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06/05/2013

State Street launches 5 SPDR ETFs in Italy

P { margin-bottom: 0.08in; } State Street Global Advisors is launching five physical replication ETFs on the Milan stock exchange, all products already traded in London and Frankfurt, Bluerating reports. They are the SPDR MSCI EMU UCITS ETF; SPDR Dow Jones Global Real Estate ETF; BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF; SPDR S&P 500 Low Volatility UCITS ETF; SPDR Citi Asia Local Government Bond UCITS ETF. According to Danilo Verdecanna, managing director of SSgA Italy, the new additions bring the number of SPDR ETFs available for trading on the Milan stock exchange to 32.
06/05/2013

Edwin Voerman becomes MD of Alpha Plus

P { margin-bottom: 0.08in; } Edwin Voerman, hitherto vice president and one of the founders of the asset management firm Alpha Plus Gestora (USD170m in assets) in 2008, has been appointed as CEO, a position which he will occupy in addition to his role as chief investment officer, Funds People reports. Javier Arno, who had been director general, becomes vice president.Voerman manages mandates for pension funds (Nationale Nederlanden Crecimiento Global and Alpha Plus Previsión) as well as the multi-asset class fund range Alpha Plus Gestión Flexible.
06/05/2013

Fund Brand 2013: BlackRock, Carmignac and JPMorgan lead

P { margin-bottom: 0.08in; } The 2013 edition of the Fund Brand rankings by Fund Bayers Focus (FBF) reveal that for cross-border sales in Europe, the favourite brand for fund selectors is BlackRock, followed by Carmignac, JPMorgan, Franklin Templeton, Fidelity, DWS, Pictet, M&G, Schroders, and Pimco.The second French cross-border actors is Amundi, in 15th place, followed by Axa IM (excluding AllianceBernstein) and BNP Paribas, at 19th and 20th place, respectively. Comgest and LCF Rothschild take 25th and 26th place, while Rothschild & Cie and Lyxor take 42nd and 44th place.Among the leading firms, Carmignac has gained 3 places compared with the 2012 results, while Pictet has gained one, M&G two, and Aberdeen three. In its statement, FBF states that BlackRock has adequate size to allow it to offer products to meet all types of demand. An appetite for high yield has helped Pictet, Aberdeen and Axa, while M&G and Aberdeen would appear to be in a position to improve the scores for their brand this year.French groups take the top spots in the “boutique” category, with Financière de l’Echiquier and DNCA Finance in the top two places in their category, along with Sycomore (7th), Mandarine (13th), Métropole (16th), Varenne Capital (18th) and Moneta (19th).In the general rankings for the French market, the top ten brands in the eyes of fund selectors are, in order, Carmignac Gestion, Pictet, BlackRock, Franklin Templeton, Fidelity, Financière de l’Echiquier, LCF Rothschild, M&G Investments, DBCA Finance and Axa.
06/05/2013

Increased ETF activity on Euronext Europe

P { margin-bottom: 0.08in; } In April, the daily on-book trading volume for ETFs on the European markets of NYSE Euronext increased to EUR281.2m, compared with EUR248m in March. That represents an increase of 4.82% compared with the corresponding month of last year.The monthly on-book trading volume totalled EUR5.9bn, compared with EUR4.96bn the previous month.Block trading totalled EUR2.08bn last month, compared with EUR1.16bn in March.NYSE Euronext also states that the median spread in April totalled 35.41 basis points, which is 50% higher than its levels in March (23.5 basis points) and in April 2012.
06/05/2013

Henderson hires analyst for its tech sector team

P { margin-bottom: 0.08in; } Henderson Global Investors has recruited a senior analyst, in the person of Graeme Clark, as an addition to its team specialised in tech sector equities, Citywire reports. Niall Holleran, who had previously been an intern on the team, has also now been promoted to research assistant.In the past three years, the Henderson HF Global Technology fund, whose assets total about EUR3bn, has earned returns of 23.3%, compared with 25.9% in the same period for the MSCI AC World/Information Technology.
06/05/2013

“In its current form, the planned FTT would put an end to the growth of ETFs”

