors face big risks - study
    (...) Investors in some funds of hedge funds risk losing a big chunk of their investments because many providers fail to structure portfolios to account for a variety of risks, according to research published on Friday. Some funds of hedge funds - compilations of separate funds - ignore key risks in their portfolios often using methods of analysis which are only appropriate to traditional funds, according to research by the EDHEC Business School in Paris. (...)
    Copyright Reuters [www.reuters.com]

  • Hedge Funds Review (December 2003)
    Investible indices vs funds of funds: a better alternative?
    "(...) Hedge fund indices' failure to truly represent the entire hedge fund universe has been addressed by academic researchers in the recent paper by Noël Amenc of EDHEC Graduate School of Business and Lionel Martellini at the University of Southern California. They show that indices are so different in their construction that sometimes monthly returns have differed by as much as 20%, with some showing negative correlation with one another over time. (...)"
    Copyright Hedge Funds Review [www.hedgefundsreview.com]

November 2003

  • Financial Times (09/11/2003)
    When tactical is practical
    "(...) According to a recent survey by academics at EDHEC, the French business school, only a few European managers use the classic model-driven quantitative approach to TAA. (...)"
    Copyright Financial Times [Full text]

  • Funds Europe (November 2003)
    Shouldering the burden
    "(...) Noël Amenc and Jean-René Giraud of EDHEC Risk and Asset Management Research Centre explain why the responsibility for best execution has shifted from the broker to the asset manager. (...)"
    Copyright Funds Europe [www.funds-europe.com]

October 2003

  • L'Agefi (30/10/2003)  
    Les gérants étrangers s'imposent face aux français
    "(...) Pour la seconde année consécutive, L'Agefi fonde son Grand Prix de la Gestion d'Actifs sur les travaux de l'EDHEC et d'EuroPerformance en partenariat avec Omgéo et Misys Asset Management. (...) EuroPerformance a mis en oeuvre une méthode originale proposée par l'EDHEC et issue des travaux de William Sharpe sur l'analyse de style. (...)"
    Copyright L'Agefi [www.agefi.fr]

September 2003

  • European Pensions and Investment News (27/09/2003)
    Asset allocation: a European perspective
    "(…) Misys Asset Management Systems supported a survey into the practices of European asset management companies, carried out by EDHEC. This enabled an evaluation of the development of the asset allocation process. An overview by Noël Amenc. (…)"
    Copyright European Pensions and Investment News [www.epn-magazine.com]

  • The Wall Street Journal (17/09/2003)
    Tracking hedge funds: an inexact science
    "(…) Professor Lionel Martellini's hedge-fund research team at the French business school EDHEC found that not only do the various published indexes not agree with each other but "the degree to which they don't agree is frightening". (…)"
    Copyright The Wall Street Journal [www.online.wsj.com]

  • FT Mandate (08/09/2003)
    Broadening your horizons
    "(…) A research and design collaboration with EDHEC, a leading French business school, ensures that Misys Asset Management Systems’ evolution of Apollo is built around sophisticated modelling and advanced asset allocation theories. (…)"
    Copyright FT Mandate [Full text]

  • Funds Europe (September 2003)
    Basel II: Forestalling Risk?
    "(...) Overly restrictive regulations may not only encourage companies to work around them but also discourage honest and competent firms from entering the market at all. EDHEC's Noël Amenc and Jean-rené Giraud examine the options for public authorities attempting to inhibit operational risk. (...)"
    Copyright Funds Europe [www.funds-europe.com]

August 2003

  • International Financing Review (09/08/2003)
    Operational risk: Asset managers miss the point
    "(...) "Internal loss databases completely miss the point. You don't measure extreme risk by measuring daily (operational) losses," said Giraud, co-author of a study of European asset manager operational risk practices produced by EDHEC, the French business school. (...)"
    Copyright International Financing Review [www.ifre.com]

  • Wealth Manager (09/08/2003)
    If you think hedge funds are tough to analyze, consider hedge fund indexes
    "(...) One of the more ambitious efforts for improving the status quo comes from the Risk and Asset Management Research Center at EDHEC, a respected business school in France. EDHEC's brand of alternative indexes combines existing benchmarks from various commercial providers and is an effort to create a superior product from flawed components. (...)"
    Copyright Wealth Manager [http://wealth.bloomberg.com/]

July 2003

  • International Funds Services Review (July 2003)
    Surveying the asset management landscape
    "(...) An analysis of the key results of the EDHEC European Asset Management Practices Survey. (...)"
    Copyright International Funds Services Review

  • Hedge MAR (July 2003)
    French academics launch HF index composite
    "(...) French Business School EDHEC has created a new set of indices in order to cope with the heterogeneity and bias problems it finds in established alternative strategy indices. EDHEC's indices bring together data from all major hedge fund and managed futures indices in an effort to make them more representative and more stable than any others. EDHEC hopes its indices will be useful as benchmarks for monitoring and evaluating the most common alternative strategies. (...)"
    Copyright Hedge MAR

June 2003

  • Financial Times (09/06/2003)
    Indexing the fringe
    "(...) A conference in London last week on hedge fund indices attracted 200. EDHEC, the French business school, has jumped into (or perhaps on top of) an increasingly crowded field by launching an "index of indexes". (...)"
    Copyright Financial Times [Full text]

