Passive, Active, Activist
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1 Passive, Active, Activist Changes in the Investr Landscape Andreas Psavac Managing Directr Ipre M&A and Gvernance Advisry CIRA Jahresknferenz, Vienna - 17 Octber 2018
2 Megatrends t Impact Investr Relatins Passive Investrs Largest relative inflws IR-Immunity Nt nly index trackers, but enhanced index, quants, smart-beta funds etc. Crprate Gvernance Practive ESG Integratin Cmbined Beneficial Owner, Regulatry and Investr (Best Practice) Pressure UNPRI Stewardship Cdes Sharehlder Activism Event Driven, Change Agents r Individual Clse ties t institutinal investr & prxy advisr cmmunity wh make activist campaigns successful 2018 Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 2
3 Increased ESG Sensitivity Bard Oversight Remuneratin Gvernance Structure Other Bard Independence Remuneratin Structure Sharehlder Rights Capitalizatin Bard Cmpsitin Peer Cmparisn One Share, ne vte Auditrs Bard Skill Matrix Pay fr Perfrmance Pisn Pills Climate Risk Diversity Gender Age Backgrund Abslute, Shrt Term, Lng Term, Variable Cmpnents Pay Rati vs. Emplyees Carbn Disclsure Cybersecurity Supply Chain Qualificatin External Mandates Cmmittee Cmpsitin 2018 Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 3
4 Tp ATX Prime Investrs Overview Rank Firm Name ATX Prime Owned $M Feb 18 Ttal Glbal Equity $M Orientatin Style Turnver Mney Center 1 Nrges Bank Investment Management (Nrway) 2, ,044.7 Passive Value Lw NOR - Osl 2 The Vanguard Grup, Inc. 1, ,956,980.4 Passive Index Lw USA - Malvern, PA 3 BlackRck Fund Advisrs 1, ,009,789.0 Passive Index Lw USA - San Francisc, CA 4 Fidelity Management & Research Cmpany ,590.5 Active Grwth Lw USA - Bstn, MA 5 Dimensinal Fund Advisrs, L.P. (U.S.) ,076.7 Passive Value Lw USA - Austin, TX 6 Erste Asset Management GmbH Active Grwth High AUT - Vienna 7 Erste Sparinvest Kapitalanlage GmbH ,222.2 Active Grwth Mderate AUT - Vienna 8 J.P. Mrgan Asset Management (UK), LTD ,775.0 Active Grwth Mderate GBR - Lndn 9 Raiffeisen Kapitalanlagegesellschaft mbh ,135.9 Active GARP Mderate AUT - Vienna 10 T. Rwe Price Assciates, Inc ,847.2 Active Grwth Lw USA - Baltimre, MD 11 BlackRck Advisrs (U.K.), LTD ,842.6 Passive Index Lw GBR - Lndn 12 3 Banken-Generali Investment GmbH ,697.5 Active Grwth High AUT - Linz 13 Amundi Asset Management S.A ,691.7 Active Value Mderate FRA - Paris 14 APG Asset Management N.V ,811.3 Active Yield Lw NLD - Amsterdam 15 Acadian Asset Management, LLC ,554.6 Passive Deep Value Mderate USA - Bstn, MA 16 Deutsche Asset Management Investment GmbH ,866.5 Active Value Lw DEU - Frankfurt 17 TIAA-CREF Investment Management, LLC ,633.8 Passive Grwth Lw USA - New Yrk, NY 18 Amundi Investments Austria (ex-pineer) ,303.0 Active Grwth Mderate AUT - Vienna 19 BlackRck Asset Management (Deutschland) AG ,110.9 Passive Index Lw DEU - Munich 20 Lyxr Asset Management SAS ,943.0 Passive Index High FRA - Paris Increasing ESG Sensitivity Bth active and passive sharehlders practively integrate ESG criteria in bth investment and vte discretin Beneficial wners, regulatrs and assciatins drive the trend (UNPRI, CDP, Stewardship Cdes) Engagement numbers are up multi-fld ver the last years (e.g. passive hlders cannt vte by feet, drive change by engagement) Establishment f dedicated CG/ESG teams t engage with issuers, develp stricter rules and guidelines t frce change We are just at the beginning. Climate risks, mandatry pay and gender ratis etc Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 4
5 Passive is the new Active Engagement Level Investment Management (frm passive t active) 2018 Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 5
6 Eurpean Sharehlder Activism 2018 Activist Campaign Trends AuMinflws t activist funds glbally Track recrd psitive fr leading activist funds, establishment f lcal funds wh mirrr and supprt internatinal leaders Imprved reputatin f activist and engagement funds (investr cmmunity, press, regulatrs) Size is n lnger an issue, activist campaigns acrss all market caps, sectrs, regins and even wnership structures Surce: Ipre 2018, ActivistInsight2018, Factset Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 6
7 Thank yu! Q&A? Andreas Psavac Managing Directr M&A and Gvernance Advisry E.: Tel.: Ipre. All rights reserved. Nne f Ipre, its affiliates, r any f their third party prviders is liable fr any infrmatinal errrs, incmpleteness, r delays, r fr any actins r decisins taken by any persn as a result f any infrmatin cntained herein. 7
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