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EDITORIAL
3 funds-europe.com
FUNDS EUROPEGROUP EDITOR Nick Fitzpatrick Tel: +44 (0)203 178 5875 [email protected] n DEPUTY EDITOR David Stevenson Tel: +44 (0)203 178 5876 [email protected] n SENIOR STAFF WRITER George Mitton Tel: +971 (0) 4295 4618 [email protected] n STAFF WRITER Kit Klarenberg Tel: +44 (0)203 427 5224 [email protected] n EDITORIAL DIRECTOR Fiona Rintoul [email protected] n TECHNOLOGY & OPERATIONS EDITOR Nicholas Pratt [email protected] n SUB-EDITOR David Ryan n ART DIRECTOR Lucy Erikson n PUBLISHER Alan Chalmers Tel: +44 (0)203 178 5877 [email protected] n GROUP SALES MANAGER David Wright Tel: +44 (0)203 178 5878 [email protected] n EDITORIAL AND EVENTS COORDINATOR Paula Towner Tel: +44 (0)203 178 5874 [email protected] n WEB MANAGER Steve Dimitrov Tel: +44 (0)20 3178 5873 [email protected] n READERSHIP ADMINISTRATOR Michael Fennessy Tel: +44 (0)20 3427 5226 [email protected]
EDITORIAL ADVISORY BOARD Penelope Biggs Northern Trust, London n Jean-Baptiste de Franssu Incipit, Brussels n Peter Elam Håkansson East Capital, Stockholm n Robert Parker Credit Suisse, London n Todd Ruppert RTR International, London & Baltimore
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funds europePublished by Funds Europe Limited288 BishopsgateLondon EC2M 4QPTel: +44 (0)203 178 5872Fax: +44 (0)203 178 4002© Funds Europe Limited, 2015
ISSN 1477-4453Printed 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.
❱❱ SOME CATEGORIES HAD LEADING CANDIDATES SO OBVIOUS, THEY COULD BE SEEN FROM SPACE...
OTHERS WERE LESS CLEAR-CUT, AND FIERCELY COMPETITIVE. ❰❰
TO BE THE BESTTHE JUDGING PROCESS for this year’s awards was a truly gamut-
running affair. Some categories had leading candidates so obvious,
they could be seen from space. Two such categories were the fund
launch of the year and, consequently, the personality of the year – both
of which went to Neil Woodford for the phenomenal success of his
new firm, Woodford Investment Management, and its inaugural Equity
Income Fund.
The night’s other other personality award, CIO of the year, was
a similarly unanimous choice – the anti-benchmark pioneer Yves
Choueifaty of Tobam. That the two winners should have such different
investment philosophies shows Europe’s investment industry, like a good
portfolio, continues to enjoy a healthy diversity.
Other categories were less clear-cut and fiercely competitive, not least
in the sections covering specialist, alternative and boutique management
companies. The judges’ decisions were not made any easier by the fact
so many of the entrants enjoyed a bumper year in terms of asset growth,
client wins and returns.
The number of positive statistics adorning the entries was a gratifying
sight and one that suggests encouraging times are ahead. Regulation
continues to dominate the agenda for many market participants, but
there is a general consensus that with so many important changes either
having gone live or scheduled to do so shortly, a peak has been reached.
Should this be the case, the industry can at last get back to the really
important task of finalising their awards entries for 2016.
Nicholas PrattTechnology & Operations Editor, Funds Europe
4
FUNDS EUROPE AWARDS
December/January 2016
Richard Large, Aberdeen Asset
Management
Nick Baker, Alpha Financial Markets
Consulting
Luke Ransley, Aviva Investors
Rakesh Vengayil, BNP Paribas
Investment Partners
Edward Glyn, Calastone
Steve Butler, Camradata
Neil Morgan, Capita Asset Services
Steve Young, Citisoft
Trevor Hunt, Columbia Threadneedle
Diana Mackay, Fund Buyer Focus
Alan Chalmers, Funds Europe
Nik Pratt, Funds Europe
Bill Gourlay, Idea Group
Mike Ryder Richardson, Investec Asset
Management
Catherine Doherty, Investit
Clare Vincent-Silk, Investit
Paul Sutton, Knadel
Paul Roberts, Milestone Group
Mark Low, RBC Investor & Treasury
Services
Simeon Downes, SCM Private
Funds Europe Awards 2015 Judges
Sponsors CLS Communication CLS Communication is a language service provider offering
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Milestone GroupMilestone Group provides advanced software solutions to the
funds management industry for asset managers, fund product
managers, fund product manufacturers, fund distributors,
life and pension companies and fund service providers. The
company was formed in 1998 and now operates globally with
clients in Europe, North America, Asia, Australia and South
Africa. Milestone Group’s flagship product, the pControl
funds processing application platform, provides a common
application environment designed to address a range of
current industry priorities.
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
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clients’ assets, maximise liquidity and manage risk in multiple
jurisdictions. RBC I&TS had €2.56 trillion in client assets under
administration and custody as at May 2015.
RBC Investor &Treasury Services
5 funds-europe.com
The tower and the gloryThe great and the good of
Europe’s asset management
industry gathered at the Tower
of London in November for the
11th Funds Europe awards.
A total of 20 prizes were given
out on the night to both firms
and individuals as decided
by our independent group of
judges, who spent many weeks
poring over the numerous entries.
The night ended with guests
and judges alike happily
networking and enjoying the
refreshments.
6
FUNDS EUROPE AWARDS
December/January 2016
EUROPEAN PERSONALITY OF THE YEAR Award winner: Neil WoodfordAccepted by: Saku SahaPresented by: Philippe Lespinard
EUROPEAN CIO OF THE YEAR Award winner: Yves ChoueifatyAccepted by: Yves ChoueifatyPresented by: Philippe Lespinard
EUROPEAN ASSET MANAGEMENT FIRM OF THE YEAR (ASSETS > €100BN)Award winner: RobecoAccepted by: Nicholas ShawPresented by: Steve Butler
EUROPEAN ASSET MANAGEMENT FIRM OF THE YEAR (ASSETS €20BN-€100BN)Award winner: CandriamAccepted by: Naïm Abou-JaoudéPresented by: Emma Crabtree
EUROPEAN ASSET MANAGEMENT FIRM OF THE YEAR (ASSETS < €20BN)Award winner: UnigestionAccepted by: Fiona FrickPresented by: Phil Davies
EUROPEAN SPECIALIST INVESTMENT FIRM OF THE YEAR Award winner: AshmoreAccepted by: Kevin BondPresented by: Shiv Taneja
EUROPEAN ETF PROVIDER OF THE YEAR Award winner: Amundi ETFAccepted by: Philip PhilippidesPresented by: Neil Morgan
EUROPEAN HEDGE FUND FIRM OF THE YEAR Award winner: Aspect CapitalAccepted by: Christopher ReevePresented by: Miller Guo
EUROPEAN FUND LAUNCH OF THE YEARAward winner: Woodford Investment Management Accepted by: Saku SahaPresented by: Jerome Bloch
7 funds-europe.com
EUROPEAN MARKETING CAMPAIGN OF THE YEARAward winner: Kas BankAccepted by: Wouter de JongePresented by: Pablo Navascues
EUROPEAN THOUGHT LEADERSHIP OF THE YEAR Award winner: SchrodersAccepted by: Clelia FabbricatorePresented by: Catherine Doherty
EUROPEAN CONSULTANT OF THE YEARAward winner: Alpha Financial Markets ConsultingAccepted by: Nick BakerPresented by: John Kennedy
EUROPEAN CUSTODIAN OF THE YEARAward winner: HSBC Securities ServicesAccepted by: Gina SlotoshPresented by: Hugh Moir
EUROPEAN ADMINISTRATOR OF THE YEARAward winner: BNP Paribas Securities ServicesAccepted by: Andrew ButlerPresented by: Hugh Moir
EUROPEAN SPECIALIST ADMINISTRATOR OF THE YEARAward winner: Alter DomusAccepted by: Davinia SmithPresented by: Hugh Moir
EUROPEAN HEDGE FUND ADMINISTRATOR OF THE YEAR Award winner: State StreetAccepted by: Helen BakoulisPresented by: Hugh Moir
EUROPEAN TRANSFER AGENT OF THE YEAR Award winner: RBC Investor & Treasury ServicesAccepted by: Emma CrabtreePresented by: Hugh Moir
EUROPEAN FRONT TO BACK OFFICE PROVIDER OF THE YEARAward winner: SimCorpAccepted by: John MayrPresented by: Rakesh Vengayil
8
FUNDS EUROPE AWARDS
December/January 2016
EUROPEAN FRONT OFFICE PROVIDER OF THE YEARAward winner: LiquidnetAccepted by: Brian KehoePresented by: Rakesh Vengayil
EUROPEAN BACK AND MIDDLE OFFICE PROVIDER OF THE YEARAward winner: VermilionAccepted by: Stephen QuigleyPresented by: Rakesh Vengayil
What do your clients’ income plans look like? Are the solutions they have in place enough?
