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14/02/2014

L'OCDE sort sa norme anti-évasion fiscale

L’organisation a publié hier sa nouvelle norme unique en matière d'échange automatique d’informations fiscales. Elle devrait être transposée dans le droit des pays qui soutiennent ce principe et notamment ceux du G20 qui s’y sont ralliés au printemps dernier sous la pression des Etats-Unis.
14/02/2014
Gestion d'actifs

La Financière Dassault et Blue Alpha entrent au capital d'une société de gestion

Delta AM, société de gestion spécialiste des « situations spéciales » sur les marchés obligataires corporate, officialise la recomposition de son capital. Jusqu'à présent détenue à hauteur de 60% par ses associés-fondateurs, et à 40% par AMlab, la structure d’incubation de La Banque Postale Asset Management (LBPAM), Delta AM fait entrer la Financière Dassault et Blue Alpha à son tour de table. (La Financière Dassault et AMlab sont aussi actionnaires de Mandarine Gestion) Les associés-fondateurs conservent 60% des parts, tandis que la Financière Dassault et Blue Alpha prennent chacun 15.05% du capital sur la part initialement détenue par AMlab, qui demeure actionnaire à hauteur de 9.90%. Blue Alpha a été récemment constituée par Thierry Callault - ancien Directeur Général Délégué du Groupe OFI - afin d’accompagner le développement de sociétés de gestion impliquées dans le financement de l'économie réelle. Thibaut Sciard, Directeur Général de Delta AM, se réjouit de cette recomposition. Delta AM pourra ainsi poursuivre la phase initialement engagée avec le concours de LBPAM et s’appuyer sur ses nouveaux actionnaires pour améliorer son positionnement auprès des investisseurs institutionnels et Family Office notamment. « Notre défi est de mobiliser les investisseurs institutionnels dans une démarche de soutien à l'économie réelle, tout en étant capable de leur servir un rendement attractif en lien avec la qualité de crédit des émetteurs sélectionnés » explique Frédéric Haym, Président de la société Delta AM .
Gestion d'actifs
13/02/2014

L'ACPR prend position sur l'assurance vie en déshérence

Certaines pratiques observées par l’Autorité de contrôle prudentiel et de résolution (ACPR) dans le cadre de sa mission de contrôle des pratiques commerciales la conduisent à préciser par une position ses attentes en matière d’imputation des frais de recherche des bénéficiaires de contrats d’assurance vie. «L’ACPR considère que les pratiques consistant à imputer sur le montant du capital décès versé au bénéficiaire tout ou partie des frais générés par la recherche de ce dernier, que cette imputation soit prévue ou non dans les clauses du contrat, sont contraires aux dispositions du Code des assurances, du Code de la mutualité et du Code de la sécurité sociale», indique un communiqué.
13/02/2014

Les ventes au détail reculent en janvier aux Etats-Unis

Les ventes au détail ont baissé contre toute attente en janvier aux Etats-Unis, dans le sillage d’un recul des ventes d’automobiles, a annoncé le département du Commerce jeudi. Elles ont baissé de 0,4% après un recul révisé à 0,1% en décembre. D’autres mauvaises statistiques américaines, comme l’ISM, ont déjà été publiées pour janvier, un mois marqué par l'épisode de grand froid qui pourrait expliquer ces reculs.
13/02/2014

L’OCDE propose son cadre multilatéral de lutte contre l’évasion fiscale

L’OCDE a présenté aujourd’hui sa norme mondiale unique pour mieux lutter contre l’évasion fiscale. Elle détaille les principes de l’échange automatique d’informations fiscales que les pays du G20 se sont décidés à adopter l’année dernière, notamment sous la pression des Etats-Unis. La norme, qui devra être transposée dans les législations nationales, se veut couvrir un champ d’informations large. Les informations devront être collectées par des institutions financières et pas seulement les banques. D’ici à la mi-2014, l’OCDE compte avoir commenté l’interprétation possible de la norme et détaillé les dispositions techniques qui permettront de la mettre en œuvre.
13/02/2014

Assets in ETF/ETPs down 3.2% in January

P { margin-bottom: 0.08in; } Assets in ETF/ETPs worldwide fell 3.2% in January to a total of USD2.320rn, according to initial estimates by ETFGI. This development is the result of the negative performance of the markets and a net outflow of USD7.6bn. ETF/ETPs dedicated to equities posted the largest outflow, to a total of USD11.8bn, followed by vehicles dedicated to commodities, which saw outflows of USD1.9bn. Bond ETF/ETPs, however, posted inflows of USD2.9bn. The largest inflows were at Vanguard, with a total of USD4.8bn, Nomura AM (USD2.4bn), and First Trust (USD1.5bn). However, SPDR ETFs has seen outflows of USD16.5bn, while iShares has seen redemptions totalling USD5.6bn.
13/02/2014

