Many institutional investors in Europe and elsewhere suffer from a lack of risk-taking capacity. They are constrained because of regulation, which limits their appetite for certain asset classes or strategies. Also banks needed to withdraw from certain fund investments and other asset classes because of the impact on their risk-weighted assets. Even though fixed income returns are inadequate to achieve investors' return targets, they cannot just replace it with higher risk assets, that is, equity exposure.
This convergence is now continuing with the factor and smart beta investments which are directed at alternative sources of yield or risk premia. The difference between a typical alternative asset manager and a typical mainstream asset manager is becoming more-and-more blurred as well. Some believe that alternative investments are becoming the de-facto market for active management (page 13).
Dispersion is absolutely huge when it comes to performance as well to drawdowns of alternative investments. Investors need to focus on manager selection and make sure to exclude outright beta products, and that the portfolio is a diversified collection of uncorrelated factors (page 12).
From a German tax and regulatory perspective, 2018 will be a good year for investors seeking to diversify and looking for exposure to different types of risk. So far, foreign fund promoters still have some compliance hurdles such as providing "tax transparency" by German tax advisors. But from the 1st of January 2018, this hurdle will no longer exist and German investors will also be able to invest into say a Cayman funds with more ease (page 16-18).
The 2017 Opalesque Germany Roundtable, sponsored by Eurex and WTS, took place in Frankfurt with:
- Claudia Röring, Head of Research & Development, Lupus alpha Asset Management
- Ahmet Peker, Senior Portfolio Manager Asset Allocation/Multi-Strategy, Deka Investment
- Marcus Storr, Head of Hedge Funds, Feri
- Vincent Weber, Head of Research, Prime Capital
- Carsten Straush, President, German Asset Managers Group
- Steffen Gnutzmann, Partner, WTS
- Markus-Alexander Flesch, Global Head Sales Equity & Index Derivatives, Eurex
The group also discussed:
- Is crowdedness a risk in factor investing? (page 12)
- Not to be confused nor mixed up: Factors and risk premia (page 13-14)
- How to deal with factor rotation in equity markets (page 14)
- Eurex' new corporate bond index, total return futures and derivatives on factor or smart beta indices (page 9, 23)
- How Gamag is revitalizing the unconstrained investment style (page 9-10)
- Why investors should not get caught in the fixed income bubble and be wary of volatility counter strategies (page 9,10,13)
- Why investor education is paramount and how to do it right (page 7, 8,11)
- How to benefit from investments that have a "Katrina moment", and why convexity trades should always be combined with fundamentals (page 11)
