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31/01/2014

BlackRock a de nouveaux ennuis en Italie

BlackRock serait concerné par l’enquête que le régulateur italien (Consob) a ouverte avec la Guardia di Finanza en perquisitionnant en début de semaine les bureaux de Mediobanca, rapporte Bluerating. L’enquête, pour manipulation de cours et délit d’initié, couvre deux opérations pour lesquelles la banque italienne a agi sur le marché pour le compte de tiers : le ramassage de titres de Milano Assicurazioni et le placement de 12 % de Banca Generali. Au cours de ces deux opérations, certains investisseurs auraient été avantagés en disposant d’informations privilégiées. Et parmi eux figure BlackRock, déjà dans le viseur de la Consob pour d’autres affaires.
31/01/2014

Une nouvelle arrivée à Londres chez Carmignac Gestion

L’équipe londonienne de Carmignac Gestion n’en finit plus de s’étoffer. Selon Investment Week, Jean Medecin, membre du comité d’investissement de la société de gestion, doit s’installer à Londres à compter du 1er février. Interrogé par Newsmanagers, la direction a indiqué qu’elle avait maintenant la possibilité juridique et opérationnelle d’offrir aux analystes, gérants ou tout membre du comité d’investissement d’être basé à Londres ou au Luxembourg s’ils le souhaitent.Dans ce cadre, Jean Medecin a choisi de s’installer à Londres.
31/01/2014
Fonds

Lombard Odier lance deux fonds reflétant son fonds de pension

Lombard Odier lance deux fonds multi-classes d’actifs qui reflètent son propre fonds de pension, rapporte Citywire. Le LOS Vantage 1500 cible un rendement du monétaire plus 2-4 % net de frais avec un maximum drawdown de 5 %. Le Vantage 3000 utilise un levier pour atteindre un rendement annualisé de 5-7 % avec un maximum drawdown de 10 %.
Fonds
31/01/2014
Fonds

Henderson ralentit les souscriptions du European Special Situations

Henderson Global Investors cherche à ralentir les flux dans le fonds European Special Situations de Richard Pease, dont les encours ressortent à 1,2 milliard d’euros, rapporte Citywire Global. Même si un porte-parole indique qu’il n’est pas prévu dans l’immédiat de fermer le fonds aux nouveaux souscripteurs, la société de gestion ne commercialisera plus activement le fonds.
Fonds
31/01/2014

Henderson GI collecte et se développe en France et en Europe

L’année 2013 s’est très bien terminée pour Henderson Global Investors en France avec une collecte de 600 millions d’euros, a indiqué à Newsmanagers Patricia Kaveh, directeur du développement de Henderson GI pour la France, Monaco et Genève, en marge d’un séminaire presse organisé par le gestionnaire britannique à Londres. Les actifs sous gestion s’inscrivaient à la fin de l’année 2013 à 2,2 milliards d’euros, contre 1,5 milliard d’euros environ à fin décembre 2012. «L’année 2014 a bien démarré puisque nous affichons d’ores et déjà plus d’une centaine de millions d’euros de souscriptions», a souligné Patricia Kaveh. Avec la rotation des actifs en faveur des actions depuis le mois de juillet, la collecte 2013 comprend pour l’essentiel des actifs actions mais le crédit n’a pas subi de sorties. Fort de ces résultats, Patricia Kaveh devrait très prochainement embaucher deux personnes qui viendront renforcer le bureau de Paris, dont une sera entièrement dédiée au nouveau bureau de Genève. Plus généralement sur le terrain européen, Henderson Global Investors, qui célèbre cette année son 80ème anniversaire, envisage de poursuivre son développement à l’international et notamment en Europe. Henderson souhaiterait entre autres renforcer sa présence auprès des conseillers en gestion de patrimoine en Italie, ce qui pourrait impliquer un doublement des effectifs actuellement de cinq, a indiqué à Newsmanagers Steven de Vries, responsable de l’Europe continentale chez Henderson Global Investors. Un projet qui pourrait prendre un peu de temps. Dans l’immédiat, Henderson GI travaille au recrutement d’une équipe de gestion actions aux Etats-Unis qui pourrait aboutir dans le courant de l’année. «C’est une priorité pour 2014", a souligne Steven de Vries.
31/01/2014

EFG International nomme une nouvelle directrice au Luxembourg

EFG International a annoncé le 30 janvier la nomination de Lena Lascari en tant que directrice au Luxembourg. Lena Lascari prendra ses fonctions le 1er mars 2014 et aura notamment pour mission de dé velopper les activités d’EFG sur le segment de la clientèle très fortunée (UHNW) en Grèce. Elle sera membre du «Management Committee» d’EFG Bank et rattachée au managing director d’EFG Bank (Luxembourg), François-Régis Montazel. Lena Lascari travaillait précédemment en tant que CEO et managing director d’Eurobank Private Bank, basée au Luxembourg. Elle a également les activités de gestion de fortune de HSBC en Grèce.
31/01/2014

