the new generation of french entrepreneurial asset … · paris paris europlace financial forum...
Post on 09-Apr-2018
216 Views
Preview:
TRANSCRIPT
ParisParis Europlace Financial ForumJuly 10&11, 2013
THE NEW GENERATION OF FRENCHENTREPRENEURIAL ASSET MANAGERS
Alain LECLAIR, Chairman of EMERGENCE
Paris Europlace Financial Forum
July 10 &11 2013, Paris
THE FRENCH EMERGING
ASSET MANAGER
SEEDING PLATFORM
ParisParis Europlace Financial ForumJuly 10&11, 2013
The leading world GDP zone of 12,900 bn Euros (500 millioninhabitants)
Over 9 trillion Euros of assets of investment funds(equivalentto the US size)
Cross border investments favoured by the Euro (1999)
UCITS : worldwide leading regulated investment fund
Safe regulatory framework
• Strong European regulatory convergence for financial marketsand asset management (MIF, UCITS, AIFM, EMIR, etc.)
EUROPE : FIELD OF OPPORTUNITIES FORASSET MANAGERS & NEW INITIATIVES
2
Billion Euros
4217
Source : IIFA
(Dec. 31, 2012)
ParisParis Europlace Financial ForumJuly 10&11, 2013
THE ONGOING SHIFT IN THE FINANCING OFTHE EUROPEAN ECONOMY CREATES ANINCREASED ROLE FOR ASSET MANAGERS
Rebalancing of banking to the benefit of market andalternative financings, consequences of Basel III and SolvencyII
3
Breakdown of the AmericanEconomy financing
Breakdown of the European Economy financing
Today In 5 years
Bank financing Market financing
?
ParisParis Europlace Financial ForumJuly 10&11, 2013
Source: EFAMA,AFG, CSSF, IFIA
Funds Managers’ centers in Europe9,000 bn € at end – December 2012
Assets domiciliated in Luxemburg and Irland reallocatedto promoter’s country of origin – AFG estimates
2nd in Europe (18%) and 3rd worldwide for funds domiciliation
FRANCE: THE LEADING CENTER FOR FUNDMANAGERS
1st in Europe and 2nd in the world, after the USA
ParisParis Europlace Financial ForumJuly 10&11, 2013
DYNAMICS OF THE PARIS FUND INDUSTRY
2,900+ billion eurosunder management
• + 53 % in 10 years
600 Paris-basedasset managers
• +50% in10 years
200 new managersover the last 5 years
4 global asset managers among the top 20 global ranking
Strong foreign customers basis : 71 % of Paris-based assetmanagement companies have foreign customers
Source: AMF
A growing number of management companies in France
ParisParis Europlace Financial ForumJuly 10&11, 2013
STRENGTHS OF THE PARIS FUND INDUSTRY
International recognition of the French managers’ very highlevel of professional expertise
• Diaspora of French professionals to London, Chicago, Boston, Shanghai,Middle East institutions
• Top education and research of French Universities and Business Schools,especially in the quantitative area
Laboratory of asset Management innovation and technology:quant, risk intelligence, insurance, product structuration,derivatives
Smart regulation (AMF) focused on investor protection, riskmanagement, conflict of interest
Pervasive culture of risk
State of the art technological support and securities servicespart of a comprehensive asset management value chain
6
ParisParis Europlace Financial ForumJuly 10&11, 2013
European champion for entrepreneurial Asset ManagementCompanies (400+)
• France is the only financial place in Euro-zone with a large number ofindependent Asset Management Boutiques
A new generation of entrepreneurs
• Enlarged scope of assets and techniques
• Experienced professional spinning off of private banking, family offices,investment banking, insurance groups, corporates, capital market structuresto launch their own entrepreneurial asset management company
Major successes over the past 10 years:
• Carmingnac, CFM, Comgest, TOBAM, Financière de l’Echiquier, La FrançaiseAM, Mandarine, etc.
