DOCSLIB.ORG

European Asset Management

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
European Asset Management A SHEFFIELD HAWORTH PUBLICATION EUROPEAN ASSET A summary featuring people news, industry updates with market trends and analysis MANAGEMENT Patrick Morrissey H2 2019 Charles Bruce-Smythe Henry Spence Peter Hughes Tom Eagar Henry Milton H2 2019, Asset Management Overview – Europe MARKET OVERVIEW The asset management industry has seen a variety of challenges in the second half of the year with illiquid investments and company governance in the limelight. In the last six months, the industry saw Woodford Investment Management close its doors in October and H20 Asset Management suffer £1.2bn in withdrawals in one week in the summer. The second half also saw similar trends that defined the first half of the year. A “white-hot” bond market (according to the FT in December) continued and again, despite the escalation in the US-China trade wars and political volatility in the UK, equities have improved. ESG continued to grab the market’s attention with more and more inflows into ESG orientated funds, to the point where the FT labelled 2019 as the ‘year capitalism went cuddly’. Nevertheless, like any fast- growing innovation, it is not without its teething problems. While everyone appears to now know what ESG means, not everyone has settled on how to ‘do’ ESG. This diversity in approach can be a real challenge in an area short on long-term executive expertise. Peter Sanderson was appointed Group Chief Executive TABLE OF CONTENTS Officer of GAM, joining from BlackRock where he was a member of the European Executive Committee. Market Overview . Kames Capital confirmed that Martin Davis, the CEO for six Business Development years was stepping down, with the CIO Stephen Jones acting as interim CEO. - Institutional . After only three years, Matt Duncan, Chief Executive of - Wholesale Ostrum Asset Management in Paris stood down, being replaced by Phillipe Setbon, who was previously CEO of ESG Groupama AM. Investment and Product - Equities “A white-hot bond market…continued…despite the escalation in the US-China trade wars” - Fixed Income - Multi-Asset . Nicolas Moreau was appointed CEO of HSBC Global Asset Management. He was previously CEO of European Asset - Alternatives Management at DWS. His predecessor, Sri Chandrasekharan will take on another role within the HSBC Contact Details Group. PGIM Investments has hired Ray Ahn from Capital Group as their new Chief Marketing officer as well as Indy Reddy, who joins the business as the Global CTO and COO and joins the firm from Citi Private Bank. This is a private and confidential document prepared by Sheffield Haworth 2 H2 2019, Asset Management Overview – Europe BUSINESS DEVELOPMENT The relentless pressure on fees in the institutional market does not appear to have reduced at all in the second half of 2019. Yet, despite that, Sheffield Haworth has seen robust hiring in this space. We see this, in part, as a continuation of the increasing sophistication required to be a competitive salesperson as well as a recognition that with fees so low, scale is key to a successful institutional business. Challenges and Opportunities While liquid assets continue to be the bread and butter of traditional asset managers, the focus on alternatives has created demand for sales leaders who can convincingly cover a broad range of asset classes. While this ties into the longer-term trend of more and more technical sales leaders, it presents an opportunity for candidates who do have this skillset to set themselves apart from the rest of the market. INSTITUTIONAL SELECTED PEOPLE MOVES: Asset Management One has hired Andrea Favaloro as Head of EMEA Business Development. Previously Andrea was Head of Sales at Generali Investments before he founded his own business. Atlas Infrastructure has hired Sam Carter as Head of Distribution from Kames Capital where he was Head of GFIs. BMO Global Asset Management has hired Dominic Delaforce into their UK Institutional Sales team from Aberdeen Standard Investments where he was a Director. Insight Investment has hired Andrew Stephens as Head of EMEA Distribution from BlackRock where he was previously Head of UK Institutional Client Business. Janus Henderson Investors has hired Norbert Fullerton as Head of Institutional Client Strategy from MJ Hudson Allenbridge where he was a Senior Advisor. Nuveen has hired Greg Ohlson as Head of UK Consultant Relations from Pinebridge Investments where he was a Consultant Relations Manager. River & Mercantile has hired David Hanratty as Global Head of Distribution. Prior to this, David was Head of UK & Ireland and Head of Global Accounts at Pioneer Investments. Western Asset Management has hired Dan Blass as Head of UK Institutional Sales. He previously worked for Legal & General Investment Management as a Client Services Executive. This is a private and confidential document prepared by Sheffield Haworth 3 H2 2019, Asset Management Overview – Europe WHOLESALE SELECTED PEOPLE MOVES: Capital Group has hired Manuel Geiler as a German Intermediaries Salesperson