EDHEC-Risk Institute has announced the results of the 13th EDHEC European ETF, Smart Beta and Factor Investing Survey, a comprehensive survey of 191 European ETF and smart beta investors, conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”.
This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. The 2020 edition presents a new focus on SRI/ESG investing.
EDHEC-Risk Institute is pleased to announce the appointment of Jaap van Dam as chairman of its international advisory board. He is the Principal Director of Investment Strategy at PGGM in the Netherlands. PGGM is a leading Dutch pension administrator with roots in the healthcare and social work sectors. It manages about €268 billion ($329 billion) in pension assets for more than 2.5 million Dutch participants. PGGM provides services in pension fund management, comprehensive asset management, management support, and policy advice to various pension funds.
EDHEC-Risk Institute is extremely fortunate to have such an experienced and talented investment professional as the new chair of its board,” said Lionel Martellini, Professor of Finance, EDHEC Business School and Director of EDHEC-Risk Institute. He added, “Jaap van Dam has been a tremendously active board member for almost 10 years, and we look forward to continuing our strong working relationship with him. Jaap will bring a wealth of experience in sustainability, a perfect fit with our Institute’s increased focus on climate change and sustainable finance.”
EDHEC-Risk Institute is pleased to announce that three 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. The 33 members of the board also advise on the objectives and contents of projects deriving from the expertise of the institute, thereby ensuring that graduate and executive programmes remain at the forefront of developments in the marketplace.
The three new members are as follows:
Mr Noël Amenc, CEO, Scientific Beta, part of SGX group
Mr Kevin Bong, Director of Economics and Investment Strategy, GIC Private Limited
Mr Albert de Wet, Senior Portfolio Manager, FirstRand Group Treasury
EDHEC Business School is joining the Global Research Alliance for Sustainable Finance and Investment (GRASFI), the global network for cutting-edge research on sustainable finance and investment. The partnership underscores EDHEC’s commitment to this area, just a few weeks after presenting its new strategic plan – ‘Impact future generations 2025’ – and unveiling its strong ambitions in the sustainable finance field.
Thanks to the ability to produce and disseminate research work of real international impact, EDHEC has claimed a pivotal status among academic institutions in the financial industry. For the last two years, EDHEC and the EDHEC-Risk Institute (ERI), the specialist research centre for managing financial risks, have placed sustainable finance and climate change at the heart of their priorities, both in research and teaching terms.
Lionel Martellini, Director of the EDHEC-Risk Institute, and Gianfranco Gianfrate are the two professors named EDHEC representatives on the GRASFI Organising Committee.
Factor investing and liability-driven investing are widely recognised as two major advances in asset-liability management. Interestingly, both paradigms are tightly connected with advances in research on portfolio optimisation and asset pricing. To explain what role factors can play in liability-driven investing is the purpose of a new EDHEC-Risk Institute publication entitled "Factor Investing in Liability-Driven and Goal-Based Investment Solutions", conducted as part of the "ETF, Indexing and Smart Beta Investment Strategies" research chair supported by Amundi. Specifically, the authors analyse the benefits of a factor investing approach at three stages: 1. The construction of a performance-seeking portfolio that efficiently harvests factor risk premia across and within asset classes; 2. The construction of a liability-hedging portfolio that replicates as closely as possible factor exposures driving changes in the present value of liabilities; 3. The joint measurement and management of common factor exposures in performance-seeking and liability-hedging portfolios so as to improve the interaction between the two building blocks.
Building upon fundamental research on risk allocation and goal-based wealth management conducted in recent years, EDHEC-Risk Institute announced today that it is collaborating with Bank of America to develop new research on goal-based investing for the construction of retirement investment solutions for individuals. The aim of the research is to develop a holistic goal-based investing framework for analysing optimal retirement investment decisions for individuals in the transition or de-accumulation phase of their investment lifecycle, by using a broad range of investment product categories including stocks, bonds and annuity-related products.
EDHEC-Risk Institute and FirstRand Limited (FirstRand or the group) are partnering for the first time to launch a three-year research chair entitled “Designing and Implementing Welfare-Improving Investment Solutions for Institutions and Individuals” to expand the scientific literature on investor welfare-enhancing methodologies for portfolio construction in a goals-based investing framework. Year 1 will focus on a detailed analysis of the interplay between diversification and insurance, with the aim of determining whether it is possible to achieve an improvement in investor welfare by creating a diversified portfolio of insured assets, as opposed to insuring a portfolio of diversified assets.
EDHEC-Risk Institute, EDHEC Business School’s financial research hub, has teamed up with Coursera, a world leader in online training, to offer a new specialization in machine-learning techniques for financial professionals from September 2019. The online learning platform has 40 million registered users to date.
EDHEC-Risk Institute has announced the results of the 12th EDHEC European ETF, Smart Beta and Factor Investing Survey , conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta.
A new study produced as part of the Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies” focuses on the two factors that explain a large fraction of differences over time in bond returns, namely the “level” or “slope” of the yield curve. Using not only yield curve data but also a comprehensive database of individual bond returns in the US over the 1973-2018 sample period, the publication “Factor Investing in Sovereign Bond Markets – A Time-Series Perspective”, explores whether it is possible to identify strategies, which, after transaction costs, generate excess returns by taking relevant signal-based level or slope bets when investing in a real US coupon bonds universe.
A new study produced as part of the Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies” focuses on the two factors that explain a large fraction of differences over time in bond returns, namely the “level” or “slope” of the yield curve. Using not only yield curve data but also a comprehensive database of individual bond returns in the US over the 1973-2018 sample period, the publication “Factor Investing in Sovereign Bond Markets – A Time-Series Perspective”, explores whether it is possible to identify strategies, which, after transaction costs, generate excess returns by taking relevant signal-based level or slope bets when investing in a real US coupon bonds universe..
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.
“There are lots of opinions on climate change, but it's extremely useful that we look at hard facts and scientific evidence to come up with informed decisions,” explains Lionel Martellini, professor of finance and director of EDHEC’s Risk Institute. There are two central questions at the heart of the program: first, understanding the impact of investment decisions on climate change; secondly, understanding the impact of climate change on investment decisions..
