EDHEC-Risk Institute Partner News

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1 EDHEC-Risk Institute Partner News N E W S L E T T E R Issue nº 2 - July 2010 In this issue: 1. Editorial Research Chairs EDHEC-Risk Institute in the Press Appointments Second Quarter Activity Highlights Events...8 Contact Us Editorial As part of our aspiration to widely disseminate the results of our six industry-sponsored research programmes in order for academic research to truly benefit industry professionals, EDHEC-Risk Institute has been organising academic conferences targeted at institutional investors since In early June, the Conférence de la Gestion Institutionnelle Française enabled French institutional investors to discuss the Institute s views on a number of important issues such as the next steps in Basel II and Solvency II and their impact on the financial management of institutional assets, or the oversight role of depositary institutions for operational and counterparty risk. The results of an exclusive survey on the use of ETFs by institutional investors were also presented by EDHEC-Risk Institute at the event. The next academic conference to take place will be the EDHEC-Risk Institutional Days, the Institute s main annual conference. In 2010, the EDHEC-Risk Institutional Days will be organised in Monaco on the 8th and 9th of December at the Grimaldi Forum, in partnership with Investment & Pensions Europe. The EDHEC-Risk Institutional Days 2010 will be held on the two days following the IPE Pension Fund Awards 2010 that are also taking place in Monaco, thus providing an exceptional opportunity for the awards ceremony attendees to bring themselves up-to-date with the latest developments in institutional investment research. Vania Schleef, Business Relationship Manager, EDHEC-Risk Institute EDHEC-Risk researchers will explore enhanced index and optimal benchmark construction and look at new forms of indices and benchmarks. The conference will also be the occasion to evaluate the use of passive investment vehicles, to assess the value of dynamic liability-driven investment from an integrated ALM perspective and to better understand how to manage risk with sovereign wealth funds. We look forward to seeing you in Monaco and wish you a pleasant read of this second issue of EDHEC- Risk Institute Partner News. EDHEC-Risk Institute Partner News - Issue n 2 - July

2 2. Research Chairs Currently ten research chairs, associated with EDHEC-Risk s six research programmes exploring interrelated aspects of asset allocation and risk management, are managed by EDHEC-Risk Institute. The research chairs involve close partnerships with their financial sponsors and a commitment from EDHEC-Risk to publishing related articles in international academic journals as well as to releasing the research results to the investment management profession through wide distribution of practitioneroriented publications and presentations at industry conferences. A selection of news concerning individual research chairs may be found below. Current Research Chair News Initial results from the second year of the FBF research chair on derivatives unveiled EDHEC-Risk Institute s Scientific Director, Lionel Martellini, and Research Engineer, Vincent Milhau, recently presented the initial results from the second year of the Structured Products and Derivatives research chair, sponsored by the French Banking Federation, at a conference in Paris on 16 April. The event was organised by EDHEC-Risk Institute, Ecole Polytechnique, the French Banking Federation, and Institut Louis Bachelier and focused on hedging derivatives in illiquid markets. Professor Martellini presented work on hedging with substitute assets and Dr Milhau discussed hedging futures contracts basis risk. The related paper entitled, Option Pricing and Hedging in the Presence of Cross-Hedge Risk, may be downloaded here. Early findings from the EDHEC-Risk Survey of the Asset-Liability Management Practices of European Pension Funds, conducted as part of the AXA Investment Managers research chair, published in the Financial Times Some early findings from the survey, conducted as part of the AXA Investment Managers research chair, were reported in the Financial Times on 30 May in an article by Samuel Sender, senior researcher at EDHEC- Risk Institute. News of huge pension deficits and closures of defined benefit pension funds suggest that risk management by pension funds may not be entirely up to scratch. To examine the issue of risk management practices, EDHEC-Risk Institute recently surveyed pension funds, their advisers, regulators and fund managers. The article presents the initial findings of the survey, one of which is that most of the 129 respondents have a restrictive view of the risks they face. Prudential risk (the risk of underfunding) is managed by only 40 per cent of respondents; accounting risk (the volatility from the pension fund in the accounts of the sponsor) by 31 per cent; and sponsor risk (the risk of a bankrupt sponsor leaving a pension fund with deficits) by less than 50 per cent. New research chair with Rothschild & Cie endowed EDHEC-Risk Institute and Rothschild & Cie have announced the creation of a research chair