from Oddo BHF where he was previously Head of Capital Markets Advisory. PGIM Investments have appointed Pascal Weber as Head of Financial Intermediaries from AllianceBernstein, where he was Head of Swiss Intermediary Sales. CTAM has hired Eva Maria Hinter as Country Head for Switzerland from Aviva Investors where she was Head of Swiss Wholesale. Novia Global have appointed Steve Andrews as a member of the Board and lead for business development from Aberdeen Standard Investments where he was Head of Third Party and Major Distribution, UK. Wholesale. RELATED HIRES: Carmignac has hired David Beacham and Edward Aram-Dixon into their Sales team as Business Development Director and Business Development Manager. Janus Henderson Investors has hired Christopher Garcia, Dipesh Amin and Mark Buckley as regional salespeople from Old Mutual Wealth, Aberdeen Standard Investments and Kames Capital respectively. Liontrust has hired Carol Hyner and Gonzalo Thomé into their sales team. Carol is a Multi Asset Salesperson covering East Anglia and Northern counties and Gonzalo will become an International Sales Director. Asset Management Exchange have appointed Christopher Head as Head of Business Development. He was previously at BlackRock where he was Head of UK Local Authorities. This is a private and confidential document prepared by Sheffield Haworth 4 H2 2019, Asset Management Overview – Europe ESG After almost three years of firms choosing to take ESG seriously and implement it into their business, we have reached a new hiring paradigm in the world of ESG. Up until now, ESG leadership hires have come off the back of senior decision makers wanting to have someone “do ESG” within their firm. However, three-to- five years into this cycle, asset management leaders have had time to grapple with what “doing ESG” actually means for their business. Challenges and Opportunities As such, we are beginning to see a new style of ESG hiring, where ESG leadership candidates are not expected to arrive with the ESG answer already fully formed, front-to-back. Instead, leaders are looking for specific skillsets that sit underneath the broad ESG umbrella. We expect to see these types of searches much more heading into 2020. SELECTED PEOPLE MOVES: BlackRock has hired Eric Rice as Head of Active Equity Impact Investing from Wellington Management where he was Head of Impact Investing. Goldman Sachs Asset Management has hired Niamh Whooley as an ESG Expert to work closely with Corporate Research Analysts to identify the ESG and Sustainability themes. Prior to this, Niamh worked for PIMCO as their Head of ESG in USA and sat on their ESG Executive Leadership Committee. JO Hambro Capital Management has hired Hermes Investment Management’s Impact Equity team consisting of Fund Manager Tim Crockford and analysts Mohsin Ahmad, Maxime Le Floch and Maxine Wille. Lombard Odier has hired Christopher Kaminker and Ebba Lepage as Head of Sustainable Investment Research and Strategy and Head of Corporate Sustainability respectively. Christopher joined from SEB where he was Head of Sustainable Finance Research and Ebba joins from Stora Enso previously a corporate finance and M&A VP. Neuberger Berman has hired Keita Kubota as a Japanese Equity PM (ESG Focus) from Aberdeen Standard Investments where he was Deputy Head of Japanese Equities. Newton Investment Management has hired Andrew Parry as Head of Sustainable Investing from Hermes Investment Management where he was previously an Impacting Investment Strategist. Royal London Asset Management has hired Carlota Garcia Manas and Beth Goldsmith as Responsible Investment Analysts from Church of England National Investing Body and KPMG respectively. State Street Global Advisors has hired Carlo Funk as Head of ESG strategy from BlackRock where he was an ESG Specialist. This is a private and confidential document prepared by Sheffield Haworth 5 H2 2019, Asset Management Overview – Europe INVESTMENT AND PRODUCT EQUITIES Aside from Woodford’s fund being shut down, equities as an asset class has not seen significant changes over the last six months. Recent research of over 12,400 global stocks has shown that 78% of stocks failed to beat the S&P 500 over two-year period. This has made all non-US asset classes look weak and this has been reflected in the hiring market this half year. Challenges and Opportunities Where we continue to see an interest however is in high conviction, alpha orientated funds, which will continue to be the most obvious differentiator for active funds over passive funds. This inevitably will create more of a ‘winner-takes-all’ market dynamic, meaning that making the right fund manager hire will be more critical than ever. SELECT TEAM MOVES: Janus Henderson Investors has hired Putnam Investments’ Global EM Equities team including Portfolio Manager Daniel Grana and Analysts Matthew Culley, Matthew Doody and Peter Li to replace the individuals who left the firm to join Skerryvore Asset Management earlier in the year. M&G Investments has hired the Port Meadow Capital Management APAC Equity Team after the boutique was wound down in the Summer of 2019.