“In a few years, no investment professional will be able to claim that they are making informed investment decisions without this awareness of climate change impact,” Lionel explains. “Even those portfolios that aren't angled towards clean energy transition will be impacted by climate change.” He also stresses that investment will begin to reflect a leaning towards responsible management and leadership. “I don't think it will be possible to be a meaningful financial professional in a few years time if you don't understand how non-financial indicators impact the financial performance of the firm.”
Copyright Business Because
"Nobody is looking at inflation. I believe that everybody should be looking at nothing else,” says Riccardo Rebonato, Professor of Finance at EDHEC Business School and EDHEC-Risk Institute. “The world was obsessed by inflation in the 1970s-1980s, and completely forgot about it in the new century.” The unprecedented build-up in liquidity due to government spending and debt issuance to fight the economic impact of the pandemic will soon see economies take off and prices rise as the vaccines return life to normal. The scale of central banks’ response to coronavirus, combined with a huge fiscal stimulus like Biden’s proposed US$1.9trn COVID-19 relief bill, is going into the pockets of firms and people, rather than just the banking system. The ten-year US “break-even” rate — a proxy for investors’ inflation expectations over the next decade — is starting to rise. It has climbed from below 1.6% in September to about 1.9%, the highest since May 2019 and just below the Fed’s average inflation target of 2%. In the eurozone, inflation expectations are still well below the ECB’s target of just below 2%.”
Copyright Treasury Today
"This is an essential source for cohesive retirement investment strategies based on the accumulation and decumulation of wealth, viewed as a continuum. It compares and contrasts its strategies with those of traditional investments used for retirement, such as target date funds, balanced mutual funds, and annuities. It suggests the launch of new forms of retirement investment solutions that better serve the goal of generating replacement income than do existing products with a retirement label.”
Copyright Enterprising Investor - CFA Institute
"Dans une enquête réalisée par l’Edhec, la majorité des répondants estime que l’intégration des critères environnement, social et gouvernance permet de réduire l’exposition au risque de long terme. Depuis 2006, l'EDHEC-Risk Institute réalise annuellement une enquête en Europe portant notamment sur l'utilisation des ETFs, les fonds qui reproduisent l'évolution d'un indice boursier et qui se négocient en bourse comme un titre ordinaire.”
Copyright La Tribune
"Absolutely, and increasingly so. In a survey conducted by EDHEC-Risk as part of Amundi’s research chair, almost 60% of respondents highlighted the environment as the most important dimension of ESG. And, more specifically, almost a third of respondents were looking for ETF providers to deliver more climate solutions.”
Copyright Portfolio Institutional
"Véronique Le Sourd, senior research engineer at EDHEC-Risk Institute,analyses the latest trends from across the ESG ETF space following the release of the firm’s survey annual factor investing survey.”
Copyright ETF Stream
"Half of the EDHEC-Rosk Alternative Indexes achieved positive performances in September, with Short Selling ending the month as the best performing strategy (1.39 per cent), followed by Merger Arbitrage (0.83 per cent) and Fixed-Income Arbitrage (0.79 per cent).”
"Investors and risk managers are staring into the abyss. Unable to use past asset pricing models to predict the immediate future they are, says Professor Riccardo Rebonato of EDHEC Business School, hamstrung by a toxic combination of politics, the current global crisis and asymmetry of risk. This, he says, is the time they should look for ‘the best-looking horse in the soap factory’ to help them at least stay in the race.”
Copyright Treasury Management International
"Nearly 40% of all investments in European sustainable and socially responsible funds go through ETFs, with which institutional investors are satisfied. According to the latest statistics from the ETFGI consulting firm, globally listed smart beta ETFs in the equity category suffered a net outflow of $2.2 billion in July. This brings net inflows to only 10.36% in the first seven months of the year. EDHEC’s latest survey of the European exchange-traded fund (ETF) market confirmed the special and increasingly central place occupied by socially responsible investments (SRI) based on ESG criteria. Conducted as part of the EDHEC-Risk Institute research chair in partnership with asset manager Amundi, the survey revealed that nearly one in two European professionals (49%) now invest in sustainable SRI-ESG funds. Only 17% did so in 2011 and less than 20% five years ago. An even more significant proportion (55%) specifically use ETFs to gain exposure to sustainable investments. The survey (EDHEC European ETF, Smart Beta & Factor Investing Survey 2020), published last week, was conducted via an online questionnaire with 191 institutional investors such as European asset management companies, pension funds, and asset managers, 16% of which are based in Switzerland. Their assets under management amount to more than 10 billion euros for at least 35% of them. Véronique Le Sourd, Senior Research Engineer at the EDHEC-Risk Institute and co-author of the survey, emphasizes that the rapid development of ETFs is not only due to their degree of use but also to the intensity with which they are used to invest in SRI-ESG strategies.”
"The EDHEC-Risk Institute has announced the results of the 13th EDHEC European ETF, Smart Beta and Factor Investing Survey, a comprehensive survey of 191 European ETF and smart beta investors, conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. The 2020 edition presents a new focus on SRI/ESG investing.”
Copyright ETF Express
"Positive screening was the preferred approach for 45 per cent of investment professionals surveyed by Edhec Risk Institute in a report published on Thursday. That compares with just 30 per cent who preferred thematic approaches — restricting investment choices to companies that score highly on gender diversity, or to those producing green energy for example — and 25 per cent who said they would opt for the simple exclusion, or negative screening, approach.
Lionel Martellini, professor of finance at Edhec Business School, said he was not surprised to learn that investors were ditching the pure negative screening approach. Not only can deliberately choosing companies that have good socially responsible credentials have the potential to improve the ethical appeal of the ETF, but it also reduces tracking error, he said. Tracking error occurs when the performance of the ETF diverges from the benchmark it is supposed to be tracking. “With best-in-class you try to keep the same exposure as your benchmark,” he explained.”
Copyright Financial Times
"ESG and low carbon ETFs were cited as the top two areas where investors would like to see further product development, according to the latest EDHEC-Risk Institute survey. The survey, which interviewed 191 European ETF and smart beta investors in partnership with Amundi, found 43.2% of respondents cited further product development in the ESG ETF space, a 12.7 percentage point increase from 2019. Meanwhile, 30.8% of investors cited low carbon ETFs as another area, an 8 percentage point increase and second on the list having been just tenth in 2019.”