entitled The Case for Inflation-Linked Corporate Bonds: Issuers and Investors Perspectives. The new research chair will be overseen by Professor Lionel Martellini, Scientific Director of EDHEC-Risk Institute. Inflation-linked securities are a relatively recent innovation in the debt markets that began with the introduction of Treasury inflation-protected securities (TIPS), first for sovereign states and then for corporations, with the first inflation-linked corporate notes offered in 2003 in the US. Although the bulk of inflation-linked debt is issued by sovereign states, state-owned entities of many kinds, municipalities, and corporations have recently expressed interest in issuing such bonds as well. On the supply side, it may be surprising that some large corporations and municipalities are still sitting on the sidelines, since intuition suggests that if a firm s or a municipality s revenues grow with inflation having some inflation-linked issuance can be a natural hedge. On the demand side, strong interest is also expected as inflation hedging has become critical to pension funds with inflation-linked liabilities and to private investors, who consider inflation a threat to their purchasing power. The purpose of the chair endowed by Rothschild & Cie is to support research conducted at EDHEC- Risk Institute on the benefits of inflation-linked corporate bonds from the perspectives of both issuer and investor. The research chair will also compare issuers and investors perceptions of inflation-linked corporate bonds. The first project will be to examine the role of inflation-linked corporate bonds in optimal liability-management decisions. EDHEC-Risk Institute Partner News - Issue n 2 - July

3 2010 European ETF Survey findings presented at EDHEC-Risk Institute s conference dedicated to French institutional asset management in Paris on 8-9 June, produced as part of the Amundi ETF research chair on Core-Satellite and ETF Investment Dr. Felix Goltz, Head of Applied Research at EDHEC-Risk Institute, presented the findings of the 2010 edition of the EDHEC-Risk European ETF Survey at the Conférence de la Gestion Institutionnelle Française in Paris to an audience of French institutional investors. The research received the support of Amundi ETF as part of the Core-Satellite and ETF Investment research chair at EDHEC-Risk Institute. The aim of the survey of 192 institutional investors, asset managers and private wealth managers, conducted between January and March 2010, was to analyse the current uses and perceptions of ETFs in Europe in the context of a maturing market, in order to provide unique insight into the demand side of the industry and how ETFs could further benefit investors. On the whole, the results of the survey suggest that, as a consequence of strong growth, the industry has entered a phase of increased maturity. As ETFs are now very widely used, investors are embracing more advanced ways of trading and using ETFs, such as OTC trading and securities lending, and the positive impact of ETFs on the market as a whole, including their underlying assets and other related instruments, is being felt by an increasing number of market participants. Despite this maturity, there is still room for growth. In particular, survey respondents see a need for new products on emerging markets and alternative asset classes. Recent research drawn from the Amundi ETF Core-Satellite and ETF Investment research chair was jointly presented by Amundi ETF and EDHEC-Risk Institute at a series of seminars organised in major cities throughout Europe between April and June, At the presentations, Felix Goltz and Jean- René Giraud from EDHEC-Risk Institute discussed the subject of risk control through dynamic core-satellite portfolios of ETFs, examining dynamic risk budgeting, absolute return funds of ETFs, and how to integrate predictions in a risk-controlled framework. Forthcoming Research Chairs Several research chairs are currently open to partnerships at EDHEC-Risk Institute. The fields of research include Commodities and Institutional Investment, Real Assets for Institutional Investors, Hedge Fund Selection and Allocation, Derivatives in Portfolio Management, and Asset Manager Risk. Commodities and Institutional Investment The aim of the Commodities and Institutional Investment research chair is to develop research on the risk premium of commodity futures, the benefits of commodities in the context of diversification and inflation hedging, and time and regime dependent asset allocation. We feel that while commodities attract much interest from investors, it requires academically sound and practically feasible advice to transform interest into well-informed decision making. Real Assets for Institutional Investors More generally, recent market turbulence has enhanced the appetite that investors show for asset classes such as commodities, precious metals, real estate and infrastructure, which can be regarded as real assets. The renewed interest in real assets derives from their promise to preserve real wealth in times of large macroeconomic and legal uncertainty. To the degree investors believe in a breakdown of markets and institutions real assets become part of an investors non-normal