Le groupe Nasdaq OMX a annoncé le 24 mars la création de Global Market Services, une nouvelle entité comprenant les activités de négociation, compensation et règlement-livraison aux Etats-Unis et en Europe.Hans-Ole Jochumsen, executive vice president, va prendre les rênes de cette nouvelle entité. Il sera rattaché directement au patron du groupe, Bob Greifeld.La nouvelle structure devrait facilier le développement des activités cash et dérivés non seulement pour les actions mais également pour le fixed income, les devises et les matières premières (FICC).

BlackRock vient de recruter Man-Yeon Choi, en provenance de Schroders Investment Management, au poste de responsable pays pour la Corée du Sud, rapporte International Adviser. Sa nomination sera effective à compter du 3 juin 2014 et il travaillera sous la responsabilité d’Andrew Reynolds, directeur financier et responsable de la stratégie «corporate» pour l’Asie Pacifique.Man-Yeon Choi sera responsable de la supervision et du développement de toute l’activité de BlackRock en Corée du Sud. Il remplace Sung Nak Yang, qui a été le directeur de cette entité coréenne au cours des six dernières années.Précédemment, Man-Yeon Choi était responsable des ventes en Corée pour Schroder. Il a également travaillé pendant 15 ans chez Korea Investment Trust.

BlackRock a rédigé un rapport approfondi sur l’impact pour les investisseurs d’une éventuelle indépendance de l’Ecosse, rapporte le Financial Times fund management, qui a lu une copie du document. La société de gestion américaine, qui emploie 550 personnes à Edimbourg, pense qu’une Ecosse indépendante créerait des « incertitudes, des coûts et des risques majeurs » pour les sociétés et les fonds basés dans la région et le reste du Royaume-Uni.

Les actifs sous gestion de Miton sont passés de 1,8 milliard de livres fin 2012 à 3,1 milliards de livres à fin 2013 en raison notamment de l’'acquisition de PSigma Asset Management, selon les résultats annuels communiqués le 24 mars. L’acquisition de PSigma a représenté 749 millions de livres de nouveaux actifs, alors que la collecte nette proprement dite s’est élevée l’an dernier à 351 millions de livres.Les coûts d’acquisition ont fait plonger le bénéfice avant impôts de 22% à 700.000 livres.

Les actifs sous gestion de Martin Currie ont progressé l’an dernier de 26% pour s'établir à près de 10 milliards de dollars, selon Hedge Fund Intelligence.Cette évolution est due pour beaucoup à la croissance des actifs sous gestion dans le secteur alternatif à 2,5 milliards de dollars début 2014. Sur ce total, les hedge funds représentent 1 bon milliard de dollars, contre à peine 250 millions de dollars un an plus tôt.

Le britannique Hargreaves Lansdown veut devenir plus compétitif. La plateforme a annoncé, selon Investment Week, souhaiter réduire les frais facturés aux clients. Les comptes disposant d’actifs de moins de 250.000 de livres seront dès le mois d’avril facturés 0,45 % de frais de gestion annuels. Hargreaves Lansdown n’exclut pas de nouvelles baisses de frais en 2014.

Les actifs sous gestion de J. Safra Sarasin s'élevaient à 131,4 milliards de francs suisses au 31 décembre 2013, contre 129,6 milliards de francs à fin décembre 2012, indique le groupe dans son rapport annuel publié le 24 mars. Le bénéfice net consolidé de l’exercice a progressé à 180,5 millions de francs suisses, contre 171 millions de francs au titre de 2012.Les actifs sous gestion du groupe Safra, qui englobe J. Safra Sarasin Holding et ses filiales, Banco Safra et Safra National Bank of New York, s'élevaient à fin décembre 2013 à 205 milliards de dollars.

Les investissements d’Allianz Global Investors (AllianzGI) dans les infrastructures dépassent désormais la barre des 2 milliards d’euros, selon un communiqué publié le 24 mars. Le dernier investissement concerne le projet d’extension de l’autoroute A11 en Belgique pour un montant de 433 millions d’euros. Il s’agit de la huitième transaction d’AllianzGI en l’espace d’un an. AllianzGI a monté une équipe dédiée aux infrastructures à l’automne 2012.

Les actifs sous gestion du groupe allemand de services financiers DVAG ont progressé l’an dernier de 11% pour s'établir à 17,7 milliards d’euros, selon un communiqué publié le 21 mars.La collecte nette s’est inscrite en hausse de 3,2% à 1,93 milliard d’euros.

