Download EDHEC and EuroPerformance publish the Alpha League Table 2008 for Italy and Spain

Nice, 3rd June 2008
Press Release
EDHEC and EuroPerformance publish the
Alpha League Table 2008 for Italy and Spain
EDHEC and EuroPerformance have released their 2008 rankings of the top Italian and Spanish asset
management companies: the Alpha League Table. The Alpha League Table is a ranking system
based on a measure of alpha intensity, a performance measure that has been adjusted for the risks
actually taken, for all active equity management in the selected asset management companies.
This third edition of the rankings of Spanish and Italian asset management firms shows a fall in the
alpha generated by the firms in the rankings. Average alpha for Spain fell from 2.38% to 2.08% and
for Italy from 1.53% to 1.14%. These figures compare unfavourably with the average alpha for asset
management companies in Europe overall of 2.48%
Monte dei Paschi di Siena takes first place in Italy, with a score of 0.39%. Gruppo Ubi Banca is
second, up two places from last year. Its score of 0.36 is the result of a significant increase (66 basis
points) in its average alpha, which stands at 1.33% this year. Pioneer Investments, in second place
last year, is now ranked third. This firm has the widest range of funds of the firms in our rankings. In
fourth place is last year’s winner: Gruppo Banca Intermobiliare, whose decline is largely the result
of its inability to maintain last year’s high level of alpha. For the second year in a row, Gruppo
Bipiemme is in fifth place.
For Spain, Bankinter is once again in first place, with a score of 1.49 obtained on the strength of
alpha of 3.22% and a very respectable frequency of 46.79%, the highest of any firm in the Spanish
rankings. Ibercaja Gestión is ranked second, with an average alpha at 3.13%, which is among the
highest of any Spanish bank. Gesmadrid, which was in seventh place last year, is now third. Renta 4
Gestora takes fourth place (up one from last year). In fifth place, falling one place from last year, is
Bancaja Fondos. A fall in average alpha is entirely responsible for this slide.
As in France, Germany, and the Netherlands, asset management in Italy and Spain suffered from
significant withdrawals of investors in 2007, according to the European Fund and Asset Management
Association (EFAMA). One of the reasons for the poor results of Italian asset management, relative to
the European average, is the country’s tax regime. The defining characteristic of the Spanish market is
the overwhelming presence of banks in the asset management industry. A large majority of the assets
under management are held by banks or managed by their asset management affiliates.
Contact:
For more information about this operation or to receive the
Alpha League Table 2008 for Italy and Spain, please contact:
Carolyn Essid - Tel.: +33 (0)4 93 18 78 24 – E-mail: [email protected]
EDHEC
RISK
AND
A SSET M ANAGEMENT R ESEARCH C ENTRE
393-400 Promenade des Anglais - BP 3116 - 06202 Nice Cedex 3 - France
Tel. +33 (0)4 93 18 78 24 - Fax +33 (0)4 93 18 78 40
www.edhec-risk.com
About the EuroPerformance-EDHEC Alpha League Table
The Alpha League Table is a ranking constructed upon a measure of the intensity of alpha (the
performance adjusted for the risks that were actually taken) for all of the asset management firm’s
active “equity” management. The asset management firm must be registered with the regulatory
authorities and must have at least six equity funds analysed, marketed and managed in the country
studied. We identify the funds that produce alpha from the EuroPerformance-EDHEC Style Ratings.
The alpha intensity is calculated every month using two indicators:
•
•
The average alpha, which corresponds to the average of the positive alphas for the 4, 5 or 5
star ‘h’ funds in the Style Ratings.
The frequency of alpha, which is expressed by the number of funds with a strictly positive
alpha (4, 5 and 5 star ‘h’ in the Style Ratings) out of all the funds rated.
The final score, or alpha intensity, is the average of the 12 monthly scores. Only companies that have
participated in the 12 monthly rankings are retained for the final rankings.
These annual rankings cover major geographical areas, and are also applied at the European level. The
first edition is dedicated to France, the second to Spain-Italy, the third to Switzerland, and the final
rankings to the United Kingdom.
For more information on the EuroPerformance-EDHEC Style Ratings, please visit the Style Ratings
website at http://www.stylerating.com/.
About EDHEC and EuroPerformance
EDHEC is one of the leading French and European business schools. It ranked 12th in the
Financial Times Masters in management rankings in 2007. The EDHEC Risk and Asset Management
Research Centre, with its 34 professors, engineers, and research associates, is the leading European
research centre in asset management.
EuroPerformance is a fund analysis company. EuroPerformance has developed tools with
considerable value-added in the areas of performance and risk analysis through a broad referential
database of European funds. Among these tools are the “EuroPerformance Engine” and the
“EuroPerformance-EDHEC Style Rating”. EuroPerformance publishes numerous rankings tables in
France and in Europe.
EDHEC
RISK
AND
A SSET M ANAGEMENT R ESEARCH C ENTRE
393-400 Promenade des Anglais - BP 3116 - 06202 Nice Cedex 3 - France
Tel. +33 (0)4 93 18 78 24 - Fax +33 (0)4 93 18 78 40
www.edhec-risk.com