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SEMINAR: 24 FEB MARíA GONZALéZ (CUNEF) AULA 10.0.27

February 7, 2020
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Association of actuaries UC3M Conference

In a room full of more than 100 people, where an interesting debate on the two main management approaches was put on the table: active management and passive management. This debate was attended by personalities such as Unai Ansejo (CEO of Indexa Capital), Iván Martín (President of Magallanes Value), Luca Inserra (Principal of Milliman) and Pedro Serrano (PhD Finance and Deputy Director of the Master in Actuarial and Financial Sciences of Carlos III University).

The conference opened with the presentation of the association of actuaries UC3M, by its president Rubén Nova, announcing the main objectives and achievements of the association, which has more than 300 actuaries. After the presentation, the debate took place, moderated by Pedro Serrano, from the academic point of view, and by Luca Inserra, from the point of view of the industry, where Unai Ansejo, representing passive management, and Iván Martín, represented the Active management, defended different issues.

Unai, on the part of Indexa, a management company with more than 16,000 clients and 382 million of patrimony, defended the efficiency of the markets, and with different arguments explained that from his perspective it is difficult to beat the market. Iván, by Magallanes, with an equity of about 1.8 billion and an annualized profitability of the Iberian market of 10.00% vs. 3.91% of the benchmark since 2002, argued that one of its main strategies was to invest only in markets that you know and that a good way was to analyze companies, from the business prism, and try to see what will happen in it in the next years.

Given Luca's question about low-interest rates and how it can affect the insurance sector, Iván recommended dedicating a part to buying shares of companies in the medium-long term and Unai, suggested that companies should not lower their investments in fixed income.

The Association Conference was closed with a cocktail party, sponsored by Milliman,  where companies and attendees shared experiences and comments on both management approaches.

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