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EDHEC-Risk Information

EDHEC-Risk in the Press

Articles published in 2006

[2017] [2016] [2015] [2014] [2013] [2012] [2011] [2010] [2009] [2008] [2007] 2006 [2005] [2004] [2003]


December 2006

  • Le Temps (18/12/2006)  
    Les acheteurs d'ETF ne les trouvent pas vraiment bon marché
    "(...) L'EDHEC, une école de gestion, a interrogé 112 gérants européens. Ils achètent rarement des fonds indiciels cotés investis en obligations. (...)"
    Copyright Le Temps [Full text - Registration Required - French]


  • Les Echos (13/12/2006)  
    La titrisation de risques d'assurance trouve un nouvel essor
    "(...) Si les régulateurs admettent un allégement des besoins en capital du fait des opérations de titrisation, le marché pourrait réellement décoller », estime Philippe Foulquier, professeur de finance à l'EDHEC. . (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (11/12/2006)  
    Des biais importants mais pas rédhibitoires
    "(...) De plus, la faible représentativité est un problème commun à tous les indices, qu'ils soient alternatifs ou traditionnels, comme l'ont illustré les travaux de l'EDHEC. . (...)"
    Copyright Les Echos [Full text - French]


  • Financial Times (07/12/2007)
    UK-targeted ETFs launched by BGI
    "But a recent study by EDHEC, the business school, said that ETFs were not being used to their full potential by the European investment industry. (...)"
    Copyright Financial Times [Full text]


  • Financial Times (06/12/2006)
    Barclays Global's gilt ETF for UK investors
    "(...) But a recent study by EDHEC, the business school, said that ETFs were not being used to their full potential by the European investment industry. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (04/12/2006)  
    « On peut regretter l'absence de réflexion des intermédiaires sur les besoins des investisseurs »
    "(...) Membre du comité éditorial du prestigieux « Journal of Portfolio Management » et chercheur reconnu en gestion d'actifs, Lionel Martellini explique dans un entretien aux « Echos » les intérêts des produits structurés pour les stratégies d'allocation d'actifs et les problématiques de gestion... (...)"
    Copyright Les Echos [Full text - Registration required - French]


  • Financial Times (04/12/2006)
    Top performer with a laid back style
    "(...) Over 15 years the company's flagship fund, Agressor, has returned an average of 18 per cent a year, which is one of the reasons that EDHEC, a leading French business school, last year pronounced Financière de l'Echiquier France's top performing equities house. (...)"
    Copyright Financial Times [Full text]


  • European Pensions and Investment News (04/12/2006)
    ETFs being used for equities
    "(…) Exchange-traded funds (ETFs) are carving out a central role for themselves in the institutional space, with more than half the respondents to a survey using or planning to use ETFs for equity investments. French business school EDHEC's survey of European institutional investors, private bankers and asset managers found that a further 26 per cent used ETFs for bond investments. Among these users, there was a 92 per cent satisfaction rate. (…)"
    Copyright European Pensions and Investment News [Full text]


  • Funds Europe (December 2006)
    The index sharpener
    "(...) Felix Goltz and Véronique Le Sourd conclude that major stock market indices lack efficiency, and suggest a strategy to improve their use. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Professional Pensions (December 2006)
    Managing Liabilities with Interest Rate Derivatives
    By Felix Goltz, Senior Research Engineer with the EDHEC Risk and Asset Management Research Centre
    Professional Pensions [www.professionalpensions.com]


November 2006

  • Professional Pensions (29/11/2006)
    UK managers top alpha list
    "(...) The Alpha League Table 2006, compiled by the EDHEC risk and asset management research centre and Europerformance, puts UK asset managers well ahead of their counterparts in France, Switzerland, Spain and Ireland in generating risk-adjusted performance. (...)"
    Professional Pensions [Full text]


