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26/03/2014

Janus Capital tops USD1bn in French-speaking Europe

P { margin-bottom: 0.08in; } The US-based asset management firm Janus Capital Group, based in Denver, whose representative office in France was opened just 2 years ago, is planning to continue its development in French-speaking Europe. Assets under management in the French-speaking markets, which include France, Geneva, meaning French-speaking Switzerland, Luxembourg, and Monaco, at the end of 2013 had passed the symbolically significany USD1bn mark, Sylvain Agar, head of development for French-speaking Europe at Janus Capital, has told Newsmanagers at the firm’s annual conference. Janus Capital is now planning to take a further step in its development, continuing its development and diversification strategy in France, serving institutionals and IFAs, multi-managers and insurers, along with the promotion of certain strategies which had previously been less visible. These include the Janus Europe fund, whose assets total nearly EUR170bn, which invests in companies with sustainable competitive advantages, offers high returns which are set on rising trends, and long-term growth outlooks. The Irish-domiciled fund, launched in 2008, has posted double-digit returns higher than the index over one, three and 5 years.
26/03/2014

BlackRock CEO writes S&P500 companies

BlackRock chief executive Laurence Fink wrote a letter to the CEO of every S&P 500 company to warn them that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment. «Many commentators lament the short-term demands of the capital markets,» Mr. Fink wrote in the letter reviewed by The Wall Street Journal. «We share those concerns, and believe it is part of our collective role as actors in the global capital markets to challenge that trend.»
26/03/2014

Stoxx index selected by a Low Volatility ETF froom State Street GA

P { margin-bottom: 0.08in; } The Euro Stoxx Low Risk Weighted 100 index from the index provider Stoxx Ltd has been selected by the asset management firm State Street Global Advisors to become the indicator for the SPDR Euro Stoxx Low Volatility ETF. The OPCVM format ETF is now available on Deutsche Börse Xetra. The Euro Stoxx Low Risk Weighted 100 index is a derivative of the Euro Stoxx index, but includes only 100 equities with the lowest volatility track record over the past 12 months.
26/03/2014

GLG Partners closes a fund and launches another

P { margin-bottom: 0.08in; } GLG Partners is launching an emerging market macro hedge fund, as it prepares to close another hedge fund, Citywire Global reports. The GLG Global Emerging Market Macro Alternative fund was officially launched on 13 March. It consolidates the current range from the firm in this area, and will be managed by the Macro and Relative Value team. At the same time, GLG EM Diversified Alternative will be closed on 3 April.
26/03/2014

Inflows to European ETFs remain very high in February

P { margin-bottom: 0.08in; } Net inflows to European ETFs in February totalled EUR3.4bn, near the record set in January (EUR3.63bn), according to the most recent monthly statistics of the Lyxor ETF Barometer. Due to a positive market effect, assets under managemet are up 4% compared with the end of 2013, at EUR299bn. Both equity and bond segments have benefited from tensions in emerging markets. Net inflows to bond ETFs totalled EUR1.9bn, twice the twelve-month average, compared with EUR1.44bn for equities, due an outflow of over EUR400bn from emerging market equities.
26/03/2014

Elliott doubles its stake in F&C

P { margin-bottom: 0.08in; } The activist investor Elliott Associates has increased its stake in F&C Asset Mangaement to 20%, as the asset mangaement firm is subject to a takeover bid for GBP708m by the Canadian Bank of Montreal, Investment Week reports. On 26 February, Eilliott already held an 11% stkae. F&C on 27 January announced that it had accepted a bid at 120 pence per share in cash from BMO. Some shareholders are hoping for a counter-offer.
26/03/2014

DeAWM wants strong growth in the United Kingdom

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management plans to register its funds on British platforms for the first time as part of a major push in the United Kingdom, Ignites Europe reports. The firm is in talk with eight platforms, including Nucleus and Standard Life. The first funds concerned will be physical ETFs and Croci funds.
26/03/2014

Bankia partially spins off its real estate fund

P { margin-bottom: 0.08in; } After Santander and Sabadell (see Newsmanagers of 19 March 2014) Bankia has become the next firm to press the reset button for its real estate funds. The Spanish bank has informed the Spanish regulator, the CNMV, that it is planning to partially spin off its real estate fund, Bankia Inmobiliaro, Funds People reports. The decision will involve a partial segregation of its assets, transferring the assets liberated in a single bloc to the new vehicle, Bankia Monetario Euro Deuda III. The Spanish banking group is offering participants in the real estate fund the right to claim a partial redemption of sums invested, or to transfer their stakes at no cost throughout the month of April 2014. Bankia will remain the single participant in the real estate fund. Currently, via a liquidity windows opened in February for the fund’s 600 participants, who represent a total volume of EUR3.8bn, the banking group controls over 99% of assets in the fund, which has a total fo EUR283.8m.
26/03/2014

