Buy side Monthly archive

Jun 26, 2019
UK funds see May decline in outflows
Last month was something of an unpredictable month for global stock markets, so it should come as no surprise to see UK equity funds suffer outflows from investors in Morningstar’s monthly flow data – but the good news is that it is a relatively smaller withdrawal. Overall, UK funds saw outflows in May, but Morningstar analyst Bhavik Parekh puts the total outflow of £476 mn ($604 mn) from the sector in context by contrasting it with the massively higher £5.8 b...
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Jun 25, 2019
Looking for value in the ESG ecosystem with Nuveen
Nuveen launched a dedicated ESG strategy back in 1990. How did that come about? AOB: Nuveen – and TIAA more broadly – has been involved in investment-related activities leveraging ESG factors since the 1970s, when the first shareholder proposals on social issues began appearing on company ballots in the US. We launched our first ESG-focused funds in 1990, in response to growing client demand for such options. For us, responsible investing ...
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Jun 25, 2019
Bears everywhere in market outlook, reveals BofAML
The latest Bank of America Merrill Lynch (BofAML) fund manager survey for June reveals bearish outlook dominating the financial markets. This negative outlook is evident in a number of trends. First, the allocation to global equities has dropped 32 percentage points to 21 percent underweight – the lowest allocation to equities since March 2009 and second biggest one-month drop on record. Second, the average cash balance has soared to 5.6 percent from 4.6 pe...
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Jun 24, 2019
RBC Global Asset Management: We want ‘consistent, comparable disclosure’ on ESG
As the 2019 proxy season comes to a close, Melanie Adams, vice president and head of corporate governance and responsible investment at RBC Global Asset Management (RBC GAM) – the asset management arm of Royal Bank of Canada – talks about having an increased focus on gender diversity at the board level, why the social side of ESG can be trickier to assess and what the asset manager wants more of when it comes to reporting material risks. What were some ...
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Jun 21, 2019
How CalSTRS makes sustainability work
As a portfolio manager, how do you interact with other teams within CalSTRS on ESG issues? The group I’m in used to be called corporate governance; we recently changed our name to sustainable investment and stewardship strategies. CalSTRS has had ESG considerations in the investment department for decades, [but] around 15 years ago we started to build out our capacity to understand and act on ESG issues. Back then, my CIO Christopher Ailman ...
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Jun 21, 2019
Focusing on data analysis and engagement at AllianceBernstein
Can you outline some of the key aspects of AllianceBernstein’s ESG philosophy? We think about ESG as simply good research. As analysts, we are looking at companies – but you need to look at all factors that are important to a company in a particular industry. As a signatory to the UN [Principles for Responsible Investment], we agree to integrate ESG factors into the investment process. When you think about it, shouldn’t analysts be consi...
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Jun 21, 2019
The race to the bottom in asset management
The investment industry seems to be breaking every rule in the book. For years the industry has been accused of over-charging for under-delivery. Fat fees and opaque commissions meant that asset management has long been a highly profitable endeavor, a lucrative and elite career option. Now, something is going on that may end this status. The tide is turning – violently – away from fat profits and towards the skinniest of margins. Zero or near-zero cost mutual fu...
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Jun 19, 2019
Launching an impact-investment effort
What is the history of Spouting Rock and who are its clients? Spouting Rock began as a single family office. It was founded by our current president, Blakely Page. He had been doing investments for his own family – he has a long career on Wall Street – and then the firm established a merchant bank and broker-dealer side. In 2017 it started an asset management division. We have a handful of investment products; they’re not necessarily go...
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Jun 18, 2019
Seeing worldwide investment opportunities
C WorldWide Asset Management (previously Carnegie Asset Management) was created in 1986 as part of the Carnegie Group. The company was spun out of Carnegie Investment Bank in 2009 and the name changed in 2017. C WorldWide is 80 percent-owned by private equity fund Altor Fund III and 20 percent-owned by employees. Today, C Worldwide manages around $20 bn in global equities for institutional clients in the Nordic region, the UK, Canada and Australia. Its main portfoli...
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