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12/03/2013

Index options: Russell signs exclusive agreements with NYSE Euronext and CBOE

P { margin-bottom: 0.08in; }A:link { } Russell Investments has announced that NYSE Euronext and the Chicago Board Options Exchange (CBOE) will exclusively offer options based on Russell indices. The agreement will reinforce the complementary strengths of the two operators, the largest on the US options market, according to a statement from Russell. The newagreement with CBOE, a pioneering operator in the development of the options and index options market, will also improve Russell’s capacity to provide education in options. Trading of Russell index options is expected to begin in late April.
12/03/2013

Good results for Natixis Global Asset Management in 2012

P { margin-bottom: 0.08in; }A:link { } In 2012 overall, assets under management at Natixis Global Asset Management (NGAM) increased by EUR47bn to EUR591bn, with the strongest net subscriptions coming from the United States, at EUR4.5bn, the Börsen-Zeitung reports. Pierre Servant, CEO of NGAM, states that the holding company has since 2000 been run from Paris and Boston. As the global asset management market is 50% located in the United States and 30% in Europe, it is highly important to be Franco-American, the manager says.
12/03/2013

Axa PE announces a major operation for Fives

P { margin-bottom: 0.08in; }A:link { } The AXA Private Equity firm, which since October 2012 has been the major shareholder in the industrial negineering group Fives, on Monday, 11 March announced that the firm has signed an agreement to acquire MAG Americas, an international group specialised in high-tech equipment. The operation is pending approval from the relevant regulatory authorities. MAG Americas has about 1,000 employees based in the United States, France, Canada, China and South Korea. In 2012, the firm had a portfolio of 100 patents, and earned revenues of about EUR400m, two thirds of which was in North America.
12/03/2013

Axa IM prioritises recruitment of teams from rivals

P { margin-bottom: 0.08in; }A:link { } In line with what was recently announced in Paris (see Newsmangers of 27 February), Dominique Carrel-Billiard, CEO of Axa Investment Managers, has told Financial Times Fund Management (FTFM) that the firm he leads will be highly active in the recruitment of teams from competitors, a formula whose profitability is much more sure than external growth. The manager is particularly interested in emerging market, loans and liability-driven investment (LDI) teams.
12/03/2013

IFAs still sceptical of ETFs

P { margin-bottom: 0.08in; }A:link { } Despite their exponential growth, ETFs remain products which some catgories of investors are still wary of. Three quarters of advisers do, of course, use ETPs, according to a surey by WealthManagement.com of 735 advisers («Advisor Use of ETPs –And Lessons From the Trenches,”) which nonetheless fins that one quarter are still not using ETFs in client portfolios. Among non-users, 42.5% of advisres say that they do not have adequate knowledge of these investment vehicles. Some (18.6%) also say that mutual funds are more appropriate products for their clients, while others (18%) say that ETPs are not products made for their clients. Many advisers claim that they need more and more robust information about ETPs. “It is normal that advisers are not yet completely at ease, since this is really a new sector of activity,” says Adam Patti, CEO and founder of the ETF provider IndexIQ. The survey also finds that advisers are attached to vehicles which they know well, such as actively-managed mutual funds. When asked about their vehicled of choice other than ETPs, 44.7% of adviers mention actively-managed mutual funds, well ahead of tracker mutual funds (25.6%). There is thus still a lot of work and education to be done. The primary sources of information for adviers who use ETPs are websites (52.9%) and documents provided by sponsors (50.4%). Far fewer are interested in independent research on the subject. Specialists regret that there is not yet a good reference resource for ETFs. The US asset management association (ICI) last autumn launched an informational website about ETFs (http://www.understandetfs.org), which represents an initial step in that direction.
12/03/2013

BNY Mellon receives patents for its innovations in commodity ETFs

P { margin-bottom: 0.08in; }A:link { } BNY Mellon has announced that it has been granted three patents on processes developed by the firm, which allow for commodities to be traded via ETFs. The commodities covered by the patents also include silver and other industrial and precious metals. “These patents recognize that BNY Mellon has created an innovative processes which transforms metal or other commodities which are generally an encumbrance into easily-traded securities,” says Joseph Keenan, head of the Global ETF Services unit at BNY Mellon. BNY Mellon acts as a custodian and administrator for about half of all ETFs traded in the United States.
12/03/2013

