EDHEC-Risk Concept Industry Analysis Featured Analysis Latest EDHEC-Risk Surveys Features Interviews Indexes and Benchmarking FTSE EDHEC-Risk Efficient Index Series FTSE EDHEC-Risk ERAFP SRI Index EDHEC-Risk Alternative Indexes EDHEC IEIF Quarterly Commercial Property Index (France) Hedge Fund Index Research Equity Index Research Amundi "ETF, Indexing and Smart Beta Investment Strategies" Research Chair Rothschild & Cie "Active Allocation to Smart Factor Indices" Research Chair Index Regulation and Transparency ERI Scientific Beta Performance and Risk Reporting Hedge Fund Performance Performance Measurement for Traditional Investment CACEIS "New Frontiers in Risk Assessment and Performance Reporting" Research Chair Asset Allocation and Alternative Diversification Real Assets Meridiam Infrastructure/Campbell Lutyens "Infrastructure Equity Investment Management and Benchmarking" Research Chair Natixis "Investment and Governance Characteristics of Infrastructure Debt Instruments" Research Chair Société Générale Prime Services (Newedge) "Advanced Modelling for Alternative Investments" Research Chair CME Group "Exploring the Commodity Futures Risk Premium: Implications for Asset Allocation and Regulation" Strategic Research Project Asset Allocation and Derivative Instruments Volatility Research Eurex "The Benefits of Volatility Derivatives in Equity Portfolio Management" Strategic Research Project SGCIB "Structured Investment Strategies" Research ALM and Asset Allocation Solutions ALM and Private Wealth Management AXA Investment Managers "Regulation and Institutional Investment" Research Chair BNP Paribas Investment Partners "ALM and Institutional Investment Management" Research Chair Deutsche Bank "Asset-Liability Management Techniques for Sovereign Wealth Fund Management" Research Chair Lyxor "Risk Allocation Solutions" Research Chair Merrill Lynch Wealth Management "Risk Allocation Framework for Goal-Driven Investing Strategies" Research Chair Ontario Teachers' Pension Plan "Advanced Investment Solutions for Liability Hedging for Inflation Risk" Research Chair Non-Financial Risks, Regulation and Innovations Risk and Regulation in the European Fund Management Industry Index Regulation and Transparency Best Execution: MiFID and TCA Mitigating Hedge Funds Operational Risks FBF "Innovations and Regulations in Investment Banking" Research Chair EDHEC-Risk Publications All EDHEC-Risk Publications EDHEC-Risk Position Papers IPE EDHEC-Risk Institute Research Insights AsianInvestor EDHEC-Risk Institute Research Insights P&I EDHEC-Risk Institute Research for Institutional Money Management Books EDHEC-Risk Newsletter Events Events organised by EDHEC-Risk Institute EDHEC-Risk Smart Beta Day Amsterdam 2017, Amsterdam, 21 November, 2017 EDHEC-Risk Smart Beta Day North America 2017, New York, 6 December, 2017 Events involving EDHEC-Risk Institute's participation EDHEC-Risk Institute Presentation Research Programmes Research Chairs and Strategic and Private Research Projects Partnership International Advisory Board Team EDHEC-Risk News EDHEC-Risk Newsletter EDHEC-Risk Press Releases EDHEC-Risk in the Press Careers EDHEC Risk Institute-Asia EDHEC Business School EDHEC-Risk Executive Education EDHEC-Risk Advances in Asset Allocation Blended Learning Programme 2017-2018 Yale School of Management - EDHEC-Risk Institute Certificate in Risk and Investment Management Yale SOM-EDHEC-Risk Harvesting Risk Premia in Alternative Asset Classes and Investment Strategies Seminar, New Haven, 5-7 February, 2018 Investment Management Seminars Contact EDHEC-Risk Executive Education Contact Us ERI Scientific Beta EDHEC PhD in Finance
EDHEC-Risk Information

EDHEC-Risk in the Press

Articles published in 2007

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


December 2007

  • La Tribune (11/12/2007)  
    Une allocation cible moyenne de 10 % dans l'immobilier
    (...) L'EDHEC vient de publier une étude sur l'investissement et la gestion des risques immobiliers par les investisseurs institutionnels européens. Que représente l'immobilier dans leurs portefeuilles ? Interview de Frédéric Ducoulombier, professeur de finance à l’EDHEC. (...)"
    Copyright La Tribune [Full text]


  • Financial Times (10/12/2007)
    Calm those nerves over bricks and mortar
    "(...) Research published last week by EDHEC Risk and Asset Management Research Centre suggests the diversification benefits of real estate are the main attraction of the asset class for institutional investors, with outperformance potential a secondary consideration. (…)"
    Copyright Financial Times [Full text]


  • Financial Times (10/12/2007)
    Value destroyers' fail manager test
    ”(…) EDHEC's study, published last year, found that the performance of funds of hedge funds depends mainly on their choice of strategy rather than their choice of funds. (…)"
    Copyright Financial Times [Full text]


  • Hedgeweek (06/12/2007)
    EDHEC survey reveals that institutional real estate investors are more interested in diversification than in outperformance
    "(…) The EDHEC Risk and Asset Management Research Centre has released the EDHEC European Real Estate Investment and Risk Management Survey which covers 143 European institutional investors from 19 countries. (…)"
    Copyright HedgeWeek [www.hedgeweek.com]


  • Hedge Funds Review (01/12/2007)
    Identifying the sources of hedge fund returns through factor models
    "(…) In the fifth of a series of articles on hedge fund performance measurement, EDHEC looks at the use of explicit macro-factor models, implicit factor models, option portfolios and hedge fund indices in identifying sources of hedge funds return. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


November 2007

  • IPE (30/11/2007)
    IPE and EDHEC launch asset manager awards
    "(…) Investment and Pensions Europe (IPE) is teaming up with the EDHEC business school in France to launch a new awards programme recognising excellence in institutional asset management. Professor Noel Amenc, director of the EDHEC Risk and Asset Management Research Centre, said the IPE/EDHEC Institutional Asset Management Awards (IAMAs) will be the first time European institutional asset managers have been judged based on objective and transparent criteria." (…)"
    Copyright IPE [Full text]


  • Le Monde (28/11/2007)  
    Abou Dhabi prend 4,9 % de la banque Citigroup, fragilisée par la crise des "subprimes"
    "(…) Pour Noël Amenc, professeur de finance à l'Ecole des hautes études commerciales (EDHEC), cette opération est emblématique de la voracité des fonds souverains dans l'économie. (…) "
    Copyright Le Monde [Full text - Registration required]


  • IPE (24/11/2007)
    French study suggests derivatives 'over-hyped'
    "(…) A study published by French business school EDHEC has found although 90% of the 143 investors it polled had invested a median of €700m in real estate, 81% had no plans to invest in property derivatives. (…)"
    Copyright IPE [Full text]


  • Le Monde (23/11/2007)  
    Pétrole : les fonds spéculatifs attisent la flambée des cours
    "(…) Les fonds spécialisés "accompagnent et amplifient la tendance", estime Noël Amenc, professeur de finance à l'Ecole des hautes études commerciales (EDHEC) et spécialiste des hedge funds. (…)"
    Copyright Le Monde [Full text - Registration required]


