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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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October 2011

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 (...)

October 2011

Note HSBC’s Study on the future of retirement highlights the particular vulnerability of women

The aim of this study is to understand the repercussions of increasing life expectancy on the behaviour of individuals regarding retirement and how they prepare for it financially, with an emphasis on the family’s role in preparing and planning for retirement and the role (...)

October 2011

Note Successful merger : lets make no mistake about the objective

What a pity that those acquisitions or mergers in which the due diligence have been the most well researched, with the most detailed business plan, the most unanimously approved strategies, are not those which are always the most successful in the long (...)

October 2011

Note Survey: European investors are optimistic for the future of the Euro

It emerges from an poll, conducted by the Global Alliance of Investors, dealing with institutional investors in Europe, that 80% of those questioned, believe in the ability of the euro to cope with current challenges. British investors are less (...)

October 2011

Note Listed family controlled businesses: an equity investment case

According SG Private Banking Equity research team, when talking about family owned businesses, one very often thinks about mom and pop’s diner; it is counting without the international brands. Family controlled firms are the most resilient and provide good vehicles to come (...)

October 2011

Note Estimating the Real Rate of Return on Stock Index

Judicious use of the rate of return framework on equity, or "cost of capital" facilitates decision-making within the financial industry by providing a metric for comparing different stock markets between them but also a comparison to other asset (...)

October 2011

Note The factors that determine the carbon price: an econometric analysis

Emission allowances are both physical and financial assets. As for any asset, it then becomes possible to study the potential gap between the value observed on the market and the value dictated by fundamentals…

October 2011

Note 1 out of 3 Europeans have lost confidence in financial advisors since the 2008 crisis

According to the results of a Fidelity Investments poll on the confidence of investors, the country which is the most critical of financial advisors, singling itself out by its strong resistance to paying for advice, is (...)

September 2011

Note Local culture influences investment returns

According to INTRA Study of 45 Nations, local cultural differences continue to exert an influence on investment behaviour and returns. The Nordic and Germanic cultures are best suited to value investing in terms of their patience, unlike African and Eastern European (...)

September 2011

Note Hedge funds, a solution for struggling public pension plans ?

It is the conclusion of a paper entitled «The Changing Role of Hedge Funds in the Global Economy » written by Dr. Everett Ehrlich. He would expect more state and local governments will make them part of the solution moving (...)

September 2011

Note Carbon leakage or desirable abatement? The curious case of aluminium

If there has been carbon leakage during Phases I & II of the EU ETS, primary aluminium seems, at first glance, like a good candidate for it. The sector competes intensively with producers outside of Europe

September 2011

Note Current approaches inadequate for assessing future longevity

The substantial increases in life expectancy witnessed in recent decades have been consistently underestimated, a new Swiss Re research report reveals. Robust, predictive approaches using forward-looking scenarios are (...)

August 2011

Note The July – August 2011 market crash. Technical analysis and long term issues!

According to Jacques Ninet, head of research at UFG-LFP, it is obvious that the monetary European Union (an imperfect Trojan horse towards federalism) only gets half the job done when it comes to forging economic (...)

July 2011

Note What is penalizing the industrialized countries?

The dynamics of Western countries are inadequate because, two years after leaving the recession behind, their economies still seem unable to implement a sturdy, autonomous trajectory of growth, explains Philippe Waechter, chief economist at Natixis (...)

July 2011

Note Financial markets and self-fulfilling prophecies

This phenomenon is equivalent to the change from a brutal economic and financial equilibrium to another, not because the fundamentals of the macroeconomic environment would justify it, but because there was a change for good or bad reasons of market (...)

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Note 40% of European equity returns since 1970 generated by dividend payments, AllianzGI study finds

Dividends are a key driver of performance when real interest rates are low; European equity dividends are the most attractive internationally Norway and Spain offer the highest dividend yields, with German shares in the (...)

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Note SimCorp Survey Reveals Optimism Among Investment Managers About Own Growth Prospects

SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today released a survey, which shows significant assets under management (AuM) and revenue growth expectations from investment managers in the next three (...)

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Note Corporate Pension Plan Funding Levels Declined in 2014, Reversing Much of 2013 Gains, Towers Watson Analysis Finds

The pension funded status of the nation’s largest corporate sponsors reversed direction in 2014, dropping nine percentage points as falling interest rates (which increased liabilities) and the impact of new mortality tables were only partially offset by strong returns on (...)

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Note M&A volumes make a comeback globally

There were more M&A deals1 completed globally in the third quarter of 2014 than in any prior equivalent period for the last six years according to Towers Watson’s Quarterly Deal Performance Monitor (QDPM). The research – run in partnership with Cass Business School – (...)

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Note BofA Merrill Lynch Fund Manager Survey Finds Comeback in Sentiment Towards Europe

NEW YORK and LONDON – Europe is staging a comeback in investor portfolios while concerns about the U.S. fiscal cliff have taken center stage, according to the BofA Merrill Lynch Fund Manager Survey for September.

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Note EDHEC-Risk’s annual European ETF Survey highlights ETF investors’ positive outlook

EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2013, a comprehensive survey of 207 European ETF investors. The survey was conducted as part of the Amundi ETF & Indexing research chair at EDHEC-Risk Institute on “Core-Satellite and ETF (...)

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Note Investors and Fund Managers Gauge Brexit Impact

Many fund managers expect performance and investment decisions to be affected, while institutional investors expect to commit less to the UK

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Note BofA Merrill Lynch May Fund Manager Survey finds investors are bullish; macro expectations of high growth and low inflation at record high

China replaces European disintegration as the most commonly cited tail risk for the first time since January 2016, with 31% of global fund managers citing Chinese credit tightening as the biggest risk in the market

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Note Economic woes to effect Saudi Arabia’s wealthy

Saudi Arabia, one of the largest and richest countries in the Middle East, will not be so wealthy in years to come, forecasts a new report from WealthInsight.

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Note BofA Merrill Lynch Fund Manager Survey Finds Continued Growth Optimism for 2014 Even With Higher Rates

Investor confidence in global economic growth remains high even as expectations of higher short-term rates increase, according to the BofA Merrill Lynch Fund Manager Survey for April.

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Note EDHEC-Risk Institute publication shows that smart beta risks can be controlled while benefitting from smart beta performance

A new EDHEC-Risk Institute publication entitled “Risk Allocation, Factor Investing and Smart Beta: Reconciling Innovations in Equity Portfolio Construction,” drawn from the Amundi ETF & Indexing research chair at EDHEC-Risk Institute on “ETF and Passive Investment (...)

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Note EDHEC-Risk Institute study shows that it is possible to construct improved forms of risk parity strategies

In a new study entitled “Towards Conditional Risk Parity – Improving Risk Budgeting Techniques in Changing Economic Environments”, drawn from the Lyxor research chair on “Risk Allocation Solutions,” EDHEC-Risk Institute develops a conditional approach to risk (...)

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Note Assessment of the true risks of Exchange-Traded Funds (ETFs)

According to EDHEC-Risk Institute, any discussion of the risks inherent in ETFs should go beyond merely hypothesising about potential risks, and should also take into account the empirical evidence provided by the existing academic research on (...)

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Note Fund managers optimistic about 2014

Although expectations for government bond yields continue to be near historic lows and concerns about low growth persist

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Note Stocks Look Strongest in 2015, Institutional Investors Say in Worldwide Study by Natixis Global Asset Management

Institutional investors from around the world expect stocks to be the bestperforming assets in 2015, according to a survey by Natixis Global Asset Management.

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» (...)

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