A sset M anagement G u id e 2 0 1 4

A s s e t M a n a g e m e n t G u i d e 2 014
BBVA Asset Management
Adresse:
Ciudad BBVA
C/Sauceda, 28, 3rd Floor, Asia Building
E – 28050 Madrid
Tel. :
Fax :
+34 91 537 74 36
+34 91 374 86 30
Website:
www.bbvafondos.com
Teamgröße:
4 Mitarbeiter (BBVA AM Institutional Sales
Team), Das Corporate & Investment
Banking Sales Team in Düsseldorf und
Frankfurt umfasst dazu 15 Mitarbeiter
Unternehmensüberblick/Kurzbeschreibung:
Ansprechpartner für das institutionelle Geschäft:
Gema Martín Espinosa
Head of Institutional Clients & International
Business Clients Team
+34 91 537 61 87, [email protected]
María Casado Velasco
Sales & Relationship Manager – Europe & Asia
+34 91 537 43 20, [email protected]
Marta Mateos Jiménez
Sales & Relationship Manager – Americas
+34 91 374 62 90, [email protected]
Assets under Management nach Assetklassen* (in %):
BBVA is a customer-centric global financial services group founded in 1857. The Group is present in 33 countries and has a solid
leadership position in Spain. BBVA Bancomer is the largest financial institution in Mexico and has leading franchises in South
America and the Sunbelt Region of the United States.
BBVA Asset Management is the Group’s Business Unit fully dedicated to asset management activities. With over 40 years of
experience, BBVA AM has a strong franchise in Spain, Mexico and
Latin America, managing over 76 billion EUR with a team of more
than 100 investment professionals around the world.
We are leaders in the mutual and pension funds industries in
Spain and Mexico and a significant player in Latin America. Our
local presence in Mexico, Chile, Colombia, Argentina, Peru,
Spain, Portugal and Luxembourg provides us with a deep knowledge and complete coverage of these markets.
BBVA AM has a broad range of products covering major asset
classes and investment strategies. BBVA AM is configured as a
specialist providing the best investment solutions to cover our
clients needs.
*Basis: weltweite Assets
Services:
R
Advisory/Sub-Advisory
Bemerkung: Quality Funds (BBVA’s Third Party Funds team) is specialist in
Third Party Fund Selection, Advisory and Analysis Services.
R
Master-KAG
Bemerkung: We are fully compliant with Helaba Master-KAG.
Im deutschsprachigen Markt aktiv seit: 2011
Mitgliedschaften in Verbänden:
£ BVI £ BAI R EFAMA R Andere: Spainsif
(www.spainsif.es/miembros), Inverco (www.inverco.es)
Assets under Management in Zahlen (in Mio. Euro):
76.593 AuM weltweit für Kunden
42.511 AuM Europa für Kunden
766
AuM institutionelle Kunden Deutschland
6.464
AuM „Third Party Business“
£
R
Securities Lending
Depotbank Operations
Bemerkung: Custody & Administration Services can be offered through BBVA Bank,
BBVA AM Depot bank and Administrator in Spain
£
R
Asset Allocation (SAA/TAA/GTAA)
Research
Bemerkung: BBVA AM Investment Strategy team – BBVA Research Group with more than
100 professionals in local markets fully dedicated to in-depth economic research
(www.bbvaresearch.com)
£
R
KAG
Liability Management
Bemerkung: ALM portfolio management capabilities
(Daten zum 30. November 2013)
£
Angebotene Investmentvehikel:
Performancemessung/-verifizierung:
R
R
£
£
R
Spezialfonds/Segmentfonds
Publikumsfonds (auch insti. Tranchen)
Strukturen/Zertifikate
Closed-End-Funds
Andere: Einzelmandate
i
36 A s s e t M a n a g e m e n t G u i d e 2 0 1 4
R
Risk Management
Intern
R
Extern: GIPS
Bemerkung: BBVA Asset Management has always given a great importance to the process of
measuring performance. Evidence of this is that BBVA Asset Management was the first Spanish Company in compliance with GIPS Standards (set up by CFA Institute:
www.gipsstandards.org). BBVA AM’s Head of Performance currently holds the presidency of
GIPS Spain.
BBVA
Asset
Management
Angebotene Assetklassen:
1. Equity
Regionen Global Europe Germany
US
Japan
Style
Asia, Emerging Andere:
Pacific Markets* Sektorfonds
Aktiv / Passiv
(auch ETFs)
X/-
X/X
-/-
X/X
X/X
X/-
X/X
X/-
Quantitativ/
Qualitativ
X/X
X/X
-/-
X/X
X/X
X/X
X/X
X/X
Small Cap/
Large Cap
-/X
-/X
-/-
-/X
-/X
-/X
-/X
-/X
Growth/
Value
X/X
X/X
-/-
X/X
X/X
X/X
X/X
X/X
Bottom-up/
Top-down
X/X
X/X
-/-
X/X
X/X
X/X
X/X
X/X
Long-only/Long-short
(z.B. 130/30)
X/-
X/X
-/-
X/-
X/-
X/-
X/X
X/-
Absolute /
Relative Return
X/X
X/X
-/-
-/X
-/X
-/X
X/X
X/X
High Income bzw.