  • Financial Times (21/11/2007)
    Bank warns that complex debt products "may not survive"
    "Investment banks need to standardise complex structured credit products if they want to restart growth in the stalled market, Sir John Gieve, the Bank of England's deputy governor for financial stability, said yesterday... "People are going to want products built up of units they understand," he told a conference organised by France's EDHEC Business School. (...)"
    Copyright Financial Times [Full text]


  • Le Temps (20/11/2007)  
    Les hedge funds ont réalisé un excellent mois d'octobre
    "(…) Le rebond des marchés d'actions au mois d'octobre, écrit le centre de recherche EDHEC, a clairement profité de la baisse des taux d'intérêt américains. (…)"
    Copyright Le Temps [Full text - Registration required]


  • Hedgeworld (09/11/2007)
    EDHEC Launches MiFID Research Chair
    "(…) EDHEC Business School, one of Europe's most prominent business schools and home to the EDHEC Risk and Asset Management Research Centre, has announced the launch of a research chair in MiFID (the Markets in Financial Instruments Directive) and Best Execution. The chair has been sponsored by France-based securities service provider CACEIS, financial services software provider SunGard and NYSE Euronext. (…)"
    Copyright Hedgeworld [www.hedgeworld.com]


  • La Tribune (06/11/2007)  
    Gestion d'actifs : Des victimes collatérales. Article par Noël Amenc, Professeur de Finance à l’EDHEC
    " (…) Crise des subprimes et durcissement des conditions de crédit ont été le révélateur d'un retour de l'aversion aux risques. (…)"
    Copyright La Tribune [Full text]


  • La Tribune (06/11/2007)  
    Gestion d'actifs : La gestion alternative n'a pas échappé à la crise financière. Article par Véronique Le Sourd, Ingénieur de Recherche à l’EDHEC
    " (…) Sur fond de crise des subprimes, les hedge funds ont affiché cet été des performances très éloignées de leur moyenne historique. Seules les stratégies de "short selling" ont tiré leur épingle du jeu. (…)"
    Copyright La Tribune [Full text]


  • La Tribune (06/11/2007)  
    Gestion d'actifs : Les activistes réveillent une gouvernance d'entreprise sclérosée. Article par Walter Géhin, Chercheur Associé à l’EDHEC
    " (…) Très décriés par les dirigeants d'entreprise et par les politiques, les hedge funds activistes jouent néammoins un rôle positif dans la gouvernance d'entreprise. (…)"
    Copyright La Tribune [Full text]


  • La Tribune (06/11/2007)  
    Gestion d'actifs : La réplication des indices, un art difficile. Article par Lionel Martellini, Professeur de Finance à l’EDHEC
    " (…) l’EDHEC a récemment publié un article de recherche proposant une analyse critique des différentes technologies utilisées, afin d' évaluer la qualité de celles-ci au regard du défi posé en termes de pouvoir de réplication. (…)"
    Copyright La Tribune [Full text]


  • La Tribune (06/11/2007)  
    Palmares : Les 36 premiers fonds de hedge funds français. Article par Noël Amenc et Philippe Malaise, Professeurs de Finance à l’EDHEC
    " (…) Pour la troisième année consécutive, "La Tribune" s'est associée à l'EDHEC pour établir une notation des fonds de hedge funds français. La note globale correspond à la moyenne des notes attribuées à la performance, au contrôle des risques et à la persistance des performances dans le temps. (…)"
    Copyright La Tribune [Full text]


  • Financial Times (05/11/2007)
    Cheap provider of beta is under-used
    "(...) A study conducted a year ago by EDHEC, the French business school, found that 48 per cent of European asset managers and institutional investors had implemented a core/satellite approach. But of these just 28 per cent said they used ETFs in their core portfolio, with geographic funds viewed as more useful than sector or style ETFs. (...)
    Copyright Financial Times [Full text]


  • Financial Times (05/11/2007)
    Many new ideas yet to be exploited
    "(...) Felix Goltz, senior research engineer at the EDHEC Risk and Asset Management Centre, says there are, as yet, no ETFs exposed to physical property, with real estate ETFs instead tending to be based either on real estate investments trusts or listed property companies. (...)"
    Copyright Financial Times [Full text]


  • Le Temps (03/11/2007)  
    Les fonds 130/30 doivent encore réussir leur examen pratique
    "(...) Le ratio "130/30" s'est imposé comme la nouvelle formule magique dans le monde de la gestion. Aux Etats-Unis, plus de 100 milliards de dollars sont désormais investis dans des fonds de ce type, contre seulement 50 milliards en mars dernier, selon des estimations citées par une étude d'EDHEC-Risk. (...)"
    Copyright Le Temps [Full text - Registration required]


  • Hedge Funds Review (01/11/2007)
    Modelling – how to identify the sources of hedge funds' returns
    "(…) In the fourth of a series of articles on hedge fund performance measurement, EDHEClooks at how to identify sources of hedge fund returns. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


October 2007

  • La Tribune (30/10/2007)  
    Gestion d'Actifs : Les marchés sous la loupe de la finance comportementale
    "(...) L'efficacité des marchés n'est pas une constante, complète Vivien Lévy-Garboua, membre du comité exécutif de BNP Paribas et coauteur avec Gérard Maarek, professeur à l'EDHEC, d'un livre sur le sujet. (...)"
    Copyright La Tribune [Full text - French]


  • Pensions & Investments (29/10/2007)
    Engineer debunks hedge fund replication; Forget the hype
    "(...) Mr. Martellini, professor of finance and the scientific director of the Risk and Asset Management Research Centre of EDHEC Business School, Nice, France, spent much of the day - 7.5 hours - explaining to practitioners and hedge fund managers the reasons why hedge funds offer attractive alpha and beta diversification benefits to institutional investors. (...)"
    Copyright Pensions & Investments [Full text]


  • Les Echos (28/10/2007)  
    Les institutionnels européens ouverts aux dérivés sur l' immobilier
    "(...) En Europe, il existe une importante demande potentielle pour un indice dérivé liquide, du type contrat à terme ferme, permettant de diversifier et de couvrir les portefeuilles immobiliers. C'est ce qui ressort d' une enquête de l' EDHEC auprès de 143 investisseurs institutionnels européens, dont près de 86 % sont déjà investis sur l'immobilier depuis presque vingt-cinq ans en moyenne. (...)"
    Copyright Les Echos [Full text - French - Registration required]


  • Le Monde Argent (28/10/2007)  
    Retard à l'allumage pour la gestion alternative "à la française"
    "(...) En dépit de leur opacité, le succès des hedge funds basés dans des paradis fiscaux ne se dément pas. En revanche, la gestion alternative "à la française" a du mal à décoller. Un cadre juridique a pourtant été institué en 2003 par l'Autorité des marchés financiers (AMF) pour réglementer les pratiques des sociétés voulant développer ce type d'activité en France, et pour assurer un minimum de protection à leurs clients. (...)"
    Copyright Le Monde Argent [Full text - French - Registration required]