Copyright ETF Stream
"EDHEC-Risk Institute has appointed Jaap van Dam as chairman of its international advisory board. Van Dam is the Principal Director of Investment Strategy at PGGM in the Netherlands. PGGM is a leading Dutch pension administrator with roots in the healthcare and social work sectors. It manages about EUR268 billion (USD329 billion) in pension assets for more than 2.5 million Dutch participants. PGGM provides services in pension fund management, comprehensive asset management, management support, and policy advice to various pension funds.”
Copyright Institutional Asset Manager
"Lionel Martellini, Director of the EDHEC-Risk Institute and Professor of Finance at EDHEC Business School, similarly expressed his anticipation at the benefits that this new double degree will provide to the international landscape of climate change finance.”
Copyright Global Education Times
"For 20 years, EDHEC has focused on research that strongly impacts both the academic and business worlds while generating a virtuous economic circle for the school. In 2021, our triple-accredited, top-ranked MBA programme will be celebrating the 60th graduating class. We created the EDHEC-Risk Institute then its spin-off Scientific Beta, achieving global reach in finance. In January, we sold Scientific Beta for USD200m. That windfall will be used to foster our commitment to sustainable projects which are the core of our strategic plan. Thus, to address society’s and the economy’s most persistent issues, EDHEC will create a cross-discipline research center devoted to Sustainable Finance and launch an investment fund called EDHEC Ventures for Future Generations: we will partner beside startups with projects promising positive social impact related to climate change and the ecological transition.”
Copyright Poets & Quants
"Riccardo Rebonato has spent a career trying to make sense of markets. Today, he’s finding they make little sense at all. “It completely baffles me how we can have equity prices that are similar to the prices in December, when the word Covid was unknown,” says Rebonato, a finance professor at Edhec and former chief quant at Pimco. “Everything points to massively lower prices,” he says. Current stock market valuations fly in the face of asset-pricing theory, in which Rebonato is a leading”
"EDHEC’s Riccardo Rebonato, Jean-Michel Maeso and Lionel Martellini propose a definition of value in Treasury bonds that allows for statistically significant and economically relevant predictions of cross-sectional excess returns.”
Copyright ETF Stream
"Motivations to use smart beta and factor strategies: A 2019 survey of European investment professionals, conducted by EDHEC Risk Institute, found the most important motivation behind the adoption of smart beta and factor investing strategies is to improve performance. On a scale from 0 (no motivation) to 5 (strong motivation), respondents gave an average score of 3.76 to ‘Improve performance’. ‘Manage risk’, which is in second position among key motivations (score of 3.25), is also an important element of choice when it comes to smart beta and factor investing strategies (see Figure 4)."
"The fact that issuers set and monitor their own targets on sustainable debt is also controversial."If you leave economic actors to self-regulate you will end up protecting insiders and the status quo," said Gianfranco Gianfrate, the sustainable finance lead expert at the EDHEC risk institute in Paris."
Copyright Reuters’ Refinitiv International Financing Review
"En 2009 , ces fonds avaient gagné plus de 35%% . Sur le long terme , les actifs décotés constituent la deuxième stratégie la plus performante. Depuis 2001 , elle gagne en moyenne 7 ,25 %% chaque année derrière les émergents ( + 7 ,40 %%) , d ' après les indices de ' Edhec Risk Institute.”
Copyright Les Echos
"Fiscal policy fatigue isn’t just a UK problem. Worldwide, rising deficits undermine plans to cut carbon emissions. While acknowledging the risk, EDHEC-Risk Institute finance professor Riccardo Rebonato is philosophical, arguing that getting Covid-19 under control is a prerequisite for progress towards economic sustainability. “Let’s not forget that all non-Covid-related research (including climate change research) is currently on hold. Therefore, also from the perspective of fighting climate change, the best strategy is to get back on course as quickly as possible.”
Copyright Investors Chornicle
"Gianfranco Gianfrate, a professor of finance at Edhec Business School, said corporate governance and sustainable work used to be viewed as dull with the roles often filled by those deemed less skilful by bosses. However, asset managers were now recruiting people with specialist skills and knowledge, he said. “There has been a change in the quality of people in the stewardship teams.”
Copyright Financial Times
"To explain what role factors can play in liability-driven investing is the purpose of a new EDHEC-Risk Institute publication entitled “Factor Investing in LiabilityDriven and GoalBased Investment Solutions”, conducted as part of the “ETF, Indexing and Smart Beta Investment Strategies” research chair supported by Amundi. Specifically, the authors analyse the benefits of a factor investing approach at three stages: 1. The construction of a performance-seeking portfolio that efficiently harvests factor risk premia across and within asset classes; 2. The construction of a liability-hedging portfolio that replicates as closely as possible factor exposures driving changes in the present value of liabilities; 3. The joint measurement and management of common factor exposures in performance-seeking and liability-hedging portfolios so as to improve the interaction between the two building blocks."
"When monetary economists predict a future nominal ‘short rate’ as low as 2.5 per cent, they must either believe that the Fed will not be able to prevent a collapse in inflation (which can only be associated with difficult economic conditions) or that the real rate of growth will be extremely low; or both, says Riccardo Rebonato, professor of finance at the EDHEC Business School and the factor investing fixed income lead expert at the EDHEC-Risk Institute. However, this is a far cry from what the equity valuations seem to imply at the moment which means either the economists or the S&P500 must be wrong. With such a dramatic fall in expectations, one could be forgiven for expecting that risk premia should have widened, he says."
Copyright Benefits and Pensions Monitor
"Quants have found that raters’ different ways of refining the raw data they gather adds further to the confusion. Leading providers concur on only about half the companies they rate according to data from State Street Global Advisors. Some score companies by picking out the best and worst performers overall. Others pick out the best and worst by industry. “You can come up with an oil “ company that has a huge carbon footprint but good sustainability ratings,” says Gianfrate. Some raters score missed reporting ” fields as neutral, others penalise them.“No serious scholar at this point in time will say we have enough “ consistent evidence on whether ESG investing can relate to superior performance,” says Gianfranco Gianfrate, a professor of ” finance at Edhec Business School."
