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15/06/2012

Steep fall in inflows to UCITS-compliant funds in April

Net inflows to long-term UCITS-compliant funds (excluding money markets) fell to EUR8bn in April, from EUR32bn in March, according to statistics from the European financial and asset management association (EFAMA).Due to this steep fall, largely related to sovereign debt problems in the euro zone, inflows to UCITS funds overall in April totalled only EUR18bn, compared with EUR47bn in March. Bond funds finished the month under review with inflows of EUR16bn, compared with EUR26bn in March. Equity funds saw outflows totalling EUR8bn, where they had posted net inflows of EUR1bn in March. The same trend could be observed for diversified funds, which saw outflows of EUR3bn, following net subscriptions of EUR4bn.Money market funds posted inflows of EUR10bn, compared with EUR15bn the previous month.Non-UCITS funds posted inflows of EUR9bn, compared with EUR12bn in March.Dedicated funds saw their inflows halved in April, to EUR5bn from EUR10bn in March.
15/06/2012

Andrew Bellis joins 3i Debt Management

3i Debt Management on 14 June announced the arrival of Andrew Bellis as managing director and partner, in charge of global growth at the firm Bellis previously worked at Credit Suisse, where he was global head of new CLO issues. Assets under management at 3i Debt Management total USD7.5bn, or EUR6bn, in 17 funds.
15/06/2012

GES and oekom research team up for SRI research

Two of Europe’s service providers within responsible investment, Sweden’s GES and Germany’s oekom research, have formed a strategic partnership in order to meet an increasing demand for responsible investment services in the German-speaking markets and the Nordics.The partnership will enable clients of oekom research to apply GES’ global engagement services to their existing supply of environmental, social and governance (ESG) research, which will be accessible through an adapted client interface. At the same time, GES will be able to serve its clients supported by the manifold services offered by oekom research and its detailed ratings of companies and countries.oekom research’s analyses therefore currently influence the management of assets valued at over 140 billion euros. The estimated amount of assets under advisory by GES’ clients – including numerous well-known pension funds, banks and other investors – is approximately 700 billion euros.
15/06/2012

Ophélie Mortier appointed SRI coordinator at Petercam

Ophélie Mortier, currently macro coordinator in the fixed income team, has been appointed SRI coordinator at Petercam following the departure of Stijn Decock. Her primary objective will be to steer all initiatives, projects and methodologies related to the SRI aspect of the investment processes. Moreover, she will be responsible for streamlining all initiatives regarding ESG challenges (Environmental, Social, Governance) on the Petercam group level. Finally, Ophélie Mortier will be the privileged contact person for the UN PRI, which Petercam became a signatory to in September 2011. Ophélie Mortier is expected to take up her role after a transition phase of maximum two months, so by August 1 at the latest.
15/06/2012

Pre-tax profits down 37% at Charles Stanley

The British firm Charles Stanley has reported pre-tax profits for the fiscal year ending on 31 March 2012 of GBP8.5m, down 37% compared with the previous year. Assets under management and administration increased 6%, to GBP15.4bn from GBP14.5bn previously.
15/06/2012

Impax selects RBC Dexia for KIIDs

RBC Dexia Investor Services on 14 June announced that it has won a request for proposals launched by Impax Asset Management to provide KIID services for its entire range of Irish-registered, UCITS-compliant funds.
15/06/2012

EIM recruits a UBP AM veteran

The funds of funds firm EIM, which is reportedly up for sale, after a 50% decline in its assets under management since 2008, has recruited Robert Phillips, a former analyst from UBP Asset Management, Financial News reports. Phillips has been appointed global head of long/short equity research.
15/06/2012

Markit offers iBoxx indices in standard format

The financial information group Markit has announced the release of a selection of international corporate Markit iBoxx indices, which will be available in a standard total return swap format. The standardised contracts allow investors exposure to, or a hedge against, their exposure to corporate debt markets, by providing a transparent and fungible asset to market participants. Initially, the contracts will be available for the following indices: Markit iBoxx EUR Corporates, Markit iBoxx USD Domestic Corporates, Markit iBoxx GBP Corporates, Markit iBoxx EUR Liquid HY and Markit iBoxx USD Liquid HY.
15/06/2012

