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2014
rewarding excellence in business
In association with
RBC Investor &Treasury Services
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rewarding excellence in business
2012
WINNER2013
EDITORIAL
3 funds-europe.com
FUNDS EUROPEGROUP EDITOR Nick Fitzpatrick Tel: +44 (0)203 178 5875 [email protected] Awards editor Angele Spiteri Paris SENIOR staff writer George Mitton Tel: +971 (0) 4442 7015 [email protected]
EDITORIAL DIRECTOR Fiona Rintoul [email protected] TECHNOLOGY & OPERATIONS EDITOR Nicholas Pratt [email protected] SUB-EDITOR David Jesudason ART DIRECTOR Lucy Erikson PUBLISHER Alan Chalmers Tel: +44 (0)203 178 5877 [email protected] GROUP SALES MANAGER David Wright Tel: +44 (0)203 178 5878 [email protected] OFFICE MANAGER Iain MacArthur Tel: +44 (0)203 178 5874 [email protected] WEB MANAGER Steve Dimitrov Tel: +44 (0)20 3178 5873 [email protected] READERSHIP ADMINISTRATOR Michael Fennessy Tel: +44 (0)20 3427 5226 [email protected]
EDITORIAL ADVISORY BOARD Penelope Biggs Northern Trust, London Nadine Chakar BNY Mellon, New York Jean-Baptiste de Franssu Incipit, Brussels Peter Elam Håkansson East Capital, Stockholm Robert Parker Credit Suisse, London Todd Ruppert RTR International, London & Baltimore
SUBSCRIPTIONSubscription enquiries: [email protected] Delivery in Europe: €385 Delivery outside Europe: €495
funds europePublished by Funds Europe Limited288 BishopsgateLondon EC2M 4QPTel: +44 (0)203 178 5872Fax: +44 (0)203 178 4002© Funds Europe Limited, 2014
ISSN 1477-4453
Printed by Buxton Press
The views expressed in Funds Europe do not necessarily coincide with the views of the publishers. Although the publishers have made every effort to ensure the accuracy of the information contained in this publication, neither Funds Eu-rope Limited nor any contributing author can accept any legal responsibility whatsoever for any consequences that may arise from errors or omissions contained in the publication or from acting on any advice given. In particular, this publication is not a substitute for professional advice on a specific transaction.
AS THE YEAR DRAWS TO A CLOSE THERE IS PERHAPS A FEELING THAT
THE INDUSTRY IS AT A TURNING POINT FOR THE BETTER.
THE ZEITGEISTHELENA MORRISSEY WAS the hands-down winner of our Personality
Award this year. Morrissey is the chief executive of Newton Investment
Management and chair of the Investment Management Association.
Judges selected Morrissey for her work in, and for, the industry.
One judge said she had “captured the zeitgeist” of the moment. What
that zeitgeist is may be open to interpretation, though anxiety in equal
measure about financial security on the one hand, and the abilities of the
people who are expected to create it for us on the other, are probably not
far off the central theme.
Awards are partly about reputations. The fund management industry is
emerging from the quagmire of suspicion that the banks created for the
broader financial services sector. But the industry still has to grapple with
a number of issues, such as resolving bad publicity resulting from short-
term performance pressures, with trying to operate successfully over a
longer-term cycle.
And, of course, there is the ongoing challenge to defend, or reduce, its
fees. Fees are certainly part of the fund management zeitgeist and it may
be no coincidence that against this backdrop Vanguard, which markets
itself heavily as a low-cost provider, is one of our award winners this year.
As the year draws to a close there is perhaps a feeling that the industry
is at a turning point for the better. It is hoped regulators will offer the asset
management industry some breathing space, allowing regulations to set
a little before embarking on further action. And while regulators will go
on trying to more vigorously police the financial system next year, it is
hoped, too, that during this next phase the EU and other authorities will
turn more towards promoting growth.
Our awards were held at the Tower of London in November. Entries
were judged by an independent panel. Independence is a hallmark of our
awards. After all, we have a reputation to maintain, too!
Nick Fitzpatrick
Editor, Funds Europe
4
FUNDS EUROPE AWARDS
December/January 2015
Charlie Porter, F&C
Diana Mackay, Fund Buyer Focus
Catherine Doherty, Investit
Keith Hale, Multifonds
Robin Creswell, Payden & Rygel
Conor Hoey, RBC Investor & Treasury
Services
Todd Ruppert, RTR International
Tom Caddick, Santander Asset
Management
Steve Young, Citisoft
Luke Ransley, Friends Life
Paul Squires, AXA IM
Nicholas Pratt, Funds Europe
Martin Gloyne, Investit
Paul Miller, Knadel
Nick Baker, Alpha Financial Markets
Consulting
Hugh Moir, F&C
Margaret Delman, Mercer
Bill Gourlay, Idea Group
Bella Caridade-Ferreira, Fundscape
Ed Moisson, Barings
Steve Butler, Camradata
Simeon Downes, SCM Private
Sheenagh Gordon Hart, JP Morgan
Funds Europe Awards 2014 Judges
Sponsors CLS Communication CLS Communication is a language service provider offering
translation, writing, and editing. The firm has more than
600 in-house staff and more than 5,000 external language
specialists, and provides a comprehensive range of services
for end-to-end multilingual text management from translation
and copywriting to design and layout. CLS Communication
specialises in the financial, life science, insurance, legal,
telecoms and utilities sectors.
Multifonds Multifonds is an investment fund software provider for
alternative and traditional funds. The services it offers include
fund accounting, portfolio accounting and investor servicing
software, built on a unique, single-platform philosophy. Since
inception in 1995, the firm has grown into a business with
top-tier clients that operate in 30 countries and collectively
manage more than $5 trillion (€4 trillion) in assets. The
Multifonds vision is to provide clients with the capability to
manage all the asset classes and all the jurisdictions from a
single accounting and investor servicing platform.
RBC Investor & Treasury Services RBC Investor & Treasury Services (RBC I&TS) is a specialist
provider of asset servicing, custody, payments and treasury
services for financial and other institutional investors
worldwide. The firm serves clients from 18 locations across
North America, Europe, Asia and Australia, delivering
custodial, advisory, financing and other services to safeguard
clients’ assets, maximise liquidity and manage risk in multiple
jurisdictions. RBC I&TS had $3.25 trillion in client assets under
administration as at July 2014.
2014
rewarding excellence in business
RBC Investor &Treasury Services
5 funds-europe.com
Towering aboveFunds Europe hosted 150 people
in the Tower of London at the end
of November and handed out 19
awards for business excellence
in asset management, including
a record six commendations. The
awards were made to firms and
individuals.
A group of independent judges
– many of whom have contributed
in previous years – spent weeks
going through the entries, which
were numerous, as usual. The
drinks and networking afterwards
also proved popular.