Source, founded only in April 2009, already has USD13.8bn in assets, of which one quarter are in ETCs, and three quarters in ETFs. Net subscriptions total EUR665m for the year to date, and USD3.97bn in 2012, of which USD2.76bn ere for funds launched with Man GLG, LGIM and Pimco. The CEO of the firm, Ted Hood, tells Newsmanagers he is concerned that the financial transaction tax will put an end to the growth of the ETF market.
06/05/2013

Pradera reacts to new German legislation

P { margin-bottom: 0.08in; } The London-based real estate fund management firm Pradera has announced that due to the passage of a new German law on investments, it is modifying the status of its German-registered open-ended real estate fund Pradera Open-Ended Retail Fund (DE000A0RG928), whose assets total EUR145m in institutional funds (Spezialfonds), Das Investment reports. The move is due to the fact that the German legislation no longer allows large institutional investors to subscribe to shares in open-ended funds. The asset objective for the fund remains at EUR500m, with target returns of 7% to 10% over 10 years, and a distribution of 5-6% per year.
06/05/2013

AUM at Man Group down in first quarter

P { margin-bottom: 0.08in; } Assets under management at the alternative management boutique Man Group as of the end of March totalled USD54.8bn, compared with USD57bn as of the end of December 2012, according to a statement released on 3 May.This decline in assets is due to a net outflow of USD3.7bn, resulting from subscriptions of USD2.5bn, and redemptions totalling USD6.2bn. This increase in redemptions is due to the loss of three major low-margin mandates, the CEO of Man Group, Manny Roman, says in a statement.In addition to this currency effects had a negative impact of USD1.6bn, due to the strength of the US dollar against the yen, euro and pound sterling.
06/05/2013

Assets under management at RBS wealth management unit up 7%

P { margin-bottom: 0.08in; } Assets under management by the wealth management unit of the British RBS group, including the Coutts private bank, as of the end of March totalled GBP30.8bn, up 7% compared with the end of December 2012, according to an interim report released on 3 March by RBS. This development is largely due to a rebound on the markets in first quarter, RBS says, which offset outflows of low-margin assets and transfers of funds due to the sale of activities in Latin America, the Caribbean and Africa.
06/05/2013

Aviva Investors recruits head of SRI integration

Aviva Investors has hired Adeline Diab as head of integration for its global responsible investment team, the asset management company announced on May 2. She reports to Steve Waygood, chief responsible investment officer.Adeline Diab joins Aviva Investors from APG Asset Management in the Netherlands where she was responsible for embedding environmental, social and governance (ESG) into the investment process across asset classes. Her role also involved active engagement with companies across a broad range of areas. Prior to this, she held roles with London-based hedge fund, GLG Partners, where she managed a sustainable investment strategy in addition to two equity funds, and HSBC Asset Management in Paris, where she co-established the ESG research team.In her role at Aviva Investors, Adeline Diab will lead the responsible investment officer analyst network, supporting them in identifying material ESG issues and seeking out global opportunities to integrate ESG into mainstream investment processes.
06/05/2013

European long-term funds continue to lead in first quarter

P { margin-bottom: 0.08in; } European investors are continuing to seek returns, according to the most recent statistics on European inflows from Morningstar. Long-term funds (excluding funds of funds and feeder funds) have posted record net inflows of EUR115.12bn in first quarter. And money market funds have seen redemptions in the first three months of 2013, which means that investors are continuing to seek returns rather than security despite the euro zone crisis. In the month of March alone, investors continued to invest in bond funds, which posted inflows of EUR15.1bn. Allocation funds posted a net inflow of EUR8.8bn, and equity funds took in EUR4.2bn in new money. Diversified bond funds denominated in US dollars or euros and British mixed large cap funds posted the heaviest outflows in March. Redemptions totalled over EUR2bn for bond funds, and EUR843m for the British funds. Templeton Global Total Return Fund takes first place among long-term funds in Europe, both in March and for first quarter, with inflows of EUR1.72bn and EUR4.29bn, respectively. For first quarter, it is followed by the Pimco GIS Unconstrained Bd, with EUR2.538bn, JP Morgan Asia Pacific Income Fund (EUR2.47bn) and Templeton Glb Bond (EUR1.99bn).
06/05/2013

