多资产类别9附件四2008dam annual report

1、Annual report2008ContentsProfile of Dexset MAnAgeMent 2grouP Profile 3i. PresentAtion of Dexset MAnAgeMent 458Message from the CEO Organisation chart Composition of the decision-making bodiesof Dexset Management10ii. Dexset MAnAgeMent in 20084Economic and final environment15iii. Dexset MAnAgeMent in

2、 figures20Management Report by thof Directors21Dexset Management - Annual report 2008 Profile of Dexiet ManagementDexset Management is a leading-edge European assetDexset Management offers tailorsolutions and services,management company whichs a complete range of high-while keecosts down by centrali

3、sing its asset managementperformance solutions, in all asset classes, for institutional andactivities in Brussels, Paris, Luxembourg and Sydney and decentralising its sales and distribution activities throughoutEurope, Australia, the Middle East, Turkey and Canada. Ourprivate investors as well as fi

4、nal intermediaries. Dex Management is Dexia Groups centre for research, finaanalysis and asset management.setltargetof finas are: Dexia Groups in public finance, networksl services for individual customers and privateDexset Managements investment philosophy is a sourceele, the European pension and i

5、nsurance fund industry,and transborder investment fund distributors.of added value based on a confrontation of ideas. Portfoliomanagement decisions areby relatively small teams ofinvestment professionals on the basis of their own research andan objective approach with respect to factors that influen

6、ce the“Money does not perform. People do.” This motto expresses DexiaAsset Managements faith in human intelligence and teamwork,final markets.which form the foundation of our success.ability,integrity and discipline are reflected in each of its businesses, ensuring the establishment of long-term par

7、tnerships centredon honesty, transparency and coherence. The emphasis we placeIn addition to its expertise in investing assets in equity, fixedincome, money market and global balanced funds, Dexseton research and innovation guarantee ourinvestment solutions the market has to offer.s the best possibl

8、eManagement is a major European player in alternative asset management, covering a complete range of strategies, including High Yield, Long-Short European Equities, Convertible Arbitrage, Trend Following, Volatility, Event Driven funds and Multi-Strategyfunds.Sustainable and Responsible Investment (

9、SRI) portfolio manage-ment is a strategically important field of expertise for DexsetManagement. Its leading position in this field, which has been acknowledged by external parties, is the result of 13 years of experience and research. In that time, we have developed one of the most extensive ranges

10、 of SRI products with the aim oftransborder distribution in 9 European countries.Dexset Management - Annual report 20082group profileretail and Commercial BankingDexia is a European bank, with 36,760 members of staff and acore shaolders equity of EUR 17.5 billion as at 31 December2008. Dexia Group f

11、ocuses on Public and Wholesale Banking,Dexia is a leading European bank, ranking among the three major banks in Belgium and Luxembourg and holding a strong position in Turkey. It is also present in Slovakia. The bank is offering a wide range of retail, commercial and private banking services as well

12、 as insurance products to more than six million customers.This business line also includes asset management and investorproviding local public finance actors with compensive bankingand final solutions, and on Retail and Commercial Bankingin Europe, mainly Belgium, Luxembourg and Turkey.Business line

13、sserviceivities. Dexset Management had EUR 79 billionof assets under management as at 31 December 2008. The investor services business is conducted by RBC Dexia Investor Services, a joint venture with Royal Bank of Canada, which offersits expertise in global custody, fund and pension administrationP

14、ublic and Wholesale BankingAs a consequence of the transformation plan initiated by Dexiain November 2008, the Public and Wholesale Banking businessand shaolder services to institutions around the world.Total assets under custody amounted to USD 1.9 trillion as at31 December 2008.line has been revis

15、ited in order to take intothe currentmarket environment. It will focus on markets combining strong commercial franchises, a long-term funding capacity and potentialfor profitable growth.RatingsThe commercial franchises in France, Belgium, Luxembourg, Italy and the Iberian Peninsula have been confirm