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For professional investors or advisers only. Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get back the amount originally invested. Issued in December 2015 by Schroder Investment Management Limited, 31 Gresham Street, London EC2V 7QA. Registration No. 1893220 England. Authorised and regulated by the Financial Conduct Authority. w47493
10
FUNDS EUROPE AWARDS
December/January 2016
IF ANYONE WAS in doubt as
to whether the ‘star manager’
tag was still relevant in today’s
asset management industry,
the phenomenal success of the
Woodford Equity Income fund
has shown just how important the
presence of someone like Neil
Woodford is deemed by investors.
It has even seen the coining of
a new phrase – ‘the Woodford
effect’ – in reference to the
frenzy of interest from investors
last summer to join his latest
eponymous vehicle, Woodford
Investment Management.
After a career of more than 35
years, Woodford remains one of
Europe’s well-known and best-
performing fund managers and
was appointed a Commander
of the British Empire in 2013 for
services to the economy.
SURPRISING THE MARKETHe established his reputation as
the head of UK equities at Invesco
Perpetual, managing more than
£15 billion (€20.7 billion) in
assets – including a flagship
high-income fund that delivered
2,635% in cumulative returns over
25 years – before surprising the
market in October 2013 when he
announced his intention to strike
out on his own.
Woodford Investment
Management was formed the
following year and its first fund,
the Woodford Equity Income,
has raised more than £7.6 billion
in little over a year. It returned
19.6% to investors, more than
double the 9.6% average return
for UK equity companies and
more than three times the FTSE
All Share Index, which was up by
6.5% in the same period.
This performance saw Woodford
crowned as the best performer
in the UK equity income sector
and demonstrated the strength
of loyalty among the investors
that switched their money from
his former Invesco fund to his
new vehicle.
He followed this up in April 2015
with the launch of the Woodford
Patient Capital Trust, a UK-listed
fund specialising in early-stage
companies, which raised a record
£800 million on launch.
INSTANT CREDIBILITYThe success of Woodford
Investment Management has
demonstrated the enduring
appeal of a genuine star manager
among investors. Woodford’s
presence gave the vehicle instant
credibility, thanks to his belief in
core investment principles and a
complete focus on the long-term
management of clients’ money.
Winner: Neil Woodford, Woodford Investment Management
European personality of the year
❱❱ THE SUCCESS OF WOODFORD INVESTMENT MANAGEMENT HAS DEMONSTRATED THE ENDURING APPEAL OF A GENUINE STAR MANAGER AMONG INVESTORS. ❰❰
Neil Woodford, Woodford Investment Management
www.alterDomus.comFUND & CORPORATE SERVICES
CREDIBLERELIABLECONNECTED
FUNDS EUROPEAWARDS
EUROPEANSPECIALISTADMINISTRATORWINNER
&
2015_208_280_Bleed5mm_Right_Page.indd 1 19/08/2015 09:01:13
12
FUNDS EUROPE AWARDS
December/January 2016
IN NAMING HIM CIO of the
year, the judges recognised the
pioneering work Yves Choueifaty
has done in what has become
widely known as ‘smart beta’
investing. At a time when the role
of the CIO is harder to define than
ever, with responsibilities spread
across so many areas, his is one
of the clearest examples in the
market today of a clear and single-
minded investment approach.
Since 2005, when he formed the
Paris-based asset management
firm Tobam, he has continued to
beat the drum for his contrarian,
anti-benchmark philosophy,
patented as the Maximum
Diversification approach.
His research has been
instrumental in highlighting the
weaknesses of traditional market-
cap weighted benchmarks and
promoting the benefits of his
patented maximum diversification
approach as a true measure that
captures the equity risk premium
without bias.
Perhaps most importantly,
Choueifaty has generated a
sustained period of positive
performance, particularly in
2015. Tobam’s anti-benchmark
strategy has generated a 38%
increase in AuM in the year up
to the end of June 2015 with net
inflows in excess of $2.6 billion
(€2.4 billion). Tobam has also
won clients in 11 new countries,
including its first Asian sovereign
wealth fund and first Italian
mandate, and increased its staff
from 26 to 36.
Central to all of this success
has been Choueifaty. Prior to
founding Tobam, he spent several
years at Credit Lyonnais Asset
Management, rising from head
of financial engineering and
quantitative investment to CIO
and then CEO.
After its foundation, Tobam
was incubated by Lehman
Brothers and became part of its
quantitative asset management
team. It became independent
in 2008 and has since attracted
two minority shareholders
in California pension fund
CalPERS and French asset
manager Amundi.
The latter has become a
distribution partner given that,
somewhat uniquely, Tobam does
not have a sales team. Instead,
almost half of its team works
in research, developing the
mathematical properties of the
diversification measurement and
exploring how to implement it.
A member of the 300 Club
think tank, Choueifaty continues
to be a prolific publisher of
research, spreading the gospel
of his particular brand of active
management, whereby the
aim should be not to beat the
benchmark but to make that same
benchmark go up.
In addition to its promotion
of anti-benchmark investing,
Choueifaty has also ensured
Tobam continues to support
sustainable investment. It has built
up a sizeable ESG portfolio and
established partnerships with
both Human Rights Watch and
Amnesty International.
Winner: Yves Choueifaty, Tobam
European CIO of the year
❱❱ CHOUEIFATY HAS CONTINUED TO BEAT THE DRUM FOR HIS CONTRARIAN, ANTI-BENCHMARK PHILOSOPHY. ❰❰
Yves Choueifaty, Tobam
AlibabaInvesting in China’s internet
North Korea, Iran and Cuba
AUTUMN 2014
TAIWAN DISTRIBUTION • SECURITIES LENDING • ISLAMIC FINANCE
MODI’SMOMENT
India since the election
Frontier markets
South KoreaDistribution battle
WINTER 2014
TECHNOLOGY • INTERVIEWS • FUND ADMINISTRATION
NEWRIVAL
Shanghai-Hong Kong Stock Connect
First-time issuersSukuk
OCTOBER 2014 • ISSUE 130 • €40
OCTOBER 2014 • ISSUE 130
DEFENCESFLOODMulti-asset funds in the face of sudden change
TOP DOWNThe ETF strategists
CAYMANISLANDS
Strong despite AIFMD
FRONTIER MARKETS • FUND ADMINISTRATION • CLEARING & SETTLEMENT
SEPTEMBER 2014 • ISSUE 129 • €40
SEPTEMBER 2014 • ISSUE 129
BATTLE
GLOBAL CUSTODY SURVEY 2014 • MIFID II • SIBOS PREVIEW
TOUGHListed asset managers in Europe
INTERVIEWS› Aviva Investors, COO› BNP Paribas IP
RATE RIDDLE
Reducing duration
OPENING UPSaudi Arabia’s stock market
NOVEMBER
2013•
ISSUE121
CORPORATE BONDS • CLEARING & SETTLEMENT • AWARDS SHORTLIST
NOVEMBER 2013 • ISSUE 121 • €40
Why Russian equities are dominating portfolios
01 cover - sejss:00 cover 24/10/13 17:24 Page 1
Returning to global markets?
