rewarding excellence in business · purposes. J.P. Morgan does not make any representation or warranty, whether expressed or implied, in relation to the completeness, accuracy, currency

rewarding excellence in business

2012

IN ASSOCIATION WITH

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Project2:Layout 1 10/12/12 16:17 Page 1

3

A night of thought leadershipSnow, an unwelcome attendee at our last event, failed to showthis year and the eighth industry awards hosted by FundsEurope took place without logistical snags.We received a record amount of entries. It seems the numberof entry forms only grows as each year the businessenvironment gets tougher. Entrants demonstrated that despitethe continued hard times faced by the funds industry, they canproduce business excellence whatever the weather.

Funds Europe hosted 150 people at theTower of London andthere were a total of 18 awards, plus one Special Award.The latter went to MarkTennant of JP Morgan.Attendees ofFund Forum International will have seenMark interviewingvarious industry luminaries, though his influence andengagement go beyond that conference.Mark’s thought-leadership role in the asset management industry isrecognised by his peers in their awarding him with this honour.Coincidentally, this year we also gave our first award forindustryThought Leadership. It went to SAM, an innovativeasset manager and pioneer in creating sustainable indices.Unfortunately, a key winner – Edouard Carmignac, thefounder and chief investment officer of Carmignac Gestion whowon Personality of theYear – could not make it, though he senta video acceptance speech.He was in Brazil on the Novemberevening our awards took place – a reminder, perhaps, of thedirection the economic winds are blowing.We’d like to thank our judges and all who attended.A special mention must go to our presenters who helped usstreamline the ceremony and provided us with much humour.As MarkTennant said, the industry had functioned well for 40years until the financial crisis hit.He assured our guests theywere at the beginning of another successful 40 years. Let’s takethat thought into 2013.

Nick FitzpatrickEditor


2012

FUNDS EUROPE AWARDS 2012

FUNDS EUROPEEDITOR Nick Fitzpatrick Tel: +44 (0)203 178 5875 [email protected] � DEPUTY EDITOR Stefanie EschenbacherTel: +44 (0)203 178 5876 [email protected] � SENIOR STAFF WRITER George Mitton Tel: +44 (0)203 1785879 [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 DavidWright Tel: +44 (0)203 178 5878 [email protected] � OFFICE MANAGER IainMacArthur Tel: +44 (0)203 178 5874 [email protected] � WEB MANAGER Steve Dimitrov Tel: +44 (0)203 178 [email protected]

EDITORIAL ADVISORY BOARDPenelope Biggs Northern Trust, London � Dominique Carrel-Billiard AXA Investment Managers, Paris � Nadine Chakar BNYMellon, New York � Jean-Baptiste de Franssu Incipit, Brussels � Peter Elam Håkansson East Capital, Stockholm � Robert ParkerCredit 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, 2012

Total average net circulation 10,245Audit period 1st July 2011 - 30th June 2012

ISSN 1477-4453

Printed by Buxton Press

The views expressed in Funds Europe do not necessarily coincide withthe views of the publishers. Although the publishers have made everyeffort to ensure the accuracy of the information contained in thispublication, neither Funds Europe Limited nor any contributing authorcan accept any legal responsibility whatsoever for any consequencesthat may arise from errors or omissions contained in the publication orfrom acting on any advice given. In particular, this publication is not asubstitute for professional advice on a specific transaction.

03 Editorial - jssgmnf:Layout 1 10/12/12 09:36 Page 3

4


� CHARLIE PORTERformerly Thames River/F&C

� CLAREVINCENT-SILKInvestit

� DAVE REYNOLDSInvestit

� DAVID RENNCitiSoft

� DEAN LUMERKnadel

� EDMOISSONLipper

� HENDRIK DUTOITInvestec Asset Management

� HUGHMOIRF&C Investments

� JAMESWRIGHTJP Morgan

� KEITH HALEMultifonds

� KEITHWAUDBYHermes Fund Managers

� LUKE RANSLEYFriends’ Life Investments

� MARTIN GILBERTAberdeen Asset Management

� NICK BAKERAlpha FMC

� NICK EMMINSRBC Investor Services

� PAUL SQUIRESAXA Investment Managers

� RODNEYWILLIAMSMackay Williams

� STUART CATTMercer Sentinel

� STEVE BUTLERCamaradata Analytical Services

� SHEENAGHGORDON-HARTJP Morgan WSS

� TODD RUPPERTRTR International

Also judging the awards fromFunds Europe magazine were:

� ALAN CHALMERSPublisher

� NICK FITZPATRICKEditor

� STEFANIE ESCHENBACHERDeputy editor

� GEORGEMITTONSenior staff writer

� NICHOLAS PRATTOperations & technologyeditor

The Funds Europe editorial board

� PENELOPE BIGGSNorthern Trust, London

� DOMINIQUE CARREL-BILLIARDAXA Investment Managers,Paris

� NADINE CHAKARBNY Mellon, New York

� JEAN-BAPTISTE DEFRANSSUIncipit, Brussels

�PETERELAMHÅKANSSONEast Capital, Stockholm

� ROBERT PARKERCredit Suisse, London

� TODD RUPPERTRTR International, London &Baltimore

Judges Sponsors� RBC Investor ServicesRBC Investor Services is a premier providerof investor services to asset managers,financial institutions and other institutionalinvestors worldwide. Its unique approach todomestic and cross-border solutions,combined with award-winning client serviceand the expertise of 5,500 professionalsin 15 markets, helps its clients achievetheir ambitions.

RBC Investor Services ranks among theworld's top ten global custodians with$2.9 trillion (€3.6 trillion) in client assetsunder administration and is a wholly-ownedsubsidiary of Royal Bank of Canada, one ofthe largest and most financially sound banksin the world.

� MultifondsMultifonds is the award winning multi-jurisdictional, multi-asset-class investmentfund platform providing portfolioaccounting, fund accounting, investorservicing and transfer agency on a singlefully integrated platform.

