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Investments and asset management: towards a paradigm shift?

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Subject several years to greater regulation than before, to a growing presence of technology, and to stiff competition from passive management, the active management industry is today facing a form of legal crisis. It appears that a paradigm shift is needed, as is the opinion of Oliver Stefanopoli, Executive Vice President of OTCex and Chairman of the Oversight Board for Investment Solutions at SANSO.

What is your vision of active management today?

After living well for decades on the prosper, the “traditional” active management It is currently going through a major existential crisis, with competition from powerful players who are more technology-driven, as well as more index-based and more passive approaches. OTCex He believes, however, that active management can and should retain real added value. This is why we helped create Sanso Investment Solutions (of which we are 45% shareholder) in 2017. This management company has undoubtedly managed to forge its identity and develop its positive originality. It currently manages assets of €1.6 billion. We therefore believe that with a more flexible vision it is always possible to offer attractive solutions to our customers, even if it sometimes means annoying habits.

Do you mention speed, can you tell us more about it?

There is almost a traditional view rigidInvesting: Many players invested in bonds or stocks often remain “crypto”, regardless of market configurations. However, we can see that with the return of large inflation and high interest rates, it is necessary to maintain a certain agility, a certain movement, and not only lose less than other funds to impress investors. And therefore, it is recommended, for example, not to hesitate Converting certain positions into currency If the context permits. However, this involves a permanent work of sectoral analysis and macroeconomic research; And this is where the permanent and sustainable added value provided by independent players should lie. The context is less intuitive than it has been in recent decades, but opportunities can still be identified, provided we know how to develop methods and technologies, as necessary.

On context, what do you think of current trends in responsible investing?

Obviously, we cannot help but rejoice to see the evolution of savings towards civic and environmental issues. However, we must avoid sinking into a form of intellectual laziness that often consists of wanting to “make sense of savings” without further thought. often focus on environmentalwhich is obviously very important, but in terms of costs social. However, our profession must take great care of this aspect. Because if we are to offer good returns to our investors, our mission is also and above all financing the real economythat alone creates wealth and jobs. That seems meaningful enough to me.

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