Rewarding Excellence in Business 12 20

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rewarding excellence in business 12 20

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FUNDS EUROPE AWARDS 2012

A night of thought leadership

rewarding excellence in business Snow, an unwelcome attendee at our last event, failed to show this year and the eighth industry awards hosted by Funds Europe took place without logistical snags. We received a record amount of entries. It seems the number of entry forms only grows as each year the business environment gets tougher. Entrants demonstrated that despite the continued hard times faced by the funds industry, they can 12 produce business excellence whatever the weather. 20 Funds Europe hosted 150 people at the Tower of London and there were a total of 18 awards, plus one Special Award. The latter went to Mark Tennant of JP Morgan. Attendees of Fund Forum International will have seen Mark interviewing various industry luminaries, though his influence and engagement go beyond that conference. Mark’s thought- leadership role in the asset management industry is recognised by his peers in their awarding him with this honour. Coincidentally, this year we also gave our first award for industry Thought Leadership. It went to SAM, an innovative asset manager and pioneer in creating sustainable indices. Unfortunately, a key winner – Edouard Carmignac, the founder and chief investment officer of Carmignac Gestion who won Personality of theYear – could not make it, though he sent a video acceptance speech. He was in Brazil on the November evening our awards took place – a reminder, perhaps, of the direction the economic winds are blowing. We’d like to thank our judges and all who attended. A special mention must go to our presenters who helped us streamline the ceremony and provided us with much humour. As Mark Tennant said, the industry had functioned well for 40 years until the financial crisis hit. He assured our guests they were at the beginning of another successful 40 years. Let’s take that thought into 2013.

Nick Fitzpatrick Editor

FUNDS EUROPE I fundseurope EDITOR Nick Fitzpatrick Tel: +44 (0)203 178 5875 [email protected] DEPUTY EDITOR Stefanie Eschenbacher I Tel: +44 (0)203 178 5876 [email protected] SENIOR STAFF WRITER George Mitton Tel: +44 (0)203 178 Published by Funds Europe Limited I I 288 Bishopsgate 5879 [email protected] EDITORIAL DIRECTOR Fiona Rintoul [email protected] TECHNOLOGY I London EC2M 4QP & OPERATIONS EDITOR Nicholas Pratt [email protected] SUB-EDITOR Joanne Shepherd Smith I I Tel: +44 (0)203 178 5872 ART DIRECTOR Lucy Erikson PUBLISHER Alan Chalmers Tel: +44 (0)203 178 5877 [email protected] I I Fax: +44 (0)203 178 4002 GROUP SALES MANAGER David Wright Tel: +44 (0)203 178 5878 [email protected] OFFICE MANAGER Iain © Funds Europe Limited, 2012 I MacArthur Tel: +44 (0)203 178 5874 [email protected] WEB MANAGER Steve Dimitrov Tel: +44 (0)203 178 5873 [email protected]

EDITORIAL ADVISORY BOARD I I Total average net circulation 10,245 Penelope Biggs Northern Trust, London Dominique Carrel-Billiard AXA Investment Managers, Paris Nadine Chakar BNY I I I Audit period 1st July 2011 - 30th June 2012 Mellon, New York Jean-Baptiste de Franssu Incipit, Brussels Peter Elam Håkansson East Capital, Stockholm Robert Parker I Credit Suisse, London Todd Ruppert RTR International, London & Baltimore ISSN 1477-4453 Printed by Buxton Press SUBSCRIPTION I I The views expressed in Funds Europe do not necessarily coincide with Subscription enquiries: [email protected] Delivery in Europe: €385 Delivery outside Europe: €495 the views of the publishers. Although the publishers have made every effort to ensure the accuracy of the information contained in this publication, neither Funds Europe Limited nor any contributing author can accept any legal responsibility whatsoever for any consequences that may arise from errors or omissions contained in the publication or from acting on any advice given. In particular, this publication is not a substitute for professional advice on a specific transaction.

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FUNDS EUROPE AWARDS 2012

Judges Sponsors I I I CHARLIE PORTER STEVE BUTLER RBC Investor Services formerly Thames River/F&C Camaradata Analytical Services RBC Investor Services is a premier provider of investor services to asset managers, I I CLARE VINCENT-SILK SHEENAGH GORDON-HART financial institutions and other institutional Investit JP Morgan WSS investors worldwide. Its unique approach to domestic and cross-border solutions, I I DAVE REYNOLDS TODD RUPPERT combined with award-winning client service Investit RTR International and the expertise of 5,500 professionals in 15 markets, helps its clients achieve I DAVID RENN Also judging the awards from their ambitions. CitiSoft Funds Europe magazine were: RBC Investor Services ranks among the world's top ten global custodians with I I DEAN LUMER ALAN CHALMERS $2.9 trillion (€3.6 trillion) in client assets Knadel Publisher under administration and is a wholly-owned subsidiary of Royal Bank of Canada, one of I I ED MOISSON NICK FITZPATRICK the largest and most financially sound banks Lipper Editor in the world.