Vontobel founds a platform for external asset managers

P { margin-bottom: 0.08in; }A:link { } Vontobel is this week launching an online platform for external asset managers (EAM), according to the website finews. The new resource, entitled Vontobel EAMNet, will be available to all external asset managers with a cooperation agreement with Vontobel. Users will have access to all updated research from Vontobel. Vontobel will compete with Credit Suisse, which has recently announced that it plans to launch an online platform of the same type in the next few weeks for external asset managers (Newsmanagers of 19 February 2013).
12/03/2013

Barclays Spain launches fund aiming for 2.7% returns per year

P { margin-bottom: 0.08in; }A:link { } On 1 February, Barclays Wealth Managers España registered the Barclauys Renta Fija 2018 fund, a fund maturing on 1 February 2018 with non-guaranteed returns of 2.7% per year compared with its net asset value as of 15 March 2013, when subscriptions close, with the CNMV. It will invest primarily inSpanish government and corporate bonds.CharacteristicsName: Barclays Renta Fija 2018, FIISIN code: ES0118845009Front-end fee: 2%Management commission: 1%Early withdrawal penalty: 1%
12/03/2013

J. Chahine Capital opens in Spain

P { margin-bottom: 0.08in; }A:link { } With the registration of the Digital Funds Luxembourg Sicav by the CNMV, J. Chahine Capital has become the first foreign asset management firm to enter Spain this year Funds People reports. The two sub-funds licensed by the Spanish regulator are the Digital Stars Europe and Digital Stars Europe Ex-UK.Funds People reports that 16 foreign asset management firms arrived in Spain in 2012.
12/03/2013

Lipper releases list of best-selling funds of 2012

P { margin-bottom: 0.08in; }A:link { } The best-selling fund of 2012 in Europe was the AllianceBernstein – American Income Portfolio fund from the Axa – Alliance Bernstein group, with net inflows of EUR8.23bn, according to the annual European fund report from Lipper, published on Monday.Pimco takes the next three places, with the Pimco GIS Total Return Bond Fund (EUR8.06bn0, the Pimco GIS Global Investment Grade Credit (EUR5.86bn) and the Pimco GIS Diversified Income Fund (EUR5.58bn).In fourth and fifth place are UK asset management firms: Standard Life and M&G, with the Standard Life Global Absolute Return Strategies (EUR5.49bn) and the M&G Optimal Income Fund (EUR5.14bn).In seventh and eighth place, the Axa group returns with two high yield bond funds, Axa IM FIIS – US Short Duration High Yield (EUR4.55bn) and AllianceBernstein – Global High Yield Portfolio (EUR3.79bn). Lastly, in tenth place is Pimco, with the Pimco GIS Unconstrained Bond Fund (EUR2.92bn). The rankings are clearly dominated by bond funds, which in 2012 recorded net sales of EUR22.62bn in Europe, while the sector overall had a net total of EUR225.2bn.The top equity fund places only 12th, with the M&G Global Dividend.Only two French groups place in the top 25 best-sellers: Axa, several times in the top ten, and Carmignac, with the Carmignac Patrimione, which in 2012 took in EUR1.97bn.The latter, however, remains the second-largest fund in Europe, with EUR2801bn as of the end of December. The largest fund has not changed: it is the Templeton Global Bond Fund, with EUR34.25bn. The Pimco GIS Total Return Bond Fund moves up from fourth to third place, with EUR25.83bn, overtaking the Templeton Global Total Return Fund.
12/03/2013

SSgA preparing two TIPS ETFs

P { margin-bottom: 0.08in; }A:link { } State Street Global Advisors (SSgA) is currently working to launch two ETFs to protect investors against inflation via TIPS, IndexUniverse reports. The funds, the SPDR Barclays 0-5 Year TIPS ETF and the SPDR Barclays 1-10 Year TIPS ETF, are on the short and mid parts of the curve, as TIPS are generally offered with maturities of 5, 10 and 20 years. At a time when investors remain concerned by the potential rise of inflationary pressures, the market is currently offering 11 ETFs based on TIPS which have posted inflows of USD1.88bn in the past 12 months. The largest is the iShares Barclays TIPS bond fund, whose assets under management total USD22bn.
12/03/2013

