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11/09/2012

Aquila Capital and ECPI cooperate in ESG strategies

Aquila Capital has signed a cooperation agreement with the Italian group ECPI, which will provide extra-financial data for its investments in agriculture. The two firms will work together to determine environmental, social and governance (ESG) criteria for products from Aquila Capital and adherence to these criteria.
11/09/2012

Real estate managers steer clear of European periphery

The major real estate asset managers worldwide are increasingly excluding the peripheral European countries from their pan-European funds, the Financial Times reports. Groups like Fidelity Worldwide Investment and Standard Life Investments are creating funds which avoid Spain, Ireland, Italy, Portugal and Greece. The withdrawal of institutional investors will be particularly painful for Spanish and Irish real estate markets, the FT observes.
11/09/2012

Pioneer recruits a head from Union Investment

Franz Feldmann, head of product development at Union Investment, on 10 September joined Pioneer Investments KAG in Munich as head of product management & marketing, Fondsprofessionell reports.
11/09/2012
Gestion d'actifs

La MAIF envisage de diversifier son portefeuille d'obligations à l'international

Benoit Jullien, directeur des investissements et des placements de la Maif dans un article paru dans Option Finance numéro 1187 : Fin 2011, nous détenions encore 4% de dettes périphériques au sein de nos placements obligataires, à l’heure actuelle, elles ne représentent que 1,5%. Nous avons en effet décidé de nous désengager des obligations d'États périphériques tant que vous n’avons pas de signaux de sortie de crise de zone euro. Nous avons mis en place une gestion plus dynamique de nos portefeuilles de taux en révisant régulièrement nos expositions tactiques en fonction des valorisations observées sur chaque type d’obligations (taux fixe, indexées inflation, secteurs, émetteurs...). Nous envisageons de diversifier notre portefeuille d’obligations à l’international et en particulier vers la dette émergente libellée en devises locales qui reste encore bien rémunérée, commente Benoît Jullien. Nous avons également étudié l’opportunité de revenir sur le marché du high yield, mais nous considérons qu’une grande partie du potentiel de valorisation est épuisée à court terme et nous nous attendons à ce que les taux de défaut progressent dans le futur.
Gestion d'actifs
11/09/2012

Popular Gestión absorbs funds from Allianz Gestión

As a part of the strategic alliance signed between Banco Popular and Allianz (see Newsmanagers of 25 March 2011), Popular Gestión (EUR5.885bn in assets as of the end of August) has absorbed the seven funds from Allianz Gestión (EUR52m), Funds People reports.The Allianz Selección Moderado, Allianz Selección Emprendedor, Allianz Selección Bolsa and Allianz Mixtofunds are absorbed into the Cartera Gestión Equilibrada fund from Popular Gestión, while the Allianz Renta Fija Ahorro, Allianz RF Corto Euroland and Allianz Selección Conservadora funds are absorbed into the Eurovalor Conservador Dinámico.
11/09/2012

ESMA warns against online investment pitfalls

In a document published in 21 languages, the European Securities Markets Authority (ESMA) has issued a warning to retail investors against the pitfalls of online investment over the Internet.ESMA finds that “sometimes high pressure and aggressive selling/marketing techniques are used to entice (...) to invest, or to use particular websites,” and that “Not all firms operating on the internet have permission to offer investments.” Additionally, the agency says, “ESMA, and the authorities in Member States, have observed an increase in investor complaints regarding unauthorised activities by firms on the internet. Although financial regulations apply to advertising, not all the advertising you see complies with these. For example, there may be no, or little, investor information; and sometimes the information provided is misleading.” ESMA’s key messages in the 4-page release are:•Be aware of the potential risks involved in online investing.•Check if the firm is authorised.•Be wary of promises of high returns.•Be aware of software that automatically generates transactions for you.•Take special care when you’re asked to provide your credit card details.•If you do not understand what’s on offer, do not invest.
11/09/2012

Swiss & Global launches an emerging market equity fund

With the Luxembourg-registered fund JB Emerging Markets Corporate Bond Fund, which complies with the UCITS IV directive, Swiss & Global Asset Management on 28 August extended its range of emerging market bond funds with a corporate debt product which offers higher returns and better fundamentals than comparable securities from industrialised countries.The new fund relies on a combination of top-down and bottom-up approaches; it is managed by Enxo Puntillo, head of fixed income emerging markets, and co-manager of the JB Emerging Markets Corporate Bond Fund, Dorthe Fredsgaard Neilsen, and Tania Minella.CharacteristicsName: Julius Baer Multibond – Emerging Markets Corporate Bond FundISIN code: LU0784392382Benchmark index: JPM Corporate Em. Markets Bond Index DiversifiedManagement commission: 1.20%
11/09/2012