WINTER 2014
DUBAI VS RIYADH • AFRICAN ASSET SERVICING • EGYPT
IRAN
Plus❱ Private equity panel
❱ Fund manager roundtable
AUTUMN 2014
HIGH
Argentina Finding a debt solution
❱ Brazilian retail investment❱ The Cuba investor❱ Custody banking
Colombia on the riseHOPES
Plus
JUNE 2014 • ISSUE 126 • €40
JUNE 2014 • ISSUE 126
CONTROL
TRANSFER AGENCY • FUND FORUM PREVIEW • PEOPLE MOVES
China’s economy and systemic risk as seen by its local chief executives
Multi-managementCompeting with asset allocators in a fixed income world
Plus› Branding: special discussion
› Ending Europe’s inducements
STATEBeijing fund industry roundtable
The world at your fingertips
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JULY/AUGUST2013
•ISSUE
118
EXCHAN
GE-TRA
DEDFUN
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MANAG
EMENT
• AFRIC
A
Standard
Life
Investments
CEO
TheMEP
taking aim a
t fees
Keith
Skeoch
JULY/AUGUST 2013 • ISSUE 118 • €40
Switzerl
and
Asset ma
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MARCH
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ISSUE114
US v EUROPEAN EC
ONOMICPOLICY •
DISTRESSED DEBT
• VENTURE CAPITA
L
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 • €4001 cover - jssgmnf
:00 cover 27/
2/13 16:11 P
age 1
• DISTRESSED DEBT
• VENTURE CAPITATAT
Lck on theelephant
MARCH 2013 • ISSUE 114 • €40
WINTER 2013
OUT OF THE SHADOWS
DIVIDEND INVESTING • PACIFIC ALLIANCE
Securities lendingInfrastructure build
HOTmoneyBrazil after the taper
MEXICAN PENSION FUNDS LOOK INTERNATIONALLY
14 December/January 2016
FUNDS EUROPE AWARDS
NETHERLANDS-BASED ASSET
manager Robeco is a company
on the up. In 2014, it set itself
a series of ambitious targets,
which it has surpassed in 2015.
Assets under management
have increased by €40.8 billion,
bringing the overall total to an
all-time high of €246 billion, half
of which is institutional business.
Robeco has also made a
number of senior appointments in
the past year in order to continue
its international expansion plans,
including new chief executive
David Steyn and new head of
Robeco’s institutional business in
Winner – Robeco
European asset management firm of the year > €100bn
ALLIANZ GLOBAL INVESTORS The firm has enjoyed a significant increase in AuM, from €373 billion to €446 billion, and a positive global performance in
which 72% of qualified assets outperformed their benchmarks. In addition, Allianz GI also notched up a number of new
developments, including the launch of its UK Infrastructure Debt fund, the opening of a Brussels office and, in partnership
with the School of Life, the publication of the book Risk Wise: Nine Everyday Adventures, authored by Polly Morland, which
challenges the common assumption risk is to be avoided.
EURIZON The Italian asset manager has seen stellar growth for its Eurizon GP Unica offering, a portfolio management service for
the Italian market that has attracted investment of more than €7.6 billion in its first year. Its central feature is the chance
for clients to take an active role in asset allocation with a choice of four components: asset class, target market, management
style and instrument type.
JP MORGAN ASSET MANAGEMENTThe US powerhouse has enjoyed another successful year throughout Europe and continues to manage some of the region’s
largest funds. JPMAM also found time to launch a new Sicav vehicle that applies multi-asset investing techniques to
convertible bonds, the Global Capital Structure Opportunities fund, which debuted in March 2015.
SCHRODERS The firm was able to continue the success of the previous year by recording a growth in European AuM of 24.8% and net
sales of €10.5 billion up to the end of June. Schroders has also strengthened its brand ranking in Europe with fund buyers and
consultants and been prominent in its thought leadership initiatives, publishing a number of reports on a diverse range of
topics including the defined contribution scheme.
SHORTLIST
London, Mark Barry.
A number of new funds have
been added in this time, many
of which go beyond traditional
equity markets. Two of these
funds are based on quantitative
investment, an area in which
Robeco has been active since the
early 1990s and is now one of the
largest quant houses in Europe,
managing €32 billion in pure
quant strategies.
Robeco has also consolidated
its status as a champion of
sustainable investing this past
year, managing €82.6 billion in
ESG-integrated assets.
David Steyn, Robeco
15 funds-europe.com
IT HAS BEEN an eventful period
for Candriam, formerly known
as Dexia Asset Management. At
the beginning of 2014 it faced
an uncertain future, but since
being bought by New York Life
Investment and rebranding as
Candriam, the firm has gone from
strength to strength.
The renewed momentum
generated by the rebrand is
clearly evident in the company’s
figures. Net new cash inflows in
the first half of 2015 reached €8
billion, taking AuM to a record
€90 billion. Candriam’s European
equities franchise has performed
especially well, led by Geoffroy
Goenen. All of the core European
range of funds have beaten their
performance indicators and its
four alpha generation strategies
have delivered in excess of 10%.
Winner – Candriam
European asset management firm of the year, €20bn-€100bn
ARTISAN PARTNERSThe firm’s focus on active strategies has paid dividends in the five years it has been operating in Europe. In 2015, Artisan has
grown its European assets to more than $10 billion (€9.1 billion), with its flagship Artisan Partners Global Fund accounting
for $1.7 billion of that total. It has also enhanced its good reputation with fund selectors and demonstrated its commitment to
Europe with additional hires in its distribution and support divisions.
KAMES CAPITAL The company has performed consistently on a pan-European scale. It has amassed €79 billion in assets while its funds have
outperformed their primary benchmarks over the past three years, including its flagship Strategic Global Bond Fund. Kames
has also launched two market neutral funds which aim to deliver returns uncorrelated to other asset classes, and two absolute
return bond funds.
UNION BANCAIRE PRIVÉE The independent Swiss asset manager has enjoyed a 12% rise in AuM for its institutional business, which is now worth more
than €20 billion. It has also been active in launching new funds, 11 in all, during the past 12 months, including one designed
as a direct response to the Swiss National Bank currency crisis in January 2015. UBP also launched U-Access, its single
manager alternative Ucits platform.
SHORTLIST
Meanwhile, staff has increased
by 5% in the first half of 2015 with
a further 10% increase planned
for the next 18 months. Central
to Candriam’s success has been
the leadership of chief executive
and chairman Naïm Abou-Jaoudé,
who has been present for nigh
on 20 years. It was his insistence
any new buyer for Dexia, as it
was then, would retain faith in its
management and be committed
to its long-term future.
❱❱ THE CORE EUROPEAN FUNDS HAVE BEATEN THEIR PERFORMANCE INDICATORS AND THE FRANCHISE’S FOUR ALPHA GENERATION STRATEGIES HAVE DELIVERED IN EXCESS OF 10%. ❰❰
Naïm Abou-Jaoudé, Candriam
16 December/January 2016
FUNDS EUROPE AWARDS
THE JUDGES REWARDED
Unigestion for a highly successful
year that has seen the Swiss-
based firm grow its AuM by 38%,
from €11.8 billion to €16.3 billion.
The firm also received inflows
of more than €2 billion in that
time, the majority of which (€1.78
billion) went into its range of risk-
managed equity strategies.
Ever since inception, Unigestion
has focused on providing
long-term outperformance of
the broad markets as opposed
to discrete on-year investment
horizons.
The judges were also
impressed with Unigestion’s
Winner – Unigestion
European asset manager of the year < €20bn
EI STURDZAPart of the Swiss private banking group Sturdza, this fast-growing investment manager places great importance on the
independence of its portfolio managers, none of whom are employees of EI Sturdza. The firm grew its assets from $2.4 billion
(€2.2 billion) to $2.7 billion in the year up to June 2015 with its EI Sturdza Strategic Europe Value Fund faring particularly well,
with +83.28% returns over the last three years and AuM growth of close to 70% in the last year.
H20This specialist, information ratio-driven asset manager has built of AuM of £5 billion (€6.9 billion) in the five years since
its inception, including £1.3 billion in the last year. The firm puts this growth down to its investment philosophy that
prioritises value diversification as the most stable source of performance over time and a methodology based on long/short
risk allocation.
MAJEDIE ASSET MANAGEMENT The judges were especially impressed by this independent, active management boutique for its effective web presence and
prolific thought leadership, including the monthly Majedie Bulletin distributed via email. It has also continued to have great
success with its £1 billion Tortoise fund, which has quadrupled in growth since 2012.
WILLIAM BLAIR2015 was a highly successful year for William Blair’s European funds, in which it increased AuM by 67% to $7.3 billion. It
has gained a lot of traction among investors in the Netherlands especially, and fostered a reputation for carefully managed
funds with strong client service at the heart of it all.
SHORTLIST
ambitions for innovation and
thought leadership, a subject
chief executive Fiona Frick has
promoted across various media.
In December, the firm launched
the Uni-Global Cross Asset
Navigator, a multi-asset strategy
that allocates across a wide
range of risk premia and
opportunities linked to
macroeconomic themes or
market dislocations.
