16 May 2008
Winterthur has appointed leading independent funds research and ratings agency Old Broad Street Research (OBSR) to ensure that its own proprietary fund research is informed by the sharpest analysis available.
The composition of the funds in Winterthur's Tailored Selection is subject to on-going review according to an investment process underpinned by both OBSR findings and expert in-house research.
Colin Taylor, Winterthur's Head of Equity Investments, said: "Establishing a good quality range of funds is only the starting point. The true challenge lies in developing a successful investment process that stands the test of time and enables you to deliver a complementary range of funds that meet the needs of investors.
"Winterthur's investment team has a track record in using research effectively to identify fund managers who will outperform in the future. They have the investment and market experience needed to select funds that complement each other. OBSR's in-depth qualitative analysis will add additional perspective and objectivity to the process."
Winterthur's investment process has been designed with a view to creating a complementary range of funds that meets the pre, at, and post retirement needs of high net worth clients.
External research
OBSR inputs information on fund managers' investment brief, reference benchmark, capabilities and resources, as well as risk control procedures. This information garnered through face to face discussions with senior personnel at fund managers helps put quantitative data in context.
OBSR uses quantitative analysis to categorise funds into peer groups enabling comparisons to be made between similar funds. This in turn informs qualitative research.
Quantitative analysis
Winterthur's investment team uses quantitative analysis, focused on past performance and associated risk, to inform the qualitative analysis.
Proprietary questionnaires
All fund managers within Winterthur's Tailored Selection range are asked to complete in-house questionnaires updating Winterthur on performance, attribution analysis and risk/return characteristics. They are asked to document changes, whether these relate to fund strategy or profile, team organisation, company ownership or investment mandate. This information alerts the Winterthur team to any potential issues.
Qualitative analysis
Winterthur's investment team meets fund managers to discuss any questions that may have arisen from proprietary questionnaires and quantitative analysis. In addition to reviewing the fund manager's decision making and performance, the investment team aims to assess whether they are still adding value, and should continue to add value in the future.
Reputation check
Without reference to previous analysis, Winterthur's investment team handpicks which fund managers, investment teams or fund groups they feel are the best in a particular field, and discuss any outstanding concerns.
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For further information:
Paul Riddell, Press Office, +44 (0)1256 798099
Becky Holmes, Press Office, +44 (0)1256 798310
Christine Wood, FD, +44 (0)20 7269 7253
Notes to Editors
Winterthur Life UK Ltd
An AXA UK company, Winterthur Life UK Limited is a specialist producer of wealth management solutions to the high net worth marketplace.
Winterthur Life UK Limited provides focused investment and retirement solutions and support services predominantly distributed through quality IFAs as part of AXA Life's AXA & Winterthur Wealth Management business proposition.
The company is recognised as having an innovative approach to financial products and its products feature simple, transparent charging with access to a wide range of carefully selected investment funds and fund managers via its Tailored Selection fund platform. Winterthur is also differentiated in the market through its focus on service excellence, which was reflected in the company winning Company of the Year and two Five Star service awards at the Financial Adviser Service Awards 2007.
Winterthur Life UK Limited is authorised and regulated by the Financial Services Authority.
www.winterthur-life.co.uk
AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection.
AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. IFRS revenues amounted to €94 billion for the full year 2007.
The AXA ordinary share is listed on Compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.
Our previous company performance is not a guide to how we may perform in the future.
