Revue de presse 2014

[2014 : Janvier - Février - MarsAvril - Mai - Juin  -  Juillet - Aout - Septembre  -  Octobre - Novembre - Décembre

[20162015 - 2014 - 2013]

 

[MARS]
Asia Asset Management (24/03/2014) 
Merrill Lynch and EDHEC combine to advance goals-based wealth management 

"(…) Merrill Lynch Wealth Management is teaming up with France’s EDHEC Business School to develop new research on risk allocation and goals based investing (…)" 
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]

Hedge Fund Journal (17/03/2014) 
EDHEC-Risk Institute: investor survey results 

"(...) EDHEC-Risk Institute has surveyed 109 institutional investors from across Europe, including Europe’s largest pension and reserve funds, insurance and provident institutions and their asset management subsidiaries, to document their expectations and requirements with respect to index transparency and take stock of their perceptions of, and the extent of their support for, the main directions of the ongoing regulatory debate on indexing and financial benchmarks. (...)" 
Copyright Hedge Fund Journal [Texte intégral]

Financial News (17/03/2014) 
Calls for managers to open up their smart beta indices 

"(...) Europe’s EDHEC-Risk academic institute is stepping up a campaign to force asset managers to disclose the stocks they use in “smart beta” indices – potentially disclosing the “secret sauce” they use in attempts to outperform conventional benchmarks. (...)" 
Copyright Financial News [Accès avec abonnement]

Bloomberg (05/03/2014) 
Smart Beta ETFs Beating S&P 500 Index Capture Record Cash 

"(...) EDHEC-Risk Institute, a business school with offices from Singapore to London, has said the industry must improve transparency in their index selection. The school promotes about 3,000 smart-beta indexes. (...)" 
Copyright Bloomberg [Texte intégral]

Asia Asset Management (March 2014) 
More eggs in more robust baskets: Effective measures of portfolio diversification for risk reporting 

Article by Lionel Martellini, professor of finance, EDHEC Business School, scientific director, EDHEC-Risk Institute, and Romain Deguest, senior research engineer, EDHEC-Risk Institute
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]

[FEVRIER]
ETF Strategy (17/02/2014) 
Amundi and ERI Scientific Beta announce strategic partnership 

"(…) Amundi, a leading European asset manager and provider of exchange-traded funds (ETFs), and ERI Scientific Beta, a smart beta index provider and affiliate of the EDHEC-Risk Institute, have announced a strategic partnership that will combine ERI Scientific Beta’s expertise in the design of smart beta indices and Amundi’s know-how in index replication and ETF construction. 
Copyright ETF Strategy Ltd [Texte intégral

Funds Europe (February 2014) 
EDHEC Research: Attractive additions 

"(…) With high levels of demand for corporate bonds, the EDHEC-Risk Institute considers why these assets are good for both performance-seeking and liability-hedging portfolios. 
Copyright Funds Europe [www.funds-europe.com - Accès avec abonnement] 

Asia Asset Management (February 2014) 
Index transparency: Recent regulatory developments 

Article by Frédéric Ducoulombier, director at EDHEC Risk Institute – Asia 
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]

[JANVIER]
Institutional Asset Manager (30/01/2014) 
EDHEC-Risk Institute welcomes European Parliament financial benchmarks vote delay

"(...) The institute has also called for high and uniform standards of transparency to allow investors to make informed decisions and promote integrity, competition and innovation in the indexing industry. (...)" 
 

[JUIN]
Financial Times - Comment - Letters (30/06/2014) 
Hedging questions were answered at least 50 years ago 
From Ms Hilary Till, Principal, Premia Capital Management, Chicago, IL, US, and Research Associate, EDHEC-Risk Institute 
Copyright Financial Times Fund Management [Texte intégral]

ETF.com (25/06/2014) 
EDHEC Launches 72 Smart-Beta Indexes 

"(...) EDHEC Research Institute’s ETF arm, ERI Scientific Beta, launched 72 smart-beta indexes on April 30, dubbing the offering the Multi-Beta Multi-Strategy Indices. These smart-beta indexes seek to avoid overconcentration and exposure to systematic risk, both downfalls of market-capitalization-weighted indexes, by following strategies reflecting value, momentum, size and low volatility to ensure diversification. (...)" 
Copyright ETF.com [Texte intégral]

