Swiss Life Asset Managers France and EDHEC-Risk Institute have announced the creation of a research chair at EDHEC-Risk Institute entitled “Real Estate in Modern Investment Solutions.” Led by Professor Lionel Martellini, Director of EDHEC-Risk Institute, and Professor Nikos Tessaromatis, Professor of Finance at EDHEC Business School, the research chair team will analyse the role of real estate in investment solutions. The goal is to provide a comprehensive analysis of the role of listed and unlisted real estate investments in institutional portfolios, with a particular emphasis on how dedicated forms of real estate investments can prove to be key ingredients within the performance and hedging components of welfare-improving forms of investment solutions.
EDHEC-Risk Institute has announced the results of the 11th EDHEC European ETF and Smart Beta and Factor Investing Survey , conducted as part of the Amundi research chair at EDHEC-Risk Institute on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, is aiming to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. This year, the survey also includes a special focus on Smart Beta product development, considering specific client demand in the fixed income field.
In a new publication entitled “Applying Goal-Based Investing Principles to the Retirement Problem”, EDHEC-Risk Institute and Professor John Mulvey of the Operations Research & Financial Engineering Department at Princeton University outline the shortcomings of existing retirement products, and lay the academic foundations for a new generation of risk-controlled target date funds. The research efforts towards the design of more meaningful retirement solutions, with the support of Bank of America’s Merrill Lynch Global Wealth Management group, have led to the design of the EDHEC-Princeton Retirement Goal-Based Investing Index Series, available at risk.edhec.edu/indices-investment-solutions.
In a new publication entitled “Smart Beta and Beyond: Maximising the Benefits of Factor Investing”, EDHEC-Risk Institute, with the support of Amundi ETF, Indexing & Smart Beta, provides useful pedagogical clarification with respect to the benefits of factor investing in an institutional context. To this end, this paper proposes a “taxonomy” to classify the practically relevant notions of factors and discusses how they connect to various meaningful investment contexts.
In a new survey conducted among investment professionals between June and September 2017, EDHEC-Risk Institute and ERI Scientific Beta have analysed the interests and motivations for investing in new forms of equity factor strategies. The 114 respondents together have at least USD 2.5 trillion in AUM and span all regions of the world (52% from Europe, 28% from North America and 20% from other parts of the world). In one of the more striking findings in the survey, there is a contradiction between score-based factor design choices and the statistical beta-based risk analysis. Analysis of the extreme risk of factor portfolios is still fairly basic and does not really allow the extreme risks to be appreciated.
EDHEC-Risk Institute is pleased to announce the launch of a new digital outreach partnership entitled “Financial Risk Management as a Source of Performance” in partnership with The French Asset Management Association (Association Française de la Gestion Financière, AFG). This partnership will aim to emphasise the importance of financial risk management as a main source of added-value in asset management, and to showcase the expertise of French asset managers in this area through a series of digital outreach projects.
EDHEC-Risk Institute is pleased to announce that five members have joined its international advisory board, which brings together distinguished scholars, representatives of regulatory bodies as well as senior executives from business partners and other leading institutions: Ms Jayne Atkinson, Chief Investment Officer, Unilever UK Pension Fund; Mr Stéphane Monier, Head of Private Client Investments, Lombard Odier; Ms Lisa Shalett, Head of Investment and Portfolio Solutions, Morgan Stanley Wealth Management; Mr Brnic Van Wyk, Head of Asset/Liability Management, Investments Division, QSuper; and Mr Takashi Yamashita, Director, Investment Strategy, Government Pension Investment Fund (GPIF), Japan.
EDHEC Business School is proud to present a new international initiative offered jointly with SDA Bocconi School of Management: the Masterclass on New Frontiers in Retirement Investing. The workshop focuses on the topic of Retirement Investing, drawing on the latest academic research with practical relevance. The two pillars of the financial debate on retirement needs – funding and investments – are deeply analysed by experts from these two leading European Business Schools. The workshop will also include a roundtable discussion where regulators and investment managers will exchange their perspectives on the topic.