16、ed and these markets will remain core markets for Public and Wholesale Banking. Dexia will maintain a presence in Germany, Japan and Switzerland to retain platforms for access to funding sources. The activities in the United Kingdom and in the United States will besignificantly reduced.The Groups ma

17、in operating entities Dexia Bank Belgium, Dexia Crdit Local and Dexia Banque Internationale Luxembourg are rated AA- by Fitch, A1 by Moodys and A by Standard & Poors. Three of Dexias European subsidiaries issue Triple-A rated securedbonds.The ongoing final crisis does not question ourssolvency or th

18、eir finag needs. And Dexia remains on itscore markets a major player in public and infrastructurefinance, the finaand social economy.g of the health and social housing sectors,Its strategy in this field aims at strengthening the range ofproducts and services available to customers. This approach,whi

19、ch is aly largely effective in Belgium, will enable the Groupto go beyond its role of specialist lender in order to offer a betterservice to a broader customer base.Dexset Management - Annual report 2008 3i.PresentAtion ofDexset MAnAgeMentMessage from the Ceo2008 will without a doubt remain etched i

20、n everyones memory as an especiallychallenging year for the final sector. The crisis that broke out in August 2007extended into 2008 and even accelerated in late September with the LehmanBrothers bankruptcy.In this relatively tense environment, Dexset Management actually held up quitewell. Unlike so

21、me other sector players, we had no major liquidity problems and therefore did not have to shut down any funds. Our risk profile was the key to our resiliency, as we held no “toxic” products (CBOs, CDOs or CLOs) in our portfoliosand had no direct subprime exposure.Although we held up well, the value

22、of our assets under management declined, mainly due to negative market impact. After several consecutive years of growth,our returns stalled in 2008, as did those of most European asset managers.Nevertheless, our broad range of diversified products and our solid risk managementmeant that we did slig

23、htly better than most of our direct competitors.We also note with pride that institutional investors currentlyfor 59% ofall of our assets under management, as opposed to 25% in 2001, and that we nowhave 445 mandates as289 in 2001.A pro(active) response to the crisisWe did not achieve this solid show

24、ing by chance! As far back as 2007, DexsetManagement had begun to reflect on its cost structure. Our drive for efficiencyand enhanced performance extended into 2008 and continues to this day.As far back as April 2008, we set up a crisis management team to deal with all aspects of this exceptional ma

25、rket environment. Our solid governance and pro- activeness allowed us to make rapid and effective decisions and to draw the rights, in order to lay the groundwork for the future!In this relatively tense environment,DexsetAmong other measures, Dexset Management improved its line of products,enhanced

26、itscommunications, adapted its various risk profiles, and furtherManagementupgraded the various levels of controls and risk management.actually held”up well.Dexset Management - Annual report 2008 Consolidation of our range of fundsInvestors naturally responded to the tough times of 2008 by seeking o

27、ut greater security. We adapted our range of funds to meet this shift in investment behaviour. We created investment funds to satisfy investor demand for liquid assets offering stable returns and little risk.Our objectives for 2009 can be summed up in three words: transparency,In 2008,ipating a draw

28、n-out crisis, we began to consolidate our range offunds. Ultimately, we scaled back the number of funds by 61, while retaining theconsistency and flexibility to offer the right solutions to ours changing needs.Since the end of 2008, we have been offering 263 open-ended funds, down from271 at the end

29、 of 2007.Meanwhile, we continued to develop innovative and high-performance solutions. For example, last year we launched several money-market funds, as well as, inter alia, external multi-management funds, employee-savings funds in France and fundslinked to “Innovation”, “Sustainable Emerging Marke

30、ts” and “Turkey”.proximity and”solutions!2009: ours are our focusOur objectives for 2009 can be summed up in three words: transparency, proximityand solutions!First of all, we intend to meet ours need for transparency. They will have real-time access to the composition of a large number of our funds