Unigestion has also developed
a new tool for private debt
investors, the Private Debt
Allocator, aimed at demystifying
a notoriously complex asset class
for investors.
Fiona Frick, Unigestion
17 funds-europe.com
ASHMORE HAS DEVELOPED
a reputation as a pure emerging
market investment manager
since launching its first emerging
market fund in 1992, the Ashmore
Emerging Markets Liquid
Investment Portfolio. Since then,
Ashmore has spread across
Europe and grown its assets
under management.
Ashmore earned a reputation
as a pioneer in the Chinese
investment market when, in
January 2014, it became the first
non-Greater China-based asset
manager to be granted an RQFII
licence for investing in China’s
domestic securities market.
In the judges’ opinion, Ashmore
has also managed to weather
the storm in what has been a
challenging period for emerging
Winner – Ashmore Group
European specialist investment firm of the year
PANTHEONThe specialist investor in private equity, real estate and infrastructure has committed €849 million to general partners with
European strategies and won a number of mandates in Poland, Finland and Switzerland over the past year. Pantheon has also
been an active member of industry associations and regulatory committees and a prolific participant in industry conferences
and research projects.
RUFFERA UK-based, discretionary manager of an absolute return fund, Ruffer has experienced a strong growth in assets under
management of more than 10% to £18.4 billion (€25.4 billion) in the 12 months up to the end of June 2015. The growth has
been largely down to bold allocations to growth assets such as Japanese equities, a dedicated focus on its single mandate and
a conviction-based investment philosophy.
TUNDRA FONDERThe Swedish boutique has forged a strong reputation in its native market for its frontier market funds, which include Vietnam,
Bangladesh, Nigeria and Pakistan among its chosen markets. The judges were impressed by Tundra’s ability to attract inflows
in a market segment so out of favour with many investors. The Tundra Pakistan Fund, the only dedicated Pakistan equity fund
outside of Pakistan, has fared especially well in the past year, outperforming the MSCI Pakistan benchmark by more than 10%
in the year up to June 2015.
SHORTLIST
market funds. It has suffered
some inevitable redemptions in
its EM debt funds as a result of
negative market trends. But it has
stayed resolute and true to its
investment philosophy and client-
centric approach.
Integral to Ashmore’s success
has been its 20-plus years’
heritage in emerging market
investing and an investment
committee steeped in industry
experience. It also continues
to engage with the wider
market, running an annual
education programme for central
bank/sovereign wealth fund
relationships, a multi-day seminar
run in conjunction with Cass
Business School and an annual
Emerging Market Investment
Forum held in London.
❱❱ INTEGRAL TO ASHMORE’S SUCCESS HAS BEEN ITS 20-PLUS YEARS’ HERITAGE IN EMERGING MARKETS AND AN INVESTMENT COMMITTEE STEEPED IN INDUSTRY EXPERIENCE. ❰❰
Christoph Hofmann, Ashmore
18 December/January 2016
FUNDS EUROPE AWARDS
AMUNDI HAS REGISTERED a
consistently strong performance
in Europe’s ETF market.
In 2014, it amassed €18.4 billion
in assets for its ETFs, confirming
its position as the fifth-largest
ETF provider in Europe. This
growth has continued, with
Amundi reporting €1.5 billion
of net new assets for the first
semester of 2015.
Amundi has backed this growth
with an increase in support for
investors. It has reinforced its
sales teams across Europe.
In addition, the judges were
impressed by the fact Amundi
has managed to combine this
steady growth with some clear
innovation in terms of product
development.
The new ETFs Amundi has
brought to market this year
include its S&P 500 BuyBack Ucits
ETF, which provides exposure
to the growing potential of US
buyback programs, and the
Winner – Amundi
European ETF provider of the year
❱❱ ONE OF THE ETFS AMUNDI BROUGHT TO MARKET THIS YEAR AIMS TO REDUCE ITS STRATEGY’S CARBON FOOTPRINT BY 50% COMPARED TO ITS PARENT INDEX, MSCI WORLD. THIS WAS THOUGHT TO BE GENUINELY GROUNDBREAKING BY THE PANEL OF JUDGES. ❰❰
OSSIAM The judges felt Ossiam’s ETFs are able to offer investment benefits other providers cannot. As a pure smart beta house,
Ossiam has continued its policy of innovation in 2015 with the launch of an equity strategy based on fundamental indicators
and a value-driven investment methodology. The new strategy was launched via the February 2015 debut of the Ossian
Shiller Barclays CAPE Sector Value Europe ETF, the world’s first ETF to be based on the cyclically adjusted price-to-earnings
(CAPE) valuation metric developed by Professor Robert Shiller in 1981.
WISDOMTREE EUROPEAfter almost a decade of success in the US market, WisdomTree has looked to replicate its success in the European market.
Since launching in October 2014, WisdomTree Europe has cross-listed more than 30 ETFs on exchanges across Europe
and achieved commendable AuM growth of 281% since launch. The judges were impressed by the solid back-testing of its
ETFs, its admirable record on listings and its ability to outperform market cap-weighted ETFs. These attributes have made
WisdomTree’s ETFs a very credible alternative to some of the generic ETFs available on the market.
SHORTLIST
Amundi ETF MSCI World Low
Carbon Ucits ETF, developed with
the help of MSCI, which aims to
reduce the carbon footprint by
50% compared to its parent index,
the MSCI World. This was thought
to be genuinely groundbreaking
by the panel of judges.
SMART BETAAnother key development
has been Amundi’s partnership
with the Edhec-Risk Institute
and its ERI Scientific Beta arm,
which has seen it develop a
broad range of smart beta
ETFs, making Amundi the third-
ranked ETF provider in Europe
in terms of net sales.
This range includes the Global
Equity Multi Smart Allocation
Scientific Beta Ucits ETF, which,
in addition to being one of the
longest-sounding products
available on the market today,
offers investors multiple exposure
in a single transaction.
Valérie Baudson, Amudi ETF
19 funds-europe.com
THE POSITIVE PERFORMANCE
and strong business development
displayed in the past year made
Aspect Capital the outstanding
candidate in the fiercely fought
hedge fund category.
The London-based systematic
investment manager enjoyed a
22.57% return for its flagship
fund, Aspect Diversified, making
it one of the top performers in its
peer group.
Aspect Capital’s investment
philosophy is based on a
commitment to medium-term
trends as the primary source of
its returns, an approach clearly
justified by the positive results in
the past year.
Aspect’s ongoing research
efforts have helped to deliver a
series of enhancements to the
firm’s trend-following model
and have led to three new
implementations of the Aspect
Diversified Programme released
in August 2014, December 2014
and April 2015.
Aspect plans to continue adding
new asset classes, with Chinese
managed futures next on the list
of instruments.
Additionally, the migration of
over-the-counter derivatives to
central clearing facilities will
likely open up new asset classes,
like interest rate swaps and credit
default swaps, that can offer
significant diversification. Aspect
has successfully test-traded these
instruments and will be looking
to incorporate these into its
Diverisified Programme over the
next 12 months.
Winner – Aspect Capital
European hedge fund firm of the year
ABBEY CAPITALThe Dublin-based alternative manager has specialised in the creation and management of liquid, multi-manager managed
futures, global macro and FX portfolios and has become a prominent player in the commodity trading advisor (CTA) market.
Abbey Capital’s strategy is designed to provide diversification to traditional stock/bond portfolios. It employs proprietary
risk systems and segregated account structures, and recently launched its first 1940 Act liquid alternative fund, which has
raised close to $200 million of assets in its first year.
AURUM The firm has announced a number of new funds this year as part of its strategy to provide investors with a consistent
source of income, with minimal exposure to traditional asset classes. It is Aurum’s belief the market is awash with funds
that are essentially ‘beta masquerading as alpha’ and that its own funds are genuinely uncorrelated to mainstream markets.
In addition to launching its first comingled, AIFMD-compliant fund in 2014, the Aurum Alpha Fund, Aurum has set up the
Regeneration Portfolio, which provides grants to environmental NGOs.
DYNAMIC A diversified, systematic manager with offices in London, Jersey and New York, Dynamic’s flagship fund, the Dynamic
Offshore Fund, generated a 22.73% return in the past year, building on a 32% return the previous year and a 12.8% average
annualised return since its inception at the turn of the millennium. Dynamic has developed a proprietary trading and risk
management infrastructure to minimise market impact and enhance performance.