6
FUNDS EUROPE AWARDS
December/January 2014
EUROPEAN BACK AND MIDDLE OFFICE PROVIDER OF THE YEARAward winner: AdventAccepted by: Paul WattheyPresented by: Tim Fitzgerald
EUROPEAN FRONT OFFICE PROVIDER OF THE YEARAward winner: LiquidnetAccepted by: Tony BoothPresented by: Tim Fitzgerald
EUROPEAN FRONT TO BACK OFFICE PROVIDER OF THE YEARAward winner: SimCorpAccepted by: John MayrPresented by: Tim Fitzgerald
COMMENDED: EUROPEAN NEWCOMMER/INNOVATOR OF THE YEARAward winner: BATS Chi-XAccepted by: Jerry AvenellPresented by: Tim Fitzgerald
EUROPEAN NEWCOMER/INNOVATOR OF THE YEARAward winner: CommciseAccepted by: Amrish GanatraPresented by: Tim Fitzgerald
EUROPEAN TRANSFER AGENT OF THE YEARAward winner: IFDS/State StreetAccepted by: Chris SpencerPresented by: Rakesh Vengayil
COMMENDED: EUROPEANHEDGE FUND ADMIN OF THE YEARAward winner: SS&C GlobeOpAccepted by: Tom KirkpatrickPresented by: Rakesh Vengayil
EUROPEAN HEDGE FUND ADMINISTRATOR OF THE YEARAward winner: State StreetAccepted by: James GleesonPresented by: Rakesh Vengayil
COMMENDED: EUROPEAN SPECIALIST ADMIN OF THE YEARAward winner: CrestbridgeAccepted by: Graeme McArthurPresented by:Rakesh Vengayil
7 funds-europe.com
EUROPEAN SPECIALIST ADMINISTRATOR OF THE YEARAward winner: Alter DomusAccepted by: Davinia SmithPresented by: Rakesh Vengayil
EUROPEAN ADMINISTRATOR OF THE YEARAward winner: Northern TrustAccepted by: Laurence EverittPresented by: Rakesh Vengayil
EUROPEAN CUSTODIAN OF THE YEARAward winner: CitiAccepted by: Sanjiv SawhneyPresented by: Rakesh Vengayil
EUROPEAN ADVISOR OF THE YEARAward winner: InvestitAccepted by: Catherine DohertyPresented by: Rob Sanders
EUROPEAN THOUGHT LEADERSHIPAward winner: SEIAccepted by: Phil Masterson Presented by: Mike Ryder Richardson
EUROPEAN MARKETING CAMPAIGN OF THE YEARAward winner: JP Morgan AMAccepted by: Jean Guido Servais and Pia Bradtmoeller Presented by: Pablo Navascues
EUROPEAN FUND LAUNCH OF THE YEARAward winner: Pimco EuropeAccepted by: Gian Luca GiurlaniPresented by: Jerome Bloch
COMMENDED: ETF PROVIDER OF THE YEARAward winner: OssiamAccepted by: Antoine MoreauPresented by: Dominique Valschaerts
EUROPEAN ETF PROVIDER OF THE YEARAward winner: Lyxor ETFAccepted by: Pierre GilPresented by: Dominique Valschaerts
8
FUNDS EUROPE AWARDS
December/January 2014
EUROPEAN SPECIALIST INVESTMENT MANAGER OF THE YEARAward winner: Artisan PartnersAccepted by: Andrew Marks Presented by: Keith Hale
COMMENDED: EURO ASSET MANAGER OF THE YEAR (ASSETS < 20BN)Award winner: TOBAMAccepted by: Laura VU Thien Presented by: Conor Hoey
EUROPEAN ASSET MANAGER OF THE YEAR (ASSETS < 20BN)Award winner: Majedie AMAccepted by: James de UphaughPresented by: Conor Hoey
COMMENDED: EURO ASSET MANAGER OF THE YEAR (ASSETS >20BN)Award winner: SchrodersAccepted by: James CardewPresented by: Diana Mackay
EUROPEAN ASSET MANAGER OF THE YEAR (ASSETS >20BN)Award winner: VanguardAccepted by: Tom RampullaPresented by: Diana Mackay
EUROPEAN CIO OF THE YEARAward winner: James de Uphaugh, CIO Majedie Asset Management Presented by: Anne Richards
EUROPEAN PERSONALITY OF THE YEARAward winner: Helena Morrissey, CEO Newton Investment ManagementPresented by: Anne Richards
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10
FUNDS EUROPE AWARDS
December/January 2015
IN THE FINANCIAL industry,
Helena Morrissey is a force to be
reckoned with.
She not only navigates Newton
Investment Management with
finesse and skill but has also
shown her commitment to
improving industry standards for
the greater good.
The judges said she “captures
the zeitgeist of the moment”.
LONG TERMThis year, Morrissey further
pledged her commitment to
improving individuals’ investment
outcomes by signing a five-year
deal with Cambridge University
Judge Business School to support
its research into long-term
investing.
The Cambridge University
business school’s Centre for
Endowment Asset Management
will be renamed the Newton
Centre for Endowment Asset
Management in recognition of the
fund manager’s support.
‘EXTRAORDINARY’She also chairs the Investment
Management Association (IMA)
with poise and grace. The
judges applauded her for the
“extraordinary” work she has
done for the industry.
Morrissey replaced Douglas
Ferrans as chairman of the
association at the end of June this
year, following the IMA’s merger
with the investment division of the
Association of British Insurers.
Upon her appointment,
Morrissey said: “The Investment
Association will have a vital role
in helping the asset management
industry do the best possible job it
can for the millions of individuals
whose savings we invest.”
Morrissey also commented: “I
am delighted to be taking over the
chair at this time, when the need
for people all around the world to
make provision for their futures
has never been greater.”
Daniel Godfrey, IMA chief
executive, said: “Helena Morrissey
brings great energy, commitment
and vision to enhance all that is
good about our industry.
“I am looking forward to
working with her to make
investment better for everyone,
so investors get better long-term
returns, so companies can grow
and economies prosper.”
GENDER EQUALITYMorrissey also founded the 30%
Club, campaigning for more
female boardroom representation.
“As more women join boards,
without the imposition of quotas,
the more they can demonstrate the
value they can add.”
“Once we get to 30%,
the system will be self-
perpetuating,”Morrissey said.
Winner: Helena Morrissey, Newton Investment Management & IMA
European personality of the year
SHE BRINGS GREAT ENERGY, COMMITMENT AND VISION TO ENHANCE ALL THAT IS GOOD ABOUT OUR INDUSTRY.
Daniel Godfrey, IMA
Alibaba
AUTUMN 2014
South KoreaDistribution battle
WINTER 2014
Shanghai-Hong Kong Stock Connect
First-time issuersSukuk
4040
BATTLETOUGH
Listed asset managers in Europe
Aviva Investors, COOBNP Paribas IP
RATE Reducing duration
Saudi Arabia’s stock market
CORPORATE BONDS • CLEARING & SETTLEMENT • AWARDS SHORTLIST
NOVEMBER 2013 • ISSUE 121 • €40
Why Russian equities are dominating portfolios
Returning to global markets?
WINTER 2014
Private equity panel
Fund manager roundtable
AUTUMN 2014
Finding a debt solution
Brazilian retail investment The Cuba investor Custody banking
Colombia on the rise
40
CONTROLChina’s economy and systemic risk as seen by its local chief executives
Branding: special discussionEnding Europe’s inducements
STATEBeijing fund industry roundtable
The world at your fingertips
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funds europefunds europe is the only dedicated journal for cross-border fund professionals
funds europe and funds global are a key resource for everyone involved in the global investment fund business, and in tracking and interpreting developments in institutional and retail fund markets.
Whether you’re concerned with distribution, asset allocation, human resources, technology or outsourcing, we have the essential business strategy magazines for the asset management industry.
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JULY/AUGUST2013
•ISSUE
118
EXCHAN
GE-TRA
DEDFUN
DS •RIS
K MANA
GEMENT
• AFRIC
A
Standard
Life
Investments
CEO
TheMEP
taking aim a
t fees
Keith
Skeoch
JULY/AUGUST 2013 • ISSUE 118 • €40
Switzer
land
Asset ma
nageme
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Changin
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ernf
:00cov
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7/13
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MARCH
2013•
ISSUE114
US v EUROPEAN E
CONOMIC POLICY
• DISTRESSED DEB
T • VENTURE CAPIT
AL
Collateral manage
ment
Still opaque
Pimco’s trade-off
Don’t turnyour back
on the elephant
Risk systems and A
IFMD
MARCH 2013 • ISSUE 114 • €40cover - jssgmnf
:00 cover 27/
2/13 16:11 P
age 1
WINTER 2013
OUT OF THE SHADOWS
Securities lendingInfrastructure build
HOTmoneyBrazil after the taper
MEXICAN PENSION FUNDS LOOK INTERNATIONALLY
12
FUNDS EUROPE AWARDS
December/January 2015
FOUNDED IN 1975, the
Vanguard Group commands total
assets under management (AuM)
of $2.96 trillion (€2.37 trillion), as
of September 2014. The US firm
has been active in Europe since
1998 and these years have seen it
grow from strength to strength as
the focus on passive investment
becomes ever more acute.
The low-cost approach
combined with online training
resources and an extensive
network of market makers and
cross listings led to $6.4 billion
in net cash flows over the year.
All Vanguard’s exchange-traded
funds (ETFs) generated triple-
digit AuM growth, with the
Vanguard S&P 500 Ucits ETF
doing well in terms of growth.
Vanguard’s ownership structure
differs from the norm; rather than
being publicly traded or owned
by a small group of individuals,
The Vanguard Group is owned by
Vanguard’s US-domiciled funds
and ETFs. Those funds, in turn,
are owned by their investors.
The company said in a
statement: “Our unique mutual
structure aligns our interests with
those of our investors and drives
the culture, philosophy and
policies throughout the
Vanguard organisation
worldwide...We have been an
important catalyst in delivering
better value for investors and
our structure means we can and
will continue this drive over the
long term.”
Vanguard is an advocate
of lower fees and greater
transparency and has supported
moves towards improved
standards across a number of
European markets, namely the
UK and the Netherlands.
