CC-BY-SA-2.0, FlickrCourtesy photo. Financial Times Ranks IESE Executive Education Programs 1st in the World
IESE Business Schooltakes the top spot in this year’s overall Financial Times Executive Education ranking, published this week. IESE also ranks 1st in the world for its Custom programs, moving up two spots from last year mainly due to the school’s leading international clients, and 3rd in the world for its Open programs.
In this year’s survey, IESE received top marks for the diversity of its faculty and the international scope of its programs – both in terms of participants and faculty make-up, and geography.
Custom programs also earned top praise from clients for the highly interactive and collaborative approach of the school, enabling it to prepare sessions that are as aligned with clients´ needs as possible, as well as the flexible program design. IESE’s recent Custom program clients include Oracle, The European Network of Transmission System Operators, Airbus, L’Oreal, Santander, BBVA, Telefonica and Danone, among others.
The school’s Open programs were rated highly due to the international locations of it programs, taught from IESE´s five campuses in Barcelona, Madrid, New York, Munich and Sao Paulo; the quality of IESE’s alliances with partner schools such as CEIBS, Harvard and Wharton, and the long-term knowledge acquired on the programs.
According to Mireia Rius, Associate Dean of Executive Education,“These results reflect IESE’s global scope, not only among our faculty, participants and clients, but also geographically, as IESE have programs and strategic alliances with other business schools all over the world.This internationality gives us a cross-cultural vision of the environment in which executives work today.”
The Financial Times ranking is based on a mix of customer feedback and data provided by business schools on open and custom programs. It takes into consideration a variety of criteria including program preparation, course design, international participants and location, faculty, follow-up, and aims achieved among numerous others.
The other schools rounding out the top three are HEC Paris in 2nd and IMD in 3rd position.
CC-BY-SA-2.0, FlickrFoto: Omar. The Mexican Stock Exchange and S&P DJI Announce Agreement for Index Licensing, Distribution, and Management of BMV Indices
The Mexican Stock Exchange (BMV) and S&P Dow Jones Indices (S&P DJI) announced that they have signed an agreement to license all of the BMV indices including their flagship index, IPC (Indice de Precios y Cotizaciones) – the broadest indicator of the BMV’s overall performance.
This agreement aims to achieve an integration of operational processes between the institutions, a business strategy which allows for the expansion of clients globally, and the development and licensing, distribution and administration of new indices. In addition, the indices will be governed by an index committee composed of employees from both S&P DJI and BMV, which will sponsor the adoption of international practices.
According to the agreement, the BMV will transition the index calculation of its indices to S&P DJI over time ensuring a smooth transition that will have minimal impact to existing and new clients. S&P DJI will be responsible for the commercial licensing of the indices and the end-of-day data while the BMV will continue to commercialize real-time index data. As part of the agreement, all current BMV indices will be co-branded S&P/BMV.
A signing ceremony took place last week at the Exchange and was attended by Jose-Oriol Bosch Par, the General Director (CEO) of the Grupo BMV and Alex Matturri, the CEO of S&P Dow Jones Indices.
“Today is a very exciting day for S&P Dow Jones Indices as we officially embark on our joint strategic initiative with the BMV to bring a deeper lineup of index choices to the Mexican financial markets,” says Alex Matturri, CEO of S&P Dow Jones Indices. “Combining the BMV’s internationally recognized benchmarks with the global marketing, commercial licensing, and calculation prowess of S&P Dow Jones Indices will result in a new era of index based measurement and investing in Mexico.”
Moreover, Jose-Oriol Bosch commented, “We are very pleased to execute this agreement, associating the BMV with a global company with extensive experience in the creation and administration of financial market indices. We already have a similar agreement for fixed income indices through Valmer, and now via this agreement, will be able to leverage the distribution, capacity, and reach of S&P Dow Jones Indices’ internationally recognized brand and indexing capabilities.”
Photo: GEF TV-YouTube. Mirova Announces the Appointment of Léa Dunand-Chatellet as Head of Equities
Léa Dunand-Chatellet is appointed Head of Equities of Mirova. Reporting to Jens Peers, Chief Investment Officer for Equity, Fixed-Income & Impact Investing, she will be responsible for the team of 10 equity portfolio managers.
