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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

River and Mercantile Group PLC Interim Financial Report for the six months ended 31 December 2016

River and Mercantile Group PLC, the advisory and investment solutions business today publishes its interim results for the six months ended 31 December 2016.

Company: River & Mercantile
Date added: 04-04-2017
Sector: Active Management

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CFA - Quantitative Investing Is Fundamental

The quant manager has the same set of tools that any active manager has: Quants simply apply them using the ever-increasing power of computers. These tools allow the manager to pursue reward and deal with risk, costs, fees, and buying themselves the time necessary to distinguish investment skill from luck.

Company: CFA
Date added: 02-02-2017
Sector: Active Management

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BlackRock - Digital Investment Advice: Robo Advisors Come of Age

The financial services industry is undergoing a significant transformation in the way that advisory services are provided and delivered to individual investors. This evolution is being driven by a variety of factors from new regulations, to changing demographics, to technological advances. These changes are occurring at a time when the need for financial advice has never been greater, as savers grapple with global and geopolitical uncertainty, prolonged low and negative interest rates, and longer lifespans. Despite these significant headwinds, many innovators in the financial advice industry are working to ensure that individuals have access to financial advice that can meet their needs. New solutions are beginning to emerge in many forms. 

Company: BlackRock
Date added: 21-09-2016
Sector: Active Management

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S&P Dow Jones Indices - SPIVA® Institutional Scorecard - How Much Do Fees Affect the Active Versus Passive Debate?

SPIVA® (S&P Indices Versus Active) is extending its coverage beyond retail mutual funds to institutional managed accounts and examining the impact of fees on performance. This report addresses three questions that are pertinent to the active versus passive debate: 

  • Do institutional asset managers deliver relative outperformance over their respective benchmarks?
  • Do mutual funds outperform their respective benchmarks on a gross-of-fees basis?
  • Do institutional managers fare better than their retail fund counterparts in particular asset classes?

Company: S&P Dow Jones
Date added: 07-09-2016
Sector: Active Management

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S&P Dow Jones Indices - The Volatility of Active Management

The long-term returns of active funds and their relationship to passive alternatives have been the subject of celebrated studies, famous bets, and endless debate. But returns are only one part of the picture; proponents of active investing increasingly emphasize their capacity for risk management, as opposed to return generation. This paper examines the merits of such claims, along with how individual funds achieve higher or lower volatility than their benchmarks - and whether these tilts are persistent. Our focus is on the volatility of mutual funds available across Europe and the U.S.

Company: S&P Dow Jones
Date added: 01-09-2016
Sector: Active Management

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S&P Dow Jones Indices - Fooled by Conviction

Advocates of active management have argued that managers are overdiversified and should hold more highly concentrated portfolios. We argue that such high conviction investing will increase risk, make genuine manager skill harder to detect, raise asset owners' costs, and reduce the number of outperforming funds. This applies even if we accept the prevalence of security selection skill among active managers. Concentration only makes sense if managers have a particular type of skill, and this skill must be intrinsically rare.

Company: S&P Dow Jones
Date added: 27-07-2016
Sector: Active Management

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Brown Advisory - Active Alpha

The latest academic research suggests that there are certain common characteristics of active equity managers who deliver persistent outperformance.

Company: Brown Advisory
Date added: 01-06-2016
Sector: Active Management

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Willis Towers Watson - Is Performance Management Working?

It’s not surprising that employers, managers and employees all question their current performance management processes. The prevailing approach — with its single year-end rating and a reliance on past results — is hardly a formula for ensuring effective performance management and keeping up with evolving business demands.

Yet, despite headline grabbing accounts of companies going ratingless, only a small number of organisations have actually abandoned performance management programs or plan to eliminate ratings altogether.

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Active Management

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CMS - Company Overview

When we set out to create CMS in 1999, our three guiding principles were: stay close to our clients‘ long-term goals and specific business challenges, recruit lawyers who really focus on quality and keep up with changes and developments in the industries we serve and the countries we work in.

Company: CMS
Date added: 28-01-2016
Sector: Active Management

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JLT - Interim Results 2015

Organic revenue growth of 2%, lower than recent years as a result of:

- Shift in phasing of revenues and trading profit between two halves of the year – 200 basis point

impact on organic revenue growth

- Accelerated reduction in commission payments within UK Employee Benefits – 100 basis point

impact on organic revenue growth

- Ongoing challenging rating environment

• Full year organic revenue growth anticipated to be in line with previous year

• Encouraging progress with build-out of US Specialty business

• Excluding US Specialty investment, underlying trading profit would have increased by 3%

• Acquired 5 new businesses for a total consideration of £18.9 million

• Disposed of stake in Siaci St Honoré for £80.2 million

• Continued investment in talent – 530 new colleagues joined the Group in the period

• Increased interim dividend by 5% to 11.1p

Company: JLT
Date added: 28-01-2016
Sector: Active Management

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Carnegie - Moore's Law And Investing In Technology

As the market matures and some of these leading technology

companies experience slowing growth rates, their cash piles will

far exceed what they can reasonably be expected to channel to organic

investments or acquisitions. Last year, Microsoft announced

a USD 40bn share repurchase programme, which is equal to 10%

of the company’s market cap. To top it off, Microsoft is also paying

a 3% dividend. We believe that, as Microsoft migrates its dominant

customer base of Office and Windows Servers users from pc

solutions to its cloud platform, the company will further expand

its scale and cost benefits, securing stable cash streams for itself and

its shareholders for many years to come.

Company: Carnegie
Date added: 01-01-2016
Sector: Active Management

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Carnegie - Average Thinking Does Not Create Winners

Today our clients pick us in fierce competition with asset managers

from around the world, and our clients choose us because they

are confident that we will continue to deliver an excess return. We

look forward to the next 25 years, competing in the Champions

League of the asset management industry and safeguarding the

important role of active asset management.

Company: Carnegie
Date added: 01-02-2015
Sector: Active Management

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