Le Temps (23/06/2014)   
La gestion de fonds dite passive se développe et devient plus performante 

Article par Noël Amenc, Professeur de finance, directeur EDHEC-Risk Institute, CEO, ERI Scientific Beta 
Copyright Le Temps [Texte intégral - Accès avec abonnement]

NEWSManagers (17/06/2014)    
Lyxor AM et l'EDHEC-Risk Institute améliorent les stratégies de risk parity 

"(…) Issue des travaux de la Chaire de Recherche de Lyxor dédiée aux « Solutions d'allocation du risque », la dernière publication de l' EDHEC-Risk Institute met en évidence une nouvelle génération de stratégies de parité du risque (« risk parity ») qui tient compte de mesures de risque plus appropriées que la volatilité historique. (…)" 
Copyright Agefi [Texte intégral - Accès avec abonnement]

HedgeWeek (16/06/2014) 
It is possible to construct improved forms of risk parity strategies, study shows 

"(...) An EDHEC-Risk Institute study from the Lyxor research chair on “Risk Allocation Solutions” develops a conditional approach to risk parity, which contrasts with standard unconditional risk parity portfolios. (...)" 
Copyright GFM Limited

Financial News (16/06/2014) 
Pension schemes urged to hedge against tail risk before volatility returns 

"A study published in February by EDHEC-Risk Institute of 104 mainly European investors found that 80% understood the LDI approach, and 51% overall (and a large majority in the UK) implemented a formal separation of return-seeking assets and those held to match liabilities. Interest rate risk is the main concern of those investors who do hedge against unexpected changes in risk. (...)" 
Copyright Financial News [Accès avec abonnement]

Ignites Europe (13/06/2014) 
Amundi unveils first smart beta ETF 

"(...) Amundi has unveiled its first smart beta exchange traded fund tracking an index provided by ERI Scientific Beta. (...)" 
Copyright Ignites Europe (a Financial Times service) [Texte intégral - Accès avec abonnement]

ETF.com (10/06/2014) 
Morgan Stanley Launches Smart Beta ETF 

"(...) Morgan Stanley has launched its first exchange traded fund (ETF) which tracks a smart beta, equally weighted index from ERI Scientific Beta. (...)" 
Copyright ETF.com [Texte intégral]

Asia Asset Management (June 2014) 
Risk parity portfolio construction 

Article by Lionel Martellini, Vincent Milhau, and Andrea Tarelli 
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]

Financial News (04/06/2014) 
ETF execs push smart beta at industry event 

"(...) Some providers, such as MSCI and EDHEC-Risk, have put together different styles into multi-factor products in a bid to make performance more consistent. (...)" 
Copyright Financial News [Accès avec abonnement]

IPE (04/06/2014) 
Wednesday people roundup 

"(…) ERI Scientific Beta, the smart beta index unit of the EDHEC-Risk Institute, has announced the make-up of its international executive management team covering Boston, London, Nice, Paris, Singapore and Tokyo. The team consists of Noël Amenc, Lionel Martellini, Patrice Retkowsky, Reynald Mauguin, Mélanie Ruiz, Candice Lebastard, Felix Goltz and Peter O’Kelly. (…)" 
Copyright IPE [Texte intégral - Accès avec abonnement]

NEWSManagers (02/06/2014)    
ERI Scientific Beta lance des stratégies intelligentes 

"(…) L'entité ERI Scientific Beta (EDHEC-Risk Institute) vient de lancer ses indices multi-Beta Multi- Stratégie (MBMS), disponibles sur la plate-forme www.scientificbeta.com. L'objectif de ces stratégies est de répondre favorablement aux deux principales limites des indices pondérés par la capitalisation, à savoir des expositions mal adaptées à des facteurs de risques systématiques et une concentration excessive dans un petit nombre de titres. (…)" 
Copyright Agefi [Texte intégral - Accès avec abonnement]