  • FT Investment Adviser (22/10/2007)
    UK managers' alpha dropping, says EDHEC.
    "(...) UK fund managers are achieving lower alpha than they were a year ago, according to a survey from EDHEC Business School. (...)"
    Copyright FT Investment Adviser [Full text]


  • Investment Week (15/10/2007)
    Hedge funds are not to blame for credit crisis
    "(...) Hedge funds are not to blame for the sub-prime credit crisis, according to a study from EDHEC Business School. The research also absolved hedge funds of blame for contagion spreading to other segments of the credit markets. This flies in the face of accusations made by regulators and political leaders, notably France's President Sarkozy and Germany's Chancellor Merkel. In response to criticism of hedge funds from Sarkozy, EDHEC published a position paper by Noël Amenc, director of the EDHEC Risk and Asset Management Research Centre. (...)"
    Copyright Investment Week [Full text]


  • Le Temps (15/10/2007)  
    Une approche passive pour les commodités
    "(...) Une stratégie de diversification des portefeuilles par une allocation de 10% du portefeuille dans les commodities permet de diminuer d'environ 8% la volatilité. Pour obtenir une grande flexibilité, elle peut s'effectuer par le biais d'un ETF ou d'un certificat sur indice. (...)"
    Copyright Le Temps [Full text - French - Registration required]


  • Les Echos (15/10/2007)  
    Aberdeen, nouveau champion britannique
    "(...) C'est la société de gestion d'origine écossaise Aberdeen qui a remporté l'édition 2007 de l'Alpha League Table Europerformance-EDHEC que présentent « Les Echos » et le « Financial Times ». (...)"
    Copyright Les Echos [Full text - French - Registration required]


  • Financial Times (15/10/2007)
    Axa Framlington loses alpha crown
    "At the top of the rankings is Aberdeen Asset Management, up from second place last year. "It not only offers substantial average alpha, but is also capable of generating it from a significant portion of its actively managed funds," concludes the report published today by EDHEC, the French business school, and Europerformance, a fund analysis company. (...)"
    Copyright Financial Times [Full text]


  • Reuters (08/10/2007)
    Regulators partly to blame for subprime woes-study
    "(...) Financial regulators are partly to blame for the knock-on effects of this year's crisis in the U.S. subprime mortgage market, according to a French business school study published on Monday. The study by the EDHEC business school said pending European Union rules on insurers could make matters worse and urged regulators to re-think their approach to complex financial instruments. (...)"
    Copyright Reuters [Full text]


  • Les Echos (02/10/2007)  
    Le frein des institutionnels
    "(...) De par leurs encours gérés, ce sont les investisseurs institutionnels, actuellement bridés par leurs diverses réglementations, qui ont le pouvoir de faire décoller le marché de la gestion alternative en France ». (...)"
    Copyright Les Echos [Full text - French - Registration required]


  • Hedge Funds Review (01/10/2007)
    A finely measured performance – beyond the Sharpe ratio...
    "(…) EDHEC's Walter Gehin continues EDHEC's examination of hedge fund performance measurement techniques by analysing absolute performance metrics that are not based on the Sharpe ration and which, furthermore, attempt to take skewness and kurtosis into account... (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


September 2007

  • The Hedgefund Journal (30/09/2007)
    Momentum Strategies In Commodity Markets
    Article by Joëlle Miffre, EDHEC Business School, France, and Georgios Rallis, CASS Business School, UK
    Copyright The Hedgefund Journal [Full text]


  • Hedge Funds Review (26/09/2007)
    Hedge funds not to blame for sub-prime crisis, says EDHEC
    "(…) Hedge funds are clearly not to blame for the sub-prime credit crisis, according to a study from EDHEC. (…)"
    Copyright Hedge Funds Review [Full text]


  • IPE (26/09/2007)
    EDHEC warns of Solvency II liquidity danger
    "(…) Introduction of IFRS standards and Solvency II on insurance companies are more likely to increase liquidity risk on investment markets than tightening the regulation of hedge funds, according to EDHEC business school. A position paper has been issued by EDHEC’s risk and asset management research centre in response to comments from French president Nicolas Sarkozy and German prime minister Angela Merkel suggesting hedge funds were to blame for the recent credit crunch." (…)"
    Copyright IPE [Full text]


  • IPE (24/09/2007)
    EDHEC sets up pension fund research chair
    "(…) The Nice-based business school EDHEC and Axa Investment Managers have created a research chair on regulation and institutional investments. This three-year programme will begin by looking at "the influence of institutional and regulatory framework [IFRS] on the financial management of pension funds in Europe," the school commented." (…)"
    Copyright IPE [Full text]


  • Les Echos (24/09/2007)  
    La recherche de la diversification pousse à conquérir de nouveaux territoires
    "(…) L'obsession de la diversification court à travers les siècles. Aujourd'hui, elle ne consiste plus seulement à protéger son patrimoine contre les caprices du hasard mais aussi à chercher de nouvelles sources de rendement hors des sentiers battus. (…)"
    Copyright Les Echos [Full text - Registration required]


  • Le Temps (24/09/2007 )  
    Trois premières leçons tirées de la crise des crédits «subprime»
    "(…) La cause de l'éclatement de la bulle des crédits titrisés est à chercher du côté du manque de responsabilisation des acteurs du fait de réglementations trop sévères. (…)"
    Copyright Le Temps [Full text]


  • Le Figaro (21/09/2007)  
    La gestion alternative s'en sort
    "(…) À l'heure où certains dirigeants européens plaident pour un renforcement de la réglementation des fonds alternatifs (hedge funds), un rapport de l'AMF, présenté cette semaine, préconise au contraire d'assouplir la multigestion alternative, qui est le seul moyen pour les particuliers d'avoir accès aux hedge funds. (…)"
    Copyright Le Figaro [Full text]


  • La Tribune (18/09/2007)  
    Gestion d'actifs : L'autrichien Superfund s'installe à Paris
    "(…) Il s'agit d'un OPCVM de fonds alternatifs, valorisé de façon hebdomadaire, qui exploite nos techniques de gestion systématique et un processus d'allocation dynamique dans le cadre d'une approche coeur-satellite développée par l'EDHEC Investment Research", précise Emmanuel Bégat. (…)"
    Copyright La Tribune [Full text - Registration required]


  • Financial Times (10/09/2007)
    Agreement on indices' drawbacks, EDHEC says
    "(…) Cap-weighted indices are inefficient and unstable, asset managers are agreed, but they continue to use them. French research institution EDHEC surveyed the industry following the publicationin 2006 of its research showing that cap-weighted indices are a big source of inefficiency in portfolios. (…)"
    Copyright Financial Times [Full text]


  • Les Echos (10/09/2007)  
    La tentation de la « surrégulation »
    "(…) Les politiques ont parfois fait l'amalgame entre l'importante correction des marchés cet été et l'existence des « hedge funds. (…)"
    Copyright Les Echos [Full text - Registration required]


  • La Tribune (04/09/2007)  
    Gestion d'actifs : Le marché ne redoute pas une crise des hedge funds
    "(…) Selon l'EDHEC, les fonds spéculatifs exposés au risque de crédit ne représentent que 20 % des encours gérés au titre de la gestion alternative. (…)"
    Copyright La Tribune [Full text - Registration required]