Founded in 1995, Multifonds serves most ofthe world’s leading global custodians, third-party administrators and asset managers andtoday processes more than $3 trillion inassets across more than 30 jurisdictions.

� JPMorganWorldwide Securities ServicesJP Morgan Worldwide Securities Services isa premier securities servicing providerthat helps institutional investors, alternativeasset managers, broker dealers and equityissuers optimise efficiency, mitigate risk andenhance revenue.With $18.2 trillion in assets under custodyand $7.3 trillion in assets underadministration, JP Morgan WorldwideSecurities Services leverages the firm’sglobal scale, leading technology and deepindustry expertise to service investmentsaround the world.

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5

EUROPEAN PERSONALITY OF THEYEARAWARD WINNER: Edouard Carmignac

ACCEPTED BY: Matthew Wright

PRESENTED BY: Charlie Porter

SPECIAL AWARDAWARD WINNER: Mark Tennant, JP Morgan

Worldwide Securities Services

ACCEPTED BY: Ann Doherty


A Towering room of talentFunds Europe hosted 150 people atthe Tower of London at the end ofNovember and awarded 18 awards,plus one Special Award and oneSpecial Commendation.

The Funds Europe team and agroup of independent judges –many of whom had contributedin previous years – had onceagain spent months going throughentries, trying to pick a winner.This year saw a record numberof submissions.

In the end, an evening with thecrème de la crème of Europe’sasset management industry madetheir efforts worth it.


6


Winter 2012

EUROPEAN THOUGHT LEADERSHIPOF THE YEAR SPECIAL COMMENDATION

AWARD WINNER: Edhec

ACCEPTED BY: Nikolaos Tessaromatis/Fahd Rachidy

PRESENTED BY: Piers Currie

EUROPEAN THOUGHT LEADERSHIPOF THE YEARAWARD WINNER: SAM

ACCEPTED BY: Daniel Wild

PRESENTED BY: Piers Currie

EUROPEAN CIO OF THE YEARAWARD WINNER: Anne Richards, Aberdeen

Asset Management

ACCEPTED BY: Sam Walker

PRESENTED BY: Ann Doherty

EUROPEAN ASSET MANAGEMENTCOMPANY OF THE YEAR (> €20BN)AWARD WINNER: Aberdeen Asset Management

ACCEPTED BY: Piers Currie


EUROPEAN ASSET MANAGEMENTCOMPANY OF THE YEAR (< €20BN)AWARD WINNER: Edmond de Rothschild

ACCEPTED BY: Lionel Errera

PRESENTED BY: Nick Fitzpatrick

EUROPEAN SPECIALIST INVESTMENTFIRM OF THE YEARAWARD WINNER: BlueBay Asset Management

ACCEPTED BY: Craig Castle

PRESENTED BY: Keith Hale

EUROPEAN HEDGE FUND FIRM OFTHE YEARAWARD WINNER: Aquila Capital

ACCEPTED BY: Stuart MacDonald

PRESENTED BY: Robin Creswell

EUROPEAN ETF FIRM OF THE YEARAWARD WINNER: iShares

ACCEPTED BY: Helga Mepham

PRESENTED BY: Diana Mackay

EUROPEAN MARKETING CAMPAIGNOF THE YEARAWARD WINNER: M&G

ACCEPTED BY: Jacqui Haskins

PRESENTED BY: Mark Brandis

06-07 Present pix - jssgmnf:Layout 1 10/12/12 09:49 Page 6

7www.funds-europe.com

EUROPEAN BACK OFFICE PROVIDEROF THE YEARAWARD WINNER: Multifonds

ACCEPTED BY: Oded Weiss

PRESENTED BY: Hugh Burden

EUROPEAN HEDGE FUND ADMINAWARD WINNER: Deutsche Bank Alternative Fund

Services

ACCEPTED BY: Mike Hughes

PRESENTED BY: Catherine Doherty

EUROPEAN MIDDLE OFFICEPROVIDER OF THE YEARAWARD WINNER:Vermilion

ACCEPTED BY: Paul Smillie


EUROPEAN FRONT OFFICEPROVIDER OF THE YEARAWARD WINNER: eFront

ACCEPTED BY: Philippe Verboogen


EUROPEAN TRANSFER AGENT OFTHE YEARAWARD WINNER: IFDS

ACCEPTED BY: Paul Kelly


EUROPEAN SPECIALISTADMINISTRATOR OF THE YEARAWARD WINNER: IPES

ACCEPTED BY: Alan Chalmers


EUROPEAN ADMINISTRATOR OF THEYEARAWARD WINNER: HSBC Securities Services

ACCEPTED BY: Ian Stephenson


EUROPEAN CUSTODIAN OF THEYEARAWARD WINNER: BNP Paribas Securities

Services

ACCEPTED BY: Richard Hughes


EUROPEAN ADVISOR OF THE YEARAWARD WINNER: Investit

ACCEPTED BY: Catherine Doherty

PRESENTED BY: Jerome Bloch

06-07 Present pix - jssgmnf:Layout 1 10/12/12 09:52 Page 7

J.P. Morgan congratulates Mark Tennant on hisoutstanding contribution to the funds industry and thanks him for the valuable role he has played in our success over the past 20 years.

Copyright ©2012 JPMorgan Chase & Co. All rights reserved. This document contains a summary of the subject matter (and is subject to change without notice) and is provided solely for general information purposes. J.P. Morgan does not make any representation or warranty, whether expressed or implied, in relation to the completeness, accuracy, currency or reliability of the information contained in this brochure nor as to the legal, regulatory, financial or tax implications of the matters referred herein. The contents of this document do not constitute any advice. This brochure does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Issued and approved for distribution in the United Kingdom and the European Economic Area by J.P. Morgan Europe Limited. In the United Kingdom, JPMorgan Chase Bank, N.A., London branch and J.P. Morgan Europe Limited are authorised and regulated by the Financial Services Authority. J.P. Morgan is the marketing name for JPMorgan Chase & Co. and its subsidiaries and a�liates worldwide. This document should not be distributed to others or replicated in any form without prior consent of J.P. Morgan.




