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Smart beta transparency remains key concern
(...) EDHEC-Risk Institute finds that low level of transparency, which is routinely justified by the use of proprietary models, makes the evaluation of risks difficult. (...)
Copyright Euromoney Institutional Investor PLC - [Texte intégral]
Investment Europe (23/06/2015)
Amundi expands smart beta offering
(...) The index tracks the performance of four weighted sub-indices accessed via the EDHEC Risk Institute’s Scientific Beta platform. (...)
Copyright Open Door Media Publishing Limited - [Texte intégral]
Le Figaro (23/06/2015)
Amundi lance un nouveau fonds indiciel "Multi Smart Beta"
(...) L'indice de stratégie réplique la performance de quatre sous-indices sélectionnés et pondérés parmi les indices disponibles sur la plateforme d'Edhec Risk Institute Scientific Beta. (...)
Copyright Le Figaro - [Texte intégral]
Financial News (15/06/2015)
Regulators ride roughshod over academic advice
Article by Noël Amenc, professor of finance at EDHEC Business School, director of EDHEC-Risk Institute and chief executive of ERI Scientific Beta
Copyright Financial News - [Texte intégral - Accès avec abonnement]
IPE (June 2015)
The language of infrastructure
Article by Frederic Blanc-Brude, director of the EDHEC infrastructure research programme
Copyright IPE - [Texte intégral - Accès avec abonnement]
Les Echos (09/06/2015)
Le leader dont rêvent vos cadres
(…) A l’EDHEC, l’enseignante-chercheure Valérie Petit observe « des entreprises françaises qui ne pratiquent pas le leadership de façon consciente ». (…)
Copyright Les Echos [Texte intégral]
The Wall Street Journal (08/09/2015)
Second Wave of ‘Smart Beta’ ETFs Is Coming
(…) And fund firms ETF Securities and Global X Funds have each built multifactor ETFs based on indexes developed by Edhec-Risk, a unit of the Edhec Business School in Lille, France. (…)
Copyright The Wall Street Journal [Texte intégral]
Les Echos (08/09/2015)
Pour diriger, inspirez-vous des sociétés familiales
(…) Dans ce modèle, l'évaluation des risques encourus prime toujours sur la recherche de rentabilité: « Dès que l'objectif de pérennisation conjointe de l'entreprise et de son contrôle est menacé, cette double contrainte prend le pas sur le couple rendement-risque », décrit Philippe Foulquier, directeur du pôle de recherche analyse financière et comptabilité à l’EDHEC. (…)
Copyright Les Echos [Texte intégral]
IPE (June 2015)
The language of infrastructure
Article by Frederic Blanc-Brude, director of the EDHEC infrastructure research programme
Copyright IPE [Texte intégral - Accès avec abonnement]
Institutional Investor (28/05/2015)
New Strategies for Improving Risk-Adjusted Returns
(...) Eric Shirbini, global product specialist with ERI Scientific Beta in London, says there are only a limited number of factors with sufficient academic evidence to support their use in a portfolio. “The traditional factors are value, momentum, size and low-volatility,” says Shirbini, whose firm is part of the EDHEC-Risk Institute in Nice, France. (...)
Copyright Institutional Investor LLC [Texte intégral]
ETF.com (25/05/2015)
Smart Beta Transparency: In The Eyes Of The Beholder
(...) However, surveys conducted by the think tank and business school EDHEC Risk Institute in recent years have shown a desire among investors for a greater degree of transparency around the calculation methodology of the smart beta indexes these ETFs are based on. (...)
Copyright ETF.com [Texte intégral]
Financial Review (14/05/2015)
Complex multi-factor funds promise us all a beta mousetrap
(...) Global X is launching a fund that combines four factors, using an approach designed by the EDHEC-Risk Institute, with "scientific beta" indices combining value, size (small stocks do well), low volatility and momentum. (...)
