CFASI Fund Management Challenge 2017 The sixth edition of this competition has come to an end

16 June 2017 - Milan - The sixth edition of the Fund Management Challenge (FMC), institutional equity fund management competition dedicated to graduate students from Italian universities organized by CFA Society Italy (CFASI) with the economic and technical support of the CFA Institute, FactSet, UBS ETF, Hammer Partners, Aequitax SA and Kaplan-Schweser has just come to an end. The competition took place from February 9 to May 24, 2017. On June 28, the awards ceremony will be held in Milan to celebrate the three teams with the best performance.
A competition made up of 19 universities teams from all over Italy was won by CucurBeta team from the Università degli Studi di Napoli Federico II, Department of Economics and Statistics, for having put together the best performing investment portfolio. The Patavium Investments team from the Università degli Studi in Padua and the Team Luiss from the Luiss (Libera Università Internazionale degli Studi Sociali Guido Carli) in Rome, came in at second and third place respectively.
The Fund Management Challenge offers university students the opportunity to compete in a context which simulates the typical conditions of institutional investing, making it possible for the participants to develop the individual and group professional skills necessary to achieve high portfolio management standards. Under the supervision of a professor, each team attempts to maximize the performance of a portfolio, whose composition can be modified each week as long as within the portfolio there are five long positions and five short positions equally weighted. The teams – who may take advantage of the support of a group of finance professionals who carry out a mentoring function – are obligated to explain the reasons for their investment choices and to apply the professional Code of Ethics promoted by the CFA Institute which grants the highest professional certification in the international financial field. A committee of professionals and a quality index expressly put together, evaluate each week the work of the students encouraging them to learn and to improve during the entire competition.

Gennaro Battista, Cristiana Frezzetti, Luigi Venanzio, Martina Simeone, Alessandro Sica, are the members of the winning team CucurBeta: “We are very happy with this result. Through this competition we have transformed the knowledge acquired during our studies in Finance at Federico II into professional skills. The support from the CFA Society Italy, thanks to the teachings of high ethical and technical profile professionals, has made it possible for us to gain professionalizing experience which requires time and which is not necessarily a given. At the end of the competition, besides the satisfaction, you are left with the critical awareness of the acquired portfolio management techniques.”

Giancarlo Sandrin, CFA, President of CFASI: “I would particularly like to thank the sponsors who, together with our association, support this educational initiative for future financial professionals, the professors of the 19 universities who participated in the competition and who continue to believe in this project, and finally I would like to compliment the students for all of their efforts during these months and for having understood the importance of adding this professional development to their university curriculum.”

Simone Rosti, Head of Passive & ETF Specialist Sales Europe, “The collaboration with CFA Society Italy is strategic for UBS ETF, and we supported the FMC for the fourth consecutive year because it helps us build a relationship with the investors of tomorrow. The highest ethical and professional standards that the students are required to abide by, the mentoring and feedback from CFA Charterholders and financial professionals, and the study materials are all fundamental elements for our company”.

Dorin Agache, Senior Consultant, Southern Europe IM Consulting FactSet, has mentioned that "FactSet is very glad to support and be part of the FMC competition on both of its sides, educational and practical. We are also honored to constantly exchange feedbacks on the ways students engage with our financial platform which allows the participants to dive deeply into the analysis at single company or industry level by using the tools of macroeconomic analysis, interactive charting, stock screening and monitoring of market intelligence news flow from StreetAccount as used by real investment professionals. We wholeheartedly thank CFA Society Italy for the opportunity given to us and wish the FMC competition to quickly achieve its international ambitions."

For more information: – –

CFA Society Italy (CFASI) was founded in 1999 as a non-profit organization of investment professionals who agree to abide by the Code of Ethics and Standards of Professional Conduct by CFA Institute. CFA Society Italy, the local association of investment professionals affiliated with CFA Institute, promotes the highest ethical and professional standards within the Italian investment industry and encourages professional development through the CFA Program, the CIPM Program and the Investment Foundations Program. Establishing an ongoing series of events for investment practitioners, CFASI offers a range of educational opportunities and facilitates the open exchange of information and opinions among investment professionals. CFASI offers universities two competitions: the CFASI Fund Management Challenge and the CFA Research Challenge.