Special AwardMARKTENNANT, JP MorganWorldwide Securities Services

Mark received the Special Award from industry peers in recognitionof a commitment to the asset management business that has driventhe industry towards higher standards.He has organised many key events and contributed to numerousthought-leadership symposia, in particular Fund Forum International.At the same time, he has led and developed some major players inthe asset management industry, including JP Morgan, Hill Samuel,Fidelity and Hambros.Currently a senior adviser to JP Morgan and a member of theadvisory board of T Rowe Price Global Investor Services,Mark is alsoa chairman at the management consultancy Bluerock and chairman atForeign & Colonial Private Equity Trust.Mark spent 13 years at Chase Manhattan Bank (now JP Morgan),opening the Edinburgh office of Chase in 1991 before moving to theUS as head of strategy and finance for the custody division.Returning to London in 1996, he was head of strategy and planningfor Europe and Asia until 2004,while also running some of JP MorganInvestor Services’major relationships.Between 1986 and 1991,Mark was a director at Hill Samuel andserved as chairman at Hill Samuel Private Clients, Hill Samuel UnitTrust Managers and Bell LawrieWhite & Co.Prior to that, he was a marketing director at Fidelity in connectionwith products based on the Employee Retirement Income SecurityAct, and he was managing director of UK pension funds.He spent ten years with Hambros bank, the last three as managingdirector of its Far East operation based in Hong Kong.Mark also served seven years in the Scots Guards and is an officer inthe Royal Company of Archers, the Queen’s ceremonial bodyguard inScotland. He has been a district councillor, a parliamentary candidateopposing Gordon Brown in 1992 and a candidate for the Highlandsand Islands constituency in the European Parliament in 1993.He is a trustee of the Royal Hospital Chelsea and, in 2006,Mark waselected to be a fellow of the Royal Society for the Advancements ofthe Arts, Industry and Sciences.

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10


Winter 2012

European Personalityof theYear

EDOUARD CARMIGNAC, Carmignac Gestion

Edouard Carmignac has won the European Personality of theYearaward in recognition for both the development of Carmignac Gestionand for his commitment to thought leadership in the funds industry.Edouard is a past winner of the European CIO of theYear award, and

as a fund manager and business leader he is someone who hasalways led by conviction.“A pragmatic leader of the industry today,” said one judge.

“Outspoken in key industry topics,” said another.Over the past year, Edouard has helped to drive the agenda for

investor protection both within the EU and European Fund and AssetManagement Association.In Carmignac Gestion,which he founded in 1989, he has created a

brand at the forefront of the European scene with a reputation forexcellence. In his role as chairman, he is closely involved in themanagement strategy of its Ucits funds.Based in France,Carmignac Gestion is today one of Europe’s best

known asset managers and prides itself that its long-term viabilityis ensured by a stable shareholding structure,which reflects its spiritof independence.

SHORTLISTED

ROBIN GEFFEN, Neptune Investment ManagementRobin Geffen is founder and chief executive officer at NeptuneInvestment Management, a UK-based boutique, set up in 2002. Robinwon European CIO of theYear last year.


2012

10 Personality - jsssenf:Layout 1 10/12/12 09:58 Page 10

THIS COMMUNICATION IS DIRECTED ONLY AT PROFESSIONAL FINANCIAL ADVISERS. IT SHOULD NOT BE DISTRIBUTED TO, OR RELIED ON BY PRIVATE CUSTOMERS. THE VALUE OF INVESTMENTS CAN FALL AS WELL AS RISE AND LOSSES MAY BE MADE. Telephone calls may be recorded for training and quality assurance purposes. *Source: Investec Asset Management as at 30.09.12. Issued by Investec Asset Management, December 2012.

With more than $100bn* under management, Investec Asset Management has

transformed over the past twenty one years from strong roots in Africa to become

a truly global asset manager. We offer a diverse range of investment strategies from

global equities, fixed income and multi-asset investment to specialist capabilities in

emerging and frontier markets, commodities and resources. While our perspective

and presence are global, it is our distinctive African heritage that sets us apart.

For more information, please call us on +44 (0)20 7597 1900 or email

[email protected]

We are at the frontier of global investing


12


Winter 2012

European CIOof theYear

ANNE RICHARDS, Aberdeen Asset Management

Anne Richards is not only chief investment officer but also headof Europe,Middle East and Africa, and a director at AberdeenAsset Management plc.Anne won the European CIO of theYear award for her efforts to grow

the region’s asset base as well as the development of investmentsolutions for the multi-asset and fund of hedge funds division.Other than her commitment to Aberdeen Asset Management, the

judges also praised her efforts to encourage more women into theboardroom and to promote the advancement of women in generalthroughout the investment industry.One judge also noted that,without Anne, the business would not be

where it is now.Aberdeen Asset Management was founded in 1983 and

operates globally.Today it has 1,900 members of staff in 23 countries. Its mission is to

deliver superior asset performance and exemplary client service,through consistent active management processes across variousdifferent asset classes.The range comprises equities, fixed income,property and alternatives.

SHORTLISTED

EDOUARD CARMIGNAC, Carmignac GestionEdouard Carmignac won the European Personality of theYear awardthis year for his development of Carmignac Gestion and is a pastwinner of the European CIO of theYear award.

ROBIN GEFFEN, Neptune Investment ManagementRobin Geffen is founder and chief executive officer at NeptuneInvestment Management, a UK-based boutique set up in 2002. Robinwon European CIO of theYear last year.


2012

12 CIO - jsssenf:Layout 1 10/12/12 10:01 Page 12

Past performance is not a guide to future returns, the value of investments and the income from them can fall as well as rise and investors may get back less than the amount invested. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen, AB10 1YG. Authorised and regulated by Financial Services Authority in the United Kingdom.

121000800

We travel the globe to seek the best investments for our clients

www.aberdeen-asset.com

We believe it is better to discover global opportunities for ourselves, rather than to take someone else’s word for it. Our fund managers travel the globe to interview the management of more than 3,000 companies worldwide: we always vet companies ourselves, first-hand, and we never invest in a company’s equity without first meeting its management.