I I HENDRIK DU TOIT STEFANIE ESCHENBACHER I Investec Asset Management Deputy editor Multifonds Multifonds is the award winning multi- I I HUGH MOIR GEORGE MITTON jurisdictional, multi-asset-class investment F&C Investments Senior staff writer fund platform providing portfolio accounting, fund accounting, investor I I JAMES WRIGHT NICHOLAS PRATT servicing and transfer agency on a single JP Morgan Operations & technology fully integrated platform. editor Founded in 1995, Multifonds serves most of I KEITH HALE the world’s leading global custodians, third- Multifonds The Funds Europe editorial board party administrators and asset managers and today processes more than $3 trillion in I I KEITH WAUDBY PENELOPE BIGGS assets across more than 30 jurisdictions. Hermes Fund Managers Northern Trust, London

I I I LUKE RANSLEY DOMINIQUE CARREL- JP MorganWorldwide Securities Services Friends’ Life Investments BILLIARD JP Morgan Worldwide Securities Services is AXA Investment Managers,Paris a premier securities servicing provider I MARTIN GILBERT that helps institutional investors, alternative I Aberdeen Asset Management NADINE CHAKAR asset managers, broker dealers and equity BNY Mellon, New York issuers optimise efficiency, mitigate risk and I NICK BAKER enhance revenue. I Alpha FMC JEAN-BAPTISTE DE With $18.2 trillion in assets under custody FRANSSU and $7.3 trillion in assets under I NICK EMMINS Incipit, Brussels administration, JP Morgan Worldwide RBC Investor Services Securities Services leverages the firm’s I PETER ELAM HÅKANSSON global scale, leading technology and deep I PAUL SQUIRES East Capital, Stockholm industry expertise to service investments AXA Investment Managers around the world. I ROBERT PARKER I RODNEY WILLIAMS Credit Suisse, London Mackay Williams I TODD RUPPERT I STUART CATT RTR International, London & Mercer Sentinel Baltimore

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A Towering room of talent Funds Europe hosted 150 people at the Tower of London at the end of November and awarded 18 awards, plus one Special Award and one Special Commendation. The Funds Europe team and a group of independent judges – many of whom had contributed in previous years – had once again spent months going through entries, trying to pick a winner. This year saw a record number of submissions. SPECIAL AWARD EUROPEAN PERSONALITY OF THE In the end, an evening with the AWARD WINNER: Mark Tennant, JP Morgan YEAR crème de la crème of Europe’s Worldwide Securities Services AWARD WINNER: Edouard Carmignac asset management industry made ACCEPTED BY: Ann Doherty ACCEPTED BY: Matthew Wright their efforts worth it. PRESENTED BY: Charlie Porter PRESENTED BY: Charlie Porter

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FUNDS EUROPE AWARDS 2012

EUROPEAN CIO OF THE YEAR EUROPEAN ASSET MANAGEMENT EUROPEAN ASSET MANAGEMENT AWARD WINNER: Anne Richards, Aberdeen COMPANY OF THE YEAR (> €20BN) COMPANY OF THE YEAR (< €20BN) Asset Management AWARD WINNER: Aberdeen Asset Management AWARD WINNER: Edmond de Rothschild ACCEPTED BY: Sam Walker ACCEPTED BY: Piers Currie ACCEPTED BY: Lionel Errera PRESENTED BY: Ann Doherty PRESENTED BY: Charlie Porter PRESENTED BY: Nick Fitzpatrick

EUROPEAN SPECIALIST INVESTMENT EUROPEAN HEDGE FUND FIRM OF EUROPEAN ETF FIRM OF THE YEAR FIRM OF THE YEAR THE YEAR AWARD WINNER: iShares AWARD WINNER: BlueBay Asset Management AWARD WINNER: Aquila Capital ACCEPTED BY: Helga Mepham ACCEPTED BY: Craig Castle ACCEPTED BY: Stuart MacDonald PRESENTED BY: Diana Mackay PRESENTED BY: Keith Hale PRESENTED BY: Robin Creswell

EUROPEAN THOUGHT LEADERSHIP EUROPEAN THOUGHT LEADERSHIP EUROPEAN MARKETING CAMPAIGN OF THE YEAR OF THE YEAR SPECIAL COMMENDATION OF THE YEAR AWARD WINNER: SAM AWARD WINNER: Edhec AWARD WINNER: M&G ACCEPTED BY: Daniel Wild ACCEPTED BY: Nikolaos Tessaromatis/Fahd Rachidy ACCEPTED BY: Jacqui Haskins PRESENTED BY: Piers Currie PRESENTED BY: Piers Currie PRESENTED BY: Mark Brandis