ERI Scientific launches multi-strategy smart beta indices

P { margin-bottom: 0.08in; } ERI Scientific Beta on 12 February announced the launch of a series of multi-strategy smart beta indices evailable for all geographical regions of the developed world (United States, United Kingdom, euro zone, continental Europe excluding the United Kingdom, developed Asia-Pacific excluding Japan, developed world ex United States, developed world ex United Kingdom and developed world). The indices provide a way to maximise diversification of strategic risks, and also earn returns on average 68% higher than traditional indices, a statement from ERI Scientific Beta points out.
13/02/2014

S&P Dow Jones Indices launches South African indices

P { margin-bottom: 0.08in; } The index provider S&P Dow Jones Indices has announced the launch of nine indices to cover the South African stock market, including the S&P South Africa Composite, which measures the performance of the Johannesburg Stock Exchange (JSE). The S&P South Africa Composite, which covers all foreign and South African companies listed on the JSE with capitalisation of at least SAD 100m and annual trading volumes of SAD50m, includes the following eight indices: S&P South Africa Dividend Aristocrats• S&P South Africa Low Volatility Index• S&P South Africa Composite Capped• S&P South Africa 50• S&P South Africa 50 Equal Weight• S&P South Africa Completion• S&P South Africa Composite Shariah• S&P South Africa Composite Shariah Capped S&P Dow Jones Indices states that it has issued an operating license for two of these indices, Dividend Aristocrats and Low Volatility, to Grindrod Bank, which will use them to develop ETFs.
13/02/2014

Brooks Macdonald recruits a head of investment management

P { margin-bottom: 0.08in; } The British asset management firm Brooks Macdonals has recruited Daniel Good, effective immediately, to the position of director of investment management for its Leamington Spa offices, opened in September 2013, FundWeb reports. Good had previously served at Deutsche Asset & Wealth Management as chief investment officer and member of the investment committee for the United Kingdom. He had previously worked at Barclays Wealth, Morgan Stanley Quilter and GHC Capital Markets.
13/02/2014

3i loses its head of infrastructure

P { margin-bottom: 0.08in; } The head of infrastructure activities at 3i, Cressida Hogg, will be leaving the firm in March, according to a statement released on 12 February. Hogg, who had been managing partner, will be replaced by Phil White and Ben Loomes, who become co-managing partners of the infrastructure activity. Asstes under management dedicated to infrastructure total about GBP2.4bn.
13/02/2014

Change of duties at Sanlam

P { margin-bottom: 0.08in; } The financial services company Sanlam UK, which is owned by the eponymous South African group, has restructured its management groups, which is resulting in particular in the departure of Nigel Speirs from his position as CEO of Sanlam Private Wealth, Money Marketing reports. Speirs will be replaced by Alex Morley, who will retain his position as head of English Mutual. Speirs will remain at the firm at head of distribution. Sanlam, which acquired the consulting firm English Mutual in 2012, says that it hopes to continue its acquisition strategy in order to develop a wealth management activity which will be recognized by the market, according to the head of Sanlam, Lukas van der Walt.
13/02/2014

Michael Benz takes over private banking at Standard Chartered

P { margin-bottom: 0.08in; } Standard Chartered has announced the appointment of Michael Benz as its new group head of private banking activities. He is expected to begin on 17 February this year, a statement says. Benz, who previously worked at Julius Baer, will be based in Hong Kong, and will report to Anna Mars, who becomes group head of private banking and commercial banking clients from 1 April. Assets under management at the private bank total over USD57bn, of which USD45bn come from Asia.
13/02/2014

JPMorgan AM recruits a sales manager for North of England

P { margin-bottom: 0.08in; } JP Morgan Asset Management has recruited Keith Marcroft, who had worked at HSBC Global Asset Management, to direct its sales in the North of England and Scotland, Fund Web reports. Marcroft, who will be regional sales manager, will report to Rob Sedgley, head of IFA and regional discretionary sales.
13/02/2014

Fidelity to target women

P { margin-bottom: 0.08in; } Fidelity Investments will increasingly seek to attract female investors under the leadership of Abigail Johnson, who is positioning herself to succeed her father, Edward Johnson, aged 83, the Financial Times reports. “Across the board, women are unhappy with our industry,” she says in the Fidelity annual report. “Our research shows many lack confidence in their ability to make financial decisions, particularly younger women. Yet, at the same time, women are becoming increasingly powerful in our economy, controlling more wealth, often outearning their spouses, and making more retirement decisions.” Fidelity therefore wishes to encourage its advisers to involve both spouses in discussions of personal finance.
13/02/2014

