EUROPE – Bridgewater Associates today received the top commendation in the first IPE Pension Fund Perception Programme (PFPP) Awards for asset managers, winning the accolade for the manager highest rated by clients.
Majedie and Franklin Templeton Investments were placed second and third in the ranking, while Acadian won two awards as the highest rated manager for Risk Management and Quality Of Reporting.
Majedie also won a further two category awards – for Investment Management and Overall Value Delivered. Baillie Gifford received the category award for Relationship Management and Client Service.
The PFPP Awards are the first asset manager awards determined entirely by institutional investors and recognise asset managers that were rated highest by their pension fund clients in the first phase of PFPP conducted in 2012.
More than 180 managers were rated across nine overarching categories, and overall, and their clients also nominated those managers that they would recommend to other pension funds.
The PFPP Awards commended the 25 managers who were recommended by 100% of their clients in the programme (see full list below).
Piers Diacre, chief executive and publisher of IPE said: “This award is central to the Pension Fund Perception Programme and represents the ultimate endorsement of a manager by its clients.”
Diacre praised the PFPP as a “major new pension fund industry-led initiative” meant to improve asset manager performance and service standards by allowing pension funds access to critical asset manager intelligence and insight on manager performance.
“As a completely trusted third party with long-standing relationships with leading pension funds and asset managers, and an impeccable reputation for integrity and impartiality, IPE is uniquely placed to facilitate such a programme.
“In 1995,” Diacre added, “six asset managers had an 85% share of the UK pensions market. It is notable that none of those six companies are winners today.”
In August 2012, IPE revealed the preliminary results of the PFPP, which showed that pension funds placed the highest value on asset managers’ ability to deliver returns within stated risk parameters, on the integrity of valuations and the accuracy of reporting. Softer factors, such as client relationships and alignment of outcomes, also ranked highly in the participating funds’ assessments.
The pension funds who participated in the initial phase of the programme have more than €1trn of assets under management.
Overall assessment by clients - managers rated highest:
Highest rated manager:Bridgewater Associates
Second highest rated manager:Majedie Asset Management
Third highest rated manager:Franklin Templeton Investments
Acadian Asset Management Baillie Gifford Bridgewater Associates Franklin Templeton Investments HarbourVest Partners Legal & General Investment Management Majedie Asset Management Marathon Asset Management T. Rowe Price Unigestion
Highest rated manager for value delivered:Majedie Asset Management
Highest rated manager for valuations and benchmarking:GMO
Highest rated manager for operations:HSBC Global Asset Management
Highest rated manager for ESG matters:Principal Global Investors
Highest rated manager for investment management: Majedie Asset Management
Highest rated manager for risk management: Acadian Asset Management
Highest rated manager for reporting:Acadian Asset Management
Highest rated manager for relationship management and client service:Baillie Gifford
Managers recommended to other funds by 100% of clients reporting:
Adams Street Partners Ashmore Investment Management Baillie Gifford Bridgewater Associates Credit Suisse Asset Management Dexia Asset Management Eurizon Capital Franklin Templeton Investments Genesis Investment Management HarbourVest Partners Invesco Majedie Asset Management MFS Investment Management Nomura Asset Management Northern Trust Global Investments Partners Group Pictet Asset Management Pioneer Global Asset Management Principal Global Investors Russell Investments T. Rowe Price Threadneedle Asset Management Unigestion Vontobel Asset Management Western Asset Management