So what you get with Aberdeen is the distillation of what we believe to be the best companies in the world, not an investment in something just because it is in an index.

Aberdeen are proud to be recognised as the Asset Manager of the Year (>€20 Billion category) and the CIO of the Year at the 2012 Funds Europe Awards.

European Asset ManagementCompany of the Year

(> €20bn)

2012

Anne Richards, AberdeenEuropean CIO

of the Year

2012

For more information on where we go and why, please visit our website at www.aberdeen-asset.com

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14


Winter 2012

European Asset ManagementCompany of theYear (>€20bn)

ABERDEEN ASSET MANAGEMENT

Aberdeen Asset Management was founded in 1983 andoperates globally.

Today it has 1,900 members of staff in 23 countries. One of thejudges noted that “few people start a company and see it grow to beincluded in the FTSE 100”.

Aberdeen Asset Management’s mission is to deliver superior assetperformance and exemplary client service, through consistent activemanagement processes across various different asset classes.

The range comprises equities, fixed income, property and alternatives.The company takes pride in its approach, with original thinking andresearch, which the team bases its investment decison on.The teams arelocally based in the regions they invest in.

SHORTLISTED

CARMIGNAC GESTIONBased in France, Carmignac Gestion was founded in 1989 and hasbecome one of the leading asset managers in Europe. It prides itselfon its long-term viability which is ensured by a stable shareholdingstructure, which reflects Carmignac’s spirit of independence.

INVESTEC ASSET MANAGEMENTEstablished in South Africa in 1991, Investec Asset Management hasgrown largely organically from its domestic roots. A specialistprovider of active investment products and services, Investec serves agrowing international client base in the Americas, the UK, continentalEurope, Asia, the Middle East, Australia and Africa.

PIMCOPIMCO is a global asset manager with more than 2,000 members ofstaff in 11 countries. It focuses on managing risks and deliveringreturns for clients from both mutual funds and exchange-traded funds.The fund range comprises cash and short-term duration bonds,broader fixed income, equities, real assets, currency and assetallocation products.


2012

Martin Gilbert, CEO atAberdeen Asset Management

14 AM>20 - jssgmsenf :Layout 1 10/12/12 10:04 Page 14

Past performance is not a guide to future returns, the value of investments and the income from them can fall as well as rise and investors may get back less than the amount invested. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen, AB10 1YG. Authorised and regulated by Financial Services Authority in the United Kingdom.

121000800

We travel the globe to seek the best investments for our clients

www.aberdeen-asset.com

We believe it is better to discover global opportunities for ourselves, rather than to take someone else’s word for it. Our fund managers travel the globe to interview the management of more than 3,000 companies worldwide: we always vet companies ourselves, first-hand, and we never invest in a company’s equity without first meeting its management.

So what you get with Aberdeen is the distillation of what we believe to be the best companies in the world, not an investment in something just because it is in an index.

Aberdeen are proud to be recognised as the Asset Manager of the Year (>€20 Billion category) and the CIO of the Year at the 2012 Funds Europe Awards.

European Asset ManagementCompany of the Year

(> €20bn)

2012

Anne Richards, AberdeenEuropean CIO

of the Year

2012

For more information on where we go and why, please visit our website at www.aberdeen-asset.com

FOR INVESTMENT PROFESSIONALS - NOT FOR USE BY RETAIL INVESTORSFOR INVESTMENT PR OFTONONALS - IESSFOMENT PR ORSL INVESTIAETTARYUSE BOR

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managementits est in a companver innev

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16


Winter 2012

European Asset ManagementCompany of theYear (<€20bn)

EDMOND DE ROTHSCHILD ASSET MANAGEMENT

For the second year running, Edmond de Rothschild AssetManagement has won the award for Asset Management Company ofthe Year <€20 billion.

Judges highlighted the company’s strong product range.Established in 1953 by Baron Edmond de Rothschild, the group is

today chaired by his son Benjamin de Rothschild.With a 250-year family heritage, the asset manager places emphasis

on traditions and values, and being fully independent when advisingprivate and institutional clients.

It specialises in private banking and asset management,following four main investment principles: risk control, liquidity,transparency and absolute priority, which puts low risk andopportunism before returns.

Edmond de Rothschild Asset Management provides services forprivate clients, family offices, companies, institutional clients, third-party managers, distributors and the public sector.

SHORTLISTED

NEPTUNE INVESTMENT MANAGEMENTA UK-based boutique, Neptune Investment Management offers avariety of actively managed equity funds investing across differentregions. It was founded in 2002 as an independent and privately-owned company.


2012

Christophe de Baker,CEO of the Edmond deRothschild Group

16 AM<20 - jssgmsenf :Layout 1 14/12/12 11:29 Page 16


European Specialist Investment Firmof theYear

BLUEBAY ASSET MANAGEMENT

BlueBay has become a notable force in active European assetmanagement since its launch in 2001. It is recognised as a leadingfixed income specialist manager.

The firm is based in London with offices in the US, Luxembourg,Hong Kong and Japan.

It managed over $46.9 billion (as at September 28) for institutionsand high-net-worth individuals.

Its product range covers investment grade bonds, high yield anddistressed assets, convertibles and emerging markets.

BlueBay presents these assets and strategies through a selection ofrisk/return profiles, from absolute return long/short funds to relativereturn long-only funds and segregated accounts.

The firm focuses on capital preservation and the generation ofattractive, risk-adjusted returns. A comprehensive infrastructure andrisk management framework supports its investment activity.

BlueBay Asset Management is a wholly-owned subsidiary of RoyalBank of Canada (RBC) and part of RBC Global Asset Managementgroup of companies.

THE SHORTLIST

ABBEY CAPITALAbbey Capital is an Irish-owned alternative investment manager. Itmanages an international investment business with diversificationacross financial futures, foreign exchange and global equity markets.

