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rewarding excellence in business
2013
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ONE PLATFORM, A WORLD OF FLEXIBILITY
Multifonds is a leading investment fund platform for both alternative and traditional funds
www.multifonds.com
European Back Office of the Year
rewarding excellence in business
2012
WINNER
EDITORIAL
3 funds-europe.com
FUNDS EUROPEGROUP EDITOR Nick Fitzpatrick Tel: +44 (0)203 178 5875 [email protected] deputy editor Stefanie Eschenbacher Tel: +44 (0)203 178 5876 [email protected] 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 Joanne Shepherd Smith 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, 2013
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.
THE INDIVIDUALS AND FIRMS HAVE SHOWN TENACITY OVER THE PAST FIVE YEARS TO ARRIVE AT WHERE
THEY ARE TODAY.
Celebrating success
Many people expect 2014 to be the meaningful start of an economic
recovery in Europe. Let’s hope so. The individuals and firms celebrated in
our ninth annual European awards have shown tenacity over the past five
years to arrive at where they are today.
For example, both organisations in our category that reflects the
success of institutional investors – Strathclyde and Lancashire pension
funds – have worked hard to confront the crisis and secure pensions for
thousands of members.
The Strathclyde Pension Fund, which has 200,000 members and
more than 200 employers, stood out for the judges as an example of
an investor that takes a long-term, responsible and transparent approach
to managing members’ assets. The fund demonstrated this partly
with a representative forum that allows its main stakeholders, such
as employers and trade unions, to give input to the decisions
Strathclyde makes.
Lancashire County Pension Fund, meanwhile, achieved a return of
14.9% during 2012 and 2013 against a benchmark return of 13.5%. The
majority of the fund’s outperformance came from new active equity
mandates, property and internally managed funds.
But where would investors be without the asset managers they employ,
and where would asset managers be without the various third-parties
providing services to their front, middle and back offices?
The Funds Europe awards reflect success right through the value chain.
But business is ultimately about people, and our personality awards
celebrate a handful of some of the best minds in their fields.
If an industry can have this success in a downturn, who knows what it
will have achieved by this time next year.
Nick Fitzpatrick
Editor, Funds Europe
FUNDS EUROPE AWARDS 2013
4 Winter 2013
Judges JOHN ARTHUR
AllenbridgeEpict
NICK BAKERAlpha FMC
TOM CADDICKSantander Asset Management
EMMA CRABTREERBC Investor & Treasury Services
ROBIN CRESWELLPayden & Rygel
JEAN-BAPTISTE DE FRANSSUIncipit
CATHERINE DOHERTYInvestit
ALAIN DROMER
SHEENAGH GORDON-HARTJP Morgan WSS
KEITH HALEMultifonds
JESSICA HYNESMercer Sentinel
DEAN LUMERKnadel
KIM MCFARLANDInvestec Asset Management
HUGH MOIRF&C Investments
ED MOISSONBaring Asset Management
LUKE RANSLEYFriends’ Life Investments
TODD RUPPERTRTR International
PAUL SQUIRESAXA Investment Managers
CLARE VINCENT-SILKInvestit
KEITH WAUDBYHermes Fund Manager
STEVE YOUNGCitiSoft
Also judging the awards from Funds Europe magazine were:
ALAN CHALMERSPublisher
NICHOLAS PRATTOperations & technology editor
RBC Investor & Treasury ServicesRBC 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.
It serves clients from 18 locations across North
America, Europe and the Asia-Pacific region.
RBC I&TS is ranked among the world’s
top 10 global custodians, with $3 trillion
in client assets under administration (as of
August 30, 2013).
Its worldwide network of offices spans
four continents and its fund administration
services are present in 13 global markets,
while custody services are provided across 86
global markets.
It parent company, the Royal Bank of Canda,
is one of the top 15 largest banks in the world
and the fifth largest in North America, as
measured by market capitalisation. RBC is
among a small group of highly rated global
banks: Aa3 (Moody’s), AA- (S&P).
MultifondsMultifonds has established itself as a leading
provider of fund accounting, portfolio
accounting and investor servicing software,
built on a unique, single-platform philosophy.
Founded in 1995, Multifonds has grown into a
market-leading business with top-tier clients
that operate in 30 countries and collectively
manage over $3 trillion worth of assets.
Multifonds’ systems are capable of supporting
the local requirements of more than 30
regulatory jurisdictions, covering all the
world’s major economies. Functionality for
new markets, particularly emerging ones,
is constantly being added, most recently
for leading South East Asian and South
American economies.
Sponsors
5 funds-europe.com
Tower’s room of talentFunds Europe hosted 170 people
in the historical Tower of London
at the end of November and made
21 awards for business excellence
in asset management, plus a
number of Commendations and a
Special Award. The awards were
made to firms and individuals.
A group of independent judges –
many of whom had contributed
in previous years – had spent
weeks going through entries.
This year saw a high number of
submissions, as usual.
Afterwards, hospitality followed.
FUNDS EUROPE AWARDS 2013
6 Winter 2013
COMMENDED: EUROPEAN ASSET MANAGER OF THE YEAR (ASSETS > €20 BN) Award Winner: Kames Capital Accepted by: Richard DixonPresented by: Diana Mackay
EUROPEAN ASSET MANAGER OF THE YEAR (ASSETS > €20 BN)Award Winner: JP Morgan Asset Management Accepted by: Peter Schwicht Presented by: Diana Mackay
EUROPEAN ETF PROVIDER OF THE YEARAward Winner: VanguardAccepted by: Tim Huver (centre), Slawomir RzeszotkoPresented by: Steve Butler
EUROPEAN SPECIALIST INVESTMENT FIRMAward Winner: Impax Asset Management Accepted by: Natalie Over Presented by: Kieran Fox
EUROPEAN ASSET MANAGER OF THE YEAR (ASSETS < €20 BN)Award Winner: Neptune Investment Management Accepted by: Funds Europe Presented by: Keith Hale
SPECIAL AWARD Award Winner: Hendrik du Toit, CEO of Investec Asset ManagementPresented by: Jean-Baptiste de Franssu
EUROPEAN PERSONALITY OF THE YEAR Award Winner: Keith Skeoch, CEO of Standard Life InvestmentsPresented by: Jean-Baptiste de Franssu
LIFETIME ACHIEVEMENT Award Winner: Joachim Faber, former CEO of Allianz Global Investors Accepted by: Neville VyasPresented by: Robert Parker
EUROPEAN CIO OF THE YEAR Award Winner: Pascal Blanqué, CIO Amundi Asset ManagementPresented by: Robert Parker
7funds-europe.com
EUROPEAN THOUGHT LEADERSHIP OF THE YEAR Award Winner: AQR CapitalAccepted by: Paul JeffriesPresented by: James Cardew
COMMENDED: EUROPEAN INSTITUTIONAL INVESTOR OF THE YEAR Award Winner: Lancashire County Pension FundAccepted by: Trevor CastledinePresented by: Karen Shackleton
EUROPEAN FUND LAUNCH OF THE YEARAward Winner: Pimco EuropeAccepted by: Gian Luca GiurlaniPresented by: Tom Caddick
