amLeague runs ruler over fund performances
InvestmentEurope has teamed up with France’s amLeague to promote league tables of the best performing managers.
amLeague aims to identify Europe’s best asset managers, based on an independently run competition where managers run notional portfolios which can be compared on a like-for-like basis.
Set up by investment consulting veteran Antoine Briant in 2010, amLeague encourages managers to sign up for one or more among different model portfolios: Euro Equities, Europe Equities, Global Equities and Asset Allocation.
Participants register their portfolio through an online IT platform and all are run under the same restrictions, allowing managers to demonstrate in a transparent and efficient way their ability to create alpha.
There are 25 investment managers participating at the moment, with 56 registered mandates. Members become part of the ‘amLeague Club’, bringing together professional investors (the buyside) with the managers (the sellside) three times a year.
Managers execute mandates for their notional portfolios, which are independently valued and monitored by amLeague for compliance with the terms of each category.
Institutional investors members of the Club are drawn from France and Switzerland.
Briant has a 25-year career in investment consulting and analysis in Europe. In 1987, he created Finance Arbitrage in France, which was subsequently sold to Hewitt consultants.
In 1998, he established asset management rating agency AMR, later taken over by Fitch Ratings. Four years later in 2002, he set up the asset management firm GoFx2, which was sold to AssetFi.
Briant believes that with some industry scepticism about performance data and the ability of active manager to outperform, there is still a need for a model and process that allows investors to rate fund managers’ performance transparently and effectively.
amLeague uses eight performance ratios for this purpose: Performance (monthly, yearly, year-to-date), Standard Deviation, Tracking Error, Beta, Alpha, Max Drawdown, Information Ratio and Sharpe Ratio.
Website users to set up their own combination of asset managers with their own risk/reward view. They can follow the result of their choice via a dedicated ranking table on the ‘MyPortfolio’ tab on the website. The first mandates started on 30 June 2010.
Briant is running an informal competition through the league, and hopes eventually that the notional portfolios will be transformed into actual mandates for investors.
Click here for The latest ranking of amLeague portfolios.
Click here for www.am-league.com and full information on the process and methodology.
• Alliance Bernstein
• Allianz Global Investors
• Barclays Wealth
• BNP Paribas
• CCR Asset Management
• CM-CIC Asset Management
• ECOFI Investissements
• Edmond de Rothschild AM
• Federal Finance
• ING Investment Management
• La Francaise AM
• Lombard Odier
• Swiss Life Asset Management