European institutional investors APG Asset Management and Swiss Life Asset Managers are among the early adopters of a new family of global equity indexes from STOXX, Investable Market Indices. STOXX, like CIO, is owned by ISS STOXX.
The indexes—which aim to capture 99% of the investable equity universe throughout 23 developed and 23 emerging markets—are designed to support cost-effective modern portfolio construction through a consistent, transparent and scalable framework, STOXX stated in its announcement.
“With the launch of STOXX IMI, we are introducing a cost-effective new choice in the market and further strengthening STOXX’s role as a global partner for institutional investors, providing robust, transparent benchmark solutions alongside the flexibility, client service and tailored offerings that institutional investors increasingly expect from their index provider,” said Axel Lamholt, STOXX’s general manager, in a statement.
APG, which manages $650 billion in assets for Dutch pension funds, is using the indexes as a benchmark solution for €20 billion ($22.76 billion) of emerging markets equity allocations.
“For large institutional investors, the ability to align benchmarks closely with investment beliefs while maintaining transparency and scalability is increasingly important,” said Hans van Estrienen, APG’s team lead for quant and index solutions, in a statement. “The STOXX IMI framework provides that flexibility within a consistent and robust structure.”
Swiss Life intends to use the indexes for cost-efficient core exposures.
“STOXX IMI provide a robust framework for accessing broad global equity markets through a transparent and investable approach,” said Daniel Berner, Swiss Life Asset Managers’ head of securities, in a statement. “We see significant potential for investors seeking scalable and cost-efficient global equity benchmark exposures.”
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Tags: ISS STOXX