Copyright Fairfax Media Publications Pty Ltd [Texte intégral]
Financial Times (13/05/2015)
Why multi-factor funds are smarter beta
(...) Global X is launching a fund that combines four different factors in an index designed by the EDHEC-Risk Institute. The “Scientific Beta” indices combine four factors — value, size (small stocks do well), low volatility and momentum. (...)
Copyright Financial Times [Texte intégral]
L'Agefi Suisse (22/04/2015)
ERI Scientific Beta: nouvelles familles indices factoriels
(...) ERI Scientific Beta a annoncé hier l’ajout de deux nouvelles familles d’indices factoriels sur actions, l’une basée sur la rentabilité l’autre sur les investissements (low investing), toutes deux étant des facteurs appartenant à la famille des facteurs dits de «qualité». (...)
Copyright L'Agefi Suisse [Texte intégral]
Investment Europe (21/04/2015)
ERI Scientific Beta launches two indices
(...) By proposing not one but two smart factor quality indices, ERI Scientific Beta is allowing investors to gain exposure to two very different, and therefore highly decorrelated, factors that represent two dimensions of the quality approach. (...)
Copyright Open Door Media Publishing Limited [Texte intégral]
aiCIO (07/04/2015)
Is Geography the Next Smart Beta?
(…) The geographical reach of listed companies is a more important driver of index returns than ever before,
according to research by the EDHEC-Risk Institute. (…)
Copyright aiCIO [Texte intégral]
Financial News (06/04/2015)
Unmasked: the geographical distortion of benchmarks
Article by Felix Goltz, Head of Applied Research, EDHEC-Risk Institute
Copyright Financial News [Texte intégral]
The Hedge Fund Journal (24/09/2015)
Factor Investing: Welfare improving or marketing fad?
Article by Lionel Martellini and Vincent Milhau
Copyright The Hedge Fund Journal [Full text - Registration required]
ETF.com (09/09/2015)
The End Of Smart Beta As We Know It
"(...) In August, the best performing index in their range was the SciBeta Developed Mid Cap Diversified Multi-Strategy index, with a relative return of 1.86 percent compared to the broad cap-weighted index. We have already seen this trend take hold with multi-factor ETFs launched by Amundi and Morgan Stanley in partnership with EDHEC’s Scientific Beta.. (...)"
Copyright ETF.com [Full text]
Financial Investigator (08/09/2015)
Monthly ERI Scientific Beta smart beta index performance report
"(...) Scientific Beta, an EDHEC-Risk Institute Venture, has published the August 2015 Smart Beta Performance Report. Among the highlights of this month's report: This month, the best performing index in the Developed World universe among smart factor indices is the SciBeta Developed Mid Cap Diversified Multi-Strategy index, with a relative return of 1.86% compared to the broad cap-weighted index, while the SciBeta Developed Large Cap Diversified Multi-Strategy index posts the lowest relative return (0.40%).
Copyright Financial Investigator Publishers [Full text]
Asia Asset Management (September 2015)
Proof is in the pudding
Article by Felix Goltz, Veronique Le Sourd and Ashish Lodh
"(…) Alternative equity beta investing has recently received increasing attention in the industry. Although products in this segment currently represent only a fraction in assets, there has been tremendous growth recently both in terms of assets under management, and – perhaps more strikingly – in terms of new product development. (…)"
Copyright Asia Asset Management
Benefits and Pensions Monitor (02/09/2015)
Smart Beta Day Showcases Investment
"(...) The ‘EDHEC-Risk Smart Beta Day’ will showcase the latest conceptual advances and research results in smart beta investing. The one-day conference, organized by the EDHEC-Risk Institute in partnership with Scientific Beta, will focus on smart beta indexation and factor investing and smart beta solutions. It takes place in New York, NY, December 15. (...)"