EUROPEAN MARKETING CAMPAIGN OF THE YEAR Award Winner: Aberdeen Asset ManagementAccepted by: Rob SandersPresented by: Catherine Doherty
EUROPEAN CUSTODIAN Award Winner: BNP Paribas Securities Services Accepted by: Annalisa Winge BicknellPresented by: Kim McFarland
COMMENDED: EUROPEAN ADVISOR OF THE YEAR Award Winner: EYAccepted by: Howard MannionPresented by: Robin Creswell
EUROPEAN ADVISOR OF THE YEARAward Winner: InvestitAccepted by: Catherine Doherty Presented by: Robin Creswell
COMMENDED: EUROPEAN FUND LAUNCH OF THE YEAR Award Winner: Union Bancaire PrivéeAccepted by: Denis GuiraultPresented by: Tom Caddick
EUROPEAN INSTITUTIONAL INVESTOR OF THE YEARAward Winner: Strathclyde Pension FundAccepted by: George FinniePresented by: Karen Shackleton
FUNDS EUROPE AWARDS 2013
8 Winter 2013
EUROPEAN ADMINISTRATOR OF THE YEAR Award Winner: State StreetAccepted by: Jackie FreemanPresented by: Kim McFarland
EUROPEAN HEDGE FUND ADMINISTRATOR OF THE YEAR Award Winner: Deutsche Bank Fund ServicesAccepted by: Robert CoatesPresented by: Kim McFarland
EUROPEAN MIDDLE OFFICE PROVIDER OF THE YEAR Award Winner: Markit EDMAccepted by: Jaz Hanspal (centre), Pete MullenderPresented by: Hugh Burden
EUROPEAN TRANSFER AGENT OF THE YEAR Award Winner: RBC Investor & Treasury ServicesAccepted by: Janelle McCoyPresented by: Kim McFarland
EUROPEAN FRONT OFFICE PROVIDER OF THE YEAR Award Winner: Liquidnet EuropeAccepted by: Mark PumfreyPresented by: Hugh Burden
COMMENDED: EUROPEAN MIDDLE OFFICE PROVIDER OF THE YEAR Award Winner: TeknometryAccepted by: Mick BrantPresented by: Hugh Burden
EUROPEAN BACK OFFICE PROVIDER OF THE YEAR Award Winner: SimCorpAccepted by: Cath RawcliffePresented by: Hugh Burden
EUROPEAN SPECIALIST ADMINISTRATOR OF THE YEAR Award Winner: Alter DomusAccepted by: Laurent VanderweyenPresented by: Kim McFarland
COMMENDED: EUROPEAN HEDGE FUND ADMINISTRATOR OF THE YEARAward Winner: State StreetAccepted by: Jackie FreemanPresented by: Kim McFarland
9funds-europe.com
JOACHIM FABER, chairman of Deutsche Borse and formerly chief executive officer of Allianz Global Investors
Lifetime Achievement
FUNDS EUROPE’S LIFETIME
achievement award went to
Joachim Faber, who, from
2000 to 2012, was chief
executive officer of Allianz
Global Investors.
At Germany’s largest asset
manager, with €1.8 trillion of
assets under management and
5,000 employees, Joachim drove
the acquisition and integration
of six asset managers. This
includes US fixed income giant
Pimco, RCM, NFJ, Nicholas
Applegate, Oppenheim Capital
and German Cominvest.
Allianz was already the
largest global insurance
company at the time of the deal,
with strong asset management
operations across Europe.
Pimco, then the third largest
quoted US fund manager
and an established specialist
in managing fixed income,
was ready to expand into
the growth markets of Europe
and Asia.
Following the deal, Allianz
became one of the top ten asset
managers by total assets under
management in the world.
Joachim was instrumental in
acquiring and integrating
Pimco into Allianz, the judges on
the Funds Europe panel
said, noting that the deal
“must count as one of the most
successful acquisitions in the
history of the funds industry”.
Prior to becoming chief
executive officer of Allianz Global
Investors, Joachim was a board
member in the insurance arm
of Allianz. Before that, he
held various positions in Frankfurt
and London at Citicorp.
After an eventful 11-year tenure
as chief executive officer, Joachim
retired in 2012.
A German national, born in
Giessen and educated in Bonn,
Joachim became chairman of
the supervisory board of the
Deutsche Börse in Frankfurt am
Main in 2012.
Joachim is a member of the
supervisory board of Osram
Licht in Munich; a member
of the board of directors and
chairman of the audit committee
of Allianz France in Paris; a
member of the board of directors
of HSBC Holding in London;
chairman of the committee of
shareholders of Joh. A. Benckiser
in Luxembourg.
THE JUDGES SAID THE [PIMCO] DEAL MUST COUNT AS ONE OF THE MOST SUCCESSFUL ACQUISITIONS IN THE HISTORY OF THE FUNDS INDUSTRY.
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11funds-europe.com
HENDRIK DU TOIT led a
management buy-in of Investec
Asset Management, where he
is chief executive officer,
earlier this year in what was
widely seen as an innovative
and creative solution for
retaining talent.
Investec, the bank and asset
manager which is dual listed
in London and Johannesburg,
announced in March that it would
sell a 15% stake in its asset
management operation to 40
senior managers and employees
over the next seven years. They
also have an option to acquire
another 5%.
This year has seen a number of
departures by high profile, “star”
managers from asset management
firms to competitors, and so the
Funds Europe’s judging panel
wanted to make the award
to Hendrik in recognition of
an initiative that not only should
help Investec retain talent,
but also aligns management’s
interests with those of the
company’s owners.
FUNDS EUROPE AWARDS 2013
Special AwardHENDRIK DU TOIT, CEO, Investec Asset Management
INVESTEC ANNOUNCED IN MARCH THAT IT WOULD SELL A 15% STAKE IN ITS ASSET MANAGEMENT OPERATION TO 40 SENIOR MANAGERS AND EMPLOYEES OVER THE NEXT SEVEN YEARS.
Half of the funding for the buy-in
is to be raised through equity and
half through debt.
The buyers will finance the
equity investment using cash,
deferred bonuses, long-term
incentive awards.
Hendrik has played a major
role in building Investec Asset
Management from scratch in
1991 when it launched as a start
up. Today, it manages over $107
billion globally, with operations
in the US, Asia, Australia, South
Africa and Europe.
Hendrik is also a past winner
of the Funds Europe Personality
of the Year award, as well as
many other personal awards.
Investec Asset Management
is also a past winner of Funds
Europe Asset manager of the
Year for asset managers with
assets above €20 billion.
After lecturing in economics at
the University of Stellenbosch, in
Cape Town, Hendrik joined the
investment division of Old Mutual
and moved to Investec in 1991 as
a portfolio manager.
He was appointed to the board
in December 2010.
FUNDS EUROPE AWARDS 2013
12 Winter 2013
KEITH SKEOCH HAS been
chief executive of Standard Life
Investments since 2004 with
responsibility for overseeing the
£179.1 billion (€212.3 billion) of
assets that the business manages.
He joined the Edinburgh-
based asset manager in 1999
as a director and chief
investment officer.
Keith has also been on the
board of Standard Life
since 2006.
The European personality
award goes to Keith because
judges felt that he set a
high standard of leadership
for both his company and
for the industry, and that he
embodies the highest values of
professionalism.
During the nine years he has
led the company, Standard
Life Investments has gone from
a strong domestic player to
a leading European and now
global entity.