Multi-factor models are standard tools for analysing the performance and the risk of equity portfolios. In addition to analysing the impact of common factors, equity portfolio managers are also interested in analysing the role of stock-specific attributes in explaining differences in risk and performance across assets and portfolios. In a new publication entitled “Multi-Dimensional Risk and Performance Analysis for Equity Portfolios”, EDHEC-Risk Institute explores a novel approach to address the challenge raised by the standard investment practice of treating attributes as factors, with respect to how to perform a consistent risk and performance analysis for equity portfolios across multiple dimensions that incorporate micro attributes. This research was conducted with the support of CACEIS as part of EDHEC-Risk Institute’s research chair on “New Frontiers in Risk Assessment and Performance Reporting”.
EDHEC-Risk Institute is pleased to announce the appointment of Mark Fawcett as chairman of its international advisory board. He is Chief Investment Officer of NEST Corporation, the trustee body responsible for running NEST, the National Employment Savings Trust. NEST was set up specifically to support changes that meant UK employers now have to automatically enrol their workers into a workplace pension scheme. Since its creation in 2011 NEST has become one of the largest master trusts in the UK and currently has over 200,000 employers signed up, 3.7 million members and over £1.2 billion assets under management.
"(...) The inverse yield curve for US Treasuries is historically a sign of impending recession and Professor Riccardo Rebonato of the EDHEC Risk Institute argues that, if anything, the market appears to have been a bit too complacent about the risk of recession. The Professor’s Bond Risk Monitor showed very similar risk compensations for two- and five-year yields, which would indicate that US Treasury investors weren’t pricing in rate cuts as quickly as the Federal Reserve expects to have to make them. (...)”
Copyright Global Investor Group
"(...) Perrier said: “In addition to standard or ready-to use strategies, the Smart Beta and Factor Investing platform leverages the group’s extensive research capabilities to develop fully customised solutions matching specific clients’ needs.” He continued: “Over the past two years, we invested extensively with senior hires in the portfolio management and research teams, as well as in product development and innovation in order to accompany our clients growing interest. In parallel we extended our academic partnership with the EDHEC-Risk Institute, to cover factor investing in bond markets. Amundi manages today €23bn of assets under management (at end September 2018) and our ambition is to become the reference partner of investors in this field.” (...)”
Copyright Global Investor Group
"(...)When it comes to smart beta and factor investing, the ratio is the other way around: equity ETFs predominate. However, the recent EDHEC report found “significant interest” in fixed income smart beta solutions. Lionel Martellini, director at the EDHEC-Risk Institute, believes the fixed income sector is the new frontier in the development of meaningful smart factor investment solutions in the fixed income space, but that more research is needed. One reason is that the first generation of smart beta in fixed income markets was based on a direct transfer of fundamental indexing methodologies originally developed for equities. “The key problem in this approach is that it is unclear why some backward-looking trailing average of some arbitrarily selected variables should contain more useful information than, say, bond ratings, which for all their flaws are based on a much richer information set,” says Martellini. A more meaningful approach, in his view, is to construct investable proxies for rewarded risk fixed income factors such as interest rate and credit risk factors, but also liquidity risk factors, low-risk factors, carry factors, value factors and momentum factors, suitably extended to bond markets. But it ain’t easy. “The calibration of factor investing strategies in bond markets poses a number of specific technical and implementation challenges,” he says. (...)”
Copyright Funds Europe
"(...) Academic institution the EDHEC-Risk Institute announced the results of the 11th EDHEC European ETF and Smart Beta and Factor Investing Survey, recently as well. This study is conducted as part of the Amundi research chair at EDHEC-Risk Institute on ‘ETF, Indexing and Smart Beta Investment Strategies’. This survey, conducted since 2006, is designed to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. EDHEC-Risk writes that this year, the survey also included a special focus on Smart Beta product development, considering specific client demand in the fixed income field. (...)”
Copyright ETF Express
"(...) “There are two groups emerging,” says Lionel Martinelli, professor at Edhec, the French business school, and a close watcher of the smart beta industry. “[Investor assets] are going to the biggest players."(...)”
Copyright Financial Times
"(…) Lionel Martellini, a professor at France’s Edhec Business School, says smart beta is “no longer an exotic, niche strategy” and is now mainstream. According to a recent Edhec survey, nearly half of European institutional investors use factor investing and 28 per cent are considering doing so. Investors are “slowly but surely tapping the waters and getting used to the benefits and potential pitfalls of smart beta”, he says. Factor strategies have built up long track records across a range of market conditions, helping to ease previous investor concerns about the limited backtesting of portfolios.(...)”