portfolio. In the context of rising inflation concerns, high volatility and low return in traditional asset markets, real assets are increasingly treated as natural components of the asset mix of investors, who seek new diversification vehicles. The purpose of the Real Assets for Institutional Investors research chair is to support research undertaken by EDHEC-Risk on the benefits of real assets in the context of inflation hedging, asset allocation and alpha extraction. Hedge Fund Selection and Allocation The Hedge Fund Selection and Allocation research chair follows on from a long-running research programme on asset allocation and alternative diversification, a programme that includes the Advanced Modelling for Alternative Investments research chair in partnership with Newedge Prime Brokerage. This new chair will examine such topics as integrating hedge funds into Bayesian portfolio choice, hedge fund selection and hedge fund return predictability. EDHEC-Risk Institute Partner News - Issue n 2 - July

4 Derivatives in Portfolio Management The Derivatives in Portfolio Management research chair relates to three different but related asset management contexts: the variance risk premium, its importance for investors and the role of variance products in investor portfolios; optimal static allocation to option strategies in a world where investors cannot trade dynamically because of limited market access, credit and leverage constraints or transaction costs; and the inclusion of structured products in wider portfolios of equities and bonds rather than placing them in a separate category. Asset Manager Risk The Asset Manager Risk research chair concerns key topics for the investment management industry such as measuring and managing operational risk and hedging asset managers fees in a context of uncertainty on assets under management. The research chair would also involve a survey of practices: how do asset managers cope with operational and business risks? For more information about these new research chairs, please contact vania.schleef@edhec-risk.com. 3. EDHEC-Risk Institute in the Press A selection of recent articles from the business and specialised press featuring EDHEC-Risk Institute s research may be found below. Drawbacks of cap-weighted indices: Financial Times (21/06/2010) Flawed beliefs in the worth of cap-weighting Article by Felix Goltz, Head of Applied Research, EDHEC-Risk Institute (...) The standard practice of equity index providers is to weight stocks by their market capitalisation. This practice has come in for criticism as researchers have found that the commercially available equity indices are far removed from providing an efficient risk/ reward profile. Such indices are overly concentrated in a few large stocks and blindly trend-following in that they mechanically increase weights attributed to stocks that rise in price relative to the rest. Alternative weighting schemes have been shown to improve riskreward efficiency but advocates of cap-weighting often point out that cap-weighting is the only theoretically optimal weighting scheme. (...) Having observed that investment in cap-weighted indices is not supported by any academic evidence, it is time to stop equating these indices with passive investment and for the indexing industry, and notably ETF providers, to offer investors viable alternatives. (...) Copyright Financial Times Role of speculation in commodity prices: IPE (18/06/2010) Speculators do not drive commodity prices, says OECD ( ) The EDHEC-Risk Institute welcomed the report, saying it reinforced the conclusion of two previous EDHEC-Risk position papers Oil Prices: the True Role of Speculation and Has There Been Excessive Speculation in the US Oil Futures Markets?. Noel Amenc, director of the institute, said: At a time when numerous politicians are attempting to pin the EDHEC-Risk Institute Partner News - Issue n 2 - July

5 blame on participants in the financial industry for all the current ills, this contribution is welcome. As an academic research centre, the EDHEC-Risk Institute has long maintained the questions of regulation should be based not on emotion or populism, but on facts. ( ) Copyright IPE German ban on naked short sales of government bonds and CDS: is impractical, it says, because it will be impossible for intermediaries and ultimately for regulators to verify investors holdings of the securities representative of the risk the credit default swaps are assumed to cover. A strict obligation to use credit default swaps to hedge the risk of sovereign debt would prevent sovereign nations from issuing long-term debt, as the CDS market for hedges of more than ten years is relatively illiquid. (...) Copyright The Economist UCITS: Financial Times (23/05/2010) Europe plans ban on naked short selling (...) Noël Amenc, director at the Nice-based EDHEC Risk Institute, said a ban on naked shorting of credit default swaps would be terrible for sovereign debt markets and cross-border trade, particularly that involving relatively unstable countries. You will increase the cost of sovereign debt because people would not be able to manage the risk, and you would affect commercial activities because part of international trade is based on long-term contracts with the public sector, said Prof Amenc. (...) Copyright Financial Times The Guardian (20/05/2010) German action on euro crisis could trigger EU referendum in Britain (...) The euro was near a four-year low against the dollar on concern others would follow Germany s draconian action, which the EDHEC-Risk Institute part of a business school in France described as counterproductive, inconsistent and liable to hinder European growth.