New co-manager for Carmignac Emerging Discovery fund

Having spent five years with Carmignac Gestion as an Asia analyst, David Park has now been appointed co-manager of Carmignac Emerging Discovery within the Emerging Equities team headed by Simon Pickard. He will take up this role at the end of June 2012.Park will co-manage the fund, which invests in small and mid-cap companies from the emerging universe, alongside Xavier Hovasse. Carmignac Emerging Discovery was hitherto co-managed by Simon Pickard and Xavier Hovasse.
15/06/2012

Moody's cuts rating of Oddo & Cie

The financial ratings agency Moody’s on 15 June announced that it has lowered the long-term debt rating for Oddo & Cie two notches to Ba1. The rating has a stable outlook. The cause of the decision by Moody’s is the reduced profitability of the bank, and its vulnerability to further downward pressure on revenues due to its exposure to capital markets, via its brokerage and asset management activities. However, the agency points to the financial stability of the firm in terms of owners’ equity and capital resources, which would allow it to withstand a period of reduced access to the market of well over 12 months, or potential losses. Moody’s also cites the firm’s limited vulnerability to deterioration of its assets, due to the relatively limited size of its debt portfolio.
15/06/2012

Several funds interested in TCW

At least three private equity funds, including Clayton Dubilier & Cire have submitted bids in recent weeks for TCW Group, the US asset management unit of Société Générale, according to sources familiar with the matter cited by Reuters, relayed by Agefi. An auction process is underway to sell TCW, based in Los Angeles, which has about USD128bn in assets under management, according to sources, who add that the sale is expected to be for about USD700m. The management of TCW is continuing talks with Société Générale, and may acquire a stake in the operation.
15/06/2012

Edhec-Risk Institute launches Solvency II indices developed with Russell

The Edhec-Risk Institute on 14 June announced the launch of its new Solvency II indices (“EDHEC-Risk Solvency II Benchmarks,”) developed in collaboration with the asset management firm Russell Investments. The new indices aimed at European insurers represent a dynamic equity allocation strategy.The indices, which are calculated using the underlying indices Russell Developed and Russell Global, are based on dynamic core/satellite allocation techniques and life-cycle management, and allow investors to stay within a maximal loss threshold for each calendar year.The current performance and track record of the indices, including returns and weightings, as well as a complete suite of documents, are available for free from the website:www.edhec-risk.com/solvencybenchmarks
15/06/2012

Russell Investments will not replace Robert Stark

Mutual Fund Wire reports that Russell Investments will not replace its director of strategy, Robert Stark, who has been recruited by JP Morgan Asset Management for the newly-created position of director of the strategy and development team. His former responsibilities will be taken over by other members of his former team.
15/06/2012

BNPPIP releases target-date Asian bond fund

With the BNP Paribas Obliselect Terra Nova 2017 fund, BNP Paribas Investment Partners has released a French-registered FCP fund which invests in corporate, quasi-government and Asian government bonds (ex Japan) from eight countries, denominated in euros or US dollars. The issuers belong to six sectors of activity and the portfolio (held to maturity on 30 June 2017), composed of 30 issuers rated at least B- (S&P) or B3 (Moody’s). The average rating for the portfolio at launch is BB- (S&P) or Ba3 (Moody’s). Hedging of forex risks for positions in US dollars is systematically applied, so that investment in euros is subject to no residual currency risks related to other currencies.The subscription period ends on 19 July 2012; the return objective is 4-6% per year, after management fees.CharacteristicsName: BNP Paribas Obliselect Terra Nova 2017ISIN codes:Capitalisation P share class: FR0011222439Distribution P share class: FR0011222462Outsourced manager: BNP Paribas Investment Partners Singapore LimitedFront-end fee: maximum 2%Management commission: 1.30% (P share class)
15/06/2012

Harvest adds to range of structured credit

Gregory Park, former head of securitisation products in Asia for Deutsche Bank, has signed a partnership with the asset management unit of the Chinese asset management firm Harvest Fund Management, to launch an Asian structured credit fund, Asian Investor reports. The new structure, Harvest Northstone Capital, will take the form of a joint venture between Harvest Alternative Investment Group and the team which has been working with Park since 2010. The joint venture will make mezzanine or high yield investments in debt from SMBs in the Asian consumer sector. The partners will seek to raise USD150m for their first fund.
15/06/2012

