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02/02/2012

Aberdeen Paris: net inflows of EUR1bn in 2011

The Paris office of the Scottish firm Aberdeen Asset Management finished 2011 with assets fo EUR5bn (of which EUR3.5bn were in locally-managed mandates), but can claim EUR6bn in assets counting intermediated subscriptions. Net subscriptions totalled about EUR1bn last year, after EUR500m in 2010. Inflows went to all categories of clients and all asset classes, and went largely to global emerging market debt and Asian debt, high yield in US dollars and euros, while emerging markets and Asian equity funds were subject to sof-closings. In 2012, the asset management firm is planning to focus its sales efforts in France on European equity and European real estate products, including a French-domiciled OPCI fund with large exposure to the German market.
02/02/2012

Profits down at Oppenheimmer

Oppenheimer Holdings has announced a net profit for 2011 of USD10.31m, compared with USD38.48m in 2010. As of the end of December, assets totalled USD17.7bn, compared with USD17.9bn three months previously, and USD18.8bn as of the end of 2010.
02/02/2012

APERS awards a mandate to a BNY Mellon AM boutique

The Arkansas Public Employees Retirement System (APERS) has awarded a global real return mandate to Newton Capital Management Limited, a boutique from BNY Mellon Asset Management. APERS is responsible for a portfolio totalling USD5.6bn, which is invested on behalf of public sector employees in the US state of Arkansas, a statement says.
02/02/2012

Inflows in freefall at US firm Waddell & Reed

Net inflows for the US asset management firm Waddell & Reed in fourth quarter totalled USD42m, compared with USD1.3bn in third quarter 2011, and USD1.2bn in fourth quarter 2010. Assets under management totalled USD83.15bn as of the end of December, slightly up on the end of September (USD77.45bn), but slightly down compared with the end of December 2010 (USD83.67bn).
02/02/2012

Long-term savings need to be clearly encouraged and not penalised

A few days after the announcement of a new increase in savings taxation, the French financial management association (AFG) on 1 February, at a press conference, expressed its opposition to this approach, which contradicts what would be the optimal course of action. “Ongoing increases in taxes on savings and its volatility, which have been increased further in the past few weeks, completely discourage retail investors from returning to long-term investments, particularly in equities, while regulation of institutional investors is increasingly driving them to short-term investments,” the president of the AFG, Paul-Henri de la Porte du Theil, says. The tax on financial transactions, which is emblematic of these current changes, will be applied in only one country and will inevitably have negative consequences for French asset management and the financing of the French economy. The AFG president has also denounced the weakness of Europe compared with US regulations, such as the FATCA law; these US laws are in practice international weapons to defend US competitiveness. In the chapter on European regulations, the AFG says that at the necessary level of balanced regulations, all market actors would be required to submit to consistent frameworks and controls. This is the reason that the emblematic PRIPS legislation is necessary, as it provides a “deferred, consistent vector of harmonisation between the various products and policies available to retail clients.”
02/02/2012

East Capital launches second Baltic real estate fund

The Swedish firm East Capital on 1 February has announced the launch of the East Capital Baltic Property Fund II by East Capital Real Estate AS, its second real estate fund specialised in commercial real estate, but also including logistical and office properties in the three Baltic countries, especially Estonia. East Capital Explorer will provide EUR10m for the new product, which will aim to collect EUR40-50m.The East Capital Baltic Property Fund II, a closed fund in Luxembourg FIS format, is aimed at professional and institutional investors. The investment period is set at 5 years, and management commission is 2%. The fund will mature in 7 years, which may be extended once for a maximum of three years.
02/02/2012

Record return for ATP pension fund

The Danish pension fund ATP on 1 February announced a record return of 26% in 2011, or DKK126bn, resulting in an increase in assets to DKK579bn as of the end of December, compared with DKK475bn twelve months earlier.This performance translated into a tax burden of over DKK18bn. The reserves at ATP were increased by DKK4bn, bringing them to DKK74bn, after taxes.As of the end of 2011, ATP was paying benefits to 830,000 people, meaning that about 8 Danish pensioners out of 10 receive complementary benefits from ATP.
02/02/2012

CNMV suspends trading of two ETFs from BBVA

The listings of the ETF Acción Ibex 35 Inverso and Acción FTSE Latibex Brasil funds, both BBVA products, were suspended on 1 February by the CNMV, as dissolution and liquidation procedures for the funds had been initiated, Expansión reports.
02/02/2012

Three Edram funds licensed for sale in Spain

On 27 January, the CNMV issued registrations for three funds from the French firm Edmond de Rothschild Asset Management: Asia Leaders, Emerging Convertibles, and Euro Convictions.
02/02/2012