Copyright Benefits and Pensions Monitor
IPE (September 2015)
Smart beta fixed-income: Not so fast
"(…) While a growing body of evidence shows that it is possible to build ‘smart’ equity indices that outperform traditional market capitalisation-weighted indices, the same cannot be said for fixed income. So far, practical applications have yielded unconvincing results. (...) Felix Goltz, head of applied research at the EDHEC-Risk Institute, says: “Some strategies tend to privilege economic fundamentals rather than interest rate and credit risk. There seems to be story-telling around fundamentals, while there is no evidence that markets take them into account on a consistent basis.” (…)"
Copyright IPE [Full text - Registration required]
Wealth Adviser (30/07/2015)
EDHEC-Risk Institute raises concerns on smart beta
"(...) Between January and February 2014, EDHEC-Risk Institute carried out a survey among a representative sample of 128 investment professionals to identify their views and uses of alternative equity beta.. (...)"
Copyright GFM Limited
Investment Europe (21/07/2015)
EDHEC-Risk institute smart beta indices hit $8bn
"(...) The value of assets tracking the EDHEC-Risk Institute smart beta indices has topped $8bn, according to the French research centre. The value has tripled over the past year, particularly with the adoption of its Scientific Beta Multi-Beta Multi-Strategy offering. Now the research institute is looking to increase the level of indexed assets to over $12bn by the end of 2015. (...)"
Copyright Open Door Media Publishing Limited [Full text]
Financial News (20/07/2015)
Succumbing to the allure of ETF 2.0
"(...) Noël Amenc, chief executive at smart beta index provider ERI Scientific Beta, has said that smart beta can be seen as a “low-cost commoditisation” of active management. (...)"
Copyright Financial News [Registration required]
Benefits and Pensions Monitor (13/07/2015)
Scientific Beta Releases Resource
"(...) There is confusion in the area of smart beta because investors cannot be sure whether data is real and accurate or marketing jargon, says Scientific Beta’s 2015 edition of the ‘Journal of Index Investing.’ In the ‘Robustness of Smart Beta Strategies,’ it says that more than five years of live track record shows that, whatever the region, the smart beta strategy implemented outperforms the corresponding cap-weighted indices by an average of 2.1 per cent. But it is in the light of one of the best live track records for smart beta indices that Scientific Beta says that whatever the quality of the live performances exhibited, they cannot replace an in-depth assessment by investors and their consultants of the long-term performances of these. (...)"
Copyright Benefits and Pensions Monitor
Funds Europe (08/07/2015)
EDHEC reveals trends in smart beta theory
"(…) Smart beta experts, Professor Noel Amenc and Eric Shribini, revealed how far smart beta has progressed yesterday at an EDHEC-Risk Institute conference in London. They found that the first generation of smart beta strategies either tilted towards better-rewarded investment factors, or aimed at delivering better diversification than investors would get from a cap-weighted index. (...)"
Copyright Funds Europe [Full text - Registration required]
Investment Week (06/07/2015)
Contrarian: Why I am sceptical about the smart beta revolution
"(...) Two recent EDHEC Risk Institute surveys, Investor Interest in Smart Beta and Alternative Equity Beta Investing, throw some valuable light on what the early adopters are up to in the smart beta space. (...)"
Copyright Incisive Business Media (IP) Limited [Full text]
Le Monde (10/12/2015)
La « finance verte » est une illusion
Article par Noël Amenc, Directeur d'ERI Scientific Beta.
Copyright Le Monde [Texte intégral]
Les Echos (03/12/2015)
L'EDHEC va lancer des indices à faible empreinte carbone
(…) Alors que la COP21 (21e conférence des parties sur l'environnement) bat son plein à Paris, l'Edhec ne comptait pas rester à l'écart. L'école de commerce, très active dans la recherche dédiée aux problématiques de la gestion d'actifs, a accéléré ses travaux académiques sur la performance des indices de marché dits « low carbon ». (…)
Copyright Les Echos [Texte Intégral]
Financial News (07/12/2015)
Managers hope smart beta will deliver profits
"(...) Eric Shirbini, global product specialist at ERI Scientific Beta, the indexing venture launched by Paris-based academic institution EDHEC-Risk Institute, said: “We’ve seen products launching at very low fees – at cost or perhaps even slightly below – just to attract assets.” This is generally good news for investors but there is a danger that providers develop more complex products just to maintain their margins. (...)"