Vontobel AM renforce l’équipe «Global Balanced Suisse»

Vontobel Asset Management a renforcé sa division «Global Balanced Suisse» avec l’arrivée d’Anton Oberhofer et de Thomas Haltner. « Les deux nouveaux venus contribueront à faire progresser les projets de développement de la solution multi-asset class dont les actifs sous gestion actuels sont de 13 milliards de francs suisses », indique un communiqué.Anton Oberhofer a été auparavant responsable, chez Swiss & Global Asset Management, de mandats institutionnels ainsi que de l’ensemble des investissements immobiliers. De plus, il a été membre de l’Investment Allocation Committee.Thomas Haltner travaille chez Vontobel Asset Management depuis juillet 2006.
31/01/2014
Fonds

Seb AM acquiert un bien pour sa sicav dédiée à l'immobilier asiatique

Selon le site spécialisé sur le secteur immobilier Businessimmo, SEB Asset Management a acquis un immeuble de bureaux et de commerces de dix étages, dont la valeur de marché représente 39 millions d’euros. L’actif dénommé Primegate a été acheté pour le fonds SEB Asian Property Fund II SICAV –SIF. Le bâtiment développe 2 015 m² d’espace commercial et de restauration ainsi que 1 555 m² de bureaux.
Fonds
31/01/2014

Generali Investments Europe launches a Southern Europe equity fund

P { margin-bottom: 0.08in; } Generali Investments Europe has announced the launch of a new sub-fund of its Luxembourg-registered Generali Investments Sicav (GIS). The GIS European Recovery Equity Fund, which is aimed at professional investors, invests in equities from companies of Southern Europe. It privileges Spain, Portugal, Italy and Greece. “The economic situation in Southern Europe currently benefits a structural adjustment after a slowdown in GDP growth in the past few years. The first signs of recovery are synonymous with opportunities throughout this region,” says Santo Borsellino, chief executive officer at Generali Investments Europe. Although the fund has no constraints in terms of cap sizes, it has a small and midcaps bias, in a conviction portfolio concentrated on 35 to 45 positions.
31/01/2014

SEC sues an adviser for tweets

P { margin-bottom: 0.08in; }A:link { } The Securities and Exchange Commission has filed civil charges against Mark Grimaldi, an investment adviser, for misleading investors with his publications and messages on Twitter, the Wall Street Journal reports. Grimaldi was fined USD100,000, and has agreed to improve controls on marketing by the firm. Grimaldi used a newsletter entitled Money Navigator, and others, to solicit clients for his advising firm and a fund, Sector Rotation, which he managed.
31/01/2014

Henderson slows inflows to European Special Situations fund

P { margin-bottom: 0.08in; } Henderson Global Investors is seeking to slow inflows to the European Special Situations fund managed by Richard Pease, whose assets total EUR1.2bn, Citywire Global reports. Although a spokesperson indicates that there are no immediate plans to close the fund to new subscribers, the asset management firm will no longer actively sell the fund.
31/01/2014

SEB AM acquires a property for its Sicav dedicated to Asian real estate

P { margin-bottom: 0.08in; } According to the real estate sector specialist website Businessimmo, SEB Asset Management has acquired a six-storey office and commercial property valued at EUR39m. The property, known as Primegate, was purchased for the SEB Asian Property Fund II SICAV – SIF. The building has 2,015 square metres of commercial and restaurant space, and 1,555 square metres of offices.
31/01/2014

Sweden debates kickbacks

P { margin-bottom: 0.08in; } The structure of fees paid to asset management firms is subject of discussions in Sweden, Fondbolagens Förening repors. The Swedish newspaper Dagens Industri related that bankers and brokers receive more than 50% of total fees which the end client pays in the form of commissions. The Swedish financial regulator FI accuses many players of not publishing kickbacks in an easily comprehensible manner. “The regulatory framework is clear in this area. A business is required to provide information about incitements and advantages to its clients,” says Håkan Dahlberg, who works for the regulator.
31/01/2014

Financière de l’Echiquier granted AIFM license

P { margin-bottom: 0.08in; } Financière de l’Echiquier on 10 December last year received an AIFM license from the French Autorité des Marchés Financiers (AMF), the independent asset management firm announced yesterday. “This license allows the firm to meet the growing requirements of European investors for security, transparency and risk management,” the firm says in a statement. The AIFM directive, which was transposed into French law on 22 July 2013, aims to harmonize the regulatory framework for asset management, firstly for the management of alternative investment funds. With this valuable license, Financière de l’Echiquier, a long-only asset manager, will be able to strengthen its best practices in three areas: reporting to client and the regulator, monitoring and management of risks, and lastly, remuneration policy. “The AIFM license validates our ambition to respond to the needs of an always growing client base,” Didier Le Menestrel, chairman of Financière de l’Echiquier, which now has EUR7.3bn in assets, says in a statement.
31/01/2014

