Press | EDHEC Climate Institue

Maud Gauchon

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(...) As climate risks become a core concern in financial and regulatory decision-making, one key challenge remains largely unsolved: the absence of probabilistic information in existing climate scenarios. To address this issue, the EDHEC Climate Institute has published a new study proposing a robust framework to assign probabilities to long-term climate outcomes. The research posits an approach to quantify the likelihood of different temperature trajectories, using real-world constraints and economic data. It complements existing scenario narratives by adding a probabilistic dimension, which is essential for effective asset pricing, stress testing, and strategic planning. (...)

(...) Flash floods in Spain, wildfires in California: mortgage-backed securities have never been more exposed to physical climate risk. Financial institutions are increasingly on the front lines, facing immediate consequences such as collateral devaluations, rising loan impairments, and mounting credit risk. Yet these episodes are soon forgotten: one news cycle chases the next, even as the financial scares persist. (...)

(...) EDHEC Climate Institute has published a study proposing a framework to assign probabilities to long-term climate outcomes, in response to what it sees as "a critical shortcoming in existing scenario analysis tools used in financial regulation and investment strategy".

"(...) While climate finance often emphasizes transition risk, the critical importance of physical climate risk should be highlighted as it may have an even greater impact on financial markets, writes EDHEC Climate Institute. Research shows how physical damage impacts equity valuations under different policy and climate scenarios, revealing potential market mispricing. It underscores the need to better incorporate physical risks into financial models, as current valuations may miss their true economic effects. (...).

"(...) It is estimated that the total cost of the fire exceeds $250 billion , more than 2.6 trillion kroner. – The economic losses after the fires in Los Angeles exceed previous records, points out Nicolas Schneider, senior researcher at the climate institute EDHEC. “With increasing climate change comes economic crises. It's happening here and now,” he warns. (...)"

"(...) L’EDHEC Climate Institute annonce ce lundi 10 mars la première édition, en anglais, du supplément «Research Insights» en coopération avec Investment & Pensions Europe (IPE). Ce numéro passe en revue les défis des investisseurs face aux risques climatiques par le biais de la recherche interdisciplinaire, en s’appuyant sur son expertise en matière de finance climatique tout en intégrant de nouveaux domaines complémentaires afin de fournir des informations exploitables aux investisseurs institutionnels.(...)"

"(...) Last year, a team of researchers from the EDHEC Climate Institute published a study on the impact of climate risks on stock market valuations. The study revealed that physical climate risks (including extreme weather events) do not currently have a significant impact on stock market valuations. This means that investors either do not believe that climate change will have a major impact on companies' performance, or they believe that measures aimed at reducing greenhouse gas emissions will be successful. (...)"

"(...) EDHEC doesn’t just teach and support entrepreneurship, they live it. In 2012, the school spun off a company from its EDHEC-Risk Institute, Scientific Beta, which provided faculty intellectual property to investors. Eight years later, the school sold it for €200 million. Like any nonprofit, EDHEC channeled the proceeds back to the school. This included opening the EDHEC-Risk Climate Impact Institute to focus on climate finance. (...)"

"(...) L'Edhec Business School lance une nouvelle entité dédiée au climat, l'Edhec Climate Institute (ECI). Cette nouvelle entité vise à aider les investisseurs à mieux évaluer l’impact du dérèglement climatique sur leurs actifs. (...)"

"Periods of abnormally high temperatures spur fund managers to pick more green stocks, research has found. Climate Salience and the Demand for Green Stocks by Mutual Funds explored the impact of climate on investment decisions of asset managers around the world. Teodor Dyakov, told FT Adviser fund managers that experience periods of high abnormal temperatures tend to buy more green stocks that managers that do not experience them. He co-authored the study with Dominic O’Kane. (...)"

"(...) In a recent paper, How Does Climate Risk Affect Global Equity Valuations? A Novel Approach, the EDHEC-Risk Climate Impact Institute notes that up until now, transition risk has received more attention than physical risk when assessing how climate risk can affect asset valuations. (...)"