Load more

Recommended publications
  • Spotlight: Shareholders Are Dispersed and Diverse
    POLICY SPOTLIGHT APRIL 2019 Shareholders Are Dispersed And Diverse Index funds have democratized access to diversified investment for millions of savers, who are investing for long-term goals, like retirement. As index funds are currently growing more quickly than actively managed funds, some critics have expressed concern about increasing concentration of public company ownership in the hands of index fund managers. While it is true that assets under management (or ‘AUM’) in index portfolios have grown, index funds and ETFs represent less than 10% of global equity assets.1 Further, equity investors, and hence public company shareholders, are dispersed across a diverse range of asset owners and asset managers. As of year-end 2017, Vanguard, BlackRock, and State Street manage $3.5 trillion, $3.3 trillion, and $1.8 trillion in global equity assets, respectively.2 These investors represent a minority position in the $83 trillion global equity market. As shown in Exhibit 1, the combined AUM of these three managers represents just over 10% of global equity assets. The largest 20 asset managers only account for 22%. Moreover, about two-thirds of all global equity investment is conducted by asset owners choosing to invest in equities directly rather than by employing an asset manager to make investments on their behalf. Exhibit 1: Equity Market Investors3 Total Equity Market Capitalization 100% All Asset Managers 35% Top 20 Managers 22% Top 10 Managers 17% VGD 4% BLK 4% SSgA 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Exhibit 1 alone does not paint a complete picture of the diversity of equity market investors, as there is significant variation amongst asset managers and asset owners.
    [Show full text]
  • Swiss Asset Management Study 2020 an Overview of Swiss Asset Management
    1 Inhaltsverzeichnis Inhaltsverzeichnis Swiss Asset Management Study 2020 An Overview of Swiss Asset Management Editors Jürg Fausch, Thomas Ankenbrand Institute of Financial Services Zug IFZ www.hslu.ch/ifz 1 Table of Contents Swiss Asset Management Study 2020 Table of Contents Preface 2 Executive Summary 3 1. Definition & Framework of Asset Management 5 2. The Swiss Asset Management Environment 12 3. Asset Management – An International Perspective 39 4. Asset Management Companies in Switzerland 47 5. Active versus Passive Investing – A Differentiated View on a Heated Debate 69 6. Conclusion & Outlook 77 7. Factsheets of Asset Management Companies in Switzerland 78 Authors 108 References 109 Appendix 120 2 Swiss Asset Management Study 2020 Preface The asset management industry is a growing segment of the Swiss financial center and offers a differentiating value proposition relative to private banking and wealth management. The strong expertise in asset manage- ment is highly relevant for Switzerland since it helps to diversify and complete the Swiss financial center. In this regard, the Asset Management Association Switzerland has the goal to further establish Switzerland as a leading provider of high quality asset management services and products domestically and abroad. In this context, the following study provides a comprehensive overview of the current status and various develop- ments in the Swiss asset management industry and consists of two parts. The first part starts with Chapter 1 in which a definition of asset management is provided and the methodological framework of the study is outlined. Chapter 2 gives an overview of the environment and discusses the political/legal, economic, social and technolog- ical developments relevant for the asset management industry.