Dividend / Low Vola
-/-
X/-
-/-
-/-
-/-
-/-
-/-
-/-
SRI
X
X
-
-
-
-
-
-
*Latein-Amerika
2. Bonds
Regionen Global Europe Germany US Japan
Style
Asia,
Pacific
Emerging Andere
Markets*
Staatsanleihen
X
X
X
X
-
-
X
-
Corporate Bonds
X
X
-
-
-
-
X
-
High Yield
-
-
-
-
-
-
-
-
Inflation Linked Bonds
-
-
-
-
-
-
X
-
Convertible Bonds
-
-
-
-
-
-
-
-
ABS/MBS
-
X**
-
-
-
-
X
-
Senior Loans
-
-
-
-
-
-
-
-
Absolute Return
-
X
-
-
-
-
-
-
Strukturierte Produkte
-
X
-
-
-
-
X
-
SRI
-
-
-
-
-
-
-
-
*Latein-Amerika, **Covered Bonds
Erläuterungen zu den angegebenen Produkten:
BBVA AM offers a broad and complete range of products, covering mutual
funds, personal and corporate pension plans and institutional mandates.
Our product strategy is designed to achieve two main objectives. First, offering a full range of investment solutions for our clients, from the most conservative products to the most sophisticated ones according to our Customer Centric Philosophy. Secondly, we seek to focus our product range in
those geographical areas where our local presence is strong enough to give
our investments a competitive advantage, and consequently, to benefit our
clients from this local leadership.
Regarding the first objective, BBVA AM range of products covers all major
asset classes and investment strategies.
Considering the local advantage it’s worth emphasizing, besides our home
bias through Europe, our Latam specialization. The BBVA presence in this
region is not a punctual decision but part of our long term core strategy as a
Global Financial Group. Deep knowledge about Latam markets with local
teams based in each country, and a PanLatam Coordination in Mexico, provides us with a unique characteristic to become our clients’ Latam House of
Choice.
Erläuterungen zu Research/Investmentprozess:
We have a well documented fundamentally driven investment process
combining top down and bottom up approach. Our process starts with the
strategic meeting where the team comprised of senior PMs, local CIOs and
our Strategy team, use external but mainly in house research to develop
views about market strategies. From a top down/macro driven committee
we extract the main investment strategies (interest rate exposure, yield curve positions, relative value between blocks, sector allocation, currencies,
relative sector and regional strategies) which will be implemented in portfo-
lios. The specialists’ teams (credit, fixed income, equity) will
provide the bottom up securities selection (stock-bond
picking).
The next step is to implement strategies into portfolios.
Depending on the profile and investment universe of each
portfolio/mandate, strategies might have a different risk
budget allocated to them but in any case, consistency will
apply as long as portfolio guidelines allow it. Portfolio managers and head of teams are responsible of the portfolio
implementation.
In each team strategic views are combined with tactical
views which are covered at the PMs level in order to take
advantage of short term opportunities (time horizon diversification). Tactical views have a buy/sell discipline where
key levels are identified and will trigger a discussion/action.
Welche Projekte stehen 2014 im Vordergrund:
Our main focus in 2014 will be to continue strengthening our
main capabilities, Latam (both equity and fixed income products), asset allocation, as well as European Sovereign Bonds
management, where we hold an excellent track record of risk
adjusted performance. We believe our local based teams of
economists, analysts and portfolio managers give us an edge
over our competitors.
Our continuous relationship with local authorities, companies and regional analysts allows us to anticipate industry
dynamics, market trends and continuously improve our main
portfolio management driver: the fundamental stock/bond
picking process.
DISCLAIMER:
This document and the information, opinions, estimates and
recommendations expressed herein, have been prepared by BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA) to provide its customers with general information as of its date and are subject to changes without prior notice. BBVA is not liable for giving notice of such
changes or for updating the contents hereof.
This document and its contents do not constitute an offer, invitation or solicitation to purchase or subscribe to any securities or other
instruments, or to undertake or divest investments. Neither shall
this document nor its contents form the basis of any contract, commitment or decision of any kind.
Investors who have access to this document should be aware that
the securities, instruments or investments to which it refers may
not be appropriate for them due to their specific investment goals,
financial positions or risk profiles, as these have not been taken into
account to prepare this report. Therefore, investors should make
their own investment decisions considering the said circumstances
and obtaining such specialized advice as may be necessary.
The contents of this document must be considered confidential.
However, no warranty, either express or implicit, is given regarding its
accuracy, integrity or correctness. BBVA accepts no liability of any
type for any direct or indirect losses arising from the use of the document or its contents. No part of this document may be (i) copied,
photocopied or duplicated by any other form or means (ii) redistributed or (iii) quoted, without the prior written consent of BBVA.
Past performance of securities or instruments or the historical
results of investments do not guarantee future performance. No
part of this report may be copied, conveyed distributed or furnished to any person or entity in any country (or persons or entities in
the same) in which its distribution is prohibited by law. Failure to
comply with these restrictions may breach the laws of the relevant
jurisdiction.
BBVA ASSET MANAGEMENT is a business unit of BBVA which includes
different companies each of them subject to specific laws and
supervisors depending of the jurisdiction in which is located and/or
the activity of the company.
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