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25/09/2013

State Street confidence index down in September

The State Street Investor Confidence Index (ICI) for September 2013. fell to 101.4 in September, down 3.5 points from August’s revised reading of 104.9.The fall was driven by sentiment in North America, which declined 7.6 points to 104.5 from August’s revised reading of 112.1. Meanwhile, compared to their revised August readings, European confidence rose by 4.7 points to 101.7 while Asian confidence rose by 2.1 points to 95.3.
25/09/2013

Petercam integrates institutional management into a wholly-owned subsidiary

From 1 October 2013, Petercam will merge it institutional management activities into a wholly-owned subsidiary entitled Petercam Institutional Asset Management SA (Petercam IAM SA), according to a statement released on 24 September.Investment, sales and marketing activities at the group, as well as fund distribution activities for institutional management, will be transferred from the group to the specialist affilite. It will also inclue management of indidivual institutional mandates.As of the end of 2012, institutional assets under management totalled about EUR5bn, compared with over EUR9bn in private management.
25/09/2013

JPMorgan and the Gates Foundation launch healthcare fund

A new investment fund, the Global Health Investment Fund (GHIF), structured by JPMorgan Chase & Co. and the Bill & Melinda Gates Foundation will allegedly, for the first time, allow individual and institutional investors the opportunity to finance late-stage global health technologies that have the potential to save millions of lives in low-income countries. “The GHIF will invest in new drugs and vaccines, emerging diagnostic tools, child-friendly formulations of existing products, expanding manufacturing capacity and other applications that will help bring affordable technologies to those most in need”, according to a press release.London-based LHGP Asset Management («Lion’s Head»), an asset manager specializing in sustainable development, will be responsible for originating, managing and exiting GHIF portfolio investments.With USD94m committed by a pioneering group of investors - including Grand Challenges Canada (funded by the Government of Canada), the German Ministry for Economic Cooperation and Development (acting through KfW) and the Children’s Investment Fund Foundation - the Global Health Investment Fund («GHIF» or the «Fund») will help advance the most promising interventions to fight challenges in low-income countries such as malaria, tuberculosis, HIV/AIDS and maternal and infant mortality.To help mitigate the risk of investing in the clinical development of new technologies, the Gates Foundation and the Swedish International Development Cooperation Agency have committed to partially offset potential losses in the Fund, which will seek a financial return for investors by targeting high-impact technologies with public health applications in both developed and emerging markets.
25/09/2013

Two recruitments at Allianz Global Investors

Jürgen Adam, who had been responsible for about EUR100bn in euro bond and money market portfolios at MEAG, has been recruited by Allianz Global Investors (AGI) as head of the portfolio management team for Germany for bonds. In this new role, he will be responsible for overseeing the management and development of bond portfolios for insurer clients of AGI in Germany. He will report to Karl Happe, CIO for insurance-related strategies.AGI has also recruited Grant-Yun Cheng, who on 1 Ocober will join the firm as manager of the Allianz BRIC Stars and BRIC Equity funds. Cheng replaces Michael Konstantinow, who left the business in early September. Cheng had previously been head of emerging markets at Union Investment.
25/09/2013

SRI: Wolfgang Pinner leaves Erste AM for RCM

The chief sustainability investment officer at Erste Asset Management, Wolfgang Pinner, has been recruited by Raiffeisen Capital Mangement (RCM), and will on 1 November join the firm as chief investment officer for socially responsible investment (CIO SRI). He will belong to the fund management leadership team, alongside Kurt Kotzegger (equities and asset allocation) and Robert Senz (bonds) from the asset management firm of the Raiffeisen group.Gergard Aigner, one of the MDs of RCM, says that the recruitment corresponds to a desire to better position and accentuate the sustainable investment theme within the asset management activities of the group, Following the arrival of Pinner, RCM will develop and launch new strategies.Pinner is vice-chairman of Forum Nachhaltige Geldanlage (FNG), the sustainable investment association.
25/09/2013