Prior to joining Standard Life
Investments, Keith was with
James Capel from 1980 to
THE JUDGES FELT KEITH SET A HIGH STANDARD OF LEADERSHIP FOR BOTH HIS COMPANY AND FOR THE INDUSTRY, AND EMBODIES THE HIGHEST VALUES OF PROFESSIONALISM.
KEITH SKEOCH, chief executive, Standard Life Investments
European Personality of the Year
1999 (HSBC Securities from
1996), where his previous roles
included managing director
of international equities,
director of economics and
strategy, chief economist and
international economist.
His career began in1979 at the
Government Economic Service.
Keith is a board member
of the Financial Reporting
Council, the Investment
Management Association and a
member of the Advisory Board of
Reform Scotland.
Keith was awarded an
honorary doctorate of business
administration from Teesside
University in 2011. This was in
recognition of his contribution to
the financial services
industry over many years, most
notably in the wake of the
global financial crisis where he
worked with government
and trade bodies in establishing
best practice in stewardship
and governance.
In 2012, Keith was made a
fellow of the Society of Business
Economists, given for service to
the economics profession.
The Ryder Cup logo is a trademark owned by The Professional Golfers’ Association of America and Ryder Cup Europe. Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated by the Financial Conduct Authority. Calls may be monitored and/or recorded to protect both you and us and help with our training. www.standardlifeinvestments.com © 2013 Standard Life, images reproduced under licence.
P o t e n t i a l . D e l i v e r e d .
Identifying and converting potential can be challenging, especially in volatile markets. It requires conviction, discipline and a focus on the long-term.
At Standard Life Investments, we understand the value of potential.
With expertise across a wide range of asset classes, backed by our distinctive Focus on Change investment philosophy, we constantly think ahead and strive to anticipate change before it happens. This forward-thinking approach helps our clients look to the future with confidence.
Take the long-term view today at standardlifeinvestments.eu
The value of an investment can fall as well as rise and is not guaranteed. You may get back less than you put in. Past performance is not a guide to future performance.
Equities Fixed Income Real Estate Multi-asset Private Equity
FUNDS EUROPE AWARDS 2013
14 Winter 2013
AS AN INDUSTRY, WE HAVE SPENT 30 YEARS, BASICALLY, TRADING EQUITIES AND BONDS AND THIS IS COMING TO AN END.
PASCAL BLANQUÉ, Amundi Asset Management
European CIO of the Year
THERE ARE FEW people with
better insight into investment
management than Pascal Blanqué,
winner of European Chief
Investment Officer of the Year.
Receiving the award, Pascal told
the Tower of London audience:
“The classic asset allocation
framework – equities versus
bonds – is a poor way to allocate.
As an industry, we have spent 30
years, basically, trading equities
and bonds, and this is coming to
an end.”
He told the audience that
Amundi was the first European
player with €1 trillion of assets
under management and the
only non-US player in the top
ten league of asset managers
by assets.
Judges recognise the significant
role that Pascal has played
as chief investment officer at
both Credit Agricole Asset
Management and Amundi
Asset Management.
He played an important role
in the creation of Amundi
through the merger of the Credit
Agricole and Societe Generale
asset management businesses
and redefined their investment
products and strategies.
His role was about governance
and execution, Pascal said.
Giving an insight into the
evolving world of investment
management, he said the
recognition that equities
versus bonds leads to poor
diversification had opened the
door to factor allocation, risk
allocation and macro allocation.
Much alpha generated by
investment management over
the last 15 years was to a large
extent “fake” alpha. Returns
simply captured risk premia on
hidden factors. Investors face an
unprecedented lack of visibility
on growth and inflation due to
central banking policies, he said.
“The efficient frontier of
Western governmental bonds has
changed. We’ve been living in a
comfortable world where a big
pocket of Western governmental
bonds provided a cushion for
risky assets. This is coming to
a close.”
Pascal is also deputy chief
executive officer of Amundi,
holding responsibility for
institutional investors and
third-party distribution. He was
previously chief economist of
Credit Agricole.
He has published a number
of books and papers on asset
management and economics.
FUNDS EUROPE AWARDS 2013
Winter 201316
WITH A HERITAGE stretching
back to 1831, Kames Capital
today manages £53 billion
(€63 billion) on behalf of UK and
international clients. Its client
base includes pension funds,
government agencies, financial
institutions, wealth managers,
family offices, financial advisers
and individual investors. With an
active approach, Kames Capital
says its managers employ a multi-
factor analysis, are mindful of
investment risk, style-neutral,
and responsible. Kames Capital
got its current name in 2011
when Aegon Asset Management
UK rebranded.
Special CommendationKAMES CAPITAL
JPMORGAN ASSET Management
received the award for European
Asset Management Company
of the Year (Assets >€20 Billion)
for what the judges say is “a
dedication to Europe that others
do not have”.
One of the largest global
players, with $2.2 trillion
(€1.6 trillion) of assets under
management, it has a network of
investment teams that spans 15
cities worldwide and is connected
by investment hubs in London,
New York, Tokyo and Hong Kong.
Its client base comprises private
individuals, corporations, pension
funds, foundations, government
bodies and charities. JPMorgan
Asset Management says it looks
to offer expertise across every
programme of fund optimisation.
This has led to the merging or
closure of several funds in the UK
and Luxembourg.
JPMorgan Asset Management
is one of the largest players by
assets under management in
Luxembourg, with $229 billion.
Its European institutional
strategy team is actively involved
in shaping the policy agenda,
publishing research on topics like
the EU Pensions Directive and the
effect of quantitative easing on
pension funds.
In addition, it publishes
quarterly investment insights
to help advisers make sense of
current events and also to present
and explain long-term trends to
their clients.
JP MORGAN ASSET MANAGEMENT
European Asset Management Company of the Year (Assets >€20 Billion)
Investec Asset Management
Investec Asset Management prides itself with the fact that it has made the journey from
being an emerging market-based fund managers to a respected global player.
Established in South Africa in 1991, Investec Asset Management has grown into an
international business managing $107 billion (€77.8 billion) for clients based all over
the world.
Pimco Europe
From its origin as a separate accounts manager for Pacific Life Insurance Co, Pimco has
grown into a global solutions provider.
Founded in 1971, Pimco opened its first European office in London in 1997 and has since
grown its client base throughout Europe the Middle East and Africa. Firm-wide assets
under management amount to $1.97 trillion (€1.48 trillion) and third-party client assets to
$1.59 trillion.
SHORTLIST
key investment class and every
economic region to deliver
whatever solution a client needs.
The judges noted that the
asset manager, with origins
in the US, has established a track
record that includes closing
funds when necessary to protect
existing investors.
In 2013, it announced a
Peter Schwicht, head of asset management EMEA, JP Morgan Asset Management.
FUNDS EUROPE AWARDS 2013
Winter 201318
Management conducts primary
research in-house.
This, the company says, allows
its fund managers to have a
high level of conviction in the
companies they invest in.
The overall aim of its fund
managers is to seek out
companies with strong investment
potential that have high standards
of corporate governance and
responsibility at the same time.
Last year Neptune was
shortlisted for the award of
European Asset Management
Company of the Year (Assets
<€20 Billion) while Geffen was
shortlisted for the award of
European CIO of the Year.