"Investment management is justified as an industry only to the extent that it can demonstrate a capacity to add value through the design of dedicated investor-centric investment solutions, as opposed to one-size-fits-all manager-centric investment products. After several decades of relative inertia, the much needed move towards investment solutions has been greatly facilitated by a true industrial revolution taking place in investment management, triggered by profound paradigm changes with the emergence of novel approaches such as factor investing, liability-driven and goal-based investing, as well as sustainable investing. Data science is expected to play an increasing role in these transformations. This trend poses a critical challenge to global academic institutions: educating a new breed of young professionals and equipping them with the right skills to address the situation, and who could seize the fast-developing new job opportunities in this field. Continuous education gives the opportunity to meet with new challenges of this ever-changing world, especially in the investment industry."
Copyright Forbes India
"Building upon fundamental research on risk allocation and goal-based wealth management conducted in recent years, EDHEC-Risk Institute is collaborating with the Bank of America to develop new research on goal-based investing for the construction of retirement investment solutions for individuals. The aim of the research is to develop a holistic goal-based investing framework for analyzing optimal retirement investment decisions for individuals in the transition or de-accumulation phase of their investment life cycle by using a broad range of investment product categories including stocks, bonds, and annuity-related products."
Copyright Benefits and Pensions Monitor
"The foundations of the investment knowledge for the Post-Retirement Investment solution as outlined above have regularly been posted on Kiwi Investor Blog. For those wanting more information, see the following links: A key foundation knowledge is Liability Driven Investing (LDI): More on Liability Driven Investing (LDI) for beginners. LDI is used by insurance companies and Defined Contribution Fund to manage their investments to match future cashflows/Income requirements. There needs to be a greater focus on generating Income in retirement during the accumulation phases: What Matters for Retirement is Income not the Value of Accumulated Wealth. Goal-Based Investing (GBI) is the wealth management application of LDI. The EDHEC Risk Institute GBI framework is amongst the most comprehensive and practical available. I try to do it justice in this Post: A More Robust Retirement Income Solution. EDHEC also advocate the concept of flexicurity. Flexicurity is the concept that individuals need both security and flexibility when approaching retirement investment decisions: Flexicurity in Retirement Income Solutions – making finance useful again. This Post: Evolution within the Wealth Management Industry, the death of the Policy Portfolio, builds on the concepts above and notes a paradigm shift within the industry to address the Post Retirement challenges. EDHEC provide a framework for the Mass-Customisation of the Retirement investment solution, which is very powerful."
Copyright Kiwi Investor
Scientific Beta is established by EDHEC-Risk Institute (ERI Asia), an affiliate of EDHEC Business School. It is an independent index provider specialising in smart beta strategies, and boasts of having more than 60 asset owners and asset managers using Scientific Beta’s indices to track or benchmark their smart beta investments.”
Copyright Business Times Singapore
Nice-based Lionel Martellini, director at the EDHEC Risk Institute in France, says these risks pose significant threats to portfolio performance. But ignoring them also risks putting off a younger generation of potential clients who care about the environment. ‘This concern will grow, and retail investors will increasingly focus on climate investing,’ he says. ‘It’s important to anticipate that change. It will come up fast – in fact, we are already seeing the trend among younger investors. Addressing climate-related risk in portfolios is important for every adviser – even ones who don’t care about it personally.”
Le développement du smart beta (indices intelligents) et de l'ESG offre ainsi de nouvelles opportunités, puisqu'ils nécessitent de créer de nouveaux indices surmesure pour chaque stratégie. Le nombre d'indices boursiers a ainsi explosé, au point où l'on compte depuis quelques années davantage d'indices boursiers que de sociétés cotées en Bourses. Parmi les nouveaux acteurs, des universités se sont lancées, comme le CRSP de l'université de Chicago ou l'EDHEC Risk Institute de l'école de commerce parisienne.”
Copyright Les Echos
""There is a convenient industry creating KPIs that is allowing a lot of greenwashing," said Gianfranco Gianfrate, professor of finance and sustainable finance lead expert at EDHEC risk institute in Paris. The Loan Market Association has already published sustainability-linked loan principles, but highly-rated companies "self-arrange" their own loans in the private loan market, and some have been able to set unchallenging targets with relationship banks. One company even described its own KPIs as "laughable" as they included targets around renewable energy use, recycling and promoting online products that were already part of its business and strategy. Weak KPIs help firms to avoid change by simply pledging to meet existing targets. Education technology company Pearson had one KPI linked to its commitment to extend its vocational educational reach internationally on a US$1.19bn SLL last March. “Companies will always pick KPIs that show they're a world leader, even if they're polluting a lot," Gianfrate said.”
Copyright Reuters’ Refinitiv International Financing Review
"EDHEC Business School has become a key academic institution for the financial industry, a premier academic centre for applied financial research recognised worldwide. Since the creation of the EDHEC-Risk Institute (ERI) in 2001 – a research centre dedicated to asset and risk management – the school has developed academic or industrial partnerships with large and prestigious financial institutions and innovative educational initiatives for individual and institutional investors. ERI has also created two new international entities. EDHEC Infrastructure, supported by Singapore’s monetary authorities, conducts research on the financing and management of infrastructure investments. Scientific Beta designs alternative indices to traditional market for the world’s largest pension funds and sovereign wealth funds. The combination of academic excellence, whether for research or teaching, and the “EDHEC for Business” model are the main reasons behind the success of EDHEC’s PhD and Master’s in finance programmes.”
Copyright The European
"According to Gianfranco Gianfrate, Professor of Finance at EDHEC Business School, there are around 200 providers of ESG data scores. (...) “Because there are so many data providers [with such varying scores],” Gianfrate said at ETF Stream’s ESG Investors Forum event, “investors are able to find one that rates the sustainability of a company even the others do not. It is like having no ESG ratings at all.”
Copyright ETF Stream
"Escuela de Negocios EDHEC Python y Machine Learning para la gestión de activos a través de Coursera”
Copyright IBL News .es
"Parmi eux, Kynikos le fonds de James Chanos a réussi la prouesse de gagner plus de 20 % sur les 10 premiers mois de l'année alors que Wall Street vole de record en record pénalisant les vendeurs à découvert qui perdent 7,2 % selon l'indice Edhec Risk Institute. Il a parié sur la chute de Grubhub, une entreprise américaine de livraison de repas dont l'action a cédé 36 %.”