  • Pensions Week (09/06/2003)
    Alternative is the new mainstream
    "(...) Research by the EDHEC Risk and Asset Management Resarch Centre showed that globally alternative investment currently represents more than £420bn in managed assets, and claimed that it is rapidly becoming part of mainstream asset allocation decisions. EDHEC said more than half of the alternative investment came from institutional investors. EDHEC, however, does claim that there needs to be greater transparency before alternative investments are recognised as an industry norm. (...)"
    Copyright Pensions Week [www.pensionsweek.com]

  • IPE (04/06/2003)
    EDHEC announces index of indices for hedge fund investors
    "(…) "French business school EDHEC, specialising in asset management, has launched an "index of indices" for alternative investments. It says the aim is to provide institutional investors with a better benchmark for their hedge fund investors. Currently there are more than a dozen hedge fund indices. A team from EDHEC’s risk and asset management research centre near Nice proposes to incorporate data from all of them within a single index. (…)"
    Copyright IPE [Full text]

  • Funds Europe (June 2003)
    European managers focus on risk and technology, says survey
    "(...) Around 47% of asset managers envisage a renewal of their software or technical infrastructure within the next two years according to a joint survey by EDHEC, the French business school and technology firm Misys. (...)"
    Copyright Funds Europe [www.funds-europe.com]

May 2003

  • Les Echos (27/05/2003)  
    La gestion indirecte confirme son succès
    "(...) « Malgré l'engoument qu'elle suscite et ses taux de croissance récents, la multigestion représente aujourd'hui moins de 5 % de l'offre des grandes sociétés de gestion européennes », peut-on lire dans une récente étude de l'EDHEC, reprise par l'agence Reuters. (...)"
    Copyright Les Echos [Full text - French]

  • IPE (23/05/2003)
    Multi-management has 4% of market – survey
    "(…) "A new survey has found that multi-management accounts for just over four percent of European asset management offerings. "Despite its popularity and success, multi-management only represents 4.14% of the existing offerings," said Noel Amenc, professor of finance at EDHEC Business School. (…)"
    Copyright IPE [Full text]

  • Les Echos (22/05/2003)  
    Les pratiques des gérants européens passées au crible
    "(...) L'EDHEC publie aujourd'hui, en partenariat avec Misys Asset Management Systems, éditeur de progiciels de gestion d'actifs, et EuroPerformance-Groupe Fininfo, les résultats d'une enquête sur les pratiques des gestionnaires européens. Unique en Europe, cette enquête a été réalisée entre juillet et octobre 2002 sur un échantillon de 60 sociétés de gestion européennes. (...)"
    Copyright Les Echos [Full text - French]

April 2003

  • Absolute Return (April 2003)
    Funds of funds in drag
    "(…) One of the most comprehensive critiques of the emerging hedge fund index market was published in February by two academics, Noël Amenc of the EDHEC Graduate School of Business and Lionel Martellini, an assistant professor of finance at the Marshall School of Business, University of Southern California. In their paper, "The Brave New World of Hedge Fund Indices", the two economists note that existing hedge fund indices "provide a somewhat confusing picture of the investment universe". (…)"
    Copyright Absolute Return

March 2003

  • La Tribune (14/03/2003)  
    « Gare aux idées reçues sur la gestion alternative »
    Interview : Noël Amenc, professeur à l'EDHEC
    "(...) « La stratégie long-short, l'une des plus utilisées, est sensible à la baisse des marchés actions. D'autres, comme l'arbitrage sur les convertibles, sont plus décorrélées». (...)"
    Copyright La Tribune [www.latribune.fr]

February 2003

  • Financial Times (19/02/2003)
    Hedge fund chaos can still yield cash
    "(...) A recent paper by three authors led by Noël Amenc, professor of finance at EDHEC, the French business school, has taken on the task of pinning down the benefits and risks of these alternative investments. (...)"
    Copyright Financial Times [Full text]

  • Le Monde (09/02/2003)  
    3 questions à Noël Amenc, Professeur de Finances à l'Ecole des Hautes Etudes Commerciales (EDHEC)
    "(...) "« Jugez-vous le placement en Bourse dangereux pour les particuliers ? ». (...)"
    Copyright Le Monde [www.lemonde.fr - French]

January 2003

  • Banque & Finance (January/February 2003)  
    Hedge Funds: Let the sun shine!
    "(...) En guise de synthèse, il paraît judicieux de reprendre la conclusion de Noël Amenc, Professeur à EDHEC, responsable du pôle d’excellence « Risk and Asset Management » et Directeur de la R&D pour le groupe Misys Asset Management Systems, dans son étude intitulée « Alternative diversification and risks ». A la question de savoir quelle attitude adopter face aux risques que présentent les stratégies alternatives, Noël Amenc répond : « contrairement à ce que voudraient faire croire certains promoteurs de hedge funds, les investissements alternatifs présentent des risques, et ceci est également valable pour les stratégies non-directionnelles qui présentent un bêta de zéro ou une très faible volatilité. Mais ces risques constituent également leur principale force ». (...)"
    Copyright Banque & Finance [Full text - French]