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EUROPEAN ADVISOR OF THE YEAR EUROPEAN CUSTODIAN OF THEYEAR EUROPEAN ADMINISTRATOR OF THE AWARD WINNER: Investit AWARD WINNER: BNP Paribas Securities YEAR ACCEPTED BY: Catherine Doherty Services AWARD WINNER: HSBC Securities Services PRESENTED BY: Jerome Bloch ACCEPTED BY: Richard Hughes ACCEPTED BY: Ian Stephenson PRESENTED BY: Catherine Doherty PRESENTED BY: Catherine Doherty

EUROPEAN HEDGE FUND ADMIN EUROPEAN SPECIALIST EUROPEAN TRANSFER AGENT OF AWARD WINNER: Deutsche Bank Alternative Fund ADMINISTRATOR OF THE YEAR THE YEAR Services AWARD WINNER: IPES AWARD WINNER: IFDS ACCEPTED BY: Mike Hughes ACCEPTED BY: Alan Chalmers ACCEPTED BY: Paul Kelly PRESENTED BY: Catherine Doherty PRESENTED BY: Catherine Doherty PRESENTED BY: Catherine Doherty

EUROPEAN FRONT OFFICE EUROPEAN MIDDLE OFFICE EUROPEAN BACK OFFICE PROVIDER PROVIDER OF THE YEAR PROVIDER OF THE YEAR OF THE YEAR AWARD WINNER: eFront AWARD WINNER:Vermilion AWARD WINNER: Multifonds ACCEPTED BY: Philippe Verboogen ACCEPTED BY: Paul Smillie ACCEPTED BY: Oded Weiss PRESENTED BY: Hugh Burden PRESENTED BY: Hugh Burden PRESENTED BY: Hugh Burden

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

Copyright ©2012 JPMorgan Chase & Co. All rights reserved. This document contains a summary of the subject matter (and is subject to change without notice) and is provided solely for general information purposes. J.P. Morgan does not make any representation or warranty, whether expressed or implied, in relation to the completeness, accuracy, currency or reliability of the information contained in this brochure nor as to the legal, regulatory, ﬁnancial or tax implications of the matters referred herein. The contents of this document do not constitute any advice. This brochure does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Issued and approved for distribution in the United Kingdom and the European Economic Area by J.P. Morgan Europe Limited. In the United Kingdom, JPMorgan Chase Bank, N.A., London branch and J.P. Morgan Europe Limited are authorised and regulated by the Financial Services Authority. J.P. Morgan is the marketing name for JPMorgan Chase & Co. and its subsidiaries and aliates worldwide. This document should not be distributed to others or replicated in any form without prior consent of J.P. Morgan. 09 special award gmnf:Layout 1 10/12/12 09:56 Page 9

FUNDS EUROPE AWARDS 2012

Special Award

MARK TENNANT, JP Morgan Worldwide Securities Services

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

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FUNDS EUROPE AWARDS 2012

European Personality of theYear EDOUARD CARMIGNAC, Carmignac Gestion

Edouard Carmignac has won the European Personality of the Year award in recognition for both the development of Carmignac Gestion and for his commitment to thought leadership in the funds industry. Edouard is a past winner of the European CIO of the Year award, and as a fund manager and business leader he is someone who has always led by conviction. “A pragmatic leader of the industry today,”said one judge. “Outspoken in key industry topics,”said another. Over the past year, Edouard has helped to drive the agenda for investor protection both within the EU and European Fund and Asset Management Association. In Carmignac Gestion, which he founded in 1989, he has created a brand at the forefront of the European scene with a reputation for excellence. In his role as chairman, he is closely involved in the management strategy of its Ucits funds. Based in France, Carmignac Gestion is today one of Europe’s best known asset managers and prides itself that its long-term viability is ensured by a stable shareholding structure, which reflects its spirit of independence.

rewarding excellence in business SHORTLISTED

ROBIN GEFFEN, Neptune Investment Management

Robin Geffen is founder and chief executive officer at Neptune 12

Investment Management, a UK-based boutique, set up in 2002. Robin 20 won European CIO of the Year last year.