  • La Tribune (03/09/2007)  
    Hedge funds, des boucs émissaires tout désignés
    "(…) Dans un article d'opinion, l'EDHEC estime que les fonds spéculatifs ont été à tort rendus responsables de la crise financière de cet été. (…)"
    La Tribune [Full text - Registration required]


  • Hedge Funds Review (01/09/2007)
    Which way is up? – measuring performance
    "(…) In the second in a series on hedge fund performance measurements, EDHEC's Walter Gehin sets out to discover the ins and outs of putting a number and meaning to the all-important direction of that red track-record line. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • Funds Europe (September 2007)
    Banking alpha
    "(...) The offshore dimension of Swiss products means they are probably the most widely distributed in Europe, say Peter O'Kelly of EDHEC and Virginie Buey of EuroPerformance. (...)"
    Copyright Funds Europe [www.funds-europe.com]


August 2007

  • Hedge Funds Review (August 2007)
    Unbiased reporting
    "(…) EDHEC's Walter Gehin assesses the importance of database quality and impact on various biases, on hedge fund returns. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • Funds Europe (August 2007)
    Back to Basics
    "(…) In their third article on risk management, EDHEC's Noël Amenc and Lionel Martellini consider the usefulness of optimisation methods. (…)"
    Copyright Funds Europe [Full text - Registration required]


  • Le Monde Economie (27/08/2007)  
    Touchés par la crise, les hedge funds devraient ralentir leur activité
    "(…) La tempête boursière provoquée par la crise des crédits hypothécaires à risques (subprime mortgage) s'apaise progressivement. Mais ses conséquences pour l'activité des fonds spéculatifs (hedge funds) semblent plus durables, si ce n'est définitives. (…)"
    Le Monde Economie [Full text - Registration required]


  • Le Monde (21/08/2007)  
    Les fonds spéculatifs ne sont pas à l'origine des excès du marché
    "(…) Noël Amenc, professeur à l' EDHEC, récuse les attaques contre les « hedge funds ». Selon lui, la tempête actuelle est « une crise de confiance dans l' information sur les risques ». (…)"
    Le Monde [Full text - Registration required]


  • Life Insurance International (14/08/2007)
    Hedge fund investment under threat
    "(…) Analysts at the French business school Ecole De Hautes Etudes Commerciales du Nord (EDHEC) have seriously questioned the future of hedge funds as a viable investment for European insurance companies once the Solvency II supervisory standard comes into force in 2012. (…)"
    Copyright Life Insurance International [www.lifeinsuranceinternational.com]


  • HedgeWorld News (07/08/2007)
    Morgan Stanley Launches First HF Clone
    "(…) Morgan Stanley recently announced the launch of its first hedge fund replication product, called altera. The goal is to give investors access to alternative beta strategies across several asset classes by matching the performance of the MSCI Hedge Fund Indices. So far in back-testing, altera achieves this performance objective, according to a statement issued by the bank. (…)"
    Copyright Hedge World News [www.hedgeworld.com]


  • Hedge Funds Review (01/08/2007)
    Unbiased reporting
    "(…) EDHEC's Walter Gehin assesses the importance of database quality and impact on various biases, on hedge fund returns. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


July 2007

  • Financial Times (30/07/2007)
    Solvency rules may cramp insurers
    "(...) European insurance companies may be forced out of hedge funds and other alternative investments when new solvency rules come into force unless proposals are adjusted, warns EDHEC, the business school based in Nice, France. (...)"
    Copyright Financial Times [Full text]


  • IPE (27/07/2007)
    Solvency II "could threaten hedge funds"
    "(…) Institutional investments in hedge funds and other alternatives assets classes could come under threat by the Solvency II directive, French business school EDHEC has claimed... EDHEC has urged CEIOPS to correct its proposals as it believes it will otherwise be "practically impossible for European insurance companies to continue to invest in hedge funds"." (…)"
    Copyright IPE [Full text]


  • The Wall Street Journal (21/07/2007)
    The Hedge-Fund 'Clones'
    "(...) A recent study of cloning by researchers at France's EDHEC Business School showed that most clones generally did a poor job of mimicking the returns of hedge funds. (...)"
    Copyright The Wall Street Journal [Full text]


  • L'Agefi (19/07/2007)  
    Solvabilité II, SOS Actions
    "(...) On pourrait envisager qu’un rabais soit accordé aux assureurs qui utilisent des outils de gestion dynamique ou de gestion actif/passif (ALM), avance Philippe Foulquier, directeur du centre de recherche d’analyse financière et de comptabilité de l'EDHEC. (...)"
    Copyright l'Agefi [Full text]


  • The Financial Times (16/07/2007)
    Alpha among the Alps for Swiss peak performers
    "(...) Switzerland plays host to some of the world's biggest banking institutions and many top-notch private banks. It must be reassuring to their customers that some of the best-known names in the business make it into the alpha league table compiled by EDHEC in association with EuroPerformance. (...)"
    Copyright The Financial Times Limited [Full text]


  • Le Temps (16/07/2007)  
    Banque privée en tête
    "(...) LODH s'illustre à l'Alpha League. Une banque privée genevoise occupe de nouveau la tête de l'Alpha League. L'an dernier, Pictet s'était distingué dans ce classement des meilleures performances corrigées des risques réellement pris, l'apha dans le jargon financier. (...)"
    Copyright Le Temps [Full text]


  • Les Echos (16/07/2007)  
    Lombard Odier, nouveau champion suisse sur les actions
    "(...) C'est Lombard Odier Darier Hentsch qui a remporté la 2e édition de l'Alpha League Table pour la Suisse, établie par Europerformance et l'EDHEC, qui marque la suprématie des banquiers privés. (...)"
    Copyright Les Echos [Full text - Registration required]


  • La Tribune (16/07/07)  
    Le LSE lance un segment dédié à la gestion alternative
    "(...) "Jusqu'à présent, les hedge funds avaient une préférence pour la Bourse d'Amsterdam qui leur permettait de déroger aux obligations de diversification de portefeuille et d'indépendance des conseils d'administration en vigueur dans la City. Le nouveau segment de la Bourse de Londres lève ces contraintes", ajoute Noël Amenc, professeur de finances et directeur du centre de recherche EDHEC Risk. (...)"
    Copyright La Tribune [Full text]


  • Les Echos (10/07/2007)  
    Des conséquences multiples pour le secteur
    "(...) Solvabilité II va profondément bouleverser le paysage de l'assurance européenne. Les compagnies ont pu en mesurer l'ampleur à l'occasion des trois premières « études d'impact », qui ont confronté les hypothèses examinées à la réalité. (...)"
    Copyright Les Echos [Full text - Registration required]


  • The Economist (07/07/2007)
    Two Thumbs Up
    "(...) European insurers get some souped-up new regulations. Europe's insurers have waited a long time for a major overhaul of the rules on risk and capital. While bankers have developed Basel 2, insurers have been stuck with a regulatory relic largely unchanged since the 1970s. (...)"
    Copyright The Economist [Full text - Registration required]