Invesco is top foreign firm in Italy for inflows in February

P { margin-bottom: 0.08in; } Invesco was in February the top foreign asset management firm in terms of net inflows in Italy, Bluerating reports. With EUR644m, the structure has increased its assets under management in Italy to EUR10.5bn. In Italy, activities are led by Sergio Trezzi, country head and head of European retail.
26/03/2014

PFZW pension fund confirms SRI approach

P { margin-bottom: 0.08in; } The Netherlands pension fund for healthcare professionals PFZW, whose assets under management total about EUR140bn, would like to continue to apply its SRI strategy despite the upset provoked by its decision to pull out of the capital of five Israeli banks, IPE reports. The decision to divest take by PFZW led to demonstrations in front of the offices of PGGM, the asset management firm of PFZW, as well as outgrated reactions from several Jewish organisations. PFZW does not plan to modify its approach, but admits that in the case of the Israeli banks, its communication could have been better in order to prevent its initiative being interpreted as a boycott of Israel.
26/03/2014

AllianzGI launches a maturity fund dedicated to emerging markets

P { margin-bottom: 0.08in; } Allianz Global Investors is offering a new maturity fund dedicated to emerging market corporate bonds, Das Investment reports. The Allianz Emerging Markets Bond Extra 2018 (WKN A1XCBQ), designed for retail clients, has been open to subscriptions since 24 March. Commissions total 0.99%. The portfolio will consist of 60% investment grade bonds and 40% high yield bonds. Assets in such dated funds managed by AllianzGI now total nearly EUR2bn.
26/03/2014

DeAWM offers a Chilton strategy in UCITS format

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) has launched an alternative beta startegy in UCITS format, Absolut Report reports. The DB Platinum Chilton Diversified (ISIN LU0983855841) is a long/short US equity strategy from Chilton Investment Company, available for the first time to a larger audience of investors. The fund has weekly liquidity and is open to institutional investors with an initial investment of at least USD10.000. It charges 2%, with a performance commission of 20%.
26/03/2014

LBBW fund closed to new investors

P { margin-bottom: 0.08in; } The LBBW Pro-Fund Credit I fund has been closed to new investors due to very strong demand which would have compliaated the management of the strategy, Universal Investment, which is responsible for administering the fund, has said in a statement. Assets in the fund managed by LBBW Asset Management now total EUR494m, largely due to strong demand from institutional investors and funds of funds. Since its launch in June 2010, the fund has earned returns of 3.64% per year, with volatility of only 1.55%.
26/03/2014

Sovereign funds posted record transactions in 2013

P { margin-bottom: 0.08in; } Direct transactions carried out last year by sovereign funds totalled a recor USD174.73bn, nearly three times more than the previous year, according to statistics from the Sovereign Wealth Fund Institute (SWF Institute). This rebound reflects growth in assets in sovereign funds and the confidence which has been regained as the global economy has rebounded. “Sovereign funds are well on the way to reaching USD7trn. And market actors, institutional investors and political leaders are ready to take a closer interest in this fast-growing category of investors,” says Michael Maduell, chairman of the SWF Institute, cited in a statement. In the past few years, the statement adds, sovereign funds have modified their investment strategies, and are increasingly intervening as long-term actors.
26/03/2014

Les actionnaires de F&C valident l’offre de BMO

Les actionnaires du gestionnaire d’actifs britannique F&C ont massivement (à 99,6%) soutenu l’offre de rachat de 708 millions de livres (848 millions d’euros) formulée initialement en janvier par Bank of Montreal, écartant ainsi l’hypothèse d’une éventuelle contre-offre. Aviva, principal actionnaire de F&C Asset Management, avait déjà apporté son soutien au projet.
26/03/2014

Le consommateur américain a le moral

La confiance du consommateur aux Etats-Unis a atteint en mars son plus haut niveau depuis janvier 2008, selon l’enquête du Conference Board. La fédération patronale précise que son indice a augmenté à 82,3 contre un chiffre révisé à 78,3 en février.
26/03/2014

Charles Plosser voit les taux de la Fed à 3% d’ici fin 2015

Le président de la Fed de Philadelphie a confié à l’occasion d’un entretien accordé à la chaîne de télévision CNBC qu’il estimait que la Réserve fédérale américaine pourrait bien commencer à relever ses taux d’intérêt dès l’année prochaine avec pour objectif de les porter à 3% en fin d’année puis à 4% d’ici fin 2016.
26/03/2014