LGIM raising increasingly loud objections to pay scales

P { margin-bottom: 0.08in; } Last year, Legal & General Investment Management (LGIM) intensified its efforts to combat excessive pay scales, voting against 126 pay policies and 22 chairmen of remuneration committees at companies it had invested in, Financial Times Fund Management (FTfm) reports.Among the firms concerned are WPP, Barclays, Pendragon, novartis, UBS, Credit Suisse and UniCredit.LGIM states that it has extended its voting rights policy to emerging markets, now that it is more exposed to these countries.
06/05/2013

Azimut Global Advisory makes multiple recruitments

P { margin-bottom: 0.08in; } Azimut Global Advisory, the new division of the Italian asset management firm Azimut dedicated to fee-based financial advising, has recruited several professionals, Bluerating reports. They are Leonardo Abbate and Paolo Bonavita, two veterans of MPS Private Banking, Luca Pitton and Davide Semprini, formerly of Deutsche Bank Private Banking, Daniela Iachini, Davide Zambello, Mara Lunghini and Giovanni Panno, formerly of UniCredit Private Banking, and Roberto Salvi, who has left Deutsche Bank Private Banking.
06/05/2013

Santander délaisse la gestion d’actifs

Le quotidien britannique assure que la banque espagnole est en «négociations avancées» avec un tandem de private equity formé de Warburg Pincus et General Atlantic en vue de leur céder une «participation conséquente» au sein de son activité de gestion d’actifs. Santander a tenté à plusieurs reprises de se défaire de cette activité, dont les actifs sous gestion atteignent 161 milliards d’euros en Europe, au Royaume-Uni et en Amérique Latine. Mais les pourparlers s’avèrent délicats car un tiers des actifs sont en Espagne. L’opération évoquée par le quotidien permettrait à Santander à la fois de lever du capital et de soutenir le développement de l’activité.
06/05/2013

Bruxelles écorne le pacte de stabilité

La révision en baisse des perspectives de croissance de la Commission européenne justifie le report du retour sous les 3% de déficit. Bruxelles accorde ainsi un répit de deux ans, jusqu’en 2015, à la France, dont le déficit se creuserait l’an prochain faute de réformes.
06/05/2013

Les gérants étrangers à la peine en Corée du Sud

Le quotidien souligne les difficultés éprouvées par les gestionnaires d’actifs internationaux pour bâtir une présence pérenne en Corée du Sud. 8 des 22 acteurs étrangers présents dans le pays y ont subi une perte au titre du quatrième trimestre 2012, avec des actifs en retrait contre une progression pour les acteurs locaux. Goldman Sachs a jeté l’éponge l’an passé en se retirant du marché.
06/05/2013

L’immobilier séduit le fonds souverain norvégien

Le fonds souverain norvégien, riche de 720 milliards de dollars d’actifs, presse le pas dans ses investissements dans l’immobilier. La valeur de ce segment de son portefeuille s’élève désormais à 6,5 milliards. Le fonds vise 5% de ses actifs à moyen terme et entend devenir «un grand nom dans le monde de l’immobilier», selon le quotidien.
06/05/2013

BMC Software ciblé par le private equity

Reuters rapporte de sources proches des discussions que BMC Software est proche d’un accord visant à son rachat par un tandem formé de Bain Capital et de Golden Gate Capital. Le projet, qui valorise le spécialiste américain des logiciels à quelque 6,55 milliards de dollars à raison de 46 dollars par action, pourrait être dévoilé dès aujourd’hui.
06/05/2013

Jeff Vinik cesse son activité de gestion alternative

Vinik Asset Management, qui gère 6 milliards de dollars d’actifs, remboursera totalement ses clients à la fin du mois de juin, selon un courrier adressé aux investisseurs et relayé par Bloomberg. Jeff Vinik avait lancé cette activité après avoir quitté Magellan en 1996. Il affiche un rendement annualisé de 17% depuis cette date mais les dix derniers mois ont été difficiles en raison d’une restructuration de la société.

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