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28/01/2014

Ageas UK mandate State Street comme dépositaire

State Street Corporation a annoncé avoir été sélectionnée par la compagnie d’assurance Ageas pour fournir des services de dépositaire mondial et de comptabilité portant sur 4,5 milliards de dollars d’actifs au Royaume-Uni. Les prestations concerneront trois entités juridiques d’Ageas UK: Ageas Insurance, Ageas Protect et Tesco Underwriting.
28/01/2014

Euronext élargit son offre de contrats à terme sur actions

La filiale à 100% d’IntercontinentalExchange a annoncé le lancement de plusieurs contrats à terme sur actions individuelles pour un ensemble de valeurs les plus liquides cotées sur Euronext, qui viendra enrichir l’offre d’options sur actions individuelles et de contrats à terme et d’options sur indices.
28/01/2014

Foule de prétendants pour ITW

La mise en vente du spécialiste de l’emballage ITW (Illinois Tool Works) attire de nombreux prétendants, selon le quotidien. Les offres sont attendues la semaine prochaine, pour des montants pouvant dépasser 3 milliards de dollars. Apollo Global Management, Platinum Equity, Carlyle et Onex Partners seraient sur les rangs. ITW publie ses résultats aujourd’hui même.
28/01/2014

Scor GI progresse dans le compte de tiers

La filiale du réassureur, qui s’est lancée dans la gestion pour compte de tiers en 2012, a collecté l’an dernier 200 millions d’euros et triplé ses encours externes. Elle mise sur un quasi-doublement cette année grâce à de nouvelles expertises, pour un objectif de 1,5 milliard d’euros fin 2016.
28/01/2014

Carmignac et Comgest décollectent en 2013

Très exposées aux marchés émergents, les deux sociétés de gestion ont subi des retraits nets de capitaux l’an dernier, mais leurs encours sont restés quasi stables grâce à l’effet de marché. Carmignac pâtit de la faible performance de son fonds phare Carmignac Patrimoine.
28/01/2014

F&C dans le viseur de Bank of Montreal

Le gestionnaire d’actifs britannique a indiqué avoir reçu une offre indicative de la part de la banque canadienne, qui valorise la cible à 697 millions de livres (845 millions d’euros). Les parties sont en discussions avancées selon F&C, qui pense recommander une éventuelle offre ferme à ce prix.
28/01/2014

Deux arrestations liées au Bitcoin

Deux hommes gérant des plates-formes d'échange de Bitcoin ont été inculpés aux Etats-Unis pour avoir tenté de vendre l'équivalent d’un million de dollars dans cette monnaie virtuelle à des utilisateurs du site internet Silk Road, fermé par les autorités, selon le parquet de Manhattan. Ils sont accusés de tentative de blanchiment d’argent en bande organisée et de commerce illégal de monnaie.
28/01/2014

KKR prend le contrôle de Sedgwick Claims

Sedgwick Claims Management Services a annoncé sa prise de contrôle par la société de private equity KKR moyennant 2,4 milliards de dollars. Sedgwick est l’une des plus importantes sociétés de gestion de services au personnel des Etats-Unis, assurant aussi bien le suivi de leurs remboursements médicaux, que de leurs prestations en cas d’invalidité.
28/01/2014
Gestion d'actifs

Le RSI renforce ses positions sur les stratégies de type minimum variance

Jean-Luc Vitré, Directeur des placements financiers du Régime Social des Indépendants (RSI), expliquait à Option Finance les derniers arbitrages au sein de son portefeuille : Cet été, nous avons pris une partie de nos profits sur les marchés d’actions européennes et américaines que nous avons ensuite réinvestis sur du high yield euro et américain. Cet arbitrage a eu pour but de baisser notre budget de risque, tout en maintenant notre objectif de rendement sur le long terme. Dernièrement, nous avons continué d’augmenter notre expansion sur les gestions visant à réduire la volatilité. Dés 2011, nous avons décidé de rendre le portefeuille convexe, c’est-à-dire d’essayer de limiter les impacts en cas de baisse des marchés, quitte à ne pas participer à toutes les hausses. Nous avons donc renforcé nos positions sur des stratégies de type « minimum variance », qui consiste à réduire la volatilité des titres en portefeuilles. Cette année, nous allons continuer à renforcer nos positions sur des stratégies de type minimum variance, consistant à réduire la volatilité de titres en portefeuille ; et certainement à maintenir notre exposition en actions, tout comme davantage diversifier notre portefeuille obligataire en ouvrant nos placements, actuellement cantonnés, à la seule zone euro, à d’autres zones géographiques. Néanmoins, l’année 2014 s’annonce compliquée en termes de politique d’investissement. Comme en 2012, toutes les classes d’actifs ont assez bien performé en 2013, et dans ces conditions, il est toujours difficile de savoir à l’avance quels seront les bons paris de l’année.
Gestion d'actifs
27/01/2014