Riccardo Rebonato’s recent book, "How to Think About Climate Change: Insights from Economics for the Perplexed but Open-minded Citizen", has been selected as one of the best economics books of the year by Martin Wolf in the Financial Times.

"(...) Climate change is not merely an environmental challenge but also an economic threat to global financial stability. A recent report by the EDHEC-Risk Climate Impact Institute provides a comprehensive analysis of climate-related risks to global equity valuations, emphasizing the need for integrating these risks into financial decision-making processes. This research highlights the financial vulnerabilities that both investors and policymakers must address in the context of climate change.

"(...)"The new mandatory corporate climate reporting laws being introduced by the Australian government are a key step towards improving transparency and capital allocation in financial markets, in a context where investors have much to lose from climate change,” said Daniel Aguet, Deputy CEO and Index Director of Scientific Beta.

"(...)Addressing the risks of a potential climate change-induced crash of the economy on AI’s customer base is now a business imperative for the nation’s largest companies and their investors.

"(...) « L’affirmation selon laquelle les preuves scientifiques favorisent de manière décisive l’engagement actionnarial par rapport à l’allocation du capital en tant que manière, pour les investisseurs, d’avoir un impact, ne peut être soutenue par un examen impartial des preuves théoriques et empiriques », tranche Frédéric Ducoulombier, directeur de l’Edhec-Risk Climate Impact Institute, qui reconnaît que ce déficit de preuves est en partie dû à une absence de données de qualité sur les engagements. (...)

"(...)Emmanuel Métais : L’axe finance fait toujours partie des grandes priorités de l’EDHEC et nous travaillons au déploiement d’une finance dite climatique avec nos centres de recherche. Le lancement de notre centre de recherche « for Net Positive Business » doit maintenant contribuer à la transformation radicale des entreprises, pour les accompagner dans la transition vers de nouveaux modèles dits « net positive », qui permettent de créer un impact positif sur l’économie et la société et pas simplement de réduire les externalités négatives. (...)

"Fitch Ratings descubrió que uno de cada cinco emisores corporativos calificados podría estar expuesto a riesgos de rebaja de calificación para 2035. (...)

"If the current rate of decarbonization persists the downward correction in global equity valuation could be as severe as 40%, according to a paper published by French academic think tank EDHEC Risk Climate Impact Institute.

" Um Themen wie diese wissenschaftlich zu durchleuchten, haben die EDHEC Business School und Scientific Beta gemeinsam den Forschungslehrstuhl „Upgrading Climate Scenarios for Investment Management“ am EDHEC-Risk Climate Impact Institute gestiftet. Jetzt gibt es erste Ergebnisse. (...)

" (...) Both S&P Global Ratings and Moody’s Ratings have made similar warnings on climate-linked bond downgrade risks in recent years, though these typically haven’t translated into action impacting the more-than $140 trillion market.

" Des politiques climatiques " agressives " sont nécessaires pour préserver la valeur des actions ( Edhec-Risk Climate Impact Institute)

"When it comes to slashing carbon emissions and related risk, the onus is often placed on individuals to address their carbon footprint. But companies have a major role to play. In fact, the biggest corporations have accounted for more than two thirds of global emissions since(...)"

" (...)Der Klimawandel galt lange Zeit auch für die Börsen als Non-Event. So rechnete einer der weltweit grössten Fondsmanager stolz vor, auch eine Erderwärmung um 5 Grad bis 2080 bringe ihn nicht ins Schwitzen. Sein Aktienportfolio werde bloss um gerade einmal 4 Prozent an Wert verlieren.

“Es ist ein Sommer der Katastrophen, dennoch hat die Schweiz noch Glück – aus einem bestimmten Grund"

" (...)Recent research from the EDHEC-Risk Climate Impact Institution shows how valuation techniques using probabilistic modelling can estimate the effect on global equity values from climate and economic uncertainties, financial contingencies, transition costs and physical risks.

