FOCUS: Emerging managers in France
Emerging managers in France will do well to seek differentiation and structural lucidity From left to right: Antoine Rolland, Olivier Kintgen, Fabrice Dumonteil, Natasha Cazenave, Christophe Baurand, Paul Beck, Denis Beaudoin, Matthias Knab
The participants of the recent Opalesque France Roundtable discussed the emerging manager landscape at length, and here are a few interesting snippets. ERAAM: Smart proposition is in the emerging manager story
"The problem is that because (American investors) are so far away, they aren't comfortable with how Europe looks from overseas," says Olivier Kintgen. Hence they rather invest with a U.S.-based manager. However, I think the know-how is within the European-based manager with an origination background or a very strong fundamental analysis engine. It is probably one great opportunity for FOF to set a proper diversification within some managers, and because we do emerging managers historically we have a very smart proposition to show in that space, and it will be an emerging manager story."
Kintgen is the CIO of an asset manager based in Paris called Europanel Research & Alternative Asset Management (ERAAM), which focuses on manager selection, runs $650m, and whose clients are mostly based overseas. More than 52% of ERAAM's investment over the last 15 years has been with managers with less than one-year track record.
Post-2008, targeting multiple jurisdictions, developing different target customer bases has become a huge challenge for managers today due to the multiplicity of potential vehicles that can "cannibalize each other," he explains.
Managers must also consider the liquidity profile of thei......................
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