(...) Copyright The Guardian The Economist (20/05/2010) When the French are defending the markets... (...) And just to prove that Anglo-Saxons are not the only people against the ban, here is the analysis of the French business school EDHEC. The German plan Hedge Funds Review (June 2010) Roles of depositaries and custodians in a Ucits hedge fund framework (...) In the May issue we reported the results of a recent EDHEC-Risk Institute survey on structuring hedge fund strategies as Ucits. The survey was carried out as part of the CACEIS research chair at EDHEC-Risk Institute on non-financial risks in investment funds. In this month s article, we look more closely at the roles of depositaries and custodians within this Ucits hedge fund framework. In response to our survey, managers and distributors of funds assert in the main (70%) that the definition and the role of the depositary are appropriate, with 30% disagreeing. This contrasts sharply with depositaries and custodians. An overwhelming majority (81%) said they consider their roles and responsibilities inappropriately defined, while only 19% agreed the definition of the role of the depositary was appropriate. (...) Copyright Hedge Funds Review Risk management: Global Investor Magazine (27/04/2010) In search of optimal risk management ( ) The point of recent research carried out by EDHEC- Risk Institute is not to determine whether minimum funding ratio constraints are desirable, but to try to provide a formal measure of the cost of regulatory short-termism. We analyse this question in the context of a continuous-time dynamic asset allocation model for an investor facing liability commitments subject to inflation and interest rate risks. ( ) Overall, our results EDHEC-Risk Institute Partner News - Issue n 2 - July

6 suggest that it is not so much the presence of shortterm funding ratio constraints per se that is costly for pension funds as their reluctance to implement riskmanagement strategies that are optimal given such regulatory constraints. In essence, our results show that risk-management strategies can turn irreversible contributions and short-term constraints into reversible contributions and long-term constraints, hence the severe opportunity cost for pension funds that do not follow them. ( ) Article based on research carried out within the EDHEC-Risk Institute/BNP Paribas Investment Partners Asset-Liability Management and Institutional Investment Management research chair. Copyright Global Investor Magazine European retirement plans: Financial Times (18/04/2010) Tweaks to improve long-term savings plan Article by Noël Amenc, professor of finance at EDHEC Business School and director, EDHEC Risk Institute and Lionel Martellini, professor of finance at EDHEC Business School and scientific director, EDHEC Risk Institute (...) Last month the European Fund and Asset Management Association released a call for action from the asset management industry on long-term savings and retail product distribution, ( Industry s call to arms on savings gap, FTfm, March 22). The main aim of this report is to enable European citizens to take personal charge of their pensions. The EDHEC Risk Institute feels that the compulsory individual longterm savings plan with opt-out clauses recommended by Efama constitutes an excellent proposal. However, there are also, in our view, three improvements that could be made. (...) The best incentive for developing long-term savings would be for pension funds to have a better risk/return trade-off thanks to the capacity of asset managers and investment professionals to manage pension scheme allocations and risks properly. (...) Copyright Financial Times 4. Appointments EDHEC-Risk Institute is pleased to announce the following appointments to its international advisory board: Mr. Philippe Aurain, Chief Investment Officer, Fonds de Réserve pour les Retraites (French national pension reserve fund) Philippe Aurain was appointed chief investment officer of the Fonds de Réserve pour les Retraites (FRR) in April He began working for the FRR in 2003 as investment director, and was later appointed head of external asset management, then deputy financial director. Prior to joining the FRR, Philippe Aurain was head of savings surveys and network relationships within the CDC, ALM manager for the CDC, then head of own-account European equity management for Ixis. Philippe Aurain holds an MBA from ESCP Europe, and a post graduate degree in finance from the Université de Dauphine. He is also a member of the Société Française des Analystes Financiers (French Financial Analysts Association). Mr. James C. Davis, Vice President, Investment Planning & Economics Asset Mix & Risk, Ontario Teachers Pension Plan Mr. Davis is responsible for the fund s strategic investment planning, as well as recommending tactical risk management strategies and new asset classes for the fund. He joined the Ontario Teachers Pension Plan in 2006 and has more than 20 years experience in investment strategy and management. A CFA charterholder, Mr. Davis earned an MBA and B.Sc. from Dalhousie University. EDHEC-Risk Institute Partner News - Issue n 2 - July

