Erste Asset Management - Blog

Paul Severin

Paul Severin has worked at Erste Asset Management since April 2008. Until 2012 he was responsible for the company’s product management; he has directed communications and PR activities since April 2012. From 1992 to 2008, he was director of equity fund management and deputy director for institutional funds at Pioneer Investments Austria in Vienna.

His career in the securities business began in 1992 at Constantia Privatbank as a portfolio manager and analyst. He worked as primary analyst at Creditanstalt Investmentbank in Vienna from 1994 to 1999.

He studied international business at Innsbruck University and Marquette University in Milwaukee, WI, USA. Before his university studies, he worked at Dornbirner Sparkasse in letters of credit and export financing.

Paul Severin is a member of the board at ÖVFA (Austrian Association for Financial Analysis and Asset Management) and a CEFA charter holder.

Paul Severins Posts
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Paul Severin am 24th July 2015

To invest sustainably means to assume responsibility

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Paul Severin interviewed Heinz Bednar, CEO of Erste Asset Management on the importance of sustainable investments.

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Paul Severin am 08th July 2015

Dialogue is worthwhile – An example of Erste Asset Management’s Engagement

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Engagement means that investors enter into a dialogue with companies, aiming to persuade them to act more responsibly. This can be a long and tedious process, but this kind of communication is certainly worthwhile.

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Paul Severin am 03rd July 2015

Social responsibility and transparency: can investors influence companies?

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The bribery scandal at FIFA has shown what huge reputations risks companies may face if they do business with partners that do not care about environmental, social, and corporate governance standards (ESG). The discussion about ESG has therefore gained in importance over the past months. The investors play an important part in this context, as they can themselves nudge companies towards social responsibility and transparency. Gerold Permoser, Chief Investment Officer of Erste Asset Management (EAM) in Vienna explains why the so-called engagement is important.

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Paul Severin am 01st July 2015

Upswing in equity markets expected for second half of the year

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Developed equity markets are in the 6th year of a robust upward move. The MSCI Developed World Index rose by almost 18% per annum over the period (Mar 2009-June 2015) in Euro-terms. However, momentum has stalled in recent months. Stepan Mikolasek, new head of equity management of Erste Asset Management, names the main reasons: surprisingly weak US economic growth in the first quarter, concerns about China’s economy, the fear of a Fed rate hike and growing risk related to the Greek situation.

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Paul Severin am 18th June 2015

Building industry: The jungle of sustainability certificates

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Construction is becoming sustainable: More and more buildings carry so-called “green building labels”, but only few of these certificates are transnational. Follow Erste Asset Management on its trip trough the green label jungle.

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Paul Severin am 12th June 2015

Is the Eurozone facing a turnaround in interest rates?

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Eurozone government bonds have ensured very good performance returns in the past years. The asset class has benefited from the zero interest rate policy and the very expansive monetary policy of the European Central Bank.

In recent weeks the prices of bonds from Eurozone countries have gone through a correction, above all German government bonds. The reasons for the specific timing of the correction are numerous and cannot easily be pinned down. In spite of slight improvements, we do not expect an interest rate reversal for the Eurozone at this point in time. The fundamentals for such a scenario are not in place.

Euro government bonds are an important component of a portfolio. From both risk and return considerations, a diversification across a broad spectrum of assets makes sense (e.g. by adding high-yield bonds, emerging markets bonds or equities).
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Paul Severin am 29th May 2015

FIFA’s corruption scandal holds reputation risk for sponsors

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The latest FIFA corruption scandal holds reputation risk for sponsors. Many sponsors continue to prioritise the advertising value over the responsible organization of events. Improvements will only happen if sponsors insist on new, transparent rules.

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Paul Severin am 28th May 2015

Who convinced us with their sustainable way of building

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Sustainable building means energy-efficient construction. Styrofoam insulation is usually the magic word, but it is a non-breathable material and can therefore lead to mold. Also, it can catch fire easily. Therefore, the German Steico Group has turned away from these materials, becoming one of the largest suppliers in the field of ecological building materials. With the use of wood fibers Steico provides an improved indoor climate. The material costs may be higher in the beginning but in the long run it will save costs. Energy and CO2 emissions can already be reduced in the production of raw materials, which is partly due to the fact that the wood used comes from sustainably managed forests.

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Paul Severin am 22nd May 2015

Are renewable energies a worthwhile investment?

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Environment and sustainability are gaining more and more importance in today´s society. In this interview about his special fund, Clemens Klein reveals why solar stocks are interesting in particular.

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Paul Severin am 04th May 2015

Corporate bonds with short maturities

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Bond investors are faced with a difficult environment. Do corporate bonds offer the chance of a halfway decent yield?

Stampfl: The statement that bond investors are faced with a difficult environment is actually an erroneous one. A balanced portfolio consisting of bonds from the peripheral countries and the core countries across all sectors would have seen a very good risk-adjusted performance in the past weeks and months. Also, complementing the BB segment with corporate bonds generates a certain degree of surplus yield, which in funds like Reserve Corporate causes is used to boost the development. That is like switching from winter tyres to summer tyres in spring. It facilitates a smoother running and lower fuel consumption. Or, translating it to the case of the fund, it results in a surplus yield at lower volatility.

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