Morgan Stanley declares ambitions in asset management

P { margin-bottom: 0.08in; } The chairman of the wealth and asset management division of Morgan Stanley, Greg Fleming, has announced at a conference that Morgan Stanley Investment Management was aiming for total assets of USD500bn in 2016, compared with USD338bn currently, with returns on owners’ equity of 20%.
13/02/2014

Operating profits up 13% at Fidelity in 2013

P { margin-bottom: 0.08in; } Fidelity Investments is holding onto its lead. The US asset management giant in 2013 posted growth of 13% in its operating profits, to USD2.6bn, as investor appetite for equities boosted its assets under management. At the same time, its revenues rose 7.9% to USD13.6bn, the company has announced in its annual report. Over the 2013 fiscal year as a whole, assets under management rose 15%, to a record USD1.940trn. This development is largely died to significantly positive market effects. Last year, Fidleity saw a net outflow of USD1.1bn.
13/02/2014

Asset management at BNP Paribas posts outflows of nearly EUR16bn

P { margin-bottom: 0.08in; } For the whole of 2013, assets under management by the Investment Solutions division at BNP Paribas were virtually flat (-0.5%) compared to their level as at 31 December 2012, totalling EUR885bn as at 31 December 2013, according to figures published on 13 February. They were slightly up compared with 30 September 2013 (+1.3%). Net asset flows were negative (-15.8 billion euros for the year but only -300 million euros this quarter) with asset outflows in Asset Management, in particular in money market funds, but good asset inflows in Wealth Management and Insurance, in particular in Asia and Italy. The performance effect (+24.9 billion euros) was driven by the rise in equity markets over the period. The foreign exchange effect (-12.8 billion euros) was unfavourable due to the appreciation of the euro. A strategic plan for Asset Management was announced during the year in order to relaunch asset gathering with a target of a net total of 40 billion euros in asset inflows by 2016.
13/02/2014

AllianceBernstein triples its net profits in 2013

P { margin-bottom: 0.08in; } AllianceBernstein, the US-based asset management firm more than 60% controlled by the Axa gorup, has nearly tripled its net profits in 2013. As of the end of December, its net profits totalled USD517.6m, compared with USD188.9m in 2012, an increase of 174%. Over the past year, net earnings, for their part, posted an increase of 7%, from USD2.737bn in 2012 to USD2.915bnin 2013. As of the end of 2013, AllianceBernstein has USD450.4bn in assets under management, compared with USD430bn as of the end of 2012, an increase of 4.7% year on year. This performane is largely driven by a very positive market effect. Alliance Bernstein in fact had a large gap in the area of inflows For the past year overall, the asset management firm has seen a net outflow of USD12.3bn, of which USD10.3bn were in fourth quarter alone. This negative performance is directly related to the sale by Axa of its affiliate Mony Life Insurance Company on 1 October 2013. “A a result, AllianceBernstein lost USD6.8bn in fixed income assets in October, and these outgoing flows represent more than 70% of total net outflow in fourth quarter,” the US firm explains in a statement.
13/02/2014

Assets under management at Invesco down 1.8% In January

P { margin-bottom: 0.08in; } Invesco has reported assets under management in the month of January of USD764.9bn, down 1.8% over the period. This decline is related to a negative market effect, a negative currency effect and a net outflow. The effect of currencies in particular resulted in a decline in assets of USD2bn. Invesco states that inflows to long-term assets were positive for the month as a whole.
13/02/2014

Vincent Manuel becomes head of CA Indosuez Gestion

P { margin-bottom: 0.08in; } Vincent Manuel was on 1 January 2014 appointed as CEO and director of management at CA Indosuez Gestion, an asset management affiliate of CA Indosuez Private Banking, which is active in two main professions: management under mandate and management of open-ended mutual funds designed especially for the needs of high net worth clients. Manual joined the Crédit Agricole S.A. group in 2008 as director of strategy and development, where he covered the private banking and asset management professions, and actively participated in development strategy in these areas of activity. In 2011, he was appointed director of marketing at Crédit Agricole Private Banking. CA Indosuez Private Banking is one of the largest private banks dedicated exclusively to wealth management for multiple clients (entrepreneurs, top managers, large families, associations and charities). It had over EUR22bn in assets under management as of 31 December 2012.
13/02/2014