INSIGHT INVESTMENT MANAGEMENTInsight is one of the UK’s largest active managers with more than£187 billion (€143 billion) in assets under management acrossliability-driven investment, fixed income, absolute return, multi-assetand specialist investment strategies.

ROGGE GLOBAL PARTNERSFounded in 1984, Rogge Global Partners is one of the first globalfixed income specialists in the investment management industry. Itoffers a broad spectrum of fixed income products, from developedmarkets to emerging markets, as well as specialised solutions suchas liability-driven investments.


2012


17 Specialist - jssgmnf:Layout 1 10/12/12 10:11 Page 17

18


Winter 2012

European ETF Providerof theYear

iSHARES

“It's hard to look past iShares,” said one judge.The company, which is owned by asset management giant

BlackRock, has continued to increase its assets under managementand launched a number of products in 2012, cementing itsposition as the largest exchange-traded fund (ETF) provider byasset size.

The company has continued to play a leading role in promotingthe benefits of ETFs and has worked to establish more transparencyover product labelling and disclosure, particularly over synthetic,or swap-based, products.

“If you chose just on numbers, it would be iShares,” saidone judge.

The numbers were the metric used and iShares won theaward again.

SHORTLISTED

AMUNDI INVESTMENT SOLUTIONSThe ETF division of the French asset manager, which is jointly-owned by Credit Agricole and Societe Generale, has 115 funds in itsrange, as of December 2012. The ETF division is run by AmundiInvestment Solutions, which also manages structured products.

DB X-TRACKERSDeutsche Bank’s ETF unit has €33 billion under management, as ofJune 2012, spread across 200 products. The unit is the second-largestprovider of ETFs in Europe, according to the company.

UBSHaving launched its first ETF in 2001, the Swiss bank has increasedits range to include both synthetic and physical products, which areoften listed on multiple exchanges and which the company sayshave low tracking error.


2012

Joe Linhares: headof Emea at iShares

18 ETF provider - jsssenfgm:Layout 1 10/12/12 10:16 Page 18

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SUMMER 2012

SukukShopping for bonds

ASSET SERVICING • BRAZILIAN EXPORTS • POST-TRADE PROCESSES

The telecoms sector

Peru’s case for asset management

Expanding with Ucits

SUMMER 2012

The mismatch ofgrowth and returns

THAILAND • EXCHANGE-TRADED FUNDS • ASIAN UCITS

Impact on asset servicing

Credit quality and default risk of dim sum bonds

Two roundtables

SPRING 2012

MAY 2012 • ISSUE 106 • €40

GERMAN

ENVIRONMENTAL FUNDS • DIVERSIFIED GROWTH • ASSET SERVICING

All is not gold

Saving energy in

Leaders in Ireland andthe Channel Islands

Fundservices

AmericanequitiesOutpacing recovery

InterviewsYves Perrier, CEO, AmundiJim Ross, head of SPDR ETFs

Privatewealth

fund management

APRIL 2012 • ISSUE 105 • €40

NORDIC SAFETY

NEWS BRIEFING • EDHEC RESEARCH: ETFS • REGULAR COLUMNS

The complicatedlife of Europeanbond investors

Sail from stormy euroland to

Risk asset orsafe haven?

Goldbounce

Third-partyadmin2012 survey &directory

PENSIONFUNDS

Outsourcinginvestment ops

Debtworries

�Plus, asset servicing roundtable

MARCH 2012 • ISSUE 104 • €40

PENSIONSSTORM

22

CLIENT REPORTING • ALFI CONFERENCE PREVIEW • RISK PARITY INVESTING

A clearer landscape

The multi-asset solution for Europe’s

�Exchange-traded funds

�The economics of austerity

PLUS:

AbuDhabi’sInvest AD bringsAfrica to Europe

RiskvendorsChallenges ahead, plusinterview with FranklinTempleton Investments

Moneymarkets

JUNE 2012 • ISSUE 107 • €40

CROSS-BORDER DISTRIBUTION • SOCIAL MEDIA • NON-FINANCIAL RISK

Hong Kongroundtable

Investing after the

� Praveen Jagwani, UTI International� Peter de Proft, Efama

Performance fees

in European equities

Beating correlation

funds europe and funds global are a key resource for everyone involved in the global investmentfund business, and in tracking and interpreting developments in institutional and retail fund markets.

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20


Winter 2012

European Hedge Fund Firmof theYear

AQUILA CAPITAL

Aquila Capital’s funds have had good inflows this year with netassets up about 30% and excellent performance.

Aquila was a company “on the move”, said one judge. The panelliked the range of green investment strategies the company runs,which focus on farms, forestry and renewable energy.

The firm has a diverse product range, described as innovative.Established in 2011, the Hamburg-based company now employs

more than 80 investment specialists and manages €4.1 billion. It hasattracted attention due to its successful risk parity funds.

Aquila Capital says it operates in the tradition of Hanseaticmerchants and values its partnership with investors.

Roman Rosslenbroich:founder and CEO atAquila Capital

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European Adviserof theYear

INVESTIT

Founded in 1998, Investit has provided consultancy, benchmarkingand research services for 13 years. The company draws from adatabase that has been built up over nine years and offers a backcatalogue of reports spanning eight years.“Investit’s case studies stood out,” one judge noted.“They presented

the cases best and really explained how to generate revenues.”The team aims to identify significant trends and develop cost-

effective solutions to suit clients’ strategic thinking.The companyevaluates how well aspects of clients’ businesses are positioned toachieve goals, then defines and implements changes in those areas ofbusiness where it is necessary.

THE SHORTLIST

ALPHA FMCAlpha Financial Markets Consulting is a provider of consultancy,benchmarking and implementation services to financial institutions.Its primary focus is on asset and wealth managers in Europe andthe US.

MATHESONLaw firm Matheson focuses on international companies and financialinstitutions doing business in and through Ireland. It providesservices for more than half of the Fortune 100 companies and 27 ofthe world’s 50 largest financial institutions.


