EDHEC-Risk - IPE/EDHEC-Risk Institute Institutional Asset Management Awards (IAMA)

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IPE/EDHEC-Risk Institute Institutional Asset Management Awards (IAMA)

EDHEC-Risk Institute jointly organises the IPE/EDHEC-Risk Institute Institutional Asset Management Awards (IAMA) with leading European institutional investment publication Investment & Pensions Europe (IPE). The 2008 awards were presented to winning asset managers at a gala reception on June 12, 2008 in Paris on the occasion of the EDHEC-Risk 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 takes into account not only the performance of active portfolio management (alpha), but also the relevance of the long-term allocation choices (beta) and the quality of risk management. The calculations for the IAMAs are carried out by EuroPerformance, a member of Telekurs Financial.

2008 Results

Asian Equities

Asset Management Firm	Rank
DWS Investments	Joint 1st
Jupiter Asset Management	Joint 1st
Baring Fund Managers	3rd

Asian Equities ex Japan

Asset Management Firm	Rank
Franklin Templeton Institutional	1st
First State Investments	2nd
Threadneedle	3rd

Euro Equities

Asset Management Firm	Rank
State Street Global Advisors	1st
Blackrock	2nd

European Equities

Asset Management Firm	Rank
J O Hambro Capital Management	1st
Oyster Asset Management	2nd
Metzler	3rd

US Equities

Asset Management Firm	Rank
Janus Capital Management	1st
Martin Currie	2nd
Union Investment	3rd

International Equities

Asset Management Firm	Rank
Petercam Asset Management	1st
Fortis Investment Management	Joint 2nd
Jupiter Asset Management	Joint 2nd

International Emerging Markets Bonds

Asset Management Firm	Rank
Pioneer Investments	1st
JP Morgan Asset Management	2nd
UBS Global Asset Management	3rd

International High Yield Bonds

Asset Management Firm	Rank
Capital International	1st
Alliance Bernstein	2nd
Aberdeen Asset Management	Joint 3rd
Pimco	Joint 3rd

European Balanced and Absolute Return

Asset Management Firm	Rank
Aviva Global Investors	1st
Dexia Asset Management	2nd
Schroder Investment Management	3rd

International Balanced and Absolute Return

Asset Management Firm	Rank
Union Investment	1st
Cazenove Capital Management	2nd
Carmignac Gestion	3rd

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-Risk Institute 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-Risk Institute 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-Risk Institute 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-Risk Institute Institutional Asset Management Awards favour economic analysis over statistical analysis.

The IAMAs reward the best active investment management offerings from European asset management firms. The funds 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-Risk Institute 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-Risk Institute, 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-Risk Institute Institutional Asset Management Awards (IAMAs) as of October 31, 2008:

Riccardo Gandini, Co-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)
Frederic Methlow, Chief Investment Officer, Compensation Fund
(Switzerland)
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, APG Investments (Netherlands)
Erik Valtonen, Chief Investment Officer, AP3 (Sweden)

Contact

For more information about the IPE/EDHEC-Risk Institute Institutional Asset Management Awards 2008, please send an email to iama2008@edhec-risk.com.

Attachments

IPE/EDHEC-Risk Institute Institutional Asset Management Awards (IAMA) 2008 Brochure
Methodology for the IPE/EDHEC-Risk Institute Institutional Asset Management Awards (IAMA)

FTSE EDHEC-Risk Efficient Indexes: April 2012

United States	0.21%
United Kingdom	-0.91%
Eurobloc	-3.13%
Developed Europe	-1.42%
Dev. Europe ex. UK	-2.49%
Japan	-5.29%
Dev. Asia ex. Jap.	-0.17%
Asia-Pac. ex. Jap.	-0.07%
Asia-Pacific	-0.89%
Developed	-0.41%
Emerging	-0.95%
All World ex. US	-1.02%
All World ex. UK	-0.57%
All World	-0.47%

EDHEC-Risk Alternative Indexes: Apr 2012 (Estimates)

Conv. Arb.	-0.23%
CTA Global	-0.01%
Dist. Sec.	-0.11%
Emg. Mkts	-0.45%
Eq. Mkt Neut.	-0.08%
Event Driven	-0.14%
Fix. Inc. Arb.	0.50%
Global Macro	-0.49%
L/S Equity	-0.65%
Merger Arb.	-0.13%
Rel. Value	-0.23%
Short Selling	1.02%
FoF	-0.27%

EDHEC-Risk IEIF Commercial Property: April 2012

Price (FR)	0.64%
Total Return (FR)	1.90%