  • Financial Times (20/11/2006)
    ETFs not being used to full potential, says EDHEC study
    "(...) Exchange traded funds are not being used to their full potential by the European investment industry, according to a study by EDHEC, the business school. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (13/11/2006)  
    L'EDHEC critique l'étude d'impact « QIS 2 »
    "(...) Une étude critiquée par l'EDHEC, qui estime que « le choix des concepts, mesures et calibrations sont parfois non seulement hasardeux mais, surtout, pourraient entraîner des prises de décision stratégiques de gestion par les sociétés d'assurance totalement contradictoires avec les objectifs initiaux de Solvency II, qu'ils soient financiers (traitement irréaliste des couvertures, traitement des actions rendant leur détention prohibitive) ou qu'ils relèvent de l'assurance. L'emploi du ratio combiné net comme seul indicateur de rentabilité est en conflit avec l'hypothèse que les flux de trésorerie doivent être actualisés », écrivent les auteurs du rapport, Philippe Foulquier et Samuel Sender, de l'EDHEC Risk and Asset Management Research Centre. (...)"
    Copyright Les Echos [Full text - French]


  • Financial Times (13/11/2006)
    Ceiops Solvency study criticised
    "(...) The study, which lays out the main proposals for the basis of the standard solvency formula, is likely to result in "incentives for mismanagement rather than sound management of risks", according to a paper by EDHEC Business School. (...)"
    Copyright Financial Times [Full text]


  • IPE (08/11/2006)
    Hedge funds as risk reducers
    Article by Felix Goltz, senior research engineer with the EDHEC Risk and Asset Management Research Centre
    "(…) In fact, it can be argued that reluctance of some institutional investors to allocate to hedge funds stems from the way they look at hedge funds as simple return enhancement strategies for the satellite portfolio. Integrating hedge funds properly in the ALM process shows their true potential, wielding tremendous risk reduction benefits." (…)"
    Copyright IPE [Full text]


  • IPE (08/11/2006)
    Contradictions at heart of IFRS
    Article by Philippe Foulquier, professor at EDHEC Business School in France
    "(…) In an effort to demonstrate the inadequacy, and even contradictions, which one may find between certain IFRS definitions and Solvency II proposals on the one hand, and the aim to make insurance companies accountable for their risk management approaches on the other, EDHEC has published a major report on the matter." (…)"
    Copyright IPE [Full text]


  • Hedge Funds Review (November 2006)
    Hedge fund indices and Ucits – can they ever get along?
    "(...) Hedge fund indices are growing in strength within the industry, but European regulators have suspended their Ucits eligibility. The academics at EDHEC look at why. (...)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • Funds Europe (November 2006)
    A Question of Style
    "(...) Style analysis is notoriously difficult and often imprecise. Véronique Le Sourd offers an approach that sidesteps incomplete data sets and misinformation. (...)"
    Copyright Funds Europe [Full text - Registration required]


October 2006

  • Les Echos (30/10/2006)  
    « Hedge funds » : les leçons de la débâcle d'Amaranth
    "(...) « Depuis mai, les investisseurs savaient que le portefeuille énergie connaissait des hauts et des bas mensuels d'environ 11 %. La volatilité mensuelle des stratégies de placement dans l'énergie était de l'ordre de 12 %. Il n'était pas inhabituel d'endurer des pertes de 24 % sur un mois particulier », rappelle Hilary Till, chercheuse auprès de l'EDHEC et dirigeante fondatrice de Premia Capital Management, société d'investissement avec une solide expérience dans les dérivés de matières premières. (...)"
    Copyright Les Echos [Full text - French]


  • Financial Times (19/10/2006)
    New instruments that call the tune
    "(...) Hilary Till, research associate with the EDHEC business school and principal of Premia Capital Management, said that, in spite of the consequences, Amaranth had played a valuable role. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (16/10/2006)  
    En Europe, les gérants britanniques sont les plus talentueux sur les actions
    "(...) C'est un des enseignements de l'édition anglaise l'« Alpha League Table », établie par EuroPerformance-Groupe Fininfo et l'EDHEC. (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (16/10/2006)  
    Alpha es-tu là ?
    "(...) La méthodologie EuroPerformance-EDHEC tient compte également du risque de pertes extrêmes (VaR) et de la persistance de la performance du fonds pour récompenser aussi la constance et la maîtrise des risques du gestionnaire. (...)"
    Copyright Les Echos [Full text - French]


  • Pensions & Investments (16/10/2006)
    ETF use in Europe expected to outpace other investments
    "(...) ETF use in Europe is expected to accelerate at a faster pace than futures, index funds or total return swaps in the next few years, according to initial results of a survey by EDHEC Risk and Asset Management Research Center. (...)"
    Copyright Pensions & Investments [Full text]