Changes at the top of Inverco

The AGM of the Spanish Inverco association of asset management firms has elected Lázaro de Lázaro, representing Santander Asset Management, as president of the group of fund management firms, replacing Enrique Sánchez of Ahorro Corporación Gestión, Funds People reports.Rocio Equiraun (Cajamadrid Pensiones) has become chairwoman of the group of pension funds, replacing Fermin Alvarez (Fonditel Pensiones).
15/06/2012

UBS to list ETFs on London Stock Exchange

Morningstar reports, cited by finews, that UBS is planning to list ETFs for trading on the London Stock Exchange (LSE) on 28 June. The products previously had only sales licenses, and could therefore not be listed. The market makers will be Deutsche Bank, Commerzbank and Jane Street.ETFs from UBS Global Asset Management have assets of about CHF12bn, which represents a 4% share of the European market.
15/06/2012

FundsNetwork offers new ETFs on its platform

The Fidelity fund supermarket FundsNetwork has announced the launch of a fiftieth physical replication ETF on its platform next week, Investment Week reports. The ETF providers on the network are Credit Suisse, ETFS, HSBC and iShares.
15/06/2012

Russell Investments ne remplacera pas Robert Stark

Selon Mutual Fund Wire, Russell Investments ne remplacera pas son directeur de la stratégie Robert Stark, qui vient d'être recruté par JP Morgan Asset Management au poste nouvellement créé de directeur de l'équipe stratégie et développement. Ses anciennes fonctions devraient être assurées par d’autres membres de son ancienne équipe.
15/06/2012

Moody's abaisse les notes de la BPCE et d'Oddo & Cie

L’agence d'évaluation financière Moody’s a annoncé le 15 juin qu’elle avait abaissé les notes de la dette à long terme de la BPCE et d’Oddo & Cie. La note de la BPCE est abaissée de deux crans à A2, celle d’Oddo de deux crans également à Ba1. Les notes de quatre filiales de la BPCE ont également été abaissées, dont celle de Natixis.A l’origine de la décision de Moody’s sur Oddo, dont la note est assortie d’une perspective stable, la moindre rentabilité de la banque et sa vulnérabilité à de nouvelles pressions à la baisse sur ses revenus en raison de son expositions aux marchés des capitaux par le biais de ses activités de courtage et de gestion d’actifs. Cela dit, l’agence souligne la solidité financière de l'établissement en termes de fonds propres et de ressources en capital, ce qui peut lui permettre de résister à un moindre accès au marché pendant une période largement supérieure à douze mois ou à des pertes éventuelles. Moody’s évoque également sa faible vulnérabilité à une détérioration de ses actifs en raison de la taille relativement modeste de son portefeuille de prêts.
15/06/2012

Plusieurs fonds s'intéressent à TCW

Au moins trois fonds de capital-investissement dont Clayton Dubilier & Rice ont soumis ces dernières semaines des offres sur TCW Group, filiale américaine de gestion d’actifs de la Société Générale, d’après des sources proches du dossier citées par Reuters et reprises par L’Agefi. Une procédure d’enchères est en cours pour vendre TCW, basée à Los Angeles et qui gère autour de 128 milliards de dollars d’actifs, selon ces sources, qui ajoutent que la cession se ferait pour 700 millions de dollars environ. La direction de TCW poursuit les discussions avec la Société Générale et devrait prendre une participation au terme de l’opération.
15/06/2012
Fonds

Modifications sur deux fonds de Petercam

Petercam a annoncé que le fonds Petercam Equities European Convergence avait été renommé en Petercam Equities EM EMEA (Emerging Markets Europe- Middle East & Africa). Cette modification est liée à un élargissement de l’univers d’investissement au Moyen-Orient et à l’Afrique.Par ailleurs, la stratégie d’un autre fonds, le Petercam L Bonds Universalis évolue, l’accent étant mis désormais sur l’investissement obligataire équilibré (contrôle risque et volatilité dans le cadre d’un rendement ajusté au risque optimalisé) et opportuniste (global et profil «total return»).
Fonds
15/06/2012

