Asset management roundup: Generali backs ‘disruptive’ startup with $4bn

first_imgKraus – chairman and CEO of Aperture – argued that the asset management industry was “long overdue for disruption” with “too many active managers managing too much money”.“Fixed fees and a lack of real capacity constraints have long incentivised managers to grow assets under management rather than pursue outperformance,” he said. “This structure has led to years of poor performance that has eroded client trust in active management. We intend to change this by aligning manager and client incentives around outperformance…“It’s our belief that investors would rather pay for performance than pay regardless of whether or not they get any, and the only way to do that is to disrupt the long-held model of fixed fees based on AUM in asset management.”Tim Ryan, CEO of Generali Asset Management, added: “Aperture Investors is another important milestone in Generali’s multi-boutique strategy launched last year.“We believe that innovation is not only a key lever for our long-term success but also an opportunity for Generali to guide the process of change as a leader in the insurance and financial industry. Aperture Investors offers us the ability to develop a new model that addresses manager incentives while also leveraging invaluable know-how in our sector.”AMX adds fixed income, crosses $6bn thresholdThe Asset Management Exchange (AMX), an “open architecture” service provider for asset managers, has hit $6bn in assets after UK insurance group RSA added assets from two of its pension schemes.AMX provides back office services for asset managers in order to reduce their operating costs and improve efficiency for asset owners. Since its launch last year, the service – backed by Willis Towers Watson – has been adding equity and hedge funds to its platform. RSA’s Sal Pension Scheme and Royal Insurance Group Pension Scheme have transferred $750m of assets run by Brandywine Global, an affiliate of Legg Mason. It is the first time AMX has added fixed income assets.Nick Deahl, head of trustee investment at RSA, said the transaction “provides the opportunity to achieve… efficiencies as well as support innovation in the marketplace”.He added: “We share AMX’s goal of reducing inefficiencies in the pooled fund industry, along with achieving greater cost transparency and operational simplicity.”Oliver Jaegemann, global head of AMX, said the platform had signed up more than 40 pension fund clients since its launch, which he argued demonstrated “the appetite in our industry to embrace new, innovative measures to save on time and costs”.Fund managers available on AMX include Lindsell Train, Lansdowne Partners, Veritas, Systematica Investments and Fulcrum Asset Management. Italian financial services group Generali has backed a “disruptive” asset management startup led by former AllianceBernstein CEO Peter Kraus.In a statement, Generali said it would provide up to $4bn (€3.4bn) of “strategic investment capital” for Aperture Investors’ first products, which operate a “unique” charging structure.Aperture has lined up credit and equity funds priced initially in line with exchange-traded funds. Fees for both the company and the individual asset managers would only rise if managers beat their benchmarks, the company said.The firm has also implemented a ”deferral mechanism”, which it said meant “unearned compensation” could be returned to investors.last_img read more

Cricket News Kyle Abbott, Former South Africa Pacer, Takes 17 Wickets In Two Days In England County Match

first_imgNew Delhi: The England County Season is nearing the end but that has not stopped the league from creating plenty of records. In the game between Somerset and Hampshire at the Aeges Bowl in Southampton, Kyle Abbott, the former South Africa pacer created a unique slice of history as Hampshire dented Somerset’s title prospects in the first division of the England County season. On a seaming wicket, Hampshire were tottering at 88/7 but Liam Dawson shared a 92-run stand for the eighth wicket with Keith Barker to stage a revival. Dawson smashed a century and Hampshire were bowled out for 196. In Somerset’s innings, Abbott began with a bang as he trapped India cricketer Murali Vijay for 0 and he proceeded to rip through the entire batting line-up. Abbott ended with staggering figures of 9/40 in 18.4 overs and he was denied a chance of a perfect 10 when Fidel Edwards got rid of Tom Banton. Armed with a lead of 54, James Vince led from the front with a magnificent 142 as Hampshire ended on 226 and Somerset was given a target of 281. In the second innings, Steve Davies and Murali Vijay shared a 86-run stand as they looked to cause an upset. However, Abbott returned for his second spell and in a devastating display of bowling, he picked up six wickets in six overs. Dawson picked up two wickets but Abbott was once again the star as he ended with figures of 17/86 in 36.4 overs to give Hampshire a crushing 136-run win. Also Read | Gloucestershire sign West Indies pacer Shannon Gabriel on a three-game county dealAbbott’s figures are the best-ever by a Hampshire bowler in the history of the England County circuit. The best figures in the history of First Class cricket is held by Jim Laker, who took 19/90 in the Manchester Test in 1956. In that match, Laker took the game’s first perfect 10 as he took all 10 wickets in the second innings. In the first innings, he was denied a chance to take 10 wickets as Jim Burke was dismissed by Tony Lock.Also Read | Alastair Cook brushes aside potential Ashes 2019 return, says ‘played last game for England’The final round of the County Games will take place from September 23 to September 26. With Somerset’s loss, Essex are firmly in pole position to retain their title. Essex are on top with 220 points followed by Somerset who are second with 208 points. The title clash will boil down to the last day with Somerset squaring off against Essex in Taunton while Hampshire take on Kent. Essex will retain the County title if they avoid defeat against Somerset while Somerset will have to win and bowl Essex out for a paltry score. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more