SCM Private plans to achieve total transparency

The asset management firm SCM Private on 1 February introduced a transparency code (the “True and Fair Code and Labelling System”) which will aim to require financial services to provide 100% transparency of commissions and investments. The move aims to deprive the sector of a commission structure which is “deliberately complicated in order to conceal the real numbers,” SCM Private says.
02/02/2012

Aviva Investors redeploys staff

Following the announcement of a reorientation of its business to serve mainly institutional clients (see Newsmanagers of 1 February), Aviva Investors has announced that it has made some refinements in the area of distribution of duties. Active equities management will be moved to three locations, serving four regions: Asia and emerging markets in Singapore, European equities in Paris, and British equities in London. This is evidently on condition that clients support these changes.As the SRI desk in London will be closed, a global team will need to be established, which will handle socially responsible investment for all products of the range.Money Marketing reports that the SRI team, which has about GBP1.1bn in assets under management, is hoping to be sold off to a competitor.
02/02/2012

Majedie Asset Management closes Tortoise fund to new investors

Majedie Asset Management has decided to close its Tortoise hedge fund to new investors, Investment Week reports. The fund has GBP350m in assets, exceeding its asset objective of GBP250m, set by the management firm at the time of the product’s launch in 2009.
02/02/2012

Net redemptions from Spanish funds in January

Since March 2011, Spanish securities funds have ceased to register net subscriptions. January brought net redemptions of EUR401m, compared with EUR1.05bn in December, and EUR623m in the corresponding month of the previous year, statistics from the Inverco association of asset management firms reveal.Total assets nonetheless increased in January by 1.1%, or nearly EUR1.45bn, to a total at the end of the month of nearly EUR129.25bn.Of the 20 largest asset management firms by volume of AUM, only six have posted net subscriptions in January; the two asset management firms which posted the largest inflows were Popular Gestión, with EUR76.48bn, and Bansabadell Inversión, with EUR73.34m.However, Santander Asset Management saw outflows of EUR239.87m, CatalunyaCaixa Inversió had net redemptions of EUR129.17m, and InverCaixa Gestión has posted redemptions of EUR96.93m.
02/02/2012
Gestion d'actifs

Le Crédit Agricole de Franche Comté envisage de travailler sur les sources de surperformance en 2012

« Le monétaire coûte davantage en portage que ce qu’il ne rapporte ». C’est avec cette observation que le Crédit Agricole de Franche Comté affirme, de but en blanc, se méfier de Bâle III, et envisage de travailler sur les sources de surperformance en 2012. Déçue d’Amundi, la caisse fait désormais appel à des partenaires externes comme Sycomores AM, Barclays, LCF Rothschild à qui elle confie 30 % de son portefeuille sous forme d’OPCVM ou de fonds structurés par Barclays. Détenant 60 % de monétaire, le portefeuille de la caisse régionale a atteint un rendement de 2,8 % en 2011. Pour 2012, il est prévu d’investir dans des titres éligibles de la BCE mais sans respecter forcément le LCR, dans le but d’obtenir de meilleures performances. Le Crédit Agricole de Franche Comté reste prudent. Au sein de son portefeuille de placements lié aux variations de marché, la caisse a subit de légères pertes au niveau des actions et a délaissé ces dernières, de même que l’alternatif. En parallèle, elle favorise les titres investis en direct dans son portefeuille d’investissements, évalué en valeur nette comptable, ainsi que les covered bonds et les titres étatiques, se détournant des corporates notés AA-, peu adéquats au regard de Bâle III.
Gestion d'actifs
02/02/2012

Au moins l'euro baisse...

S’il est évident que la zone euro s’engage à grand pas dans une décennie perdue, elle n’emprunte pas pour autant le même chemin que le Japon. La forte appréciation du yen (+75% de 1991 à 1995 en termes effectifs) avait bloqué un relais de croissance par la demande étrangère. La monnaie commune échappe à cette fatalité. L’euro a perdu 10% en termes effectifs et nominaux ces six derniers mois.
02/02/2012

Le robinet du crédit se resserre en zone euro

La dernière enquête trimestrielle de la BCE témoigne d’un nouveau durcissement des critères d’octroi de crédits aux entreprises et aux particuliers. La demande recule également. Compte tenu des nouvelles réglementations bancaires, le crédit restera restreint sur l’ensemble de 2012.
02/02/2012

La gestion française face à ses défis

Le montant des actifs gérés par les sociétés de gestion en France a reculé de 4% en 2011. La fiscalité et la réglementation continueront de peser.
02/02/2012

TPG à l’affût en Australie

La société américaine de private equity est en discussions avec un groupe de banques afin de convenir d’un financement pour mettre la main sur le fabricant australien de sous-vêtements Pacific Brands, selon l’Australian Financial Review. Les négociations avec la cible en sont à un stade préliminaire, croit savoir le quotidien. En janvier, KKR avait approché la même cible pour un montant de 614 millions de dollars selon l’AFR.

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