Mastering Value
Encouraged by an activist investor, Munich Re subsidiary Ergo is retooling its approach to growth and risk management with a focus on value. Nicholas Dunbar reports
In the summer of 2005, Daniel von Borries, the chief investment officer of Ergo, was given a heavy responsibility - the execution of the world's biggest ever swaption hedge. Faced with such an unfamiliar product with inevitable market impact given the EU^R12.5 billion size, some would have hesitated. But von Borries showed nerves of steel. "If you make a strategic decision, you should execute
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