Survey Shows Little To Choose Beween Top Swiss Asset Managers
A performance league table compiled by EDHEC, a leading European business school,
and EuroPerformance, a European fund rating agency, has shown that there is
little to choose between the performance of Switzerland's top asset managers. The 'Alpha League Table' showed that the top ranked company achieved a score
of 0.97%, while the tenth-placed scored 0.22%. However, the top three asset
managers in the ranking are only separated by a hair’s breadth, with a
difference of less than one hundredth of a point. The Alpha League Table is a ranking constructed upon a measure of the intensity
of alpha (performance adjusted for the risks that were actually taken) for
all of the asset management firm’s active 'equity' management. Sharing first place in the listing were Vontobel Asset Management and Pictet
& Cie. With an alpha frequency of 29.9% and an average rate of alpha of
3.1%, Vontobel Asset Management received a score of 0.97%. Pictet & Cie
obtained the same score with an alpha frequency of 50.0% and an average rate of
alpha of 1.8%. Banque Sarasin took 3rd place. The league table showed that specialists and private banks monopolise the top
places in the rankings with investment management oriented towards emerging
markets and sector funds. According to the ranking results, the average rates of alpha vary from to 2
to 4% depending on the zone. The strongest outperformance is obtained in the
Asian and emerging markets. However, it appears to be more difficult to generate
significant alpha with portfolios invested in Swiss company stocks. On average, the 'alpha' funds favour large-cap stocks and the share of small
caps is limited to 30% of the portfolios. The EDHEC/EuroPerformance annual rankings cover major geographical areas, and
are also applied at the European level. The first edition was dedicated to France,
the second to Spain-Italy, and the third to Switzerland. These will be followed
by the United Kingdom and a pan-European table. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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