Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
10/02/2014

Institutionals revise allocations in favour of bonds

P { margin-bottom: 0.08in; }Institutional redemptions from US equity funds and commitments to US bond funds both set new records in dollar terms going into February as markets around the world continue to struggle with the shift in US monetary policy, China’s slower growth and the cautious tone of the latest corporate earnings forecasts, according to EPFR.This ‘mini-rotation’ underpinned a new inflow record for all bond funds and a new outflow record for all equity funds during the week ending Feb. 5. Collective outflows from all equity funds totaled USD28.3 billion, with emerging markets equity funds accounting for a fifth of that total, while a net USD14.7 billion flowed into bond funds.
10/02/2014

Wells Fargo AM enters Dubai

P { margin-bottom: 0.08in; } After Lazard AM and First State Investments, another US asset management firm is setting up shop in Dubai. According to International Adviser, Wells Fargo Asset Management (AM) has set up a local team, which represents its first presence in the region. The Middle East had previously been served from Europe. Wells Fargo has not released the names of the people who will make up the Dubai team, as they are awaiting permission from the regulator.
10/02/2014

Henderson adds to British sales team

P { margin-bottom: 0.08in; } Henderson Global Investors has added to its British retail team, with the recruitment of Matthew Nesbit, Fund Web reports. He will join the firm on 28 April as managing partner, with responsibility for London accounts. Nesbit joins from Goldman Sachs Asset Management, and previously worked at Aviva Investors.
10/02/2014

BNY Mellon wins a mandate from Aon Hewitt

P { margin-bottom: 0.08in; } The Aon Hewitt group, which offers fiduciary management services to British pension funds, has mandated BNY Mellon to provide it with fund administration services for two vehicles domiciled in Ireland, representing a total of nearly GBP4bn. In addition to administration services in the strict sense, BNY Mellon will also provide analysis of risk performance, securities lending and portfolio hedging.
10/02/2014

Schroder liquidates UK Core fund

P { margin-bottom: 0.08in; } Schroder is closing its UK Core fund, Investment Week reveals, due to a shortage of assets. The fund, managed by Sue Noffke, Jessica Ground and Andy Simpson, was launched in 2011, and represented the first effort by Schroders to offer an actively-managed product at a low price.
10/02/2014

Annual results down at LLB

P { margin-bottom: 0.08in; } The Liechtensteinische Landesbank (LLB) in 2013 earned a net profit of CHF54m, down 44.8% year on year, it announced on Friday. The Vaduz-based bank has suffered write-downs due to court proceedings related to tax in the United States and restructuring costs. Aside from these one-time items, net profits at the group would have totalled CHF112m. Assets under management last year fell by CHF0.8bn, to a total of CHF49.1bn. The year finished with outflows of CHF2.2bn, taking into account restructuring during the year. As part of its restructuring programme, LLB closed its Swiss affiliate LLB (Switzerland), while the Lugano branch and Jura Trust were sold. These adjustments reduced the numebrof employees to 925 full-time equivalent, compared with 1090 previously.
10/02/2014

ESMA concerned by lack of information about complex financial products

The European Securities and Markets Authority (ESMA) on February 7 published an opinion on practices to be observed by investment firms when selling complex financial products to investors. ESMA is issuing this opinion «to remind national supervisors and investment firms about the importance of requirements governing selling practices under MiFID (Markets in Financial Instruments Directive)».ESMA is issuing this Opinion as it is concerned that firms’ compliance with the MiFID selling practices when selling complex products «may have fallen short of expected standards». “Investment firms increasingly sell complex financial products such as warrants, different types of structured bonds, derivatives and asset-backed securities, which were previously accessible mainly to professional investors, to retail investors», Steven Maijoor, ESMA chair, said. “ESMA is concerned that this trend greatly increases the risk that customers do not understand the risks, costs and expected returns of the products they are buying. Therefore, we believe that it is crucial that investment firms act responsibly and in the best interest of their clients».
10/02/2014

Quantum fund from Soros posts a record year

P { margin-bottom: 0.08in; } The Quantun Endowment fund from George Soros has posted its second-best year ever expressed in US dollars in 2013, adding USD5.5bn to the wealth of the billionaire, and placing Quantum among the top hedge funds of all time, the Financial Times reports. These gains represent a return to stability for Quantum, which Soros closed to those not part of his family in late 2011. Management has been entrusted to Scott Bessent, CIO, the fund represents assets of USD28.6bn.
10/02/2014

Spain toughens hedge fund regulations

P { margin-bottom: 0.08in; } Times are getting tougher for hedge funds in Iberia. According to Cotizalia, the Spanish national regulator, the national commission for securities markets (CNMV), has adopted more restrictive guidelines for its alternative fund registration policies in Spain, closing the door to many third countries. Concretely, hedge funds registered in a country with which the CNMV has not signed a Memorandum of Understanding (MoU) will not be eligible for sale in Spain. The CNMV has limited the number of third countries from which hedge funds will be permitted to access the savings of Spanish investors to 28. This figure assumes that 14 countries are also subject to a veto. According to the website, the Spanish market becomes the fourth most restrictive market for these vehicles in Europe, joining France, but behind Germany (21 vetos), Italy (21) and Austria (21).
10/02/2014