Previously Partner-Portfolio Manager and Head of ESG research at Sycomore Asset Management (2010-2015), Léa Dunand-Chatellet started her career at Oddo Securities in the extra-financial department research in 2006. Within the asset management industry, she developed a pioneer model of extra-financial ratings and processed the integration of sustainable issues in the portfolios. This approach has seen its practical application through a range of funds dedicated to Responsible Investments combining financial and extra-financial performances.
Lea Dunand-Chatellet is member of different committees and teach every year specific courses dedicated to Responsible Investment in leading Business Schools. Close to academic research, she co-wrote the last reference publication from Ellipse in 2014: “ISR and Finance Responsible”.
Léa Dunand-Chatellet is graduate from the French Ecole Normale Supérieure (ENS) and is Agrégée in Economy and Management.
Mirova is the Responsible Investment division of Natixis Asset Management.
CC-BY-SA-2.0, FlickrPhoto: Lauren Manning. Change of Trends Between Europe and US?
In Europe, economic data published since the start of the year has confirmed our view that economic recovery is taking place. We are confident that activity will accelerate further this year as there are several sources of growth. In the main Eurozone economies (Germany, France, Spain and Italy) which represent about ¾ of the region-wide GDP, exports are growing at a robust pace. Reforms implemented and the weaknesses of the single currency have all contributed to improve the competitiveness of these countries. More important in our view, domestic demand which was the major drag on growth is bottoming out. In all the main Eurozone economies, consumption is expanding on the back of a slightly better employment outlook and rising consumer confidence. Regarding investments, the GDP is by far the component the most hit by the crisis, particularly since its development is uneven. In Germany and Spain, capex is positive, while it continues to shrink in Italy and France. Recapitalized banks, declining interest rates and ample liquidity coupled with a better outlook should lead to a return of investment.
In line with the constructive flow of economic indicators, the European Central Bank (ECB) has revised upwards its growth forecast for the first time since the financial crisis. Deflation, which was a huge concern two months ago, has completely disappeared from investor radar screens once it became clear that the ECB would launch a large asset purchase program (QE) and once it appeared that growth was picking up. It is worth keeping in mind however that in March, inflation data was negative (-0.1%) and that core-inflation, while positive, has continued to slow down to +0.6%. Any activity slowdown will revive the specter of deflation.
On the other side, in the US, economic data published since the start of the year provides a more complex and less appealing picture. Virtually all economic data speaks for a slowdown in the first quarter of 2015. The key question is whether this is temporary or not and what are the implications of the Fed’s first rate hike. Several factors explain the American economic slowdown. The first factor is very temporary. In January, snowstorms hit central and Eastern States and in February the temperature was very cold, hindering construction works. As it was the case in the first quarter of 2014 as well, harsh winter impacts negatively the US economy. The second two factors are cyclical and probably cancelled each other. On the one hand, the strength of the USD weighs on exports, but on the other hand, the low oil price increases considerably the purchasing power of American consumers. Besides these factors that currently weigh on growth, we are confident that underlying growth remains robust. Consumption, representing about 70 % of the GDP, is supported by a robust labor market and slightly rising wages. In our view, the current episode of weak growth is a soft patch that would fade away in the coming months.
Against this background, we expect the Federal Reserve to raise rates for the first time since the Global Financial Crisis sometimes in the second half of the year. While a June rate hike is not completely ruled out, it appears unlikely today. As the Fed repeats, it depends on data, as we are. This adds uncertainty regarding the exact timing of the so called lift off. In our view, it is more important to focus on how fast the Fed will increase its fund rate rather to focus only on when the first rate hike will take place. We think that it will do it very gradually.
Analysis by Ethenea.Yves Longchamp is Head of Macroeconomic Research at ETHENEA Independent Investors AG. Capital Strategies is Ethenea distributor in Spain and Portugal.
CC-BY-SA-2.0, FlickrPhoto: Charles Clegg. Europe's "Great Rotation" Fails to Live Up to Expectations
The expected flight from bond funds to equities has not lived up to its “Great Rotation” billing, according to the latest issue of The Cerulli Edge – Europe Edition.
Cerulli Associates, the global analytics firm, says that where there has been movement, the outflow has largely ended up in other income classes such as property and multi-asset funds. That low interest rates and quantitative easing would help create the conditions for an exodus to equities made sense, yet a definitive shift, which would have left asset managers scrambling to stem bond fund outflows, has failed to materialize.