Wells Fargo closes fund to new investors

Due to the scale of subscriptions, Wells Fargo Asset Management will be closing its US All Cap Growth fund to new investors in 21 September, since the high volume of inflows limits the effectiveness of allocation by the management team to small caps, Investment Europe reports. The fund has attracted USD550m since the beginning of the year.As a substitute, Wells Fargo AM will be offering clients an opportunity to acquire shares in the US Premier Growth fund, which is managed by the same team, but which is positioned solely on mid and large caps.The two funds are sub-funds of the Luxembourg Sicav from Wells Fargo, Worldwide Fund.
11/09/2012

Strong inflows to ETPs in August

In August, ETF/ETPs worldwide posted net subscriptions of USD12.1bn, compared with USD5.3bn in the corresponding month of last year, according to statistics from the BlackRock Institute, bringing the total in January-August to USD139.9bn, while asstes as of 31 August totalled USD1.763trn. According to ETFGI, the research agency founded by Deborah Fuhr, net inflows in the first eight months of the year and assets under management at the end of the period totalled USD143bn and USD1.762trn, respectively (see Newsmanagers of 7 September).The BlackRock statistics also show that net subscriptions were strongest in the United States (USD5.5bn in August, and USD98bn in January-August), and in Europe (USD4.4bn and USD15.4bn). By product category, net inflows in the first eight months of the year totalled USD50.8bn for bond products, USD54.8bn for equities from developed countries (of which only USD1.7bn went to European equity products), USD22.7bn for emerging market equities, and USD8.7bn for commodity ETPs.The ETPs which posted the strongest net subscriptions in the first eight months of the year were the Vanguard MSCI Emerging Markets fund (USD9.79bn), the iShares iBoxx $ Investment Grade Corporate Bond (USD5.75bn), and the iShares iBoxx $ High Yield Corporate Bond fund (USD4.92bn). The fourth fund is the Huatai-Pinebridge CSI fund (USD3.98bn for January-July).
11/09/2012

Principal launches a US equity fund

Principal Global Investors has announced the launch of a US value equity fund, which aims to single out the best opportunities in the large cap sector in the country, Citywire reports. The Edge Equity Income fund, registered in Dublin, will be managed by the group’s US affiliate, Edge Asset Management, and at that firm by Dan Coleman and David Simpson.
11/09/2012

Paulson bounces back

In August, the Gold Fund by John Paulson gained 11%, which has reduced losses since the beginning of the year to 15%, according to Bloomberg, cited by Investment Week. The Paulson Advantage and Paulson Enhanced fund have also gained ground.
11/09/2012

Öhman Fonder recruits a head of fixed income

The Swedish asset management firm Öhman Fonder has recruited Sven Elowson as head of fixed income and credit management. Elowson previously worked at Swedbank, where he had been head of treasury investment. He has also worked at DnBNOR Asset Management, Skandia and Carlson Investment Management.
11/09/2012

Vanguard recruits a PineBridge veteran

The US firm Vanguard Investments has recruited Linda Luk as head of intermediated distribution for Asia, Asian Investor reports. Luk, who left PineBridge Investments a few months ago, is based in Hong Kong, and will work to develop Vanguard’s activities in the region. In early September, Vanguard also recruited Jackson Loi as associate director for institutional sales. He previously worked at Syz in Hong Kong.
11/09/2012

Axa Asia plans to diversify in alternative management

Asian Investor reports that Axa Asia is hoping to increase its alternative investments to 7% to 8% of Asian assets under management, to the detriment of allocation to equities in the region. Currently, the French group dedicates about 1% of its assets from the general life insurance account (USD12bn in assets) to hedge funds, infrastructure, private equity and real estate. The current allocation, which stands at about USD120m, may increase to USD800m, distributed between real estate (4%), private equity/infrastructure (2%) and hedge funds (1%). The objective is to reach this new distribution within two years, says Arnaud Mounier, chief investment officer at Axa Asia.
11/09/2012

BlackRock to slash commissions for some ETFs

At the Barclays Global Financal Services Conference, Laurence Fink, CEO of BlackRock, has announced that commissions for some large and liquid core portfolio ETFs will be cut during, and probably early in, fourth quarter, Mutual Fund Wire reports.The move is thought to be a response to price cuts by Vanguard, which has gained market share from BlackRock and its iShares brand ETFs.However, these price cuts will not be across the board, as there is no competitive pressure on smaller and less liquid products.
11/09/2012