European Asset Management Company of the Year (Assets <€20 Billion)
NEPTUNE INVESTMENT
MANAGEMENT wins the Funds
Europe award for European Asset
Management Company of the
Year with assets under €20 billion.
Robin Geffen founded Neptune
Investment Management in 2002;
to date, employees and directors
still own about three quarters of
the £5.3 billion (€6.3 billion) UK-
based asset manager.
This company structure is
based on the belief that private
ownership provides stability and
ensures that the interests of staff
and clients are aligned.
Without a large corporate
backer that dictates the strategy,
Neptune Investment Management
says those involved in running
the business determine growth
and progress.
Geffen took four funds that he
had managed from his previous
employer to Neptune Investment
Management, maintaining his
investment style.
Today, the team at Neptune
Investment Management
manages a range of long-only
funds designed for private
investors, financial advisers and
institutional investors.
Equities are viewed at a global
industry level and instead of
taking a regional approach the
team at Neptune Investment
NEPTUNE INVESTMENT MANAGEMENT
Capital Dynamics
Capital Dynamics is an independent, global asset manger that invests in private
equity and clean energy infrastructure. Established in 1999, the asset manager is
headquartered in Switzerland but has offices elsewhere in Europe, in the US, Asia,
Latin America and Australia.
Capital Dynamics has $18 billion (€13 billion) of assets under management or advice.
Those are held in strategies ranging from large to small buyouts,
growth, venture capital and to specialist approaches, like secondaries and
direct investments. Capital Dynamics says it uses customised strategies, rigorous
processes, in-depth portfolio and risk management as well as local knowledge of
global markets.
Impax Asset Management
The investment team at Impax Asset Management pursues opportunities created
by the scarcity of natural resources and the demand for cleaner, more efficient
products and services. It does so through investing in both listed and private
equity strategies.
The 28-strong team has an average of 18 years experience. Headquartered in London,
Impax Asset Management has £2.3 billion (€2.7 billion) of assets under management.
Its investor base comprises institutional and high-net-worth individuals. Impax Asset
Management was launched in 1998 and has since expanded its presence into New
York and Hong Kong.
SHORTLIST
THOSE INVOLVED IN RUNNING THE BUSINESS DETERMINE GROWTH AND PROGRESS.
Robin Geffen, chief executive, Neptune Investment Management
19funds-europe.com
European Institutional InvestorSTRATHCLYDE PENSION FUND
their employees and contracted
staff a living wage.
The Strathclyde Pension Fund
has been commended by the likes
of Share Action, the movement
for responsible investment, for its
detailed policies and practices
on responsible investing, and its
commitment to transparency.
As of October 31, the fund’s
value was £13.6 billion (€16
billion). In the quarter ending
September 30, the fund returned
2.4%, helping it reach a funding
level, relative to liabilities, of
87.9%.
The Strathclyde fund recently
committed to infrastructure
investment with a £32 million
allocation to Lloyds Bank UK
Infrastructure Partners, and
plans to invest up to £50 million
in secondary UK infrastructure
via the Pensions Infrastructure
Platform Equity Fund.
THE STRATHCLYDE PENSION
Fund, which has 200,000
members and more than
200 employers, stood out for
the judges as an example of
an institutional investor that
takes a long-term, responsible
and transparent approach to
managing members’ assets.
The pension fund is serious
about governance. It operates
a representative forum to allow
the main stakeholders, such as
employers and trade unions,
to give input to the decisions it
makes. The forum meets every
three months and its minutes are
included in the papers of every
quarterly committee meeting.
The fund has taken an active
approach on issues that affect
society. It was recently one of
13 signatories to an open letter
to the boards of UK public
companies asking them to pay
ten years and is now in excess of
£5 billion (€5.9 billion). As of March
31, the fund allocates 52% of its
assets to equities, 20% to bonds,
and the rest is spread across private
equity, property, infrastructure and
other asset classes.
For many years, the fund
has followed the voting
recommendations of corporate
governance consultancy PIRC with
the fund’s managers being
instructed to vote at shareholder
meetings in accordance with
PIRC’s recommendations.
The pension funds also complies
with the Myners Principles.
THE LANCASHIRE COUNTY
Pension Fund impressed the
judges for being a solid example
of a public sector pension
fund with a clear focus and
commendable ambitions.
The fund achieved a return of
14.9% during 2012 and 2013
against a benchmark return
of 13.5%, which ranked in the
24th percentile of the WM Local
Authority Universe, the majority of
outperformance coming from new
active equity mandates, property
and the internally managed funds.
The value of the fund’s assets
has more than doubled in the past
CommendedLANCASHIRE COUNTY PENSION FUND
FUNDS EUROPE AWARDS 2013
Winter 201320
panel say Impax is a company
that stood out in a difficult year
and that this clearly demonstrated
its success.
They note that not only was
Impax Asset Management
engaging with the world, its
leaders also managed to set out
a clear focus and demonstrate an
interesting approach to indices.
Impax Asset Management
prides itself for also being a
thought leader in defining the
markets it invests in.
Together with the FTSE, it
developed and managed
the classification system
underpinning the FTSE
Environmental Markets Index.
European Specialist InvestmentCompany of the Year
IMPAX ASSET MANAGEMENT
won the award for European
Specialist Investment Firm of the
Year, with our panel of judges
saying Impax’s strategy “truly
engages with the world”.
With £2.3 billion (€2.7 billion)
of assets under management,
Impax Asset Management serves
institutional and high-net-worth
individuals. Since it launched
in 1998 in London, the asset
manager has expanded
its presence into New York and
Hong Kong.
Its 28-strong team of
investment professionals pursues
opportunities created by the
scarcity of natural resources
and the demand for cleaner,
more efficient products
and services.
The investment team seeks out
mispriced companies it expects
to benefit from the long-term
trends of changing demographics,
urbanisation, rising consumption,
and resulting resource scarcity.
Much of Impax’s activity is
focused on a few, thoroughly
researched global equity
strategies across alternative
energy, energy efficiency, water,
waste, food and agriculture-
related markets.
Judges on the Funds Europe
IMPAX ASSET MANAGEMENT
Artisan Partners
Artisan Partners is a global asset manager founded by Andy and Carlene Ziegler
in 1994. Back then, the duo identified two secular trends in the market – talent
acquisition and open architecture – that shaped the way it grew. Today, Artisan
Partners manages $103 billion (€74.9 billion) and offers a range of high value added
investment strategies that comprises growth, global equity, US value, global value and
emerging markets.
Mirova
Mirova, part of Natixis Asset Management in France, has a 38-strong team of specialists
in thematic investment management, socially-conscious finance and project
financing. Its investment philosophy is based on the belief that integrating sustainable
development themes can create value for investors over the long term. Mirova holds
nearly €10.9 billion of assets under management.
Rogge Global Partners
For over a quarter of a century, Rogge Global Partners has been managing global
fixed income strategies for institutional investors. Its product range spans fixed
income products investing in developed markets, investment grade credit, global high
yield and emerging markets as well as specialised solutions such as liability-driven
investments, total return and cash plus. Rogge Global Partners manages $57 billion
(€41.5 billion) of assets.
SHORTLIST
THE COMPANY STOOD OUT IN A DIFFICULT YEAR AND CLEARLY DEMONSTRATED ITS SUCCESS.