Two promotions at the top of Natixis AM

P { margin-bottom: 0.08in; } The current director of finance and operations and a member of the executive board, Jean-François Baralon, has been appointed as deputy CEO of Natixis Asset Management. Christine Lacoste, previously director of marketing, is also appointed as director of networks and sales support at the asset management firm. This role includes strategic steering, and the offices for networks, distribution services and communications. She also joins the executive board. The two new promotions will report direclty to Pascal Voisin, CEO of Natixis Asset Management. These changes follow the appointment of Philippe Zaouati as CEO of Mirova. He had previously been deputy CEO, a member of the executive board, in charge of development at Natixis Asset Management, a statement says. Baralon in 2000 joined IXIS Capital Markets as head of management controlling. In 2004, he was appointed as administrative and financial director at IXIS Asset Management.
13/02/2014

DNCA Finance reaches EUR10bn in assets

P { margin-bottom: 0.08in; } As of the end of January, the French asset management firm DNCA Finance had EUR10bn in assets. This is almost double the level at the end of 2012, when assets totalled slightly over EUR5bn. This spectacular growth, which since 2008 had been regular, is largely the result of net inflows of EUR2.8bn during 2013. These inflows have gone largely to diversified management, Eurose, convertible bonds, and towards the end of the year, to the Evolutif and Value Europe funds, a spokesperson for the firm says.In 2014, DNCA Finance plans to open an office in Madrid and another one in Geneva, adding to those in Munich, Milan and Luxembourg.
13/02/2014

Vanguard launches ETF model portfolios

P { margin-bottom: 0.08in; } Vanguard is now offering model portfolios to help financial advisers to package ETFs, Ignites, a publication of FT, reports. There are 11 models, all designed by the investment strategy team at the asset management firm. The aim is to provide asset allocation suggestions. The models are updated each month, but the allocations do not vary enormously. The model portfolios are increasingly considered by ETF sponsors as a means to add value to their range and to provide concrete strategies to be deployed in a portfolio. BlackRock has been offering models on its site since 2012. SSgA and Charles Schwab also offer advisers tools to help them build ETF portfolios.
13/02/2014

Dexia Asset Management rebrands as Candriam

Dexia Asset Management this morning revealed its new brand identity following its acquisition by New York Life Investments on February 3rd, 2014. The company will now move forward as Candriam. Naïm Abou-Jaoudé, CEO of Candriam and vice chairman of New York Life Investment Management International, explains: «Our new name Candriam is the acronym of our core company values: Conviction and Responsibility in Asset Management."Going forward, Candriam, with EUR73bn in assets under managament, expects continued interest from investors in its multi-asset solutions and its flagship strategies, in particular those related to Corporate and High Yield, Biotech, SRI, Quant and European equity strategies. Its Index arbitrage and other leading absolute return strategies, presenting interesting risk / return profiles, are already gaining momentum with investors.
13/02/2014

Muted performance for LeggMason and Franklin Templeton in January

P { margin-bottom: 0.08in; } LeggMason and Franklin Templeton have had mixed fortunes in early 2014. In the month of January alone, Franklin Templeton has posted a decline of 2.50% in its assets under management, to USD857.2bn as of 31 January, comapred with USD879.1bn as of 31 December 2013. Legg Mason is not doing much better. As of the end of Janary 2014, its asstes have risen very modestly by 0.5%, to USD679.9bn, compared with USD679.5bn as of 31 December 2013. The asset management firm explains that “net inflows only partially offset market deprecation,” without revealing the total amount.
13/02/2014

Angel Oak continues to recruit from TCW Funds

P { margin-bottom: 0.08in; } The former head of sales from TCW Funds, Erlend Bo, has joined the asset management firm Angel Oak Capital as managing director, MutualFundWire reports. He will be responsible for strategy, sales and distribution for a range of products which includes mutual funds and alternative vehicles. He joins the former head of TCW Funds, Charles Baldiswieler, who joined Angel Oak at the end of December, immediately after resigning. Assets under management at Angel Oak Capital total about USD2.5bn.
13/02/2014

Standard Chartered may sell its private bank in Switzerland

P { margin-bottom: 0.08in; } Standard Chartered is seeking a buyer for its private banking activities in Switzerland, the British firm, largely active in emerging markets, announced on Wednesday. “The process is at a very preliminary stage,” a spokesperson for the bank told AFP in London. Standard Chartered would like to sell the activity, based in Geneva, which is aimed at high net worth private clients. It would, however, like to retain its commercial banking activity in the country, a spokesperson says, confirming reports in the Wall Street Journal.
13/02/2014

European Wealth launches a bond fund

P { margin-bottom: 0.08in; } The British firm European Wealth has launched its first bond fund, the European Wealth Sterling Bond Fund, aimed both at institutional and retail clients, wealth adviser reports. The fund, which is expected to earn far higher returns than cash, can invet only in simple bonds, which are well-rated and have short maturity dates.

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