About BCEE Asset Management
An independent asset management company
Created in 2006, BCEE Asset Management S.A. (BCEE AM) is an independent asset management company whose shareholders are Banque et Caisse d'Epargne de l'Etat, Luxembourg (Spuerkeess) and the insurance company lalux, which hold 90% and 10% of the shares respectively. With a multidisciplinary team of more than 20 employees, BCEE AM is managed by Hélène Corbet, Dr. Yves Wagner and Carlo Stronck.
BCEE AM currently manages more than 50 sub-funds (lux|funds and third party funds) and institutional portfolios for a total amount of more than EUR 4.0 billion in net assets. The funds under management cover all traditional asset classes such as equities, bonds, money market instruments and funds of funds.
The management company also acts as an advisor for a private bank and manages several institutional mandates on behalf of national and international companies, as well as public and para-public institutions. The portfolios include the management of discretionary mandates, pension funds and white label investment funds.
Efficient risk management
BCEE AM pays particular attention to proper risk management and has implemented a sophisticated risk management model based on the APT (Arbitrage Pricing Theory).
A complete offering that is regularly recognised
The European Funds Trophy presented BCEE AM with the FundClass award for the best management company in Luxembourg for the seventh year running, a sign of its steady and solid performances.
The investment policy
Reassuring asset management
As the objective is to obtain regular capital growth and/or stable and recurring income, BCEE AM's investment culture can be qualified as dynamically conservative.
In the initial phase, a research team made up of BCEE AM economists, strategists, analysts and managers defines expected returns by asset class and a global allocation portfolio for an average risk level (neutral allocation).
On the basis of proposals issued by the research team, the investment committee then approves the global allocation used to define the different portfolios according to separate risk constraints.
The selection of shares is based on a BCEE AM-specific approach, the S-GARP (Sustainable Growth At a Reasonable Price), which enables us to avoid traditional pitfalls during market phases, significantly favouring one style at the expense of the other. Moreover, the absolute performance of the investments made via this approach is less dependent on market cycles and the investments have lower volatility for a given performance.
Similar to the S-GARP securities selection process for equities, the S-QARP approach (Sustainable Quality At a Reasonable Price) is used for selecting bonds by putting the emphasis on "sustainable quality".
Daily monitoring of returns and risks
Performance analysis, attribution and monitoring in terms of returns are carried out on a daily basis by the Operations and Risk Management teams. They inform the fund managers of developments in returns and risks on a daily basis.