31、, via our website. Theywill receive even clearer and user-friendlier performance reports. In short, all of ourverbal and written communication will be reworked with ours in mind.Second, we will seek to enhance ours confidence in us. How? By improving thequality of our services, by optimising our ris

32、k management at all levels and by creatingeasy-to-understand, high-performance products. We are more determined than everto take a hands-on approach vis-vis ours. One of the efforts we are makingin this direction involves our finarepresentatives when they visit ourl technicians accompanying our cust

33、omer services.Third, all Dexset Management teams will be more focused than ever onservices and solutions. Accompanying ours, guiding them and advising them,while offering them solutions that meet their needs those are our objectives! One of the ways of meeting them is to streamline our decision-maki

34、ng and fund-creationprocesses, to achieve an even prompter “time to market” (TTM). This will help us toregularly adapt our offer, as will our constant focus on thethe market.and our feel forDexset Management - Annual report 2008 Everything that we did to get through the economic storm of 2008, and t

35、he way in which we held steady, the big lessons that we learnt, our responsiveness to marketcircumstances and our 2009 strategy All this will help us to return to growth oncethe final skies clear.“Money does not perform. People do.”The team spirit, cohesiveness and skills of the Dexset Management st

36、aff arewhat make the company strong and unique. These qualities are central to our identity and our will to succeed. We apply them constantly every day and will continue to cultivate them, as they are what sets us apart from our competitorsand allows us to confirm our standing as one of Europes top

37、asset managers.I have placed my trust in the passion, commitment and skills of all our teams, all over the world, and in our ability to get through these challenging times andultimately achieve our strategic objectives.I shall thereforein thanking you for the trust you have placed in DexsetManagemen

38、t, trust you have placed in good hands.Nam Abou-JaoudCEO of Dexset ManagementDexset Management - Annual report 2008 organisation chart as at 3 December 2008Dexset Management - Annual report 20088Dexset ManagementExecutive CommitteeNam Abou-Jaoud (Chairman) - Tanguy de Villenfagne - Pierre Ernst - Je

39、an-Yves Maldague - Henri-Michel Tranchimand - Wim Vermeir - Leen Colle (Advisor to the Executive Committee)Project DevelopmentComplianceArnaud de BatzAlain PignoletFinanceCorporate CenterMichel OryMireille DefaweHuman Resources ManagementLegal and TaxPatrice ValleDominique SioenInvestmentAlternative

40、Group Relations,InstitutionalIT - Global RiskOperations - ManagementInvestmentProduct Management,SalesManagementPerformance AnalysisManagementMarketing& Reporting -ServicingWimNamJean-YvesHenri-MichelTanguyPierre VermeirAbou-JaoudMaldagueTranchimandde VillenfagneErnstorganisation chart as at 3 March

41、 2009Advisors to the Executive Committee:Leen Colle, Deputy “Finance, Secretary General, Product Range Management” Patrice Valle, “Global Head of HR”Dexset Management - Annual report 20089CEONam Abou-JaoudInvestmentAlternativeSales &Finance, SecretaryRiskOperations- ManagementManagementSolutionsGene

42、ral, ProductManagementRange ManagementServicing & ITWimFabriceVincentJean-YvesTanguyPierre VermeirCuchetHamelinkMaldaguede VillenfagneErnstCommunicationHRMComposition of the decision-making bodies ofDexset Management as at 3 December 2008 Dexset MAnAgeMent executive Committee Hugo Lasat, Chairman Na

43、m Abou-Jaoud, Vice-Chairman Tanguy de Villenfagne, Member Pierre Ernst, MemberJean-Yves Maldague, MemberHenri-Michel Tranchimand, MemberWim Vermeir, MemberLeen Colle, Advisor Dexset MAnAgeMent luxeMBourg sA Board of Directors Pierre Malevez, Chairman Hugo Lasat, Managing Director Jean-Yves Maldague,