Copyright Les Echos
"EDHEC-Risk Institute and FirstRand Limited (FirstRand or the group) are partnering for the first time to launch a three-year research chair entitled “Designing and Implementing Welfare-Improving Investment Solutions for Institutions and Individuals” to expand the scientific literature on investor welfare-enhancing methodologies for portfolio construction in a goals-based investing framework. Year 1 will focus on a detailed analysis of the interplay between diversification and insurance, with the aim of determining whether it is possible to achieve an improvement in investor welfare by creating a diversified portfolio of insured assets, as opposed to insuring a portfolio of diversified assets.”
Copyright Money Marketing
"Speaking at an Edhec climate finance conference in Paris this week, Jaap van Dam said: ”Sometimes it feels that the whole of society is looking at the financial sector to solve the climate change problem.” I think that’s a much overrated thing,” he said. “Climate change is actually produced in the real world, so it’s about capital owners, it’s about capital investments, it’s about consumers, and I think the government has a very large role to play.””
"EDHEC-Risk Institute has announced the results of the 12th EDHEC European ETF, Smart Beta and Factor Investing Survey, conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta.”
Copyright Traders Magazine
"La SCPI, enfin, permet de se diversifier tout en ayant un bon rendement annuel : plus de 4,5 % en moyenne, selon l'indice EDHEC-IEIF, avec des pointes au-delà de 7 % pour des SCPI de Corum. Seul bémol, ces produits souffrent de frais de souscription élevés (9 à 12 %) et d'être très investis sur les bureaux, le plus volatil des marchés immobiliers.”
"Dans un marché des ETF en forte croissance, les produits obligataires rencontrent un incroyable succès, avec plus de 400 ETF exposés à cette classe d'actifs disponibles sur le marché européen1. Selon la dernière édition de l'enquête publiée cette année par l'EDHEC, près de 70 % des investisseurs recourent aux ETF dans le cadre de leur allocation obligataire. La collecte du marché européen des ETF montre aussi que la depuis début de l'année2.”
"Finishing off the event with a keynote was EDHEC’s Gianfranco Gianfrate who explained “the good”, “the bad” and “the ugly” within green investing. Gianfrate raised the issue of how there are too many ESG data providers scoring companies that are providing misleading results. For example, one company which was scored highly by data provider MSCI was scored poorly by FTSE and therefore the company could represent itself as sustainable.”
Copyright ETF Stream
"Au vu des rendements servis, les épargnants ont de quoi être séduits: 4,35% en 2018 et sans doute un peu plus en 2019. Au 30 septembre, les SCPI ont rapporté 4,5% par an en moyenne selon l’indice de prix Edhec IEIF Immobilier d’entreprise France. «Dans un contexte de taux bas, les épargnants ont trouvé dans les SCPI un produit d’épargne au rapport rendement risque attractif qui offre une alternative aux fonds euros dont les performances se compriment depuis plusieurs années» estime Véronique Donnadieu, déléguée générale de l’ASPIM.”
Copyright Le Figaro.fr
"Lionel Martellini, a professor at the Edhec Business School in France, says: “The performance we’ve seen for the last few years is disappointing but it’s not surprising. If we look at history, it’s not unusual for the performance of factors to turn negative.”
Copyright Financial Times
"The type of diversification already achieved in equity ETFs is yet to be seen in fixed-income. “There is still a gap,” according to Lionel Martellini, Professor of Finance at EDHEC Business School. “This investment will develop in the near future, as soon as the offer matures and better matches investors’ needs.”
Copyright ETF Stream
"However, over the past three years the two approaches have gradually become more balanced, and for the first time this year, the use of ETFs for tactical allocation is actually greater than their role for long term positions (53% and 51% respectively) (see Exhibit 1).”
Copyright ETF Stream
"« La volonté du gouvernement est d’orienter l’épargne-retraite vers l’économie productive et en même temps vers des produits plus risqués, mais plus rentables, et d’aligner ainsi les intérêts des entreprises et des épargnants », explique Lionel Martellini, professeur de finance à l’EDHEC"
"EDHEC-Risk Institute has announced the results of the 12th EDHEC European ETF, Smart Beta and Factor Investing Survey, conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. Here’s a selection of key findings in response to three key questions: 1. How do investors select and use ETFs? 2. What are the key objectives driving the use of Smart Beta and Factor Investing Strategies? 3. What are the future developments in ETFs and Smart Beta Products?"
Copyright Hedge Think
"That's why EDHEC-Risk Institute, recognised globally for its financial-sector research, is launching a new digital programme, entitled Investment Management with Python and Machine Learning. “We expect that the use of machine learning techniques, and their application to big new data sets, will profoundly impact all dimensions of the investment management process, including security selection, portfolio construction as well as risk management practices”, says Lionel Martellini"
"That is one of the questions posed by the findings of the recent EDHEC investor survey which suggested that fixed income was a key area where investors are demanding more diversity of products. As Lionel Martellini, professor of finance at EDHEC Business School, says “the more volatile the markets are, the more interesting it is to use low cost instruments for tactical allocation”. Of course, the greater choice afforded by ETFs has increased the more the products diverge from ‘simple’ broad market tracking. “ETFs, which originally replicated broad market indices, are now available in a wide variety of asset classes and market sub-segments and allow portfolio diversification. Investors can easily increase or decrease their portfolio exposure to a specific style, sector, or factor at lower cost with ETFs,” says Martellini"
Copyright ETF Stream
"Before I briefly outline some of the key topics covered to date by Kiwiinvestorblog.com, the “intellectual framework” for the Blog has largely come from EDHEC Risk Institute in relation to Goals-Based investing and how to improve the outcomes of Target Date Funds in providing a more robust investment solution. Likewise, Noble Laureate Professor Robert Merton’s perspective on designing an appropriate retirement system has been influential. Regulators and retirement solution providers should take note of his and EDHEC’s work. Combined, EDHEC and Professor Merton, are helping to make finance useful again. Their analysis into more robust retirement solutions have the potential to deliver real welfare benefits for the many people that face a challenging retirement environment. "
Copyright Kiwi Investor Blog
"(...) Lionel Martellini, directeur de l’EDHEC Risk Institute : « En matière de retraite, en France, nous avons besoin de promouvoir deux grands principes de santé financière : contribuer régulièrement et investir sainement. ». (...)"