" (...) Icma è quindi l’attuale standard di mercato. C’è però una new entry europea. Da anni infatti Bruxelles sta lavorando alla normativa su un green bond Ue. Il risultato di tale lavoro è il regolamento 2023/2631 che introduce appunto l’European green bond (Eugb) e che sarà applicabile dal 21 dicembre di quest’anno. (...)

"More is needed to preserve equity value in the face of climate change, according to new EDHEC-Risk Climate Impact Institution research. to keep losses below 10 percent will require prompt and robust abatement action while over 40 percent of global equity value is at risk if decarbonisation efforts do not accelerate. One for the beach, perhaps. If it's not too hot."

"Climate change could be terrible for stock prices. That’s according to How Does Climate Risk Affect Global Equity Valuations?’, a new study by the EDHEC-Risk Climate Impact Institute. It estimates that if global warming is capped at 2 degrees, stock prices could decline less than 10 per cent. However, if close to no... (...)"

"Un rapport de l'Institut EDHEC-Risk Climate Impact offre une analyse exhaustive des effets du risque climatique sur les évaluations boursières mondiales. Ce document révèle les conséquences potentiellement dévastatrices des coûts de transition et des dommages physiques causés par le changement climatique sur la valorisation des actions, en utilisant une méthodologie novatrice et rigoureuse. (...)"

"(...) Without urgent climate action, global equity values face severe risks, with potential losses exceeding 50% due to climate tipping points, according to findings from the Edhec-Risk Climate Impact Institute. The study, conducted by Edhec, a business school and risk and investment management research centre, extended traditional valuation techniques to evaluate the impact of climate and economic uncertainties, financial contingencies, transition costs and physical risks on global equity values.(...)

"(...) Dans un communiqué de presse publié le 18 juillet, les chercheurs de l’Edhec ont présenté leurs principales conclusions, soulignant que l’impact du risque climatique sur la valeur des actions mondiales est particulièrement prononcé dans les scénarios où l’action en faveur du climat est limitée. Ils estiment que plus de 40% de la valeur des actions mondiales est menacée si les efforts de décarbonisation ne s’accélèrent pas, avec des pertes potentielles dépassant 50% lorsque les points de basculement climatiques sont pris en compte. À l’inverse, des mesures de réduction rapides et énergiques pourraient limiter les pertes à moins de 10%. (...)

"(...) De acuerdo con un nuevo estudio de Instituto de Impacto Climático EDHEC-Risk, de no hacerse más detener el calentamiento global provocado per las emisiones de gases de efecto invernadero, las valoraciones de las acciones globales se verán afectadas en un 40%. (...)

"(...) The study – How Does Climate Risk Affect Global Equity Valuations? A Novel Approach – debunks the notion that the value of global equities is immune to climate changes. (...)

"A study from the EDHEC-Risk Climate Institution claims “aggressive climate policies are needed if global equity values are to be preserved”.

"In a new study, How Does Climate Risk Affect Global Equity Valuations? A Novel Approach, EDHEC-Risk Climate Impact Institute addresses key limitations of current climate-aware valuation approaches to produce novel insights.

"(...) New research from the EDHEC-Risk Climate Impact Institute finds gaps in valuation techniques that investors rely on. Adapting a new methodology, the research team led by the institute’s scientific director Riccardo Rebonato, reports that the impact of climate risk on equity valuations could be more significant than what previous estimates suggest. (...)

"Climate risk poses ‘significant’ impact on global equity valuations, the EDHEC-Risk Climate Impact Institute has claimed, as it calls on ‘aggressive’ climate policies to preserve valuations.

" (...) Failing to do more to slow the planetary heating caused by greenhouse-gas emissions will gouge 40% from global equity valuations, estimates a new study by the EDHEC-Risk Climate Impact Institute. Accounting for climate-change-accelerating “tipping points” such as Amazon-rainforest dieback or a Big Burp of gas from melting permafrost, the market losses rise to 50%. On the other hand, if the world gets its act together and limits warming to 2 degrees Celsius above preindustrial averages, then the hit to stock prices will be just 5% to 10%.