44、 Managing Director Nam Abou-Jaoud, Director Christophe Burm, DirectorManagement CommitteeJean-Yves Maldague, ChairmanHugo Lasat, MemberMichel Ory, MemberAlain Pters, Member Thierry Delroisse, Director Xavier Rojo, Director Rembert von Lowis, DirectorAudit and Compliance CommitteePierre Malevez, Chai

45、rmanThierry Delroisse, MemberRembert von Lowis, Member Dexset MAnAgeMent BelgiuM sA Board of Directors Nam Abou-Jaoud, Chairman Leen Colle, Director Tanguy de Villenfagne, Administrateur Hugo Lasat, Administrateur Jean-Yves Maldague, Director Michel Vanderelst, DirectorManagement CommitteeTanguy de

46、Villenfagne, ChairmanLeen Colle, MemberMichel Vanderelst, MemberMyriam Vanneste, MemberWim Vermeir, MemberMyriam Vanneste, DirectorWim Vermeir, DirectorThierry Delroisse, DirectorPierre Malevez, DirectorBernard Mommens, Director Daniel Schats, Director Dexset MAnAgeMent sA (frAnCe) Board of Director

47、s Hugo Lasat, Chairman Jean-Yves Maldague Dexia Crdit Local SA, represented by Jean-Yves Bousseau Dexia AM Belgium, represented by Leen Collegeneral ManagementNam Abou-Jaoud, General DirectorHenri-Michel Tranchimand, Assistant General DirectorPierre Ernst, Assistant General DirectorNam Abou-Jaoud, b

48、y permanent invitationHenri-Michel Tranchimand, by permanent invitation Pierre Ernst, by permanent invitationDexset Management - Annual report 2008 0 AusBil DexiA Board of Directors Nam Abou-Jaoud, Chairman Paul Xiradis, Vice-Chairman Henri-Michel Tranchimand, Member Tanguy de Villenfagne, Member Wi

49、m Vermeir, Member John Grace, Member Adam Lancaster, Memberexecutive Committee (monthly)Paul Xiradis, Chief Executive OfficerHenri-Michel Tranchimand, MemberWim Vermeir, MemberMark Reilly, Chief Operating Officer, Member and SecretaryJohn Grace, MemberAdam Lancaster, MemberMark Reilly, SecretaryCeos

50、 Management Committee (weekly)Paul Xiradis, Chief Executive OfficerMark Reilly, Chief Operating Officer, Member and SecretaryAdam Lancaster, MemberJohn Grace, Member KoMMunAlKreDit Dexset MAnAgeMent Ag supervisory Board Stefan Vigl, Chairman Franz Hofer, Member Archibald Kremser, MemberManagement Co

51、mmitteeJan Hein AlfrinkMichael PunzetWolfgang Meister, MemberNam Abou-Jaoud, Vice-ChairmanJean-Yves Maldague, MemberHenri-Michel Tranchimand, Member Dexset MAnAgeMent AlternAtive DuBlin Board of DirectorsNam Abou-Jaoud, ChairmanFabrice Cuchet, Membertienne Pinot, MemberBarry McGrath, Member inDePenD

52、ent AuDitorDeloitte sA560, rue de Neudorf L-2220 LuxembourgDexset Management - Annual report 2008 Composition of the decision-making bodies ofDexset Management as at 3 March 2009 Dexset MAnAgeMent executive Committee Nam Abou-Jaoud, Chairman Fabrice Cuchet, Member Tanguy de Villenfagne, Member Pierre Ernst, MemberVincent Hamelink, MemberJean-Yves Maldague, MemberWim Vermeir, MemberLeen Colle, AdvisorPatrice Valle, Advisor Dexset MAnAgeMent luxeMBourg sA Board of Directors Stefaan Decraene, Chairman Jean-Yves Maldague, Managing Director N