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Steve Butler, Camradata founder and managing director

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Asset managers striving to stay ahead in fragile markets, says Camradata

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Despite continuing difficult conditions in the second quarter of the year, Camradata’s latest IQ report finds further evidence of investment houses consistently delivering table-topping returns.



Equity markets suffered as much of the ground gained in the first three months of 2012 deteriorated with investors opting for the safety of sovereign bonds from those nations perceived to be more secure, sending yields down. By its nature, corporate credit was somewhere between the two.

Aberdeen made it into the top five performing managers for four universes, an improvement on the first quarter of the year when they achieved that feat in three universes. AllianceBernstein made a good showing, too, with top-five placing in three universes, compared to two for the previous quarter.

Pyramis Global Advisors put in a noteworthy performance, featuring highly in the emerging markets asset classes. They differentiated themselves against the benchmark in equities and generated a persistent margin on their fixed income fund target.

Fifth Third won out in the multi-asset universe with strong returns adjusted for risk. In general, returns widened with a range running from -0.1 per cent to 16.2 per cent, an overall reduction compared to the first quarter. Despite this, managers maintained a similar risk profile against a backdrop of continuing volatility in equities, posting a median level of absolute risk at 8.2 per cent.

Camradata founder and managing director Steve Butler (pictured) says: “Managers always pull out the stops for their clients. Despite continuing anxiety over market conditions, our latest report makes it clear that asset managers remain focused on creating returns, however difficult the economy.”

Eurozone instability meant the European fixed income median return fell from 12.2 per cent in the last quarter to 8.2 per cent this time. The see-saw of more risk leading to higher reward over the last three years made life difficult for managers to break free from the pack; although Pioneer’s consistent, relative returns were highlighted.

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