2012


Catherine Doherty:founder and globalCEO at Investit

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22


Winter 2012

European Thought LeadershipSAM

SAM focuses on sustainable investment, offering asset management,index, private equity and sustainability services. It was founded in1995 and since 2007 has been a member of Robeco, which is asubsidiary of the Rabobank Group.

SAM was given the newly created award of European ThoughtLeadership for its research “outside the investment box”.Nevertheless, the judges noted, there was a connection between theresearch SAM produced and how the findings related to theinvestment process.Topics covered included obesity and biofuels.

“They were able to identify sustainable investment opportunitiesand integrate changes in the global environment into investmentthought,” said one judge.

SPECIAL COMMENDATION

EDHECEDHEC received a special commendation for the European ThoughtLeadership award for its ability to “take its research around theworld”. The business school, said one judge, boasted “an impressivegroup of people”.


2012

INVESTITInvestit’s entry was noted for the research on efficiency of assetmanagers and profitability. The consultancy draws from a databasebuilt up over nine years. It has been delivering consulting servicesfor more than 13 years.

LIPPERData provider Lipper received praise for the depth and breadth ofsubjects its research covers.“Others copied and pasted marketingmaterial, and it became no more than masked PR behind theintellectual screen,” noted one judge.

SHORTLISTED

Michael Baldinger:CEO at SAM

22 Thought - jssgm:Layout 1 10/12/12 10:28 Page 22

WITH A SPINCOMMUNICATION

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24


Winter 2012

EuropeanMarketing Campaignof theYear

M&G INVESTMENTS

M&G’s winter campaign 2011 to 2012 put skiing-inspiredadvertisements on slopes in Europe and was described as“brilliant” by the panel.Several judges had been skiing during the year. Having seen the

adverts, they thought them impressive.The judges liked that M&Gplaced the adverts on tabards that were given to children,who werelearning to ski, to wear, thus helping raise awareness of the brandamong investors of the future.Meanwhile, the wisdom of appealing to winter sports fans,who are

generally well off, was clear.The company’s submission came in alarge, hardback book with colour photos, which the judges also liked.

Michael McLintock:CEO at M&GInvestment

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4


� CHARLIE PORTERformerly Thames River/F&C

� CLAREVINCENT-SILKInvestit

� DAVE REYNOLDSInvestit

� DAVID RENNCitiSoft

� DEAN LUMERKnadel

� EDMOISSONLipper

� HENDRIK DUTOITInvestec Asset Management

� HUGHMOIRF&C Investments

� JAMESWRIGHTJP Morgan

� KEITH HALEMultifonds

� KEITHWAUDBYHermes Fund Managers

� LUKE RANSLEYFriends’ Life Investments

� MARTIN GILBERTAberdeen Asset Management

� NICK BAKERAlpha FMC

� NICK EMMINSRBC Investor Services

� PAUL SQUIRESAXA Investment Managers

� RODNEYWILLIAMSMackay Williams

� STUART CATTMercer Sentinel

� STEVE BUTLERCamaradata Analytical Services

� SHEENAGHGORDON-HARTJP Morgan WSS

� TODD RUPPERTRTR International

Also judging the awards fromFunds Europe magazine were:

� ALAN CHALMERSPublisher

� NICK FITZPATRICKEditor

� STEFANIE ESCHENBACHERDeputy editor

� GEORGEMITTONSenior staff writer

� NICHOLAS PRATTOperations & technologyeditor

The Funds Europe editorial board

� PENELOPE BIGGSNorthern Trust, London

� DOMINIQUE CARREL-BILLIARDAXA Investment Managers,Paris

� NADINE CHAKARBNY Mellon, New York

� JEAN-BAPTISTE DEFRANSSUIncipit, Brussels

�PETERELAMHÅKANSSONEast Capital, Stockholm

� ROBERT PARKERCredit Suisse, London

� TODD RUPPERTRTR International, London &Baltimore

Judges Sponsors� RBC Investor ServicesRBC Investor Services is a premier providerof investor services to asset managers,financial institutions and other institutionalinvestors worldwide. Its unique approach todomestic and cross-border solutions,combined with award-winning client serviceand the expertise of 5,500 professionalsin 15 markets, helps its clients achievetheir ambitions.

RBC Investor Services ranks among theworld's top ten global custodians with$2.9 trillion (€3.6 trillion) in client assetsunder administration and is a wholly-ownedsubsidiary of Royal Bank of Canada, one ofthe largest and most financially sound banksin the world.

� MultifondsMultifonds is the award winning multi-jurisdictional, multi-asset-class investmentfund platform providing portfolioaccounting, fund accounting, investorservicing and transfer agency on a singlefully integrated platform.

Founded in 1995, Multifonds serves most ofthe world’s leading global custodians, third-party administrators and asset managers andtoday processes more than $3 trillion inassets across more than 30 jurisdictions.

� JPMorganWorldwide Securities ServicesJP Morgan Worldwide Securities Services isa premier securities servicing providerthat helps institutional investors, alternativeasset managers, broker dealers and equityissuers optimise efficiency, mitigate risk andenhance revenue.With $18.2 trillion in assets under custodyand $7.3 trillion in assets underadministration, JP Morgan WorldwideSecurities Services leverages the firm’sglobal scale, leading technology and deepindustry expertise to service investmentsaround the world.


5

EUROPEAN PERSONALITY OF THEYEARAWARD WINNER: Edouard Carmignac

ACCEPTED BY: Matthew Wright


SPECIAL AWARDAWARD WINNER: Mark Tennant, JP Morgan

Worldwide Securities Services

ACCEPTED BY: Ann Doherty


A Towering room of talentFunds Europe hosted 150 people atthe Tower of London at the end ofNovember and awarded 18 awards,plus one Special Award and oneSpecial Commendation.

The Funds Europe team and agroup of independent judges –many of whom had contributedin previous years – had onceagain spent months going throughentries, trying to pick a winner.This year saw a record numberof submissions.

In the end, an evening with thecrème de la crème of Europe’sasset management industry madetheir efforts worth it.