- French Elections: How asset managers and consultants deal with the "Frexit"-Risk (page 18-21)
- Can small and mid-sized insurance companies cause the next financial crisis (page 21-22)
- The growth of multi asset funds, risk overlay strategies and ESG in Europe. The return of the hedge funds of funds (page 23-24)
- UCITS AUM growth (25% annualized for last six years) driven by local and international demand (page 25) but also a much broader offering (page 7, 18).
Tue, 03 Oct 2023 | |
Mon, 01 Aug 2022 | |
Wed, 23 Jun 2021 | |
Mon, 10 May 2021 | |
Thu, 17 Dec 2020 | |
Wed, 29 Jul 2020 | |
Tue, 02 Jun 2020 | |
Wed, 22 Jan 2020 | |
Fri, 06 Dec 2019 | |
Wed, 30 Oct 2019 | |
Wed, 17 Jul 2019 | |
Wed, 10 Jul 2019 | |
Mon, 03 Jun 2019 | |
Wed, 24 Apr 2019 | |
Sun, 07 Apr 2019 | |
Mon, 18 Mar 2019 | |
Sat, 09 Feb 2019 | |
Thu, 31 Jan 2019 | |
Tue, 22 Jan 2019 | |
Fri, 11 Jan 2019 | |
Tue, 18 Dec 2018 | |
Tue, 11 Dec 2018 | |
Tue, 04 Dec 2018 | |
Mon, 26 Nov 2018 | |
Wed, 31 Oct 2018 | |
Mon, 10 Sep 2018 | |
Wed, 08 Aug 2018 | |
Tue, 10 Jul 2018 | |
Tue, 12 Jun 2018 | |
Mon, 28 May 2018 | |
Mon, 14 May 2018 | |
Tue, 10 Apr 2018 | |
Fri, 02 Mar 2018 | |
Tue, 20 Feb 2018 | |
Thu, 08 Feb 2018 | |
Thu, 25 Jan 2018 | |
Wed, 17 Jan 2018 | |
Tue, 09 Jan 2018 | |
Thu, 21 Dec 2017 | |
Tue, 12 Dec 2017 | |
Mon, 04 Dec 2017 | |
Mon, 27 Nov 2017 | |
Tue, 14 Nov 2017 | |
Tue, 07 Nov 2017 | |
Tue, 24 Oct 2017 | |
Mon, 16 Oct 2017 | |
Tue, 08 Aug 2017 | |
Mon, 24 Jul 2017 | |
Wed, 03 May 2017 | |
Thu, 06 Apr 2017 | |
Sun, 12 Mar 2017 | |
Tue, 14 Feb 2017 | |
Wed, 25 Jan 2017 | |
Thu, 19 Jan 2017 | |
Wed, 11 Jan 2017 | |
Wed, 04 Jan 2017 | |
Thu, 15 Dec 2016 | |
Wed, 07 Dec 2016 | |
Thu, 01 Dec 2016 | |
Thu, 24 Nov 2016 | |
Tue, 15 Nov 2016 | |
Mon, 07 Nov 2016 | |
Mon, 31 Oct 2016 | |
Mon, 24 Oct 2016 | |
Mon, 17 Oct 2016 | |
Wed, 03 Aug 2016 | |
Fri, 22 Jul 2016 | |
Thu, 14 Jul 2016 | |
Tue, 21 Jun 2016 | |
Wed, 08 Jun 2016 |
Opalesque Roundtable Series - Montreal Opalesque Roundtable Series - Montreal (French version) |
More information |
|
|
Thu, 10 Mar 2016 | |
Wed, 02 Mar 2016 | |
Mon, 22 Feb 2016 | |
Mon, 15 Feb 2016 | |
Sun, 07 Feb 2016 | |
Wed, 27 Jan 2016 | |
Mon, 18 Jan 2016 | |
Fri, 01 Jan 2016 | |
Thu, 24 Dec 2015 | |
Wed, 16 Dec 2015 |
Opalesque Roundtable Series - Miami 2016 Opalesque Roundtable Series - Miami 2016 (Mandarin version) Opalesque Roundtable Series - Miami 2016 (Portuguese version) |
More information |
|
|
Thu, 10 Dec 2015 | |
Wed, 02 Dec 2015 | |
Wed, 25 Nov 2015 | |
Tue, 17 Nov 2015 | |
Thu, 05 Nov 2015 | |
Fri, 30 Oct 2015 | |
Fri, 23 Oct 2015 | |
Fri, 16 Oct 2015 | |
Tue, 06 Oct 2015 | |
Fri, 14 Aug 2015 | |
Sat, 01 Aug 2015 | |
Wed, 22 Jul 2015 | |
Thu, 25 Jun 2015 | |
Thu, 28 May 2015 | |
Fri, 15 May 2015 | |
Wed, 06 May 2015 | |
Thu, 26 Mar 2015 | |
Fri, 20 Mar 2015 | |