  • IPE (06/07/2007)
    Assessing the strategic case
    "(…) In a paper published by EDHEC Risk and Asset Management Centre in France, ‘Conditional Risk Premia and Correlations in Commodity Futures Markets’, James Chong of California State University, Northridge, and Joëlle Miffre of EDHEC Business School attempted to test the theory of normal backwardation. The authors show that investors in commodity futures earned significant risk premia over the period 1979-2004 (which applies to 19 of the 21 commodity futures markets studied), a result that strongly supports the notion that risk transfers occur in commodity futures markets between hedgers and speculators." (…)"
    Copyright IPE [Full text]


  • The Financial Times (02/07/2007)
    Hedge Fund sheep in wolves' clothing
    "(...) Have black box model, backtest data excellent, am expecting to earn a billion dollars a year, send your money now (minimum $1m, one year lockup). The aspirants are many, but the successful are very few in number. In fact, say the critics, the world of hedge funds is too much characterised by false and misleading claims and inappropriate remuneration structures. (...)"
    Copyright The Financial Times Limited [Full text]


  • FT Mandate (July 2007)
    Pooling talent in pursuit of alpha
    "(…) BNP Paribas Asset Management’s obsession with being one step ahead of the competition has seen a reshuffle of its capabilities in order to combine expertise. CIO Christian Dargnat speaks to Henry Smith about the revitalised firm... The IBS team, he adds, has also entered into a three-year partnership with the French business school, EDHEC, for the purpose of developing "better" liability-driven investment (LDI) strategies for institutional investors in France, Italy and the UK. (…)"
    Copyright FT Mandate [Full text]


  • Hedge Funds Review (01/07/2007)
    Knowledge is power
    "(…) EDHEC's Noël Amenc and Mathieu Vaissié outline the information that investment firms' activity reports should contain if they are to measure and manage their risk effectively. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • FT Mandate (July 2007)
    How to classify a hedge fund index
    "(…) But capacity and managed account selection biases and other, subjective selection criteria (track record, AUM), can affect investables. Then there is no consensus on whether qualitative or quantitative analysis is best for classifying a fund's strategy, or whether indices should be asset-weighted, equally-weighted or mixed. Critics like EDHEC's François-Serge Lhabitant argue that this makes HFIs active: "Funds of hedge funds managed according to arbitrary rules." (EDHEC itself supports classification of HFIs as financial indices). (…)"
    Copyright FT Mandate [Full text]


  • Funds Europe (July 2007)
    Risky: Part II
    "(...) In their second article on risk management, Noël Amenc and Lionel Martellini look at the diversification benefits of optimal beta management in a core portfolio. (...)"
    Copyright Funds Europe [www.funds-europe.com]


June 2007

  • The Financial Times (29/06/2007)
    The sector that arrived late to the party
    "(...) The concept of index investing may be old hat in most asset classes, but in the world of hedge funds it is still work in progress. Hedge fund indices, have of course, been around for many years, but there is no simple underlying measure, such as a FTSE 100, to recreate. (...)"
    Copyright The Financial Times Limited [Full text]


  • The Financial Times (29/06/2007)
    The thorny problem of how to classify a hedge fund index
    "(...) The concept of index investing may be old hat in most asset classes, but in the world of hedge funds it is still work in progress. Hedge fund indices, have of course, been around for many years, but there is no simple underlying measure, such as a FTSE 100, to recreate. (...)"
    Copyright The Financial Times Limited [Full text]


  • L'Agefi (28/06/2007)  
    Le clonage des Hedge Funds à l'épreuve
    L'avis de Noël Amenc, directeur de l'EDHEC Risk and Asset Management Research Centre.
    Copyright L'Agefi [Full text]


  • Pensions and Investments (25/06/2007)
    U.K. funds tempted by clones
    "(...) Most of the interest in hedge fund cloning is coming from the U.K., with a flicker of interest from other parts of Europe, said Lionel Martellini, scientific director of EDHEC Risk and Asset Management Research Centre, Nice, France. (...)"
    Copyright Pensions & Investments [Full text]


  • Le Temps (25/06/2007)  
    La performance du private equity est, grâce aux ETF, enfin accessible à tous
    "(...) Investir dans le private equity en une seule transaction boursière est maintenant possible grâce à un indice (Privex) couvrant des firmes de private equity cotées, en limitant les risques liés à la nature peu liquide de ce type d'investissement. A fin mars 2007, les 847 ETF. (...)"
    Copyright Le Temps [Full text - Registration required]


  • FT Investment Adviser (18/06/2007)
    EDHEC claims hedge fund cloning is 'not ready yet'
    "(...) EDHEC, the French business school, said it feared that banks had launched commercial products before academic research had produced vehicles which worked in practice. (...)"
    Copyright FT Investment Adviser [Full text]


  • Les Echos (18/06/2007)  
    Solvency II, le nouveau dogme qui bouscule la gestion d'actifs
    "(...) En l'état des discussions, les nouvelles normes prudentielles, dites Solvency II, vont avoir de nombreuses conséquences sur les techniques de gestion, les marchés et la demande de certains actifs comme les actions. Elles pourraient ainsi entraîner l'effet pervers de renforcer l'inclinaison spéculative des marchés. (...)"
    Copyright Les Echos [www.lesechos.fr - Registration required]


  • Les Echos (18/06/2007)  
    IFRS, Solvency II, deux chantiers pour une mue profonde de la gestion d'actifs
    "(...) Les nouvelles normes comptables IFRS et de solvabilité Solvency II vont entraîner de nombreuses conséquences sur le secteur de la gestion d'actifs, ses techniques et ses acteurs, au premier rang desquels les assureurs. Des changements importants et durables sont à attendre sur la meilleure façon de gérer et d'appréhender les risques. (...)
    Copyright Les Echos [Full text - Registration required]


  • Les Echos (18/06/2007)  
    Les normes IFRS font preuve d'une ambition démesurée et dangereuse
    "(...) La conjonction et l'interaction des normes comptables et prudentielles s'avèrent un « cocktail détonant » pour le secteur de la gestion d'actifs, ses acteurs, comme les assureurs, et les problématiques de gestion actif/passif, selon Noël Amenc, directeur de l'EDHEC Risk and Asset Management Research Centre. (...)"
    Copyright Les Echos [Full text - Registration required]


  • South China Morning Post (15/06/2007)
    A billion-dollar toolkit - Private bankers can improve their results by using the strategies of their institutional counterparts
    "(...) Private bankers and wealth managers should employ the same techniques used by corporate bankers who structure billion-dollar deals when managing the accounts of their high-net-worth clients, a study reveals. (...)"
    Copyright South China Morning Post Publishers Limited, Hong Kong [www.scmp.com]


  • IPE (14/06/2007)
    Mentioning the MiFID elephant
    "(…) According to a recent survey of asset managers (mostly traditional, but including some hedge funds) by French research group EDHEC Risk Advisory, only half of respondents, which did not encompass the entire sample, use pre-trade analytics. "It is striking to see that pre-trade analytics may not have yet reached the desk of the majority of buy-side firms," EDHEC commented in its report. Post-trade analytics requires significant investment in technology in order to provide comparable figures; EDHEC paints a gloomy picture of the industry’s readiness to provide this." (…)"
    Copyright IPE [Full text]