Ian Simm, chief executive, IMPAX Asset Management.
FUNDS EUROPE AWARDS 2013
Winter 201322
to a changing industry.”
Its stated philosophy is that
investors deserve fair, transparent
and exceptional value
An ownership structure –
whereby the Vanguard Group is
owned by its US-domiciled funds
and exchange-traded funds,
which, in turn, are owned by the
funds’ investors – also allows the
management to focus on serving
investors’ needs. Vanguard says
this structure aligns interests of
the company owners with those
of its investors; at the same time,
it drives the culture, philosophy
and policies throughout the
organisation worldwide.
European ETF Provider of the Year
VANGUARD RECEIVED THE
award for European ETF Provider
of the Year and judges say they
are keen to send a message to the
established ETF players. Having
launched the first index fund in
1976 in the US, and gathered $2.5
trillion (€1.8 trillion) worth of
assets since, the Vanguard Group
expanded its operations into
Europe in 1998.
Initially, it launched a European
business with offices in three
European countries. Later, in 2009,
it launched Vanguard Investments
UK in London.
The judges noted that Vanguard
was “shaking up the market”
in Europe with an agenda, an
approach and a philosophy
that is different from that of
its competitors. “They are
genuinely committed to an ethical
approach,” one judge said.
Vanguard says it does not
pay commissions or rebates to
distributors of funds of clients’
investments, something that is
being hotly debated in the UK and
elsewhere in Europe, following
the Retail Distribution Review and
other regulation.
Not paying commission, the
firm says, means costs can be
kept low while transparency
is high. Instead, the asset manager
works with fee-based investment
professionals that appreciate a
cost-based investment approach.
“Vanguard is working hard
to reduce cost… while enhancing
its product range and promoting
change,” said one of the
judges. “They are ahead of the
curve and responding
VANGUARD
Amundi ETF
Amundi ETF is a product range of the Amundi Group, an international asset management
group with headquarters in Paris. Its ETF offering includes equity, balanced, fixed income
and commodites. Having launched its first ETF in 2001, Amundi Group chose to place
its activity at the centre of its strategic development from 2008 onwards. Its ETFs hold in
excess of €10.7 billion and are listed on the main European stock exchanges. Amundi ETF
says it owes this success to two developments: the ongoing enhancement of its product
range and the rapid expansion of its operations in Europe.
iShares (BlackRock)
iShares manages $711.8 billion (€518.6 billion) that are invested in 607 ETFs. The asset
manager prides itself in having revolutionised the investment landscape with easy
tradability and ample liquidity that allow investors to benefit from buying an entire index
in a single fund.
UBS Asset Management
UBS Global Asset Management, a business division of UBS, is a large-scale asset manager
with well-diversified businesses across regions, capabilities and distribution channels.
It offers investment capabilities and investment styles across all major traditional and
alternative asset classes. These include equity, fixed income, currency, hedge fund,
real estate, infrastructure and private equity investment capabilities that can also be
combined in multi-asset strategies. UBS Global Asset Management has 580 Swiss franc
(€474.4 billion) of assets under management and employs 3,750 people in 24 countries.
SHORTLIST
Tom Rampulla, chief executive, Europe, Vanguard Asset Management
23funds-europe.com
European Fund LaunchPIMCO EUROPE, for the GIS Income Fund
range, which ought to give the
fund flexibility to navigate an
environment in which interest
rates are expected to rise.
Emphasising senior bonds,
which have a higher priority to
receive payments over more
junior bonds, the fund features a
high quality, risk managed fixed
income portfolio with more than
50% of total assets in investment-
grade securities.
Pimco is part of Allianz, and
collectively the firms manage
nearly $2 trillion of assets.
Founded in 1971, Pimco has 12
offices around the world, with
headquarters in Newport Beach,
California. The firm has had a
European presence since 1997.
Its flagship product, the Pimco
Total Return Fund, is the world’s
second largest mutual fund.
THE JUDGES FELT it was a “no
brainer” that Pimco should win
this award for its global, multi-
sector bond fund, launched at the
start of the year.
Why? In a word: inflows.
The GIS Income Fund attracted
$4.11 billion (€2.99 billion) of
assets over the course of just
seven months.
Judges said the firm had
achieved excellent timing by
launching the fund when it did,
because it answered a real need
faced by the market.
The judges also said the fund
ticked all the boxes as far as the
award category was concerned:
it had a global reach, spanned
many different sectors, and was a
mainstream product suitable for a
wide range of investors.
The main selling point of the
Pimco GIS Income Fund is its
flexibility. Fund managers Daniel
J. Ivascyn and Alfred Murata take
a benchmark-agnostic approach,
seeking to protect capital by
diversification. The fund has
a zero to eight-year duration
UBP was founded in 1969 by
Edgar de Picciotto. It is a highly
capitalised private banks, with
over $85.7 billion (€62.3 billion)
of assets under management.
UBP is based in Geneva and
is one of the major Swiss asset
management banks for private
and institutional clients, offering
hedge fund and long-only
investment strategies.
FOR THE Emerging Markets High
Yield Short Duration Corporate
Bond Fund Union Bancaire Privée
(UBP) impressed the panel of
judges by launching a fund that
met a proven demand in the
market. The fund demonstrates
the firm’s transparent approach.
It was initially launched as a non-
Ucits Sicav, with a Ucits version
following in August 2013.
CommendedUNION BANCAIRE PRIVÉE
THE MAIN SELLING POINT OF THE PIMCO GIS INCOME FUND IS ITS FLEXIBILITY.
Eftychia Fischer, executive managing director, UBP
Bill Benz, head of Pimco Europe
24 Winter 2013
FUNDS EUROPE AWARDS 2013
AQR CAPITAL
European Thought Leadership
portfolio manager Clifford S.
Asness along with partners
David Kabiller, John Liew and
Robert Krail.
As of September 30, it employed
382 people, with offices in
Chicago, London and Sydney.
The firm is majority owned
by its principals, with a
minority stake held by Affiliated
Managers Group.
IN A CATEGORY that attracted
a large number of entrants,
the thought leadership
material of AQR Capital
Management stood out. Judges
said the documents provided
were “excellent”.
They were concise, challenging
and clearly designed to push
the boundaries of investment
research. In contrast to some
other entries, the material
in AQR’s submission was not
excessively theoretical or overly
technical, neither was it verbose
or abstract.
Judges felt the firm negotiated
the difficult balance between
providing original and stimulating
insights, and communicating its
message in plain English.
Perhaps it helps that the
firm’s founders have their roots
in academia.
Based in Greenwich,
Connecticut, AQR Capital
Management has $90 billion
in assets.
The company was founded in
1998 by former Goldman Sachs
BNP Paribas Investment Partners
Judges were impressed by BNP Paribas Invesment Partners’ submission, saying the asset
manager – whose research focussed on three strands – was relevant. Also the French
asset manager’s research was supported by back-up information.
BNP Paribas IP also produced academic and non-academic versions of its papers (the
judges applauded this). Two out of three of the research strands were “ground-breakers”.
Robeco
The judges praised the rigorous academic standards displayed in Robeco’s submission.
The asset manager has developed a reputation for in-depth scholarly research into
areas such as factor investing and “smart beta” and this was in evidence in the materials
submitted to our judges.