“While bond inflows are lower than they were, outflows haven’t happened to the extent that many expected,” says Barbara Wall, Europe research director at Cerulli Associates. “In the current climate, fixed-income managers are looking for new ways to deliver yield. Several have adopted an unconstrained, benchmark-free investment approach, which provides the flexibility to respond with greater decisiveness to macro developments, and to invest more broadly across regions, structures, and products.”
The marketing rationale behind unconstrained or strategic bond funds is that investors can access fixed income while enjoying some protection and also profiting from moving across asset classes. The advent of unconstrained emerging-market funds takes investors another step up the risk scale. Standard Life Investments launched one such vehicle in April, to sit alongside its emerging-market hard-currency and local-currency debt funds.
Also up the risk measure slightly from conventional bond funds is emerging-market debt, supporting the theory that rather than rotating away from fixed income entirely, investors are looking for yield in other areas of the market.
Angelos Gousios, an associate director at Cerulli, notes: “The macro environment is forcing managers to meet the needs of investors by providing both more alpha and greater protection. Product development, so long driven by supply, has become more demand led. The appetite for emerging-market debt has certainly grown, but to some extent investors have had little choice but to take more risk to get the yield they want from fixed income without leaving the asset class.”
Other Findings:
Europe’s alternatives managers may be on the cusp of some significant inflows, says Cerulli, as insurers look to non-mainstream strategies as a means of increasing yield. Insurers’ in-house investment skills typically stop at high -yield, or emerging-markets debt. The global analytics firm expects alternatives mandates to start trickling in from 2016. Until then business imperatives, including preliminary Solvency II reporting, will take precedent, it says.
Islamic funds are under pressure to ensure strict compliance with Shariah principles, which require investors to avoid interest and investments in businesses providing goods and services seen as contrary to the spirit of Islam. Cerulli believes the industry would benefit from a distinction being drawn between liquid and illiquid products. It expects that the challenge of raising assets will encourage asset managers to position funds as Shariah-compliant. However, these will need to be competitive relative to conventional products.
Socially responsible investing (SRI) is once again popular with retail investors in Europe, but nowadays managers must be able to explain stock selection, the research backing it, their engagement and divestment policies, and how the fund communicates and interacts with its investors. Cerulli notes that across Europe, impact investing – whereby investors seek to affect social or environmental change while also making money – is the fastest-growing area within SRI.
CC-BY-SA-2.0, FlickrPhoto: Diana Robinson. UK-Based Investment House Plants Emerging Market Team In Florida
RWC Partners confirms that it has hired a 15 person investment team previously at Everest Capital to establish a new Emerging, Frontier and Asia equity business. To support the team, RWC Partners has established a new office in Miami and is in the process of establishing an office in Singapore, subject to regulatory approvals.
The Emerging and Frontier market team is jointly headed up by John Malloy and James Johnstone. Malloy is primarily responsible for the Emerging Market portfolios and will be backed up by his co-portfolio manager, Thomas Allraum. Johnstone is responsible for the Frontier Market portfolios and backed up by his co-portfolio manager, Luis Laboy. Cem Akyurek has joined as the team’s Emerging Market economist, while in Singapore, Garret Mallal will serve as portfolio manager and Min Chen will be focused on Asian equity research. Additionally, RWC Partners has recruited Simon Onabowale to head up trading in Miami.
RWC Partners has established new funds replicating those previously managed by the team, covering long-only Emerging and Frontier markets and long-short Frontier and Asian strategies. The Frontier market strategies at Everest Capital were previously closed to new investors. Additionally, Tord Stallvik joins as a member of the RWC Management Committee and Head of US, with Frances Selby heading up US Institutional business development.
Dan Mannix, CEO of RWC Partners, commented:“An extremely unusual set of circumstances allowed us to recruit a fully formed institutional quality Emerging and Frontier markets investment team. It is incredibly hard to build a team of the depth and breadth that John and James have over the last few years and we are all very pleased to have been able to create the environment for the team to stay together. The support we have seen from John and James’ clients is a real endorsement of the quality of the investment capability and we have in the region of $1.3bn of committed capital and expect to exceed $1.5bn across the strategies in the near future.
“We have also taken the opportunity to strengthen our business development framework with the addition of Tord and Frances. Tord brings 25 years of experience from previous leadership roles in alternative and traditional asset managers, while Frances has been working in a senior capacity with US institutional investors for over 30 years.
