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21/02/2014

Neuberger Berman launches an absolute return bond fund

Neuberger Berman Group is proposing a new global strategy, the Neuberger Berman Unconstrained Bond Fund, an absolute return fund which seeks to profit from market inefficiencies. The fund will use the full spectrum of credit and securitisation, with total flexibility on duration (positive, negative or neutral). The fund will be managed by Andy Johnson, the head of global investment grade bonds, Jon Johnson, a senior portfolio manager based in London, and managing directors Thomas Bardas, David Brown, Ugo Lancioni and Thomas Marthaler.
21/02/2014

Axa asset management posts EUR8bn in inflows in 2013

Asset management at the Axa group has posted net subscriptions of EUR8bn. But the two affiliates of the insurance group have had very contrasted dynamics. Axa Investment Managers (Axa IM) has earned a net inflows of EUR12bn, primarily from real estate transactions and bond products, while AllianceBernstein has seen a net outflows of EUR4bn. At AllianceBernstein, “net inflows to bond products was more than compensated by a net outflows from equities, primarily to the institutional investment and private client segment,” the Axa group says in a statement. In total, at the end of 2013, assets in the asset management unit at Axa totalled EUR893bn, down 1% compared with 2012. In detail, assets under management at Axa IM are down 1.2%, from EUR554bn at the end of 2012 to EUR547bn at the end of 2013. Assets at AllianceBernstein are down 0.85%, from EUR349bn at the end of 2012 to EUR346bn at the end of 2012. Earnings for asset management were up 3.5% in 2013, to a total of EUR3.46bn. Earnings at Axa IM total EUR1.36bn, up 3%, while those at AllianceBernstein total nearly EUR2.1bn, up by nearly 4%. Lastly, operating profits in the asset management unit have risen by 5.5%, to EUR400m. These operating profits are up by 16.4% at AllianceBernstein, to EUR185m, while they are down by nearly 2%, to EUR216m, at Axa IM.
21/02/2014

Assets under management at BCV group up 6%

Assets under management in the BCV group rose 6%, or CHF4.7bn, last year, to a total of CHF83.9bn as of the end of December, according to a statement released on 20 February. Net inflows totalled CHF1.6bn, as the original Swiss subscriptions (CHF2.9bn) were very largely compensated by outflows from offshore funds (CHF1.3bn). Assets at the parent company rose 7% to CHF76.7bn, while those at Piguet Galland were down 3%, to CHF7.2bn.
21/02/2014

Founder of Citadel makes donation to Harvard

The hedge fund manager Kenneth Griffin, who graduated from Harvard in 1989, has donated USD150m to the prestigious US university, the Wall Street Journal reports. It is the largest donation in the history of the school. Griffin founded Citadel, which has assets under management of USD17bn, in 1990.
21/02/2014

Quarterly profits up 24% at Eaton Vance

It has been a mixed balance sheet at Eaton Vance for first quarter. After the first three months of its 2014 fiscal year, ending on 31 January 2014, the US asset management firm has earned USD360.3m in income, up 13% compared with first quarter 2013. At the same time, its quarterly net results are up 24%, to a total of USD76.7m, compared with USD62.1m one year previously. However, Eaton Vance has seen a net outflow of USD1.1bn in this first fiscal quarter, compared with net inflows of USD5.4bn in first quarter 2013, and USD3.9bn in fourth quarter 2013. Redemptions were concentrated on four strategies: global income and alternatives, large cap value equities, managed options, and lastly, municipal bonds. “Due to a growing interest in our multi-sector income and global allocation strategies, and due to prospects for improvement in our results for startegies which now show net outflows, we are expecting better flows for the balance of our fiscal year,” Thomas E. Faust, the chairman and Ceo of Eaton Vance, says optimistically in a statement. Assets under management rose 12% year on year to a total of USD278.6bn as of the end of January 2014, compared with USD247.8bn as of the end of January 2014. However, assets are down 1% compared with USD280.7bn as of 31 October 2013.
21/02/2014