IPE (June 2014) 
Top 400 Asset Managers: Smart factor investing 

Article by Noël Amenc, professor of finance at EDHEC Business School, director at EDHEC-Risk Institute and CEO of ERI Scientific Beta 
Copyright IPE [Texte intégral - Accès avec abonnement]

[MAI]
Financial News (26/05/2014) 
The smart beta debate 
"(...) This has become such a problem that Europe’s EDHEC Risk academic institute wrote to Sharon Bowles MEP in March to demand that regulators apply closer scrutiny to smart beta financial benchmarks, forcing fund managers and index developers to disclose what is in these indices. (...)" 
Copyright Financial News [Accès avec abonnement]

L'Agefi Suisse (19/05/2014)   
Amundi se joint à l’EDHEC Risk Institute dans l’aventure des ETF intelligents 

"(...) Amundi, un des leaders mondiaux de la gestion d’actifs, et ERI Scientific Beta, ont conclu un partenariat stratégique pour combiner l’expertise du fournisseur d’indice Smart Beta, avec celle d’Amundi dans la réplication d’indices et la gestion d’ETF. (...)" 
Copyright L'Agefi Suisse [Accès avec abonnement]

Financial News (19/05/2014) 
Putting the smart into smart beta 

"(...) French academic institute EDHEC-Risk has compiled several smart beta indices. It reckons that allocations biased to low volatility, momentum, value and mid-cap styles can produce top-decile performance over time. (...)" 
Copyright Financial News [Accès avec abonnement]

Hedge Fund Journal (16/05/2014) 
ERI Scientific Beta launch new indices 

"(...) ERI Scientific Beta has announced that as of 30 April 2014 it has extended its smart beta indices offering to include a series of multi smart factor indices.. (...)" 
Copyright Hedge Fund Journal [Texte intégral]

FTfm (04/05/2014) 
Market divided over smart-beta success 

"(...) EDHEC-Risk, the French research institute that is seeking to establish a presence as an index provider, points out that there are hurdles to the wider adoption of smart-beta strategies. (...)" 
Copyright Financial Times Fund Management [Texte intégral]

[AVRIL]
The Wall Street Journal (18/04/2014) 
Floating a Few Cents to Investors 

"(...) "Investors who want steady income are used to scrounging around trying to squeeze a little more cash flow out of their securities. Now Uncle Sam is coming to their aid. In January, the U.S. Treasury began issuing floating-rate notes or FRNs, the first major innovation in U.S. debt since inflation-protected securities were introduced in 1997. (...) The FRNs are probably most suitable for investors who are “trying to get a better interest rate over a specific time period,” says Frank Fabozzi, a bond expert who teaches finance at EDHEC Business School in Paris and Princeton University. (...)" 
Copyright Dow Jones & Company, Inc. [Full text]

Ignites Europe (17/04/2014) 
ETF market deflects systemic risk criticism 

"(...) Exchange traded fund providers and industry experts have rejected accusations that a rise in the number of investors piling into passive strategies poses a systemic risk to financial markets. A recent speech given by one of the UK’s most senior bankers has reignited the debate about ETFs and their potential to cause market disruption. (...) Noel Amenc, director at the EDHEC Risk Institute, adds that the speech by Mr Haldane “assumes that all ETFs are trackers of the same indices”, which is not the case given the rise of so-called “smart” indices.(...)" 
Copyright Ignites Europe (a Financial Times service) [Texte intégral - Accès avec Abonnement]

FT Adviser (14/04/2014) 
ETPs’ popularity spawns a proliferation of acronyms 

"(...) The results of the EDHEC European ETF Survey 2013 suggest product development within certain asset classes has driven increases in ETF usage, notably within real estate, hedge funds and infrastructure. (...)" 
Copyright FT Investment Adviser [Texte intégral]