Winner: Vanguard
European asset management company of the year > €20bn
JP MORGAN ASSET MANAGEMENT
JP Morgan Asset Management has investment teams in more than 30 countries. The firm offers a wide range of investment
funds to suit all its clients’ needs, from global equity funds to specialised single country and theme funds, government bond
funds to emerging market debt funds, traditional funds to total and absolute return funds.
ROBECO
A firm with Dutch origins, Robeco today is the centre of asset management expertise for Orix Corporation, its majority
shareholder based in Tokyo, Japan. The acquisition was the most significant event in 2013 for Robeco which saw its AuM grow
from €132 billion in 2010 to €223 billion as at the end of June 2014. The firm is an international asset manager offering an
extensive range of active investments, from equity markets to government bonds.
SHORTLIST
SCHRODERS
British multinational Schroders has had a good year. The firm reported an 18% rise in third-quarter profits after a surge
in inflows buoyed its AuM to a record high of £276 billion (€348 billion). This constitutes an increase of almost £20 billion
compared to the same time last year. Total net inflows for the year to the end of September were £7 billion.
The asset management company was founded in 1804 and has 37 offices in 27 different countries around Europe, America,
Asia and the Middle East.
SPECIAL COMMENDATION
Tom Rampulla, Van-guard
Vanilla(Our ETFs come plain and simple)
This advertisement is directed at professional investors and should not be distributed to, or relied upon by retail investors. The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. This document is designed for use by, and is directed only at persons resident in the UK. Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority. © 2014 Vanguard Asset Management, Limited. All rights reserved.
Vanguard’s Exchange Traded Funds (ETFs) offer:
Low TERs ranging from 0.09% to 0.29%
Simple, physical index tracking
Find out how Vanguard ETFs can work for you and your clients by visiting:
vanguard.co.uk/etfs 0800 917 5508
Straightforward. It’s the Vanguard Way.™
14 November 2013
FUNDS EUROPE AWARDS
AS CHIEF INVESTMENT officer
(CIO) and chairman of Majedie
Asset Management, James de
Uphaugh has played a pivotal
role in building the firm’s existing
£10 billion in assets under
management over the course of
the 12 years since its inception.
With 26 years’ investment
experience as a fund manager
and analyst in UK and
international equity markets, de
Uphaugh’s achievements were
classed as “impressive” by the
judges, especially considering he
works within a boutique firm.
INDEX BEATING RETURNSIn addition to being the firm’s CIO,
de Uphaugh also manages two
funds – the UK Equity Fund and
the UK Focus Fund.
These funds have returned 410%
and 551% respectively since their
inception.
Furthermore, the firm’s other
funds produced index beating
returns over the past year,
overseen by de Uphaugh.
Over the course of the year, he
ensured the company’s continued
commitment to its one clear aim
of “simply making money for its
clients”.
A BALANCEDe Uphaugh leads Majedie’s
investment team, to which the firm
attributes its outperformance.
In his role as CIO, de Uphaugh
strikes a balance between
stimulating and leading the team’s
investment debate, while allowing
the fund managers to act and think
independently.
This balance is of particular
importance in the UK Equity Fund
and UK Focus Fund which operate
a mini-multi manager structure.
This means de Uphaugh and three
other fund managers all manage
a portion of each fund.
PRAGMATICThe firm said in a statement: “The
pragmatic approach taken by
James allies the best of individual
responsibility and team work,
helping drive long-term return
for clients.”
Majedie said its flexible
investment process also
contributed significantly to its
performance.
MARKET CYCLEWhen setting up the firm, de
Uphaugh set out a key principle
which stated “to pin oneself
to a particular investment
style only serves to guarantee
underperformance at some point
in the economic or market cycle”.
Therefore flexibility, in his view,
is key to ensure the firm reaches
its objectives.
Winner: James de Uphaugh, Majedie Asset Management
European chief investment officer of the year
THE PRAGMATIC APPROACH TAKEN BY JAMES ALLIES THE BEST OF INDIVIDUAL RESPONSIBILITY AND TEAM WORK, HELPING DRIVE LONG-TERM RETURN FOR CLIENTS.
Statement from Majedie Asset Management
15 funds-europe.com
AN INDEPENDENT
INVESTMENT boutique,
Majedie Asset Management was
established in 2002 with the aim
of providing specialist expertise
to make money for clients.
Majedie’s fund managers all
invest their own money in the
firm’s funds, aligning its interests
with its clients. The firm believes
in providing limited capacity
within its funds since “investment
performance can rapidly suffer
from diseconomies of scale if
assets under management grow
too large”.
Majedie focuses solely on high
performance equity investing
and developed its approach from
a UK-only focus into one without
borders, to maximise return for
clients.
THOUGHT LEADERSHIPIn June 2014, Majedie launched
three funds which demonstrated
its commitment to an international
investment focus.
In addition to its investment
focus, Majedie continued
developing its thought leadership
and client communications. This
was done by expanding its web-
based MajIQ system for clients,
which allows users to navigate
through historical thought
pieces written by the firm’s fund
managers.
LATEST THINKINGIn 2014, the firm launched The
Journal, a regular publication in
which investment professionals
share their latest thinking with
clients and the wider investment
community.
Winner: Majedie Asset Management
European asset management company of the year < €20bn
KLEINWORT BENSON INVESTORS
An institutional asset manager, Kleinwort Benson Investors specialises in total return and environmental equity. With €7.5
billion in assets under management, the firm was awarded substantial mandates by large institutional investors, such as the
Fonds de Réserve pour les Retraites and the Fonds de Compensations Luxembourg. Its total return approach has consistently
outperformed the MSCI World Index since its launch in 2003.
NEPTUNE
Neptune Investment Management is the brainchild of Robin Geffen. The independent and privately owned investment
management company was founded in 2002 and specialises in long-term investment. With a focus on fundamental research,
the firm had a strong year in terms of performance. Neptune also had the best performing funds in two Investment
Management Association sectors – flexible investment and Japan.
THS PARTNERS
Taube Hodson Stonex Partners is an independent fund management partnership. The firm was founded by Nils Taube, John
Hodson and Cato Stonex, who all worked together at J. Rothschild Investment Management. The firm, which has €4.1 billion in
AuM, believes portfolios need to be actively managed to deliver outperformance.
SHORTLIST
TOBAM
With its “anti-benchmark” strategies, French asset manager Tobam has made its name by “thinking outside the box”. Based in
Paris, the firm manages around $6 billion (€4.81 billion) as of June 2014 and was launched in 2005 by founder Yves Choueifaty,
who pioneered the concept of alternative benchmarks that broke away from the traditional market cap weighted construction.
In 2014, the firm not only saw an increase in its AuM but also won clients in new regions and launched new strategies.
SPECIAL COMMENDATION
INVESTMENT PERFORMANCE CAN RAPIDLY SUFFER FROM DISECONOMIES OF SCALE IF ASSETS UNDER MANAGEMENT GROW TOO LARGE.
Majedie company statement
16
FUNDS EUROPE AWARDS
December/January 2015
THIS WAS ONE of the “stand out
submissions”, the judges said.
Artisan Partners demonstrated
strong growth in its sales figures
and fund performance over the
year.
The proportion of growth
registered was deemed of
particular note and clearly showed
this is a “firm on an upward
trajectory”.
With $108.2 billion (€86.98
billion) in assets under
management, Artisan Partners
built its business over the course
of two decades. Founded in 1994
by Andy and Carlene Ziegler, the
firm focuses on providing high
value-added, active investment
strategies.
Artisan Partners values its
people. Chief executive officer,
Eric Colson, said: “Everything
we do is consciously designed to
create an investment culture that
allows our talent to thrive.”
The judges noted that Artisan
Partners has a clear specialisation
in the field of equity and
particularly small cap equity.
The firm has six autonomous
investment teams focusing on
growth: global equity, US value,
global value, emerging markets,
and credit. Each of the investment
teams within the firm operates
independently and has the
freedom to take investment risks
in the context of a well-defined
process. The aim of this is to
reduce bureaucracy, committees
and benchmark constraints.
Artisan Partners’ business model
allows investment teams to focus
on what they are good at; that is,
investment.
The business management
and dedicated marketing and
client service teams oversee
the numerous operational, legal
and client service aspects of the
business to maximise the time
the investment teams spend on
investment decisions.