Copyright Financial Times
"(…) Though growing in size, the adoption of fixed income smart beta strategies by investors remains at an early stage of development. A survey of 163 European institutional investors published in September by the Edhec-Risk Institute showed that just 17 per cent of the respondents used smart beta for fixed-income investing. About four-fifths of current users commit less than 20 per cent of their total smart beta exposure to fixed-income. Felix Goltz, research director at Edhec-Risk, says investors are concerned that methods developed for the application of smart beta in equity markets may not translate well into fixed income. (...)”
Copyright Financial Times
"(…) The survey, conducted as part of the Amundi research chair at EDHEC-Risk Institute, looked at the investing habits of 163 European professional and institutional ETF and smart beta investors. According to the results, more than a third (34%) of respondents indicated that they would like to see new developments in ETFs linked to ethical or socially responsible investing (SRI) (also known as Environmental, Social and Governance (ESG)) strategies. (...)”
“(…) « Sous la pression des classements internationaux et d’un modèle imposé par les universités américaines, l’enseignant est devenu chercheur de haut niveau et les écoles de commerce ont essayé de suivre le mouvement », raconte Lionel Martellini, professeur de finance et directeur de l’Edhec Risk Institute, qui s’assigne pour objectif de produire des recherches « utiles socialement ». (...)”
Copyright Le Monde
“(…) French business school, EDHEC undergo an annual study, asking ETF and smart beta investors about the European ETF market, smart beta strategies and factor investing. ETF Stream spoke with Felix Goltz, head of applied research at EDHEC, discussing the school’s latest study and what results they concluded. (...)”
Copyright ETF Stream
“(…) European ETF investors are "significantly" interested in investing in smart-beta fixed income products but expressed concern about the lack of research in the area, according to a survey conducted by the EDHEC-Risk Institute. The annual report, entitled the EDHEC European ETF and Smart Beta and Factor Investing Survey, found just 17% of the 163 respondents already use smart-beta and factor investing for fixed income. (...)”
Copyright Investment Week
“(…) Dirigée par le Professeur Lionel Martellini, Directeur d'EDHEC-Risk Institute et par le Professeur Nikos Tessaromatis, Professeur de finance à l'EDHEC Business School, l'équipe de recherche analysera le rôle de l'investissement immobilier dans les solutions d'investissement. L'objectif est de fournir une analyse exhaustive du rôle des investissements immobiliers cotés et non cotés dans les portefeuilles institutionnels, en mettant l'accent sur leurs contributions non seulement en termes de performance mais aussi de couverture des risques. (...)”
“(…) A team of researchers from Princeton University in the US and EDHEC, the French business school, have published a study warning that the bond portfolios that target-date funds use are riskier than widely thought. These portfolios are typically composed of short-term bonds that are exposed to market risks (eg, changes in interest rates) and do not offer the long-term certainty about income that many retirees expect. (...)”
Copyright Money Week
“(…) "Since 2006, the increase of the percentage of respondents using ETFs in traditional asset classes has been spectacular, says the ‘11th EDHEC European ETF and Smart Beta and Factor Investing Survey,’ conducted as part of the Amundi research chair at EDHEC-Risk Institute. (...)”
Copyright Financial Times
“(…) "Since 2006, the increase of the percentage of respondents using ETFs in traditional asset classes has been spectacular, says the ‘11th EDHEC European ETF and Smart Beta and Factor Investing Survey,’ conducted as part of the Amundi research chair at EDHEC-Risk. (...)”
Copyright Benefits and Pensions Monitor
“(…) "In the world of asset management, the rise of ETFs has passed by few. A survey by the Edhec Risk Institute shows that only 8% of European institutional investors now have no ETFs.. (...)”
Copyright IEX Profs
“(…) "EDHEC-Risk writes that this year, the survey also includes a special focus on Smart Beta product development, considering specific client demand in the fixed income field. The survey reveals that since 2006, the increase of the percentage of respondents using ETFs in traditional asset classes has been spectacular: in 2006, 45 per cent of respondents used ETFs to invest in equities, compared with 92 per cent in 2018. (...)”