Copyright Financial News
L’Agefi Hebdo (05/11/2015)
L’offre « smart beta » révolutionne les pratiques des gérants passifs
(…) Vendre un ETF S&P 500, MSCI World ou CAC 40, « revenait à commercialiser un indice connu et reconnu, soit une marque, en quelque sorte », compare Noël Amenc, professeur à l’Edhec-Risk Institute et directeur général d’ERI Scientific Beta. (…)
Copyright l'Agefi Hebdo [Texte Intégral]
Le Monde (10/11/2015)
Ces écoles qui misent sur la distinction
"(…) L’EDHEC-Risk Institute, institut de recherche sur la finance, a fait sa réputation. « C’est grâce à cette expertise que le gouvernement singapourien nous a choisis pour implanter un campus d’excellence et un centre de recherche en la matière à Singapour [en 2011] », explique Olivier Oger, directeur de l’EDHEC. (…)"
Copyright Le Monde [Texte Intégral]
L'Agefi Suisse (16/11/2015)
ERI Scientific Beta: performances octobre
"(...) Le mois d’octobre n’a pas épargné les stratégies indicielles smart beta, souligne l’équipe de l’ERI-Scientific Beta (de l’EDHEC-Risk Institute), dans leur rapport de performance pour le mois dernier. Cela dit, les stratégies factorielles continuent de surperformer les indices capi-pondérés... (...)"
Copyright l'Agefi [Texte Intégral]
Institutional Asset Manager (20/11/2015)
EDHEC Risk raises concerns on regulation of financial benchmarks
(…) EDHEC Risk has issued a statement that it “regrets that the future text on European regulation of benchmarks organises opacity in the index provision market”. (…)
Copyright Institutional Asset Manager
Option Finance (30/11/2015)
Les sociétés de gestion mettent l'accent sur le risque environnemental
(…) « En France, nous disposons de nombreux acteurs pointus dans l'analyse des émissions de carbone, relève Noël Amenc, professeur de finance à l'Edhec et directeur de l'Edhec Risk Institute. Cela tient à l'implication des sociétés de gestion françaises dans l'ISR. L'analyse des émissions de carbone en constitue un prolongement naturel. » (…)
Copyright Option Finance [Texte Intégral]
Top 1000 Funds (02/10/2015)
Beyond backtests: considering the robustness of smart beta
Article by Felix Goltz, head of applied research, EDHEC-Risk Institute, Research Director, ERI Scientific Beta
Copyright Conexus Financial Pty Ltd. [Texte Intégral]
The Business Times (21/10/2015)
Tharman unveils 3 initiatives to draw institutions to infrastructure
"(...) Secondly, Singapore wants to develop benchmarks, data and analyses of performance and risks that institutional investors need to make infrastructure investment decisions. For instance, EDHEC, a French business school with a Singapore arm, has done fundamental research on infrastructure asset pricing, and is in the process of creating usable performance benchmarks for long-term infrastructure debt and equity instruments. (...)"
Copyright Singapore Press Holdings Ltd. [Texte Intégral]
[2014 : Janvier - Février - Mars - Avril - Mai - Juin - Juillet - Aout - Septembre - Octobre - Novembre - Décembre]
[2017- 2016 - 2015 - 2014 - 2013]
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]
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]
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. (...)"
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]
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]
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. (...)"