  • Le Temps (13/10/2006)  
    Les premières leçons de la débâcle d'Amaranth
    "L'invité. Frédéric Ducoulombier"
    Copyright Le Temps [Full text - Registration Required - French]


  • Les Echos (03/10/2006)  
    La direction d'Amaranth fait appel à Fortress pour la vente de ses actifs
    "(...) « Les dimensions des positions prises par Amaranth dans l'énergie étaient inappropriées eu égard à sa base en capital », juge Hilary Till, associée à la recherche de l'EDHEC et dirigeante fondatrice de Premia Capital Management, société d'investissement avec une solide expérience dans les dérivés de matières premières. (...)"
    Copyright Les Echos [Full text - French]


  • Financial Times (02/10/2006)
    Enter algorithmic trading systems race or lose returns, report warns
    "(...) Algorithmic trading is growing fast. An EDHEC Risk Advisory survey due out this week will show that 78 per cent... (...)"
    Copyright Financial Times [Full text]


  • Financial Times (01/10/2006)
    'Hedge fund bets were too large'
    "(...) The bets in the natural gas market that lost $6bn for hedge fund Amaranth were “much too large for its capital base”, according to a new study of the losses conducted by EDHEC, the French business school. (...)"
    Copyright Financial Times [Full text]


  • Hedge Funds Review (01/10/2006)
    Coming ready or not: do Europe's pension funds know what they're doing?
    "(...) While six in 10 European institutional investors say they're well informed of hedge fund risks, only 29% are in a position to conduct their own risk analysis, according to EDHEC Risk and Asset Management Research Centre. Mathieu Vaissié surveys the landscape. (...)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • Funds Europe (October 2006)
    Fruits of the Hedge
    "(...) Investing in a hedge fund as part of a broader portfolio neatly addresses the requirement for diversification. Noël Amenc and Lionel Martellini explain how this approach works across many strategies (...)"
    Copyright Funds Europe [Full text - Registration required]


September 2006

  • European Pensions and Investment News (25/09/2006)
    Institutional looks for a bit of structure
    Article by Noël Amenc, director of the EDHEC Risk and Asset Management Research Centre in Nice
    "(…) Pension funds should consider approaches that limit the downside risk on investments, in return for giving up some of the upside potential. Structured investment management is becoming an essential complement to traditional asset management, along with alternative investments, within the scope of institutional investment. (…)"
    Copyright European Pensions and Investment News [Full text]


  • Financial Times (11/09/2006)
    Stock market indices prove inefficient, research says
    "(...) These conclusions are the outcome of joint research by Af2i, the French association of institutional investors, and EDHEC, the French business school, undertaken to assess the quality of indices as benchmarks given their widespread use. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (11/09/2006)  
    Les indices boursiers constituent des références peu satisfaisantes pour la gestion
    "(...) La plupart des indices n'offrent pas la meilleure exposition aux facteurs de risque à long terme et ne constituent donc pas une bonne référence pour l'allocation stratégique, note une étude commandée par l'Association française des investisseurs institutionnels (AF2I) et réalisée par l'EDHEC Risk and Asset Management Research Centre avec le soutien de BNP Paribas Asset Management et celui d'UBS Global AM. (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (11/09/2006)  
    Les solutions pour créer de meilleurs « benchmarks »
    "(...) Plus appropriés, les indices de style et les indices sectoriels permettent aux investisseurs de gagner en contrôle sur le processus d'investissement en se concentrant sur la phase la plus rémunératrice qu'est l'allocation d'actifs », indiquent Nöel Amenc, Felix Goltz et Véronique Le Sourd, auteurs d'une étude de l'EDHEC Risk and Asset Management Research Centre réalisée pour l'Association française des investisseurs institutionnels (AF2I) avec le soutien de BNP Paribas Asset Management et celui d'UBS Global AM. (...)"
    Copyright Les Echos [Full text - French]


August 2006

  • IPE (31/08/2006)
    Hedge funds - over the top?
    "(…) A recent study by the research centre EDHEC challenges this. The study suggests that if a pension fund allocates 10% of its portfolio to hedge funds it can reduce by 25% the probability that the assets of the fund will fall below 75% of their liabilities." (…)"
    Copyright IPE [Full text]