CommonWealth REIT improves governnance

The US CommonWealth REIT on 23 Sepember announced that it is making changes to its management agreements with REIT Management & Research (RMR) and improvements to its governance, according to a statement from the firm which seeks to respond to criticisms levelled at it by the hedge fund Corvex Management and the real estate fund Related Fund Management.The two funds, which together control nearly 10% of capital in CommonWealth, had lively criticism for the billing system between CommonWealth and RMR. Management fees will now be calculated on the basis of a new formula, which will no longer be based on historic costs alone.In the area of governance, CommonWealth has decided that the number of independent trustees on its board would be increased from 60% to at leat 75%. Activist funds did not appear to have been convinced by the news, which has been called “empty rhetoric.”
25/09/2013

KKR and Sycamore Partners eye Jones Group

The two private equity investors KKR and Sycamore Partners are planning to acquire the retail chain Jones Group in the next few days, according to the New York Post, citing several sources. KKR and Sycamore Partners have declined to comment. The Wall Street Journal had already a few days ago reported the potential for a joint bid from the two private equity groups.
25/09/2013

Inflows to Italian funds continue at a fast pace

Open-ended funds on sale in Italy in August recorded net inflows of EUR3.267bn, nearly as much as in July, the most recent statistics from the Italian asset manager’s assocation Assogestioni reveal. Inflows were particularly driven by flexible funds, which attracted EUR2.316bn. Since the beginning of the year, Italian funds have attracted over EUR40bn. Taking into account closed funds and management under mandate, the Italian asset management sector in August took on EUR5.429bn. Since the beginning of the year, inflows have totalled EUR52.525bn, the same total as in all of 2005, Assogestioni notes, predicting a record 2013. In terms of inflows to open-ended funds and mandated management, the three firms which stood out in August were the Italian Intesa with EUR1.147bn in inflows, AM Holding with EUR1.041bn, and Poste Italiane with EUR639.8m. Among the few funds which had outflows are Generali (-EUR279.8m), BNP Paribas (-EUR142.3m) and Ubi Banca (-EUR93.8m).
25/09/2013

Libor: 13 banks sued by US regulator

The National Credit Union Administration (NCUA), which oversees the savings banking sector in the United States, on 24 September announced that it has sued 14 international banks, including the French bank Société Générale and the Swiss UBS and Credit Suisse, with manipulation of the Libor rate.The regulator intends to recuperate a part of the sums lost due to these manipulations by five institutions which it had supervised and which have since gone bankrupt. The lawsuit, for violation of Federal and regional annti-trust laws, was filed in a Kansas court, according to a statement. So far, fines totalling about USD2.5bn have been levelled against three of the major players in the market: UBS, Royal Bank of Scotland, and Barclays. The NUA has also named JPMorgan Chase, Lloyds Banking Group, WestLB, Raiffensen Bank, Norinchukin Bank, Bank of Tokyo Mitsubishi UFJ and the Royal Bank of Canada.In a separate statement, the NCUA announced that it has filed a separate lawsuit against Morgan Stanley and eight other international banks, including JP Morgan, Goldman Sachs, Credit Suisse and UBS, for selling USD2.4bn in faulty financial products. The NCUA explains that it intends to recover losses experienced by the banks it oversaw which have since gone bankrupt due to these bad investments.
25/09/2013

Profits down in first half at Miton

UK-based Miton has reported pre-tax profits for the half to the end of June of GBP300,000, compared with GBP500,000 in first half 2012, according to figures released by the firm.This development is due to spending of approximately GBP700,000 on the recruitment of four management professionals, the installation of a new IT system, the acquisition of PSigma, and the launch of two funds.Assets under management increased by 13% in the half under review, to GBP2.02bn. Net inflows totalled GBP121m.
25/09/2013

Dragon Capital launches first UCITS fund dedicated to Vietnamese equities

One of the largest investment firms in Indochina, Dragon Capital, has launched the Vietnam Equity UCITS Fund, the first UCITS-compliant fund dedicated to Vietnamese equities.The objective of the fund is to generate mid- to long-term growth in capital be investing as a top priority in securities in Vietnamese companies listed on the Ho Chi Minh stock exchange or other publicly-traded businesses with a significatn exposure to Vietnam.The fund primarily targets clients of private banks and wealth managers. The minimal investment is USD25,000 and management fees are 2% per year.
25/09/2013