“(…) "Martellini and his colleagues coined the phrase “flexicurity” to define the ideal investment solution for retirees. At heart, most retirement investors want security and a guaranteed stream of income, but they also want the flexibility to adjust their investments and their potential income stream over time. For the retirement-focused portfolio, goals like outperforming other investments or reaching a target asset level are more aspirational than essential.(...)”
Copyright Financial Advisor
“(…) "ETFs represent the next stage of the indexing revolution globally, and they are increasingly becoming the vehicle of choice for investors’ index exposure. The EDHEC European ETF Survey 2017 suggests that 71 per cent of European investors use them frequently for achieving broad market exposure.(...)”
Copyright FT Adviser
“(…) "Das Haus brennt!" Mit dieser aufrüttelnden These eröffnete Lionel Martellini, Finanzprofessor an der Edhec Business School und Direktor des Edhec Risk Institute, sein Referat über notwendige Reformen in Bezug auf die Rentensysteme weltweit. Aufgrund wachsender demografischer Ungleichgewichte sowie einem geringeren Produktivitätswachstum drohe eine regelrechte "Rentenkrise", der es zu begegnen gelte.(...)”
Copyright Fonds Professionell
“(…) "The result further confirms EDHEC’s international high-impact strategy on the global finance industry and its status as the go-to academic institution in the field. Scientific Beta, EDHEC-Risk Institute and EDHEC’s cutting-edge finance programmes are perfect illustrations of this strategy in practice.(...)”
“(…) A pair of academics have come up with a new ‘retirement bond’ concept they claim will solve the looming pension crisis. (…) "We think retirement bonds would be extremely helpful in addressing the needs of investors preparing for retirement." (...) The professors are in the process of setting up a pan-European working group to explore the concept, including economics and policy experts. They are also in meetings with politicians in France, where the retirement landscape is currently undergoing reform.(...)”
Copyright FT Adviser
“(…) Individuals need ‘flexicurity’ in retirement solutions and they would benefit from being provided an access to the kind of disciplined liability-driven investing techniques already used by institutional asset owners. Based on this premise, the EDHEC-Risk Institute and Princeton University’s operations research and financial engineering (ORFE) department have created the ‘EDHEC-Princeton Retirement Goal-Based Investing Index. (…)”
Copyright Benefits and Pensions Monitor
“(…) Lionel Martellini of EDHEC, a French business school, and Robert Merton of the Massachusetts Institute of Technology (a Nobel laureate in economics) have come up with an alternative. Workers would buy government-issued bonds while in employment; these would pay no interest until retirement. Over the next 20 years (the typical life expectancy on retirement) bondholders would receive payments comprising interest plus the return of the capital. These would be linked to inflation, or another measure such as average consumption. (…)”
Copyright The Economist
“(…) In a new publication entitled “Applying Goal-Based Investing Principles to the Retirement Problem”, EDHEC-Risk Institute and Professor John Mulvey of the Operations Research & Financial Engineering Department at Princeton University outline the shortcomings of existing retirement products, and lay the academic foundations for a new generation of risk-controlled target-date funds (TDFs). (…)”
“(…) Goal-based investment principles grounded on solid academic foundations can actually be used to design retirement investment strategies that meet the needs of individual investors preparing for retirement. It is time to launch a wake-up call before it is too late. Professor Lionel Martellini is a director of Edhec's Risk Institute. (…)”
Copyright FT Adviser
“(…) The research results and products by EDHEC Risk Institute, Scientific Beta and EDHECinfra in financial risk management has been used by world’s leading financial institutes,” says Christophe. (…)”
Copyright Education Times
“(…) A prominent among these is the EDHEC-Risk Institute. Set up in 2001 and led by Martellini Lionel, Amenc Noël and others, it has become the premier academic centre for industry-relevant financial research.(…)”
Copyright Financial Express
“(…) Trois professeurs de finance, Lionel Martellini, Robert C. Merton et Arun S. Muralidhar, suggèrent, dans une tribune au « Monde », l'émission d'obligations dont l'échéance et la durée correspondraient aux âges de départ et d'espérance de vie à la retraite.(…)”
Copyright Le Monde
“(…) Lionel Martellini, director of EDHEC-Risk Institute in Nice, notes that state pension systems are weakening in most EU countries. Funded systems, as in the UK, are in deficit, while pay-as-you-go schemes, as in France, are being undermined by the severe decrease in the ratio of workers to retirees. Yet he cautions against a debate that focuses only on the merits of guarantees versus life-cycle options when neither provides for income in retirement. Replacement income, not absolute wealth, should be the focus, he stresses.(…)”
