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20/09/2013

UBS GAM recruits for US equity team

UBS Global Asset Management has recruited the fund manager Dan Neuger to join its US growth large caps team, Citywire reports. Neuger had previously spent 10 years at PineBridge Investments.
20/09/2013

Banque Reyl loses a head

Thomas H. Dürmüller, who became head of Banque Reyl only two years ago, when the firm opened a Zurich office, has decided to leave the firm, and to start a new company, Solitaire Aquila, the specialist news agency finews reports. Troubled times in French banking and divergences of point of view with heads of the bank may have been the cause of the premature departure of Dürmüller.
20/09/2013

DeAWM highlights three regional dividend funds

Deutsche Asset & Wealth Management (DeAWM) is shining the limelight on its regional dividend funds. Dominated by the historic fund DWS Top Dividende and the DWS Invest Emerging Markets Top Dividend Plus fund, the range also, since September 2012, includes three regional funds: DWS Invest II Asian Top Dividend, DWS Invest II European Top Dividend, and DWS Invest II US Top Dividend. DeAWM would now like to begin the “active sales” phase for these complementary products. Accordng to Philippe Goettmann, head of distribution for France and Monaco at Deutsche Asset & Wealth Managemnet, there is real interest on the part of French investors in regional funds, which allow them to orient the allocation of their investments. The three products for the moment account for EUR10m to EuR12m for funds focused on the United States and Europe, and EUR100m for funds focused on Asia. The DWS Top Dividende strategy has attracted EUR2.5bn in subscriptions since the beginning of this year.
20/09/2013

Crédit du Nord launches Etoile Multi Gestion USA

Crédit du Nord has launched Etoile Multi Gestion USA, an equity fund which provides access to managers with international reputations, selected for the complementarity of their management styles. The selection is carried out in collaboration with Russell. The “Multi-Styles, Multi-Managers” method is based on the principle that each manager has a specific approach and investment style (for example: high yield versus growth shares), a statement says. At the conclusionn of the selection process, Russell has chosen 5 US managers: Icap, Jacobs Levy, Montag & Caldwell, Suffolk CM and Welles Capital Management. Etoile Multi Gestion USA aimms to outperform the Russell 1000 index, and is inveted in US dollars with currency risk. Characteristics ISIN code: FR0010241281 Minimal subscription: 1/10,000 of 1 share Front-end fee: 2% Withdrawal penalty: none Management fee: 2.58% total including all taxes
20/09/2013

Profits up at BlueCrest Capital

Agefi reports that the hedge fund founded by Michael Platt has announced that it made USD648m in profits last year, compared with USD587m in 2011.Management and performance commissions were up 28%, to USD999m, on the basis of growth in assets under management (USD34.3bn as of the end of the year).
20/09/2013

Retail investors increasingly choose ETFs

Between 2009 and 2013, about 45% of retail investors have chosen ETFs, compared with about 15% previously, in their mid-term asset allocations, according to a study by Create-Research. This is a sharp increase, which can also be observed for opportunity-driven investors.In addition to ETFs, retail investors have favoured two other asset classes in their mid-term asset allocations: actively-managed equity and bond funds (up 4 points between 2009 and 2013) and traditional tracker funds (+6).An asset class whose popularity is diminishing is funds which offer capital protection, which have lost 5 percentage points, both for mid-term allocations and for opportunistic investments.For high net worth investors, five asset classes have been favoured in mid-term allocations: traditional index funds, ETFs, hedge funds, private equity and real estate. ETFs, whose use has risen sharply, is also primarily used for opportunistic investments. Currency and commodity funds have fallen into disgrace, however. Lastly, two asset classes have emerged: multi-aset class funds, and fund with an income bias.
20/09/2013

Two new members of PRI advisory council

The Principles for Responsible Investment Initiative (PRI) has announced that two new members had joined its advisory council following its annual signatory elections.Colin Melvin, CEO, Hermes Equity Ownership Services (Hermes EOS), and Peter Webster, CEO, EIRIS, were elected to the two non-asset owner positions open for election this year. Niels Erik Petersen, CIO, Unipension, was re-elected to the position reserved for a European asset owner, which he has held since the advisory council was assembled in 2011. The new advisory council members replace Ann Byrne, CEO, Australian Council of Superannuation Investors (ACSI), and Melissa Brown, Partner, Daobridge Capital Ltd, who are stepping down after completing their terms. Council members can serve up to three consecutive three-year terms.
20/09/2013