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THIS COMMUNICATION IS DIRECTED ONLY AT PROFESSIONAL FINANCIAL ADVISERS. IT SHOULD NOT BE DISTRIBUTED TO, OR RELIED ON BY PRIVATE CUSTOMERS. THE VALUE OF INVESTMENTS CAN FALL AS WELL AS RISE AND LOSSES MAY BE MADE. Telephone calls may be recorded for training and quality assurance purposes. *Source: Investec Asset Management as at 30.09.12. Issued by Investec Asset Management, December 2012. 12 CIO - jsssenf:Layout 1 10/12/12 10:01 Page 12

FUNDS EUROPE AWARDS 2012

European CIO of theYear ANNE RICHARDS, Aberdeen Asset Management

Anne Richards is not only chief investment officer but also head of Europe, Middle East and Africa, and a director at Aberdeen Asset Management plc. Anne won the European CIO of the Year award for her efforts to grow the region’s asset base as well as the development of investment solutions for the multi-asset and fund of hedge funds division. Other than her commitment to Aberdeen Asset Management, the judges also praised her efforts to encourage more women into the boardroom and to promote the advancement of women in general throughout the investment industry. One judge also noted that, without Anne, the business would not be where it is now. Aberdeen Asset Management was founded in 1983 and operates globally. Today it has 1,900 members of staff in 23 countries. Its mission is to deliver superior asset performance and exemplary client service, through consistent active management processes across various different asset classes.The range comprises equities, fixed income, property and alternatives.

rewarding excellence in business SHORTLISTED

EDOUARD CARMIGNAC, Carmignac Gestion

Edouard Carmignac won the European Personality of the Year award 12

this year for his development of Carmignac Gestion and is a past 20 winner of the European CIO of the Year award.

ROBIN GEFFEN, Neptune Investment Management Robin Geffen is founder and chief executive officer at Neptune Investment Management, a UK-based boutique set up in 2002. Robin won European CIO of the Year last year.

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FOR INVESTMENTMENT PROFESSIONALSPROFESSIONALS NNOTOT FFOROOR USE BBYY RRETAILETTAAIL INVESTINVESTORSORS

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

WeWe believebelieve it is better to discoverdiscover global opportunitiestunities AberdeenAberdeen are are pproudroud to to be be recognisedrecognised as as tthehe AssetAsset MManageranager for ourselourselves,ves, rather than to taktakee someone else’else’s’s wordword ooff tthehe Year Year ((>€20>€20 Billion Billion ccategory)ategory) and and the the CCIOIO ofof tthehe YYearear for it.it. Our fundnd managers traveltravel the globe to interviewterview the atat the the 2012 2012 Funds Funds Europe Europe AAwards.wards. management of mormoree than 3,000 companies worldwide:w European Asset Management Anne Richards, Aberdeen we alwaysalways vvetett companies ourselves,ourselves, firstfirst-hand,-hand, and we Company of the Year European CIO nevneverer ininvestvest inn a compancompany’sy’s equity without firstt meeting (> €20bn) of the Year its management.managementent.

SoS whath t yyouou getg t withith AberAberdeenddeen iis the distillationon off whath t 20 12 20 12 we believbelievee to be the best companies in the world,rld, not an investmentinvestment in something just because it is in ann index.index. ForFor moremore information information on on where where we gogo and and why, why, ppleaselease visit visit ourour wewebsitebsite aatt wwww.aberdeen-asset.comww.aberdeen-asset.com

www.aberdeen-asset.comwww.abererdeen-asset.com

PastPast performance is not a guide to futurfuturee rreturns,eturns, the value of ininvestmentsvestmentsts and the income frfromom them can fall as well as rise and ininvestorsvestors may get back less than thee amount ininvested.vested. Issued bbyy AberAberdeendeen Asset Managers Limited, 10 Queen’Queen’ss TTerrace,errace, AberAberdeen,deen, AB10 1Y1YG.G. Authorised and rregulatedegulated bbyy Financial Servicesrvices Authority in the United Kingdom. 121000800 14 AM>20 - jssgmsenf :Layout 1 10/12/12 10:04 Page 14

FUNDS EUROPE AWARDS 2012

European Asset Management Company of theYear (>€20bn) ABERDEEN ASSET MANAGEMENT

Aberdeen Asset Management was founded in 1983 and operates globally. Today it has 1,900 members of staff in 23 countries. One of the judges noted that “few people start a company and see it grow to be included in the FTSE 100”. Aberdeen Asset Management’s mission is to deliver superior asset performance and exemplary client service, through consistent active management processes across various different asset classes. The range comprises equities, fixed income, property and alternatives. The company takes pride in its approach, with original thinking and research, which the team bases its investment decison on.The teams are locally based in the regions they invest in.

Martin Gilbert, CEO at Aberdeen Asset Management

rewarding excellence in business SHORTLISTED

CARMIGNAC GESTION

Based in France, Carmignac Gestion was founded in 1989 and has 12

become one of the leading asset managers in Europe. It prides itself 20 on its long-term viability which is ensured by a stable shareholding structure, which reflects Carmignac’s spirit of independence.