    [Show full text]
  • Asset Management One Stewardship Report 2020/2021 Contents
    Asset Management One Stewardship Report 2020/2021 Contents Chapter1: Our approach to ESG investment and stewardship 2 投資の力で未来をはぐくむ Creating a sustainable future Chapter2: Governance, processes and resources 8 through the power of investment Chapter3: How we manage conflicts of interest 11 Chapter4: Addressing market-wide and systemic risks 14 お客さまとの信頼関係に裏付けられた「投資の力で」 Chapter5: Review of policies and processes 28 地球と社会の、お客さまと私たちの、すべての世代にとって豊かな「未来を」 情熱をもって大切に「はぐくむ」 Chapter6: Stewardship reporting and communications 31 "Creating" with passion and respect. Chapter7: Our approach to ESG integration 33 "A sustainable future" for the planet, society, our clients and future generations. "Through the power of investment" as a trusted steward of our clients’ assets. Chapter8: Monitoring of service providers 42 Chapter9: Engagement for sustainable value creation 44 Chapter10: Collaborative engagement for effective stewardship 55 Chapter11: Escalation of stewardship activities 60 Chapter12: Exercising rights and responsibilities 62 1 Chapter 1: Our approach to ESG investment and stewardship Introduction to Asset Management One Ltd. and Shinko Asset Management Co., Ltd. to developing and defining our purpose, the integrate their asset management functions, management and employees at Asset Headquartered in Tokyo, Asset Management One effective from 1 October 2016. As of 31 Management One have debated and discussed Co., Ltd. (Asset Management One “AMO”) is a December 2020, AMO's assets under extensively about key challenges and issues leading asset manager of Japanese institutional management are approximately US$526bn facing the economy, environment and the society assets and offers a broad and diverse range of (please refer to Chapter 6 of this report for the (such as climate change, social inequality, bespoke investment strategies to some of the AUM breakdown by asset class).
    [Show full text]
  • End of the Cycle Or End of an Era? Debt, Demographics and the Limits of Monetary Policy
    FOR PROFESSIONAL CLIENTS ONLY. NOT APPROVED FOR RETAIL DISTRIBUTION. MAY 2016 END OF THE CYCLE OR END OF AN ERA? DEBT, DEMOGRAPHICS AND THE LIMITS OF MONETARY POLICY > The current era of monetary policy began with the collapse of the Bretton Woods system. Recurrent crises and increasingly experimental policy suggest we may be close to another shift in the monetary regime. Abdallah Nauphal, Insight Investment CEO At best, the time horizon of many investors stretches to the length of the current business cycle and when the next downturn might be expected. Few think in terms of eras. But sometimes a long-term perspective is required to peel away the complexities that we currently confront in order to see the full picture. For economic policy, the current era began with the collapse of the post-World War II Bretton Woods fixed exchange rate system and its replacement with a fiat money regime. There is a lot of value in attempting to understand long-term trends. It is a form of analysis distinct from forecasting outcomes. The value of this sort of analysis is that it helps us to grasp the dimensions and drivers of the risks we face. One of the characteristics of this present era, particularly of late, has been recurrent crises. The most recent unfolded in three distinguishable waves. The first wave was centered on the US. Figure 1: The three stages of the global financial crisis The bursting of the property bubble led to the collapse of the subprime mortgage Stage 1 Stage 2 Stage 3 market. Eventually, through transmission US housing market collapse mechanisms few understood or predicted, this ended with the collapse of Lehman Brothers.
    [Show full text]
  • Multi Sector Fixed Income Survey Q3 2018
    FIXED INCOME SERIES Investment Research FIXED INCOME SERIES Investment Research The MSFI market deconstructed Multi Sector Fixed Income survey Q3 2018 SPONSORED BY 1 CAMRADATA.COM Editorial with rising rates. By employing a universe achieved a positive or break- CAMRADATA variety of strategies, which may include even return. This was an improvement CLEAR, INDEPENDENT ANALYSIS shorting bonds or exploiting the relative on the previous three months, in value of assets, managers of these which only 59% managed the same We provide institutional investors and funds hope to provide a positive return achievement. consultants with data and analysis to in all market conditions. assess, research and report on their This proposition has naturally proved “SOME PREDICT investments. attractive, with the result that MSFI THE US FEDERAL We are committed to fostering absolute return funds have seen a and nurturing strong, productive steady stream of investor inflows. In the RESERVE WILL relationships across the institutional third quarter of the year, these funds RAISE INTEREST investment sector and are continually gathered a net £0.3 billion, making the RATES THREE innovating new solutions to meet the INVESTORS FACE A DILEMMA. period the tenth consecutive quarter TIMES IN 2019.” industry’s complex needs. Developed market equities, led by in which this asset class, as tracked We enable pension schemes, insurers, the US, rallied in the past two years by CAMRADATA, enjoyed a positive There are challenges on the horizon, charities, family offices and consultants to record levels. Although these gains balance of investor allocations. however. Some analysts are predicting to conduct rigorous, evidence-based were good news for holders of equity Clearly, this fund type is in demand, that the US Federal Reserve will raise assessments of more than 5,000 assets, the sustained price growth which is good news for asset managers interest rates three times in 2019.
