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Highlights

November 2023

Note Global Investment Managers Outlook 2024 : Tough Investment Climate Pressures Performance

Fitch Ratings’ 2024 sector outlook for global investment managers (IMs) is deteriorating. Increased macroeconomic and geopolitical risks and an increased risk of a US government shutdown create a challenging investment climate, with declining economic growth and high interest (...)

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Study reveals UK institutional investors/pension funds are increasing their focus on structured credit

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CNP Assurances publishes its responsible investment report and for the first time measures the dependence of its investment portfolio on biodiversity loss

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July 2011

Note 10 to €12 billion of structured loans exhibit a high potential risk!

According to Didier Migaud, president of French revenue court, loans with interest rates linked to spreads out of the eurozone should be banned as well as those using leverage...

July 2011

Note Reinvention in the Hedge Fund Industry

State Street Corporation released a new Vision Report today, entitled “Hedge Funds: Rebuilding on a New Foundation.” The report examines the re-emergence of the hedge fund industry and the new dynamic between investors, hedge funds, and hedge fund (...)

July 2011

Note Real estate: Attempting to explain the increase in prices.

The situation appears to be a paradox. France is just coming out of a crisis but real estate prices have sharply increased during the previous months and have only slightly decreased at the height of the crisis. How can this phenomenon be (...)

July 2011

Note Euro zone bailout plans: origin and utilization

Back on bailout plans granted to countries in the Euro zone encountering severe fiscal deficits since May 2010. How are tens of billions Euros raised, what are they for, and mainly, are those amounts enough to re-establish the public finances and stabilize those countries (...)

June 2011

Note Sorting out the Greek issue

The aim of this short article is to set the ideas straight regarding the Greek situation. Several issues are considered, the first of which being that of economic growth. If the latter does not make any progress, it will be very difficult to reach public finance stability. (...)

June 2011

Note 10 proposals to rebuild finance and monetary macroeconomics

Rethink monetary policy and its objectives, reform our accounting and prudential environment, review the return on equity standards, regulate the prices of certain assets...

June 2011

Note The Family Office : An past present and future approach

In the face of often complex needs of people who have large and important family wealth a team of specialists with a single interlocutor is more and more being grouped into a unit called the family office.

May 2011

Note Aging population poses new opportunities for global investment managers

Early conclusions from ongoing SimCorp StrategyLab research point to demographic changes as a key factor influencing the future of the global investment management industry.

April 2011

Note The possible misdiagnosis of a crisis

According to a publication of Prof. Richard Roll in the Financial Analyst Journal, most explanations of the 2007–08 financial crisis are inconsistent with elementary principles of finance. The article explains the inconsistencies and suggests an alternative diagnosis that is (...)

April 2011

Note Trying to assess the Cajas’ mess

The real estate bubble was huge and now Spanish banks are in a mess. Two questions come to mind: why does this comes into the spotlight so late ? what is the exact size of the mess and what is the possible impact of a full stress scenario on financial markets (...)

April 2011

Note Launch of green bonds

The term «Green Bonds» is more frequently used to describe a market that should mature very fast in order to deal with numerous requests for investments in the field of green infrastructure projects.

March 2011

Note The EMF has been created, long live the EMF!

Philip Hall and Adrian Paturle give an update on the operation of ESM: European leaders have largely been inspired by the IMF...

March 2011

Note Golden parachutes: as their importance to CEOs increases, shareholders lose out in takeovers

A 10 per cent increase in the importance of the parachute relative to the merger pay package is linked to a five per cent fall in acquisition premium

January 2011

Note The frantic flight to liquidity and solvency

Some markets have been exhibiting dysfunctions for nearly 4 years. The flight to liquidity and compliance with solvency requirements of banks and states with financial issues, have been - and still is - only ensured by non-conventional financing provisions and emergency (...)

December 2010

Note Strengths and weaknesses of France as an alternative management financial centre

According to a study conducted by Reinhold & Partners, despite recognised human and technical resources, French alternative asset management, for reasons specific to the French market, and because it is suffering from a lack of image, has not developed as (...)

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Note The true nature of the derivative contract on French debt

The multiplication of misinterpretations related to the launch of the derivative contract on French debt leads to an apolitical analysis produced by a market professional to avoid amalgam and populism: This is a simple and useful contract, which was traded in the past in (...)

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Note Are markets becoming more unstable?

Readers of financial news may believe that ‘market corrections’, or ‘shocks’, or ‘five-sigma events’ are more common than they used to be. Winton Capital Management look at the historical data for a number of financial markets and find that there is no evidence for increasing (...)

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Note Financial markets: Local shock but global crisis

The history of crises on financial markets and their amplification during the past 15 years cannot be understood at all if we stick to pure fundamentals. It is necessary to integrate the contagion factor among financial assets and forced selling for commercial, prudential, (...)