Winner: Artisan Partners
European specialist investment firm of the year
BERENBERG
Berenberg is responsible for more than €15 billion of institutional assets. Parented by one of the oldest private banks in the
world, the firm focuses on quantitative asset management strategies. The choice to focus on this type of asset management
was driven by the fact that it is systematic, consistent and can be repeated. This therefore guarantees a more predictable
investment process rather than one driven by emotion or intuition. This quantitative process is underpinned by seven guiding
principles, which include the aim to achieve sustainable and definable risk adjusted performance and that the approaches are
as simple as possible and as complex as necessary.
MEDICAL STRATEGY
The funds managed by Medical Strategy are available to institutional investors and focus on the healthcare sector. The firm was
founded in 1992 and the team is made up individuals with both financial and healthcare backgrounds. As a result, the team
has a profound understanding of scientific and investment-related developments in the healthcare market. The firm’s specific
objective is to identify innovations in the healthcare sector at an early stage and to achieve above-average results for investors
over the long-term by investing in low-valued but growing companies. Its goal is to identify today the innovative therapies of
tomorrow, to invest when valuations are low and to reduce risk by having a broadly diversified portfolio.
SHORTLIST
EVERYTHING WE DO IS CONSCIOUSLY DESIGNED TO CREATE AN INVESTMENT CULTURE THAT ALLOWS OUR TALENT TO THRIVE.
Eric Colson, Artisan Partners
Experienced & Disciplined InvestorsWe are a talent focused business. We attract and retain experienced investment
professionals with a disciplined approach and a strong track record of success.
Autonomous Investment TeamsAutonomy of our 6 investment teams promotes original research and amplifies the
creative perspectives that lead to value creation.
Growth | Global Equity | U.S. Value | Global Value | Emerging Markets | Credit
High Value-Added Investment StrategiesWe offer 14 U.S., non-U.S. and global investment strategies that are diversified by
market capitalization and investment style.
Named Specialist Investment Firm
of the Year for Active Global Equities
20 Years of Disciplined Investing
For more Information: Visit www.ArtisanPartners.com | Call +44 (0) 20 7766 7130
2014
rewarding excellence in business
WINNER
Past performance is not a reliable indicator of future results. The value of on investment is not guaranteed and can fall as well as rise, which may result in a loss when sold. Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Artisan Partners UK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APLP and APUK are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.
Issued in the United Kingdom by APUK, 25 St. James’s Street, 3rd Floor, London SW1A IHA. Registered in England and Wales as a Limited Liability Partnership under partnership No. OC351201. Registered office: Reading Bridge House, 4th Floor, George Street, Reading, Berkshire RG1 8LS.
© 2014 Artisan Partners. All rights reserved. A14773L
For Professional Investors Only
18
FUNDS EUROPE AWARDS
December/January 2015
LYXOR WAS AWARDED
European ETF provider of the year
on the back of its “interesting and
sophisticated” product range. The
judges also commended the firm
for its educational efforts across
the industry.
Lyxor offers investors a flexible
opportunity to diversify their
allocation across all asset classes
(equities, bonds, money markets
and commodities) with access to
217 ETFs listed on 13 regulated
exchanges across the world. It
ranks second in terms of liquidity
of its ETFs in Europe.
Lyxor ETF provides access to
all markets with performance,
liquidity and transparency. The
firm is third in Europe in terms of
assets under management and
commands €85.4 billion of ETF
assets. Lyxor announced a 7%
increase in AuM since the end
of 2013. This growth momentum
was mainly supported over three
quarters by the ETF business
growing by 18% (with €5.8 billion
of inflows year-to-date and a total
of €38 billion of AuM) and by the
multi-asset active investments of
Lyxor growing by 21% (reaching
€10.5 billion of AuM).
The firm says all its ETFs
undergo a series of quality control
checks which ensure that the
funds exceed current regulatory
standards. Lyxor pioneered
the ETF synthetic replication
technique which requires the fund
to enter into a swap contract. This
is a bilateral contract between
the ETF issuer, in this case
Lyxor Asset Management, and
an investment bank, called the
swap counterparty. This structure
allowed Lyxor to broaden its
product range while also keeping
a tight rein on risk levels. The
firm’s internal rules set minimum
qualitative and quantitative
standards such as observed
liquidity, credit rating and issue
size of market capitalisation.
Winner: Lyxor ETF
European ETF provider of the year
SOURCE
Source has grown its assets under management to $19 billion since its launch in 2009, making it one of the fastest growing
exchange-traded product providers in the market. The firm has approximately 80 products listed in Europe, providing
exposure to equities, fixed income, commodities and alternative assets. 2014 marked Source’s collaboration with CSOP Asset
Management, based in Hong Kong, as well as Goldman Sachs and Morgan Stanley to launch a variety of products.
SHORTLIST
OSSIAM
Ossiam, which has €1.072 billion AuM (as of December 2013), was awarded the special commendation in the category for
having “interesting products that offer something different to investors”, according to the judges.
The firm’s product range provides access to strategies with variable risk profiles (long only, long/short, variable exposure,
guaranteed capital) across all asset classes (equity, fixed income, currency, commodities, inflation linked etc.).
Conscious of the fact that a single structure would not be capable of meeting the expectations of all investors, Ossiam offers
strategies with different legal wrappers.
The firm is a subsidiary of Natixis Global Asset Management, a wholly owned subsidiary of Natixis, majority owned by BPCE,
France’s second largest banking group. Ossiam selects the replication methods of its ETF with the aims of minimising tracking
error, complying with the general risk constraints of ETF holders and offering the most cost effective solution.
SPECIAL COMMENDATION
Arnaud Llinas, Lyxor
LYXOR ETFs DESIGNED FOR PERFORMANCE
T H E P O W E R T O P E R F O R M I N A N Y M A R K E T
ETFs & INDEXING ABSOLUTE RETURN & SOLUTIONS ALTERNATIVES & MULTI-MANAGEMENT
THIS COMMUNICATION IS FOR PROFESSIONAL CLIENTS ONLY.* Equivalent to EUR38bn - AuM as of October 31st, 2014.
These products comply with the UCITS Directive (2009/65/EC). Lyxor AM recommends that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID in English are available free of charge on www.lyxoretf.com, and upon request to [email protected]. Lyxor Asset Management (Lyxor AM), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive and the AIFM Directive (2011/31/EU). Lyxor AM is represented in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.
Standing among the most experienced ETF providers, Lyxor ranks 3rd in Europe with more than USD48 billion of Assets under Management*. Lyxor offers a highly flexible opportunity to diversify your allocation across all asset classes. Lyxor is dedicated to providing performance, liquidity, risk control and transparency as illustrated in its ETF quality Charter.
To know more, visit lyxoretf.com
As more and more providers join the ETFs race, how do you choose the best ETFs?
Crossmedia
The communication agency for
creative minds
360Crossmedia Masterclass #2 “BOOST YOUR BRAND”
21 funds-europe.com
CITI IS A STRONG brand in the
custody world and the judges
noted it had the biggest mandate
win among the shortlisted
companies. In 2014, Citi was
awarded a seven-year contract
to provide global custody and
securities lending services
to Norges Bank Investment
Management, which is the sole
fund management company
running the Norwegian sovereign
wealth fund. This is one of the
largest in the world with more
than $850 billion (€685 billion)
in assets under management.
Citi’s submission was considered
very strong and was awarded the
winning title as a result.
In 2014, Citi combined its prime
finance, futures and over-the-
counter clearing, global custody,
global fund services and agency
securities lending businesses into
a single entity – investor services.
The firm maintained a strong
capital base as its Basel III Tier 1
common ratio increased to 10.6%
compared to 2013. The minimum
required is 9.5%.
MOST LIQUID Citi also has $435 billion in highly
liquid assets, making it one of
the best capitalised, most liquid
global banks. Citi has made
significant effort to keep abreast
of changing regulation and to
ensure the impact of change on
its clients is positive. For example,
it pledged to “support clients
with information and service
through the T+2 settlement cycle
harmonisation, providing thought
leadership and guidance across
and following go live dates”.
Winner: Citi
European custodian of the year
BNP PARIBAS SECURITIES SERVICES
The largest European custodian, BNP Paribas Securities Services registered a 16% increase in its assets under custody over the
last 12 months. The firm expanded its European presence to 17 countries and acquired Banco Popular’s depository banking
business in April. BNP Paribas Securities Services increased its client base by 5% globally and won new mandates worth €180
billion and £280 billion. The firm also extended its partnership with Axa Investment Managers to include agency services in
Latin America.