28


Winter 2012

European Administratorof theYear

HSBC SECURITIES SERVICES

Judges said HSBC Securities Services had seen a good year, withnew business wins of various sizes. The provider had demonstratedan ability to handle complexity with the appointment by London-based BlueCrest Capital, they noted.

The BlueCrest Volatility Arbitrage fund was migrated to HSBCin February.

HSBC provides administration, collateral management and paymentprocessing services, as well as portfolio valuations.

SHORTLISTED

BNP PARIBAS SECURITIES SERVICESBNP Paribas Securities Services has a local presence in 34 countriesacross five continents, giving global coverage of more than 100markets. The bank says it had $1.28 trillion (€977 billion) of assetsunder administration as of September 30 and more than 7,044administered funds.

CITICiti provides administration through its Global Transaction Servicesdivision. More than 400 of the world’s top 500 banks and 200 of thetop 300 asset managers rely on Citi’s Global Transaction Services toprovide correspondent banking, investment administration solutionsand securities services, says the bank.

NORTHERN TRUSTNorthern Trust Corporation, based in Chicago, has offices in 16international locations in the US, Europe, the Middle East and theAsia-Pacific region. As of June 30, Northern Trust had assets undercustody of $4.6 trillion, and assets under investment management of$704.3 billion.


2012

Drew Douglas: co-head at HSBCSecurities Services

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European Hedge FundAdministrator of theYear

DEUTSCHE BANK ALTERNATIVE FUND SERVICES

Deutsche Bank Alternative Fund Services saw a dramatic period ofgrowth in Europe during the 12 months to June 30, 2012. Judgesrecognised this in awarding the bank with this top title.The service began in 1999. Its vision was not to provide a

homogeneous service to an infinite number of clients, but to partnerwith only high-quality hedge fund managers and build a product anda service platform to “propel their business”.During the second half of 2011, Deutsche Bank Alternative Fund

Services completed the re-architecture of its core operating systems,which has led to more efficiencies such as automatically capturingtrades captured from prime brokers.The provider’s Autobahn platform also came in for praise from one

of the judges.

THE SHORTLIST

CITICiti offers end-to-end solutions for hedge funds and providesservices to multiple product structures. The provider covers stand-alone funds, master feeder funds, umbrella funds, corporateentities, separately managed accounts, unit trusts, family officesand Sicavs.

JP MORGAN ALTERNATIVE INVESTMENT SERVICESJP Morgan Alternative Investment Services is a top-tier provider ofindependent fund administration and outsourcing to hedge fundsworldwide. The firm says its breadth of service exceeds marketdemands across all European domiciles.

TRINITYTrinity focuses on providing a boutique, high-touch, institutional-grade service that utilises highly experienced and serviceoriented staff together with an efficient technology platform.Thefirm was founded in 1993.


2012


Mike Hughes: head ofalternative fund services, Emeaand Asia at Deutsche BankAlternative Fund Services

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30


Winter 2012

European Specialist Administratorof theYear

IPES

Judges recognised Ipes for continued growth and focus in theprivate equity sector and for having a list of quality clients.

Ipes has a team of more than 130 skilled professionals and managesin excess of $50 billion (€38.8 billion) assets from four Europeanlocations – London, Luxembourg, Jersey and Guernsey.

The business works for more than 90 clients with over 230 funds and5,000 investors worldwide.

Established in 1998, Ipes has successfully pioneered a specialistapproach to private equity fund administration “based on trust,expertise and working in partnership with clients to deliver a servicebuilt around their needs”.

ALTER DOMUSAlter Domus has its origins in a Big Four accountancy practice in Luxembourg andhas been independently owned by its current management since 2003. AlterDomus is Latin for “second home”.

CUSTOM HOUSEFounded 22 years ago, Custom House has developed into a leading globalindependent financial organisation. Originally established in Dublin, Ireland, in1989 by Dermot Butler, in 2005 Custom House opened an associate office inChicago, followed by Singapore in 2007.

SEISEI’s investment manager services division’s platform integrates best-in-classindustry tools and technology to support a manager’s diverse business needsacross multiple products and asset classes.

THE SHORTLIST rewarding excellence in business

2012

Kevin Brennan:CEO at Ipes

30 Special admin - jssgmse :Layout 1 10/12/12 10:48 Page 30

More information on our locations on:Available on Applestore:

International Alternative Fund Regulation

2012

A a lable on Applestb e on ApplestAp leststor :e:orailable on ApplestvA Mo e n orm t on otion onormae infMor n ou oc t o s otions on:aan our loc

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32


Winter 2012

European Transfer Agent of theYearIFDS

Judges noted IFDS for a “stand-out” proposition in Europe and continued quality of business wins.The IFDS group of companies are all joint ventures between DST Systems and State Street. It hassome 3,300 staff across France, Germany, Ireland, Italy, Luxembourg, Switzerland and the UK. IFDSis a leading provider of investor record-keeping solutions in Europe to the offshore and Europeandomestic marketplace. Its multi-jurisdictional solutions are used by retail and institutional fundmanagers, fund distributors and investment companies around Europe and the offshore markets.Its services are provided from operational centres in Hong Kong, India, Ireland and Luxembourg.

SHORTLISTED

BNY MELLON ASSET SERVICINGBNY Mellon is a global leader in providing a comprehensive array of services that enable institutions and individualsto manage and service their financial assets in more than 100 markets worldwide.

RBC INVESTOR SERVICESRBC Investor Services is a wholly owned subsidiary of Royal Bank of Canada. It is one of the top 10 global custodianswith $2.9 trillion (€2.2 trillion) in client assets under administration. Its global custody network covers 89 markets.

SOCIETE GENERALE SECURITIES SERVICESEstablished in 28 locations worldwide with around 4,000 employees, SGSS provides a full range of securities services.It has around €3.34 trillion of assets under custody.

Simon Hudson-Lund: CEO at IFDS

European Front OfficeeFRONTThe France-based vendor specialises in the analysis of data for non-listed assets. As theindustry continues to demand greater risk management and more transparency, acquiring andanalysing critical data in the non-listed market is a challenge. eFront’s FrontAnalytics system istherefore addressing a key concern for alternative managers and their investors. The judgeswere also impressed by eFront’s efforts to make FrontAnalytics increasingly web-based andhighly configurable as well as the creation of custom dashboards.