La Française AM launches cross-border master-feeder fund

La Française AM and La Française AM International have received permission from the Luxembourg (CSSF) and French authorities (AMF) to launch a cross-border master-feeder fund, which they claim will be the first UCITS IV-compliant product of this kind in France. The fund will be operational from 2 October 2012.The firm plans to establish a Luxembourg-registered master fund, which will be associated with a French-registered feeder fund. This move will allow the firm “to adapt the product range to the constraints and needs of investors, depending on their country of domicile,” a statement says.LFP Trend Opportunities, the master fund domiciled in Luxembourg, will be aimed at international institutional clients, while the LFP Multi Trends feeder fund, domiciled in France, will be aimed both at institutional and retail clients, primarily in France. As a part of the deal, LFP Multi Trends, formerly a fund of funds, would become a directly-managed fund as a feeder of the equity fund LFP Trend Opportunities, a Luxembourg-registered fund specialised in themes associated with new challenges related to globalisation.Patrick Rivière, CEO of La Française AM, says in a statement that “Luxembourg is a base for international development.” Other projects are under study.Primary characteristics of LFP Multi Trends:French-registered LFP fundMinimal initial subscription: noneSubscription commissions: Maximum 4% including taxes, not reinvested in the fundWithdrawal penalties: noneOther fees: 3.65% total including taxesISIN code: FR0010834390
11/09/2012

Assets at Swiss asset management firms down

European institutional assets at 21 Swiss asset management firms surveyed by IPE in 2011-2012 fell from CHF474bn (EUR395bn) to CHF467bn, according to the Top 400 Asset Managers 2012 study from IPE. The number one firm, Credit Suisse, has seen a decline in its European institutional assets from EUR140.7bn to EUR126.7bn. UBS Global Asset Management has posted a decline of EUR103.6bn to EUR94.1bn. Assets at Pictet Asset Management have remained largely stable, at EUR75.8bn.
11/09/2012

There may be no more alpha

It has become more difficult, or impossible, to consistently beat the market through active management, the Financial Times reports, adding that there may be no more alpha. The spread of Bloomberg terminals and other services which allow investors to view years of financial statements for businesses worldwide has facilitated the analysis of asset prices, but complicates the process of gaining an edge on the peers. The expertise required to pick stocks is simply outdated.
11/09/2012

ETF Securities admitted to SIX Swiss Exchange as a new ETF issuer

SIX Swiss Exchange on 11 September announced that it is integrating ETF Securities as a new issuer of Exchange Traded Funds. The provider of products, founded in 2003, is based in London. That year, it gained international notoriety by creating the first ETP to replicate physical gold worldwide. Since 2008, ETF Securities has also launched ETFs, and is one of the top European issuers of exchange-traded prodcuts (ETP). According to Alain Picard, Head Product Management at SIX Swiss Exchange, “the eight new ETFs traded on SIX Swiss Exchange provide an attractive complement to the existing range of exchange-traded funds. Our ETF segment now includes 880 listed products.”
11/09/2012

SWIP creates a position for head of global aggregate fixed income

Calum Smith, who had most recently been director and senior fixed income strategist at BlackRock, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh in the newly-created position of head of global aggregate in the fixed income management unit. He will report to Graeme Caughey, global head of rates. He will be in charge of strategy and performance for global aggregate bond products from SWIP aimed at retail and institutional investors.
11/09/2012

BlackRock va diminuer ses commissions sur certains ETF

Lors de la Global Financial Services Conference de Barclays, Laurence Fink, le CEO de BlackRock, a annoncé que les commissions de certains grands ETF liquides et cœur de portefeuille seront abaissées dans le courant, et probablement au début, du quatrième trimestre, rapporte Mutual Fund Wire. Ce serait la réponse à la diminution des commissions par Vanguard, qui a pris des parts de marché à BlackRock et ses ETF de la marque iShares.Toutefois, ces réductions ne seront pas généralisées, parce qu’il n’y a pas de pression concurrentielle sur les produits plus petits et moins liquides.
11/09/2012

BlackRock souffre de la concurrence de Vanguard

La concurrence tarifaire féroce menée par Vanguard a permis à ses ETF d’attirer des souscriptions nettes de 37,8 milliards de dollars sur les 8 premiers mois de cette année à l’échelle mondiale, et de dépasser BlackRock (35,3 milliards de dollars), observe le Financial Times Fund Management, citant les statistiques d’ETFGI. Pour les ETF où BlackRock et Vanguard sont en concurrence frontale, Vanguard a capté 71 % des nouvelles souscriptions entre juillet 2009 et juillet 2012, contre 21 % seulement pour BlackRock, selon Bernstein. «BlackRock a perdu des parts de marché pour tous les produits pour lesquels Vanguard a un substitut proche», analyse Luke Montgomery, analyste chez Bernstein.
11/09/2012
Fonds

Le capital investissement alternatif séduit en France

L’Agefi rapporte que le fonds Idinvest vient de réaliser le premier bouclage (closing) de son fonds dédié aux transactions secondaires et focalisé sur des sociétés européennes de petite et moyenne taille, pour un montant de 100 millions d’euros. Idinvest a investi 50 millions d’euros à travers cinq transactions secondaires dont la décote moyenne à l’acquisition tournait autour de 23%.Sur un autre segment, Capzanine a annoncé la finalisation du premier closing de son fonds mezzanine, pour 200 millions d’euros. Il devrait être bouclé autour de 250 millions d’euros d’ici la fin de l’année.
Fonds
11/09/2012