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]
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]
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]
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]
[2013 : Janvier - Février - Mars - Avril - Mai - Juin - Juillet - Aout - Septembre - Octobre - Novembre - Décembre]
[2017- 2016 - 2015 - 2014 - 2013]
Agefi Hebdo (21/03/2013)
L’EDHECpropose 30 indices « smart beta » gratuits
(…) L’Edhec Risk Institute va mettre gratuitement à la disposition des investisseurs une trentaine d’indices smart beta (minimum variance, equal weight…). (…)
Copyright Agefi Hebdo [Texte intégral]
News Manager (20/03/2013)
Hedge funds: Three strategies post losses in February
(…) Of 13 hedge fund strategies regularly monitored by the Edhec-Risk Institute, three (CTA global, global macro and dedicated short bias) have posted losses in February, of 0.97%, 0.19% and 0.28%, respectively. (…)
Copyright News Manager [Texte intégral]
Financial Times (18/03/2013)
Edhec undercuts index providers
(…) The Nice-based Edhec Risk Institute is to offer 30 " smart beta " indices for free on a dedicated web platform, undercutting commercial index providers. (…)
Copyright Financial Times [Texte intégral]
AGEFI (28/01/2013)
EDHEC-Risk Institute publie ses propositions pour limiter les risques non-financiers dans l'industrie européenne de la gestion collective
Copyright Agefi [Texte intégral]
Financial Times (27/01/2013)
EDHEC tries to redefine risky funds
(...) One of Europe’s leading fund industry research bodies is calling for a radical rethink of plans to make investing safer for retail investors. (...)
Copyright Financial Times [Texte intégral]
Le Point (14/01/2013)
Marché du travail : "On se rapproche du contrat unique de Sarkozy"
Interview d’Arnaud Chéron, directeur de recherche associé à l’EDHEC Business School.
Copyright Le Point [Texte intégral]
AGEFI (11/01/2013)
Le début d'un grand chantier en perspective
(…)Afin que les informations recueillies auprès des différents organismes en charge de la collecte des données soient traitées de la manière la plus homogène qui soit, une équipe projet nationale se chargera, sous l'égide d'un comité scientifique dirigé par Stéphane Grégoir, directeur du pôle recherche en économie à l'Edhec Business School, de vérifier les procédures de chacun et d'élaborer une méthodologie statistique commune qui garantira la représentativité et la fiabilité des observations. (…)
Copyright Agefi [Texte intégral]
Libération (04/01/2013)
Free fait étalage de sa puissance de frappe
Interview de Cédric Manara, professeur de droit à l’EDHEC Business School et membre du centre de recherche LegalEdhec.
Copyright Libération [Texte intégral]
[JUIN]
Pensions & Investments (24/06/2013)
Low-volatility strategies are gaining speed in Asia
"(...) The latest market volatility can only serve to remind investors in Asia about why they were paying attention to low- and minimum-volatility strategies in the first place, said Paul Hoff, the EDHEC Risk Institute's business development director, Asia-Pacific, from Tokyo, where he is setting up a new office. (...)"
Copyright Pensions & Investments [Texte intégral - Accès avec abonnement]
Financial Times (21/06/2013)
Collective pensions – what the industry thinks
"(...) Maddi Forrester, Axa Investment Managers: “In the UK specifically, our sponsored research with EDHEC concluded that the current hybrid model should be adapted to a collective system to benefit from greater risk sharing, economies of scale and better risk management. (...)"
Copyright Financial Times [Texte intégral - Accès avec abonnement]
FT Adviser (05/06/2013)
ETPs and ETFs ready to break the $1 trillion barrier
"(...) EDHEC’s European ETF study in 2012 found that 67 per cent of the institutions planned to increase their use of ETFs and ETPs while only 4 per cent of the respondents expected their use of ETFs and ETPs to decline. (...)"
Copyright FT Investment Adviser
Les Echos (04/06/2013)
Les stratégies d'« indices intelligents », la nouvelle martingale des gérants
"(...) L'institut de recherche a mis en place une plate-forme d'indices « smart beta » qu'elle produit elle-même et qui accueillera jusqu'à 10.000 indices d'ici à dix-huit mois. (...)"