UBS Global Asset Management (UBS GAM) élargit sa gamme de produits aux investisseurs espagnols. La société de gestion suisse vient ainsi d’ouvrir à souscription deux nouveaux fonds qui investiront dans des dettes émergentes high yield, rapporte Funds People. Les deux produits concernés, dont l’échéance est fixée à 2018, sont le UBS Emerging Markets High Yield Bonds 2018 EUR et le UBS Emerging Markets High Yield Bonds 2018 USD. En clair, selon le fonds retenu, l’investisseur pourra décider d’investir en dollar ou avec cette devise couverte en euro. Ces deux fonds investiront en priorité dans des obligations high yield émises par des Etats ou des entreprises des pays émergents. La rentabilité estimée pour ces véhicules se situe à 5,84 % (sans exclure les commissions et les possibles défauts). La période de souscription a débuté le 24 mars et s’arrêtera le 4 avril, date à partir de laquelle les fonds seront fermés à toute nouvelle souscription.

Le gérant de fortune Gottex Fund Management, spécialisé dans la gestion alternative, a creusé ses pertes en 2013. Le résultat net après actionnaires minoritaires a été négatif de 9,7 millions de dollars, après une perte de 7,6 millions de dollars en 2012, selon un communiqué publié le 24 mars. Le résultat opérationnel a également plongé, avec une perte de 9,8 millions de dollars (-5,1 millions de dollars en 2012), indique la société, domiciliée à Guernesey et cotée à SIX. Les actionnaires devront une nouvelle fois se passer de dividende.Les résultats du dernier exercice, comme ceux de 2012, ont été fortement impactés par des frais exceptionnels liés à des acquisitions, selon le communiqué. En 2013, ils ont atteint 6,1 millions de dollars. Avant exceptionnels, la perte est de 2,3 millions de dollars.Les actifs gérés (7,1 milliards de dollars) et conseillés s'élevaient fin 2013 à 8,08 milliards de dollars, en progression de 16% par rapport à fin 2012.

P { margin-bottom: 0.08in; } Year after year, the hedge fund sector in the United Kingdom is becoming increasingly concentrated. According to a study published by the Financial Conduct Authority (FCA), the British regulator, the 20 largest companies now control 82% of assets under management, and 94% of gross exposure to market risk. “The study illustrates the extent to which this USD2.6trn industry is important in the United Kingdom,” says Clive Adamson, director of supervision at the FCA. “With nearly 20% in overall assets under management in the country, it is important for people to have confidence in the way we can regulate this market. The challenge for us is to ensure that this market operates at the highest standards of integrity in order for London to be able to maintain its position in this important global market.” Nearly USD470bn are managed by hedge funds in the United Kingdom, with 450 companies registered with the FCA. The study is based on data from September 2013 from 49 companies, with USD481bn in assets under management worldwide, including USD206bn in the United Kingdom, and 106 funds which have USD345bn in assets under management. In the United Kingdom, the industry has grown speedily in the past decade. Although they represented 10% of global assets under management in hedge funds at the beginning of the 2000s, funds managed in the United Kingdom by these hedge funds now represent 18% to 19% of global assets (USD2.63trn). Meanwhile, the study points out that since the financial crisis, institutional investments have become the main source of new money for hedge fund vehicles. They represent 42% of total investment, well ahead of funds of funds (21%) and family offies and high net worth clients (13%). Between September 2010 and September 2013, the proportion of funds of funds fell from 29% to 21%. The study finds that hedge funds have increased their leverage in order to increase their market share and profits. Collectively, British funds have raised a gross total which represents 64 times assets under management, compared with 54 times their assets in March 2013. According to the FCA, of this total leverage, 98% is made using derivatives to gain market exposure.

P { margin-bottom: 0.08in; } BlackRock has produced a detailed report on the impact for investors of potential Scottish independence, Financial Times fund management reports, having obtained a copy of the document. The US asset management firm, which employs 550 people in Edinburgh, predicts that Scottish independence would create “major uncertainty, costs, and risks” for companies and funds based in the region and the rest of the United Kingdom.

P { margin-bottom: 0.08in; } Assets under management at Martin Currie last year rose 26% to a total of nearly USD10bn, according to Hedge Fund Intelligence. This development is largely due to an increase in assets under management in the alternative sector, to USD2.5bn as of the beginning of 2014. Of this total, hedge funds represent USD1bn, compared with barely USD250m one year previously.

P { margin-bottom: 0.08in; } Assets under management at Miton have risen from GBP1.8bn as of the end of 2012 to GBP3.1bn as of the end of 2013, due to the acquisition of Psigma Asset Management, according to annual results released on 24 March. The acquisition of Psigma represented GBP749m in new assets, at a time when net inflows in the strict sense last year totalled GBP351m. Acquisition costs reduced pre-tax profits by 22%, or GBP700,000.