Copyright Option Finance
"Lionel Martellini, directeur de l’EDHEC Risk Institute : « En matière de retraite, en France, nous avons besoin de promouvoir deux grands principes de santé financière : contribuer régulièrement et investir sainement. »."
Copyright Nice Matin
"Professor Lionel Martellini, Director of EDHEC-Risk Institute, added, “The 2019 edition of the EDHEC European ETF, 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” shows a true coming of age in investors’ perception and usage of ETFs, which have become mainstream investment instruments for asset owners and are increasingly used in active market, sector-specific but also factor rotation strategies. There is a substantial appetite for new development in the area of SRI and fixed-income factor investing, where academically grounded product innovation is still needed.
"But the buzz around using factor investing within fixed income is growing, especially in Europe. An Edhec-Risk Institute survey found that in Europe, exposure to government bonds rose from 13 per cent to 66 per cent between 2006 and 2019, while corporate bonds increased from 6 per cent to 68 per cent in the same period."
"Fixed income is the key area in smart beta investors want ETF issuers to develop products further, according to the latest EDHEC Risk-Institute’s European ETF and smart beta factor investing survey. The annual report found fixed income smart beta and factor investing strategies was the top priority for the 182 respondents, scoring 3.46 to the question “which type of solutions do you think require further product development by providers?” on a scale from 0 (not required) to 5 (strong priority)."
Copyright ETF Stream
"More investors, though, are beginning to invest in factor-based fixed-income strategies, especially in Europe, David Stevenson reports for the Financial Times. According to an Edhec-Risk Institute survey, Europe institutional investor exposure to government bonds rose from 13% to 66% between 2006 and 2019, while corporate bonds increased from 6% to 68% in the same period. Furthermore, about three-fifths of the institutions surveyed focused on three factors integral to the credit risk market, including carry-to-level of the yield curve, credit, and slope of the yield curve.As more consider a factor-based fixed-income approach, most studies suggest that institutions could utilize these types of bond ETFs as tactical trading tools. Meanwhile, retail investors and advisors may look to smart beta bond ETFs for yield enhancement. Currently, Edhec argued that smart beta bond ETF “usage is limited because the current offer does not correspond to their [institutional investors’]needs in terms of risk factor, and due to a lack of research in the area.”
Copyright ETF Trends
"Riccardo Rebonato, Professor of Finance, EDHEC-Risk Institute, EDHEC Business School is specialist in interest rate risk modelling with applications to bond portfolio management and fixed-income derivatives pricing. He gives you his insights on the inverted yield curve and unveil the latest estimates of the EDHEC Bond Risk Premium Monitor with a comparison of the 10-year term premium estimated by the Cochrane-Piazzesi, the Cieslak-Povala, the Slope &Cycle, and the EDHEC Stochastics Market price of Risk models. The inversion of the US Treasury yield curve is creating headaches in many quarters, not least in the estimate of risk premia. All the best-trusted models (including the slope, the Cochrane-Piazzesi, the Cieslak-Povala – some of these used, or at least quoted, by the Fed) are giving nonsensical answers, estimating risk premia as negative as -5% or more for the 10-year yield. See these model estimates in Fig 1. What is happening? If taken literally, these models would imply future rates at such negative levels to make the German Bunds look like high-yielders."
"Riccardo Rebonato, Professor of Finance at EDHEC Business School, has stressed timing factor exposures in fixed income is far more promising than in equities. Speaking to ETF Stream, PIMCO’s former global head of rates analytics said, although very little academic work had been done around factor investing in fixed income, it was relatively easier to predict corrections of the entire bond market compared to the equity market. "
Copyright ETF Stream
"In a bid to capitalise on potential opportunities, Amundi has teamed up with EDHEC-Risk Institute to conduct two new studies investigating the theoretical and practical challenges involved in harvesting risk premia in fixed income markets. Similarly, investors’ expectations that ESG fixed income strategies are poised to thrive are starting to be borne out in the numbers."
Copyright ETF Strateggy
"Lionel Martellini, a professor at France’s Edhec Business School, said: “Smart beta is not a free lunch.“A well-diversified exposure to rewarded factors will not always outperform. The promise is instead merely that it will provide superior risk-adjusted performance on average across market conditions in exchange for suffering pain in some market conditions.“
Copyright Financial Times
"In Bond Pricing and Yield Curve Modeling: A Structural Approach, Riccardo Rebonato, professor of finance at the EDHEC Business School and the EDHEC-Risk Institute, combines theory with current empirical evidence to build a robust understanding of what drives the government bond market. The book provides the theoretical foundations (no-arbitrage, convexity, expectations, and affine modeling) for a treatment of government bond markets, presents and discusses the vast amount of empirical findings that have appeared in the finance literature in the past 10 years, and introduces the “structural” models used by central banks, institutional investors, academics, and practitioners to, among other things, model the yield curve, answer policy questions, gauge market expectations, and assess investment opportunities."
Copyright Enterprising Investor - CFA Institute
"(...) "In similar fashion to the dwindling faith in active management within the equity space, managers are now coming to questions whether the same erosion of trust is taking place in the ability of fixed income managers to control interest and credit-risk exposures. Professors Lionel Martellini, Riccardo Rebonato and Jean Michel Maes from the EDHEC business school suggest the steady decrease in interest rates in recent years has led institutional investors to question whether the active skills in this asset class can still work. As a step in this direction, the EDHEC Risk Institute has been able to provide a first detailed, security-level analysis on two factors that explain a large fraction of the differences in the cross-section of bond returns, namely value and momentum, using economically justified proxies for these attributes." (...)"
Copyright ETF Stream
"(...) "If it's less than 30 years, I wouldn't look at it for factors," said Riccardo Rebonato, professor of finance at EDHEC Business School, EDHEC-Risk Institute, and a former global head of rates and FX analytics at Pimco. "Identifying a factor is like detecting the direction of a gentle breeze in the middle of a hurricane. You need a lot of observation to tell. (...)"