    [Show full text]
  • The Biggest Asset Manager You've Never Heard Of
    INTERNATIONAL EDITION OCTOBER 2016 Research + Rankings BEST IN SHOW: INTRODUCING THE 2016 ALL-AMERICA RESEARCH TEAM THE Banking + Capital Markets AD WARS! GOOGLE AND FACEBOOK SQUARE OFF IN CYBERSPACE BIGGEST Investors AS RIAS GROW, MANY LOOK TO OUTSOURCE THE CIO FUNCTION ASSET MANAGER YOU’VE NEVER HEARD OF ABDALLAH NAUPHAL BUILT LONDON’S INSIGHT INVESTMENT INTO A $667 BILLION BOND GIANT. NOW HE’S AIMING TO WIN THE U.S. OVER TO LIABILITY- DRIVEN INVESTING. PAGE 36 Stateside-Bound CEO Nauphal believes his $667 billion firm is ready to crack the big U.S. market. THE BIGGEST FIXED INCOME ASSET MANAGER INSIGHT INVESTMENT HAS BUILT A POWERFUL U.K. FRANCHISE WITH LIABILITY-DRIVEN INVESTING. CAN IT TAKE ITS MODEL TO THE U.S. AND BEAT THE AMERICAN BOND GIANTS? YOU’VE NEVER BY JESS DELANEY / PHOTOGRAPHS BY FELICITY MCCABE HEARD OF bdallah Nauphal was in Washington visiting a client crisis,” Gall says, referring to the 1998 collapse of hedge fund firm Long- when the news broke that British voters had chosen to Term Capital Management, he and his team didn’t have much cause leave the European Union. Awake in his hotel room in for concern. Because LDI is an exercise in long-term risk management, the early-morning hours of June 24, the chief executive Gall wasn’t tearing his hair out as stocks, interest rates and the pound of London-based Insight Investment took a few seconds plummeted. “It was more about looking at the screens, seeing how wildly to wrap his head around the reports on the television the markets, and currency in particular, were moving and then thinking before dialing Adrian Grey, the firm’s chief investment what that means for future hedging decisions,” he says.
    [Show full text]
  • Investor Signatories to the CDP Science Based Targets Campaign a Total of 137 Investors with $19.43 Trillion of Assets Backed This Campaign
    Investor signatories to the CDP Science Based Targets campaign A total of 137 investors with $19.43 trillion of assets backed this campaign. Achmea Investment ABN AMRO Bank N.V. ACTIAM Management Addenda Capital Inc Aegon Asset Management AkademikerPension Alecta Aktia pensionsförsäkring, Allianz SE ömsesidigt AMF Amundi ANIMA SGR AP Pension Arisaig Partners Arvella Investments Avaron Asset Aviva Investors AXA Group Management BayernInvest Bank J. Safra Sarasin Kapitalverwaltungsgesells BDL Capital Management chaft mbH Bedfordshire Pension BlueBay Asset Bethmann Bank Fund Management BMO Global Asset Boston Common Asset Boston Trust Walden Management Management, LLC Christian Brothers Brown Advisory Church Investment Group Investment Services Clean Yield Asset Church of Sweden ClearBridge Investments Management CNP Assurances Coller Capital COMGEST CREDIT MUTUEL Asset CPR Asset Management Crédit Agricole S.A. Management Didner & Gerge Fonder DNB Asset Management Dana Investment Advisors AB AS DNCA FINANCE Dom Finance Dorval Asset Management Eagle Ridge Investment DWS Group EAB Group Plc Management, LLC EdenTree Investment Edmond de Rothschild East Capital Group Management Asset Management ESG Portfolio Ethos Foundation, eQ Asset Management Ltd Management Switzerland Etica Sgr - Responsible Eurizon Capital SGR Evli Bank Investments S.p.A. Exane Asset Management FAMA Investimentos Federal Finance Gestion Federated Hermes Fideas Capital Fidelity International International First Affirmative Financial Friends Fiduciary FIM Asset Management
    [Show full text]
  • Dave Hunter DATE: September 18, 2020 SUBJECT: SIB Meeti
    Executive Summary - Informational TO: State Investment Board FROM: Dave Hunter DATE: September 18, 2020 SUBJECT: SIB Meeting Materials – September 25, 2020 Our September board meeting will focus on Callan’s annual investment performance review of SIB client returns as of June 30, 2020. RIO will also share board education and manager research on in-state investment programs administered by other state plans, invite BND to provide an investment update & highlight recent legislative committee presentations. 1. Asset and Performance Overview – RIO will refresh the Asset and Performance Overview shared with the Board last month noting that 94% of our SIB clients generated net returns which exceeded their approved policy benchmarks for the 5 years ended June 30, 2020. All SIB Pension Pool clients generated net returns which exceeded their respective policy benchmarks for the 1, 3 and 5 year periods ended June 30, 2020. The Pension Pool, which includes PERS and TFFR, generated a net return of 8.4% for the 10 years ended June 30, 2020, exceeding its Policy Benchmark of 7.94% and their actuarial long-term return assumptions (of 7.00% to 7.25%). The NDSIB Pension Pool was also ranked in the top 25% of Callan’s Public Fund Sponsor Database for the 10-years ended June 30, 2020. 2. Callan Annual Investment Review – The SIB engages Callan to provide quarterly and annual investment performance reviews which include a reconciliation of RIO’s reported investment returns and asset valuations with those reported by Northern Trust, noting that Northern Trust serves as our primary custodian and record keeper for SIB client investments.