AsianInvestor (09/04/2014) 
Asset owners pressurising index providers 

"(…) The regulation of smart beta in Europe falls within the wider rules about passive investment. And investors are impatient for greater transparency, according to research presented at the same conference by Frédéric Ducoulombier, professor of finance at EDHEC Business School. (…)" 
Copyright Haymarket Media Ltd. [Texte intégral - Accès avec Abonnement]

Benefits and Pensions Monitor (01/04/2014) 
Diversification Of Portfolio Needs Consideration 

"(...) Institutional investors need to look carefully at the effectiveness of their portfolio diversification, says a publication from the EDHEC-Risk Institute. ‘Improved Risk Reporting with Factor-Based Diversification Measures’ says before the financial crisis, pension funds were insufficiently diversified, with concentration in a small number of asset categories. (...)"

 

[SEPTEMBRE]
FTfm (22/09/2014) 
The bottom line is a sustainability one 

"(...) The debate about whether socially responsible investment is financially rewarding has been raging for years. (...) Erik Christiansen, former head of SRI at ERAFP, the French public service additional pension scheme, says: “We have not observed an advantage (to SRI) empirically and I don’t see there is a theoretical basis for it to exist.” Mr Christiansen, who is now senior business development director for Europe at EDHEC-Risk, the French research institute, is in favour of sustainable investment, but says investors need to be clear “it is not something you should do from a financial point of view”. (...)" 
Copyright Financial Times Fund Management [Texte intégral]

Institutional Investor (September 2014) 
Using Smart Beta to Outsmart the Market 

"(…) Smart beta is similar to factor investing, a concept that has been around for some time. But they are two diff erent things. “With a traditional factor-based approach, there is greater exposure to stock-specifi c risk; you haven’t necessarily diversifi ed away other risks inherent in the traditional factor approach,” says Eric Shirbini, global product specialist at ERI Scienti fic Beta. (...)" 
Copyright Institutional Investor [Texte intégral]

FTfm (08/09/2014) 
Rumblings fail to shift foundations of top index providers 

"(...) And in the fast-developing “smart beta” index market, competitive positions appear far less entrenched. (...) Noël Amenc, chief executive of EDHEC Scientific Beta, predicts: “The quality of the research underlying these new types of index, and thus the robustness of their records, will probably be the central issue in terms of competition within smart beta.” (...)" 
Copyright Financial Times Fund Management [Texte intégral]

AsianInvestor (September 2014) 
Investors sceptical over smart-beta benefits 

"(…) European investors meanwhile are growing impatient. In a survey by EDHEC Business School, 81% of investors said the credibility of reported track records was undermined by providers' opacity, especially for newer types of index. (...) None of the major factors on which smart-beta funds are built came close to beating the market during the tech bubble. Research by EDHEC Business School shows that most advanced-beta strategies had a phase where they underperformed market cap by 10% over a period of between two and five years. (…)" 
Copyright Haymarket Media Ltd. [Accès avec abonnement]

Ignites Asia (10/07/2014) 
Strong concentration risk in cap-weighted index portfolios 

"(...) In a presentation last week at the EDHEC Risk Days Asia 2014 conference in Singapore, Lionel Martellini displayed a time series of the S&P 500 Index from 1958 to 2014 to demonstrate that the effective number of constituents (ENC) of the index at its highest is equal only to 260 individual stocks and at its lowest falls to just 120 individual stocks. (...)" 
Copyright Ignites Asia (a Financial Times service) [Texte intégral - Accès]

Financial Times (09/07/2014) 
Low volatility is bad for ‘low-vol’ funds 

"(...) Longer term, the picture looks better. The “Scientific Beta” indices produced by the EDHEC-Risk Institute, widely followed in the industry, show that US low-vol stocks suffered a 47.8 per cent loss during the 2007-09 crisis, while the total return on the S&P 500 dipped by 54.9 per cent. (...)" 
Copyright Financial Times [Texte intégral]

ETFI Asia (Q2 2014) 
Beneath the hood 

Article by Felix Goltz, head of applied research, EDHEC-Risk Institute, research director, ERI Scientific Beta 
Copyright Asia-Pacific Media Limited [etfiasia.com]

