Sep 2008
Sustainable investing
13/09/08 10:00

Portfolio International quoted Jan Altmann who is involved in research about sustainable investing due to several projects he has led for clients. Main arguments:
- Sustainable investing in investment products is no guarantee for performance
- The performanc eplus that many providers claim for their ethical, Islamic or sustainable portfolios are results of coincidence
- No systematic coherence found yet between sustainable management of a company and share prices although sustainable management can be successful
- Investors need to make their own decision on their own norms for investing
- Sustainable investments only make up a minority of investments and don’t put pressure on anyone - though shareholder activism and vote pooling makes sense
Islamic Trackers
10/09/08 09:00
The Financial Times Deutschland wrote about the new ETFs on Islamic indices. 4asset-management was asked for an opinion.
Our main arguments:
- Although the trackers might contain Swaps to better track the index, they are Sharia approved by a respected comittee
- Investors will have a good performance in relation to the recent market turmoil but might lose performance when banks recover
- The product is Sharia approved but market making under strict Sharia rules can be tricky - the necessary hedge is hard to achieve
Cominvest and AGI
03/09/08 09:00

Handelsblatt has analysed the impact of the acquisition of Dresdner Bank by Commerzbank. In exchange, Commerzbank hands over the asset manager Cominvest for an estimate of only 700 Mn. EUR.
Our main arguments:
- Consolidation will concentrate on multiple functions and backoffice
- Institutional business might be set to grow due to larger client network and sales resources
The article can be read here (in German)