New head of Newton Capital Management for North America

Newton, part of BNY Mellon, has hired Jim Wylie as head of North America for Newton Capital Management responsible for leading and developing Newton’s North American distribution and client servicing business. Based in New York, he reports to Helena Morrissey, CEO of Newton Investment Management.Jim Wylie was most recently chief marketing officer and executive managing director of Turner Investment Partners. Prior to that, he was global head of sales at Acadian Asset Management.
21/02/2014

JPMorgan AM to launch its first ETFs

JPMorgan Asset Management is preparing to launch ETFs in first half 2014, and is investing heavily in the preparations for this launch, Ignites reports, citing executives at the firm. “What is driving us is that we have clients who would like to see us managing ETFs,” says Bob Deutsch, head of ETF business at JPMorgan. The firm is expected to obtain the approval of the authorities to launch ETFs in the next few weeks. Its first product is not expected to be active. The firm has submitted an application for a global smart beta equity ETF in October. But over the long term, JPMorgan will focus on actively-managed ETFs.
21/02/2014

ING IM adds to team in Scandinavian countries

ING Investment Management (ING IM) has hired Martin Philip to service clients and promote ING Investment Management’s (ING IM) investment offering in the Nordic market. He will work together with the Nordic business development team and have a focus on the Swedish market from his base in Stockholm. Martin Philip is a Swedish national with 13 years industry experience and most recently had the position of head of distribution and client support at Skandia Investment Group in the UK.
21/02/2014

Assets in smart beta strategies doubled in 2013

The popularity of smart beta strategies is not letting up. According to Towers Watson, its own clients carried out twice as many investments in these strategies in 2013, with about USD11bn in 180 portfolios, compared with USD5bn in investment in nearly 130 portfolios in 2012. The results is that institutional clients at Towers Watson have allocated USD32bn to smart beta strategies worldwide, via a total of nearly 500 portfolios. Data compiled by the consultant also show that its clients – pension funds, sovereign funds and insurers – have selected alternative asset classes totalling over USD12.5bn, four times more than five years ago. Among alternative assets, real estate has sustained the most interest in 2013, with more than USD4bn in investment, one quarter of it in smart beta. This is followed by hedge funds (USD3bn in investment), then infrastructure (USD2bn), one third of which was also in smart beta strategies. In the same period, Towers Watson has observed that Private Equity attracted about USD1.5bn, while illiquid credit (distresed debt and loans) attracted about USD1bn in assets.
21/02/2014

Lombard Odier publishes smart beta indices on Bloomberg

Lombard Odier Investment Managers on 20 February announced the publication by Bloomberg of its proprietary FWD Smart Beta indices, calculated independently. Since the launch of smart beta strategies based on bonds four years ago, Lombard Odier IM has invested in other asset classes. At the end of December 2013, assets under management in bond strategies, equities and commodities totalled USD5bn. The 14 strategies now available on Bloomberg are the following: Bonds (calculated by Bloomberg Indexes) LOIM FWD Global Government (code Bloomberg LOFEOEC) LOIM FWD Global Corporate (LOFGUIGH) LOIM FWD Global BBB-BB (LOFGU5BH ) LOIM FWD Euro Government (LOFEURG) LOIM FWD Euro Responsible Corporate (LOFEIGR) LOIM FWD Euro BBB-BB (LOFE5B) LOIM FWD Emerging Local Currency Bond (LOFEMLU ) Equities (calculated by Russell Investments) LOIM FWD Global Equity Risk Parity (LOGLORPN) LOIM FWD Emerging Equity Risk Parity (LOGEMRPN) LOIM FWD European Equity Risk Parity (LOEURRPN ) LOIM FWD North American Equity Risk Parity (LONAMRPN) LOIM FWD Asia Pacific Equity Risk Parity (LOAPARPN) Commodities (calculated by BNP Paribas) LOIM FWD Commodities Risk Parity (LOIMCOTR) LOIM FWD Commodities Risk Parity ex-Agri (LOIMCXTR)
21/02/2014