CACEIS
Caceis solely focuses on asset servicing and is an entirely independent operation, without risk of encountering conflicts of
interest with other activities, such as asset management or investment banking. In 2013, the group earned revenues of £803
million (€1 billion), within which custody accounted for 34%. The firm was awarded a number of significant mandates over the
past 12 months, with the two stand-outs being worth €280 billion and €30 billion.
HSBC SECURITIES SERVICES
This firm saw its assets under custody grow to $6 billion over the 12 months to June 2014, marking an increase of over 14%.
HSBC Securities Services said the growth was driven by its strength and ability to consolidate its position in the insurance and
pension funds sector by winning a number of mandates. It was also the first to adopt Euroclear UK & Ireland’s automated fund
processing solution for its UK investment fund settlement flows.
SHORTLIST
WE PLEDGE TO SUPPORT CLIENTS THROUGH THE T+2 SETTLEMENT CYCLE HARMONISATION, PROVIDING THOUGHT LEADERSHIP AND GUIDANCE ACROSS AND FOLLOWING GO LIVE DATES.
Citi statement
Sanjiv Sawhney, Citi
FUNDS EUROPE AWARDS
22
FUNDS EUROPE AWARDS
December/January 2015
JUDGES COMMENDED
NORTHERN Trust’s “stand out
people” and said the firm is
demonstrating its commitment
to improving. Between 2013 and
2014, Northern Trust grew its
assets under administration (AuA)
by 20% to $559.2 billion (€451.5
billion).
COMMITMENTAs a result, it was awarded over a
hundred new business mandates
from both new and existing clients.
The firm also grew its investment
operations outsourcing AuA by
28% to $2.12 trillion. Northern
Trust showed commitment to
its European operations by
expanding depository services
across European locations.
The firm focused on helping
European fund managers
meet regulatory requirements,
including the Alternative
Investment Fund Managers
Directive (AIFMD), the Dodd-
Frank Act, the European Market
Infrastructure Regulation (Emir)
and the Foreign Account Tax
Compliance Act (Fatca).
For example, as at the end
of June 2014, Northern Trust
supported more than 120 clients
and 500 funds in becoming
AIFMD-compliant across multiple
jurisdictions and investment
types. It also provided enhanced
collateral management and
liquidity services to assist
compliance with the Dodd-Frank
Act and Emir.
Northern Trust has shown its
dedication to helping the industry
improve. It held 11 regulatory
seminars across Europe,
distributed quarterly briefings to
over 5,000 clients and conducted
surveys on AIFMD readiness.
The firm also produced
checklists and timelines for
Emir, Fatca and AIFMD to further
assist clients with regulatory
compliance.
Winner: Northern Trust
European administrator of the year
HSBC SECURITIES SERVICES
This year saw HSBC Securities Services providing services to tax transparent funds (TTFs) as a strategic priority. The firm
created an automated and integrated solution linking custody, fund accounting and transfer agency. This will enable clients to
restructure their investment portfolios to create efficiencies, cost savings and growth opportunities.
SOCIETE GENERALE SECURITIES SERVICES
The new product SGSS brought to market in 2014, the SGSS Gallery, is a single secure entry point for clients. Through this, they
have access to a wide range of services and can manage their daily business reporting activities. The system’s functionalities
allow clients to benefit from subscription management capabilities and a range of customisable reports. It also launched
ManCo by SGSS. This is a management company solution to assist asset managers seeking access to the European market to
set up and market Ucits funds.
STATE STREET
State Street showcased its alternatives expertise and has developed a comprehensive offer for those managing liquid
alternatives. The firm’s solution supports clients with reporting, compliance, accounting, custody/settlement and analytics. State
Street also decided to create a new business to support client data management. State Street Global Exchange helps clients
identify opportunities and actions that will generate most value.
SHORTLIST
IT SHOWED COMMITMENT TO ITS EUROPEAN OPERATIONS BY EXPANDING DEPOSITORY SERVICES ACROSS EUROPEAN LOCATIONS.
Toby Glaysher, Northern Trust
23 funds-europe.com
THE JUDGES APPLAUDED
State Street for its continued
investment in the hedge fund
space considering it is a notably
difficult part of the market. The
firm was also commended on its
good reputation in the industry.
INTERACTIVEOver the last 12 months, State
Street developed a number of
new technology and product
solutions for its clients. Its latest
AIS 360 platform provides clients
with real-time data and gives
them transparency into the firm’s
operational activities through an
interactive tool.
It also created an integrated,
interactive web-based reporting
tool that combines risk and
performance analytics to support
client reporting needs. State
Street also offers a one-stop shop
solution for reporting, compliance,
accounting, custody/settlement
and analytics to liquid alternative
managers.
SIGNIFICANT MANDATESThe firm was awarded a number
of significant mandates over
the period under review. These
include a contract from a global
equity manager to support its
$1 billion (€807 million) Irish
qualified investment fund. A large
credit alternative manager that
set up a $1.5 billion credit fund
appointed State Street to provide
a full suite of administration
services as well as cash, custody
and currency management.
Another key mandate was on
behalf of a multi-strategy manager
that awarded State Street a $1.3
billion full service and depository
mandate.
In the past year, State Street
also carried out research in the
alternatives sector. Together
with its partner, Preqin, the firm
surveyed 391 alternative asset
managers to understand their key
challenges and priorities. This
insight was used as the basis for a
comprehensive report and multi-
channel market campaign, as well
as to inform the solutions the firm
develops for its clients.
Winner: State Street
European hedge fund administrator of the year
SS&C GLOBEOP
SS&C GlobeOp was commended for its cost effectiveness and the judges noted that the firm “got its model right”. The business
experienced growth both in size and in its range of solutions. It entered the insurance-linked securities market by acquiring
Prime Management and also launched a real estate investment trust (Reit) servicing group to address clients’ growing
mortgage Reit investment accounting needs. In the past year, the firm also opened an office in Luxembourg to strengthen its
European-domiciled fund service.SS&C GlobeOp identified the need for a different type of depository under the AIFMD. In
view of this, it launched an offer for depository lite services. This solution is aimed at European managers running non-EEA
alternative investment funds.
SPECIAL COMMENDATION
SEI
Founded in 1968, SEI services has $702 billion in back and middle office assets. As a fund administrator, its assets under
administration saw a 35% increase over the course of the year. The firm also saw an increase in its middle office provision,
servicing more than 3,000 portfolios with $38 billion in assets, a rise of 76% compared to the previous year.
SHORTLIST
William Slattery, State Street
FUNDS EUROPE AWARDS
24
FUNDS EUROPE AWARDS
December/January 2015
THE JUDGES SAID Alter
Domus clearly demonstrated
its specialisation in its strong
submission to this year’s awards.
The firm is a provider of fund and
corporate services dedicated to
international private equity and
infrastructure houses, real estate
firms, multinationals, private
clients and private debt managers.
Alter Domus is a leader in this
part of the industry, serving
eight of the ten largest private
equity houses and six of the ten
largest real estate firms globally.
Between June 2013 and June
2014, the firm won new business
from 229 existing clients and
181 new clients. It has $48 billion
(€38.75 billion) of assets under
administration which represents
an increase of 71% in a year,
growing from $28 billion.
Over the past year the company
has grown, both organically and
through acquisitions. It opened an
office in Germany and also made
two major acquisitions – Donovan
Stewart Corporate Services in
Ireland and Vigel & Associés in
France. The Irish firm included
expertise in aircraft-leasing and
aircraft-owning companies, while
the French firm assisted Alter
Domus to further develop its
presence in the French market.
NEW BUSINESSFurthermore in January 2014,
Alter Domus was the first service
provider to be authorised by the
Luxembourg regulator to act as a
professional depository.
It was also granted a similar
licence by the Financial Conduct
Authority in the UK. Since
receiving these licences, the firm
secured new depository business
amounting to $8.9 billion of assets
under management.
Winner: Alter Domus
European specialist administrator of the year
IPES
Ipes, an administration firm that focuses on private equity, was the first company to design a depository model solely for
this asset class It was the first to adopt a pragmatic asset verification approach by looking through only private equity fund
holding structures.
In the 12 months to June 2014, Ipes Depository won 22 private equity clients with 115 alternative investment funds
representing $47 billion of commitments.
SHORTLIST
CRESTBRIDGE
Crestbridge was awarded a special commendation on the back of the strong growth it posted over the course of the year. The
firm registered an increase in assets under administration of more than 700% from £1.84 billion (€2.3 billion) in June 2013 to
£15.06 billion by June 2014. The judges said they look forward to what Crestbridge does over the coming year.