“(…) Some types of popular multi-factor investment strategies could fare worse in an economic downturn than investors expect, according to a study from Edhec-Risk Institute.(…)”
“(…) Awareness of climate risk is also generating demand for portfolio stress-testing, with UniCredit SpA, Allianz and the Industrial and Commercial Bank of China all producing scenario analyses. New and innovative approaches to stress-testing include ‘Bayesian network modelling’ – led by Riccardo Rebonato, Professor of Finance at EDHEC Business School – which offers a logically consistent yet intuitive way to deal with uncertain events.(…)”
Copyright World economic Forum
“(…) Nous avons commencé par répondre aux besoins des investisseurs pour des expositions aux six grands facteurs, les plus recherchés, en lançant des ETF monofactoriels utilisés comme des briques d’allocation. Nous avons ensuite développé avec notre partenaire EDHEC Risk des approches indicielles multifactorielles que nous gérons sous forme de fonds ouverts ou de mandats dédiés. Nous avons plus récemment lancé des fonds multifactoriels, en gestion active où la combinaison des facteurs est gérée de manière dynamique selon un modèle propriétaire. Nous disposons donc aujourd’hui d’une offre globale en gestion passive et active pour répondre à des enjeux variés.(…)”
Copyright Option Finance
“(…) Another key issue pointed out by the opposition in the debate was that excessive reliance on algorithms could end up influencing market prices in a potentially dangerous way. Riccardo Rebonato, professor of finance at EDHEC Business School, described a feedback effect called reflexivity whereby automated machine learning algorithms could potentially move prices as they try to learn from price data and implement new trading strategies at high frequencies. So the algorithm ends up moving the very prices it was meant to analyse and learn from.(…)”
“(…) Investment professionals believe there is a need to better control the risks associated with dynamic equity factor investing, according to latest EDHEC-Risk Institute and ERI Scientific Beta research. Between June and September 2017, more than 110 global investment professionals were surveyed on the interests and motivations for investing in new forms of equity factor strategies.(…)”
Copyright Financial Standard
“(…) Investors, surveyed by EDHEC- Risk Institute and ERI Scientific Beta, have revealed that there is a contradiction between score-based factor design choices and the statistical beta-based risk analysis. The analysis of the extreme risk of factor portfolios additionally proved to be still ‘fairly basic’ and therefore it did not allow the extreme risks to be appreciated.(…)”
Copyright Money Management
“(…) In a new survey conducted among investment professionals between June and September 2017, EDHEC-Risk Institute and ERI Scientific Beta have analysed the interests and motivations for investing in new forms of equity factor strategies.(…)”
Copyright EIN News
“(…) Professor Lionel Martellini, Director of EDHEC-Risk Institute, said, “We hope that the EDHEC Survey on Equity Factor Investing will enable investment professionals to learn and understand the interests and motivations for investing in these new forms of equity factor strategies. We see from the survey that investors, and especially asset owners, are ultimately aware of the difficulties and the technical progress to be achieved to master dynamic factor allocation. It is EDHEC-Risk’s ambition to keep on producing applied academic research on the subject so as to enhance our collective understanding of the benefits and limits of dynamic approaches to factor investing.”(…)”
“(…) The advice investors get from financial advisers is heavily burdened by mythology. That mythology includes many unproven, and unprovable, claims, among them that such strategies as portfolio rebalancing, harvesting tax losses, and dollar-cost averaging can appreciably increase wealth accumulation without risk.Economist and mathematician Michael Edesess is chief investment strategist of Compendium Finance, adviser to mobile financial planning software company Plynty, adjunct associate professor at the Hong Kong University of Science and Technology, and a research associate of the Edhec-Risk Institute. (…)”
“(…) However, a second paper published this year (“Sin Stocks Revisited”, by David Blitz of Robeco Asset Management and Frank Fabozzi of EDHEC Business School) contests these results. It argues that added risk factors such as low reinvestment rates mean that there is no evidence that sin stocks provide a premium for reputation risk. (…)” “(…) However, a second paper published this year (“Sin Stocks Revisited”, by David Blitz of Robeco Asset Management and Frank Fabozzi of EDHEC Business School) contests these results. It argues that added risk factors such as low reinvestment rates mean that there is no evidence that sin stocks provide a premium for reputation risk. (…)”
Copyright The Economist Newspaper Limited 2017.