Information for the press
Fund Management Challenge Press office
Cecilia Lucchelli - - +39 339 5764655
CFASI Press office
Elena Giffoni - - +39 347 2626681

CFA Institute
is the global association of investment professionals that sets the standard for professional excellence and credentials. The organisation is a champion for ethical behaviour in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute promotes the CFA® Program, the CIPM® Program and the Investment Foundations® Program. The association has more than 148,000 members in 163 countries and territories, including 142,000 charterholders, and 148 member societies. For more information, visit

FactSet. FactSet (NYSE:FDS | NASDAQ:FDS) delivers superior analytics, service, content, and technology to help more than 87,500 users see and seize opportunity sooner. FactSet is committed to giving investment professionals the edge to outperform, with fresh perspectives, informed insights, and the industry-leading support of our dedicated specialists. FactSet is proud to have been recognized with multiple awards for our analytical and data-driven solutions and repeatedly ranked as one of Fortune's 100 Best Companies to Work For and a Best Workplace in the United Kingdom and France. Learn more at:

UBS ETFs have a long-term track record of providing index-based investment solutions to clients. In 2001, UBS launched its first ETF. It was the beginning of a success story and today UBS is the fourth European ETF provider and one of the fastest growing in Europe, with around 38 bn USD in AUM (source: ETFGI, April 2017). In Europe, UBS offers a wide range of ETFs, replicating more than 170 fund and currency share classes, covering equities, fixed income, commodities and alternatives. UBS ETFs are managed by UBS Asset Management, with about 660 bn USD of AUM and a long-term commitment passive management (215bn USD in indexed products and managing passive assets for 30 years). For more information on UBS ETFs, please visit:

Hammer Partners is an Independent Research House founded in 2009 with a focus on European Equity; we do not engage in proprietary trading activities or advisory services to companies under our coverage. Hammer approach is fundamental; we believe that non independent analysts are consensus oriented and can be beaten by proactive independent analysts. Hammer has Top ranked analysts in European Financials, Retail, Utilities and Media both in BARR and ANRP. We give unambiguous, high conviction recommendations; our analysts are complemented by a skilled sales team to provide institutional investors with un-biased views on stocks and sectors. We also provide bespoke services offering a value based qualitative filter on clients’ watch lists and portfolios. Hammer Partners is FSA Regulated and has offices in London and Lugano.

Aequitax S.A., a Swiss company based in Lugano, Switzerland, represents an international network of legal, tax and banking professionals and is well recognized as a market leader in its niche in Europe. Our main area of expertise is to provide professional services relating to taxation of financial instruments for institutional investors and other major asset management entities/players as well as individuals. With many years of experience in this specific area of consulting business, we have created innovative and efficient strategies that are highly valued by our clients since they almost always end up in concrete results. With our full success fee approach, we are able to provide an effective and efficient service at the highest professional standards. Aequitax provides services for major institutional clients from Italy, Luxembourg, Switzerland and Spain and as their main advisor relating to the tax and legal aspects of their worldwide investments. With a completely independent company’s ownership and a highly skilled and flexible team of international professionals respecting strong ethic values, we have been able to show a steady growth since 2006 with specific and documented milestones.

Supported by

Borsa Italiana is one of Europe’s largest and most established stock exchanges with more than 389 companies listed across its markets. The Italian Exchange operates markets trading in Italian equities, bonds and derivatives. Markets including MTA, with STAR segments, MIV and AIM Italia for small cap companies as well as IDEM, MOT, ExtraMOT, ExtraMOT PRO, ETFplus,. Since October 2007 Borsa Italiana has been part of the international diversified exchange business, London Stock Exchange Group.

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ELITE Connect is LSEG’s platform dedicated to a wide range of market participants including public companies’ “C-suite”, investor relations professionals, institutional investors and brokers. The platform allows participants to effectively engage in the investor relations outreach and corporate access activity to manage local and worldwide relationships and discover global business opportunities. Its professional network functionality allows users to easily connect whilst enabling companies to search for new investors worldwide, streamlining investor relations activity in a cost effective way. For investors and intermediaries, the platform is an innovative marketing tool, allowing increased visibility and access to companies.

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