Copyright Les Echos [Texte intégral - Accès avec abonnement]
IPE (03/06/2013)
Switzerland: Smart on beta benchmarks
"(…) As Noël Amenc, director at EDHEC-Risk Institute says, index providers traditionally justify the use and costs of alternative benchmarks by claiming they outperform cap-weighted indices. (…)"
Copyright IPE [Texte intégral - Accès avec abonnement]
[MAI]
Financial Times (24/05/2013)
‘Smart beta’, a new weapon in your armoury
"(...) If you want an insight into some of the ideas that have been backtested and turned into indices, go to www.scientificbeta.com, a new website run by European investment research organisation called EDHEC Risk. (...)"
Copyright Financial Times [Texte intégral - Accès avec abonnement]
L'Agefi Hebdo (23-29/05/2013)
Gérer le « risque construction » dans les investissements infrastructures
"(...) L’EDHEC-Risk Institute insiste sur le besoin de diversification des institutionnels souhaitant s’exposer aux « infrastructures », avec un peu de « greenfield ». (...)"
Copyright L'Agefi Hebdo [Texte intégral - Accès avec abonnement]
Banking & Finance (16/05/2013)
First multi-strategy platform for smart beta investing
"(...) EDHEC-Risk Institute has inaugurated its new smart beta index design and production activity, ERI Scientific Beta. This activity aims to revolutionise the index world through, firstly, a new approach to smart beta investing called Smart Beta 2.0, which enables investors to choose and control the risks of these new benchmarks, and secondly, total transparency on the methodologies and compositions of the indices available on the platform. (...)"
Copyright Banking & Finance
IPE (15/05/2013)
Index transparency and the false promises of governance
"(…) EDHEC-Risk Institute's Frédéric Ducoulombier calls for full transparency of methodology and historical information for indices. In the context of the ongoing regulatory debate on financial benchmarks and the recent consultations by the International Organisation of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA)/European Banking Authority (EBA), EDHEC-Risk Institute wishes to underline that transparency is both crucial to allowing users to assess the risks, relevance and suitability of indices and the most powerful tool to mitigate conflicts of interest existing across the indexing industry (…)"
Copyright IPE [Texte intégral - Accès avec abonnement]
Asia Asset Management (May 2013)
The relevance of local and regional volatility indicators
Article by Lionel Martellini, Lixia Loh, Stoyan Stoyanov
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]
[AVRIL]
NEWSManagers (30/04/2013)
EDHEC-Risk Institute crée la plate-forme scientificbeta.com
"(…) Le 22 avril, l'EDHEC-Risk Institute a démarré son activité de conception et de production d'indices de beta intelligent, ERI Scientific Beta, qui met en oeuvre des produits destinés à l'investissement Smart Beta 2.0, annonce l'EDHEC le 29 avril. (…)"
Copyright Agefi [Texte intégral - Accès avec abonnement]
Financial News (22/04/2013)
ETF industry wary of transaction tax
"(...) Noel Amenc, director of the EDHEC-Risk Institute, said different types of ETFs and indices could lead to more taxes being charged. He said: “If you have an actively managed ETF or invest in a strategy index, you have greater turnover. It could have a very strong negative impact.” (...)"
Copyright Financial News [Accès avec abonnement]
Les Echos (09/04/2013)
Actions : le palmarès des sociétés de gestion qui offrent le plus de valeur ajoutée
"(...) EuroPerformance et l'EDHEC-Risk Institute livrent la septième édition de l'Alpha League Table. Le dépassement de leur indice de référence a été difficile l'an dernier pour les gérants actions. (...)"
Copyright Les Echos [Texte intégral - Accès avec abonnement]
L'Agefi (05/04/2013)
Les hedge funds coordonnés sous-performent les "non UCITS"
"(...) Par solde, les hedge funds coordonnés sont plus volatils et sous-performent leurs homologues qui ne sont pas conformes à la directive OPCVM, sachant que le domicile d'un fonds constitue un indicateur important de sa performance potentielle, ceux basés en Europe affichant une performance ajustée du risque inférieure à ceux enregistrés ailleurs. Tel est le résultat d'une enquête effectuée par l'EDHEC-Risk Institute sur un échantillon de plus de 24.000 hedge funds individuels. (...)"