  • L'Agefi (13/06/2007)  
    Les ETFs séduisent les institutionnels
    "(...) Les produits indiciels et les stratégies quantitatives gagnent en importance dans l'allocation d'actifs. Tour d'horizon lors d'un séminaire organisé par Lusenti Partners. Comment faire mieux que le marché sans s'éloigner trop des indices de référence, tout en maintenant ses coûts sous contrôle ? C'est la difficile équation que doivent résoudre la plupart des gérants institutionnels. (...)"
    Copyright L'Agefi [www.agefi.com]


  • L'Agefi Actifs (08/06/2007)  
    L'approche ALM en gestion privée permet d'éviter les mauvais investissements
    Entretien avec Noël Amenc, Professeur de finance et Directeur de l'EDHEC Risk and Asset Management Centre
    Copyright L'Agefi Actifs


  • Hedge Funds Review (01/06/2007)
    From alpha to omega
    "(…) It's all about higher moments. The kind where you decide what is really important about what you do and how you allocate your resources. Lionel Martellini presents the EDHEC guide to hedge fund enlightenment. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • HedgeWorld News (01/06/2007)
    Deutsche Bank Launches Its First HF Clone
    "(...) Following other investment banks, Deutsche Bank announced the launch of its first hedge fund replication index last week. (...)"
    HedgeWorld [www.hedgeworld.com]


  • Funds Europe (June 2007)
    French flair
    "(...) Virginia Buey, of EuroPerformance, and Peter O’Kelly, of EDHEC, explicate the Alpha League Table for France. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • IPE Real Estate (May/June 2007)
    A flurry of new indices
    "(…) After reviewing the NCRIEF Property Index in our last issue, Frédéric Ducoulombier looks at the transaction-based indices also competing to serve as underlyings for the budding US property derivatives markets. (…)"
    Copyright IPE Real Estate [www.ipe.com/realestate/]


May 2007

  • Financial Times (28/05/2007)
    Hedge clones "jumped the gun"
    "(...) None of the hedge fund replication strategies yet unveiled by investment banks and academics are capable of accurately recreating hedge fund returns, according to a comprehensive report from EDHEC, the French business school. (...)"
    Copyright Financial Times [Full text]


  • SeekingAlpha (24/05/2007)
    Hedge Fund Management Style Analysis: "Holding-Based" vs. "Return-Based" Approaches
    "(…) Christopher Holt submits: With the release of Andrew Lo's recent paper on a new way to calculate alpha, this article by EDHEC on style analysis seems apropos. (…)"
    Copyright SeekingAlpha [Full text]


  • Cinco Dias (24/05/2007)  
    Ibercaja y Bankinter, las dos gestoras que más veces superan al mercado
    "(…) Ibercaja Gestión y Bankinter aparecen como las dos primeras gestoras de fondos que más creación de valor obtienen para sus clientes, según la liga que organizan la escuela de negocios francesa EDHEC y la compañía de análisis de fondos Europerformance. (…)"
    Copyright Cinco Dias [Full text]


  • HedgeWorld News (18/05/2007)
    Funds of Funds Outperform HF Clones: Analysis
    "(…) Hedge fund replication strategies have been one of the most widely discussed topics in the industry over the past six months. (…)"
    Copyright HedgeWorld News [www.hedgeworld.com


  • Belfast Telegraph (14/05/2007)
    The Naked Investor: Equity investment question of ratios
    "(…) Clearly, fund managers do not want to be compared too closely for fear of not looking good. So one research house, EDHEC, carries out comparisons - normally over three full years - and produces tables using three measures (…)"
    Copyright Belfast Telegraph [Full text]


  • Financial Times (14/05/2007)
    European League Table: Italy lags behind Europe's top performers
    "Just one in seven (14 per cent) Italian equity funds delivered outperformance over the last year, according to the latest alpha league table report from EDHEC in association with EuroPerformance. (...)"
    Copyright Financial Times [Full text]


  • IPE (03/05/2007)
    Going from strength to strength
    "(…) ETFs can be useful instruments for pension funds and other investors taking a core-satellite approach to their portfolio, according to the EDHEC Risk and Asset Management Research Centre in France. "ETFs offer a natural vehicle for implementing allocation strategies both in the core and the satellite," it reports. Core-satellite is becoming the norm. EDHEC says 48% of European investors and asset managers are using the core-satellite approach, and a further 9% say they will implement this type of organisation in the near future. With a core-satellite approach, a portfolio has a clear separation between a core portfolio managed passively, and one or more very actively managed satellites, says EDHEC." (…)"
    Copyright IPE [Full text]


  • IPE (03/05/2007)
    More flexible than futures and swaps
    "(…) Felix Goltz, a co-author of the European ETF Survey 2006, conducted by asset management research company EDHEC, says ETFs have a number of features that distinguish them from other index instruments... The EDHEC European ETF Survey 2006 was conducted among 1000 European asset managers and institutional investors during the summer of 2006." (…)"
    Copyright IPE [Full text]


  • Hedge Funds Review (01/05/2007)
    Monitoring operational risk
    "(…) EDHEC's Jean-René Giraud highlights the value of independent support in key areas of a fund's operations. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • FT Money Management (01/05/2007)
    Money Management: Openings in the hedges
    "(…) Funds of hedge funds should soon be available to retail customers. This step has more to do with the FSA protecting itself from a charge of failing to facilitate competition. (…)"
    Copyright FT Money Management [Full text - Registration required]


  • Funds Europe (May 2007)
    Straight to the core
    "(...) In the first of a series of articles on risk management techniques in asset management, Nöel Amenc and Lionel Martellini look at the core-satellite approach to portfolio construction. (...)"
    Copyright Funds Europe [www.funds-europe.com]


April 2007

  • FT Investment Adviser (30/04/2007)
    A question of ratios
    "(…) Another approach to "picking" top performers is that taken by the French EDHEC Risk and Asset Management Research Centre. (…)"
    Copyright Investment Adviser [Full text]


  • The Sunday Telegraph (29/04/2007)
    Who's afraid of structured products?
    "(…) They bring back bad memories of the precipice bond debacle, but wealth managers are unperturbed and increasingly tout these complex funds as a way to control risk. (…)”
    Copyright The Sunday Telegraph [Full text]


  • L'Agefi (20/04/2007)  
    Les ETFs, des instruments utilisés de manière toujours plus active
    "(…) Grâce à leur diversité, les produits indiciels deviennent un élément clé pour optimiser la structure des portefeuilles, constate une étude de l'EDHEC. (…)"
    Copyright L'Agefi [www.agefi.fr - Registration required]


  • Le Temps (20/04/2007)   
    Les ETF permettent de nouvelles stratégies et réduisent les risques
    "(…) Les investisseurs apprécient les ETF, mais privilégient exagérément les produits sur indices géographiques. iShares et EDHEC soulignent leur potentiel selon une autre approche. (…)"
    Copyright Le Temps [Full text - Registration required]