SHORTLIST
❱❱ ASPECT PLANS TO CONTINUE ADDING NEW ASSET CLASSES, WITH CHINESE MANAGED FUTURES NEXT ON THE LIST OF INSTRUMENTS. ❰❰
Anthony Todd, Aspect Capital
CONTACT USTel: 35 68 77
Email: [email protected]
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21 funds-europe.com
WHEN AWARDING A WINNER
for the best fund launch of
the year, it was impossible for
the judges to look beyond the
Woodford Equity Income fund.
The inaugural fund from star
manager Neil Woodford’s new
outfit, Woodford Investment
Management, has been a massive
success across the board.
Prior to its launch in June 2014,
there was a scramble among
investors to get on board.
Woodford also managed to
attract money from former
investors in his Invesco funds,
including £400 million (€553
million) from the UK’s biggest
fund shop, Hargreaves Lansdown,
The interest in the Woodford
fund has been entirely justified.
Since launch, it has beaten all
peers in the UK funds market,
ranking first out of 86 funds in the
UK equity income sector.
It has raised more than £7.6
billion in its first 12 months and
returned 19.6% to investors, more
than doubling the sector average
of 9.5%. Quantitative analysts
from the likes of Hargreaves
Lansdown have attributed the
fund’s success to combination
of strong selection and sector
positioning.
Winner – Woodford Equity Income
European fund launch of the year
FRANKLIN TEMPLETON The Franklin K2 Alternative Strategies Fund was the firm’s first multi-manager, multi-strategy Luxembourg-registered Sicav
fund and a response to the growing demand for actively managed funds. It has also proved to be one of the firm’s faster-
growing funds, raising an impressive $847 million (€773 million) in assets and returning 4.40% since launch.
LYXOR The Lyxor JPX-Nikkei 400 Ucits ETF was one of the first ETFs to introduce investors to the new Japanese equity benchmark,
the JPX-Nikkei 400 index, which has proved so popular in 2015. Consequently, Lyxor’s ETF has accumulated more than
$1 billion in assets under management, making it by far the biggest European-listed ETF tracking this benchmark. The
fact Lyxor was so quick to exploit the investor interest in the Japanese market is testament to its product development and
marketing capability.
SHORTLIST
❱❱ INTEREST IN THE FUND HAS BEEN ENTIRELY JUSTIFIED. SINCE LAUNCH, IT HAS BEATEN ALL PEERS IN THE UK FUNDS MARKET, RANKING FIRST OUT OF 86 IN THE UK EQUITY INCOME SECTOR. ❰❰
Neil Woodford, Woodford Investment Management
23 funds-europe.com
THE IDEAL MARKETING
campaign should have many
things – clarity, purpose, boldness,
the ability to grab the attention
and true originality. In the view of
the judges, Kas Bank’s Custodian
Principles demonstrated all of
these properties.
The Netherlands-based asset
servicing bank’s campaign sought
to highlight its custody offering
by sparking a debate on the
standards in custodianship in the
European investment market.
The custody market is one of
the most competitive sectors in
financial services.
As services have become
commoditised, consolidation
among providers has created a
handful of global giants for whom
scale has become the defining
property. For more regionally
focused players like Kas Bank,
unable to match the size and
scale of their larger rivals, the
importance of customer service
has never been greater.
The campaign is built around
the bank’s stated Custodian
Principles of “secure, protect and
develop”, a set of “distinct cultural
and moral values” by which the
bank defines itself. At the same
time, Kas Bank is also looking to
use these values as a set standard
for the industry to follow in the
pursuit of better client service.
In the current climate of
opinion, few people think of
banks as guardians of society’s
moral values, so the boldness
of Kas Bank’s campaign is
clearly evident. However, cost
transparency is a topical theme
for pension fund trustees and
their advisers. In fact, Kas
Bank recently hosted a debate
on this very issue, asking, “Is
transparency the new green?”
Kas Bank targeted institutional
investors in its home market
and the UK, where the pensions
industry is increasingly looking
to its Dutch counterpart as a
model for best practice and
greater transparency. The
campaign was launched with a
series of films that highlighted a
number of social issues and the
reflections of a diverse cross-
section of professionals from
the worlds of culture, science
and even mountaineering –
the idea being to relate the
concept of custodianship to a
wider environment than simply
investors’ assets.
Distribution was centred on
key markets within the UK and
the Netherlands and used online
advertising as well as print
publications to showcase how the
Custodian Principles can relate to
industry challenges. Social media
was also employed, albeit in a
more targeted approach.
The videos, available on the
bank’s website, have continued
to attract interest and regularly
clock up 1,500 views every month,
underlining how Kas Bank’s
campaign has ultimately been
effective in practice.
Winner – Kas Bank
European marketing campaign of the year
❱❱ THE CAMPAIGN WAS LAUNCHED WITH A SERIES OF FILMS THAT HIGHLIGHTED SOCIAL ISSUES AND THE REFLECTIONS OF A CROSS-SECTION OF PROFESSIONALS FROM THE WORLDS OF CULTURE, SCIENCE AND EVEN MOUNTAINEERING. ❰❰
Sikko van Katwijk, Kas Bank
24 December/January 2016
FUNDS EUROPE AWARDS
THIS AWARD WENT to Schroders
for Global Lessons in Developing
Post-retirement Solutions – a
55-page report that takes an in-
depth look at the post-retirement
arrangements of nine countries.
As far as the judges were
concerned, this research
addresses a highly topical and
important subject.
As a society, we are at an
inflection point in the defined
contribution (DC) market.
For many years, it has been
clear that traditional pension
arrangements underwritten by
the state or by employers are
unsustainable and the retirees of
the future will have to shoulder
more of the retirement risk
themselves via DC schemes.
The Schroders report is the
result of five months of research
into the DC schemes of major
markets such as the UK, US and
Australia, along with Chile,
which has been a pioneer of
state-promoted pensions, and
Singapore, where the DC scheme
is compulsory.
Winner – Schroders
European thought leadership of the year
❱❱ SCHRODERS’ REPORT SUGGESTS WHAT AN IDEAL RETIREMENT FUND SHOULD AIM TO PROVIDE AND HOW THESE PROPERTIES MIGHT BE REFLECTED IN A DEFINED CONTRIBUTION SCHEME. ❰❰
EY EY’s Global Fund Distribution business intelligence service is an archetypal example of industry research. It is well
presented, reliably informed and constantly updated. It brings different regional patterns together into a coherent summary
of global trends. The judges were also impressed with the use of social media such as LinkedIn to engage a wider audience
and further the research and its findings.
UBSThe Pension Fund Indicator, annually produced by UBS, has achieved notable recognition within the industry and represents
a laudable effort by an asset manager to produce a comprehensive guide to the pensions market. The judges recognised the
potential for the PFI to be a useful educational tool for pension fund trustees and managers alike.
SHORTLIST
The report examines the
advantages of a DC scheme
(flexibility and choice) against
the pronounced risk retirees will
outlive their savings.
The report also suggests what
an ideal retirement fund should
aim to provide – such as stable
and real investment returns,
reliable protection against
longevity risk, flexibility and
simple implementation – and
how these properties might be
reflected in a DC scheme (by
focusing firstly on stable growth
strategies and then on longevity
protection in later life).
Schroders followed up its
report by using the findings
to generate videos, short
blog pieces, summaries and
presentations.
More importantly, the firm
has started working with other
participants in the market,
including asset managers and
pension funds, to develop
solutions to what it is a critical
issue for asset managers, not just
now but in the future.
Lesley-Ann Morgan, Schroders
25 funds-europe.com
THE PAST 12 MONTHS has
been an eventful and successful
period for Alpha Financial
Markets Consulting. Not only
did the consultant go through
a management buyout, it also
pursued its ambitions to become
more Euro-centric with the
opening of a new European
office in the Netherlands and
a strengthening of its teams in
London, Paris and Luxembourg.
This has led to a growing
and impressive client list
that includes 15 of the top 20
European asset managers, from
boutiques (Lombard Odier) to
multinationals (Deutsche Asset &
Wealth Management) and from
pension funds (APG) to private
equity (HgCapital).
Alpha FMC was also involved in
one of the year’s biggest success
stories – the debut of Woodford
Investment Management, from
its inception to what has been
the most successful fund launch
in history.