INVESTEC ASSET MANAGEMENT Established in South Africa in 1991, Investec Asset Management has grown largely organically from its domestic roots. A specialist provider of active investment products and services, Investec serves a growing international client base in the Americas, the UK, continental Europe, Asia, the Middle East, Australia and Africa.

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

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FOR INVESTMENTMENT PROFESSIONALSPROFESSIONALS NNOTOT FFOROOR USE BBYY RRETAILETTAAIL INVESTINVESTORSORS

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

www.aberdeen-asset.comwww.abererdeen-asset.com

PastPast performance is not a guide to futurfuturee rreturns,eturns, the value of ininvestmentsvestmentsts and the income frfromom them can fall as well as rise and ininvestorsvestors may get back less than thee amount ininvested.vested. Issued bbyy AberAberdeendeen Asset Managers Limited, 10 Queen’Queen’ss TTerrace,errace, AberAberdeen,deen, AB10 1Y1YG.G. Authorised and rregulatedegulated bbyy Financial Servicesrvices Authority in the United Kingdom. 121000800 16 AM<20 - jssgmsenf :Layout 1 14/12/12 11:29 Page 16

FUNDS EUROPE AWARDS 2012

European Asset Management Company of theYear (<€20bn) EDMOND DE ROTHSCHILD ASSET MANAGEMENT

For the second year running, Edmond de Rothschild Asset Management has won the award for Asset Management Company of the Year <€20 billion. Judges highlighted the company’s strong product range. Established in 1953 by Baron Edmond de Rothschild, the group is today chaired by his son Benjamin de Rothschild. With a 250-year family heritage, the asset manager places emphasis on traditions and values, and being fully independent when advising private and institutional clients. It specialises in private banking and asset management, following four main investment principles: risk control, liquidity, transparency and absolute priority, which puts low risk and opportunism before returns. Edmond de Rothschild Asset Management provides services for private clients, family offices, companies, institutional clients, third- party managers, distributors and the public sector.

Christophe de Baker, CEO of the Edmond de Rothschild Group

rewarding excellence in business SHORTLISTED

NEPTUNE INVESTMENT MANAGEMENT

A UK-based boutique, Neptune Investment Management offers a 12

variety of actively managed equity funds investing across different 20 regions. It was founded in 2002 as an independent and privately- owned company.

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FUNDS EUROPE AWARDS 2012

European Specialist Investment Firm of theYear

BLUEBAY ASSET MANAGEMENT

BlueBay has become a notable force in active European asset management since its launch in 2001. It is recognised as a leading fixed income specialist manager. The firm is based in London with offices in the US, Luxembourg, Hong Kong and Japan. It managed over $46.9 billion (as at September 28) for institutions and high-net-worth individuals. Its product range covers investment grade bonds, high yield and distressed assets, convertibles and emerging markets. BlueBay presents these assets and strategies through a selection of risk/return profiles, from absolute return long/short funds to relative return long-only funds and segregated accounts. The firm focuses on capital preservation and the generation of attractive, risk-adjusted returns. A comprehensive infrastructure and risk management framework supports its investment activity. BlueBay Asset Management is a wholly-owned subsidiary of Royal Bank of Canada (RBC) and part of RBC Global Asset Management group of companies.

rewarding excellence in business THE SHORTLIST

ABBEY CAPITAL

Abbey Capital is an Irish-owned alternative investment manager. It 12

manages an international investment business with diversification 20 across financial futures, foreign exchange and global equity markets.

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

ROGGE GLOBAL PARTNERS Founded in 1984, Rogge Global Partners is one of the first global fixed income specialists in the investment management industry. It offers a broad spectrum of fixed income products, from developed markets to emerging markets, as well as specialised solutions such as liability-driven investments.

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FUNDS EUROPE AWARDS 2012

European ETF Provider of theYear iSHARES

“It's hard to look past iShares,” said one judge. The company, which is owned by asset management giant BlackRock, has continued to increase its assets under management and launched a number of products in 2012, cementing its position as the largest exchange-traded fund (ETF) provider by asset size. The company has continued to play a leading role in promoting the benefits of ETFs and has worked to establish more transparency over product labelling and disclosure, particularly over synthetic, or swap-based, products. “If you chose just on numbers, it would be iShares,” said one judge. The numbers were the metric used and iShares won the award again.

Joe Linhares: head of Emea at iShares

rewarding excellence in business SHORTLISTED

AMUNDI INVESTMENT SOLUTIONS

The ETF division of the French asset manager, which is jointly- 12

owned by Credit Agricole and Societe Generale, has 115 funds in its 20 range, as of December 2012. The ETF division is run by Amundi Investment Solutions, which also manages structured products.

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

UBS Having launched its first ETF in 2001, the Swiss bank has increased its range to include both synthetic and physical products, which are often listed on multiple exchanges and which the company says have low tracking error.