Financial Times (04/07/2014) 
Big ideas from unheralded sources 

"(...) EDHEC has come up with a range of what it calls “scientific beta” indices. There are ETFs based on these indices; Morgan Stanley run them for institutions here in the UK while Amundi has recently launched a retail ETF that meets European “Ucits” rules on diversification and that trades on Euronext. These ETFs are great value and I think they are a brilliant core holding for anyone who wants to go one better than the DFA approach. They aim to combine value, size, low volatility and momentum strategies into one product, and exclude all those stocks that tend to underperform over a stock market cycle. (...)" 
Copyright Financial Times [Texte intégral]

 

[DECEMBRE]
Financial News (08/12/2014) 
Drilling down into smart beta 
"(...) Financial News asked practitioners in each field for their insights on smart beta, whether smart products live up to their name and where the market might develop next. (...)
Copyright Financial News [Accès avec abonnement]

L’Expansion (01/12/2014)
Terrorisme : Des entreprises françaises dans la ligne de mire
Intervention de Bertrand Monnet, directeur de recherche à l'EDHEC Business School et titulaire de la chaire EDHEC Management des Risques Criminels.
Copyright L'Expansion [L'Expansion]

[NOVEMBRE]
FT Adviser (26/11/2014) 
ERI ‘casts doubts’ over smart beta 
“(...) ERI Scientific Beta, which provides smart beta products, has said those smart beta funds that track equally-weighted indices may not always outperform, in spite of claims by proponents that they are all-weather investments. (...)”
Copyright FT Investment Adviser [Texte intégral]

Agefi Hebo (20/11/2014)
Une classe d'actifs attrayante mais délicate à évaluer 
"(…) La dette « infrastructures » répond bien aux contraintes de gestion actif/passif des assureurs mais son risque ne doit pas être sous-estimé. (...) En attendant les premiers résultats académiques de la chaire "infrastructures" de l'EDHEC-Risk Institute, les investisseurs cherchent la bonne dose d'infrastructure à inclure dans leur allocation. (…)" 
Copyright Agefi [Texte intégral - Accès avec abonnement]

NEWSManagers (18/11/2014) 
Les indices smart beta font mieux que les capi-pondérés 
"(…) L'EDHEC-Risk Institute, qui a développé la gamme d'indices ERI Scientific Beta, a indiqué que sur le mois d'octobre le SciBeta Developed Low Volatility Diversified Multi-Strategy index a été le plus performant, avec un rendement relatif de 1,78% par rapport à l'ensemble des indices pondérés par la capitalisation." 
Copyright NewsManager [Texte intégral - Accès avec abonnement]

Asia Asset Management (November 2014) 
Raising the bar for super 
Article by Frédéric Blanc-Brude; Directeur de Recherche, EDHEC Risk Institute—Asia, and Frédéric Ducoulombier, Directeur, EDHEC Executive Education et Directeur EDHEC-Risk Institute Asia.
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]

[OCTOBRE]
FT Adviser (29/10/2014) 
Smart-factor investing will help investors: EDHEC 
"(...) Smart beta investing needs to go one step forward to help investors build diversified portfolios of passive funds, a research paper from French business school EDHEC has found.(...)" 
Copyright FT Investment Adviser [Texte intégral]

Ignites Europe (09/10/2014) 
Amundi to keep up pressure on ETF prices 
"(...) In June Amundi also unveiled its first smart beta ETF, which tracks an index provided by ERI Scientific Beta. The product, which was listed on Frankfurt’s stock exchange last month, is a multi smart beta ETF that tracks an equal risk contribution index blending four main risk factors with five smart beta diversification strategies. (...)" 
Copyright Ignites Europe (a Financial Times service)

IPE (Octobre 2014) 
Real Assets: The sting in the loan tail 

"(…) Frédéric Blanc-Brude and Majid Hasan present a rigorous – yet implementable – framework for measuring the performance of private infrastructure debt. (...) Estimating the performance of infrastructure debt instruments has become a recurring question for both long-term investors and prudential regulators.. (…)" 
Copyright IPE [Texte intégral - Accès avec abonnement]

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