DeAWM builds smart beta unit

The CEO of Assenagon Client Service GmbH and Assenagon GmbH, Martin Weithöfer, has been recruited as head of smart beta by Deutsche Asset & Wealth Management (DeAWM), where he will report to Reinhard Bellet, global head of passive asset management. Weithöfer will be responsible for developing the smart beta unit, particularly with respect to designing solutions and products.
20/09/2013

Fidelity looks to extend its institutional client base in Asia

Fidelity Worldwide Investment will be making “selective” recruitments in the coming months in order to capture a part of the Asian institutional client base, Asian Investor reports. About 70% of Asian and European clients of Fidelity are “retail,” and 30% institutional. But Chris McNickle, its global head of institutional activity, anticipates a more rapid acceperation of the institutional segment. According to estimates by Asian Investor, Asian clients of Fidelity represented USD22.1bn as of the end of 2012, out of total assets of USD305.5bn as of the end of June.
20/09/2013

Goldman Sachs IP launches an Asian hedge fund

Goldman Sachs Investment Partners is in the process of raising funds for a new Asian hedge fund to be known as Oryza Capital, the news agency Bloomberg reports. The fund, which will invest in the entire Asian region, including Australia and Japan, and whose inflow objectives have not yet been set, will be managed by a team led by Hideki Kinhuata in Tokyo, and Ryan Hall in Hong Kong. Assets in hedge funds dedicated to Asia totalled USD98.4bn as of the end of June 2013, their highest level since 2007, according to statistics from Hedge Fund Research.
20/09/2013

Syz highlights its Oyster Emerging Opportunities fund

At a time when the fashion is clearly for emerging market funds, the various providers have been highlighting the particularities of their product ranges in their presentations in the past few weeks. For example, the originality of the Luxembourg-registered Oyster Emerging Opportunities fund, relaunched on 17 August 2012, is that it uses an proprietary index developed by Katia Coudray Cornu and her team of eight people. It is an equally-weighted, contrarian index, which is geographically diversified, and in which the various smaller countries are weighted according to a liquidity factor.The other source of outperformance for the fund is related to the fact that Syz has contracted out the fund to a manager which is complementary to itself, which focuses on stock-picking and which cannot diverge from the index by more than 2.5% in either direction. The Swiss group has retained the Boston-based Acadian Asset Management, an affiliate of Old Mutual, which has USD55.7bn in AUM, of which USD16.6bn are on emerging markets, primarily in equities.This solution has allowed the fund (USD111m) to post net inflows of USD54m (USD73m since the change of strategy) and to earn returns of 3.5% in slightly over one year, compared with a loss of 1.8% for the MSCI Emerging Markets.
20/09/2013

Delubac AM preparing FoF dedicated to EM equities

Delubac Asset Management has announced in a statement released on 19 September that the emerging market equity fund of funds Delubac Global Emergents is in the process of being created. The fund will be managed by Sébastien Legoff.Delubac has also announced that it has re-centred its mutual fund range, which is now composed of three multi-managed funds, (in addition to Delubac Global Emergents, Delubac Patrimoine and Delubac PEA) and a range of direct management products, with a fund centred on corporate bonds, and the Delubac Pricing Power fund, dedicated to European equities.The recreation of the fund range comes as part of a planned global development of Delubac AM, initiated by the new management team in late 2011, which will include reinforcing the bank and Delubac AM’s presence serving IFAs. Delubac & Cie will also his year for the first time participate in Patrimonia.“Our desire to develop serving IFAs is a natural step for Delubac AM,” says Franck Lepetit, Chairman of the board. “We an affiliate of an independent French bank, we share the same values as IFAs, of entrepreneurship, risk measurement, the search for sustainable performance and valuation of wealth. Our range of funds has been re-thought since late 2012 with this in mind, in orde to better meet the expectations of IFAs.”
20/09/2013

Aviva Investors to launch a short-term credit fund hedged for currency risks

Aviva Investors France (EUR93m in assets under management as of 30 June 2013) has obtained a license from the AMF for a short-term credit fund hedged for interest rate risks, according to a statement released on 19 September. The management process for the fund will be similar to that of the Aviva Investors Euro Credit Bond 1-3 fund, plus a flexible mechanism to hedge against interest rate risks. The firm has already set up this hedging strategy successfully for several insurance mandates, and would now like to offer this exposure as part of its collective management. Denis Lehman, head of mutual fund management at Aviva Investors France, says that “in the current context, the Aviva Investors Euro Credit Bonds 1-3 HD fund will allow investors to diversify their exposure to credit, with exposure to assets with shorter maturity, while confronting the risk of rising interest rates.”
20/09/2013