  • Funds Europe (August 2006)
    Reducing the risk
    "(...) Felix Goltz, Lionel Martellini and Volker Ziemann of the EDHEC Risk and Asset Management Research Centre discuss the use of derivatives to smooth portfolio return patterns. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Hedge Funds Review (August 2006)
    Core and satellite for Hedge Funds, part III
    "(...) Here, we complete the topic of optimal diversification by discussing an allocation method maximising the diversification effect and examine optimal substitution of hedge fund strategies in investors' portfolios. (...)"
    By Noël Amenc and Lionel Martellini, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [Full text - Registration required]


July 2006

  • Funds Europe (July 2006)
    Like Clockwork
    "(...) The best Swiss managers provide steady long-term alpha, according to Virginie Buey, of EuroPerformance, and Peter O’Kelly, of the EDHEC Risk and Asset Management Research Centre (...)"
    Copyright Funds Europe [Full text - Registration required]


  • The Hedgefund Journal (July/August 2006)
    "Disorderly exits from crowded trades"? - On The Systemic Risks of Hedge Funds: A reply to the ECB's statement on hedge funds
    Article by EDHEC
    Copyright The Hedgefund Journal [Full text]


  • Les Echos (03/07/2006)  
    Noël Amenc : La recherche européenne n'est pas à la hauteur de l'américaine
    "(...) Comparée aux Etats-Unis, l'Europe fait encore pâle figure en matière de recherche, comme le fait remarquer Noël Amenc, directeur du centre de recherche en gestion d'actifs de l'EDHEC. (...)"
    Copyright Les Echos [Full text - French]


  • Banque & Finance (July/August 2006)  
    Hedge funds: finie l’ère des pigeons ?
    "(...) Une récente étude menée conjointement par l’EDHEC et EuroPerformance apporte quelques éléments de réponse. (...) Après analyse des fonds investis en actions françaises, les auteurs concluent : « La mesure des capacités de stock picking des fonds est rendue difficile par la mauvaise communication de ces derniers. Plus du tiers des fonds ne déclarent pas d’indice de référence et, pour la population qui déclare un indice, il ne reflète qu’imparfaitement les risques pris dans le portefeuille dans 54% des cas. Au total, c’est plus de 70% des fonds dont l’information aux souscripteurs est tronquée ou imprécise ». (...)"
    Copyright Banque & Finance [Full text - French]


June 2006

  • IPE (27/06/2006)
    France's FRR hedge fund decision contested
    "(…) The Fonds de Réserve pour les Retraites' decision to avoid hedge funds in its new strategic asset allocation has come under fire from the EDHEC business school... "The arguments put forward are in fact symptomatic of the freely circulating conventional wisdom against hedge funds, and they reveal a lack of familiarity with the diversification potential presented by hedge funds," EDHEC said today. " (…)"
    Copyright IPE [Full text]


  • Les Echos (26/06/2006)  
    Gestion alternative : la réponse de l'EDHEC au Fonds de réserve pour les retraites
    "(...) L'EDHEC est revenu sur la décision étonnante du Fonds de réserve pour les retraites (FRR) d'exclure les « hedge funds » de son allocation stratégique pour trois raisons principales. (...)"
    Copyright Les Echos [Full text - French]


  • Pensions & Investments (26/06/2006)
    Hedge funds don’t threaten markets, says EDHEC
    "(...) The European Central Bank is wrong in concluding that hedge funds pose a significant risk to financial markets, said researchers at the Risk and Asset Management Research Centre of the EDHEC Business School. (...)"
    Copyright Pensions & Investments [Full text]


  • Funds Europe (June 2006)
    The state of the art
    "(...) Lionel Martellini, Philippe Foulquier and Koray Simsek of EDHEC analyse the different models of asset-liability management techniques (...)"
    Copyright Funds Europe [Full text]


  • Hedge Funds Review (June 2006)
    Core and satellite for hedge funds, part II
    "(...) This month we discuss the important question of the choice of allocation tools and examine the role of hedge funds in the satellite portion. (...)"
    By Noël Amenc and Lionel Martellini, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [Full text - Registration required]