Susan Wagner at BlackRock proposed for board at Swiss Re

The Swiss Re group announced on 20 February on the occasion of the publication of its annual results that its board of directors is proposing to elect Susan Wagner, founding partner of BlackRock and already chair of the US group’s supervisory board. Swiss Re has also announced the appointment of David Cole, previously chief risk officer (CRO), to the position of chief financial officer (CFO). He succeeds George Quin, who in December announced his departure for Zurich Insurance, from 1 May. Cole joined Swiss Re in 2011, after serving as CRO and CFO at the Netherlands-based bank ABN Amro. His current seat will be occupied in due course.
21/02/2014

Northern Trust adds to its family office unit in London

Northern Trust has added to its London-based team dedicated to family offices with two new recruitments. John leder is also appointed to the newly-created position of managing director and senior investment adviser for multi-manager solutions. Elder will be responsible for advising family offices and similar structures for the creation and monitoring of complex investment programmes. Before joining Northern Trust, Elder served in advising to family offices and institutional investors. Jonathan Lidster has been recruited as senior wealth management strategist responsible for client relations, and promoter of wealth management solutions in the EMEA region (Europe, Middle East and Africa). Lidster had previously been an independent aviser to a family office in London.
21/02/2014

Amundi loses a head of international equities

Paul-Georges Moucan, senior fund manager in the international equity unit in London, left Amundi at the end of 2013 to pursue other opportunities, a spokesperson for the asset management firm has told Newsmanagers, confirming reports in Citywire Global. Moucan’s LinkedIn profile indicates that he left his position in October 2013. “The departure took place as part of a reorganization of the equity team in London,” Amundi states. After beginning his career at Crédit Lyonnais Asset Management from 1998 to 2003, Moucan in 2004 joined Crédit Agricole Asset Management, which subsequently became Amundi. In July 2003, Amundi announced the recruitment of Nicholas Melhuish, formerly of UBS Global Asset Management, as head of international equities in London (see Newsmanagers of 2 July 2013).
21/02/2014

Schroders and Sarasin oppose mark to market

Schroders and Sarasin & Partners have signed a letter, sent to the Financial Reporting Council, the organisation which includes the UK Accounting Standards Board, to oppose mark to market, Financial News reports. They are rallying several asset management firms which are calling for a reform of British accounting standards. These include Railpen, USS Investment Management, Local Authority Pension Fund Forum, London Pensions Fund Authority, Threadneedle Investments, Royal London Asset Management, Governance for Owners, UK Shareholders Assocation and Hermes Equity Ownership Services.
21/02/2014

Appointment at CalPERS

The California Public Employees’ Retirement System (CalPERS) has named Dan Bienvenue the senior investment officer (SIO) for global equity, effective immediately. Bienvenue had been serving as the Acting SIO for Global Equity since June 2013 after Eric Baggesen took another leadership position within the CalPERS Investment Office.Dan Bienvenue joined CalPERS in 2004 after serving as a principal and senior portfolio manager with Barclays Global Investors, leading an international equity portfolio management team responsible for USD55 billion across developed and emerging markets. In his new role, Bienvenue is responsible for implementation and management of investment strategy and policy for the pension fund’s USD141.8 billion portfolio in publicly traded equity investments worldwide. Assets under management at CalPERS currently total nearly USD284bn.
21/02/2014