SHORTLISTED

BATS CHI-X EUROPEThe successful merger of BATS Trading and Chi-X Europe to create the largest pan-European equities exchange wasan admirable achievement in systems integration.

FIDESSAThe order management system provider continues to show innovation and commitment to the industry with its front-office platform and supporting services.

IMAGINE SOFTWAREThe risk management vendor’s Imagine Marketplace is an innovative use of cloud-based environment allowing usersto create their own apps based on Imagine’s analytics.

Philippe Verboogen: COO at eFront

32 TA /Front office- jssgmnf:Layout 1 10/12/12 10:51 Page 32

•funds globalMENA October 2011

Right at the frontier

INDEX UPGRADES • CUSTODY BANKING • DUBAI ROUNDTABLE

Alternative energyThe role for private equity

Wealth managementHow to put it right

Iraq & Palestine

funds globalMENA Report 2011

Understanding Gulfinstitutional investors

EXECUTIVE INTERVIEWS • ASSET SERVICING PANEL

Building assetsEquity fund launches

Law makingA regulatory review

The right approach

funds globalLatin America December 2011

Has the continent defeated historyand become a safe haven?

ASSET SERVICING • CUSTODY • CHILEAN PENSIONS

Trading & TechnologySystems overload

InfrastructureTaking the toll road

Beyond BrazilThe other big players

Sovereign debt

L

funds globalAsia Report December 2011

Investor appetite for the renminbi

AVIVA INVESTORS • HONG KONG & SINGAPORE ROUNDTABLES • ASSET SERVICING

Hedge fundsBarriers to entry

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34


Winter 2012

EuropeanMiddle OfficeVERMILIONClient reporting has become critically important for asset managers as a result of thedemands by investors and supervisors for more transparency. The judges were impressedwithVermilion’s product development efforts, demonstrating an ability to react to clients’demands and regulatory changes. In particular, the recent enhancements toVermilionReporting Suite have made it easier for asset managers to customise the content of their reportsand streamline the production process by making use of developments in HTML, pdf and webportal technology.

SHORTLISTED

BI-SAMLast year’s winner, Bi-Sam, continues to perform strongly in the performance measurement and attribution market andmade some key managerial appointments in 2012.

TRAIANAThe growing focus on non-exchange markets, such as FX, has made Traiana’s Harmony CreditLink service an importantfacility for FX-trading asset managers.

European Back OfficeMULTIFONDSConvergence between alternative and traditional funds is a key challenge for transfer agentsand the debate about the merit of a single TA system for all fund types is one that willcontinue. Multifonds’ launch of its Multifonds Global Investor platform to support convergenceshows its commitment to the TA industry and also demonstrates the firm’s software philosophyof delivering economies of scale through rules-driven systems.Multifonds also made somenotable client signings among the TA community in 2012

SHORTLISTED

ADVENTThe winner of the award in 2011, Advent has spent much of 2012 developing a unified fund accounting platformavailable in the cloud .

MILESTONE GROUPThe fund accounting vendor’s pControl platform is filling a gap in the market by providing a single view of fundstructures and transactions across the system.

OMGEOThe post-trade services vendor continues to help firms manage key industry challenges around collateralmanagement, exchange traded derivatives and global settlement processes.

Oded Weiss: CEO at Multifonds

Simon Murphy: CTO at Vermilion

34 Mid/back office - jssgmnf :Layout 1 10/12/12 10:55 Page 34

ONE PLATFORM, A WORLD OF FLEXIBILITY

USA, Boston +1 617 603 9400 Ireland +353 1 7919700 India +91 (0) 80 2512 9191 UK +44 207 822 2850USA, New York +1 617 603 9450 Germany +49 (0) 69 7144 980 Hong Kong +852 2526 6600 Luxembourg +352 26 44 211France +33 (0) 1 53 32 88 20 Switzerland +41 (0) 22 909 1090 Singapore +65 6593 0988 www.multifonds.com

Multifonds is the award winning multi-jurisdictional investment fund platform

30+ global jurisdictions

class investor servicing platform

Today more than $3 trillion in assets are processed on Multifonds platform

www.multifonds.com

European Back Office of the Year


2012

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26


Winter 2012

European Custodianof theYear

BNP PARIBAS SECURITIES SERVICES

Judges were impressed by BNP Paribas Securities Services’sinternational reach in comparison with its European peer group.They highlighted that the French provider has strong coverage in allkey markets.

BNP Paribas Securities Services was also noted for playing aleading role in European regulatory developments, such as Ucits.

The custodian has a local presence in 34 countries across fivecontinents and a global custody network covering more than100 markets.

As at June 2012, the custody operation provided safekeeping to€4.5 trillion of assets.

SHORTLISTED

HSBC SECURITIES SERVICESHSBC has an extensive custody network spanning 91 countries/territories, of which 41 are serviced by HSBC entities. At the endof June 2012, it had €4.35 trillion of assets under custody globallyand €1.99 trillion of European assets under custody.

JP MORGAN WORLDWIDE SECURITIES SERVICESJP Morgan Worldwide Securities Services has $18.2 trillion(€13.8 trillion) in assets under custody. In 2012, it introduced astate-of-the-art Market Intelligence Dashboard to its entireglobal custody client base, giving clients critical information attheir fingertips.

STATE STREETState Street had assets under custody of $12.91 trillion (June 30,Funds Europe 2012 Custody Survey) compared with $11.58 trillionthe previous year. Its master trust and custody operations servicesare centralised within the Institutional Investor Services group.


2012

Patrick Colle: CEO at BNPParibas Securities Services

26 Custodian - jssgmsenf:Layout 1 7/1/13 09:19 Page 26

Documents

rewarding excellence in business · purposes. J.P. Morgan does not make any representation or warranty, whether expressed or implied, in relation to the completeness, accuracy, currency