The intellectual philosophy of the company’s thought leadership materials was clear and
the credentials of its authors were strong.
Judges were impressed the firm’s academic research had led to product development.
SHORTLIST
IN CONTRAST TO SOME OTHER ENTRIES, THE MATERIAL IN AQR’S SUBMISSION WAS NOT EXCESSIVELY THEORETICAL OR OVERLY TECHNICAL, NEITHER WAS IT VERBOSE OR ABSTRACT.
Christopher Palazzolo, managing director (London) at AQR Capital Management.
25funds-europe.com
Matheson
The judges said this Ireland-based law firm “punched above its weight” with a very
strong submission that did a good job of explaining the issues that are important to
asset management firms. The submission focused on the Alternative Investment Fund
Managers Directive and how this will affect fund management firms, a salient topic of
interest to almost everyone in the industry, including the judges.
SHORTLIST
INVESTIT’S SUBMISSION
CONTAINED a real-life
case study and judges felt
it demonstrated how the
consultancy can add value in
solving regulatory difficulties.
Judges were impressed that
Investit’s submission showed the
company could translate findings
into change, which in essence is
the role of a consultant.
Although they wondered if
perhaps the firm’s experience
was somewhat UK-centric, judges
nevertheless crowned Investit
the winner based on strong track
records with its clients.
Investit was founded by
Catherine Doherty in 1998 and
in 2013 advised clients with a
combined £10 trillion of assets
under management. As well
as its contracted consultancy
assignments, the firm releases
a wide range of research on
topics of import to the asset
management industry, such as
the Alternative Investment Fund
Managers Directive and the risks
associated with over-the-counter
derivatives trades.
INVESTIT
European Advisor
Catherine Doherty, global chief executive, Investit.
Judges said Ernst & Young, now operating under the initials EY, was a good communicator
of research, with a robust global strategy. They were impressed with the way the firm was
pushing the agenda, and acting as a reliable partner to the asset management industry. As
a company, said the judges, it has not over-reached itself and added to the complexity of
the business, a fault that some consultancy firms have committed in the past.
Based in London, it was the third largest professional services firm in the world by
aggregated revenue in 2012 and is one of the “big four” accounting firms.
COMMENDED: EY
INVESTIT’S SUBMISSION CONTAINED A REAL-LIFE CASE STUDY AND JUDGES FELT IT DEMONSTRATED HOW THE CONSULTANCY CAN ADD VALUE.
FUNDS EUROPE AWARDS 2013
26 Winter 2013
claims about their expertise,
performance and the quality
of their investment decisions,
Aberdeen’s campaign was
refreshing because it went back
to basics.
The campaign was intended
to bolster the company’s
brand by stressing its essential
nature. Aberdeen is an asset
manager and nothing else,
hence the “simply asset
management” slogan could not
have worked better.
“In a world that increasingly
favours simplicity and rejects
excessive complexity –
particularly in financial services
– the ‘simply asset management’
proposition is powerful and
compelling,” explains Piers
Currie, group head of brand
at Aberdeen.
The judges agreed.
European Marketing Campaign of the Year
THE JUDGES SAID there was
no contest. Aberdeen Asset
Management’s first ever global
advertising campaign, stressing
its identity as a pure-play
asset manager, was the
stand-out entry in this year’s
marketing category.
During the discussions for this
award, there was no dissent
that Aberdeen should be
crowned the winner.
Why did the judges like the
campaign so much? Aberdeen’s
was an excellent clear submission
relating to their “simply asset
management” campaign.
The campaign focused on
the company presenting itself
“simply” as an asset manager and
nothing else. It fulfilled the brief
of the category as it was Europe-
wide – in fact, it was global – in
different languages, and had a
clear impact.
Judges felt it used clever
images stressing its incorruptible
message, and argued it was
almost certainly successful in
changing perceptions.
Ads featuring the “simply
asset management” message
have appeared in key locations
including New York City’s
Times Square and the NYSE
building, London Heathrow’s
Terminal 5, Hong Kong’s buses
and Milan’s Duomo.
Having launched on May 20, the
campaign ran for an initial
six-week period and was
translated into 13 languages.
In a market in which asset
managers are consistently
trying to outdo each other with
ABERDEEN ASSET MANAGEMENT: “Simply asset management”
Axa Investment Managers
Judges liked the innovative approach of Axa Investment Managers’ campaign, “managing
risk is a matter of having the right tools in the right hand”, which included creating a
pocket guide to liability-driven investing, a range of educational materials and even a
toolkit made of chocolate.
The company created the campaign after commissioning research from Penhurst
Associates into the perception of the Axa brand, which highlighted a need to enhance
the Axa name and establish what the company wanted to stand for. The judges felt Axa
had succeeded.
State Street Global Advisors
State Street wanted to celebrate 20 years of its exchange-traded fund range, named SPDR,
but wanted to avoid a self-congratulatory “birthday” campaign. Instead, the campaign
focused on presenting SPDR as a pioneering brand, stressing the facts of high inflows and
assets under management.
The judges thought the campaign had had an impressive impact, and noted that State
Street had driven awareness using a smaller budget than many competitors.
SHORTLIST
Martin Gilbert, CEO, Aberdeen Asset Management.
FUNDS EUROPE AWARDS 2013
28 Winter 2013
European Custodian
THE JUDGES WERE impressed
with BNP Paribas Securities
Services’ innovative and
adventurous business plans
that saw a significant number
of business wins for third party
custody mandates.
There were also a number
of operational enhancements
and efficiencies and an internal
reorganisation of the sales
force. In addition to retaining
its Eurocentric focus, BNPP SS
entered the US market.
The custodian has a presence in
34 countries across five continents
and a global custody network
covering more than 100 markets
with proprietary local custody
and clearing in 26 markets.
As of June 2013, the custody
operation provided safekeeping
to more than €5.5 trillion of assets,
an increase of €1 trillion in the
past 12 months.
BNP PARIBAS SECURITIES SERVICES
BNY Mellon
BNY Mellon Asset Servicing operates in 35 countries and more than 100 markets. It
employs more than 50,000 people worldwide and provides safekeeping to €20 trillion of
assets. In the last 12 months BNY Mellon has expanded its derivatives capability.
Citi
Citi Transaction Services is the custodian of over €10.5 trillion in assets, more than half of
which (€5.3 trillion) is held in Europe. Citi employs almost 13,000 people in its Securities
and Fund Services division and holds custody licences in more than 30 markets in
Central, Eastern and Western Europe. In addition to the significant coverage and volume
of custody business, Citi has also worked hard in the last year to develop its collateral
management business.
State Street
State Street’s worldwide custody operation covers 107 geographic markets in 29
countries and has assets under custody of €14.5 trillion, an increase on the €12.9 trillion
figure of 2012. A US-based institution, State Street has worked hard to develop its
European business which accounts for €2.5 trillion of its AuC, especially markets such
as Italy.
SHORTLIST
THE JUDGES WERE IMPRESSED WITH BNP PARIBAS SECURITIES SERVICES’ INNOVATIVE AND ADVENTUROUS BUSINESS PLANS.
Patrick Colle, general manager, BNP Paribas Securities Services.