S&P évoque le risque de défaut de l'Ukraine

Standard & Poor’s a réduit vendredi la note de l’Ukraine pour la deuxième fois en trois semaines, jugeant que la situation politique s’est nettement dégradée et percevant un risque accru de défaut. La note souveraine a été réduite d’un cran à CCC, assortie d’une perspective négative. «Nous pensons que (la situation actuelle) est source d’incertitude quant à la continuité du soutien financier de la Russie durant 2014 et menace encore plus la capacité de l’Etat à honorer le service de la dette», explique l’agence de notation dans un communiqué. Vendredi midi, le président ukrainien Viktor Ianoukovitch a annoncé vendredi la tenue d’une élection présidentielle anticipée, un retour à la constitution de 2004 avec des pouvoirs présidentiels réduits et la formation d’un gouvernement d’unité nationale.
21/02/2014

Fitch confirme les notes de l'Irlande et de l'Autriche

L’agence de notation Fitch a annoncé vendredi avoir confirmé pour l’Irlande sa note BBB+ avec perspective stable. De même, le AAA de l’Autriche a été maintenu avec perspective stable, malgré les coûts liés à l’assainissement du bilan de la banque nationalisée Hypo Alpe Adria.
21/02/2014

Amundi Immobilier a accru ses activités l'an dernier

Au cours de l’année 2013, Amundi Immobilier a réalisé, pour le compte des véhicules réglementés qu’elle gère, SCPI et OPCI, un volume global de transactions de 776 millions d’euros en France et à l’international, dont 646 millions d’acquisitions et 130 millions de cessions. Ce résultat s’inscrit en progression de 13 % par rapport à l’activité réalisée en 2012.
21/02/2014

Bruxelles affiche sa sérénité sur le Portugal

Selon la Commission européenne, le programme de renflouement du Portugal suit globalement son cours et la reprise économique semble se solidifier même si des risques importants, surtout légaux, persistent. Ce constat se fonde sur son résumé du 10e examen du pays, qui s’est déroulé du 4 au 16 décembre, et sa publication jeudi coïncide avec le début de l’avant-dernier examen par ses bailleurs de fonds.
21/02/2014

Fitch pourrait placer l'Autriche sous surveillance négative

L’agence de notation pourrait placer dans la journée l’Autriche sous surveillance avec implication négative en raison des coûts liés à l’assainissement du bilan de la banque nationalisée Hypo Alpe Adria, a rapporté Reuters de source financière. Un placement sous surveillance avec implication négative signifie que la note de crédit de l’Autriche risquerait d'être abaissée d’un cran au cours de l’année ou des deux années qui suivent.
21/02/2014

L'Euribor poursuit sa mue

L’EBA et l’Esma saluent les réformes accomplies depuis un an. Les spécialistes aimeraient trouver une alternative à l’indice interbancaire fin 2014.
21/02/2014

La correction de l’appétit pour risque est derrière nous

Le graphique ci-contre montre l'évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.
21/02/2014

Des alphas qui ont permis de protéger la performance

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de janvier 2014. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an.
21/02/2014

Les actifs des hedge funds asiatiques en hausse de 16% en 2013

Asian Investor, qui reprend des statistiques d’Eurekahedge, indique que les actifs des hedge funds asiatiques ont progressé l’an dernier de 16,3% pour atteindre 147 milliards de dollars. La progression des encours est due à la performance positive des marchés pour un montant de 10 milliards de dollars et à une collecte nette de 10,6 milliards de dollars. Le secteur a enregistré l’an dernier 143 lancements de fonds et 109 fermetures.
20/02/2014

Moscou suspend son programme d'aide financière à l'Ukraine

Moscou a clairement établi un lien jeudi entre le déblocage d’une nouvelle tranche d’aide de 2milliards de dollars en faveur de l’Ukraine et le retour au calme à Kiev où les affrontements entre militants et policiers ont fait plus de 50 morts depuis mardi matin. Le Premier ministre russe Dmitri Medvedev a expliqué que la Russie ne pourrait traiter qu’avec «des autorités légitimes et compétentes, un gouvernement sur lequel le peuple ne s’essuie pas les pieds comme sur un paillasson». Une manière d’exhorter le président ukrainien Viktor Ianoukovitch à faire preuve de fermeté face aux manifestants.

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