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Note New research reveals institutional investors and wealth managers plan to switch to metal investment funds with stronger ESG credentials

New research with institutional investors and wealth managers reveals the growing demand for metal investment funds with a strong ESG focus, ensuring the metals are sustainably and ethically sourced.

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Note UCITS hedge funds underperform their non-UCITS rivals, shows new study

UCITS hedge funds are typically more volatile and underperform their non-UCITS hedge fund rivals, a new comprehensive comparative study by the EDHEC-Risk Institute has found...

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Note What is Structured Finance ?

If the current crisis (labelled as the subprime crisis) has highlighted the complexity of structured finance along with the necessity of developing more sophisticated risk management tools, it appears that a great deal of misunderstanding still prevails among economic and (...)

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Note Risk evaluation and multifractal Var

The use of «multifractal processes» for risk calculation in finance allows us to use the concept of «scale invariance» and its implications developed in fluid mechanics…

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Note Rating Agencies

The American case during August 2011 and that of France in January shows that the loss of an AAA rating does not necessarily lead to a higher interest rate adjustment.

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Note Emotion is not a sign of weakness for investors any more

New research suggests that rather than staying cold-bloodied and rational the top fund managers use emotion to choose which stocks to buy.

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Note Banks Recapitalization : Implications for hybrid debt holders

Who will be recapitalized and how much? How recapitalization work? And most importantly, for investors, how does it impact bank hybrid debt? These are the issues addressed by Philip Hall, Volatility and Credit Quantitative Manager and President of Axiom Alternative (...)

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Note The SRI, does it transform itself when it applies to new asset classes ?

Apply the SRI outside the traditional securities (equities and corporate debt), is it not such a good idea, especially within the times and/or an irrelevant hegemonic order ?

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Note Hedge funds: The CTAs drift

Since mid-2011, CTAs cumulative loss is between -10.6% (HFRI macro systematic index) and -16.8% (Credit Suisse Managed Futures Index). For the first quarter of this year, CTAs show a drawdown of about 3% which is expected to increase in April (-0.66% for HFRX CTA index) (...)

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Note 10 to €12 billion of structured loans exhibit a high potential risk!

According to Didier Migaud, president of French revenue court, loans with interest rates linked to spreads out of the eurozone should be banned as well as those using leverage...

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Note BofA Merrill Lynch Fund Manager Survey Finds Investors Fretting Over Monetary Policy as End of U.S. QE Looms

Concerns over the imminent end of quantitative easing in the U.S. have left investors much less confident in the outlook for the global economy and corporate profitability, according to the BofA Merrill Lynch Fund Manager Survey for (...)

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Note Versatility of ETFs driving usage among European Institutions

Facing a set of fast-changing global market conditions, European institutional investors are utilizing the versatility of exchange-traded funds (ETFs) to adjust their portfolios, and integrating ETFs more deeply into both tactical and strategic investment processes and (...)

Focus

Note EURO STOXX 50® Index implied repo trading at Eurex

This research paper focuses on the inseparable relationship between implied repo rates and equity index total return swaps. Written by Stuart Heath, Director Equity & Index R&D at Eurex, it covers the various aspects and calculations of both repo rates and the (...)

Focus

France’s debt

Outlook, strategies and investment vehicles on France’s debt

Recherche Quantitative

Recherche Quantitative : Quels sont les thèmes qui occupent dorénavant les Quants au sein des salles de marchés et des sociétés de gestion ?

Selection: Products

Kiosk Alternatives to financial markets investments

The financial investment is not limited to financial markets assets and the current uncertainties obviously feed such thoughts. Indeed, there are many investment vehicles that could create value in a portfolio.

Pedagogy Inflation linked bonds’ mechanism

Inflation linked bonds are bonds whose principal is linked to inflation which allows their holders to protected against inflation as opposed to traditional bonds.

Pedagogy Back to the future, may 2011: Nobles Crus and Earth Element Fund

Yesterday they were introduced as innovatives products. Today, How far have they got and what are the prospects for tomorrow ? Two products in the spotlight this month: Nobles Crus or the blend of passion for wine and financial investment, and a quantitative systematic (...)

Regulation Solvency II: Advantage convertible bonds

The results of QIS 5 confirmed that convertible bonds bear low capital cost. A balanced-profile convertible bond portfolio with optimized convexity therefore obtains a moderate intrinsic SCR whilst benefiting from «equity» (...)

Last commented articles

FR Note Les déséquilibres TARGET2, de nouveau au centre de l’attention
Read comments Update April 2023
Note Emotion is not a sign of weakness for investors any more
Read comments Update March 2021

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