FUNDS EUROPE AWARDS 2013
30 Winter 2013
European Administrator
WHAT IMPRESSED THE
judges about State Street’s entry
in the Administrator category
was the level of commitment
the company has shown to this
industry. With a strong team, a
reliable delivery of service and
good all-round administration
strength, it was the willingness
to commit sufficient resources to
fill any gaps in provision, to fund
continued growth and to invest
in development, that decided
the minds of the judges. This
commitment was reflected in
the number of new clients (125)
from which State Street was able
to win mandates.
On the operational side, much
of State Street’s recent focus has
been on enhancing the overall
efficiency of the organisation
through a business operations
and IT transformation programme
designed to streamline the
operating model and drive
technology innovation, including
private cloud services. Its
administration business services
clients from large institutions to
small boutiques.
STATE STREET
Citi
CITI Fund Services administers more than €1.3 trillion of assets globally and €611 billion
within Europe, making it the fifth largest global administrator in terms of assets under
administration, as of December 2012. It has over 4,500 employees in its third party
administration staff. Much of the company’s recent focus has been on improving its
technology platforms and data/risk management solutions in order to reflect the growing
demands of its client base for risk-based services and improved business visibility
through a reduced cost base.
Northern Trust
Northern Trust has €965 billion in assets under administration, €464 billion of which is
domiciled in Europe. In addition, it has a third-party administration staff of more than
9,300 underlining its commitment to high levels of service, helping it win 298 mandates in
2012 and retain 17. Northern Trust has added capabilities to its European administration
offering in middle-office outsourcing and regulatory support services.
SGSS
Société Générale Securities Services has more than €450 billion of assets under
administration, all of which are domiciled in Europe, as of the Funds Europe Third Party
Administration Survey 2013. Much of SGSS’s focus in 2013 has centred on developing
services and solutions for collateral management and regulatory support for AIFMD
and Fatca.
SHORTLIST
ITS ADMINISTRATION BUSINESS SERVICES CLIENTS FROM LARGE INSTITUTIONS TO SMALL BOUTIQUES.
William Slattery, executive vice president, State Street Corp, and head of global services Emea.
31funds-europe.com
at a price that does not overly
increase the total expense ratio of
the fund.”
In addition to regulatory support
services, the company provides
clients with fund set-up services,
fund and portfolio administration,
shareholder services, banking
services and fund of hedge
fund custody.
European Hedge Fund Administrator
FOLLOWING THE DRAMATIC
period of growth in its European
business that saw Deutsche Bank
Alternative Fund Services win
the 2012 Funds Europe award
for European Hedge Fund
Administrator of the Year, the
judges saw fit to reward another
successful year in 2013, making it
two wins in a row.
The judges were impressed
with the continued support for
its alternatives business and the
development of new services
that displayed a focus on growth
and traction and resulted in more
client wins during 2013. The
service began in 1999 and has
stuck to its vision of partnering
only with high-quality hedge fund
managers rather than providing a
homogenous service to an infinite
number of clients.
As cost pressures continue
to challenge the hedge fund
industry and force administrators
to review their threshold for
clients, this approach looks
set to provide the firm with a
sustainable business and quality
proposition that can continue to
grow amid the regulation that has
impacted the industry, typified by
the Alternative Investment Fund
Management Directive.
As global head of fund services,
Mike Hughes told Funds Europe
recently: “Every new measure
introduced since 2008 to offer
investors more protection has had
an impact on administrators. We
have been in constant product
development since 2008 to offer
the services hedge funds need to
meet the regulatory requirements
DEUTSCHE BANK ALTERNATIVE FUND SERVICES
SS&C GlobeOp
Just as State Street warranted industry attention for its acquisition of Goldman
Sachs’ hedge fund administration service, so, too, has technology firm SS&C,
which acquired independent hedge fund administrator GlobeOp in June 2012 for
€680 million.Technology is a key component in today’s administration market
and this should leave SS&C GlobeOp well positioned to continue its ongoing
growth in the market and consolidate its position as one of the top ten global
hedge fund administrators. Once again, the judges will be keen to see how
well SS&C GlobeOp fares in 2014 as the benefits of its integration become more
fully realised.
State Street
State Street had made huge strides with its alternative administration service, noted
the judges. Its ambition in this sector were displayed when it acquired the hedge fund
administration unit of Goldman Sachs for $550 million (€400.7 million) in June 2012,
giving it a potentially dominant position in the hedge fund administration market with
nearly €650 billion in alternative assets under administration worldwide.
As consolidation plays an increasingly important role in the hedge fund administration
market, the judges look forward to seeing how State Street optimises the value of
its acquisitions.
SHORTLIST
THE JUDGES WERE IMPRESSED WITH THE COMPANY’S CONTINUED SUPPORT FOR ITS ALTERNATIVES BUSINESS AND THE DEVELOPMENT OF NEW SERVICES.
Mike Hughes, managing director, global head, alternative fund services
FUNDS EUROPE AWARDS 2013
FUNDS EUROPE AWARDS 2013
32 Winter 2013
industry sectors they serve. The
firm takes pride in being able
to serve a wide range of clients,
from multi-nationals seeking
domicilation services, to an
alternative investment firm that
needs an administrator for its
investment trading platform.
Alter Domus has 28 offices and
desks across four continents and
employs more than 650 people
in servicing its clients. Clients
include multinationals, 11 of the
largest 20 private equity houses
and 12 of the 30 largest real
estate firms.
Alter Domus has 4,000
structures under administration
and €16 billion in assets
under administration. The
services provided include
fund administration, corporate
secretarial, accounting,
consolidation, tax and legal
compliance, and depositary.
European Specialist Administrator of the Year
THE JUDGES RECOGNISED
an outstanding submission from
Alter Domus in awarding it the
prize for European Specialist
Administrator of the Year.
Of particular interest were
the company’s strong European
focus and the successful roll-out
of its European business, which
accounts for 97% of the client
base. The firm has experienced
exceptional growth despite
market conditions remaining
relatively difficult.
Judges were also impressed
with the company’s commitment
to the industry, which includes a
company training programme.
Alter Domus, which means
“second home” in Latin, was
founded in Luxembourg in 2003
and has been independently
owned by its current
management since then.
Alter Domus says it adopts
an approach where staff take
time to learn clients’ goals and
objectives, and then work out a
customised solution for them.
Even though each service
line is comprised of multi-
disciplinary teams, Alter Domus
says its individuals understand
the unique needs of the different
ALTER DOMUS
Ipes
Judges recognised the strong European coverage, important client wins and the roll-out
of a new technology platform in shortlisting Ipes, which provides fund administration and
outsourcing services to the private equity industry and was the winner of the 2012 award.
The company was established in 1998 and now has a team of more than 150 professionals
in four locations – London, Luxembourg, Jersey and Guernsey – administering in excess
of €38 billion for more than 100 clients with over 230 funds and 5,000 investors.
SEI
SEI was established in 1968 and provides investment processing, outsourcing and asset
administration services for mutual funds, hedge funds, private equity funds, exchange-
traded funds, collective trusts and separately-managed account programmes designed
to help investment managers keep pace with industry requirements, achieve efficiencies,
reduce business risk, and focus on their core business strategies. The company has
more than €225 billion of asset under administration covering mutual funds, pooled or
separately managed assets.