GSAM launches asset allocation AR fund

Samantha Davidson, Raymond Chan and Chris Lvoff, of the global portfolio solutions team, have been made responsible by Goldman Sachs Asset Management for managing the new multi-asset class, absolute return fund Goldman Sachs Multi-Asset Real Return Fund, whose prospectus was released on 30 August.The product (acronym for A shares: GHRAX) is exposed to asset classes which are sensitive to inflation, including opportunistic bonds, commodities, and a selected equity sectors.For the A share class, the front-end fee is 5.50%, and the total expense ratio is capped to 1.27%.
20/09/2013

AllianceBernstein wins a mandate from Old Mutual GI

Old Mutual Global Investors has won a mandate for USD50m from AllianceBernstein, Fund Web reports. The mandate is for the management of an allocation of US equities within the Old Mutual Voyager Global Dynamic Equity fund, managed by François Zagamé, whose assets under management total GBP1.1bn.
20/09/2013

Head of asset allocation from Aviva joins Russell

Mirko Cardinale, head of strategic asset allocation at Aviva Investors, will be joining Russell Investments as head of asset allocation for Europe, the Middle East and Africa, according to Financial News, citing sources familiar with the matter.
20/09/2013

Dexia and New York Life Investments in exclusive negotiations to sell Dexia AM

Dexia has announced that it has entered exclusive negotiations with the asset management firm New York Life Investments over a sale of all shares in Dexia Asset Management, following the submission of a binding offer by New York Life Investments. The negotiations come at a time when the asset management firm FinEx Capital had on Wednesday evening announced that it had issued a bid to buy 100% of capital in Dexia Asset Management from the banking group (see Newsmanagers of 19 September 2013). New York Life Investments, the wholly-owned subsidiary of New York Life Insurance Company, has a total of USd388bn in assets under management as of 31 July 2013. New York Life Investments «ranks among the world’s largest asset managers and through its multiple-boutique investment structure, offers access to an array of fixed income, equities and alternative products for institutional and retail clients,” Dexia says in a statement. The banking group adds that “New York Life Investments represents a solid partner to support the commercial development of Dexia Asset Management.” Dexia feels Life Investments constitutes a solid partner to pursue Dexia Asset Management’s commercial development. Moreover, Dexia is confident in its execution capacities, should an agreement be signed. Any agreement by the parties would be subject to finalization of its key terms and of the employee consultation process in accordance with the applicable legal framework.
20/09/2013

Azimut launches a hybrid bond fund

The Italian asset management firm Azimut has launched a UCITS IV fund dedicated entirely to hybrid bonds, Bluerating reports. The fund, entitled AZ Fund Bybrid Bonds, is aimed at private clients able to invest at least EUR25,000.
20/09/2013

Hauck & Aufhäuser recruits in Luxembourg

Frankfurt-based Hauck & Aufhäuser Privatbankiers on 19 September announced that it has recruited Marc Kriegsmann as MD of Hauck & Aufhäuser Alternative Investment Services SAS in Luxembourg. He will be more particularly responsible for the development and design of products and corporate services. The other two MDs of H&A AIS are Mario Warny and Jürgen Maximini.Kriegsmann had most recently been one of the MDs of Alceda Fund Management SA, responsible for structuring, portfolio management and finance.
20/09/2013

La RBI prend le virage de la rigueur monétaire

Pour sa première réunion en tant que gouverneur de la banque centrale indienne, Raghuram Rajan a décidé de resserrer contre toute attente son taux de refinancement de 25 points de base (bp), pour le porter à 7,5%. Une décision qui s’accompagne d’un «retrait progressif» des mesures exceptionnelles de resserrement des conditions de liquidité prises en juillet pour réduire la volatilité du taux de change. Depuis son plus bas historique enregistré fin août, la roupie s’est reprise de 11% contre dollar, pour atteindre 62,15 vendredi. Elle reste néanmoins en baisse de 13% depuis le début de l’année.
20/09/2013