“For RWC Partners this comes at an exciting time where our business has seen its assets double in the last two years on the back of strong performance and good inflows. We have developed our systems and infrastructure to support our rapidly growing business over the last two years and it is a great opportunity for us to launch an Emerging Market capability that is highly credible, fully formed, and at a point in the cycle where clients are starting to consider who they use in the Emerging Market space.”
Foto cedidaRichard Pease is manager of the Henderson European Special Situations Fund, the Henderson European Growth Fund and the Henderson Horizon European Growth Fund. Henderson: Identifying value in Europe
Global dividends fell to $218bn in the first quarter, down 6.3% year on year, the second consecutive quarterly decline and the sharpest since the first quarter of 2010, according to the latest Global Dividend Index from Henderson. However, this disappointing headline picture masks a more encouraging underlying one. Underlying growth, which strips out special dividends, currency movements, and other factors, was in fact up 10.9% year on year.
The severity of the drop in the first quarter is mainly because Vodafone’s $26bn special dividend paid last year was not repeated, but the sharp rise in the US dollar also made a significant impact. This means the value of dividends paid in a variety of currencies is translated back into US dollars at a lower exchange rate, costing dollar based investors $15.9bn in the quarter. For individual regions, especially Japan, Europe, and Emerging Markets, the effect is very pronounced. The impact on the headline growth rate in Q1 was to deduct seven percentage points, the largest exchange rate effect in any quarter since Q2 2011.
The US dominates the first quarter, accounting for more than half the global total, so the rapid growth in dividend payments from US companies had a very positive impact on the quarter. US companies paid out a record $99.4bn in Q1, up 14.8% at the headline level, (+11.2% underlying).
This is the fifth consecutive quarter of double digit increases, cementing the US as the engine of global dividend growth. All sectors in the US raised their dividend payouts growth, except for insurance and US dividends have outstripped the global average significantly since 2009. In Canada, headline dividends fell 4.5% to $8.8bn, with the fall due almost entirely to the weakness of the Canadian dollar. Underlying payouts rose a very positive 9.8%.
Europe and Asia Pacific
The first quarter is a very small one for Europe, accounting for just one seventh of the annual total payout. European dividends fell 2.0% (headline) to $34.3bn, with a $6.1bn currency loss deducting 18 percentage points from the dollar growth rate. By contrast, underlying growth in Q1 was impressive, at 15.2%, though this will be hard to sustain all year. Very few companies made payments, but the fastest underlying growth came from Germany, Spain, and France, while other countries had a more mixed performance. Swiss companies Roche and Novartis were the two largest payers in the world in Q1, together distributing $13bn. Japan, also a small payer in Q1, followed a similar trend of good underlying growth pulled down by currency weakness.
In Asia Pacific, dividends of $12.7bn were 11.7% higher than a year ago on a headline basis, but were up 18.3% underlying. Currency was the biggest adjustment factor, as a result of the sharply weaker Australian dollar, though Australia had the fastest growth in the region on an underlying basis, comfortably outstripping Hong Kong and Singapore.
Emerging Market dividends were boosted strongly by Russia. They rose 13.7% on a headline basis to $15.6bn, but were up 30% on an underlying basis, after currency declines and other adjustments were taken into account. Russia, unpredictable as ever, more than doubled its payout in dollar terms (trebled in rouble terms), after a poor 2014. Brazil, down in headline terms, showed growth after adjusting for the low Brazilian real, while total Indian dividends declined.
Industry perspective
From an industry perspective, financials and consumer industries grew rapidly, with the US leading the way. Healthcare, the second largest payer in the first quarter, has seen relatively subdued dividend growth of late and this was pulled down further by lower exchange rates in Q1. Utilities continued their poor performance, falling 13.6% year on year (headline). They remain the worst performing industry in recent years, from a dividend growth perspective.
As the US dollar extended its gains into the second quarter, offsetting a slightly stronger than expected underlying performance from a number of regions, Henderson has reduced its forecast for the year from +0.8% to -3.0% (headline), taking total dividends to $1.134 trillion, $42bn less than the forecast we made in January. Henderson expects underlying growth to be +7.5%, slightly stronger than Henderson’s initial forecast of 6.9%.