7 EDHEC-Risk Institute s international advisory board brings together thirty-seven senior representatives from regulatory bodies, leading pension funds, professional organisations and business partners. Its role is to validate the relevance and goals of the research programme proposals presented by the Institute s management and to evaluate research outcomes for their potential impact on industry practices. Board members 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. 5. Second Quarter Activity Highlights Event Participation Events organised by EDHEC-Risk Institute during the second quarter of 2010 continued to attract a large and diverse audience. Details of the number of participants at our different seminars and conferences for the period may be found below: Selected Research Dissemination Key research information disseminated to over 450,000 practitioners by EDHEC-Risk Institute through both regular newsletters and dedicated ings during the same period includes: April Spillover Effects of Counter-Cyclical Market Regulation: Evidence from the 2008 Ban on Short Sales EDHEC-Risk position paper A paper examining the impact of the ban on broad market indices in the US and in Europe (the United Kingdom, France, and Germany). Is the Market Portfolio Efficient When Investors Are Not Utility Maximisers? EDHEC-Risk research paper The theoretical efficiency of the market portfolio is widely evoked by index providers to justify the setting of cap-weighting indices, as cap-weighting is, according to financial theory, bound to be the optimal investment choice. Regulating Private Financial Institutions: How to Kill the Goose That Laid the Golden Eggs EDHEC-Risk working paper Following the 2008 financial crisis, private financial institutions such as hedge funds and private equity funds have been faced with multiple calls for their regulation, both for consumer protection and systemic reasons. Production-Based Asset Pricing in a Monetary Economy: Theory and Evidence EDHEC-Risk working paper This paper develops a capital asset pricing model based on the production side of a monetary economy. Event Venue Date Nº of participants Conférence de la Gestion Institutionelle Française Paris 08/06-09/06/ Advances in Asset Allocation Seminar Singapore 18/05-20/05/10 35 Indices & Benchmarks Seminar Düsseldorf, Singapore, Vienna, Zurich, Geneva, 27/04-16/06/ Amsterdam, Paris, Brussels, Stockholm Risk Management Seminar Singapore, Zurich, Geneva, Brussels, 28/04-15/06/ Edinburgh, Stockholm The Future of Private Wealth Management Seminar Singapore 29/04/10 45 Launch of EDHEC Risk Institute Asia Singapore London Paris 27/04/10 11/05/10 18/05/ EDHEC-Risk Institute Partner News - Issue n 2 - July

8 May On the Suitability of the Calibration of Private Equity Risk in the Solvency II Standard Formula EDHEC Financial Analysis and Accounting research centre publication The drawing-up of the Solvency II prudential rules has become a major concern for the private equity industry. The capital requirements for private equity risk could turn out to be, from 2012, sufficiently binding to lead many European insurers to reduce appreciably their asset allocation to non-listed stocks. Shackling Short Sellers: The 2008 Shorting Ban EDHEC-Risk working paper In September 2008, the U.S. Securities and Exchange Commission (SEC) surprised the investment community by adopting an emergency order that temporarily banned most short sales in nearly 1,000 financial stocks. Empirical Properties of Straddle Returns EDHEC-Risk working paper Recent studies find that a position in at-the-money (ATM) straddles consistently yields losses. This is interpreted as evidence for the non-redundancy of options and as a risk premium for volatility risk. June EDHEC-Risk Survey of the Asset-Liability Management Practices of European Pension Funds AXA Investment Managers Regulation and Institutional Investment research chair publication EDHEC-Risk Institute took a recent survey of pension funds, their advisers, regulators, and fund managers. One hundred and twenty-nine of these asset/liability management (ALM) specialists, representing assets under management (AUM) of around 3 trillion, responded to the survey. Option Pricing and Hedging in the Presence of Cross-Hedge Risk EDHEC-Risk working paper This paper addresses the question of option pricing and hedging when the underlying asset is not available for dynamic trading, and some other asset is used as a substitute. EDHEC-Risk Hedge Fund Reporting Survey Newedge Advanced Modelling for Alternative Investments research chair publication The objective of this survey is to shed light on current industry practices in order to establish an industry benchmark for hedge fund reporting in Europe. Related paper published in the Journal of Alternative Investments, Spring 2010: Hedge Fund Transparency: Where do We Stand? 