"Over 40% of global equity value is at risk unless decarbonisation efforts accelerate, according to academic research.

"FAUX. Selon la dernière étude de l’Edhec Risk Climate Impact Institute, des combinaisons très plausibles de politiques et de résultats physiques peuvent avoir un impact important sur l'évaluation des actions ; et le risque de perte est beaucoup plus important que le risque d'augmentation - plus de 40 % de la valeur des actions mondiales est menacée si les efforts de décarbonation ne s'accélèrent pas et les pertes pourraient dépasser 50 % si les points de basculement cl imat iques sont proches."

"Article issu de The Conversation, écrit par Riccardo Rebonato, Professor of finance and scientific director (EDHEC-Risk Climate Impact Institute), EDHEC Business School.

“ (...) Academic think-tank the EDHEC-Risk Climate Impact Institute has found that a lack of government action on climate would wipe out global equity valuations by 40 percent, using a novel climate scenario analysis framework. The findings contrast with current climate scenario practices which have been criticised for suggesting that financial "portfolios would only be marginally impacted, even in high-temperature scenarios that pose existential challenges to our societies". Unlike conventional scenarios which look at the impact of a handful of pre-selected variables, the EDHEC-Risk analysis captures the impacts of a wider range of possible economic and climate outcomes. (...)"

"Face aux incertitudes qui entourent le changement climatique, les décideurs politiques comme les investisseurs ont besoin de savoir ce qui peut arriver et avec quel niveau de probabilité. Malheureusement, les scénarios actuels ne répondent qu’à la première question, et encore, partiellement. Les recherches menées par l’Edhec Risk Climate Impact Institute tentent d’apporter des réponses approximatives mais « exploitables » à la deuxième question. (...)

"Le 1er juillet, l'agence de notation américaine Moody's annonçait abandonner son activité de notation ESG (les critères environnementaux, sociaux et de gouvernance pour apprécier les performances et risques extra-financiers d'une entreprise) pour nouer un "partenariat stratégique" avec le fournisseur d'indice MSCI. (...)

"Analysis by France’s EDHEC Business School has concluded that, under a business-as-usual scenario – where only incremental policy interventions are made to manage the impacts of climate change – equity losses could surpass 50%. (...)

" (...) Whether they are actively engaged with carbon-intensive firms or not, many asset owners have struggled to alight on scenario analysis frameworks that offer realistic and reliable readings of climate change’s impact on the value of their equity portfolios. Faced with the many uncertainties involved in bringing high-level impacts down to the asset level, approaches built on traditional finance sector methodologies and assumptions have frequently underwhelmed investors by seemingly underplaying the financial impacts and existential risks that temperature rises pose to society. A paper from Riccardo Rebonato, Scientific Director of the EDHEC-Risk Climate Impact Institute, may provide a more credible – if sobering – alternative.

"New EDHEC-Risk Climate Impact Institution research extends valuation techniques to estimate the effect on global equity values of climate and economic uncertainties, financial contingencies, transition costs and physical risks.

"New EDHEC-Risk Climate Impact Institution research: Extends valuation techniques to estimate the effect on global equity values of climate and economic uncertainties, financial contingencies, transition costs and physical risks.

"Decision makers should pursue aggressive policies to bring climate change under control if they want to avoid losses in the value of global stocks that could top 50%, think-tank EDHEC-Risk Climate Impact warned in a 74-page paper published on Wednesday.(...)

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Keywords

Year

A new study from the EDHEC Climate Institute proposes a model to assign probabilities to climate scenarios—addressing a long-standing limitation in the tools used by financial institutions, regulators, and policymakers to assess climate-related risks. The findings suggest a high chance (35–40%) that global temperatures will exceed 3°C by the end of this century.