P { margin-bottom: 0.08in; } After a trial of more than five months, five former employees of Bernard Madoff were yesterday found guilty by a federal jury of contributing to a vast system of fraud constructed by US fraudster Bernard Madoff, who is serving a 150-year prison sentence, Agefi reports. The individuals concerned are the former director of the back office, Daniel Bonventure, the portfolio managers Annette Bongiorno and Joann Crupi, and the IT developers Jerome O’Hara and George Perez.

P { margin-bottom: 0.08in; } La Française AM is adding to its product range, with the creation of LFP France PME, which is eligible for the French PEA PME programme, and LFP PEA Flex, a flexible fund of funds, which is diversified and global under open architecture. The two new solutions come as additions to the existing PEA range, and extend the investment opportunities under an optimised tax regime. The launch of the LFP France PME fund of French equities comes as part of the global programme launched by the French government to support the development of French small businesses and start-ups. These businesses are the drivers of the economy as contributors to growth and creators of jobs. LFP France PME provides a way to invest in French SMBs with strong potential for growth over a recommended investment duration of over 8 years. The other strategy, LPF PEA Flex, is presented as an intermediate risk offering eligible for PEA. The fund of funds unites flexible allocation, multi-asset class diversification, global geographical coverage and selection in open architecture. LFP PEA Flex aims to optimise its performance after taxes over a recommended investment horizon of 3 years, while generating target ex-post volatility of 15% excluding exceptional market circumstances, and modulating exposure to equity markets between 0% and 100%.

The Nasdaq OMX Group on March 24 announced the formation of Global Market Services, a new entity comprising transactions, clearing and settlement services in the U.S. and Europe. Hans–Ole Jochumsen, executive vice president, will lead the newly combined global business, reporting directly to chief executive officer Bob Greifeld.The newly created entity will facilitate global growth and expansion of the company’s cash and derivatives business within equities as well as fixed income, currencies and commodities (FICC).

P { margin-bottom: 0.08in; } The Chinese asset management association (AMAC) has awarded registration certificates to 50 alternative asset management firms located in China, as part of a new regulatory regime, which will allow them to operate similarly to their counterparts in Hong Kong and elsewhere in the world, Hedge Fund Intelligence reports. Asset management firms approved by the professional association can now manage their own funds directly and sell them to qualified institutional investors and high net worth clients, rather than confiding them to trusts. The list approved by AMAC includes 33 managers of private funds, and 17 managers active in venture capital and private equity. Among the firms which have obtained this valuable status are Shanghai Chongyang Asset Management, Greenwoods Asset Management, PingAn Russell Investment Management, Pegasus Investment Management (Shanghai) and the private equity firms CDH Investment Management (Tianjin) and Sequoia Capital Equity Investment Management (Tianjin). AMAC, which is responsible for overseeing the alternative asset management sector in China, on 7 February opened an electronic trading platform which allows candidates to submit a registration application. More than 1,000 companies are reported to have applied since that date.

P { margin-bottom: 0.08in; } BlackRock appears to be the asset mangement firm with the most to lose out of Swedish pension fund reforms, Financial Times fund management estimates. As of 31 December, the AP3 fund (USD40.2bn in assets) was using the US asset management firm for seven out of nine discretionary mandates, totalling USD6.1bn. AP4 (USD40.5bn) has invested USD856.1m in four funds from BlackRock in late 2012. The newspaper reviews mandates for other funds and notes that Tobam has USD233.5bn in assets under management for the AP1 fund.

Europe faces a crisis of financial literacy, with millions of its people struggling to cope with even basic concepts of savings and investment. These are the findings of a new report from the European Fund and Asset Management Association (EFAMA), entitled Building Blocks for Industry Driven Investor Education Initiatives, launched in Brussels on Monday. The 160 pages-report confirms widespread ignorance of financial matters, with consumers baffled by concepts such as interest rates and inflation. “Financial illiteracy is both widespread and particularly severe among specific demographic groups. Low levels of financial literacy are not specific to a given country or stage of economic development. They are found everywhere,” said Professor Annamaria Lusardi, of The George Washington School of Business.Research found that asked the impact of a two per cent interest rate on a deposit of EUR100, those giving the correct answer of EUR102 ranged in Europe from more than 85 per cent in some countries to less than 40 per cent in others. The best-performing nations were the Netherlands, with 84.8 per cent giving the correct answer, Germany, with 82.4 per cent answering correctly, and Switzerland, where 79.3 per cent gave the correct answer.The report also highlights the importance of developing partnerships between governments, the financial industry, European institutions and the media in order to promote financial education in an effective manner. The report also confirms the key role that the industry can play in enhancing the quality of financial training of staff and financial intermediaries to help them enable potential investors to make better-informed investment decisions. Finally, the review encompasses concrete initiatives undertaken by professional associations and investment managers to promote financial education.