SHORTLIST
THE JUDGES WERE ALSO IMPRESSED WITH THE COMPANY’S COMMITMENT TO THE INDUSTRY, INCLUDING A COMPANY TRAINING PROGRAMME.
Laurent Vanderweyen, chief executive, Alter Domus
33funds-europe.com
The transfer agency and
shareholder services capability
is supported by a proprietary
global platform Shareholder
Accounting & Registration
Application (Sara) which is aimed
at both institutional and retail
clients around the world.
RBC I&TS is a wholly-owned
subsidiary of the Royal Bank
of Canada.
European Transfer Agent
WHEN DECIDING ON RBC
Investor & Treasury Services
as the winner of this year’s
award, it was the significant
and successful redevelopment
of its European business that
most caught the attention of
the judges.
The provider has been
able to make substantial
progress following a business
reorganisation and has
significnatly developed its
trasnsfer agency offering.
RBC provides a range of
shareholder services including
registrar and transfer agency,
cash management, fee
processing, quality assurance,
investor communication and
reporting and a number of
e-business services, including
clearing and online dealing.
RBC INVESTOR & TREASURY SERVICES
BNY Mellon Asset Servicing
BNY Mellon Asset Servicing provides a comprehensive array of services that enable institutions and individuals to manage and
service their financial assets in more than 100 markets worldwide. Its transfer agency services cover millions of shareholder
accounts spanning internet, telephone and paper channels.
The capabilities of the service include shareholder accounting and transactional recordkeeping, data delivery, repository and
analytics, client management services, and multi-currency and multi-lingual services for offshore portfolios.
IFDS
IFDS is a provider of investor record-keeping solutions in Europe to the offshore and European domestic marketplace with multi-
jurisdictional services used by retail and institutional fund managers, distributors and investment companies throughout Europe.
It has some 3,300 staff across France, Germany, Ireland, Italy, Luxembourg, Switzerland and the UK and has operational centres in
Hong Kong, India, Ireland and Luxembourg.
SGSS
Established in 28 locations worldwide with around 4,000 employees, SGSS provides a full range of securities services through its
global transfer agency solution. In 2011, SGSS moved its transfer agency business onto a single platform for all investment funds
domiciled in Luxembourg or Ireland. The company provides custody and trustee services for 3,229 funds and administration for
4,057 funds, and has more than €500 billion of assets under administration.
SHORTLIST
IT WAS THE SIGNIFICANT AND SUCCESSFUL REDEVELOPMENT OF ITS EUROPEAN BUSINESS THAT CAUGHT THE ATTENTION OF THE JUDGES.
Joanna Meager, co-head of investor services and global head, client operations, RBC Investor & Treasury Services
FUNDS EUROPE AWARDS 2013
FUNDS EUROPE AWARDS 2013
34 Winter 2013
European Front Office Provider
LIQUIDNET WAS SELECTED
by the judges on the strength
of its work on commission
management, which includes the
development of two applications
(Liquidnet Commission Analyzer
and Liquidnet Commission
Aggregator) designed to help
fund managers track commission
against research targets and
monitor their accounts.
Liquidnet, a global institutional
trading network used by more
than 700 asset managers in 42
global markets, is one of the
few service providers to have
produced any tools for what is
going to be an increasing area of
importance for fund managers,
as shown by the “Dear CEO”
letter from the Financial Services
Authority this time last year, and
the regulatory efforts to address
potential conflicts of interest.
LIQUIDNET:
Eze Software Group
Eze Software Group, a provider of multi-asset class investment technology, was
shortlisted for the highly active year, centred on the acquisition of RealTick EMS, a
cross-asset electronic execution platform that uses real-time market data, and the
efforts to integrate the EMS into EzeSoft’s OMS capability.
Eze Software Group employs more than 750 people around the world and is
headquartered in Boston.
MarketAxess Europe
MarketAxess Europe was shortlisted for its work in the fixed income space. Launched
in April 2001 as a wholly-owned subsidiary of the US-based trading platform,
MarketAxess Europe initially offered European secondary trading in US dollar and
euro-denominated eurobonds.
It has since added trading in other European credit products including bonds issued
in pounds and floating rate notes (FRNs) and has since successfully expanded into
sovereigns, supras, agency and covered bonds.
SHORTLIST
LIQUIDNET IS ONE OF THE FEW SERVICE PROVIDERS TO HAVE PRODUCED ANY TOOLS FOR WHAT IS GOING TO BE AN INCREASING AREA OF IMPORTANCE FOR FUND MANAGERS.
Mark Pumfrey, head of EMEA, Liquidnet
35funds-europe.com
MARKIT EDM
European Middle Office Provider
MARKIT EDM WON unanimous
admiration from the judges for
its data management service,
commonly used by asset
managers as a central hub
for managing the acquisition,
validation, storage and
distribution of data across
multiple asset classes and
fund types in a consistent, fully-
audited environment.
The acquisition of Cadis in
May 2012 has been successfully
managed with a new version
released in May 2012 and 40 new
clients since June 2012.
The firm launched a software-
as-a-service platform in 2010 for
smaller buy-side managers which
has continued to attract clients,
including its first sell-side client
(UBS). Parent company Markit
is headquartered in the UK and
employs more than 3,000 people
across 20 international offices.
SIMCORP WAS ANOTHER
unanimous choice for the judges
who were impressed with the
firm’s market-leading status,
which is built on the fact that it
is so widely used and liked by
customers.
The latest upgrades also
address two important and
current areas: over-the-counter
derivatives margin requirement,
and collateral management.
Simcorp was founded in 1971 and
is headquartered in Copenhagen.
The company is listed on Nasdaq
Omx Nordic and has more than
1,100 employees.
SIMCORP
European Back Office Provider
Milestone
The fund accounting vendor Milestone was shortlisted once again in 2013 in
recognition of its pControl platform, which is aimed at the growing number of asset
managers that have outsourced their fund processing and accounting activities, and
who are seeking an independent way of verifying their service providers’ output. The
past year has seen Milestone add new clients, including Schroders and Aberdeen
Asset Management, and extend the web delivery capabilities of pControl.
Multifonds
Fund accounting software provider Multifonds, the winner of the 2012 award, had
another impressive year which was notable for the implementation and roll-out
of Workflow and Exception Manager – the new enhancement to the Multifonds
accounting platform. Established in 1995, Multifonds now has more than 300 staff and
is used in some 30 regulatory jurisdictions.
SHORTLIST
Teknometry
The judges awarded a
commendation to Teknometry,
a new on-demand
performance analysis solution
for asset managers, investors
and advisors. Established in
2011, Teknometry offers an
end-to-end service enabling
the uploading of portfolio
data and return calculations,
attribution and risk statistics
that can be viewed using
a range of query and reporting
tools that are accessed via web
browsers. The cloud-based
nature of Teknometry was
of particular interest to the
judges, given that it offered an
affordable solution that is easy
to implement.
HIGHLY COMMENDED Vermillion Software
Vermillion Software won
this award in 2012 and the
judges were once again
impressed enough with the
company’s flagship product,
Vermilion Reporting Suite,
to have it shortlisted. In the
year in which it celebrated its
tenth anniversary, Vermilion
continued to sign asset
managers growing its cleint
base to more than 30 and with a
100% retention rate.
SHORTLISTED
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