The firm, which specialises in real estate administration, repositioned its business in June 2013 to refocus from being a
healthy but small trust, corporate and fund administrator into being a thriving player in selected key markets.
SPECIAL COMMENDATION
ALTER DOMUS WAS THE FIRST SERVICE PROVIDER TO BE AUTHORISED BY THE LUXEMBOURG REGULATOR TO ACT AS A PROFESSIONAL DEPOSITORY.
Laurent Vanderweyen, Alter Domus
25 funds-europe.com
THIS YEAR’S WINNER, IFDS/
State Street experienced a 9.98%
growth in shareholder accounts
administered and added 43 new
clients across Europe. The firm’s
UK market share grew to 58%,
three times greater than its closest
competitor. It also holds dominant
market shares in Ireland and
Luxembourg. IFDS/State Street
also expanded its operations into
Asia in 2014.
JOINT VENTUREA joint venture between State
Street and DST Systems, the firm
has grown exponentially since
its inception in 1995, supporting
more than 44 million investors and
policy holder accounting for more
than 370 financial organisations
across Asia-Pacific, Europe and
North America.
The firm deployed a number
of solutions including a white
labelled investor portal for
retail clients, an online order
entry tool to support clients not
connected to Swift and developed
and implemented the first fully
straight-through processing (STP)
solution to support electronic
transfers between nominee
accounts.
Over the course of the year,
IFDS/State Street improved
operational efficiencies and
its STP capabilities. As part of
this exercise, it implemented
shared online risk management
functionality across multiple cross-
border locations.
APPOINTMENTSRecent appointments in the Asia
office include Euan McLeod as
head of transfer agency for the
Asia Pacific region and Gayathri
Chandramouli as head of product
and strategy.
Andrew Erickson, head of
State Street Global Services and
IMS Asia, said: “The Asia-Pacific
region is a key growth area for
many of our clients and each new
appointment adds significant
experience to our operations.”
Winner: IFDS/State Street
European transfer agent of the year
RBC INVESTOR & TREASURY SERVICES
In the last 12 months, RBC Investor & Treasury Services (RBC I&TS) introduced new product launches and enhancements to
improve efficiency, reduce risk and support clients in responding to regulatory developments. These include offering more
efficiency and effective management of shareholder registers.
The firm has also focused on improving risk management, client coverage and operational efficiency. RBC I&TS provides
transfer agency services globally, servicing over 12 million shareholder accounts.
SOCIETE GENERALE SECURITIES SERVICES
The aim of SGSS is to be the reference partner for its clients in the main markets, to be recognised for service quality,
competitiveness, agile solutions and its international network coverage.
The firm has €527 billion in assets under custody and its single platform for Luxembourg, Ireland and German registered
funds offers a combined view of funds, sales and holdings across jurisdictions. Through Global Fund Trading, SGSS clients
have 24/7 access to a large database of over 24,000 mutual and hedge funds thanks to a direct connection with more than 1,400
transfer agents worldwide.
SHORTLIST
THE ASIA-PACIFIC REGION IS A KEY GROWTH AREA FOR MANY OF OUR CLIENTS AND EACH NEW APPOINTMENT ADDS SIGNIFICANT EXPERIENCE TO OUR OPERATIONS.
Andrew Erickson, State Street
FUNDS EUROPE AWARDS
Paul Roberts, IFDS
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27 funds-europe.com
WINNER JP MORGAN was
applauded by the judges for
going back to basics and making
“impressive use of snail mail
marketing”.
The campaign submitted was
for the promotion in Germany
of the Global Income Fund. The
firm created an educational
video which illustrated the fund
in a straightforward way. The aim
was for advisors to use the video
in presentations to end-clients,
hence the focus on simplicity.
Judges deemed the video to be
outstanding.
DIFFERENT ROUTEJP Morgan took a different route
when it came to distributing the
video, sending out a video card
to reach audiences offline via
direct mail instead of hosting it on
an online platform. The card was
posted to clients together with a
flyer setting out the investment
case.
The campaign was successful
given the promotion of the fund
led to a dramatic increase in fund
flows. The firm also continues to
receive requests for the video
card and fund promotional
material.
Massimo Greco, head of
European funds, said: “The
success in Germany has been
driven by a real team effort across
each aspect of the campaign, from
sales, marketing and investment
desks. Working in partnership
with our distributors, we are
telling a seamless investment
story and reinforce it at every
opportunity.”
REGULAR INCOMEThe investment objective of the
Global Income Fund is to provide
clients with regular income by
investing primarily in a portfolio
of income generating securities.
The fund has no geographic
constraints and can invest
globally. It also has the ability to
allocate using financial derivative
instruments.
The fund was launched in
December 2008 and is managed
by Michael Schoenhaut and Talib
Sheikh. Since inception it returned
95.20% as at the end of November
2014. Its top 10 holdings include
household names such as Royal
Dutch Shell, Microsoft, Vodafone
and Johnson & Johnson.
In September 2014, the fund saw
inflows of €639 million.
Winner: JP Morgan – Global Income Fund campaign
European marketing campaign of the year
ABERDEEN ASSET MANAGEMENT (FIXED INCOME CAMPAIGN)
With the tag line, “We drive fixed income further”, a truck fronted Aberdeen’s fixed income campaign. The firm initially
promoted its fixed income capability then rotated into the relevant products such as emerging market debt, high yield and
convertible bonds. The aims of the campaign were to educate clients on the benefits of a globally diverse approach to fixed
income and to increase awareness of the firm’s capabilities in the space. Aberdeen says this was its most successful integrated
campaign in Europe, resulting in more than 30,000 unique visitors to 11 microsites in six languages.
SCHRODERS (SCHRODER ISF MULTI-ASSET INCOME MARKETING CAMPAIGN)
Launched after the Schroders ISF Multi-Asset Income fund celebrated its first anniversary, the marketing campaign was
spearheaded by the Schroders “hurdler statue”. This was chosen to reflect regular income generation and the moderate
risk profile of the fund. One of the campaign’s aims was to highlight multi-asset investing as a solution that can provide a
sustainable and reliable source of income. The fund grew by $2.6 billion (€2 billion) between June 2013 and June 2014 and also
enhanced client awareness of Schroders’ expertise in multi-asset investing.
SHORTLIST
WE ARE TELLING A SEAMLESS INVESTMENT STORY AND REINFORCE IT AT EVERY OPPORTUNITY.
Massimo Greco, JP Morgan
FUNDS EUROPE AWARDS
28
FUNDS EUROPE AWARDS
December/January 2015
IN AWARDING PIMCO the
win, judges were quick to note
the consistent growth the fund
has achieved. Over a period of
11 months the fund grew to $3.99
billion (€3.22 billion). It was also
among the top 10 selling funds
by estimated net sales in Europe
as of June 2014, according to data
provider Lipper.
The Pimco GIS Capital Securities
Fund is a subordinated debt
fund which was launched to take
advantage of the re-regulation in
the financial markets. This, Pimco
said, should lead to fewer bank
failures as a result of stronger
capital buffers.
“As the global banking
sector continues its multi-year
deleveraging journey, the
market environment remains
conducive to the appreciation of
capital securities,” said Philippe
Bodereau, the manager of the
fund.
STRATEGIC ALLOCATIONThe fund offers investors a
long-term strategic allocation
to the global financial sector
through investments primarily
in subordinated debt and
convertible bonds. Although
riskier than senior bonds, these
instruments offer the potential for
higher returns and ample active
management opportunities due
to ongoing dislocations within
this more complex segment of the
market.
The strategy is mainly driven
by bottom-up ideas within the
financial sector. This ideas are
coupled with top down macro-
economic insights to allow the
team to search for opportunities
across global credit markets.
MORE RISKThe Pimco GIS Capital Securities
Fund fits within investors’ higher
risk fixed income allocation.
The securities in which it invests
have more risk and are more
volatile than traditional core credit
allocations. The fund, which was
launched at the end of July 2013,
has a wide variety of share classes
including institutional, E and R,
in multiple currencies including
US dollar, euro, swiss franc and
sterling.
Despite market volatility and
regulatory challenges in Europe
the fund delivered a return of
14.05% net of fees as at June 2014.
The Pimco fund has the ability
to invest across the whole capital
structure but depends on the
firm’s assessment of risk and
reward. The strategy seeks a
focused expression of the firm’s
top financial ideas without the
constraints of a benchmark index.