Copyright L'Agefi [Accès avec abonnement]
Index Universe (26/09/2013)
EDHEC Index Platform To Launch More Smart Beta Indices
"(...) Scientific Beta, the index platform of the EDHEC Risk Institute, intends to launch a new range of smart beta indices in 2014 to allow institutional investors to hedge against specific risks. (...)"
Copyright Index Universe [Texte intégral]
Institutional Asset Manager (24/09/2013)
Corporate bonds can be a highly attractive addition to ALM solutions, says EDHEC-Risk study
"(...) EDHEC-Risk Institute researchers, supported by Rothschild & Cie, have analysed the sources of added-value of corporate bonds for institutional investors. The paper, “Analysing and Decomposing the Sources of Added-Value of Corporate Bonds within Institutional Investors’ Portfolios,” which was produced as part of the research chair on “The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives”, finds corporate bonds to be attractive additions to investors’ portfolios. (...)"
Copyright GFM Limited
Asia Asset Management (06/09/2013)
Investment solutions can be designed to solve Asia's pension woes
"(…) The costly future resulting from population ageing can still be affordable if scientific investment solutions are created to put the region's vast savings to work, said Dr. Frédéric Blanc-Brude, research director at EDHEC Risk Institute-Asia, speaking at the ninth conference on Asian pension and retirement planning in Singapore on September 4, which gathered thought leaders from global insurance firms and asset managers around Singapore's Central Provident Fund (CPF) and the OECD. (…)"
Copyright Asia Asset Management [Texte intégral - Registration needed]
Asia Asset Management (September 2013)
Corporate bonds in institutional investor portfolios
Article by Lionel Martellini, scientific director, and Vincent Milhau, deputy scientific director, at EDHEC-Risk Institute.
Copyright Asia Asset Management [Texte intégral - Registration required]
The Wall Street Journal (04/09/2013)
G-20 Aims to Pull Private Funding Into Infrastructure
"(...) "There is a disconnect between what the public sector expects from long-term investors--that they finance economic growth--and what institutional investors actually need: instruments offering significant diversification from capital market volatility, attractive yields and predictable long-term cash flows, preferably inflation-linked," says Frederic Blanc-Brude, research director at EDHEC Risk Institute in Singapore. (...)"
Copyright Dow Jones & Company, Inc. [Texte intégral]
Asia Asset Management (August 2013)
Who is afraid of construction risk?
Article by Frédéric Blanc-Brude, research director and Omneia Ismail, senior research engineer at EDHEC Risk Institute – Asia
Copyright Asia Asset Management [Full text - Registration Needed]
The Wall Street Journal (24/07/2013)
Private Retirement Funds Find Malaysia a Tough Sell
"(...) New research conducted by EDHEC-Risk Institute found that East Asia's vast private savings have so far failed to make their way into dedicated retirement packages. (...)"
Copyright Dow Jones & Company, Inc. [Full text]
FTfm (23/07/2013)
Index Association seeks ‘best practice’ standards
"(...) The publication earlier this month of Iosco’s “principles for financial benchmarks” drew criticism from the Nice-based EDHEC-Risk Institute which itself is seeking to establish a presence as an index provider. (...)"
Copyright Financial Times Fund Management [Full text]
Investment Magazine (July 2013)
Pension challenges in East Asia
Article by Frédéric Blanc-Brude, research director at EDHEC Risk Institute–Asia
Copyright Conexus Financial Pty Ltd. [investmentmagazine.com.au]
The Economist (July 2013)
The rise of smart beta
"(...) To tackle style bias, EDHEC, a French business school, offers what it inevitably calls “smart beta 2.0”—over 2,000 indices that allow investors to, for example, diversify exposure to one industry. (...)"
