Aline Thiel

HSBC GAM PB is an active, benchmark-insensitive investor which manages portfolios invested equity, fixed-income and money-market instruments with a focus on French and European equity. Their investment approach emphasizes strong convictions and bottom-up security selection, both in direct management and in traditional and alternative multi-management. The firm has a medium- to long-term investment outlook for equity investments and bases investment decisions on fundamental research. They assess their potential investees'' business plans, management teams and financial data and utilize quantitative models.

HSBC-PWM is an active, benchmark-insensitive investor who manages portfolios invested equity, fixed-income and money-market instruments with a focus on French and European equity. Their investment approach emphasizes strong convictions and bottom-up security selection, both in direct management and in traditional and alternative multi-management. In terms of equity investments, the firm has a medium- to long-term investment outlook and bases investment decisions on fundamental research. They aim to assess their potential investees' business plans, management teams and financial data. Their research process also includes the use of quantitative models. As a fixed-income investor HSBC-PWM follows a top-down approach based on macroeconomic research including core economic and financial analysis of the Euro-zone fixed-rate, variable-rate, credit and convertible bond markets. The firm's core area of expertise is multi-managed product. Their fund selection process is based on a combination of qualitative and quantitative analysis, and on criteria such as geographical region within an asset class, management style and fund manager assessment. The multi-management process incorporates strategic asset allocation, manager selection, portfolio construction in accordance with fund objectives and constant monitoring supported by proprietary quantitative models.

DWS-F follows a growth-oriented investment style and invests primarily in equity securities across sectors throughout Continental Europe and without market-cap restriction. The firm is a global fund manager offering clients country specific products and services. 'Think global, act local' is the slogan on which the firm bases their investment philosophy. DWS relies on a global network of analysts, headquartered in Frankfurt but present on each significant market, to support investment decisions. This global network maintains a proprietary intranet-based research tool and communication platform, G-Cube, which provides real-time access to information gathered locally by DeAM's analysts. This fully integrated investment process focuses on providing pan-European products adapted to individual markets. Available in all European countries where the firm is present, these products are marketed under the same brand. The firm is a bottom-up investor that utilizes a discounted cash flow model when selecting potential investments. DWS prefers dividend-paying companies with a low gearing ratio and management with a proven track record. Value investments must have a PEG ratio of less than two. Portfolio managers are decision makers and are responsible for stock-picking for the particular funds they manage. The fund management team works as a European network and has a long-term investment horizon