18 Winter 2012 FEFG_A4_House_July12:Layout 1 24/10/12 12:29 Page 1 funds global funds global is dedicated to cross-border fund professionals operating in the global marketplace

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APRIL 2012 • ISSUE 105 • €40 MAY2012•ISSUE106•€40 MARCH 2012 • ISSUE 104 • €40 JUNE 2012 • ISSUE 107 • €40 2 2 Third- PLUS: party PENSION American Exchange-traded funds admin equities The economics of austerity 2012 survey & FUNDS Outpacing recovery Hong Kong directory Outsourcing roundtable investment ops Private Abu Money Interviews wealth markets Debt YvesPerrier, CEO, Amundi All isnot gold Dhabi’s A clearer landscape Jim Ross, head of SPDR ETFs Invest AD brings U worries Praveen Jagwani, UTI International Africa to Europe The complicated U life of European Peter de Proft, Efama bond investors Fund services Leadersin Ireland and Gold the Channel Islands vendorsRisk bounce Challenges ahead, plus Risk asset or interview with Franklin safe haven? Investing after the Templeton Investments Saving energyin The multi-asset solution for Europe’s Sail fromstormyeuroland to in European equities PENSIONS GERMANfund management NORDIC SAFETY STORM Plus, asset servicing roundtable Performance fees Beating correlation

CLIENT REPORTING • ALFI CONFERENCE PREVIEW • RISK PARITY INVESTING NEWS BRIEFING • EDHEC RESEARCH: ETFS • REGULAR COLUMNS ENVIRONMENTAL FUNDS • DIVERSIFIED GROWTH • ASSET SERVICING CROSS-BORDER DISTRIBUTION • SOCIAL MEDIA • NON-FINANCIAL RISK funds europe and funds global are a key resource for everyone involved in the global investment fund business, and in tracking and interpreting developments in institutional and retail fund markets.

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FUNDS EUROPE AWARDS 2012

European Hedge Fund Firm of theYear AQUILA CAPITAL

Aquila Capital’s funds have had good inflows this year with net assets up about 30% and excellent performance. Aquila was a company “on the move”, said one judge. The panel liked the range of green investment strategies the company runs, which focus on farms, forestry and renewable energy. The firm has a diverse product range, described as innovative. Established in 2011, the Hamburg-based company now employs more than 80 investment specialists and manages €4.1 billion. It has attracted attention due to its successful risk parity funds. Aquila Capital says it operates in the tradition of Hanseatic merchants and values its partnership with investors.

Roman Rosslenbroich: founder and CEO at Aquila Capital

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FUNDS EUROPE AWARDS 2012

European Adviser of theYear INVESTIT

Founded in 1998, Investit has provided consultancy, benchmarking and research services for 13 years. The company draws from a database that has been built up over nine years and offers a back catalogue of reports spanning eight years. “Investit’s case studies stood out,”one judge noted.“They presented the cases best and really explained how to generate revenues.” The team aims to identify significant trends and develop cost- effective solutions to suit clients’ strategic thinking. The company evaluates how well aspects of clients’ businesses are positioned to achieve goals, then defines and implements changes in those areas of business where it is necessary.

Catherine Doherty: founder and global CEO at Investit

rewarding excellence in business THE SHORTLIST

ALPHA FMC

Alpha Financial Markets Consulting is a provider of consultancy, 12

benchmarking and implementation services to financial institutions. 20 Its primary focus is on asset and wealth managers in Europe and the US.

MATHESON Law firm Matheson focuses on international companies and financial institutions doing business in and through Ireland. It provides services for more than half of the Fortune 100 companies and 27 of the world’s 50 largest financial institutions.

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FUNDS EUROPE AWARDS 2012

European Thought Leadership

SAM

SAM focuses on sustainable investment, offering asset management, index, private equity and sustainability services. It was founded in 1995 and since 2007 has been a member of Robeco, which is a subsidiary of the Rabobank Group. SAM was given the newly created award of European Thought Leadership for its research “outside the investment box”. Nevertheless, the judges noted, there was a connection between the research SAM produced and how the findings related to the investment process. Topics covered included obesity and biofuels. “They were able to identify sustainable investment opportunities and integrate changes in the global environment into investment thought,”said one judge.

Michael Baldinger: CEO at SAM

rewarding excellence in business SPECIAL COMMENDATION

EDHEC

EDHEC received a special commendation for the European Thought 12

Leadership award for its ability to “take its research around the 20 world”. The business school, said one judge, boasted “an impressive group of people”.

SHORTLISTED

INVESTIT Investit’s entry was noted for the research on efficiency of asset managers and profitability.The consultancy draws from a database built up over nine years. It has been delivering consulting services for more than 13 years.