Des députés plaident pour un durcissement de la réforme bancaire

La réforme bancaire engagée au Royaume-Uni doit être encore durcie et permettre si besoin une séparation totale entre activités de détail et d’investissement de toutes les banques du pays, a insisté le 11 mars la commission parlementaire mise en place après le scandale du Libor. «Il reste beaucoup de travail à faire pour améliorer la loi» de réforme, débattue ce lundi à la Chambre des communes, a estimé Andrew Tyrie, le président conservateur de cette commission mise en place cet été. Le ministre des Finances George Osborne a déjà accepté certaines propositions de la commission, comme de donner au régulateur le pouvoir de décider d’une séparation totale - et pas d’un simple cloisonnement - des activités au cas où une banque ne joue pas le jeu. Mais il fut aller encore plus loin et permettre éventuellement «une séparation complète et à travers tout le secteur» bancaire, et pas seulement pour un établissement au cas par cas, a fait valoir Andrew Tyrie
12/03/2013

British funds pass on some costs in opaque commissions

P { margin-bottom: 0.08in; }A:link { } Asset management firms based in the United Kingdom may be offloading GBP1bn in costs per year by bundling them up in with opaque commissions charged to clients, Financial Times Fund Management finds. The figures include payments to access businesses, as well as research by third parties. British passively-managed equity funds, which do not pay for research or for access to businesses, generally charge commissions equivalent to 2.1 basis points on the securities they buy and sell, FTfm finds, citing figures from SCM Private. At the same time, the major British asset managers charged commissions averaging 10.4 basis points, which suggests that 8.3 basis points went to research and other costs.
12/03/2013

Brevan howard gives GBP20m to a business school

P { margin-bottom: 0.08in; }A:link { } The hedge fund Brevan Howard will donate GBP20.1m over eight years to the Imperial College Business School in London, to create a research centre in financial economy, the Brevan Howard Centre for Finance, the Financial Times reports. The donation is one of the largest ever given to a British business school. It was initiated by Alan Howard, founder of the hedge fund and an alumnus of the school.
12/03/2013

Lloyds Banking Group plans to sell 20% of Saint James's Place

P { margin-bottom: 0.08in; }A:link { } In a market statement on 11 March, Lloyds Banking Group announced plans to sell at least 102 million ordinary shares in the asset management firm St James’s Place (GBP33.8bn in assets as of the end of December), about 20% of ordinary capital in circulation. That will reduce the stake of Lloyds Banking Group in St James’s Place to 37%. The vendor plans to bring in capital gains of GBP350-400m through the sale.
12/03/2013

US firms dominate inlows in Europe over 10 years

P { margin-bottom: 0.08in; }A:link { } US firms such as Pimco, Franklin Templeton and BlackRock were the asset management firms to post the largest inflows in Europe in the past 10 years (excluding money markets and ETFs). Pimco has posted average annual subscriptoins of USD8.668bn over the decade, ahead of Franklin Templeton (EUR7.824bn) and BlackRock (EUR7.797bn). Jn fourth place is one of the only French firms in the top 25, Axa, with EUR5.386bn. The other French firm is Carmignac, which is in sixth place (after M&G), with average annual subscriptions of EUR4.053bn. Lipper notes that the 20 firms in the rankings of best-sellers over the past decade have a different profile. There are independent firms, private banks and affilates of banks.
12/03/2013

Aberdeen launches strategic bond fund

P { margin-bottom: 0.08in; }A:link { } On 11 March, Aberdeen Asset Management (GBP193bn as of the end of December) released a British-registered OEIC fund, the Aberdeen Strategic Bond Fund, which is managed with a bottom-up, bond-picking style by the team led by Oliver Boulind, head of global credit & global high yield.The portfolio will be invested worldwide in investment-grade and/or speculative debt instruments, and bonds from governments, corporations, government agencies and supranational organisations. Asset allocation will be dynamic.Management commission is 0.5%, and minimal subscription is GBP500.
12/03/2013

Assets under wealth management in Britain up 9.2% in fourth quarter

P { margin-bottom: 0.08in; }A:link { } Total British wealth management assets set a record at GBP527bn in fourth quarter 2012, despite concerns about RDR regulations, which might have slowed inflows, according to statistics from ComPeer, reported by Investment Week. Inflows rose 9.2% in fourth quarter compared with the end of December 2011, and 3% compared with third quarter 2012. The average asset manager succeeded in reducing its costs by 3%, which may be surprising given the increases in spending related to the introduction og RDR regulations on 1 January.
12/03/2013