P { margin-bottom: 0.08in; } Dutch pension funds may be required to call in foreign administrators in the next few years, according to sector specialists. During a government seminar held by F&C, Maas Simon, a partner at the consulting firm Xudoo, estimated the number of vacant positions on boards of directors at pension funds in the next three years at 500 to 600, due to an ageing population of directors, as well as increasingly strict regulatory requirements, IPE reports.

P { margin-bottom: 0.08in; } UBS Global Asset Management (UBS GAM) is extending its product range for Spanish investors. The Swiss asset management firm has opened subscriptions to two new funds which will invest in high yield emerging market debt, Funds People reports. The two products concerned, which are set to mature in 2018, are the UBS Emerging Markets High Yield Bonds 2018 EUR and UBS Emerging Markets High Yield Bonds 2018 USD. Depending on the fund selected, the investor may decide to invest in US dollars or with this currency hedged in euros. The two funds will invest as a top priority in high yield bonds issued by emerging market governments or corporates. The estimated returns for the vehicle are 5.84% (without excluding commissions or potential defaults). The subscription period began on 24 March and will end on 4 April, from which date the funds will be closed to all new subscriptions.

P { margin-bottom: 0.08in; } The Australian financial group Macquarie is reportedly in the process of selling its affiliate Macquarie Investment Management Private Markets to its management, Les Echos reports. At the conclusion of the operation, the fund of fund activity, which has USD5bn in assets under management in the Asia-Pacific region, would be renamed as ROCEquity Partners. The recentering which Macquarie is engaging in comes as part of the same strategy as recent sales carried out by Credit Suisse and Citi to comply with the Volcker Rule.

P { margin-bottom: 0.08in; } The asset management firm Lion Global Investors, which belongs to the banking group PCBC, based in Singapore, has recruited Saurabh Sinha, who will join the team as head of Asian equities, Citywire Asia reports. He replaces D R Rao, manager of the Lion Global India SGD fud. The Indian and Asian equity specialist previously worked at Lombard Odier in Hong Kong, where he had been an equity portfolio manager for South-East Asian countries. Assets under management at Lion Gloal as of the end of 2013 totalled USD24.4bn.

Allianz Global Investors a indiqué hier avoir franchi le cap des 2 milliards d’euros d’investissements en dette d’infrastructure à la suite du financement de l’autoroute A11 en Belgique. Au cours de l’année écoulée, la filiale de gestion de l’assureur a réalisé huit opérations d’investissement en dette d’infrastructure dans sept pays européens.

Standard & Poor’s a abaissé la note du Brésil de «BBB» à «BBB-», tout en relevant sa perspective de «négative» à «stable». S&P souligne des signaux contrastés du gouvernement qui ont des implications défavorables pour le budget et la crédibilité des politiques économiques. L’agence de notation anticipe une croissance faible pour plusieurs années encore, avec un PIB en hausse de 1,8% en 2014 et de 2% en 2015. Le relèvement de la perspective de la note laisse entendre qu’aucun nouvel abaissement de la note proprement dite n’est prévu dans l’immédiat. La décision de S&P était largement anticipée par les marchés, mais le calendrier choisi pour l’annoncer, à un peu plus de six mois de l'élection présidentielle à laquelle Dilma Roussef se représente, est de nature à compliquer la tâche du gouvernement. Cette décision pourrait également inciter Fitch et Moody’s à signaler à leur tour qu’elles pourraient abaisser la note de crédit du Brésil.

Selon German Gref, le directeur général de Sberbank, première banque de Russie, l'économie du pays tombera en récession si les sorties de capitaux dépassent 100 milliards de dollars. Le banquier a cité des chiffres faisant état de flux sortants de 35 milliards pour les deux premiers mois de 2014. Il a cependant précisé que Sberbank ne revoyait pas à ce stade son plan d’affaires.

La cotation du bolivar sur le marché parallèle est revenue à 59 pour un dollar, après avoir atteint 88 à la fin du mois de février

Après l'émission record de 3 milliards d’euros réalisée le 17 mars par Volkswagen, Telefonica est venu hier sur le marché primaire de la dette hybride corporate en levant 1,75 milliard d’euros. Seul le risque de rachat anticipé par les émetteurs ternit cet engouement.