LIPPER Data provider Lipper received praise for the depth and breadth of subjects its research covers.“Others copied and pasted marketing material, and it became no more than masked PR behind the intellectual screen,” noted one judge.

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Crossmedia COMMUNICATION WITH A SPIN

FUNDS EUROPE AWARDS 2012

European Marketing Campaign of theYear M&G INVESTMENTS

M&G’s winter campaign 2011 to 2012 put skiing-inspired advertisements on slopes in Europe and was described as “brilliant” by the panel. Several judges had been skiing during the year. Having seen the adverts, they thought them impressive. The judges liked that M&G placed the adverts on tabards that were given to children, who were learning to ski, to wear, thus helping raise awareness of the brand among investors of the future. Meanwhile, the wisdom of appealing to winter sports fans, who are generally well off, was clear.The company’s submission came in a large, hardback book with colour photos, which the judges also liked.

Michael McLintock: CEO at M&G Investment

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FUNDS EUROPE AWARDS 2012

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FUNDS EUROPE AWARDS 2012

European Administrator of theYear HSBC SECURITIES SERVICES

Judges said HSBC Securities Services had seen a good year, with new business wins of various sizes. The provider had demonstrated an ability to handle complexity with the appointment by London- based BlueCrest Capital, they noted. The BlueCrest Volatility Arbitrage fund was migrated to HSBC in February. HSBC provides administration, collateral management and payment processing services, as well as portfolio valuations.

Drew Douglas: co-head at HSBC Securities Services

rewarding excellence in business SHORTLISTED

BNP PARIBAS SECURITIES SERVICES

BNP Paribas Securities Services has a local presence in 34 countries 12

across five continents, giving global coverage of more than 100 20 markets. The bank says it had $1.28 trillion (€977 billion) of assets under administration as of September 30 and more than 7,044 administered funds.

CITI Citi provides administration through its Global Transaction Services division. More than 400 of the world’s top 500 banks and 200 of the top 300 asset managers rely on Citi’s Global Transaction Services to provide correspondent banking, investment administration solutions and securities services, says the bank.

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

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FUNDS EUROPE AWARDS 2012

European Hedge Fund Administrator of theYear DEUTSCHE BANK ALTERNATIVE FUND SERVICES

Deutsche Bank Alternative Fund Services saw a dramatic period of growth in Europe during the 12 months to June 30, 2012. Judges recognised this in awarding the bank with this top title. The service began in 1999. Its vision was not to provide a homogeneous service to an infinite number of clients, but to partner with only high-quality hedge fund managers and build a product and a service platform to “propel their business”. During the second half of 2011, Deutsche Bank Alternative Fund Services completed the re-architecture of its core operating systems, which has led to more efficiencies such as automatically capturing trades captured from prime brokers. The provider’s Autobahn platform also came in for praise from one of the judges.

Mike Hughes: head of alternative fund services, Emea and Asia at Deutsche Bank Alternative Fund Services

rewarding excellence in business THE SHORTLIST

CITI

Citi offers end-to-end solutions for hedge funds and provides 12

services to multiple product structures. The provider covers stand- 20 alone funds, master feeder funds, umbrella funds, corporate entities, separately managed accounts, unit trusts, family offices and Sicavs.

JP MORGAN ALTERNATIVE INVESTMENT SERVICES JP Morgan Alternative Investment Services is a top-tier provider of independent fund administration and outsourcing to hedge funds worldwide. The firm says its breadth of service exceeds market demands across all European domiciles.

TRINITY Trinity focuses on providing a boutique, high-touch, institutional- grade service that utilises highly experienced and service oriented staff together with an efficient technology platform. The firm was founded in 1993.

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FUNDS EUROPE AWARDS 2012

European Specialist Administrator of theYear

IPES

Judges recognised Ipes for continued growth and focus in the private equity sector and for having a list of quality clients. Ipes has a team of more than 130 skilled professionals and manages in excess of $50 billion (€38.8 billion) assets from four European locations – London, Luxembourg, Jersey and Guernsey. The business works for more than 90 clients with over 230 funds and 5,000 investors worldwide. Established in 1998, Ipes has successfully pioneered a specialist approach to private equity fund administration “based on trust, expertise and working in partnership with clients to deliver a service built around their needs”.

Kevin Brennan: CEO at Ipes

rewarding excellence in business THE SHORTLIST

ALTER DOMUS Alter Domus has its origins in a Big Four accountancy practice in Luxembourg and 12 has been independently owned by its current management since 2003. Alter 20 Domus is Latin for “second home”.

CUSTOM HOUSE Founded 22 years ago, Custom House has developed into a leading global independent financial organisation. Originally established in Dublin, Ireland, in 1989 by Dermot Butler, in 2005 Custom House opened an associate office in Chicago, followed by Singapore in 2007.