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In a new study, How Does Climate Risk Affect Global Equity Valuations? A Novel Approach, EDHEC-Risk Climate Impact Institute addresses key limitations of current climate-aware valuation approaches to produce novel insights. The paper, conducted within the research chair established by EDHEC Business School and Scientific Beta, reveals that the impact of climate risk on global equity valuation can be significant, especially in scenarios with limited climate action. Download

EDHEC-Risk Climate Impact Institute today released “Scope for Divergence”, a policy report offering comprehensive insights into accounting for greenhouse gas emissions throughout companies’ value chains – and the challenges this poses to companies and investors. Download

UK Local Government Pension Scheme authorities have experimented with reporting on their governance and management of climate risks, responding to challenges by non-governmental organisations and anticipating regulatory developments. Drawing on advice provided by investment consultants, their reports have included simulations of the impact of climate-related scenarios on investments suggesting that portfolios would only be marginally impacted, even in high temperature scenarios. Download

EDHEC-Risk Climate Impact Institute and Scientific Beta are pleased to announce the endowment of a research chair entitled “Upgrading Climate Scenarios for Investment Management”. This new long-term research effort is part of the EDHEC-Scientific Beta Advanced Climate Investing Initiative and aims to address the pressing need for fit-for-purpose tools to integrate climate risks into investment management. Download

Both climate change inaction and climate change action are expected to have an impact on the value of financial assets. It is therefore of interest to investors to quantify their exposure to climate change through the use of a climate beta, just as an exposure to market risk is measured by the traditional market beta. However, measuring the climate beta is difficult because it requires identifying a proxy variable that reflects changes in climate risk. Download

EDHEC-Risk Climate Impact Institute welcomes preservation of the double materiality principle and broad coverage of Environmental, Social and Governance issues; regrets the European Commission’s decision to dispense with unconditional disclosure of key indicators of corporate sustainability; expresses concerns about the availability and quality of disclosures; and calls for industry efforts to standardise materiality assessments to reduce the cost and enhance the relevance of disclosures. Download

In a new publication “Benefits of Open Architecture and Multi-Management in Real Estate Markets— Evidence from French Nonlisted Investment Trusts”, EDHEC-Risk Institute, in partnership with Swiss Life Asset Managers France, assess whether modern investment management techniques such as fund selection and portfolio allocation can be applied to the SCPI universe and create value for an investor wishing to be exposed to French non-listed commercial real estate. Download

In a new publication entitled “Measuring and Managing ESG Risks in Sovereign Bond Portfolios and Implications for Sovereign Debt Investing”, EDHEC-Risk Institute, with the support of Amundi ETF, Indexing & Smart Beta, develops a formal framework for incorporating environmental, social and governance (ESG) criteria into risk management and investment decisions involving sovereign bonds. The main objective is to assess whether it is possible to incorporate ESG constraints through a significant improvement of the portfolio ESG score without a substantial increase in absolute and relative risk budgets, or a substantial decrease in expected performance. Download

EDHEC-Risk Institute has announced the results of the 13th EDHEC European ETF, Smart Beta and Factor Investing Survey, a comprehensive survey of 191 European ETF and smart beta investors, conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. Download

EDHEC-Risk Institute is pleased to announce the appointment of Jaap van Dam as chairman of its international advisory board. He is the Principal Director of Investment Strategy at PGGM in the Netherlands. PGGM is a leading Dutch pension administrator with roots in the healthcare and social work sectors. It manages about €268 billion ($329 billion) in pension assets for more than 2.5 million Dutch participants. PGGM provides services in pension fund management, comprehensive asset management, management support, and policy advice to various pension funds. Download

EDHEC-Risk Institute is pleased to announce that three members have joined its international advisory board, which brings together distinguished scholars, representatives of regulatory bodies as well as senior executives from business partners and other leading institutions. Download

EDHEC Business School is joining the Global Research Alliance for Sustainable Finance and Investment (GRASFI), the global network for cutting-edge research on sustainable finance and investment. The partnership underscores EDHEC’s commitment to this area, just a few weeks after presenting its new strategic plan – ‘Impact future generations 2025’ – and unveiling its strong ambitions in the sustainable finance field.

