Wednesday, January 28, 2015

Old Notes on Asset Mgmt (2007-2008)

Top 20 Asset Managers

In trn of USD
UBS 2.45 Sw
BGI 1.81 UK
SSG 1.75 US
AXA 1.74 FR
Alliance 1.71 Gr
Fidelity 1.64 US
Capital 1.4 US
Deutsche Grp 1.27 Gr
Vanguard 1.17 US
BlackRock 1.12 US
CS 1.09 Sw
JPM 1.01 US
BNP Paribas 0.82 Fr
ING 0.79 Holland
Natixis 0.77 Fr
AIG 0.73 US
C. Agricole 0.7 Fr
Aviva 0.7 UK

ETFs

Currently over 1000 ETFs with 700bn in AUM
Est to reach 2trn in 2011

Wisdom Tree
Runs ETFs based on fundamental factors (cash dvd, profits, sales etc)
Not by mkt cap

ETFs based on fundamental factors
Also known as active ETFs
but do they justift fees?

Quant Funds

Major quant players
AQR
DE Shaw
Highbridge
Renaissance

They form a substantial portion of daily trading on NYSE
Conduct trades in milliseconds
Put computer servers closer to exchange to reduce time data takes to travel to exchange

GS Global Alpha lost 38% in 2007, all quant factors fail together - Black Swan

FRIDAY, NOVEMBER 23, 2007

US biggest mutual funds

75% of the money in index funds is in S&P 500
Vanguard Index 500 has $44 billion, tracks S&P 500
US biggest mutual fund is Fidelity Magellan ($58 billion)
ie Vanguard Index 500 is No.2?
Pension fund has $600-$700 billion in S&P 500

FRIDAY, AUGUST 24, 2007

Hedge fund return

1987 to 2004 15% return per yr
Bay Pond 40% per yr in 10 yrs

Harvard Endowment Return

Harvard Endowment Return 18.4%pa over 5 yrs 2002-2007
Endowment Benchmark Return 13.8% over 5 yrs 2002-2007
S&P Return 17% over 5 yrs 2002-2007

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