Patrimonia Congrès a accueilli 322 congressistes

La 1ère édition de Patrimonia Congrès, qui s’est tenue à Bruxelles les 7 et 8 juin derniers, a réuni selon les organisateurs 322 congressistes. Parmi les visiteurs, 40% sont des courtiers, 30% des agents financiers et 30% issus des fonctions périphériques tels que les banques privées, les family offices et les consultants. Trois conférences et 16 ateliers ont été organisés.
15/06/2012

Ophélie Mortier nommée coordinatrice ISR chez Petercam

Actuellement macro coordinatrice dans l’équipe fixed income, Ophélie Mortier vient d’être nommée coordinatrice ISR chez Petercam IAM après le départ de Stijn Decock. Son objectif premier sera de piloter toutes les initiatives, les projets et méthodologies liés aux aspects ISR des processus d’investissement. En outre, elle sera chargée de rationaliser toutes les initiatives concernant les défis ESG (environnement, social et gouvernance) au niveau du groupe Petercam. Enfin, elle sera le contact privilégié pour les PRI (principes pour l’investissement responsables) de l’ONU que la société de gestion a signés en septembre 2011. Ophélie Mortier prendra ses nouvelles fonctions après une phase de transition qui durera maximum deux mois.
15/06/2012
Fonds

Axa IM lance un fonds Amérique latine

Axa Investment Managers vient de lancer un fonds de convictions investi sur les actions de sociétés d’Amérique latine, l’Axa WF Framlington LatAm.Le fonds est géré par Julian Thompson, responsable mondial des marchés émergents d’Axa Framlington.Ce fonds de droit luxembourgeois n’est pas pour l’instant ouvert à la commercialisation en France.
Fonds
15/06/2012
Fonds

Un nouveau co-gérant pour Carmignac Emerging Discovery

David Park est nommé co-gérant du fonds Carmignac Emerging Discovery au sein de l’équipe de gestion émergente de Carmignac Gestion, placée sous la responsabilité de Simon Pickard. Jusqu’ici analyste sur la zone Asie auprès de la société de gestion, l’intéressé de nationalité coréenne prendra ses nouvelles fonctions à la fin du mois de juin. David Park gèrera le fonds investi sur les petites et moyennes capitalisations de l’univers émergent aux côtés de Xavier Hovasse. Carmignac Emerging Discovery était auparavant co-géré par Simon Pickard et Xavier Hovasse.
Fonds
15/06/2012
Fonds

Paul Sinclair liquide un hedge fund

La crise de la dette dans la zone euro vient de faire une nouvelle victime de l’autre côté de l’Atlantique. Le gérant de hedge fund Paul Sinclair, basé à Los Angeles, a décidé de liquider son fonds d’actions dédié au secteur de la santé, Expo Capital Management, dont les actifs sous gestion s'élèvent à 458 millions de dollars, rapporte Bloomberg.Selon Paul Sinclair, les décisions politiques prises en Europe ont eu une influence négative sur ses choix de titres et entraîné des pertes pour la deuxième année consécutive. Ces derniers mois, plusieurs gérants de hedge funds, à l’instar du milliardaire John Arnold, ont jeté l'éponge en raison de la crise persistante dans la zone euro.
Fonds
15/06/2012

Baisse de 37% du bénéfice imposable de Charles Stanley

Le britannique Charles Stanley a fait état pour l’exercice clos le 31 mars 2012 d’un bénéfice imposable de 8,5 millions de livres, en recul de 37% par rapport à l’année précédente.Les actifs sous gestion et sous administration se sont accrus de 6% à 15,4 milliards de livres contre 14,5 milliards précédemment.
15/06/2012
Fonds

UBS va faire cotrer ses ETF sur le London Stock Exchange

Selon Morningstar cité par finews, UBS a l’intention de faire admettre ses ETF à la négociation sur le London Stock Exchange (LSE) le 28 juin. Ces produits ne bénéficient jusqu'à présent que d’un agrément de commercialisation et ne peuvent donc être acquis que hors Bourse. Les teneurs de marché seront Deutsche Bank, Commerzbank et Jane Street.Les ETF d’UBS Global Asset Management affichent un encours d’environ 12 milliards de francs suises, ce qui correspond à une part de 4 % du marché européen.
Fonds

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