Winner: Pimco Europe (Pimco GIS Capital Securities Fund)
European fund launch of the year
NEUBERGER BERMAN (NEUBERGER BERMAN GLOBAL BOND ABSOLUTE RETURN)
The Neuberger Berman Global Bond Absolute Return (GBAR) was created with the intention to develop an absolute return
fixed income strategy to take advantage of market mispricings across global rates, currencies and credit. The fund also aimed
to provide better compensation for risk. The potential interest rate hikes on the horizon underline the need for a re-evaluation
of traditional long-only, benchmark-driven, fixed income strategies.
GBAR has a flexible opportunistic strategy that allows the fund managers to tactically allocate between fixed income sectors
to adapt to changing market conditions. It aims to generate an annual return of 4% above cash over a medium to long term
horizon. The fund is co-managed by Jon Jonsson in London and Andy Johnson in Chicago.
The fund was launched in September 2013 with €32 million in assets and as at June 2014 had grown to €53 million.
SHORTLIST
AS THE GLOBAL BANKING SECTOR CONTINUES ITS MULTI-YEAR DELEVERAGING JOURNEY, THE MARKET ENVIRONMENT REMAINS CONDUCIVE TO THE APPRECIATION OF CAPITAL SECURITIES.
Philippe Bodereau, Pimco
Bill Benz, Pimco Europe
29 funds-europe.com
JUDGES APPLAUDED
INVESTIT’S standout submission
and said the firm has been
consistently strong over the past
few years.
Investit has won this award
for three years running,
demonstrating the stability and
the dependability of the service it
provides clients.
In 2013, Investit created
the Commission Analysis
service which benchmarked
clients’ commission spend
and governance. The firm also
developed a methodology
to create research budgets, a
commission policy, governance
structure and procedures.
This new offer is of particular
resonance given the regulatory
developments that require
financial firms to demonstrate
their compliance with current
regulation when it comes to
buying equity research. The
research budget function of the
Commission Analysis service
creates a detailed budget
setting mechanism for each
desk considering the stocks
covered, the number of investment
professionals and the different
investment strategies.
The commission policy aspect
allows Investit to build a company-
wide policy from the desk level
approaches ensuring this policy
is applied consistently across its
clients’ firms. This can be used
as evidence for the regulator to
ensure regulatory compliance.
The firm also offers to assist
clients with governance and
procedures. It proposes oversight
from appropriate roles in the
firm to ensure policy is enacted.
Investit also helps develop a
set of practical processes and
procedures to support the
governance of commission spend.
Richard Phillipson, who leads the
commission governance work at
Investit, said: “Our job is to help
firms run better businesses.”
The firm also supports clients
in complying with other new
regulation, such as Mifid II.
The toolkit it offers is said to
“expedite a firm’s planning
and implementation of changes
required for successful
compliance with the new directive
and regulation”.
Investit is a specialist investment
management consultancy that
works with clients to build more
efficient businesses. The firm has
been engaged in more than 1,500
successful assignments across
its research, benchmarking and
consultancy services.
Investit works exclusively with
the asset management industry
and its clients include asset
owners, investment managers,
service providers, custodians,
system vendors and trade bodies.
The firm has a proven track
record of delivering products and
services to clients for more than
15 years.
Winner: Investit
European advisor of the year
MATHESON
The Irish legal advice firm’s strength in depth is spread across more than 20 distinct practice areas, including asset
management and investment funds. The firm, which has roots that can be traced back to 1825, is committed to delivering a
client-focused service. These clients include some of the largest institutional fund managers, including seven of the top 10 US
asset managers and six of the top 10 promoters of Irish funds. Over the course of the year, Matheson also acquired Investec’s
Irish investment funds listing business which expanded the firm’s service offering.
SHORTLIST
THE FIRM HAS BEEN ENGAGED IN MORE THAN 1,500 SUCCESSFUL ASSIGNMENTS ACROSS ITS RESEARCH, BENCHMARKING AND CONSULTANCY SERVICES.
Catherine Doherty, Investit
30
FUNDS EUROPE AWARDS
December/January 2015
THIS WAS A new category in
the 2014 awards and Commcise
fulfilled all the criteria. It is a newly
launched company, having come
to market in November 2013; it is
addressing a specific and topical
issue for managers in dealing
with commission management; it
employs innovative technology
through a cloud-based solution
and has started to win customers
and develop a respectable
reputation in the market.
Commcise provides a single
integrated platform that
supports reconciliation, invoice
management, broker voting,
commission management and
reporting.
It was built with the aim of
enabling investment managers
to transform their processing
of commission sharing
agreements.
There are three versions of the
system to meet the specific needs
of different client groups, namely
investment managers on the buy-
side, brokers on the sell-side and
research providers.
Winner: Commcise
European newcomer/ innovator of the year
BENNANI & MARCHAL ASSOCIATES
A boutique consulting and systems firm, Bennani & Marchal Associates (BMA) provides risk management solutions for
alternative investment funds. The firm is particularly focused on private equity, real estate and infrastructure. BMA has been
developing Portfolio Analytics, a performance and risk analytics platform for funds investing in these alternative asset types. It
is a cloud-based platform that can be securely accessed from internet-enabled devices.
FUNDSQUARE
Incorporated in June 2013, Fundsquare was created to address concerns around inefficiencies and lack of standardisation
in the fund industry. The firm offers a service that simplifies cross-border fund distribution and generates a more advanced
standardisation of distribution services. This is done by mutualising cost and low added value services. The services currently
offered focus on two primary areas – fund launches and registration; fund distribution.
MARKIT ETP ANALYTICS
The new product from Markit called ETP Analytics was launched to provide the buyside and all exchange traded product (ETP)
providers with a comprehensive ETP analytical dataset that provides transparency into the global ETP market. It builds on
Markit’s ETP offerings which were initially developed eight years ago. ETP Analytics contains more than 1,300 analytical daily
and historical calculations addressing performance, liquidity, risk and benchmark tracking metrics.
SHORTLIST
BATS CHI-X 75
The firm was commended for its work on promoting a consolidated tape for trade reporting which remains an important
industry issue. BATS Chi-X became a recognised investment exchange (RIE) in May 2013 and is the largest European equities
exchange by market share and value traded. It represents the combination of two pan-European multilateral trading facilities
(MTFs), BATS Europe and Chi-X Europe. This merger took place in 2011. BATS Chi-X Europe is the first MTF to make the
transition to full RIE status.
SPECIAL COMMENDATION
Amrish Ganatra, Commcise
31 funds-europe.com
SEI WAS AWARDED the win in
this category after judges noted
the firm was adept at addressing
change and gave its clients clear
and actionable recommendations
through its thought leadership
work. The asset manager created
a knowledge centre as a source
for perspectives on industry
challenges and opportunities
affecting its clients. The site is
host to content relating to current
events, market commentary
and investor education. SEI also
provides client specific portals to
ensure each client type is able to
access relevant information.
In demonstration of its efforts
to keep abreast of the changing
market environment, for example,
SEI published a brief on social
media. Entitled Stepping Into
Social Media, this piece of work
aimed to provide some guidelines
for asset managers contemplating
social media campaigns.
SEI’s investor education pieces
cover a range of topics from
investment fundamentals, such
as currency to more esoteric
subjects, such as the mechanics of
behavioural finance.
The firm is a global provider of
asset management, investment
processing, and investment
operations solutions for
institutional and personal wealth
management. Its strategic focus is
on active management designed
to manage investment risk and
aiming to provide more consistent
returns. Since its inception in 1968,
SEI has grown to offer solutions
that combine advice, investments,
technology, and operations.
The firm services around
7,000 clients and manages or
administers $612 billion (€492
billion) in mutual fund and pooled
or separately managed assets,
including $249 billion in assets
under management and $363
billion in client assets under
administration.
Winner: SEI
European thought leadership
ALLIANZ (RISK MATTERS)
Risk Matters is a quarterly magazine produced and published by Allianz Global Investors (AllianzGI) to showcase the firm’s
thought leadership in the area of risk. Judges said the publication tries to get to grips with issues faced by asset managers in a
digestable format.
The firm carries out a bi-annual survey of 155 institutional investors across Europe called RiskMonitor. The content within Risk
Matters is written by AllianzGI’s investment team, external contributors and experts at the firm’s research arm, risklab.
MATHESON
While drawing up the shortlist, the judges noted Matheson engages with academia and produced content which was
interesting and different. They also said the firm provides specialist knowledge to a whole host of different clients and is
considered to be a trusted resource.
One example of its work in the past year is the research report entitled Choosing a European Fund Domicile: The Views of
Global Asset Managers. In 2013, the Irish law firm commissioned the report, which took the form of an independent survey
of 200 global asset managers. The research assessed their views on the performance and perceptions of European fund
domiciles across several specific criteria.