  • IPE (June 2006)
    Busy doing not very much at all
    Article by Noël Amenc, director of the EDHEC Risk and Asset Management Research Centre, and Frédéric Picard, managing director of EuroPerformance
    "(…) In fact, stock picking is currently a sales and advertising selling point that is overwhelmingly favoured by asset management firms. According to a study carried out by EDHEC on a sample of 100 sales documents issued by 45 French asset management companies and devoted to equity management, 82% gave first place in the number of quotations in the sales proposition, to the manager’s capacity to carry out stock selection, as shown by his capacity to beat his benchmark, outperform the market or obtain absolute performance, compared to only 6% for tactical allocation (market timing)." (…)"
    Copyright IPE [Full text]


May 2006

  • IPE (23/05/2006)
    Vontobel, Pictet top Swiss "alpha league"
    "(…) Vontobel Asset Management and Pictet & Cie have tied for first place in the new "Alpha League Table" from EuroPerformance and French business school EDHEC. The table is a ranking of European asset managers based on the intensity of alpha, or market outperformance." (…)"
    Copyright IPE [Full text]


  • Les Echos (15/05/2006)  
    Pictet et Vontobel, champions suisses de l'Alpha League Table
    "(...) C'est ce qui ressort du palmarès établi par EuroPerformance-groupe Fininfo et l'EDHEC Risk and Asset Management Research Centre. (...)"
    Copyright Les Echos [Full text - French]


  • Le Temps (15/05/2006)  
    Fonds de placement. Pictet et Vontobel sacrés meilleurs gérants, ajustés du risque, du pays
    "(...) Europerformance publie son premier classement des sociétés de gestion suisses, son Alpha League Table. (...)"
    Copyright Le Temps [Full text - Registration Required - French]


  • IPE (05/05/2006)
    Transaction cost analysis product launched
    "(…) Meanwhile, French business school EDHEC is to conduct a pan-European survey of transaction cost analysis. EDHEC-Risk Advisory, the consultancy arm of the EDHEC Risk and Asset Management Research Centre, said: "The survey is being carried out in conjunction with the global equities business unit of HSBC Corporate, Investment Banking and Markets." (…)"
    Copyright IPE [Full text]


  • Professional Wealth Management (May 2006)
    Swaying investors to benefits of using structured products
    "(…) The EDHEC Risk and Asset Management Research Centre has studied the diversification effect of structured products. More specifically, it sought to establish how far the introduction of a structured product into a conventional "equities + bonds" asset allocation helped optimise its risk/return profile (ie maintained or raised returns while reducing risk). What EDHEC did was to define a simple structured product and simulated returns and risks for two types of asset allocation, one involving just equities and bonds and the other containing the structured product as well. The results were unequivocal: there are many complementary elements of the structured product and traditional assets, with a significant improvement in the risk/return profile. This was especially true where the risk measure used takes particular account of extreme risks. (…)"
    Copyright Professional Wealth Management [Full text]


  • Hedge Funds Review (May 2006)
    Bringing core and satellite approaches to hedge funds
    "(...) An introduction to the use of hedge funds within the core-satellite approach to portfolio management, separating beta management (choice and construction of a benchmark) and alpha management (management of active risk). (...)"
    By Noël Amenc and Lionel Martellini, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [Full text - Registration required]


  • Funds Europe (May 2006)
    Alpha Winners
    "(...) Peter O’Kelly of EDHEC and Virginie Buey of EuroPerformance introduce the EuroPerformance-EDHEC Alpha League Tables for Italy and Spain (...)"
    Copyright Funds Europe [Full text]


  • Financial News (May 2006)
    Academic insight: Using index options for tactical asset allocation
    "(...) Suitably designed options strategies can add considerable value to a tactical asset allocation program, writes Lionel Martellini, professor of finance at EDHEC and scientific director of EDHEC Risk and Asset Management Research Centre. (...)"
    Copyright Financial News [www.efinancialnews.com]