Tue, 10 Mar 2015 | |
Tue, 10 Feb 2015 | |
Thu, 05 Feb 2015 |
Opalesque Roundtable Series - Miami 2015 Opalesque Roundtable Series - Miami 2015 (Mandarin version) Opalesque Roundtable Series - Miami 2015 (Portuguese version) |
More information |
|
|
Thu, 29 Jan 2015 | |
Tue, 20 Jan 2015 | |
Thu, 08 Jan 2015 | |
Tue, 23 Dec 2014 | |
Wed, 10 Dec 2014 | |
Mon, 01 Dec 2014 | |
Thu, 20 Nov 2014 | |
Tue, 04 Nov 2014 | |
Tue, 28 Oct 2014 | |
Mon, 20 Oct 2014 | |
Wed, 08 Oct 2014 | |
Wed, 01 Oct 2014 | |
Thu, 03 Jul 2014 | |
Wed, 14 May 2014 | |
Fri, 07 Mar 2014 | |
Wed, 05 Feb 2014 | |
Wed, 22 Jan 2014 | |
Fri, 17 Jan 2014 | |
Tue, 07 Jan 2014 |
Opalesque Roundtable Series - Miami 2014 Opalesque Roundtable Series - Miami 2014 (Spanish version) Opalesque Roundtable Series - Miami 2014 (Portuguese version) |
More information |
|
|
Tue, 17 Dec 2013 | |
Mon, 09 Dec 2013 | |
Mon, 18 Nov 2013 | |
Thu, 07 Nov 2013 | |
Wed, 16 Oct 2013 | |
Mon, 05 Aug 2013 | |
Wed, 10 Jul 2013 | |
Tue, 02 Jul 2013 | |
Mon, 24 Jun 2013 | |
Mon, 17 Jun 2013 | |
Wed, 12 Jun 2013 | |
Thu, 30 May 2013 | |
Mon, 20 May 2013 | |
Tue, 14 May 2013 | |
Wed, 13 Mar 2013 | |
Mon, 21 Jan 2013 | |
Mon, 14 Jan 2013 | |
Mon, 17 Dec 2012 | |
Wed, 05 Dec 2012 | |
Mon, 26 Nov 2012 | |
Thu, 01 Nov 2012 | |
Tue, 23 Oct 2012 | |
Tue, 16 Oct 2012 | |
Tue, 02 Oct 2012 | |
Mon, 24 Sep 2012 | |
Wed, 25 Jul 2012 | |
Tue, 17 Jul 2012 | |
Thu, 14 Jun 2012 | |
Thu, 07 Jun 2012 | |
Wed, 30 May 2012 | |
Wed, 23 May 2012 | |
Thu, 10 May 2012 | |
Thu, 03 May 2012 | |
Wed, 04 Apr 2012 | |
Thu, 12 Jan 2012 | |
Wed, 21 Dec 2011 | |
Fri, 09 Dec 2011 | |
Thu, 24 Nov 2011 | |
Mon, 14 Nov 2011 | |
Mon, 07 Nov 2011 | |
Mon, 31 Oct 2011 | |
Mon, 24 Oct 2011 | |
Thu, 06 Oct 2011 | |
Wed, 10 Aug 2011 | |
Mon, 01 Aug 2011 | |
Mon, 25 Jul 2011 | |
Thu, 19 May 2011 | |
Mon, 02 May 2011 | |
Tue, 26 Apr 2011 | |
Sun, 10 Apr 2011 | |
Sun, 03 Apr 2011 | |
Fri, 25 Mar 2011 | |
Thu, 20 Jan 2011 | |
Sun, 19 Dec 2010 | |
Tue, 14 Dec 2010 | |
Fri, 03 Dec 2010 | |
Thu, 18 Nov 2010 | |
Tue, 09 Nov 2010 | |
Thu, 04 Nov 2010 | |
Mon, 25 Oct 2010 | |
Mon, 04 Oct 2010 | |
Tue, 20 Jul 2010 | |
Wed, 16 Jun 2010 | |
Sun, 06 Jun 2010 | |
Mon, 24 May 2010 | |
Sat, 08 May 2010 | |
Wed, 28 Apr 2010 | |
Mon, 29 Mar 2010 | |
Thu, 18 Mar 2010 | |
Thu, 04 Mar 2010 | |
Sat, 09 Jan 2010 | |
Tue, 15 Dec 2009 | |
Mon, 30 Nov 2009 | |
Tue, 17 Nov 2009 | |
Mon, 09 Nov 2009 | |
Mon, 19 Oct 2009 | |
Mon, 05 Oct 2009 | |
Fri, 26 Jun 2009 | |
Tue, 09 Jun 2009 | |
Fri, 29 May 2009 | |
Thu, 21 May 2009 | |
Wed, 13 May 2009 | |
Fri, 24 Apr 2009 | |
Thu, 19 Mar 2009 | |
Fri, 05 Dec 2008 | |
Mon, 17 Nov 2008 | |
Fri, 07 Nov 2008 | |
Mon, 20 Oct 2008 | |
Wed, 01 Oct 2008 | |
Wed, 02 Jul 2008 | |
Wed, 11 Jun 2008 | |
Fri, 23 May 2008 | |
Tue, 20 May 2008 | |
Wed, 30 Apr 2008 | |
Wed, 23 Apr 2008 | |
Tue, 25 Mar 2008 | |
Mon, 17 Mar 2008 | |