Sovereign wealth funds have invested a lot in energy

Direct investment by sovereign wealth funds in energy has increased sharply in recent years. On the basis of data from the Sovereign Wealth Fund Institute, more than USD76.3bn have been invested in companies or assets related to energy between 2008 and August 2013. This takes into account energy producing companies, exploration companies, utilities and infrastructure related to energy. These direct investments in energy have profited Europe, which has attracted USD40.8bn in the period under review, in 254 transactions. In Europe, the United Kingdom is one of the major beneficiaries of this investment. Among companies which are particularly popular with SWFs are Royal Dutch Shell, BP, BG Group and Total. Eastern Europe and Russia have attracted a much more modest proportion of invetment by sovereign funds, and these investments have been largely carried out via invesmtent funds. Investments by SWFs in Europe have far outpaced those in North America, and total USD11.8bn in the period under review, in 191 transactions.
25/09/2013

Towers Watson creates a position of head of advising dedicated to governments

The consulting group Towers Watson has appointd Jayne Bok as head of consulting activities to governments, a newly-created position, Towers Watson reports. Bok had previously been head of investment advising for Korea in Seoul.Bok, who will now be based in Hong Kong, began in early September. She reports to Peter Ruyan-Kane, head of investment advising activities for the Asia-Pacitic region.“Governments are a universe unto themselves, which have problems that extend beyond those of other major institutional investors such as pension funds and endowments,” Ryan-Kane explains to Asian Investor.
25/09/2013

Old Mutual GI recruits a big Asian name from BNPPIP

Carol Wong, who has spent 15 years at ABN Amro Asset Management and then at BNP Paribas Investment Partners, most recently as head of sales, Hong Kong, China & South East Asia, will in November 2013 join Old Mutual Global Investors (OMGI) as managing director, head of distribution, Asia.Wong will be based in Hong Kong, and will report to Warren Tonkinson, head of global distribution. She will be responsible for developing the Asian strategy of OMGI, which seeks to increase its assets through sales of its products through multiplace channel, including large global financial institutions, regional banks, and wealth managers, while co-operating with Old Mutual Wealth, the wealth management unit of the group which also has expansion plans in the region.
25/09/2013

Head of Cofunds resigns after only four months

Chris Last has resigned from his position as chief executive at Cofunds after only four months at the head of the firm, FundWeb reports. Last joined Cofunds in May, following the departure of Martin Davis following the acquisition of Cofunds by Legal & General. The current managing director of Cofunds, David Hobbs, who also arrived in May, will take over from Last.
25/09/2013

Martin Davis becomes CEO of Kames Capital

Martin Davis, the former head of Cofunds, will head Kames Capital, a subsidiary of Aegon Am, as chief executive officer from 1 October, FundWeb reports. His appointment comes after several changes to the management at Kames, including the departure of Andrew Fleming from his position as CEO at the end of March 2013. Sarah Russell has served as interim CEO of Aegon AM.
25/09/2013

ECM AM recruits fund manager

ECM Asset Management Ltd, the USD8.4 billion multi-asset credit investor owned by Wells Fargo, has hired Chris Telfer as specialist portfolio manager.He will trade financials and sovereigns across ECM’s strategies. He will report to Ross Pamphilon, co-CIO and portfolio manager.Prior to joining ECM, Chris Telfer spent three years as a credit trader at Barclays Capital in London.
25/09/2013

Close Brothers AM is profitable again

The asset management activities of Close Brothers have returned to profitability in the fiscal year ending on 31 July 2013, according to provisional results released by the group.The contribution of asset management to operating profits totalled GBP4bn, equivalent to 2% of the group’s profits, after losses last year of GBP4.3bn.Assets under management have increased 9% to a total of GBP9.1bn.
25/09/2013

Wells Fargo registers funds in Norway

The US asset management firm Wells Fargo Asset Management has registered 13 funds in Norway from its Luxembourg range Wells Fargo (Lux) Worldwide Fund, Sweden’s Fondbranschen reports. The firm is continuing its development in Europe. It has also registered its funds in France. The funds concerned are the following: China Equity FundEmerging Markets Equity FundEmerging Markets Equity II FundEmerging Markets Income and Growth FundGlobal Equity FundGlobal Opportunity Bond FundPrecious Metals FundUS All Cap Growth FundUS Dollar Short-Term Money Market FundUS High Yield Bond FundUS Large Cap Growth FundUS Premier Growth FundUS Short-Term High Yield Bond Fund
25/09/2013