6. Events Conference News Inaugural edition of the Conférence de la Gestion Institutionnelle Française in Paris meets with major success The first conference organised by EDHEC-Risk Institute dedicated entirely to French institutional asset management was held in Paris on 8-9 June last and was attended by 281 participants. This twoday event provided the opportunity for EDHEC- Risk Institute and key representatives from French regulatory bodies and the investment community to discuss the major challenges currently faced by French institutional investors, thereby contributing to a fruitful dialogue between research and industry. The main topics presented by EDHEC-Risk researchers at the event were: Measuring and integrating counterparty and operational risks in asset management (research produced with the support of CACEIS) New forms of risk management in institutional investment The results of the EDHEC-Risk European ETF survey 2010 (research produced with the support of Amundi ETF) The risk and performance results for socially responsible investment after the financial crisis Parallel workshops on specific themes organised on this occasion by a number of the event partners - BNP Paribas Investment Partners, Amundi Investment Solutions, Aviva Investors France and BNP Paribas Securities Services - enabled participants to benefit from professional expertise in the areas of ALM, new forms of European hedge funds, bond portfolios, and UCITS IV. EDHEC-Risk Institute Partner News - Issue n 2 - July

9 We would also like to take this opportunity to thank the other event partners for their continued support: Amundi ETF, Natixis Asset Management, Robeco, Threadneedle and CACEIS. Growing sponsor line-up for the EDHEC-Risk Institutional Days in Monaco on 8-9 December, 2010 We are very pleased to announce support from the following additional sponsors for the EDHEC-Risk Institutional Days in Monaco on 8-9 December: Aviva Investors AXA Investment Managers Credit Suisse FinAnalytica FTSE SIX Swiss Exchange Stoxx TOBAM Wellington Management They will be present alongside the previously announced conference partners: Amundi ETF BNP Paribas Investment Partners & BNP Paribas Securities Services CACEIS db x-trackers HSBC Global Asset Management Invesco PowerShares Lyxor Asset Management S&P Indices For further information on the few remaining sponsorship opportunities, please contact Vania Schleef at or on +33 (0) Forthcoming Events EDHEC-Risk Equity Indices and Benchmarks Seminar Series: New York session July 16, 2010, New York Helmsley Hotel, USA A seminar exploring enhanced index and optimal benchmark construction and looking at new forms of indices and benchmarks. For further information, or to register for the above seminar, please contact Séverine Anjubault at severine.anjubault@edhec-risk.com or on +33 (0) Conferences: EDHEC-Risk Institutional Days 2010 December 8-9, 2010, Grimaldi Forum, Monaco An annual conference organised by EDHEC-Risk Institute for the benefit of professionals in order to discuss the results of its research with the institutional investor and fund manager communities. For further information, please contact Vania Schleef at vania.schleef@edhec-risk.com or on +33 (0) Green Investing 2010: Nice Côte d Azur International Sustainable Development Financing Conference December 10, 2010, EDHEC Business School, Nice, France A conference dedicated to sustainable development, organised in partnership with Nice Côte d Azur, Ville de Nice, Eco-Vallée, the Chamber of Commerce Nice Côte d Azur and Team Côte d Azur, aiming to provide professionals with new research from EDHEC-Risk Institute in sustainable development financing while EDHEC-Risk Institute Partner News - Issue n 2 - July

10 at the same time facilitating relations between institutional investors and innovative green businesses from the Côte d Azur area and beyond. The event will also be the opportunity to examine the state-of-theart in the main green technologies (smartgrids and energy storage, green building and energy efficiency, water treatment and waste management, and renewable energy). Contact Us For further information about EDHEC-Risk Institute s activities, please contact: Vania Schleef vania.schleef@edhec-risk.com Tel.: +33 (0) For further information, please contact Joanne Finlay at joanne.finlay@edhec.edu or on +33 (0) Executive Seminars: CFA Institute / EDHEC-Risk Advances in Asset Allocation Seminar July 13-15, 2010, New York Helmsley Hotel, USA An intensive three-day course providing participants with an in-depth appreciation of the concepts and techniques that will shape the future of investment management and equipping them with practical tools to improve asset allocation and risk management processes, implement novel investment management approaches, and develop new products. For further information, please contact Mélanie Ruiz at melanie.ruiz@edhec-risk.com or on +33 (0) Institute EDHEC Risk Institute promenade des Anglais BP Nice Cedex 3 - France EDHEC Risk Institute Europe New Broad Street House 35 New Broad Street London EC2M 1NH United Kingdom EDHEC Risk Institute Asia 9 Raffles Place #57-12 Republic Plaza Singapore EDHEC-Risk Institute Partner News - Issue n 2 - July