In particular, Alpha FMC
has pushed a strong digital
agenda this year, recruiting
a head of digital in October
2014 and advising on a range
of digital issues such as peer-
to-peer lending, crowdfunding,
biometrics and the use of social
media. Alpha FMC has also
focused on improving client
performance with dedicated
practices for technology,
distribution, mergers and
acquisitions, operational
outsourcing and regulation.
The judges were also impressed
by the level of engagement
that Alpha FMC has had with
the industry. It has played a
significant role in a number of
industry forums, including user
groups for system vendors like
European Aladdin and Charles
River and the steering committee
for the UK’s Investment
Association’s flagship Statement
of Principles initiative.
Alpha FMC has also conducted
a number of benchmarking
studies, including one on
investment operations that
includes 56 European managers
to date; a regulatory study for
managers representing more
than €8 trillion in assets; and a
client service study.
Winner – Alpha Financial Markets Consulting
European consultant of the year
EY The broad coverage of EY’s consulting team continues to impress. It has advised clients on a range of operational topics,
from front office transformation to data and analytics and cyber security. All of this has been achieved while the company has
undergone a change of strategy to its core business.
INVESTIT The consultant has continued to lead the way in a number of important areas for the European investment market. With the
imminent arrival of MiFID II set for January 2017, Investit has developed a toolkit designed to help firms achieve compliance.
The firm has also taken a lead role in benchmarking managers’ use of commissions.
SHORTLIST
❱❱ ALPHA FMC HAS PUSHED A STRONG DIGITAL AGENDA, RECRUITING A HEAD OF DIGITAL IN OCTOBER 2014 AND ADVISING ON ISSUES SUCH AS PEER-TO-PEER LENDING, CROWDFUNDING, BIOMETRICS AND THE USE OF SOCIAL MEDIA. ❰❰
Euan Fraser, Alpha Financial Markets Consulting
26 December/January 2016
FUNDS EUROPE AWARDS
THE JUDGES REWARDED
HSBC Securities Services (HSS)
for its continued provision of a
truly universal custody offering
that caters for traditional long-
only funds and alternatives and
provides a range of services from
transfer agency to middle office
outsourcing.
The Germany-based HSBC
Trinkhaus continues to perform
solidly in Europe but it has been
the global custodian’s unique links
with the Asian funds market that
have stood out in 2015.
In particular, two initiatives from
HSS made waves. The first was the
launch of its Custody Plus service,
an integrated custody-plus-
execution offering developed in
conjunction with HSBC Global
Banking and Markets.
Winner – HSBC Securities Services
European custodian of the year
❱❱ HSBC TRINKHAUS CONTINUES TO PERFORM SOLIDLY IN EUROPE BUT IT HAS BEEN THE GLOBAL CUSTODIAN’S UNIQUE LINKS WITH THE ASIAN FUNDS MARKET THAT HAVE STOOD OUT. ❰❰
BNP SECURITIES SERVICES An impressive year for BNPSS saw the French custodian increase assets under custody by 18% to more than $9 billion as a
result of several new and existing client implementations, including €180 billion of assets for Italian insurer Generali. BNPSS
also looked beyond Europe to the emerging markets of Latin America, where it expanded its Latin American business by
20%, and Asia, launching ASEAN and Stock Connect programmes and winning a mandate with China Universal Management
for RQFII Ucits and Stock Connect-related services.
RBC INVESTOR & TREASURY SERVICESThe Canadian asset servicer has built up a popular custody offering over the past five years and expanded its global custody
network to cover 87 markets. Meanwhile, it has built up its European business, which accounts for more than a third of its
2,800-strong global client base. A number of senior appointments and a continued presence on key industry bodies have
also helped RBC to further the reputation of its custody business.
SOCIÉTÉ GÉNÉRALE SECURITIES SERVICESSGSS has been able to cement its standing in 2015 as one of the biggest European custodians and a top-ten global custodian.
Assets under custody in Europe increased by 6%, while custody-related and depositary activities increased by 25% during
2015. Luxembourg has been particularly fruitful for SGSS, providing ten new mandates and an increase in assets under
custody of 14%.
SHORTLIST
Importantly, Custody Plus
enables HSBC to provide
execution, clearing and settlement
and custody for clients wishing
to invest in the China A-shares
market via the new Hong Kong
Shanghai Stock Connect venture.
It also meets the pre-trade
requirements of Stock Connect
for securities to be delivered
from custody to broker, the
day before execution date, as
well as providing T+0 DVP/
RVP settlement, thereby helping
European managers access
the China market with reduced
operational risk.
HSBC was also the first to offer
custody services for RQFII funds
and continues to be the leading
provider, with 46% in RQFII
custody sales globally.
Cian Burke, HSBC Securities Services
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27 funds-europe.com
THE JUDGES REWARDED
BNP Paribas Securities Services
(BNPPSS) for the significant
investment it has made in its asset
servicing business. Recruitment
has increased, a new fund
distribution platform has been
built and, as recently as June
2015, it completed the acquisition
of Credit Suisse’s Prime Fund
Services, boosting its credentials
in the alternative administration
space and adding $237 billion
(€216 billion) in assets under
administration.
The investment has paid
dividends in what has been a
record-breaking year for BNPPSS.
Assets under administration
has increased by 31% to $1,862
billion for 8,134 funds and some
significant new mandates have
been won – including the RQFII
Ucits funds for China Universal
Asset Management (worth
$37 billion in assets under
administration).
This mandate underlines the
significant work BNPPSS has done
to develop an Asian operation,
aided by the opening of two
offshoring centres in Asia, making
it one of the few European-based
administrators with a truly global
offering and a follow-the-sun
operating model.
BNPPSS has also been providing
clients with new services, a
financing facility for private
equity and real estate funds, and
enhancing existing services for
stress test reporting and risk and
performance.
In addition, it has created two
innovation labs to explore the
possibilities of emerging trends
such as big data and blockchain
technology.
Winner – BNP Paribas Securities Services
European administrator of the year
HSBC SECURITIES SERVICESIt has been a challenging year for HSBC Securities Services, as it has been for many fund administrators, but it should be
recognised for the work it has undergone in two important areas. Firstly, it has invested heavily in a new service for tax-
transparent funds that combines accounting, custody and transfer agency functions. Secondly, HSBC has looked to exploit its
big strength – the connectivity to Asian markets – by working with the China Construction Bank.
SOCIÉTÉ GÉNÉRALE SECURITIES SERVICESSGSS managed to record a year of stable growth amid an internal reorganisation that saw the Securities Services division
realigned with the Investment Banking unit. Assets under administration grew by 14% to €604 billion by end of June 2015.
This included a number of important European mandates, from Luxembourg-based alternative funds to Italian pension funds
and French state-owned reinsurers.
STATE STREET The US asset servicer continues to be a solid presence in the European fund administration sector. This was another
solid year in terms of growth and business wins and renewals, including the outsourcing of a major asset manager’s fund
administration service to State Street Jersey. State Street has also developed a number of digital services for clients, including
the Investor Portal and the Ideas app.
SHORTLIST
❱❱ THE SIGNIFICANT INVESTMENT IN ITS ASSET SERVICING BUSINESS HAS PAID DIVIDENDS IN WHAT HAS BEEN A RECORD-BREAKING YEAR FOR BNPPSS. ❰❰
Patrick Colle, BNP Paribas Securities Services
28 December/January 2016
FUNDS EUROPE AWARDS
THE JUDGES NOTED 2015 was
a very successful year for Alter
Domus, building on an already
impressive market share of the
European private equity and real
estate servicing sectors.
The company underwent a
corporate rebranding in October
2014 in order to integrate the
earlier acquisitions of O’Donovan
Stewart and Vigel & Associes.
Alter Domus also produced
a compelling set of numbers.
Between June 2014 and June
2015, the firm won new business
from 230 existing clients and
163 new clients. This involved
incorporating 1,673 new legal
structures, meaning Alter
Domus now has more than 6,300
structures under administration
and $65 billion (€59.2 billion) of
assets under administration, a
35% increase on 2014.