Alex Crooke, Head of Global Equity Income at Henderson Global Investors said:
“The effect of the strong dollar is set to be even greater in the second quarter when Europe and Japan pay a large share of their annual dividends. In fact, if the current exchange rates persist, the impact could be as much as $40bn. In any given period, exchange rates can have a very large effect on dividend payments, but our research shows that over time they even out almost entirely, so investors can largely disregard them if they take a longer term approach.
“Despite our lower forecast, there are many reasons for optimism. Japan, the second largest stock market in the world, is undergoing a cultural shift towards higher dividend payments, unlocking large cash piles from what has traditionally been a low yielding part of the world, while in Europe, though dividend growth is modest, it is tracking somewhat higher than we expected. Meanwhile the US goes from strength to strength, and is likely to break new records this year.
“With interest rates and bond yields likely to remain at relatively low historic levels, equity income investing has a significant role to play in meeting investors’ income needs. Over time, the risks to dividend growth are significantly smaller if you look beyond the confines of your own domestic stock market.”
CC-BY-SA-2.0, FlickrPhoto: FdeComite
. From a Valuation Perspectives Bunds Remain Unattractive at Current Yield Levels
German 10 year Bund yields reached a low of 0.07% on the 20th of April. A rise followed in the remaining of the month. The 10 year yield reached a level of 0.58% on the 6th of May, up 51bp from the low. 30 year Bund yields rose 68bp over the same period. Pieter Jansen, senior Multi-Asset Strategist at NN Investment Partners analizes if this is a overshoot or trend reversal in german fix income.
Also the US 10 year yield rose (+33bp since 20th of April). However, it is clear from the graph below that given the significantly lower level of Bund yields in a relative sense the Bund yield correction is very significant indeed, said Jansen. Measured as 20 day yield volatility as a ratio of the yield level the move is beyond any correction in Bunds seen in the past decades.
Along with Bunds also other European government bond yields rose. Periphery spreads were under pressure earlier in April due to Greek related stress, but during the Bund yield correction Periphery spreads declined once again.
The increase in yields does not seem to be driven by fundamental data flow. Global macro data surprises were at best mixed during the past month (US data surprises were negative and the positive growth surprise trend in Euro Area data seems to be stabilizing somewhat). Indications of an early QE exit by the ECB could have the potential to trigger a correction like this, but also this was not the case and the ECB remains dovish. “It is possible that fading Greek related stress and a disappointing Bund auction may have contributed to a rise in yields, but in isolation it seems that it is hard to justify the significant move we have seen”, point out Jansen. Therefore, it is most likely that technical and/or positioning factors played an important role. Surveys had indicated that on average investors were significantly overweight in Bund for instance. This can be seen in the graph below:
Most of the rise we have seen in German Bund yields was a result of the rise of the real yield, believes NN Investment Partners´expert. It is no surprise that it is this component that is showing the strongest correction. Of the 51bp rise of German Bund yields since the 20th of April, 42 stem from a pickup in the real component. The inflation expectations component has been trending up for longer, which coincided with a rise of the oil price. Probably part of the rise is also a result of currency weakening and ECB policy.
After such a sizeable correction that is not obviously the result of macro data flow and/or a significant directional change in the monetary policy outlook “it seems that part of the move is an overshoot, although at this stage there are no signs yet of a stabilization after this significant move. Even though the overshoot may be relevant for the very short‐term, from a valuation perspectives Bunds (and other core government bonds) remain unattractive at current yield levels. The real yield remains significantly negative”, concluded Jansen.
Photo: Denis Jarvis. India: Balancing Fiscal Discipline and Growth
It is nearly a year since Narendra Modi and his Bharatiya Janata Party’s landslide election victory in India. At the time Investec wrote about its cautious optimism that the new prime minister and his team could implement much needed reforms to unlock the country’s economic potential. A year later, the Modi administration has broadly met expectations with a number of pro-market reforms and most recently a pragmatic budget, balancing the needs for fiscal consolidation with that of spurring growth.
On the fiscal consolidation front the biggest step so far has been the cut in fuel subsidies. Mr Modi was dealt a fortuitous hand after oil prices collapsed in the latter half of 2014. The Indian government was the first of many to see the opportunity to cut inefficient oil subsidies – and the 2015-16 budget estimates a 50% cut from 2014-15 fuel subsidies. However, point out Investec´s experts, rather than take a dogmatic approach to fiscal consolidation, the government have taken a more balanced view and modestly relaxed the paceof the adjustment (the 2015-16 target fiscal deficit has been revised up to 3.9% from 3.6%). Hence it has used some of the savings from subsidy cuts to commit to a 25% year-on-year rise in capital spending, with a large chunk due to be spent on the country’s dilapidated road and rail networks. A number of steps have also been made to reform the tax code. Corporate taxation is set to be brought down, over a staggered period, to 25%. Meanwhile, the first steps to introducing a goods and services tax (GST) were introduced with a rise in services tax and a commitment to implement the GST next year. This is a long overdue move: tax rates will go down, while tax revenue should increase due to higher tax buoyancy.