Copyright The Business Times
"(...) Working with data it first sourced from Lehman going back to the late 1980s, Netherlands-based Robeco built up a library of credit resources to construct automated strategies. For some skeptics, it’s barely enough. “If it’s less than 30 years, I wouldn’t look at it for factors,” said Riccardo Rebonato, professor of finance at EDHEC Business School, EDHEC-Risk Institute, and a former global head of rates and FX analytics at Pimco. “Identifying a factor is like detecting the direction of a gentle breeze in the middle of a hurricane. You need a lot of observation to tell.” Certain factors like momentum and value require lots of portfolio churn, a challenging proposition given the trading costs. "(...)
"(...) EDHEC-Risk Institute has conducted two new studies, commissioned by ETF issuer Amundi, that investigate the theoretical and practical challenges involved in harvesting risk premia in fixed income markets. The studies focus on two factors that explain a large fraction of differences in the cross-section of bond returns, namely “value” and “momentum”, using economically justified proxies for these attributes."(...)
Copyright ETF Strategy
"(...) C’est la performance affichée, sur un an glissant, par l’indice EDHEC IEIF Immobilier d’Entreprise France « brut », qui retrace la progression de la valeur des parts et des dividendes distribués par les SCPI les plus actives du marché. Lancé par l’Institut de l’Epargne Immobilière et Foncière (IEIF) et l’EDHEC-Risk Institute, cet indice recouvre de fait environ 90 % de la capitalisation totale des SCPI investies en immobilier d’entreprise, et plus de 95 % des transactions secondaires constatées. Pondéré par les capitalisations des SCPI, il recense à la fois les véhicules à capital fixe et à capital variable, à condition que ces derniers aient enregistré un volume de transactions sur le marché secondaire supérieur à 2 millions d’euros au cours de l’année précédente. Dans sa version « nu », l’indice EDHEC IEIF Immobilier d’Entreprise France retrace donc la progression de la valeur des parts des SCPI les plus actives du marché. Dans sa version « brut », qui intègre les dividendes distribués (supposés réinvestis), il en mesure la performance globale. Publié avec une fréquence mensuelle (le 20 du mois suivant la fin de chaque mois calendaire), sa composition est révisée deux fois par an, en mars et en septembre. Lors de sa dernière révision, il comprenait 47 SCPI affichant une capitalisation globale de 48 Md€ (soit près de 90% de la capitalisation totale des SCPI en mars 2019 -54,3 Md€-)."(...)
Copyright Pierre Papier
"(...) Riccardo Rebonato, Professor of Finance, EDHEC-Risk Institute, EDHEC Business School is specialist in interest rate risk modelling with applications to bond portfolio management and fixed-income derivatives pricing. He comments on yesterday FOMC & FED’s meeting minutes. The equity markets heaved a sigh of relief after Chairman Powell’s words at the post-FOMC meeting conference, interpreting his remarks as an implicit assurance that (if needed) the policy of the Greenspan / Bernanke / Yellen ‘put’ will be continued under his stewardship. Matters are not quite as straightforward, however, for two important reasons."(...)
Copyright Value Walk
"(...) It is within this context that EDHEC-Risk Institute has launched a dedicated research programme that aims to broaden the concepts of factor-investing in bond markets by i) analysing the risk factors that drive these universes, ii) finding whether they attract compensation or not, and iii) more generally, examining bond return predictability. A new study produced as part of the Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies” focuses on the two factors that explain a large fraction of differences over time in bond returns, namely the “level” or “slope” of the yield curve."(...)
Copyright Traders Magazine
"(...) Other innovations being considered include retirement-targeted bonds. These instruments – suggested by professors of finance Lionel Martellini, Robert Merton and Arun Muralidhar of the EDHEC Business School in Lille, France – would differ from conventional bonds in that they would not pay coupons and a lump sum at maturity. Instead, they offer a secure income for an agreed term. Investors could acquire bonds to cover their income needs in retirement, probably in the later stages of accumulation, before switching to an annuity for later life."(...)
Copyright Cuffe links
"(...) EDHEC-Risk Institute has launched a research programme that aims to broaden the concepts of factor investing in bond markets. This is in response to the substantial research available on factor investing in equity products and the scarcity of research on the existence of risk premia in fixed income. EDHEC analyses the risk factors that drive universes, determine whether they attract compensation and more generally examine bond return predictability."(...)
Copyright ETF Stream
"(...) He says Amundi, which manages €1.5tn, including €112bn in index funds, is considering its options, such as producing benchmarks of its own. Mr Perrier says this includes a collaboration with Edhec, the French business school, to work on fixed-income exchange traded funds that use factor investing.
(...) Other fund managers are looking to non-commercial index providers, such as academic institutions. Edhec-Risk Institute is tied to the eponymous Nice business school and has worked with French managers such as Amundi, as well as international groups including Bank of America Merrill Lynch, to launch indices for fixed income, property funds and retirement products.Lionel Martellini, director of Edhec-Risk Institute, says savings are only one reason for fund managers looking beyond the big providers. “A lot of asset managers that get into self-indexing want to be the sole owner of the relationship with end-investors and want a better handle on developing the underlying strategy.”He warns that index construction is not simple. “Some asset managers slightly underestimated the cost and complexity of running an index business."(...)
Copyright Financial Times
"(...) EDHEC-Risk Institute aims to widen the concepts of factor-investing in bond markets by encouraging investors to focus on the two factors that help explain fraction of differences over time in bond returns, the ‘level’ or ‘slope’ of the yield curve. According to the institute’s paper, produced as part of the Amundi research chair on “ETF, Indexing and smart beta investment strategies”, it would be possible to build duration-timing strategies that were economically superior to bearing unconditional duration risk."(...)