SHORTLIST
FUNDS EUROPE AWARDS
THE FIRM WAS ADEPT AT ADDRESSING CHANGE AND GAVE ITS CLIENTS CLEAR AND ACTIONABLE RECOMMENDATIONS THROUGH ITS THOUGHT LEADERSHIP WORK.
Phil Masterson, SEI
32
FUNDS EUROPE AWARDS
December/January 2015
THE JUDGES SAID: “Liquidnet
has had a very active and
effective year.” The acquisition
of multilateral trading facility,
Vega-Chi, has seen the firm move
into fixed income and it also
launched the commission sharing
agreement (CSA) programme in
the last 12 months.
In awarding the win, the judges
also said: “Liquidnet continues
to lead the market in its primary
function which is providing a
facility for the buy-side to execute
large block trades.”
Liquidnet is a global institutional
trading network with more than
740 clients. The scale of liquidity
and investment opportunities the
firm offers span 43 markets and
five continents. The firm’s network
directly connects like-minded
investors who invest and trade
in large size. Using disruptive
technology, Liquidnet has created
an efficient, global institutional
marketplace for those seeking
investment performance and
capital-raising opportunities on a
different scale.
The Vega-Chi acquisition noted
by the judges was announced
in March 2014. Seth Merrin,
founder and chief executive
of Liquidnet, said: “There has
been a massive increase in
corporate bond issuance and
at the same time a depletion of
capital that dealers can use to
facilitate trading. The result has
been increasing difficulty among
investment managers and dealers
in accessing liquidity.
“To fix this liquidity drought
over the long term, it’s important
for market participants to come
together and establish new
systems and processes and an
open platform that will facilitate
the flow of liquidity within the
corporate bond market more
efficiently.”
Winner: Liquidnet
European front office provider of the year
COMMCISE
Commcise is a cloud-based commission management solution that provides a single integrated platform supporting
reconciliation, invoice management, broker voting, commission management and reporting. It was built with the aim of
enabling investment managers to transform their processing of commission sharing agreements. There are three versions of
the system to meet the specific needs of different client groups, namely investment managers on the buy-side, brokers on the
sell-side and research providers.
On the buy-side, Aviva Investors implemented a commission sharing agreement and share-of-wallet management software
solution from Commcise. Katie Pollock, Aviva Investors counterparty risk, derivatives and broker relationship manager, said: “It
provides Aviva Investors a robust, fully audited method of managing our commission spend.”
MISYS
Misys provides software that delivers financial risk management to financial institutions. The firm’s aim is to: “Transform
the global financial services industry by making financial institutions more resilient, more efficient and more competitive.”
Misys has more than 2,000 customers across 130 countries and can count 12 of the top 20 asset managers as clients. Since its
inception in 1979, Misys has grown to offer a broad range of solutions focus on the financial services industry. This was done
by developing its software to be open and flexible to match clients’ changing needs. The firm also made strategic acquisitions
along the way.
SHORTLIST
TO FIX THE LIQUIDITY DROUGHT OVER THE LONG TERM, IT’S IMPORTANT FOR MARKET PARTICIPANTS TO COME TOGETHER AND ESTABLISH NEW SYSTEMS AND PROCESSES.
Seth Merrin, Liquidnet
Mark Pumfrey, Liquidnet
33 funds-europe.com
SIMCORP IS WELL established
as a back office provider but
judges applauded its hard work
in improving its front office
functionality in a bid to provide
front to back services. “These
efforts have resulted in some very
positive feedback from the market
and led to a number of existing
clients extending their use of
SimCorp Dimension (SCD) to their
front office,” the judges said.
The Copenhagen specialist
buy-side technology provider
launched this service as an
integrated platform, covering front
to back office requirements, which
taps into a single source of high-
quality position data across all
listed asset classes. SimCorp says
it helps firms handle investment
workflows more efficiently by
automating all front to back office
processes, which in turn reduces
costs and the operational risks
presented by manual workflows.
Klaus Holse, SimCorp chief
executive officer, said: “Seamless
integration of front to back
office functions is essential in
the demanding and constantly
shifting regulatory environment,
and asset managers can no longer
risk relying on legacy investment
management systems.” When
announcing the win, Holse was
pleased the firm was being
commended for its front office
capabilities as this has been a
particular area of focus over the
past few years.
Recent SCD upgrades
have allowed powerful data
management tools to be
integrated into the back office to
also offer timely insight for the
front office.
SimCorp’s extension to its
services led to a number of key
clients using SCD for their front
office operations.
This helped one client
consolidate data from disparate
sources on to a single platform.
As a result the client streamlined
workflows and strengthened
compliance handling.
Another client extended its use
of SCD to ensure consistent data
across its portfolio management,
compliance and controlling
systems through to the back office
and accounting businesses.
SCD also works as an investment
book of record to supply position
information to the front office.
Winner: SimCorp
European front to back office provider of the year
EQUILEND
EquiLend’s platform went live in 2002 and since launch, the firm has grown its network to more than 80 clients.
The EquiLend platform offers a 360º service front to back. On the front end, the platform promotes volume growth and allows
traders to concentrate on high intrinsic value securities. While the back office allows increased scalability and straight through
processing through its post-trade services.
STATE STREET
State Street’s investment servicing business, now known as State Street Global Services, provides financial infrastructure to
deliver investment servicing solutions globally.
The firm’s capabilities in asset servicing, operations outsourcing and analytics enable its clients to manage operational risk,
optimise their cost structures, enhance the value of their services and act on growth opportunities – across all major markets.
State Street aims to help clients keep abreast of fast-moving global markets, by launching new solutions and expanding its
existing capabilities.
SHORTLIST
Klaus Holse, SimCorp
35 funds-europe.com
THE KEY TO any back and
middle office software is
reliability. The judges said:
“Advent’s strong product focus
and dependable technology
platform have helped the
company build a loyal customer
base across a variety of markets
(traditional and alternative).”
These clients continued to use
Advent as their core system in
testament to its consistency.
Advent, a firm in existence for 30
years, makes software designed
to automate portfolio accounting
for investment management
firms, including family offices,
investment advisers, large
institutional investors and hedge
funds.
In the last 12 months, Advent
kept its products refreshed to deal
with market changes and has been
rewarded with some notable new
signings.
INCREASED INTERESTThese included Praktikertjänst
AB:s Pensionsstiftelse, the pension
fund of the largest private health
and dental care firm in Sweden.
Upon appointment, Hakan Valberg,
president of Advent Software
for Europe, the Middle East and
Africa (Emea), commented about
the mandate win by saying: “We
are seeing increased interest
in our solutions, especially in
Scandinavia, as firms look to meet
local regulatory requirements,
streamline their internal
operations, and better focus on
managing clients’ assets.”
HIGHLY FLEXIBLE“We remain committed to
providing highly flexible,
customisable, easy-to-integrate
solutions, as well as a superior
level of local support for clients in
the Emea region.”
Advent says it considers clients
to be collaborators, with their
needs shaping the firm’s ideas.
Winner: Advent
European back and middle office provider of the year
MULTIFONDS
Multifonds is a provider of fund accounting, portfolio accounting and investor servicing software, built on a single-platform
philosophy. Since its inception in 1995, the firm has grown and boasts a portfolio of clients which operate in 30 countries and
collectively manage more than $5 trillion (€4 trillion) of assets. These clients include a majority of the world’s top 10 custodians
and many top tier asset managers.
SIMCORP
A Danish company providing specialised software and financial expertise for the investment management industry, Simcorp
was founded in 1971. The firm says its mission is to “offer integrated solutions unrivalled at reducing costs, mitigating risk, and
enabling growth associated with investment activities”. Simcorp has demonstrated sustainable organic growth and says long
term partnerships with clients and commitment to supporting their business are fundamental to the firm’s business principles.
SS&C TECHNOLOGIES
Software firm SS&C Technologies provides clients with processing for information management, analysis, trading, accounting,
reporting and compliance. The firm’s clients manage, in aggregate, over $26 trillion in assets. SS&C Technologies employs a
“disciplined and highly focused acquisition strategy to increase the breadth and depth of its product and service offerings and
capitalise on evolving market opportunities”. One of the most recent acquisitions was of DST Global Solutions, a firm with 390
employees operating in 12 offices including London, Melbourne, Bangkok, Hong Kong, Shanghai and Boston.
SHORTLIST
Hakan Valberg, Advent
FUNDS EUROPE AWARDS
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