Over 200 French applications to the major incubators in thepast two years
7
STRONG ENTREPRENEURIAL DYNAMICS INFRENCH BOUTIQUES
ParisParis Europlace Financial ForumJuly 10&11, 2013
EMERGENCE ABSOLUTE PERFORMANCE
The French Emerging Asset Management Seeding FundSponsored by Paris EUROPLACE
Created in 2012 with initial 150 mn € asset undermanagement
9 major French and European institutional investors
Keys of success :• Innovative investors governance (Investment Committee)
• Fee-sharing
• Detector of new talents
• Efficient screening tool for investors
8
ParisParis Europlace Financial ForumJuly 10&11, 2013
EMERGENCE: THE SUBFUNDS
1st subfund « Absolute Performance » Seeding investment advisor: NewAlpha AM
• Eiffel Investment Group - Eiffel Credit Opportunities: European credit long/short
• Bernheim Dreyfus – Diva Synergies UCITS: event driven
• KeyQuant – KeyTrends UCITS: managed futures
• Rcube – Rcube Global Macro UCITS: global macro
• 1 additional under review: long/short equity…?
2st subfund « Long Equity » Nominated seeding investment advisor: NewAlpha AM – NExT AM
• Orientation: Equity and equity linked
• Early stage asset manager applications: starting July 2013
• Institutional fund raising: starting July 2013 through year-end
• Selection: by the Investment Committee designated by the Emergence Board of
Directors
9
ParisParis Europlace Financial ForumJuly 10&11, 2013
MORNINGSTAR
Emerging Managers : A Key Trend in France & Europe
Post-Lehman crisis
• Difficult period for the industry
New generation & Key people leaving
Regulation
• Passport for Funds and Companies (UCITS, AIFM…)
Retail Banks / Open architecture model
Digitalization, Mobile, Smartphone, Social Network :
• From B-to-C to C-to-B
Competition by Cross-Border Players (BlackRock, Pimco…)
Barbellization of the Industry : LowCost / Premium
The Power of the Brand
Banking disintermediation and the transfer to the AssetManagement
• Crucial role in financing the real economy in the future
A new eco-system
• Institutional Investors, Individual Investors, Academics, Asset Managers…
10
ParisParis Europlace Financial ForumJuly 10&11, 2013
NEWALPHA ASSET MANAGEMENT
The only ‘pure player’ without source of conflicts of interest inselecting emerging managers for external clients
• Investment management company regulated by France’s AMF
• 10 professionals averaging 17 years’ experience and supported by OFIAM, ranked 2nd best French investment manager by local investors*
21 seeding partnerships with early stage managers, of which 12are running
• 5 seeding partnerships realized in the last 12 months
• $ 810 mn in cumulative seed capital or acceleration investments
• $ 3+ bn managed by currently partnering managers
• 1,800+ projects analyzed since 2005
• Talks with 460+ emerging managers in the past 12 months
• Multi awarded investment group in 2010, 2011 and 2012
11* : 2012 Image & Finance survey
ParisParis Europlace Financial ForumJuly 10&11, 2013
NEXT ASSET MANAGEMENT
12
NExT AM enhances and promotes entrepreneurial innovation inasset management, since 12 years
• NExT AM is a subsidiary of La Française Group, specialized in minority stakeholdings in AM
• NExT AM created, in conjunction with institutional investors, the first French“seeding partner fund”, which combines seed money and equity stakes ininnovative projects
• 30 partnerships and fourteen equity stakes in asset management companies,advisory and distribution firms in France and abroad that manage or advise 4bn € in assets
• NExT AM develops a resource-pooling platform, rolling out services dedicatedto managers to underpin their development
ParisParis Europlace Financial ForumJuly 10&11, 2013
Two complementary business models converging to create the Europeanleading incubator
The teams will physically converge and team members dedicated toEMERGENCE Absolute Performance will remain assigned to managing thesubfund
THE COMING STRUCTURE: NEWALPHA AM- NEXT AM
13
European leader in seedingbusiness
• 1.3 bn € of aggregate seed money
• 67 investments realized since thecreation of the two entities
• 49 active partnerships, of which 15abroad
• 7 bn € assets managed by partneringmanagers
• 260 jobs created
• Strong presence
in France
• ‘Equity stake’approach
• Long only & privateequity expertize
• Support for emergingmanagers
• Global sourcingcapacity
• ‘Revenue sharing’approach
• Internationally knownbrand
• Alternativeinvestment
ParisParis Europlace Financial ForumJuly 10&11, 2013