Threadneedle plans soft-close of its Pan-European small caps fund

P { margin-bottom: 0.08in; }A:link { } Investment Week reports that Threadneedle is preparing to partially close the Pan-European Smaller Companies Fund, managed by Philip Dicken, with assets which have risen from EUR500m in early 2012 to EUR1bn currently, to subscriptions.
12/03/2013

Australian pension fund quits tobacco

P { margin-bottom: 0.08in; }A:link { } The Future Fund, which manages AUD80bn in assets (EUR62.5bn) in public employee pensions, at the end of February announced that it would be pulling its capita out of all makers of of tobacco worldwide, Les Echos reports. That represents about AUD222m (EUR174.2m, or 0.3% of assets), invested in 14 tobacco producers, including the global leaders Philip Morris and Imperial Tobacco. The decision follows a review of responsible management policies.
12/03/2013

Spanish “author funds” have overcome the crisis

P { margin-bottom: 0.08in; } Although most Spanish funds were hurt by the financial crisis, which led to a fall on the markets and an exodus of subscribers, some original products, so-called “author funds,” have already made it through this difficult period, Cotizalia notes.The Pegasus fund from Renta4 (managed by Miguel Jiménez), has seen its assets which rise since 2007 from EUR14m to EUR60m, while the net asset value has increased by nearly 40%.Bestinvest, with the Bestinfond fund managed by García Paramés, Álvaro Guzmán and Fernando Bernad, has seen an increase in its NAV of 27% since 2007, as has the EDM Ahorro, managed by Karina Sirkia. The Cartesio X fund, managed by Cayetano Cornet and the BK Kilimanjaro by Vicente López, now has a NAV 20% and 9.7% higher than in 2007, respecitvely.The situation is, of course, more difficult for funds specialised in Spanish equities exclusively, since the Ibex index has lost a total of more than 40%. Even the BPA Fondo Ibérico Acciones, by Gonzalo Lardiés, has a NAV 21% lower than its pre-crisis levels.
12/03/2013

Finance: Hiring activity begins to rebound in London

P { margin-bottom: 0.08in; }A:link { } The London Employment Monitor at the recruitment firm Morgan McKinley has reported a monthly increase of 11% in February 2013 in the availability of positions in the financial sector in London, to 2,583, compared with 2,331 in January. However, this result is 15% lower than the toal of 3,056 jobs, observed in February 2012.Morgan McKinley reports that the number of professionals who entered the labour market in February increased 4% compared with January, but is 13% down compared with the corresponding month of last year.Nonetheless, the rising trend in remunerations has continued, although not at such a fast pace as in January. In February, the increase was 10%, compared with 24% in January, and 7% in December.
12/03/2013

Sedco Capital launches a Sharia-compliant platform

P { margin-bottom: 0.08in; }A:link { } The Saudi Arabia-based investment platform Sedco Capital has launched an investment platform dedicated to Sharia-compliant institutional investors, Investment Europe reports. The platform provides access to seven funds, whose assets under management already total over USD1bn. Two new funds have been launched at the same time as the plaform, the SC Income Fund, which has USD100m in assets, and the SC Global Markets Sentiement Fund, which is starting out with USD150m. The two funds, managed by Credit Suisse, are aimed at high-end clients, high net worth retail investors, family offices, institutional investors and qualified distributors. The funds come in addition to other Luxembourg-domiciled funds, meaning that Sedco Capital Global Funds now includes 15 funds, with cumulative assets under management of over USD1.6bn.
12/03/2013

La Croatie lève un obstacle à son adhésion à l’UE

Zagreb devrait pouvoir adhérer comme prévu à l’Union européenne le 1er juillet après la signature lundi d’un accord avec la Slovénie qui met fin à un contentieux bancaire datant de l'époque de la dislocation de la Yougoslavie. Il concernait la Ljubljanska Banka et la dette de cet établissement slovène envers des déposants croates.
12/03/2013

L'Espagne dément étudier une fusion des banques nationalisées

Madrid n’a pas l’intention de fusionner les trois banques espagnoles nationalisées, a déclaré lundi le ministre de l’Economie Luis de Guindos, alors que l’Union européenne impose au gouvernement de les privatiser d’ici 2017. Selon Reuters, l’Espagne envisageait une fusion, partielle ou totale, entre Bankia et Catalunya Banc à la suite de l'échec d’une procédure de vente de cette dernière.

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