La Sfil va lever 500 millions d’euros à 15 ans

La nouvelle banque publique des collectivités va émettre des obligations foncières d’une maturité de 15 ans, confirme une source proche. Son véhicule de refinancement Caffil (ex-DexMa) compte lever 500 millions d’euros à maturité 2028, à un prix proche de midswap + 50 points de base, indique Bloomberg. L’émission sera menée par le Crédit Agricole, Morgan Stanley, la Société Générale, RBS et UniCredit. En juillet, Caffil avait placé une émission inaugurale de 1 milliard d’euros à 7 ans.
25/09/2013

La France émettra 174 milliards d'euros de dette en 2014

L’Agence France Trésor prévoit d'émettre 174 milliards d’euros de dette à moyen long terme en 2014, afin de financer 104,8 milliards d’euros de tombées et un déficit annoncé à 70,2 milliards dans le projet de loi de finances présenté ce matin. Le programme sera donc en hausse par rapport aux 169 milliards que l’AFT prévoit d'émettre en 2013. L'écart vient notamment du fait que le dérapage dans l’exécution budgétaire de l’Etat cette année par rapport à la loi de finances initiale est couvert par des émissions à court terme de BTF (+8,1 milliards d’euros de variation de stock) et par des primes d'émission (4 milliards).
L'Agence France Trésor prévoit d'émettre 174 milliards d'euros de dette à moyen long terme en 2014. Photo: PHB
25/09/2013

Dexia AM se vend 380 millions d'euros

Après moins d’une semaine de négociations, New York Life Investments a annoncé mardi soir avoir conclu le rachat de Dexia Asset Management pour 380 millions d’euros. Le groupe franco-belge s'était engagé à vendre cette filiale, qui gère quelque 74 milliards d’euros d’actifs pour le compte de clients de 25 pays, en échange des aides publiques massives reçues depuis la crise financière. Dexia précisera après la finalisation de la cession l’impact de celle-ci sur sa situation financière et ses ratios de solvabilité.
25/09/2013

La Banque mondiale abaisse ses prévisions pour la Russie

L'économie russe approche de son potentiel maximal et doit faire face à des obstacles structurels «contraignants», estime la Banque mondiale qui a ramené de 2,3% à 1,8% sa prévision de croissance pour le pays en 2013. Dans son rapport semestriel, l’institution cite notamment comme freins à la croissance un marché du travail étroit et de piètres activités d’investissement.
25/09/2013

La Suède vend le solde de sa participation dans Nordea

Le gouvernement suédois a annoncé hier soir la cession de sa participation résiduelle de 7% dans Nordea, première banque scandinave. Le produit de la vente sera affecté au remboursement de la dette publique. L’opération, qui s’adresse à des institutionnels suédois et étrangers, fait l’objet d’une procédure de constitution du livre d’ordres accélérée, le prix et la répartition devant être annoncés aujourd’hui.
25/09/2013

Moody’s relativise l’impact d’un blocage sur la dette américaine

La note souveraine des Etats-Unis ne serait sans doute pas affectée si les tensions politiques liées au débat budgétaire conduisaient à une fermeture des administrations fédérales, mais un blocage sur le plafond de la dette publique pourrait avoir des répercussions sur les marchés financiers, a déclaré hier un analyste de Moody’s. «Pour l’heure, nous ne considérons pas cela (une réduction de la note) comme une conséquence de ces événements à court terme», a déclaré Steven Hess, premier analyste du crédit souverain des Etats-Unis, en soulignant que «la note se fonde davantage sur les perspectives à long terme plutôt que sur ce que nous considérons comme des événements à court terme». L’agence de notation estime cependant que ne pas relever le plafond d’endettement des Etats-Unis serait plus préjudiciable aux marchés financiers qu’une fermeture des administrations gouvernementales.
25/09/2013

Bruxelles veut harmoniser les échanges d’électricité

Afin d’améliorer l’efficacité de la production électrique tout en faisant baisser les prix, la Commission européenne vise une harmonisation des échanges de courant d’ici fin 2015 au sein de l’Union, ce qui devrait se traduire par l’émergence d’une Bourse d’électricité unique, rapporte le Frankfurter Allgemeine Zeitung sans citer ses sources. La Commission devrait présenter ses propositions à la fin de cette semaine, ajoute le journal.

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