    [Show full text]
  • R&I Fund Award 2019
    NEWS RELEASE May 7, 2019 R&I Announces Winners of "R&I Fund Award 2019" - Investment Trust-related Categories - Rating and Investment Information, Inc. (R&I) has announced winners of "R&I Fund Award 2019" (supported by Nikkei Inc.) for investment trust-related categories. This year's Award, the first in the series presented in Japan's new imperial era "Reiwa", includes a new subcategory "Tactical Asset Allocation Fund" in the Investment Trusts Category. Among balanced funds, the core product for long-term asset accumulation, this subcategory covers variable allocation funds, whose performance is affected by fund managers' investment skills more strongly. By utilizing its current quantitative approach, R&I acknowledges funds, investment strategies and so forth that showed excellent performance in each category of investment trusts, iDeCo & DC, NISA and defined benefit pension. Winners are selected in a non-discretionary process from an independent point of view, and as such, the Award is widely recognized by many asset managers and related parties. (Winners for the Defined Benefit Pension Category will be announced around mid or late May.) Award Categories & Subcategories and a List of Winners [Investment Trusts/Aggregate Category] Category Prize Fund Manager The First Prize Tokio Marine Asset Management Co., Ltd. Japanese Equity Fund SPARX Asset Management Co., Ltd. Aggregate The Second Prize Meiji Yasuda Asset Management Company Ltd. The First Prize Goldman Sachs Asset Management Co., Ltd. Global Equity Fund UBS Asset Management (Japan) Ltd Aggregate The Second Prize AllianceBernstein Japan Ltd. The First Prize FIL Investments(Japan)Limited Global Bond Fund DWS Investments Japan Limited Aggregate The Second Prize Amundi Japan, Ltd.
    [Show full text]
  • List of Institutional Investors Signing up to “Principles for Responsible Institutional Investors” ≪Japan's Stewardship
    List of institutional investors signing up to “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ - To promote sustainable growth of companies through investment and dialogue - As of June 30, 2021 【Total︓309】 Website (URL) where the announcement of the Website (URL) where the disclosure items described in Updates Updates Disclosure of Voting Stewardship Activity Institution’s name (alphabetical order) acceptance of the Code has been disclosed the Code have been disclosed for 2017 Revision for 2020 Revision Results Reasons for Votes Reports Website (URL) Trust banks（subtotal︓6） Mitsubishi UFJ Trust and Banking 1 https://www.tr.mufg.jp/ippan/release/pdf_mutb/200515_1.pdf https://www.tr.mufg.jp/houjin/jutaku/pdf/stewardship_ja_pdf.pdf ○ ○ ○ ○ ○ https://www.tr.mufg.jp/houjin/jutaku/pdf/stewardship_mutb_pdf.pdf?180905 Corporation 2 Mizuho Trust & Banking Co,. Ltd. https://www.mizuho-tb.co.jp/corporate/unyou/pdf/stewardship.pdf https://www.mizuho-tb.co.jp/corporate/unyou/pdf/stewardship.pdf ○ ○ ○ ○ ○ https://www.mizuho-tb.co.jp/corporate/unyou/stewardship_katsudo.html 3 Resona Bank, Limited. http://www.resonabank.co.jp/nenkin/sisan/prii/index.html https://www.resonabank.co.jp/nenkin/sisan/prii/pdf/Stewardship_code_policy.pdf ○ ○ ○ ○ ○ https://www.resona-am.co.jp/investors/ssc.html 4 Sumitomo Mitsui Trust Bank, Limited https://www.smtb.jp/business/instrument/voting/stewardship.html https://www.smtb.jp/business/instrument/voting/stewardship.html ○ ○ ○ ○ ○ https://www.smtb.jp/business/instrument/voting/stewardship_activity.html 5 The Nomura Trust and Banking Co., Ltd. http://www.nomura-trust.co.jp/news/140528.html https://www.nomura-trust.co.jp/company/stewardship/ ○ ○ △ ○ https://www.nomura-trust.co.jp/company/stewardship/pdf/hyouka2020.pdf The Norinchukin Trust and Banking 6 http://www.nochutb.co.jp/about/governance.html http://www.nochutb.co.jp/about/governance.html ○ ○ △ ○ http://www.nochutb.co.jp/about/pdf/2020_stewardship.pdf Co.,Ltd.