The AIFMD has dominated
the administrative agenda for
alternative and specialist funds
and Alter Domus has been
at the forefront in terms of its
Winner – Alter Domus
European specialist administrator of the year
❱❱ THE AIFMD HAS DOMINATED THE ADMINISTRATIVE AGENDA FOR ALTERNATIVE AND SPECIALIST FUNDS AND ALTER DOMUS HAS BEEN AT THE FOREFRONT IN TERMS OF ITS INVOLVEMENT. ❰❰
AUGENTIUSIt was a similarly good year for private equity and real estate specialist administrator Augentius. Client numbers increased
by 31% and assets under administration by 27%, while more than 100 new jobs were created in its various operating centres.
Some notable business wins included SL Capital (the PE arm of Standard Life), Equis and Mayfair Equity Partners.
IPES Another encouraging set of results suggests specialist administrators have enjoyed a prosperous year. In 2015, Ipes won 36
new clients, building on a successful 2014 when the company added 27 new clients, in addition to a retention rate of 94%
year on year. The provision of AIFMD reporting has been central to the increase in clients and in January 2015, the start of
AIFMD reporting, Ipes filed more than 22 reports in seven European countries on behalf of 35 managers.
SHORTLIST
involvement. In 2014, it was
the first fund approved by the
Commission de Surveillance
du Secteur Financier (CSSF) to
provide depositary services in
Luxembourg and achieved similar
approval from the Financial
Conduct Authority (FCA) in the
UK. In April 2015, it launched a
depositary service in Malta.
In addition, it achieved
ISAE 3402 (Level 2 Control
Reports) certification for its
fund administration services in
Guernsey, Jersey and Paris and
for its depositary offering in
Luxembourg and the UK.
And while 93% of its clients are
based in Europe, it has sought to
provide administrative coverage
in some of the specialist markets
that exist outside of the continent,
notably the Cayman Islands.
Alter Domus has also invested
in the technology for its fund
administration platform,
upgrading to a new version of
FrontInvest from eFront to improve
its reporting capabilities.
Laurent Vanderweyen, Alter Domus
29 funds-europe.com
AS FAR AS the judges are
concerned, State Street’s figures
speak for themselves. For the
year to June 2015, it has grown
its European hedge fund AuM
by 4.2% to $401 billion (€366
billion) and, notably, expanded
its number of clients to 492, an
impressive increase of 26%.
State Street has won a number of
new clients but also managed to
retain several of its largest clients,
which is no small achievement in
what has become an increasingly
competitive marketplace and one
in which the battle for mandates
has scarcely been fiercer.
The capture of new mandates
has also given State Street a
much more even split between
its US and European hedge fund
administration businesses and
helped to cement its commitment
to the European market.
This commitment has also
been demonstrated by the firm’s
participation in a number of EU
trade bodies and on regulatory
working groups. For example,
State Street executives hold senior
and committee member positions
on bodies such as the Association
of the Luxembourg Fund Industry
and the Irish Funds Industry
Association.
Regulation has been the
dominant theme for European
hedge funds and State Street
has reacted to this by launching
a data management service
to satisfy the demands of the
AIFMD, in addition to expanding
existing services to cover the
requirements of FATCA reporting.
State Street has also contributed
to the industry’s efforts to get
to grips wuth new regulatory
requirements, taking a lead,
along with local regulators, in the
implementation of the AIFMD and
new rules in the UK (the Client
Assets Sourcebook) designed to
protect customers’ money.
State Street has also looked
to develop the principle of
self-service and operational
transparency for its clients,
launching the AIS 360 initiative, an
analytical tool for external clients
that provides real-time data.
Winner – State Street
European hedge fund administrator of the year
BNP PARIBAS SECURITIES SERVICES The French asset servicer has made some notable acquisitions over the past 12 months, notably the purchase of Prime Fund
Services in June 2015, which has helped BNPSS to swell its assets under administration in the alternatives space to $237
billion. It has also made BNPSS one to watch for 2016, say the judges. In addition to the acquisition, BNPPSS has expanded its
services in areas such as stress-test reporting, risk and performance, financing for private equity and real estate, and the use of
emerging technology such as big data and blockchain.
SS&C GLOBEOP While BNPSS has been notable for its recent acquisitions, SS&C GlobeOp has been pursuing this path for some time. Its most
recent additions, Citi’s hedge fund business and the software of Advent of DST, illustrate the mix of technology and asset
servicing that sets SS&C GlobeOp apart from many of its rivals. In addition to its M&A activity, the company has sought to
enhance its offering through a FATCA-themed web portal, an online NAV service and a new team dedicated to cyber security.
SHORTLIST
❱❱ STATE STREET HAS WON A NUMBER OF NEW CLIENTS AND ALSO MANAGED TO RETAIN SEVERAL OF ITS LARGEST CLIENTS – NO SMALL ACHIEVEMENT IN WHAT HAS BECOME AN INCREASINGLY COMPETITIVE MARKETPLACE. ❰❰
Jeff Conway, State Street
30 December/January 2016
FUNDS EUROPE AWARDS
THIS HAS BEEN a highly
impressive year for RBC Investor
& Treasury Services (RBC I&TS),
dispelling any doubts there
may have been about the firm’s
commitment to the securities
servicing industry.
RBC I&TS provides a full range
of shareholder services including
registrar and transfer agency,
cash management, fee processing,
e-business facilities and investor
reporting. Of particular interest
to the judges was its increased
geographic coverage and
enhanced distribution capability
The global client base has
expanded to more than 2,800
clients, with over a third of these
in Europe. Meanwhile, overall
assets under custody and
administration have risen from
CAD3.48 trillion (€2.32 trillion)
to CAD3.82 trillion between
April 2014 and April 2015.
In the transfer agency sector
specifically, RBC I&TS provides
services for more than 13 million
shareholders globally with more
Winner – RBC Investor & Treasury Services
European transfer agent of the year
❱❱ IN THE TRANSFER AGENCY SECTOR, RBC I&TS PROVIDES SERVICES FOR MORE THAN 13 MILLION SHAREHOLDERS GLOBALLY, WITH MORE THAN A THIRD OF THE SERVICED FUNDS DOMICILED IN IRELAND AND LUXEMBOURG. ❰❰
SOCIÉTÉ GÉNÉRALE SECURITIES SERVICES The French asset servicer has had a stellar year in terms of growth, recording a 46% increase in transfer agency activity,
building on 72% growth in the past four years. The portfolio of clients has almost doubled in this time, helped by the
expansion of regional offices in France, Luxembourg and Italy, where SGSS was mandated by 12 management companies to
support their transfer agency activity.
STATE STREET State Street continues to be the primary provider of transfer agency services in the UK with more than a 60% share of the
market. It has also increased its share of several other European markets, including Ireland (20.3%, up from 18.3%) and
Luxembourg (14.3%, up from 12.8%) as of December 2014. In total, State Street has delivered a 5.6% growth in shareholder
accounts administered throughout Europe, including the transition of Standard Life Investments from BNY Mellon on a multi-
year contract.
SHORTLIST
than a third of the serviced
funds domiciled in the important
cross-border centres of Ireland
and Luxembourg, where it is the
largest third-party transfer agent
currently operating.
This cross-border capability has
been complemented by RBC’s
distribution network, typified by
the development of its Global
Fund Distribution Platform.
RBC has 45 years’ offshore
experience and its extensive
distribution network now covers
more than 90 countries.
In addition to the enhancement
of its cross-border distribution
ability, RBC has invested
significantly in its asset servicing
capability and made a number of
important appointments among its
executive team.
Several key initiatives have been
started in the past year, including
a five-year technology roadmap, a
new tool for asset managers, Fund
Sales Intelligence, and upgrades
to its Shareholder Accounting &
Registration Application.
Sébastien Danloy, RBC Investor & Treasury Services
32 December/January 2016
FUNDS EUROPE AWARDS
SIMCORP CONTINUES TO
be the clear market leader in
the front to back systems space,
thanks in no small part to its
policy of continuous product
development. The company’s
strategy of committing 20%
of its revenue to research and
development and a policy of
two product releases every year
ensures SimCorp Dimension
(SCD) is consistently able to keep
pace with an ever-demanding
client base of asset managers.
In the past year, SCD has
introduced a new data warehouse
function, an enhanced front office
to enable tighter integration with
the investment book of record
(IBOR), and improvements to
the middle office for better
performance workflow and
calculations.
