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
Features
Performance - March 18, 2008

IPE-EDHEC Institutional Asset Management Awards (IAMA)

EDHEC is jointly organising the IPE-EDHEC Institutional Asset Management Awards (IAMA) in 2008 with leading European institutional investment publication Investment & Pensions Europe (IPE). The awards will be presented to winning asset managers at a gala reception on June 12, 2008 in Paris on the occasion of the EDHEC Institutional Days, before an invited audience of investors, asset managers, investment banks, and other industry advisers and suppliers.

The aim of the IAMAs is to use state-of-the-art financial research to reward asset managers on an objective basis. For the first time Europe’s institutional asset management industry will have an awards programme based on objective and transparent criteria.

The IAMAs are the result of a quantitative evaluation of the quality of the institutional asset management offerings from investment management firms in Europe. This evaluation will take account not only of the performance of active portfolio management (alpha), but also of the relevance of the long-term allocation choices (beta) and the quality of risk management. The calculations for the IAMAs will be carried out by EuroPerformance, a member of Telekurs Financial.

Methodology

The idea behind the methodology for these awards is to use concepts for which there is a certain consensus among academics and practitioners. The goal is not necessarily to rely on the latest research but to apply a standard that is reasonably well understood and broadly accepted. In this way, the IAMAs improve on the ratings and methodologies habitually used in fund and investment awards, while remaining mainstream enough to be widely understood and accepted.

With regard to the presentation of the awards, the IPE-EDHEC Institutional Asset Management Awards have a self-imposed constraint which is that the methodology should be repeatable by those who receive (or do not receive) awards, so anybody with a reasonable degree of financial knowledge should be able to reproduce it.

The IPE-EDHEC Institutional Asset Management Awards therefore use public data rather than statistical artifacts such as principal component analysis. Although the latter could be useful, the factors would not be readily observable. The IPE-EDHEC Institutional Asset Management Awards, in short, wish to allow outsiders to check the results by reproducing them. In this context, and for the sake of robustness, the IPE-EDHEC Institutional Asset Management Awards favour economic analysis over statistical analysis.

The IAMAs will reward the best active investment management offerings from European asset management firms. The funds will broadly come under two categories:

  • Benchmarked investment management, through which the manager adds value by beating the benchmark (producing alpha). Equity and fixed-income funds will be included in this category.
  • Investment that is not benchmarked or uses dynamic allocation, whereby the allocation represents the added value and which is not evaluated by the alpha but by an indicator that is appropriate for the management goal, namely return/VaR. Balanced and absolute return funds will be included in this category.

In order to ensure that the competing asset management companies are sufficiently representative to be included in pan-European awards, the following management rules have been implemented:

  • the asset management firm must operate in at least three European countries;
  • each of the funds ranked in the award category should have institutional assets under management of at least 150 million euros.

Governance

To oversee the corroboration of the rules and methodology of the awards, EDHEC and IPE have formed an advisory committee consisting of 12 key representatives from Europe’s institutional investment community.

On the basis of a methodology drawn up by EDHEC, the committee notably had the role of validating the relevance and usefulness of the calculations proposed for institutional investors. The committee has defined the rules for the prizes, in particular by validating the categories that are representative of the main asset management offerings and correspond to institutional investors’ manager selection and/or allocation practices.

Members of the International Advisory Committee for the IPE-EDHEC Institutional Asset Management Awards (IAMAs) as of March 20, 2008:

  • Eric Breval, Director AVS Compensation Fund (Switzerland)

  • Riccardo Gandini, Director of Investments, Inarcassa (Italy)

  • Jean-Pierre Grimaud, Chief Investment Officer, Swiss Life (France) and President, French Association of Institutional Investors

  • Theo Jeurissen, Director, Investments, PMT (Netherlands)

  • Peter Moon, Chief Investment Officer, Universities Superannuation Scheme (United Kingdom)

  • Paola Muratorio, President, Inarcassa (Italy)

  • Risto Murto, Chief Investment Officer, Varma Mutual (Finland)

  • Lars Rohde, Chief Executive Officer, ATP (Denmark)

  • Günther Schiendl, Chief Investment Officer, VBV-Pensionskasse (Austria)

  • Michael J. Somers, Chief Executive Officer, National Treasury Management Agency (Ireland)

  • Tom Steenkamp, CIO of Allocation and Research and Member of the Board, ABP Investments (Netherlands)

  • Erik Valtonen, Chief Investment Officer, AP3 (Sweden)