Fitch prend la mesure de l'instabilité au Venezuela

L’agence de notation a abaissé la note de crédit de long terme attribuée au Venezuela, qui passe de «B+» à «B». La perspective est négative. Selon Fitch, cette décision s’explique par «une instabilité macroéconomique renforcée et des retards dans la mise en oeuvre des politiques se rapportant à la hausse de l’inflation, aux distorsions sur le marché des changes et à la détérioration des comptes extérieurs».
26/03/2014

L'ex-patron de Sentinel reconnu coupable de fraude

Eric Bloom, qui dirigeait la société de gestion américaine Sentinel Management Group jusqu'à son effondrement en août 2007, a été reconnu coupable de fraude pour un préjudice estimé à plus de 500 millions de dollars. Le verdict fait suite à un procès qui aura duré quatre semaines.
26/03/2014

Bercy mobilise les entreprises sur le PEA-PME

Les entreprises cotées sont appelées à déclarer leur éligibilité au dispositif pour dissiper les doutes qui persistent chez les gérants en dépit du décret publié début mars. Euronext établira une liste pour les entreprises cotées sur son marché, mais exclura quatre valeurs de son indice CAC PME.
26/03/2014
Gestion d'actifs

Agrica Epargne pourrait revoir sa position sur la gestion quantitative

Sylvie Terris, directeur financier délégué d’Agrica Epargne lors d’un débat organisé par Newsmanagers et amLeague : Le poids des actions dans l’allocation d’Agrica Epargne est de l’ordre de 20 % à 30 %. Nous ne pratiquons pas de gestion directe en interne. Les actions émergentes ne représentent que 3 % de l’allocation et s’affichent encore en nette plus-value. La nature d’investisseur de long terme d’Agrica Epargne ne la conduit pas à arbitrer à partir de périodes d’observations courtes. Nous ne pratiquons pas de rotation de gérants de la sorte, a-t-elle indiqué, en rappelant que la sélection de gérants était le fruit d’une due diligence de trois à cinq ans et conduisait la maison à conserver ses gérants généralement durant trois ans. Par ailleurs, le rétablissement des marchés d’actions réalisé en février l’a confortée dans cette stratégie. Sylvie Terris a expliqué que sa maison ne se portait pas vers les gérants quantitatifs en dépit de leurs bonnes performances depuis plusieurs mois, voire un an pour certains comme Theam (BNP Paribas IP). Mais la responsable n’a pas voulu se fermer de portes et a laissé entendre que le comportement de ces gérants allait sans doute la conduire à revoir cette politique.
Gestion d'actifs
26/03/2014
Gestion d'actifs

BNP Paribas Cardif va certainement renforcer ses positions dans les fonds de prêts directs à l'économie

Dans le numéro 1261 d’Option Finance, Olivier Hereil, directeur des gestions d’actifs de BNP Paribas Cardif, revient sur l’approche plus dynamique de son allocation d’actifs. « Par le passé, de par notre collecte nette importante sur nos contrats d’assurance-vie, nous pouvions modifier notre allocation d’actifs en effectuant de nouveaux placements, indique-t-il. Aujourd’hui, nous ne pouvons le faire qu’en modifiant les stocks existants de nos investissements. Au regard de ce contexte, notre travail de gestion a donc changé car nous avons une approche encore plus dynamique de notre allocation sur nos placements existants. » BNP Paribas Cardif montre également un intérêt particulier pour le financement de l'économie. Pour rappel, un décret publié en août dernier autorise désormais les assureurs à investir 5% de leurs encours dans les fonds de prêts directs à l'économie. « Nous détenons aujourd’hui 1% de loans au travers d’un fonds lancé par notre groupe, BNP Paribas France Crédit, ou encore via des structures de place comme les fonds Novo, détaille-t-il. A l’avenir, nous renforcerons certainement nos positions sur ce nouveau segment obligataire »
Gestion d'actifs
25/03/2014

Les actionnaires de F&C valident l’offre de BMO

Les actionnaires du gestionnaire d’actifs britannique F&C ont massivement (à 99,6%) soutenu l’offre de rachat de 708 millions de livres (848 millions d’euros) formulée initialement en janvier par Bank of Montreal, écartant ainsi l’hypothèse d’une éventuelle contre-offre. Le principal actionnaire de F&C Asset Management, Aviva, avait déjà apporté son soutien au projet, le deuxième actionnaire, Standard Life, se montrant plus mitigé.

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