UK asset managers are top European alpha generators.
United Kingdom asset managers are the best in Europe at generating
alpha, according to a new report by Edhec and EuroPerformance. UK managers
achieved an average positive alpha of 1.33 percent between July 2005 and June
2006, outpacing the European average of .97 percent.
According to the report, Alpha League Table, Spanish managers were
second among the five European countries ranked, with an average alpha of 1.04
percent. French and Swiss managers followed with .89 percent and .79 percent,
respectively. Italian managers placed last at .41 percent.
Scores are based on alpha intensity of all active equity
management of selected companies in each country. Alpha intensity is a
performance measure that has been adjusted for risks taken.
The top performer within the UK was AXA Framlington, with a 4.64
percent average. M&G Group took second with 2.83 percent. Four other groups
also achieved an average of greater than 2.5 percent: Aberdeen Asset Management,
Artemis Investment Management, THSP and AXA Group.
Edhec is a French business school located in Lille and Nice.
EuroPerformance is a European fund analysis agency.
—Andrew Farrell
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