    [Show full text]
  • 2010 | Investment Management Industry Review
    2010 | Investment Management Industry Review accounts. The British and French negotiated similar deals. In September, Switzerland also completed the last double- taxation treaty required to remove its name from the OECD’s list of nations failing to comply with tax-sharing the Right Places information. In Italy, the government raided the local Lookin’ for Dough in All on a tax treaty grew testy. Meanwhile, a tax amnesty led When governments in the U.S. and Europe take Italiansoffices of to Swiss declare banks $115 and billion talks in between assets held the twooutside nations the a moment to consider their future pension country, though estimates for the total amount run six and health care obligations to baby boomers, times as high. Lichtenstein, with 35,000 people and per it doubtless quickens the pulse. In the U.S., capita GDP over $100,000, cut a deal with the U.K. to close the Peterson Foundation, a fiscal watchdog, the accounts of British citizens who do not comply with figures the nation has $56 trillion in unfunded their government’s demand for full disclosure. The small obligations up the road, primarily involving principality has also engaged in similar discussions with Medicare. Among European Union nations, Germany. generous national state pension and health So it was that in 2009 the worst economic crisis since the care benefits face similar funding challenges. Depression continued to play out. It engulfed Europe’s lucrative offshore banking industry, remade banks and In the U.S., states and localities are falling behind on their own promises to boomer public employees, having watched hundreds of billions of dollars in assets disappear in 2008-2009.
    [Show full text]
  • Insight Liquidity Solutions
    FOR ISSUE IN THE UK AND EU. FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY. NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL. PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT. INSIGHT LIQUIDITY SOLUTIONS OPPORTUNITY FLEXIBLE LIQUIDITY SOLUTIONS Security Insight’s range of liquidity management solutions aims to • Money market-specific credit research process deliver security, liquidity and performance for cash investors. • Robust risk oversight We understand that capital preservation is a key priority for • Highly rated by rating agencies (see page 4 for details) professional investors. Liquidity solutions can be a useful tool • Independent custodian/trustees to help maximise returns on short-term assets, which aim to maintain security and liquidity. Liquidity • Stress-tested for a range of liquidity and market-related We believe that cash and liquidity management is a unique scenarios investment discipline. Our highly experienced money market • Economies of scale provide access to more team has significant expertise and managed portfolios through competitive pricing various market conditions and multiple interest rate cycles. Diversification We aim to offer an attractive combination of traditional cash- • Diversified across a broad range of counterparties, management expertise and a broad and innovative product instruments and jurisdictions range to meet the varying liquidity requirements of our clients (see Figure 1). Robust infrastructure • Established administrative and dealing structure Our investment process combines an active management approach with a robust risk framework, that enables us to • Available on a pooled fund or segregated basis partner with clients and deliver effective liquidity solutions to match specific liquidity profiles. Figure 1: Structuring your cash allocation with the aim of enhancing your return potential Cash Liquidity (Horizon – daily) Working capital Cash plus (Horizon – 3 months plus) Reserve Short duration (Horizon – longer term) Strategic Time For illustrative purposes only.
    [Show full text]