SEI SEI’s investment manager services division’s platform integrates best-in-class industry tools and technology to support a manager’s diverse business needs across multiple products and asset classes.

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FUNDS EUROPE AWARDS 2012

European Transfer Agent of theYear IFDS

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

Simon Hudson-Lund: CEO at IFDS

SHORTLISTED

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

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

SOCIETE GENERALE SECURITIES SERVICES Established in 28 locations worldwide with around 4,000 employees, SGSS provides a full range of securities services. It has around €3.34 trillion of assets under custody. European Front Office eFRONT The France-based vendor specialises in the analysis of data for non-listed assets. As the industry continues to demand greater risk management and more transparency, acquiring and analysing critical data in the non-listed market is a challenge. eFront’s FrontAnalytics system is therefore addressing a key concern for alternative managers and their investors. The judges were also impressed by eFront’s efforts to make FrontAnalytics increasingly web-based and highly configurable as well as the creation of custom dashboards.

Philippe Verboogen: COO at eFront

SHORTLISTED

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

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

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

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• funds global MENA October 2011 Iraq & Palestine Right at the frontier Alternative energy The role for private equity Wealth management How to put it right The world at your fingertips INDEX UPGRADES • CUSTODY BANKING • DUBAI ROUNDTABLE funds global Asia Report December 2011

China’s currency Investor appetite for the renminbi

Hedge funds Barriers to entry ETFs Asia’s next growth story

AVIVA INVESTORS • HONG KONG & SINGAPORE ROUNDTABLES • ASSET SERVICING

L ASIA funds global Latin America December 2011 MARCH•JUNE•SEPTEMBER•DECEMBER Sovereign debt Has the continent defeated history and become a safe haven?

Trading & Technology Systems overload Infrastructure Taking the toll road Beyond Brazil MENA The other big players FEBRUARY•MAY•OCTOBER•DECEMBER

LATAM ASSET SERVICING • CUSTODY • CHILEAN PENSIONS MAY•OCTOBER funds global MENA Report 2011 The right approach Understanding Gulf institutional investors Building assets Equity fund launches Law making A regulatory review funds global

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FUNDS EUROPE AWARDS 2012

European Middle Office VERMILION Client reporting has become critically important for asset managers as a result of the demands by investors and supervisors for more transparency.The judges were impressed with Vermilion’s product development efforts, demonstrating an ability to react to clients’ demands and regulatory changes. In particular, the recent enhancements to Vermilion Reporting Suite have made it easier for asset managers to customise the content of their reports and streamline the production process by making use of developments in HTML, pdf and web portal technology.

Simon Murphy: CTO at Vermilion

SHORTLISTED

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

TRAIANA The growing focus on non-exchange markets, such as FX, has made Traiana’s Harmony CreditLink service an important facility for FX-trading asset managers. European Back Office MULTIFONDS Convergence between alternative and traditional funds is a key challenge for transfer agents and the debate about the merit of a single TA system for all fund types is one that will continue. Multifonds’ launch of its Multifonds Global Investor platform to support convergence shows its commitment to the TA industry and also demonstrates the firm’s software philosophy of delivering economies of scale through rules-driven systems. Multifonds also made some notable client signings among the TA community in 2012

Oded Weiss: CEO at Multifonds

SHORTLISTED

ADVENT The winner of the award in 2011, Advent has spent much of 2012 developing a unified fund accounting platform available in the cloud .

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

OMGEO The post-trade services vendor continues to help firms manage key industry challenges around collateral management, exchange traded derivatives and global settlement processes.

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FUNDS EUROPE AWARDS 2012

European Custodian of theYear BNP PARIBAS SECURITIES SERVICES

Judges were impressed by BNP Paribas Securities Services’s international reach in comparison with its European peer group. They highlighted that the French provider has strong coverage in all key markets. BNP Paribas Securities Services was also noted for playing a leading role in European regulatory developments, such as Ucits. The custodian has a local presence in 34 countries across five continents and a global custody network covering more than 100 markets. As at June 2012, the custody operation provided safekeeping to €4.5 trillion of assets.

Patrick Colle: CEO at BNP Paribas Securities Services

rewarding excellence in business SHORTLISTED

HSBC SECURITIES SERVICES

HSBC has an extensive custody network spanning 91 countries/ 12

territories, of which 41 are serviced by HSBC entities. At the end 20 of June 2012, it had €4.35 trillion of assets under custody globally and €1.99 trillion of European assets under custody.

JP MORGAN WORLDWIDE SECURITIES SERVICES JP Morgan Worldwide Securities Services has $18.2 trillion (€13.8 trillion) in assets under custody. In 2012, it introduced a state-of-the-art Market Intelligence Dashboard to its entire global custody client base, giving clients critical information at their fingertips.

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

26 Winter 2012