Factor investing and liability-driven investing are widely recognised as two major advances in asset-liability management. Interestingly, both paradigms are tightly connected with advances in research on portfolio optimisation and asset pricing. To explain what role factors can play in liability-driven investing is the purpose of a new EDHEC-Risk Institute publication entitled "Factor Investing in Liability-Driven and Goal-Based Investment Solutions", conducted as part of the "ETF, Indexing and Smart Beta Investment Strategies" research chair supported by Amundi. Specifically, the authors analyse the benefits of a factor investing approach at three stages: 1. Download

Building upon fundamental research on risk allocation and goal-based wealth management conducted in recent years, EDHEC-Risk Institute announced today that it is collaborating with Bank of America to develop new research on goal-based investing for the construction of retirement investment solutions for individuals. The aim of the research is to develop a holistic goal-based investing framework for analysing optimal retirement investment decisions for individuals in the transition or de-accumulation phase of their investment lifecycle, by using a broad range of investment product categories including stocks, bonds and annuity-related products. Download

EDHEC-Risk Institute and FirstRand Limited (FirstRand or the group) are partnering for the first time to launch a three-year research chair entitled “Designing and Implementing Welfare-Improving Investment Solutions for Institutions and Individuals” to expand the scientific literature on investor welfare-enhancing methodologies for portfolio construction in a goals-based investing framework. Year 1 will focus on a detailed analysis of the interplay between diversification and insurance, with the aim of determining whether it is possible to achieve an improvement in investor welfare by creating a diversified portfolio of insured assets, as opposed to insuring a portfolio of diversified assets. Download

EDHEC-Risk Institute, EDHEC Business School’s financial research hub, has teamed up with Coursera, a world leader in online training, to offer a new specialization in machine-learning techniques for financial professionals from September 2019. The online learning platform has 40 million registered users to date. Download

EDHEC-Risk Institute has announced the results of the 12th EDHEC European ETF, Smart Beta and Factor Investing Survey , conducted as part of its Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, aims to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. Download

A new study produced as part of the Amundi research chair on “ETF, Indexing and Smart Beta Investment Strategies” focuses on the two factors that explain a large fraction of differences over time in bond returns, namely the “level” or “slope” of the yield curve. Using not only yield curve data but also a comprehensive database of individual bond returns in the US over the 1973-2018 sample period, the publication “Factor Investing in Sovereign Bond Markets – A Time-Series Perspective”, explores whether it is possible to identify strategies, which, after transaction costs, generate excess returns by taking relevant signal-based level or slope bets when investing in a real US coupon bonds universe. Download

Swiss Life Asset Managers France and EDHEC-Risk Institute have announced the creation of a research chair at EDHEC-Risk Institute entitled “Real Estate in Modern Investment Solutions.” Led by Professor Lionel Martellini, Director of EDHEC-Risk Institute, and Professor Nikos Tessaromatis, Professor of Finance at EDHEC Business School, the research chair team will analyse the role of real estate in investment solutions. The goal is to provide a comprehensive analysis of the role of listed and unlisted real estate investments in institutional portfolios, with a particular emphasis on how dedicated forms of real estate investments can prove to be key ingredients within the performance and hedging components of welfare-improving forms of investment solutions. Download

EDHEC-Risk Institute has announced the results of the 11th EDHEC European ETF and Smart Beta and Factor Investing Survey , conducted as part of the Amundi research chair at EDHEC-Risk Institute on “ETF, Indexing and Smart Beta Investment Strategies”. This survey, conducted since 2006, is aiming to provide insights into European investors’ perceptions, practices and future plans in the domain of ETFs and Smart Beta. This year, the survey also includes a special focus on Smart Beta product development, considering specific client demand in the fixed income field. Download