Other important pieces of legislation were approved by parliament in March. Firstly, the insurance bill (delayed over a number of years) was finally passed which will allow increased involvement by foreign firms in developing the country’s underdeveloped insurance market. Secondly, two pieces of legislation designed to liberalise the coal mining industry also passed through congress. The pending land reform bill, which would make it easier to acquire land for industrial development (and deemed to be the most contentious), will be a big test of the government’s ability to pass legislation through the parliament. That said, overall Modi’s reform agenda since taking office has been impressive and deft political manoeuvrings in the upper house should be enough to secure the passage of key bills without support from the opposition.
These much-needed fiscal and structural reforms have been supported by a government commitment to officially adopt inflation targeting as the new monetary policy framework. This will help to secure the credibility of monetary policy that has been won in the two years since Raghuram Rajan was appointed as central bank governor in 2013. He ensured India was among the first emerging market economies to hike interest rates in the wake of the ‘taper tantrum’, helping to ease the current account deficit and building up the monetary authority’s credibility. The move to formalise the inflation targeting regime is particularly welcome as it should help to underpin transparency and consistency in monetary policy, as well as hopefully ensure that excessive inflation – long a problem in India – becomes a thing of the past. The central bank’s foreign exchange reserves have also shot up to an all-time high of US$340 billion. So overall, we have seen a pertinent shift in both fiscal and monetary credibility. This has underpinned investor sentiment and the once imperilled investment grade credit rating is now no longer at risk; indeed Moody’s have recently upgraded India’s outlook to positive.
There is of course still much progress to be made. Not least, India’s underdeveloped manufacturing sector is not going to mushroom overnight. Yes, government policies such as ramping up capital expenditure on infrastructure will help, but much more will be required in the coming months and years to improve transport links, energy infrastructure and perhaps most importantly, cutting through the country’s infamous swathes of red tape to make it easier for businesses to invest. We feel that the significant progress Mr Modi has already made indicates that India has never had a better chance of attaining the strong growth rates the country needs to catch up with its peers.
“We remain overweight in the rupee and have recently added more exposure. The current account deficit has narrowed sharply since 2013. It now stands at 1.6% of GDP and should continue to improve this year assuming oil prices remain contained around these levels. Meanwhile, foreign inflows have picked up, with around US$13 billion inflows since the start of the year. With a much improved FX reserve position, the central bank has both the willingness and capability to underpin the rupee through FX intervention. As such it should remain relatively stable, making it an attractive currency while headwinds to emerging market currencies remain prevalent while the implied yields on the rupee are a very alluring 6-7%. We expect India to continue to outperform its peers over the medium term as investors become more discerning as we approach the start of Fed rate hikes; India with its credible fiscal and monetary policy is well placed to negotiate the headwinds”, conclude Investec.
Funds Society’s Fund Selector Summit in Miami – Photos Day 2i. Funds Society’s Fund Selector Summit in Miami – Photos Day 2
The second and last day of the Fund Selector Summit celebrated in Key Biscayne on the 7th and 8th of May began with a conference by Javier Santiso, Professor and Vice President of the Centre for Global Economy & Geopolitics at ESADE, who spoke about emerging markets and technology.
Right after that, six asset managers had the opportunity to meet in small groups with 50 fund selectors from the US Offshore wealth management industry. The asset managers who presented their investment strategies on the second day were Henderson, Lord Abbett, Schroders, Carmignac Gestion, Robeco and Old Mutual Global Investors. The previous day five additional asset managers had presented their strategies to the same group of fund selectors.
At the end of the day, a farewell cocktail was offered by the ocean, providing the portfolio managers, sales representatives from the asset management companies and fund selectors the opportunity to network and comment over the different investment ideas which had been presented over the Summit.
You may see the photos of the second day of the Summit, organized by Funds Society and Open Door Media, in the slide presentation.