“(…) Ethical fund managers don’t have to be envious of the market-beating returns of so-called sin stocks. They should be able to match them without dabbling in vice, according to a study in the Fall edition of the Journal of Portfolio Management. The study debunks the popular theory that shares in the alcohol, tobacco, gaming, and weapons industries outperform because investors shun them, enabling those with fewer moral scruples to earn a “reputation risk premium.” In fact any outperformance is a factor of the profitability of companies in the “sin” industries and the extent of their investments, the authors found. Investors can emulate those returns by looking for similar qualities in more straight-laced business sectors, they said. “There is nothing mysterious about the performance of sin stocks,” authors David Blitz, Robeco Asset Management’s head of quantitative equity research, and Frank Fabozzi, professor in finance at EDHEC Business School in Nice, concluded. “It is exactly what one would expect based on their exposure to factors that are included in current asset-pricing models.” (…)”
Copyright Bloomberg L.P.
“(…) EDHEC-Risk Institute is pleased to announce that five members have joined its international advisory board, which brings together distinguished scholars, representatives of regulatory bodies as well as senior executives from business partners and other leading institutions. The role of the international advisory board is to validate the relevance and goals of the research programme proposals presented by the institute’s management and to evaluate research outcomes with respect to their potential impact on industry practices. (…)”
Copyright Financial Investigator Publishers
“(…) EDHEC-Risk Institute – Three pension fund executives have joined the institute’s international advisory board: Jayne Atkinson, chief investment officer of Unilever UK Pension Fund, Takashi Yamashita, director, investment strategy at Japan’s Government Pension Investment Fund, and Brnic Van Wyk, head of asset/liability management in the investments division of Australian superannuation fund, QSuper. Stéphane Monier, head of private client investments at Lombard Odier, and Lisa Shalett, head of investment and portfolio solutions at Morgan Stanley Wealth Management, also joined the 37-strong advisory board. It is chaired by Mark Fawcett, CIO of the trustee body running the UK master trust NEST. (…)”
Copyright IPE International Publishers Limited
“(…) Nice-headquartered financial research EDHEC-Risk Institute has appointed five members to its international advisory board. The 37-member strong board has welcomed Jayne Atkinson, chief investment officer of Unilever UK Pension Fund, Stéphane Monier, head of Private Client Investments at Lombard Odier, Lisa Shalett, head of Investment and Portfolio Solutions at Morgan Stanley Wealth Management, Brnic Van Wyk, head of Asset/Liability Management, Investments Division at QSuper and Takashi Yamashita, director, investment Strategy at the Japanese Government Pension Investment Fund (GPIF). The board aims to validate the relevance and goals of the research programme proposals presented by the EDHEC-Risk Institute as well as to assess research outcomes and their potential impact on the financial industry practices. (…)”
Open Door Media Publishing Ltd
“(…) Technology has enabled the development and commoditization of factor investing, or smart beta. But choosing the right strategy is also fraught with perils, as products are often marketed on the basis of simulated past performance. A result of factor-mining or model-mining, their performance may not materialize after the product is launched. “You need to rely on empirical evidence and multiple studies showing that factors have outperformed in the past,” says Frederic Ducoulombier, founding director at EDHEC Risk Institute-Asia. While selecting the right factors, investors need to look for economic rationale justifying the model. “[They need to] make sure that there’s a good story.” (…)”
Copyright Asset Publishing and Research Limited
“(…) The third edition of the Yale School of Management (SOM)-EDHEC-Risk Institute Executive Seminar series will be commencing in January 2017. A series of seminars focused on Advanced Risk and Investment Management, with a program designed by Lionel Martellini, Professor of Finance, EDHEC Business School and Director of EDHEC-Risk Institute and Will Goetzmann, Edwin J Beinecke Professor of Finance and Management Studies, Director of the International Center for Finance, Yale School of Management, will be held in New Haven and London. (…)”
Copyright GFM Limited
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