  • Banque & Finance (May/June 2006)  
    Hedge Funds : Peak Partners, une gestion très pointue
    "(...) « Il est possible d’ajouter de la valeur de façon significative dans un portefeuille de hedge funds à travers la mise en oeuvre systématique de décisions d’allocation, aussi bien au niveau du processus d’allocation stratégique que de celui de l’allocation tactique », concluent les chercheurs de l’EDHEC. Ils présentent en outre une application numérique pour illustrer la façon dont les investisseurs peuvent utiliser une approche multifactorielle pour générer des vues actives et ajuster de façon dynamique leur allocation à travers les différentes stratégies alternatives, tout en restant cohérents avec leur benchmark stratégique. (...)"
    Copyright Banque & Finance [Full text - French]


April 2006

  • Funds Europe (April 2006)
    Ranking dangers
    "(...) Véronique Le Sourd of EDHEC introduces a new style rating system that eliminates the misclassification risks common to other systems. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Hedge Funds Review (April 2006)
    Reasoning your way from alpha to beta
    "(...) In this article, we emphasise the role hedge fund strategies can play in traditional investors' portfolios and highlight a profound trend in the alternative industry that involves progressively switching from an alpha logic to a beta one. (...)"
    By Noël Amenc and Lionel Martellini, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [www.hedgefundsreview.com]


  • Professional Wealth Management (April 2006)
    League tables show alpha generators in good light
    "(…) In an increasingly complicated and crowded fund market, European distributors may welcome alpha league tables developed by EDHEC business school and EuroPerformance, a fund rating agency. In each European country, asset management companies have been ranked on the basis of their ability to deliver "intensity of alpha". The highest-ranked firms are those that provide the best compromise between the "average alpha" generated by their funds and the “frequency” of alpha, indicating the percentage of funds that outperformed their benchmark. (…)"
    Copyright Professional Wealth Management [Full text]


  • IPE (April 2006)
    Dipping a toe in the water
    "(…) Investing in alternative assets by French pension funds is still not common. "This is generally due to a poor understanding of alternative betas and especially the restrictive regulations," says Noel Amenc, professor of finance and director of the EDHEC Risk and Asset Management Research Centre. (…)"
    Copyright IPE [Full text]


March 2006

  • European Pensions and Investment News (27/03/2006)
    Optimising hedge fund diversification
    Article by Felix Goltz from the EDHEC Risk and Asset Management Research Centre in Nice
    "(…) Felix Goltz makes the case for investors with fewer resources to optimally integrate alternative strategies into their portfolio. (…)"
    Copyright European Pensions and Investment News [Full text]


  • Le Monde (24/03/2006)  
    Confrontées à la précarisation des jeunes, les banques cherchent à s'adapter
    "(…) Pour Noël Amenc, directeur d'un centre de recherches à l'Ecole des hautes études commerciales (EDHEC), "le CPE adresse un message négatif au système bancaire, celui d'une clientèle dont les flux de revenus peuvent s'interrompre du jour au lendemain, et à qui il est risqué de prêter. A précariser certaines populations, on leur rend difficile l'accès au logement et au crédit". M. Amenc met en garde contre les effets négatifs de cette loi sur la consommation et la croissance. (…)"
    Copyright Le Monde [www.lemonde.fr]


  • Financial Times (15/03/2006)
    Property funds 'repeat mistakes'
    "(...) Noël Amenc, director of the EDHEC Risk and Asset Management Research Centre in Nice, says that a decree issued in October to provide a framework for open-ended property funds could lead to overconfidence among investors. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (13/03/2006)  
    Les « small et mid cap » ne sont pas l'apanage des boutiques
    "(...) Certaines grandes sociétés de gestion parviennent maintenant à obtenir des performances très appréciables sur cette classe d'actifs, qui fut longtemps la chasse gardée des petits acteurs. Ces derniers restent toutefois encore les plus nombreux dans le palmarès établi par EuroPerformance et l'EDHEC. (...)"
    Copyright Les Echos [Full text - French]


  • Financial Times (07/03/2006)
    French motorway sell-off decision "absurd", study says
    "(...) The study from Noël Amenc and Philippe Foulquier, professors of finance from the EDHEC Risk and Asset Management Research Centre in Nice, calls into question not only the French sales, but all privatisations by creditworthy governments that are driven by purely financial concerns. (...)"
    Copyright Financial Times [Full text]