PMs: Robert Baguenault de Viéville & Raphaël Gelrubin
Flagship strategy: Key Trends Program (AUM = $170 mn)
Systematic diversified medium/long-term trend-following
Unique perception of risk
Global Economic Factor (« GEF »)
14
KEYQUANT: KEY TRENDS PROGRAM
ParisParis Europlace Financial ForumJuly 10&11, 2013
RCUBE: RCUBE GLOBAL MACRO FUND
15
A Global Macro research firm since 2008
Flagship product the Rcube Global MacroPortfolio has generated an uncorrelated9,1% net return since inception in April 2008
Rcube Asset Management
- Investment management company AMFRegulated
- Team of 8 investment professionals
$ 80 mn total seed-capital : Cayman fundand Luxembourg UCITS (Q4 2013)
• Strategic partnership with the FriedbergMercantile Group ($ 3 bn AUM): seedingthe Cayman hedge fund
Rcube Global Macro Fund
• Low frequency, systematic fundamentaland discretionary Global Macro
• Investment ideas generated by aproprietary software “the Macroscope”,filtered qualitatively
• Portfolio construction is discretionary
9,1% net ARoR
1,1 Sharpe ratio
7,1% max. Drawdown
8,3% volatility
65% hit ratio
-0,07 Beta to MSCI World
RCUBE GLOBAL MACRO PORTFOLIO
PERFORMANCE
ParisParis Europlace Financial ForumJuly 10&11, 2013
GINJER ASSET MANAGEMENT
16
An independent AM company founded in August 2011
A team of seasoned professionals with diverse investment experiences
Backed since inception by two renowned institutional partners, namelyBNP Paribas IP and Next AM
An innovative risk matrix allowing for a better understanding of marketdynamics
GINJER Actifs 360, a unique “Global Micro” fund, with 146 mn €($ 190 mn) of AUM after only 18 months of existence
GINJER AM: an alternative to alternative investments
ParisParis Europlace Financial ForumJuly 10&11, 2013
CONTACTS
17
Alain LECLAIR, Chairman+ 33 (0)6 07 44 31 01 / a.leclair@emergence-incubation.com
Anaële COJAN-BAUDANT, General Secretary,+ 33 (0)1 49 27 12 93 / acb@emergence-incubation.com
Nicolas DUBAN, President & CEO+33 (0)1 73 00 73 36 / nduban@lafrancaise-group.com
www.next-am.com
Antoine ROLLAND, President & CEO+33 (0)1 56 68 54 49 / arolland@newalpha.netwww. newalpha.net
Cyril Castelli, President & CIO+33 (0) 7 77 25 87 41 / cyril.castelli@rcube.comwww.rcube.com
Mathieu VAISSIE, Head of Research+33 (0) 1 70 36 61 77 / mvaissie@ginjer-am.comwww.ginjer-am.com
Raphaël GELRUBIN, Co-founding partner & PM+33 (0)1 55 27 27 06 / rgelrubin@keyquant.comwww.keyquant.com
Jean-François Bay, CEO+33 (0)6 20 28 16 21 / Jean-Francois.Bay@morningstar.comwww.morningstar.com
ParisParis Europlace Financial ForumJuly 10&11, 2013
18
EMERGENCE
The French Emerging Asset Manager Seeding Platform
Created in January 2012 by major French and European institutional investors, EMERGENCE
was initiated by the competitiveness cluster Finance Innovation, sponsored by Paris
EUROPLACE and the AFG (French Asset Management Association).
EMERGENCE aims to provide investors an access to the most promising independent emerging
managers, both in terms of investment and development. Thanks to the seed money allocated
to these emerging managers during their early stages, EMERGENCE boosts their development
and increases their credibility, particularly vis-à-vis international institutions.
EMERGENCE offers its investors a double source of performance (seeded funds’ performance
and participation to the growth of selected managers).
The first sub fund EMERGENCE “Absolute Performance” finishes its first year of existence with 150
million Euros under management, 9 large institutional investors and 5 seeding partnerships
after a stringent selection (over 130 applications) by the Investment Committee and
NewAlpha AM - the seeding investment advisor manager of the fund.
The platform is dedicated to different asset classes (long equity, absolute performance, RSI,
etc.) managed by specific incubator advisers.
The second sub fund “Long Equities” will seed funds offering innovative strategies and specific
skills in the field of equities. This objective is consistent with the ongoing rebalance between
bank financing and alternative financial market financing (as a consequence of Basel III). It
could also contribute to various initiatives currently undertaken to strengthen European stock
markets. After a selection process NewAlpha AM and NExT AM have been jointly appointed
seeding investment advisor for the sub fund “Long Equities”. Fundraising will start during the
summer and last through year end.
Alain LECLAIR, Chairman, EMERGENCE
top related