Ageas UK mandate State Street comme dépositaire

State Street Corporation a annoncé lundi avoir été sélectionné par la compagnie d’assurance Ageas pour fournir des services de dépositaire mondial et de comptabilité portant sur 4,5 milliards de dollars d’actifs au Roayaume-Uni. Les prestations concerneront trois entités juridiques d’Ageas UK: Ageas Insurance, Ageas Protect et Tesco Underwriting.
27/01/2014

Euronext launches a multi-currency trading service for ETFs

P { margin-bottom: 0.08in; } Euronext is opening new horizons. The pan-European stock exchange, an affiliate of the US IntercontinentalExchange group (ICE), has launched a new multi-currency trading service for exchange-traded funds, or ETFs, which offers the Chinese yuan renminbi (CNY) and the Hong Kong dollar (HKD). This is a first for a European or American stock exchange. The new service, which will officially open on 17 February 2014, will allow international investors to trade any ETF listed on Euronext in 20 different currencies. “This service facilitates asset inflows for issuers, since it increases their exposure to a deeper pool of global investors,” the market operator says. “They will also not need to create distinct funds with different ISIN codes to list in other currencies.”
27/01/2014

Kempen soft-closes two dividend funds

Kempen Capital Management will close the Kempen Global High Dividend strategy for new investments on 17 February 2014. This decision has been made because the strategy is rapidly approaching the limits of what the asset management company considers necessary in order to be able to pursue the long-term objectives of participants. The decision to close to new investments was prompted by the need to protect the interests of existing investors. New investments in the Kempen Global High Dividend Fund and the Kempen (Lux) Global High Dividend Fund will no longer be possible. Redemptions of investments in these funds will remain possible. ‘To our team, maintaining a maximum capital is one of the main cornerstones of the quality of the strategy. Exact limits are hard to define. For this strategy, it is currently set at between 2.5 and 3 billion euros. We have now reached this area, which is why we have decided to accept no new investments,’ according to fund manager Jorik van den Bos. ‘Further growth beyond this maximum capacity may jeopardize future performance. This is related to our investment approach; we invest also in smaller companies that contribute significantly to the results of the strategy.’
27/01/2014

Nordea recruits a salesperson in Italy

P { margin-bottom: 0.08in; } Nordea Investment Funds has recruited Francesco Piraino for its Italian team, Bluerating reports. The veteran of Zurich Life Asurance will be responsible for commercial development, particularly serving retail clients. Nordea AM sells 64 sub-funds of its Sicav in Italy. The country head is Fabio Caiani.
27/01/2014

First State to overhaul its global equity fund

P { margin-bottom: 0.08in; } First State will overhaul its global equity fund, First State Global Opportunities, Citywire reports. In a note to investors, the asset management firm announced that it would be transferring the fund to its team based in Singapore, First State Stewart. The fund had previously been supervised by Habib Subjally, who left the firm with a team of 10 people to join RBC Global Asset Management. The fund will be renamed as First State Worldwide Leaders, and its management process will be modified.
27/01/2014

BlackRock and KKR contend to buy a stake in China's Huarong AM

P { margin-bottom: 0.08in; } The private equity group KKR and the asset management giant BlackRock are among the candidates to buy a stake in the Chinese asset management firm Huarong Asset Management, the news agency Reuters reports. Among the other potential candidates are Blackstone and Bain Capital, as well as Asian and Middle Eastern sovereign funds. The Chinese asset management firm, which is one of the largest local actors in the processing of sub-prime debt, is planning to sell a stake of about 15% to 20% ahead of a potential IPO. Assets under management at Huarong total over CNY400bn, or about USD66bn.
27/01/2014

Assets up at UBP

P { margin-bottom: 0.08in; } As of 31 December, Union Bancaire Privée has announced assets under management of CHF87.7bn (or EUR71.6bn), up 10% compared with the end of 2012. The group has posted consolidated net profits of CHF152m (EUR124m), compared with CHF175m as of 31 December 2012. “Growth in operating profits is due to inflows of funds both from private and institutional clients, good management performance, and effects of synergy related to acquisition,” UBP states. Earnings from activities have held steady at CHF694m (EUR566m), compared with CHF691m in 2012. It is characterised by a reduction in interest margins of CHF14m compared with 2012 (-9%), offset by commissions, which totalld CHF460.6m (EUR375.9m), up by CHF25.5m compared with 2012 (+6%).
27/01/2014