  • Les Echos (06/03/2006)  
    Les reportings gardent des lacunes problématiques
    "(...) Selon une étude réalisée par l'EDHEC fin 2004, moins d'une société de gestion française sur trois parvenait à connaître exactement les sources de performance de ses fonds quelle que soit la classe d'actifs sur laquelle ils opéraient. (...)"
    Copyright Les Echos [Full text - French]


  • Professional Wealth Management (March 2006)
    Boosting beta returns by diversifying risk exposure
    "(…) Each year, many hedge funds will incur heavy losses, or vanish altogether, and for reasons entirely unconnected with their financial management. According to research from EDHEC and Capco, some 41 per cent of hedge fund failures are down to misrepresentation; 30 per cent are due to fraud or misappropriation of funds. Inadequate technology or processes accounts for 6 per cent of failures, and trading outside the mandate for 14 per cent. (…)"
    Copyright Professional Wealth Management [Full text]


  • Funds Europe (March 2006)
    Alpha ranking
    "(...) Peter O’Kelly of EDHEC and Virginie Buey of EuroPerformance introduce the first ranking system in Europe to genuinely seek to distinguish alpha from other elements of active management performance. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Hedge Funds Review (March 2006)
    Hedge funds' dynamic exposures to risk factors
    "(...) Hedge funds are exposed to different risk factors. If we consider that for each strategy there is a corresponding set of underlying risk factors, the best funds, for a given strategy, are those that successfully manage to over- or underweight their exposure to the different risk factors in accordance with market conditions. (...)"
    By Mathieu Vaissié, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [Full text - Registration required]


February 2006

  • Hedge Funds Review (15/02/2006)
    Investors must learn more about diversification, says EDHEC
    "(...) Investors that make allocations to hedge funds, or, typically, funds of hedge funds (FoHF), for diversification purposes must learn which strategies will have the greatest benefits on their portfolios, said Lionel Martellini, professor of finance at EDHEC Business School. . (...)"
    Copyright Hedge Funds Review [Full text]


  • IPE (15/02/2006)
    Schemes warned of hedge fund "herd mentality"
    "(…) The comments came as EDHEC presented research showing that hedge funds are increasingly seen as mainstream not marginal by institutional investors. (…)"
    Copyright IPE [Full text]


  • Les Echos (13/02/2006)  
    Gesbankinter perce en Espagne et Anima en Italie
    "(...) En Italie et en Espagne, ce sont essentiellement les sociétés de gestion des grands réseaux bancaires qui sont les plus performantes sur les actions. C'est le cas sur les grandes valeurs et à l'international, si l'on en croit les enseignements du classement Alpha League Table établi par Europerformance et l'EDHEC sur une période comprise entre octobre 2004 et septembre 2005. (...)"
    Copyright Les Echos [Full text - French]


  • Funds Europe (February 2006)
    A new wave of conquistadors
    "(...) In the third of a three-part series of articles on MiFID, Jean-René Giraud of EDHEC analyses the directive's potential repercussions on European capital markets. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Hedge Funds Review (February 2006)
    The benefits and limitations of managed accounts
    "(...) By their very nature, hedge funds allow the investor to be exposed to different risk factors such as volatility and counterparty or liquidity risk. Exposure to these risk factors is not only a source of superior risk-return trade off, but also the very essence of hedge funds' extensive diversification possibilities compared with traditional investments. (...)"
    Copyright Hedge Funds Review [Full text]


January 2006

  • Les Echos (30/01/2006)  
    L'allocation tactique ou l'art de naviguer entre les actifs
    "(...) En effet, il ressort d'une étude effectuée par l'EDHEC auprès des « asset managers » européens en 2004 que, si plus des trois quarts d'entre eux ont inclus une dimension tactique dans leur processus d'investissement, seulement 1 sur 6 utilise pour cela des méthodes quantitatives. (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (30/01/2006)  
    Débat autour du prix obtenu par le gouvernement pour ASF
    "(...) Une étude de l'EDHEC Risk and Asset Management Research Centre aboutit à une valorisation de 64 euros par titre pour ASF, soit 28 % de plus que le montant payé par Vinci pour le concessionnaire autoroutier. (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (23/01/2006)  
    Les vrais « stock pickers » sont une minorité
    "(...) Le « stock picking » est ainsi devenu un argument commercial. C'est ce qui ressort d'une étude de l'EDHEC Risk and Asset Management Research Centre et portant sur 100 documentations commerciales sur la gestion actions émanant de 45 sociétés de gestion françaises. 82 % de ces prospectus mentionnaient la sélection de valeur comme premier facteur de création de valeur. (...)"
    Copyright Les Echos [Full text - French]