OMT bill: German courts turn to European judges

P { margin-bottom: 0.08in; } The German constitutional court before the weekend decided to refer to European courts on the question fo a proposed programme for debt to eb repurchased yb the European central bank (ECB), known as the OMT programme, hitherto never used, as it claims that it exceeds its mandate in its current form. A majority of judges on the German court (6 out of 8) find that the programme infringes the national sovereignty of the 18 countries of the euro zone, insofar as these countries have to bear the ultimate risk taken on by the ECB by repurchasing bonds from the troubled states. However, the court points out that the ECB is an organ of the European Union, and has therefore decided to consult the European Court of Justice in the matter. This may increase the burden on its own shoulders: in the event of an unfavourable verdict, analysts predict that the fragile balance in the region may be compromised. The ECB reacted rapidly, claiming that it was taking note of the position of the German court, but persisting in the position that the OMT programme falls within its mandate. However, concerning the European stability mechanism, which was abandoned in the form it had in spring last year, the German court said that it would deliver its decision by 18 March.
10/02/2014

Bank of Luxembourg transforms a strategy

P { margin-bottom: 0.08in; } The private Bank of Luxembourg has converted the strategy of its fund of funds dedicated to Asia into a fund dedicated to Asian equities, investing directly, Citywire reports. The BL Fund Selection-Asia fund, whose assets under management total USD108m, was formally converted into BL-Equities Asia on 30 January this year. The modification aims to take advantage of the growing capacity of the group to invest directly in emerging market equities, the private bank states. Tanguy de Kamp, who had managed the strategy of the fund of fund since its launch in 2005, will remain the principal manager of the transformed fund.
10/02/2014

La culture financière des Français reste faible

L'école de management Audencia Nantes vient de publier un baromètre sur la vulnérabilité financière des Français dans le cadre de sa Chaire Banques Populaires. Bilan: seulement 58% des interviewés savent que 100 euros placés à 2% par an conduisent à un capital de 102 euros au bout d’un an. Neuf sur dix ne comprennent pas le fonctionnement d’une obligation et plus des deux tiers comprennent mal les mesures d’atténuation des risques grâce à la diversification. Autre sujet de réflexion pour les prestataires de services d’investissement: 84,6% des Français trouvent les services financiers compliqués et confus, selon ce baromètre.
10/02/2014

Deutsche Bank casse les prix sur ses ETF physiques

Deutsche Asset & Wealth Management (DeAWM) annonce lundi la réduction des frais annuels d’ETF physiques de sa gamme en introduisant les «ETF Core» qui afficheront des frais sur encours de 0,09% annuels – 9 points de base, contre 15 à 30 pb aujourd’hui. Les premiers indices concernés sont le Dax, le FTSE 100, l’EuroStoxx 50 et le MSCI USA. La filiale de gestion de Deutsche Bank a pris fin 2013 un virage vers les produits indiciels cotés à réplication phyisque.
10/02/2014

L'Esma encadre la vente de produits financiers complexes

L’Autorité européenne des marchés financiers a publié vendredi une opinion sur les pratiques que doivent mettre en oeuvre les sociétés d’investissement lors de la vente de produits complexes. L’Esma «s’inquiète du fait que le respect, par ces sociétés, des pratiques de vente de la directive MIF soit en-deça des standards attendus». Le gendarme européen des marchés a publié en parallèle une mise en garde aux investisseurs.
10/02/2014

KKR prend le contrôle de National Vision

La société américaine de private equity a fait part du rachat de la chaîne d’optique à bas coûts auprès de Berkshire Partners. Reuters croit savoir que la transaction valorise la cible à un peu plus d’un milliard de dollars. La direction de National Vision reste au capital.
07/02/2014

KKR prend le contrôle de National Vision

La société américaine de private equity a indiqué le rachat de la chaîne d’optique à bas coûts auprès de Berkshire Partners. Reuters croit savoir que la transaction valorise la cible à un peu plus d’un milliard de dollars. La direction de National Vision reste au capital.
07/02/2014

Le froid grippe les créations d’emploi aux Etats-Unis

Les créations d’emplois non agricoles au sein de l'économie américaine ont été décevantes au mois de janvier, avec seulement 113.000 créations de postes enregistrés, contre 185.000 prévues par le consensus Reuters, selon le département du Travail. Un chiffre qui fait suite à un fort ralentissement déjà constaté au mois de décembre, avec 75.000 emplois créés, néanmoins perturbé par une vague de froid. Le taux de chômage n’en a pas moins poursuivi sa tendance baissière en reculant d’un demi-point à 6,6%, au plus bas depuis octobre 2008. Un reflux qui s’accompagne d’un léger rebond du taux de participation à 63%, après être tombé à 62,8% en décembre, son plus faible niveau depuis plus de 35 ans. Interrogé sur CNBC, le président de la Fed de Dallas, Richard Fisher, a atténué la portée de « chiffres isolés » et prédit que la déception de janvier sur le front de l’emploi ne devrait pas remettre en cause le tapering, baisse progressive des rachats massifs d’actifs engagée par la banque centrale américaine.
07/02/2014

Les encours d'Investec souffrent de la baisse du rand

Le groupe de gestion sud-africain Investec a fait état pour les neuf premiers mois de l’année d’un recul de 2% de ses actifs sous gestion externes à 108 milliards de livres sterling. Le rand a chuté contre livre depuis 2012, passant de 13,8 rand fin 2012 à 17,4 fin décembre 2013, ce qui a pénalisé les actifs collectés sur le marché sud-africain exprimés en sterling.Le groupe a par ailleurs indiqué qu’il envisageait de céder son activité de prêts hypothécaires au Royaume-Uni, Kensington. Il a chargé Fenchurch Advisory d’engager une procédure dans ce sens. Malgré des marques d’intérêt, précise le groupe, il n’est absolument pas certain que cette procédure débouche sur une vente.

Sujets d'actualité

Tous les sujets