In a new publication entitled “Applying Goal-Based Investing Principles to the Retirement Problem”, EDHEC-Risk Institute and Professor John Mulvey of the Operations Research & Financial Engineering Department at Princeton University outline the shortcomings of existing retirement products, and lay the academic foundations for a new generation of risk-controlled target date funds. The research efforts towards the design of more meaningful retirement solutions, with the support of Bank of America’s Merrill Lynch Global Wealth Management group, have led to the design of the EDHEC-Princeton Retirement Goal-Based Investing Index Series, available at risk.edhec.edu/indices-investment-solutions. Download

In a new publication entitled “Smart Beta and Beyond: Maximising the Benefits of Factor Investing”, EDHEC-Risk Institute, with the support of Amundi ETF, Indexing & Smart Beta, provides useful pedagogical clarification with respect to the benefits of factor investing in an institutional context. To this end, this paper proposes a “taxonomy” to classify the practically relevant notions of factors and discusses how they connect to various meaningful investment contexts. Download

In a new survey conducted among investment professionals between June and September 2017, EDHEC-Risk Institute and ERI Scientific Beta have analysed the interests and motivations for investing in new forms of equity factor strategies. The 114 respondents together have at least USD 2.5 trillion in AUM and span all regions of the world (52% from Europe, 28% from North America and 20% from other parts of the world). In one of the more striking findings in the survey, there is a contradiction between score-based factor design choices and the statistical beta-based risk analysis. Analysis of the extreme risk of factor portfolios is still fairly basic and does not really allow the extreme risks to be appreciated. Download

EDHEC-Risk Institute is pleased to announce the launch of a new digital outreach partnership entitled “Financial Risk Management as a Source of Performance” in partnership with The French Asset Management Association (Association Française de la Gestion Financière, AFG). This partnership will aim to emphasise the importance of financial risk management as a main source of added-value in asset management, and to showcase the expertise of French asset managers in this area through a series of digital outreach projects. Download

EDHEC-Risk Institute is pleased to announce that five members have joined its international advisory board, which brings together distinguished scholars, representatives of regulatory bodies as well as senior executives from business partners and other leading institutions: Ms Jayne Atkinson, Chief Investment Officer, Unilever UK Pension Fund; Mr Stéphane Monier, Head of Private Client Investments, Lombard Odier; Ms Lisa Shalett, Head of Investment and Portfolio Solutions, Morgan Stanley Wealth Management; Mr Brnic Van Wyk, Head of Asset/Liability Management, Investments Division, QSuper; and Mr Takashi Yamashita, Director, Investment Strategy, Government Pension Investment Fund (GPIF), Japan. Download

EDHEC Business School is proud to present a new international initiative offered jointly with SDA Bocconi School of Management: the Masterclass on New Frontiers in Retirement Investing. The workshop focuses on the topic of Retirement Investing, drawing on the latest academic research with practical relevance. The two pillars of the financial debate on retirement needs – funding and investments – are deeply analysed by experts from these two leading European Business Schools. The workshop will also include a roundtable discussion where regulators and investment managers will exchange their perspectives on the topic. Download

Multi-factor models are standard tools for analysing the performance and the risk of equity portfolios. In addition to analysing the impact of common factors, equity portfolio managers are also interested in analysing the role of stock-specific attributes in explaining differences in risk and performance across assets and portfolios. In a new publication entitled “Multi-Dimensional Risk and Performance Analysis for Equity Portfolios”, EDHEC-Risk Institute explores a novel approach to address the challenge raised by the standard investment practice of treating attributes as factors, with respect to how to perform a consistent risk and performance analysis for equity portfolios across multiple dimensions that incorporate micro attributes. Download

EDHEC-Risk Institute is pleased to announce the appointment of Mark Fawcett as chairman of its international advisory board. He is Chief Investment Officer of NEST Corporation, the trustee body responsible for running NEST, the National Employment Savings Trust. NEST was set up specifically to support changes that meant UK employers now have to automatically enrol their workers into a workplace pension scheme. Since its creation in 2011 NEST has become one of the largest master trusts in the UK and currently has over 200,000 employers signed up, 3.7 million members and over £1.2 billion assets under management. Download

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