Wealth management facing new challenges in China

P { margin-bottom: 0.08in; } China’s wealth management market will hit USD12 trillion in assets by 2014, compared with USD9.5trn in 2012, according to the consulting firm Celent. This would be a continuation of the growth observed in the past few years, at a time when the regulatory environment has remained relatively stable. But this year, as a new team come to power, the maket now faces multiple challenges, including rate deregulation, the entrance of nonbanks into wealth management, asset securitization, and globalization of investments. In terms of investment, Customer requirements have also changed; for example, 46% of high net worth individuals plan to invest in overseas markets within the next three years. Financial institutions themselves, and not only banks, are taking an interest in this wealth management market. It is in this way that assets placed in trusts have increased from USD321bn in 2009 to USD1.077trn in 2012. According to Celent, assets placed with firms whose range is highly diverse may total as much as USD1.6trn by 2015. Assts at private banks have increased from USD300bn in 2009 to USD547bn in 2012. Celent predicts that assets will rise by nearly USD1trn by 2015, as many banks move into this highly promising private banking niche.
27/01/2014

Source adds to its range of “beta plus” ETFs with a Goldman Sachs index

P { margin-bottom: 0.08in; } Source on Monday announced the launch of the Source Goldman Sachs Equity Factor Index World UCITS ETF. The fund is exposed to an innovative index developed by Goldman Sachs, which aims to outperform traditional equity indices, weighted by market capitalisation. The Goldman Sachs Equity Factor World Net TR index offers global and diversified exposure to the equity market, favouring five well-identified factors on equity markets: low beta, size, value, momentum and quality. It aims to earn significant outperformance compared with cap-weighted indices, both in absolute value and in risk-adjusted figures. The Source Goldman Sachs Equity Factor Index World UCITS ETF comes as an addition to the beta plus products already on sale from Source. “Investors are increasingly seeking an alternative to indices weighted by capitalisation. Academic research recognizes the importance of combining these market factors, but it previously had no way to combine them to provide outperformance in the form of an ETF,” says Ted Hood, CEO of Source. “We noted significant inflows to our added-value ‘beta plus’ products in the year 2013, and we are delighted to be able to extend our range in this area.” The Source Goldman Sachs Equity Factor Index World UCITS ETF is listed on the London Stock Exchange in US dollars. Management fees total 0.65% per year.
27/01/2014

Terry Smith launches a trust dedicated to emerging markets

P { margin-bottom: 0.08in; } The founder of Fundsmith, Terry Smith, is planning to launch an investment trust dedicated to emerging markets this year, Investment Week reports. The Fundsmith Emerging Equities fund will invest largely in companies listed on emerging markets. It will use the same strategy is the Fundsmith Equity fund, the companies in whose portfolio, based in Europe and North America, derive 32% of their revenues from emerging markets. The Fundsmith Equity fund, launched in November 2010, has GBP1.6bn in assets under management, and returns of 54.8% in the three years to 23 January, compared with an average of 22.6% for the Global sector.
27/01/2014

Assets under management up 4% at Close Brothers

P { margin-bottom: 0.08in; } Without waiting for the release of preliminary results for the first half, which ends on 31 January 2014, Close Brothers has already revealed some figures about its activities. As of the end of December 2013, the first five months of its fiscal year, the firm’s asset management unit has seen an increase in its assets of 4%, to a total fo GBP9.5bn, compared with GBP9.1bn as of 31 July 2013. The firm, listed on the London Stock Exchange, explains this performance as a result both of “positive market movements and net inflows,” without providing more details.
27/01/2014

Schroders transfers pension assets to bonds

P { margin-bottom: 0.08in; }A:link { } Schroders has transferred a large portion of its pension fund assets, representing GBP870m, from equities to bonds, the Financial Times reports. Others are expected to imitate the asset mangaement firm, after a long period of rising equity markets, the FT estimates.
27/01/2014

ING IM scales up French sales teams

P { margin-bottom: 0.08in; } ING Investment Management (IM) is adding to its teams. The asset management firm has appointed Karim Carmoun as senior director of clients, specialised in distribution, from 24 January. The recruitment will allow the asset management firm to “accentuate its presence serving multi-managers and distributors in France.” Carmoun joined ING IM from Fidelity Paris, where he has been head of key clients since March 2007. He had previously served in a variety of roles in asset management and banking, first at Paribas, and then at BNP Paribas Securities, from 1999 to 20003, before joining Crédit Agricole (2003-2004) and then Fidelity in Luxembourg (2004-2007).

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