  • Private Banking (16/04/2007)   
    Markets in financial instruments directive (MIFID): Les bénéfices hypothétiques d'une directive controversée
    "(…) Dans l'ouvrage remarquable qu'il a publié avec sa collègue de l'EDHEC Catherine D'Hondt («MIFID Convergence Towards a Unified European Capital Markets Industry», paru fin 2006 chez Risk Books Incisive Financial Publishing, Londres), Jean-René Giraud estime en outre que l'article 21 en question provoquera de la part surtout des clients «de détail» un comportement d'«antisélection» et d'«aléa moral». (…)"
    Copyright Private Banking [Full text - In French]


  • Private Banker International (10/04/2007)
    Asset-Liability Management: The real way to manage private clients?
    "(…) Classic asset-liability management techniques, still largely confined to institutional investors, can significantly help private banking clients, a new study claims. (…)"
    Copyright Private Banker International [www.privatebankerinternational.com]


  • European Pensions and Investment News (09/04/2007)
    Locals top latest French alpha generating tables
    "(…) Independent local players have dominated EDHEC’s ranking of the top long-only alpha generators in France. The Nice-based business school’s specialist asset management centre is seeking to pioneer a new fund ranking methodology based on examining a fund’s returns against the degree of risk it takes. (…)"
    Copyright European Pensions and Investment News [Full text]


  • The Financial Times (09/04/2007)
    Defying the last of the financial Luddites
    "(…) Mark Mathias argues that critics of structured investments do not appreciate their real use and the view that they are costly is not justified. (…)"
    Copyright FT Fund Management [Full text]


  • L’Agefi (05/04/2007)   
    MIF : l’EDHEC crée un modèle d’évaluation des performances de l’exécution
    "(…) L’EDHEC, qui a publié une étude sur la directive MIF (Marchés d’instruments financiers), a mis en place un modèle d’évaluation des performances de l’exécution des ordres basé sur une analyse de l’univers des transactions effectuées dans des conditions comparables. (…)"
    Copyright L’Agefi [Full text - Registration required]


  • Les Echos (04/04/2007)   
    Fédération bancaire française : les cinq chaires universitaires consacrées à la banque de marché
    "(…) Après l'examen d'une dizaine de projets avec le conseil scientifique d'Europlace et les banques, la Fédération bancaire française va allouer 300.000 euros sur cinq ans à la création de 5 chaires universitaires consacrée à la banque de marché… Chaire Produits structurés et produits dérivés, EDHEC. (…)"
    Copyright Les Echos [Full text]


  • Professional Pensions (04/04/2007)
    Fears MiFID will lead to transparency deterioration
    "(...) EDHEC Business School said far from increasing transparency and improving best execution the directive could instead lead to a deterioration in existing pre-trade transparency currently enjoyed by schemes and their agents. (...)"
    Professional Pensions [Full text]


  • IPE (02/04/2007)
    Market neutral via managed accounts
    "(…) But are hedge funds really delivering alpha? Studies by Nice-based EDHEC-Risk’s asset management research have shown that most equity hedge fund strategies are positively correlated with equity market returns. Therefore, for much of the time they are delivering beta rather than alpha. From the investor’s point of view, the beta "drowns" the alpha, making it hard for them to discern how much of the return is due to manager skill and how much to the movement of the market." (…)"
    Copyright IPE [Full text]


  • FT Mandate (01/04/2007)
    Property Derivatives - An indirect property route to add flexibility and lower costs
    "(…) Property derivatives can be used in three main ways. Firstly, explains Frédéric Ducoulombier, associate professor at EDHEC business school, as a way of providing synthetic investment in real estate. Investors can go long or short the market, or a sector of the market (say, central London offices). They can rebalance portfolios "in an easy, prompt and relatively cheap manner". And they can diversity. (…)"
    Copyright FT Mandate [Full text]


  • Hedge Funds Review (April 2007)
    The challenges in modelling hedge fund returns
    "(…) As the replication of hedge fund strategies gathers in pace and poularity EDHEC’s Lionel Martellini discusses how and whether strategies can be mirrored, and the hedge fund indices that have until now been the mainstay of those seeking to copy hedge fund performance . (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • The Hedgefund Journal (April 2007)
    Quantification of Hedge Fund Default Risk
    Article by Corentin Christory, Stéphane Daul, Jean-René Giraud, EDHEC Risk and Asset Management Research Centre
    Copyright The Hedgefund Journal [Full text]


  • Funds Europe (April 2007)
    Fashionable funds
    "(...) The use of ETFs by European investors looks set to continue apace, but with growth stronger in some areas than others. Véronique Le Sourd and Felix Goltz examine the evidence. (...)"
    Copyright Funds Europe [www.funds-europe.com]


  • IPE Real Estate (March/April 2007)
    Options on the line
    "(…) In the first article of a two-part study, Frédéric Ducoulombier looks at the characteristics of the indices vying to serve as underlyings for the budding US property derivatives markets. (…)"
    Copyright IPE Real Estate [www.ipe.com/realestate/]


March 2007

  • Hedge Funds Review (27/03/2007)
    EDHEC slams MiFID’s likely unintended consequences
    "(…) MiFID will cause a deterioration in the pre-trade transparency that is currently provided to investors, according to EDHEC. (…)"
    Copyright Hedge Funds Review [Full text]


  • Les Echos (26/03/07)   
    La transparence, condition du succès de la fragmentation des marchés
    Par Jean-René Giraud, Chercheur et Directeur du Développement de l’EDHEC Risk and Asset Management Research Centre
    Copyright Les Echos [Full text - Registration required]


  • European Pensions and Investment News (26/03/07)
    Dispelling hedge fund risk myths
    "(…) The arguments claiming that hedge funds pose a significant risk to institutions are tired and misleading, says Jean-René Giraud. (…)"
    Copyright European Pensions and Investment News [Full text]


  • La Tribune (20/03/2007)   
    Gestion d'actifs : La gestion actif/passif au secours de la gestion privée
    "(…) Une étude récente de l'EDHEC met en évidence que l'utilisation de la gestion actif/passif dans la gestion privée représente un réel vecteur de valeur ajoutée qui n'a pas été suffisamment approfondie à ce jour. (…)"
    Copyright La Tribune [Full text - Registration required]


  • Financial Times (19/03/07)
    League tables stress role of management
    "(…) The stability between the two tables also shows that it is the management of investment talent that produces outperformance, rather than the configuration of markets, says EDHEC, which compiled the table in association with EuroPerformance. (…)"
    Copyright The Financial Times [Full text]


  • HedgeWorld News (15/03/2007)
    Hedge Funds to the Core, Says EDHEC Researcher
    "(…) EDHEC Asset Management Days 2007, a conference organized by the Nice, France-based business school and risk and asset management research center, closed last evening [March 13] after two days of intensive discussion. (…)"
    Copyright HedgeWorld [www.hedgeworld.com]


  • L'Agefi (14/03/2007)   
    Les ETFs seront les nouveaux maîtres de ces classes d'actifs alternatives
    "(…) L'intérêt dans les conférences du genre de celle organisée par l'EDHEC c'est qu'elle montre à quel point l'industrie peut bénéficier des avancées faites par le monde académique. (…)"
    Copyright L’Agefi [www.agefi.fr]