Copyright The Economist [Full text]
IPE (04/07/2013)
Pension funds lack "right instruments" for long-term investing
"(…) Pension funds cannot be expected to provide long-term finance to the real economy, or invest in infrastructure or SMEs, if policymakers fail to provide them with the right instruments, EDHEC-Risk Institute has argued. (…)"
Copyright IPE [Full text - Registration needed]
Asia Asset Management (December 2013/January 2014)
A cog in the machine: Diversification for risk management
Article by Stoyan Stoyanov, head of research at EDHEC Risk Institute – Asia
Copyright Asia Asset Management [Full text - Registration required]
Asia Asset Management (November 2013)
Tail risk of Asian markets
Article by Lixia Loh and Stoyan Stoyanov
Copyright Asia Asset Management [Full text - Registration required]
Investment Magazine (November 2013)
The Convergence between Mainstream and Alternative Asset Management
Article by Robert Kosowski, affiliate professor at EDHEC-Risk Institute, and Juha Joenväärä
Copyright Conexus Financial Pty Ltd. [investmentmagazine.com.au]
HedgeWeek (06/11/2013)
EDHEC-Risk Institute disagrees with EFAMA on ESMA guidelines
"(...) The ESMA guidelines restrict UCITS’ choice of indices to those that are built and managed in a systematic manner and for which index providers avail of full and complimentary transparency of both methodology and historical information; they also require UCITS to perform documented due diligence on the quality of indices. This level of transparency corresponds to that advocated by EDHEC-Risk Institute as it allows investors to independently replicate the track record of an index, gauge the systematic character of its methodology and conduct performance and risk analyses to assess its relevance and suitability against specific investment and risk management goals. (...)"
Hedge Funds Review (06/11/2013)
Big data presents opportunities for hedge funds
Article by Gideon Ozik, affiliate professor of finance at EDHEC Business School, and Ronnie Sadka
Copyright Hedge Funds Review [Full text]
L'Agefi (08/10/2013)
Lyxor et l'EDHEC veulent renouveler l'approche de la parité des risques
"(...) Toute controversée qu'elle soit, la stratégie dite de la parité des risques (Risk parity) dans la gestion d'actifs gagne en visibilité. L'EDHEC-Risk Institute, centre de recherche de l'école de commerce, et la société de gestion Lyxor, filiale de la Société Générale, semblent en être convaincus au point qu'ils ont annoncé, lundi 7 octobre, le lancement pour trois ans d'une chaire de recherche commune dans ce domaine. (...)"
Copyright L'Agefi [Texte intégral - Accès avec abonnement]
HedgeWeek (07/10/2013)
EDHEC-Risk Institute and Lyxor launch research chair
"(...) EDHEC-Risk Institute and Lyxor are launching a three-year research chair entitled “Risk Allocation Solutions” to develop academic insights that can be used towards the design of high-performance multi-asset investment solutions, based on specific investor needs. (...)"
Copyright GFM Limited
Asia Asset Management (October 2013)
Absorbing the intelligence
Article by Lixia Loh, Stoyan Stoyanov and Lionel Martellini
Copyright Asia Asset Management [Texte intégral - Accès avec abonnement]
Investment Magazine (October 2013)
Hedging Volatilitiy in Asian Stock Markets
Article by Lixia Loh, Stoyan Stoyanov, Lionel Martellini
Copyright Conexus Financial Pty Ltd. [investmentmagazine.com.au]
A voir également
A propos de l'EDHEC
Implantée à Lille, Nice, Paris, Londres et Singapour, l'EDHEC est l'une des 15 meilleures écoles de commerce d'Europe. Résolument internationale et directement connectée au monde des affaires, elle est reconnue pour l'excellence de sa recherche et sa capacité à former des entrepreneurs et des managers capables de faire bouger les lignes.
Véritable laboratoire d'idées, elle produit des solutions innovantes reconnues par les entreprises. Ses travaux de recherche irriguent son enseignement fondé sur la culture du «build people to build business» et du « learning by doing ».