  • Les Echos (23/01/2006)  
    En déclin, le « stock picking » reste la chasse gardée des spécialistes
    "(...) Quand les gestionnaires d'actifs européens d'une certaine taille pratiquent la sélection de titres, près des deux tiers en laissent le choix final aux gérants, selon une enquête de l'EDHEC réalisée en 2004. (...)"
    Copyright Les Echos [Full text - French]


  • IPE (18/01/2006)
    Hedge funds reduce portfolio risk - EDHEC
    "(…) Using hedge funds can halve the probability of extreme loss in a portfolio, according to a new study from EDHEC Risk and Asset Management Research Centre. Rather than consider hedge funds as a separate asset class, the study – The Benefits of Hedge Funds in Asset Liability Management -- says they should be treated as a complementary management style to asset classes such as equities and bonds. (…)"
    Copyright IPE [Full text]


  • La Tribune (17/01/2006)  
    Value-at-Risk, les raisons du succès
    "(...) La maîtrise ds risques d'investissement est devenue une préoccupation majeure des gérants. L'objectif est de déterminer les pertes potentielles et la probabilité qu'elles se réalisent. (...)". Article by Jean-Christophe Meyfredi, Finance Professor, EDHEC
    Copyright La Tribune [www.latribune.fr]


  • Les Echos (16/01/2006)  
    Les OPCI risquent de signer la mort des SCPI
    "(...) Sans pour autant discréditer l'OPCI, l'EDHEC, une école de commerce et de management vient de publier dans un rapport plusieurs critiques sur ce nouvel véhicule d'investissement. (...)"
    Copyright Les Echos [Full text - French]


  • La Tribune (10/01/2006)  
    L'impact du mode de gouvernance sur l'épargne retraite
    "(...) En épargne retraite, la gestion repose sur la délégation. La gouvernance se base sur l'exigence de compétence et d'indépendance des organes de représentation. (...)" Article by Daniel Haguet, Professor, and Jean-François Lepetit, Associate Professor, EDHEC
    Copyright La Tribune [www.latribune.fr]


  • Les Echos (09/01/2006)  
    Les « hedge funds » restent les incompris de la gestion moderne
    "(...) Malgré les efforts de pédagogie de certains professionnels, les « hedge funds » restent mal compris et mal utilisés par les investisseurs institutionnels européens, selon une étude de l'EDHEC Risk and Asset Management Research Centre (...)"
    Copyright Les Echos [Full text - French]


  • La Tribune (03/01/2006)  
    Des produits structurés taillés sur mesure
    "(...) Ces produits sont créés en fonction des besoins des investisseurs, de leurs anticipations, attentes et profils de risque, mais également en fonction des conditions de marché. (...)" Article by Lionel Martellini, Koray Simsek, Professors, and Felix Goltz, Research Engineer, EDHEC
    Copyright La Tribune [www.latribune.fr]


  • The Hedgefund Journal (January 2006)
    EDHEC hedge fund days
    "(...) Here is a short preview offered by EDHEC, in partnership with the Hedge Fund Journal, of some of the key topics that will be discussed during the EDHEC Hedge Fund Days... EDHEC European Alternative Diversification Practices Survey(...)"
    Copyright The Hedgefund Journal [Full text]


  • Funds Europe (January 2006)
    Setting the scene
    "(...) In part two of a three-part series on MiFID, Jean-René Giraud of EDHEC clarifies the Directive’s definitions of the new operating regimes, and examines their likely impact. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • Hedge Funds Review (January 2006)
    The "capacity effect" conundrum
    "(...) For several months, investors and their advisors have been worrying about the profitability prospects for hedge funds. (...)"
    By Mathieu Vaissié, EDHEC Risk and Asset Management Research Centre
    Copyright Hedge Funds Review [Full text - Registration required]