Univision vise une IPO en 2014

Le réseau de télévision hispanophone Univision Communications, basé à New York, a tenu ces dernières semaines des discussions avec des banques au sujet d’une introduction en Bourse qui pourrait intervenir au second semestre 2014, croit savoir Reuters. Univision a été retiré de la cote en 2007 du fait de son rachat par Madison Dearborn Partners, Providence Equity Partners, TPG et Thomas H. Lee Partners.
20/09/2013

Un nouvel ETF obligataire pour SSgA

State Street Global Advisors a dévoilé le lancement d’un nouveau fonds indiciel coté sur la plateforme Xetra de Deutsche Börse. Le fonds coordonné SPDR Barclays 0-5 Year US High Yield Bond couvre l’univers «particulièrement intéressant» selon le directeur de SPDR ETF pour la France, Olivier Paquier, des obligations américaines à haut rendement et à court terme (moins de cinq ans).
20/09/2013

François Hollande veut une "conférence bancaire de la transition énergétique"

Lors de la Conférence environnementale de ce matin, François Hollande a annoncé vouloir faire de la «Banque publique d’investissement la banque de la transition énergétique». Le président de la République a également lancé l’idée d’organiser une «Conférence bancaire et financière de la transition énergétique». Son objectif viserait notamment à trouver de nouvelles solutions afin d’orienter l'épargne des Français vers la question environnementale. Les besoins d’investissements liés à la transition énergétique sont estimés à 20 milliards d’euros par le président de la République. Ce dernier a confirmé la création en 2014 d’une contribution climat énergie (CCE) sans dévoiler les modalités de sa mise en œuvre. Des précisions pourraient être apportées demain par le Premier ministre.
20/09/2013

L'Italie abaisse ses prévisions économiques

Le gouvernement italien a revu à la baisse ses prévisions économiques pour cette année et l’an prochain. Rome prévoit une contraction de 1,7% du produit intérieur brut (PIB) cette année, contre -1,3% attendu jusqu'à présent. En 2014, l'économie devrait renouer avec la croissance mais celle-ci devrait être de 1,0% seulement, contre +1,3% dans les prévisions précédentes, publiées en avril. Le pays confirme néanmoins son engagement à respecter le plafond de 3% de déficit fixé par l’Union européenne.
20/09/2013
Gestion d'actifs

La Caisse de Pension du CERN a sélectionné un seul dépositaire

La Caisse de Pension du Conseil européen pour la recherche nucléaire (CERN), 3,7 milliards d’euros d’encours, a sélectionné et n’utilise depuis 2012 qu’un seul dépositaire global, la Street Bank GmbH à Munich. Le dépositaire a augmenté le nombre de comptes CERN, ceux-ci passant de 17 à 99, et offre des calculs de valeur d’actifs net journaliers. L’institution a retenu Ortec Finance en tant que consultant extérieur. Le conseil d’administration du fonds de pension recherche une plus grande transparence et une meilleure granularité concernant le portefeuille ainsi que sur ces activités et a mis en avant la nécessité de consolider les actifs avec un seul prestataire de global custody & fund accounting services. State Street a mis en place des comptes permettant à la CERN d’identifier plus facilement les performances et les risques associés et a augmenté la fréquence des services comptable. L'évaluation journalière figure sur le site de l’institution. Allocation des actifs au 31 décembre 2012 : Liste des mandats externes au 31 mars 2013 : Actuellement les placements directs représentent 92% du portefeuille de l’institution, les placements réalisés dans le cadre de mandats externes environ 8%. Portefeuille immobilier Le portefeuille immobilier de la Caisse comprend 18 propriétés situés dans cinq pays : la Suisse, la France, les Pays-Bas, l’Allemagne et le Royaume-uni. La composition de ce portefeuille est présentée ci-dessous.
Gestion d'actifs
20/09/2013

Michel Pinault devrait présider aux sanctions de l'AMF

Alors que le mandat de Claude Nocquet à la présidence de la Commission de sanctions de l’Autorité des marchés financiers arrive à échéance en novembre, Michel Pinault tient la corde pour lui succéder. Conseiller d’Etat, ce dernier a notamment été le rapporteur pour la commission des sanctions dans l’affaire opposant LVMH à Hermès.
20/09/2013

Les détails du PEA PME satisfont la Place

Les investisseurs pourront souscrire un PEA-PME dans l'établissement de leur choix sans avoir déjà ouvert un plan d'épargne en actions classique, ce qui devrait faciliter la diffusion du nouveau produit. Un point jugé positif par les associations professionnelles comme la FBF ou l’AFG.

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