Paulson réduit les pertes de ses fonds en août

En août, le Gold Fund de John Paulson a gagné 11 %, ce qui réduit ses pertes depuis le début de l’année à 15 %, d’après Bloomberg cité par Investment Week. Les fonds Paulson Advantage et Paulson Enhanced ont également gagné du terrain.
11/09/2012
Fonds

La Française AM lance un fonds maître nourricier transfrontalier

La Française AM et La Française AM International ont obtenu des autorités de tutelle luxembourgeoise (CSSF) et française (AMF) l’autorisation de lancer un fonds maître nourricier transfrontalier. Ce fonds sera opérationnel à partir du 2 octobre 2012. Le montage consiste à la mise en place d’un fonds maitre de droit luxembourgeois auquel est associé un fonds nourricier de droit français. Cette démarche «permet d’adapter l’offre aux contraintes et besoins des investisseurs selon leur domiciliation», souligne le communiqué.LFP Trend Opportunities, fonds maître domicilié au Luxembourg s’adresse ainsi à une clientèle internationale institutionnelle, alors que le LFP Multi Trends, fonds nourricier, domicilié en France s’adresse, à la fois à une clientèle institutionnelle et grand public, principalement française. Dans le cadre de cette opération, LFP Multi Trends, anciennement fonds de fonds, passera en gestion directe et deviendra nourricier du fonds actions LFP Trend Opportunities, fonds luxembourgeois spécialisé dans les thématiques associées aux nouveaux défis liés à la globalisation.Patrick Rivière, directeur général de La Française AM a souligné dans le communiqué «l’ancrage luxembourgeois du développement international». D’autres projets seraient à l'étude.Principales caractéristiques de LFP Multi Trends :FCP de droit françaisMontant min. 1ère souscription : NéantCommissions de souscription: 4% TTC maximum non acquis au fondsCommissions de sortie: NéantFrais courants : 3.65% TTCCode ISIN : FR0010834390
Fonds
11/09/2012

Trois quarts des professionnels de la finance fuiraient Paris

Les salariés travaillant en Île-de-France dans le secteur de la finance seraient majoritairement prêts à quitter la région. C’est ce qui ressort d’une récente étude menée par eFinancialCareers auprès de 904 professionnels de la finance basés en France. Si Paris et sa région restent le premier bassin d’emploi dans le milieu de la finance, avec 82 % des répondants qui y travaillent, 76 % des professionnels franciliens envisagent de la quitter. Les régions les plus plébiscitées sont la Provence-Alpes-Côte d’Azur et Rhône-Alpes, avec 21 % des intentions chacune. L’envie de déménager se justifie pour 78 % par la perspective d’une meilleure qualité de vie. Le désir de rapprochement familial motive 9 % des professionnels interrogés, suivi en troisième position (6 %) de l’envie de changement.Ces envies de départ se heurtent à la dure réalité du marché du travail, qui vient compliquer la concrétisation des projets de déménagement. Plus d’un tiers des professionnels franciliens (35 %) évoque les faibles opportunités d’emploi et 28 % cite le manque de perspective d’évolution professionnelle.
11/09/2012

Claire Rodrigue a rejoint Montségur Finance

Ancienne gérante chez Comgest qu’elle a quitté fin juin, Claire Rodrigue a rejoint Montségur Finance, apparemment en tant que directrice de la gestion, selon nos informations.Elle doit d’ailleurs intervenir le 19 septembre à Aix en Provence lors d’une conférence Finaveo et Associés avec trois sociétés de gestion, sur le thème «la gestion d’un fonds de valeurs de croissance européennes».
11/09/2012
Fonds

Principal lance un fonds actions US

Principal Global Investors a annoncé le lancement d’un fonds actions américaines de rendement qui vise à cibler les meilleures opportunités dans le secteur des grandes capitalisations du pays, rapporte Citywire. Le fonds Edge Equity Income, enregistré à Dublin, sera géré par la filiale du groupe américain, Edge Asset Management, et plus particulièrement par Dan Coleman et David Simpson.
Fonds
11/09/2012

SWIP crée le poste de head of global aggregate fixed income

Calum Smith, qui était en dernier lieu director et senior fixed income strategist chez BlackRock, rejoint Scottish Widows Investment Partnership (SWIP) à Edimbourg au poste nouvellement créé de head of global aggregate au sein du pôle de gestion obligataire. Il est subordonné à Graeme Caughey, global head of rates. Il sera chargé de piloter la stratégie et la performance des produits obligataires de SWIP «global aggregate» destinés au retail ainsi qu’aux institutionnels.

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