"(...) In response to these concerns, a number of so-called retirement products have been proposed by insurance companies and asset management firms. Asset management products offer a wide range of investment options, but none of these options really address retirement needs because they neither allow investors to secure a given level of replacement income, nor explicitly intend to do so. This is also true for target date funds, even though they are often used as default options by individuals saving for retirement. In contrast, insurance products, such as annuities and variable annuities, can secure a fixed level of replacement income throughout retirement. However, this security comes at the cost of a severe lack of flexibility, because annuitization is an almost irreversible decision, unless one is willing to bear the costs of high surrender charges, which can amount to several percentage points of the invested capital. This rigidity is a major shortcoming in the presence of life uncertainties such as marriage and children, changing jobs, health issues, changing locations to lower or higher cost cities or countries, decisions about retirement dates, etc."(...)
Copyright Actuarial Post
"(...) IEconomists from EDHEC Risk Institute have come up with a new idea about financing the years in which we won't or simply can’t work anymore: retirement bonds. But is it a viable solution or just an academic fad? Fears that the world is facing a pensions crisis – with large numbers of people unable to afford to retire or having to rely on the state – have become more widespread in recent years and led to a search for solutions to improve what pure defined contribution can offer"(...)
"(...) One recent summit, held under the auspices of the EDHEC Risk Institute, a leading French academic powerhouse, showcased this battle for the soul of the wealth management industry. Academics, private bankers, thought leaders, regulators and innovators gathered to discuss the key question yet to be resolved: what should be the role of technology in client acquisition and servicing, data analysis and portfolio management?"(...)
Copyright Professional Wealth Management
"(...) EDHEC-Risk Institute’s professor of finance, Riccardo Rebonato, says there are a few reasons why the latest March projections for the Fed Funds in the year to come, made by the Fed Monetary Committee, were lower than the expectations from December. Rebonato, who is a specialist in interest rate risk modelling with applications to bond portfolio management and fixed-income derivatives pricing, said that market yields reflected expectations but also incorporated a risk premium, which was a compensation for bearing risk."(...)
Copyright Money Management
"(...) Face à une certaine méconnaissance des produits d’épargne et à la complexité du système de retraite français, un effort de pédagogie doit être fait. A ce titre, certaines idées fleurissent à l’image du professeur de finance à l’Edhec, Lionel Martellini, qui invite à la création d’une agence publique. Son but : accompagner les Français dans leurs arbitrages."(...)
"(...) LE CERCLE/POINT DE VUE - Les Français préparant leur retraite possèdent beaucoup d'épargne, mais celle-ci est mal orientée. Pour les accompagner dans leurs arbitrages, le professeur à l'Edhec Lionel Martellini préconise la création d'une agence publique."(...)
Copyright Les Echos
"(...) As the goalposts continue to move for savers, says EDHEC-Risk Institute director Professor Lionel Martellini, the necessity for future retirees to start planning now only increases. One of the key issues is that public and private pension schemes almost always deliver replacement income that is lower than labour income, he says, adding: "The gap is sometimes severe."(...)
Copyright Professional Adviser
"(...) As the goalposts continue to move for savers, Professor Lionel Martellini, Director of the EDHEC-Risk Institute, urged future retirees to start planning now for their golden years. Professor Martellini spoke to Express.co.uk about how to avoid a pensions crisis in an economy where individual investors are becoming increasingly responsible for their own saving. One of the key issues, according to Professor Martellini, is that public and private pension schemes almost always deliver replacement income which is lower than labour income. He added: “The gap is sometimes severe. “According to the OECD, an individual with average earnings in the United States can expect to receive merely 49.1 percent of labour income from mandatory pension arrangements when retiring. “The replacement rate falls to 29.0 percent in the United Kingdom. “With the need to supplement public and private retirement benefits via voluntary contributions, individuals are becoming more and more responsible for their own retirement savings and investment decisions.” This global trend poses substantial challenges to individuals, he said, who often lack the expertise required to make such complex financial decisions. (...)
Copyright Daily Express
"(...) La parole à ... RICCARDO REBONATO, professeur de finance à l’Edhec-Risk Institute. (...) Sur les obligations d’Etat, comment déterminer un facteur « value » ? La probabilité de défaut est faible pour les pays développés, à moins d’entrer dans des considérations géopolitiques non quantitatives. Globalement, les « vieilles » explications sur les actions ne fonctionnent pas, et il y a encore trop peu d’études académiques concernant l’efficience des facteurs sur les obligations. (...)
"(...) "When it comes to smart beta funds, asset managers and index providers are straying far from the well-recognized factors that have decades of academic research supporting them, according to new research from Scientific Beta, a smart beta index provider that’s funded by EDHEC-Risk Institute. Felix Goltz, research director at Scientific Beta and head of applied research at EDHEC-Risk Institute — an investment-focused, academic think tank — said the problem with managers and index providers finding factors that supposedly lead to an investment reward is that third parties have not replicated the results. This can lead to unintended exposures and a misunderstanding around the associated investment risks of those factors." (...)
Copyright Institutional Investo
"(...) Smart beta products aim to outperform traditional market cap-weighted indices by capturing sources of excess returns offered by proven, well-researched factors that stem from behavioral or structural anomalies. A recent survey conducted by EDHEC-Risk Institute among 163 European professional investors shows that the majority agrees that smart beta and factor investing offers significant potential for outperformance. The EDHEC European ETF and Smart Beta and Factor Investing Survey 2018 offers insights into investors’ perceptions on exchange-traded funds (ETFs), smart beta and factor investing products. The survey results suggest that the interest in smart beta and factor investing is mainly attributable to the pursuit of outperformance, as around 73 percent of respondents agree that products in this area present significant potential for beating traditional market indices. In addition, the transparency of these products is an essential attribute of their appeal. (...)”
"(...) In addition to the $2,500 Best Article award, three other articles were recognized as Outstanding Articles: "Proverbial Baskets Are Uncorrelated Risk Factors! A Factor-Based Framework for Measuring and Managing Diversification in Multi-Asset Investment Solutions" by Lionel Martellini and Vincent Milhau (...)”
"(...) IPR Journals has also recognized three Outstanding Articles from the 2018 collection. Proverbial Baskets Are Uncorrelated Risk Factors! A Factor-Based Framework for Measuring and Managing Diversification in Multi-Asset Investment Solutions by Lionel Martellini and Vincent Milhau appeared in the special Multi-Asset Strategies issue. The authors suggest using a factor-based framework to more effectively measure and manage (...)”
Copyright Pageant Media
"(...) 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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