  • L'Agefi (13/03/2007)   
    La gestion actif-passif bientôt appliquée dans la banque privée
    "(…) Une étude de l'EDHEC montre le potentiel de valeur ajoutée du transfert de ces techniques développées à la base pour les institutionnels. (…)"
    Copyright L’Agefi [www.agefi.fr]


  • Hedge Funds Review (12/03/2007)
    EDHEC funds ALM benefits wealth managers
    "(…) An EDHEC study has revealed asset-liability management (ALM) techniques add real value to private wealth management. (…)"
    Copyright Hedge Funds Review [Full text]


  • Les Echos (12/03/2007)   
    La gestion actif-passif est encore méconnue par la banque privée
    "(…) La banque privée ignore encore l'apport des techniques de gestion actif-passif développées pour les investisseurs institutionnels et qui, adaptées aux particuliers, apporteraient des résultats autrement plus probants que les méthodes actuelles. (…)"
    Copyright Les Echos [Full text - Registration required]


  • La Tribune (09/03/2007)   
    Retraite : S'occuper de ses vieux jours dès la quarantaine
    "(…) "Comme les institutionnels, les particuliers devraient raisonner en termes de gestion "actif-passif", poursuit le professeur de l'EDHEC. (…)"
    Copyright La Tribune [Full text]


  • Funds Europe (March 2007)
    Rise and Shine
    "(…) Véronique Le Sourd and Felix Goltz explain how using ETFs within the core-satellite investment approach leads to significant risk reduction and opportunities for outperformance. (…)"
    Copyright Funds Europe [Full text - Registration required]


  • Hedge Funds Review (March 2007)
    Does one size really fit all?
    "(…) If investing in single hedge funds is too difficult, an ever-expanding range of vehicles is open to those seeking exposure to hedge funds. Mathieu Vaissié, research associate at the EDHEC Risk and Asset Management Research Centre assesses the options. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


February 2007

  • Financial Times (27/02/2007)
    Risk/return optimisation is key to portfolio management
    "A 2005 study by EDHEC Research Centre concluded that for institutional investors, risk-averse and liability-driven portfolios should have weightings... (...)"
    Copyright Financial Times [Full text]


  • L'Agefi (14/02/2007)   
    L'EDHEC pointe du doigt les incohérences persistantes de Solvabilité II
    "(…) Si elle en salue certaines avancées, l'école de commerce déplore les insuffisances du projet sur la couverture du risque actions et la gestion actif/ passif. Peut mieux faire. Tel est le message adressé par l' EDHEC au régulateur européen en charge de l'élaboration de la directive Solvabilité II, dont l' objet est la mise en place d' un nouveau ratio de solvabilité pour les assureurs. (…)"
    Copyright L’Agefi [www.agefi.fr]


  • Financial Times (12/02/07)
    Solvency plan "still flawed"
    "(…) The proposed solvency regime for European Union insurance companies still contains "grave incoherencies" as the consultation goes into its final stages, according to EDHEC Business School. (…)"
    Copyright The Financial Times [Full text]


  • Funds Europe (February 2007)
    The quest for respectability
    "(…) Felix Goltz, senior research engineer with the EDHEC Risk and Asset Management Research Centre, asks whether hedge fund indices should be eligible for UCITS. (…)"
    Copyright Funds Europe [Full text]


  • Hedge Funds Review (February 2007)
    Hedge fund indices: The best way to gain exposure to hedge fund strategies' betas?
    "(…) As we have seen in previous EDHEC articles, investing in single hedge funds is reserved for sophisticated investors. A solution for traditional investors to make up for their lack of experience in the alternative arena is to invest in standard solutions. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


January 2007

  • Financial Times (22/01/2007)
    Expansion is led by institutions in Europe, retail investors in US
    "However, a recent study by EDHEC Risk and Asset Management Research Centre, part of the French business school, found ETFs were not being used to their full... (...)"
    Copyright Financial Times [Full text]


  • HedgeWeek (19/01/2007)
    New EDHEC paper examines hedge funds' operational risks
    "(…) A new research paper from the asset and risk management research centre of French business school EDHEC looks at how to quantify the operational risks that can result in hedge fund failures. (…)"
    Copyright Hedge Week [Full text]


  • Hedge Funds Review (18/01/2007)
    Industry poorly prepared for best execution analysis, EDHEC says
    "(...) European authorities have left the hedge fund industry largely uninformed about significant obligations they will have to meet under the Markets in Financial Instruments Directive (Mifid), according to French business school EDHEC. (...)"
    Copyright Hedge Funds Review [Full text]


  • Hedge Funds Review (17/01/2007)
    One-size-fits-all approach to due diligence no good, says EDHEC
    "(...) The cost and complexity of hedge fund operational due diligence can be significantly reduced by performing an ‘informed’ due diligence process, according to EDHEC, in a working paper titled Quantification of Hedge Fund Default Risk. (...)"
    Copyright Hedge Funds Review [Full text]


  • Banking Technology (15/01/2007)
    Lack of post-trade analytics will impact MiFID compliance
    "(…) EDHEC Risk Advisory, a French specialist research firm, surveyed buy-side firms across Europe and found that there is little consensus on how transaction cost analysis should be carried out. (…)"
    Copyright Banking Technology [Full text]


  • The Financial Times (15/01/2007)
    Mifid costs plan "fails to measure up"
    "(…) Fund managers will be obliged under Mifid, the markets in financial instruments directive, to obtain the best terms for clients when executing orders. But the report from EDHEC Risk Advisory, sponsored by HSBC, said there was no clear definition of what constituted best execution under Mifid, so managers might be able to claim they were providing the service when they were not. (…)"
    Copyright FT Fund Management [Full text]


  • IPE (04/01/2007)
    Optimising beta
    "(…) Institutional investors may be missing out on the full benefits of a core-satellite approach to portfolio investment because they are using broad market indexes as benchmarks for the core and failing to optimise the passive part of their portfolio. This was the central message of Noël Amenc, professor, finance department, EDHEC Business School, and director, EDHEC Risk and Asset Management Research Centre in a keynote address at the IPE awards in Paris." (…)"
    Copyright IPE [Full text]


  • Funds Europe (January 2007)
    Best of British
    "(…) Virginie Buey of EuroPerformance and Peter O'Kelly of the EDHEC Risk and Asset Management Research Centre have compiled the Alpha League Table for the UK. (...)"
    Copyright Funds Europe [www.funds-europe.com – Registration required]


  • Hedge Funds Review (January 2007)
    Speedy digestion of amaranth flakes shows the industry's emerging maturity
    "(…) The industry's response to the Amaranth debacle is a heartening endorsement of the capital markets' ability to absorb such shocks to the system, says EDHEC's Hilary Till. (…)"
    Copyright Hedge Funds Review [Full text - Registration required]


  • Investment and Pensions Europe Real Estate (January/February 2007)
    The future shape of real estate
    "(…) Frédéric Ducoulombier, associate professor at EDHEC Business School, explains why the Nice based centre is adding real estate to its alternative asset arsenal and outlines the key ongoing themes. (…)"
    Copyright Investment and Pensions Europe [Full text - Registration required]