SimCorp has also consolidated
its market-leading position
by signing contracts with new
and existing clients and has
contributed to industry thinking
with a report on one of the most
Winner – SimCorp
European front to back office provider of the year
❱❱ A STRATEGY OF COMMITTING 20% OF ITS REVENUE TO RESEARCH AND DEVELOPMENT AND A POLICY OF TWO NEW RELEASES EVERY YEAR, ENSURES SIMCORP IS ABLE TO KEEP PACE WITH ASSET MANAGERS’ DEMANDS. ❰❰
EZE SOFTWARE GROUP In recent years, the central focus for Eze Software has been the integration of its Order Management System (OMS), Execution
Management System (EMS) and Portfolio Management System (PMS). The idea is to create one overall system, the Eze
Software Investment Suite, combining its various applications for trading, analytics, compliance, data management and
portfolio accounting. In 2015 this, work has been supplemented by the addition of new regulatory reporting functions for the
likes of the AIFMD.
Eze now has more than 100 clients using both its OMS and PMS and more than 1,500 asset managers using one or more
components from the Eze Software Investment Suite. Eze has gained significant traction among the hedge fund community.
The challenge it now faces is to replicate this success with the wider asset management community and to produce a fully
integrated system that can deliver on a large-scale basis.
SHORTLIST
significant technology issues
facing asset managers and
vendors alike – legacy systems,.
The report, entitled Legacy
Systems: The Elephant in the
Room, presents new findings from
analysts and industry experts
to illustrate the industry’s
over-reliance on technology
that is not fit for purpose. In
addition, SimCorp has created
a European Trade Repository
User Group to help clients meet
new EMIR derivatives reporting
requirements.
SimCorp’s continued success
has, though, created challenges it
will have to meet in the future, as
have other vendors.
It has a number of big projects
to deliver over the next 12
months, namely the replacement
of legacy systems at prominent
asset managers.
It also has to address the issue
of new delivery methods for
software, such as the use of cloud
computing and software as a
service (SaaS) models.
Klaus Holse, SimCorp
33 funds-europe.com
LIQUIDNET’S DEDICATED
FOCUS on the buy-side
has helped it to establish a
reputation as a favourite vendor
among asset managers and a
key provider of execution and
trading services, evidenced by
the fact it connects more than
780 institutional investors to 43
markets in five continents.
Liquidnet is also widely
regarded as a well-run company
and, while the judges recognise
Liquidnet’s track record and good
standing with asset managers,
diligently developed over the
past decade, this award is also
down to the company’s continued
innovation and the enhancements
and initiatives embarked on in
the past 12 months.
FULLY INTEGRATEDA new platform, Liquidnet 5, was
launched in January 2015. In
addition to an expanded liquidity
pool and new execution tools,
the platform also integrates the
commission management and
payment functions. Forthcoming
functionality will include point-of-
trade analytics.
Managing commission
budgets is likely to be a key
challenge for asset managers
in the future, thanks to new
rules on inducements and
the relationship with brokers,
including the purchase of broker
research. Liquidnet has been
an early mover in the provision
of commission management
systems, and in April 2015 it
launched an additional feature to
enable to measure and rate the
quality of its research providers.
Most recently, it has announced
plans to provide direct
connectivity to the first dark pool
for corporate bonds, with 120 US
firms representing 50% of asset
ownership so far signed up.
In among all of the new
products and platforms,
Liquidnet has also achieved a
record quarter. The first quarter
of 2015 saw a 12% increase
on daily liquidity and a 31%
increase on average execution
size year on year.
Winner – Liquidnet
European front office provider of the year
MISYS The company has spent much of the past year developing its FusionInvest system for asset managers adopting liability-
driven investment (LDI) strategies. While this makes it a more specialist offering than many other front office systems, Misys
has developed a loyal and sizeable client base. The judges also credited Misys for the work it has done to fully integrate the
technology it inherited when it acquired risk management vendor Sophis back in 2011.
SIMCORP The judges recognised the significant investment SimCorp has made in the front office component of its SimCorp Dimension
(SCD) system, not least in its investment book of record (IBOR) solution. Addressing the IBOR is a complex task not without
its challenges, not least its integration with other front office systems and workflows, but SimCorp’s investment has helped to
ensure significant progress in this area.
SHORTLIST
❱❱ WHILE THE JUDGES RECOGNISE LIQUIDNET’S GOOD STANDING WITH ASSET MANAGERS, DILIGIENTLY DEVELOPED OVER THE PAST DECADE, THIS AWARD IS ALSO DOWN TO ITS CONTINUED INNOVATION OVER THE PAST 12 MONTHS. ❰❰
Mark Pumfrey, Liquidnet
34 December/January 2016
FUNDS EUROPE AWARDS
IT HAS BEEN a highly successful
year for Vermilion and its client
reporting software. As well as
signing more clients than its
competitors, the company has
made a number of enhancements
to cater for a growing demand
among asset managers for
services that help meet their ever-
onerous reporting requirements.
For example, the V:Pitch service,
a web-based application for
creating ad-hoc reporting, was
launched as a way for asset
managers to reduce the cost of
producing sales and marketing
presentations by eliminating the
need for manual copying and
pasting of content.
Vermilion has also adopted the
open data distribution standard
FundsXML in the global rollout of
the platform to Netherlands-based
Robeco as part of its drive to instil
more automation in the reporting
process and to foster greater
integration of workflow.
This will enable the asset
manager to continue to expand its
Winner – Vermilion Software
European back and middle office provider of the year
❱❱ IN AN INDUSTRY WHERE IT CAN TAKE MORE THAN A YEAR TO FULLY INSTALL NEW SYSTEMS, IT IS REFRESHING TO HAVE A SYSTEM THAT CAN BE SET UP IN A TIMELY AND COST-EFFECTIVE MANNER. ❰❰
MILESTONE GROUP Valuations and the task of calculating a notional asset value (NAV) have become of primary importance in the post-financial
crisis era. With the advent of new regulations, from the AIFMD to MiFID II, as well as the increase in back-office outsourcing,
the oversight of NAV calculations has never been more important. Milestone’s pControl Fund Oversight offering is attempting
to address this issue and define a best standard for asset managers to follow.
SS&C GLOBEOP As one the most acquisitive companies in the industry, SS&C GlobeOp has consistently added to its capabilities, most
recently with the purchase of hedge fund systems vendor Advent. While this strategy creates a challenge in terms of
integrating inherited technology, the judges feel it is producing some notable developments in terms of hedge fund services.
Of particular note are the performance attribution systems and the EMIR transaction reporting service.
SHORTLIST
global presence and quicken its
time to market with accurate fund
information. In addition, a new
service V:Utilities was launched
in 2015 to provide clients with the
flexibility to meet both custom
and market standard outputs.
NO MESSING ABOUTWhat has most impressed the
judges is the fact Vermilion
recognises the importance of the
implementation process. In an
industry where it can take more
than a year to fully install new
systems, it is refreshing to have
a system that can be set up in a
timely and cost-effective manner.
The judges praised Vermilion’s
success in taking a UK product
and selling it throughout Europe
and beyond.
Vermilion has also contributed
to the industry through its
championing of the proof-of-
concept as opposed to the
traditional request-for-proposal
process as a more effective means
of procurement.
Marcus Noble, Vermilion Software
Empowering client service professionalsVermilion Software is the leading global provider of client reporting and communications software and services to the asset management industry.
London Boston Singapore Sydney www.vermilionsoftware.com
Our award-winning product, Vermilion Reporting Suite, is designed to deliver accurate, flexible and scalable client reporting and communications.
The success of our product is deeply embedded in our key differentiator: exceptional domain knowledge and deep understanding of the asset management arena.
Vermilion Reporting SuiteTransforming traditional client reporting into a tangible return on investment
WINNER Back & Middle Office Provider of the Year
Trusted Cross-Border ExpertiseAssured Financial StrengthCombining over 25 years’ UCITS expertise alongside leading specialist asset servicing solutions, RBC Investor & Treasury Services supports asset managers around the world by helping them achieve their cross-border distribution objectives.
To discover how we can help support your market and product expansion, visit rbcits.com
© Royal Bank of Canada 2014. RBC Investor & Treasury Services™ is a global brand name and is part of Royal Bank of Canada. RBC Investor & Treasury Services is a specialist provider of asset servicing, custody, payments and treasury services for fi nancial and other institutional investors worldwide. RBC Investor Services™ operates through two primary operating companies, RBC Investor Services Trust and RBC Investor Services Bank S.A., and their branches andaffiliates. In the UK, RBC Investor Services Trust operates through a branch authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ® / ™ Trademarks of Royal Bank of Canada. Used under licence.
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