La gestion obligataire indicielle traditionnelle a été sévèrement remise en question par la crise de la dette Européenne. Lyxor Asset Management propose des stratégies permettant de minimiser l’impact de tels évènements.

Ces dix dernières années, les investisseurs se sont tournés vers les stratégies alternatives pour améliorer la résilience de leur portefeuille durant les phases de marché baissier. La dernière étude de Lyxor Asset Management souligne la nécessité pour les investisseurs d’adopter une approche dynamique et non statique de la gestion des risques afin de tirer pleinement profit de la diversification offerte par les produits alternatifs. Une approche dynamique de la gestion des risques permet en effet d’atténuer le risque à la baisse sans mettre en péril les perspectives de croissance à long terme. L’analyse laisse toutefois entendre que seuls les investisseurs réactifs et traitant des instruments liquides, pourront bénéficier de ces avantages.

2012 starts on a robust footing for the hedge fund industry. January monthly returns have been one of the strongest in over a decade. After a lackluster 2011 – in fact, the second worst year out of the last twenty – hedge fund performance is now set to benefit from a normalizing trading environment.

There is growing empirical evidence that the complexity of financial markets makes it increasingly challenging for institutional investors to manage their asset/liability profiles efficiently. Changes in the regulatory framework and in accounting rules make this even trickier for insurance companies. Against this backdrop, insurers - especially those with long-term liabilities - have no choice but to fully rethink their overall investment policies and long-term strategic allocation. Contrary to the conventional wisdom, Solvency II may thus create a sound opportunity for hedge fund strategies to find their way into insurers’ core portfolios.

Quantifying Alternative UCITS

This Opalesque Roundtable took place in Paris and gathered 9 alternative invesment experts to look at the French Asset Management industry, its evolution, its challenges and its perspectives.

Fostered by a range of innovative initiatives from French asset management associations, regulators, and France-based managers and investors, new momentum has been building in Paris, contributing to the growth in strength and number of the local alternative investment community:

- The EMERGENCE national seeding fund for France-based asset managers incentivates French nationals working in places like London, New York or Connecticut to come back to France to set-up their company or office
- French financial regulator AMF views it as a “necessity” to have more managers and more alternative investment management companies in France. The AMF is considering more flexibility regarding regulation of the product and the manager while being stricter on selling practices
- The AMF is also considering discussing with the prudential supervisor ACP an extension of the buying powers of institutional investors into alternative investments
- Hedge fund launches that before would have taken place in London are increasingly happening in Paris

However, the path to become a globally leading asset management center is considered long and difficult, and will require even more support and coordination of local regulations and the investor base.

CTAs 2011 Unveiled