CACEIS RESEARCH CHAIR: Risk and Regulation in the European Fund Management Industry
Presentation of the Partner
About CACEIS
CACEIS is the asset servicing banking group of Crédit Agricole dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a broad range of services covering execution, clearing, depositary and custody, fund administration, middle office outsourcing, forex, securities lending, fund distribution support and issuer services. With assets under custody of €2.3 trillion and assets under administration of €1.5 trillion, CACEIS is a European leader in asset servicing and one of the major players worldwide (figures as of 31 December 2015).
Presentation of the Partnership
Objectives
The purpose of the CACEIS “Risk and Regulation in the European Fund Management Industry” research chair is provide solutions to measure, price and allocate the risks of all industry players. The goal of this research chair is to analyse the major risks faced by the main actors in the European fund management industry due to their practices and the regulations; measure the importance of these risks and their impact on the actors’ solvency and business models; and propose rules and solutions that will enable the risk of the actors in the fund management industry to be limited.
The chair is under the scientific responsbility of Professor Lionel Martellini, Director of EDHEC-Risk Institute.
[Press release announcing the creation of the research chair (28/05/13): English version; French version]
Research Outputs:
Proposals for Better Management of Non-Financial Risks within the European Fund Management Industry
December 2012
Noël Amenc, Frédéric Ducoulombier
This paper concludes three years of research on better management of non-financial risks within the European fund management industry and puts forward a series of proposals to limit these risks which emerged during the 2007-2008 crisis and undermined the quality of the UCITS label.
Press release announcing the publication of the research: 28/01/2013
Shedding Light on Non-Financial Risks - A European Survey
January 2012
Noël Amenc, François Cocquemas, Samuel SenderThis survey analyses the views of European fund industry professionals on non-financial risk and performance in a changing regulatory framework. It analyses the risks those in the industry face as a result of regulation and of their practices, assesses their importance and impact in terms of solvency and business models, and proposes methods to attenuate them. The survey is based on replies from 163 high-level professionals of diverse horizons from the European fund management industry. The results show that at the top of the list of concerns are transparency, information and governance, followed by the financial responsibility of the fund management industry. The survey also covers themes such as restitution and depositary liabilities, distribution and judicial powers of investors. A revisited version of this paper was published in the March 2012 issue of Bankers, Markets & Investors.
Press release announcing the publication of the research: 17/04/012
The European Fund Management Industry Needs a Better Grasp of Non-Financial Risks
December 2010
Noël Amenc, Samuel SenderThis publication looks at how non-financial risks and failures have impacted the regulatory agenda in Europe and traces the management of liquidity, counterparty, compliance, misinformation, and other financial risks in the fund industry. By identifying the distribution of risks and responsibilities in the industry, it examines how convergence between country regulations could be achieved. Finally, it assesses how fund unit-holders can best be protected with appropriate regulations, improved risk management practices, and greater transparency.
About EDHEC
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the world’s top 15 business schools. Fully international and directly connected to the business world, EDHEC commands a strong reputation for research excellence and the ability to train entrepreneurs and managers capable of breaking new ground. EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching is inspired by its research work and a focus on “learning by doing”, all with the aim of equipping people with the skills to succeed in business.