Blackstone increases its assets by 26%

P { margin-bottom: 0.08in; } In 2013, Blackstone has seen an increase in its assets of 26%, to USD266bn. This is largely the result of net inflows, which totalled slightly over USD22bn. As of the end of 2013, Blackstone had a total of USD65bn in assets under management in credit, USD55.7bn in hedge fund solutions, USD79.4bn in real estate, and USD65.7bn in private equity. Its economic net income totalled USD3.5bn for the year.
31/01/2014

Profits at Invesco up 81% in fourth quarter

P { margin-bottom: 0.08in; } Invesco has finished the year 2013 in flying colours. In fourth quarter, profits at the US asset management firm were up 81.1%, to USD287.4m, compared with USD158.7m one year earlier. For the year 2013 as a whole, its net profits total USD940.3m, up by 38.9% compared with 2012. Last year, assets were up 16.7% to a total of USD778.7bn. This growth was particularly supported by solid net inflows, which totalled USD34.4bn for the past year overall. In fourth quarter alone, assets were up by USD33.2bn, driven by USD5.2bn in subscriptions in the last three months of the year.
31/01/2014

BlackRock launches an emerging markets multi-asset class fund

P { margin-bottom: 0.08in; } BlackRock has launched a Luxembourg-registered fund, the BlackRock Strategic Funds – Emerging Market Allocation, which will invest in all asset classes from emerging and frontier markets, Citywire reveals. The new product will be managed by the head of emerging markets, Jeff Shen, with the support of Seanna Kim and Rodolfo Martell. The trio may use alternative strategies such as long/short.
31/01/2014

S&P launches an index on domestic demand in emerging markets

S&P Dow Jones Indices has announced the launch of the S&P Emerging Markets Domestic Demand Index which is designed to measure the performance of companies that capture a major engine of growth within the emerging markets – domestic demand. To qualify for membership in the S&P Emerging Markets Domestic Demand Index, a stock must be a publicly traded company domiciled and incorporated in the following emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Thailand, or Turkey, and be listed on the primary stock exchange of its respective country.The Index consists of the following: common stocks listed on the primary exchanges of emerging markets, ADRs listed on U.S. exchanges, and GDRs listed on European exchanges. Constituents consist of 50 emerging market securities from the following sectors as classified according to the Global Industry Classification Standard (GICS®): Consumer Staples, Consumer Discretionary, Telecommunication Services, Healthcare, and Utilities.The S&P Emerging Markets Domestic Demand Index uses a modified market capitalization weighting scheme. Index composition is reviewed annually in September.
31/01/2014

Assogestioni wants to restart the debate over complementary retirement planning

P { margin-bottom: 0.08in; } The Italian association of asset management professionals, Assogestioni, has launched an initiative to gather the best ideas in the country, and to open a debate between institutions, the asset management industry, associations, citizens and private and public businesses to relaunch complementary retirement planning in Italy. The initiative, entitled Call4Ideas, was launched in cooperation with ItaliaCamp, an association which supports social innovation and the development of new responses to real questions.
31/01/2014

BlackRock in more trouble in Italy

P { margin-bottom: 0.08in; } BlackRock is reportedly concerned in an investivation which the Italian regulator, Consob, has opened with the Guardia di Finanze, which earlier this week subpoenaed the offices of Mediobanca, Bluerating reports. The investigation, for price manipulation and insider trading, covers two operations in which the Italian bank acted on the market on behalf of third parties: a purchase of shares in Milano Assicurazioni, and a 12% placement of Banca Generali. In the two deals, some investors are said to have been advantaged by having privileged information. Among these are BlackRock, which is already under investigation by Consob in relation to other matters.
31/01/2014

Aviva Gestión merges funds in Spain

P { margin-bottom: 0.08in; } Aviva Gestión has announced on its website that on 16 January 2014 it approved the merger by absorption of several of its funds on the Spanish market. The Aviva Espabolsa 2 FI fund is absorbed into the Aviva Espabolsa FI, while the Aviva Eurobolsa 2 FI fund is absorbed into the Aviva Eurobolsa FI fund. The double merger was approved by the CNMV, the local regulator on 24 January 2014. According to data from Inverco as of the end of 2013, the Spanish professional asset management association, while the Aviva Espabolsa 2 fund had assets of EUR9.5m, assets under management in Aviva Espabolsa were EUR137.5m. While Aviva Eurobolsa 2 had EUR12.2m in assets, Aviva Eurobolsa had EUR54.4m. After the mergers, Aviva Espabolsa and Aviva Eurobolsa will have EUR147m and EUR66.6m, respectively, in assets under management.
31/01/2014

Vontobel AM expands its Global Balanced Switzerland team

Vontobel Asset Management has appointed Anton Oberhofer and Thomas Haltner to the firm’s Global Balanced Switzerland team. They will play a key role in strengthening Vontobel’s CHF 13 billion multi-asset-class boutique, according to a press statement.Anton Oberhofer is joining Vontobel from Swiss & Global Asset Management, formerly Julius Baer, where he was responsible for the management of institutional mandates and served as a member of the investment committee. He was also responsible for indirect real-estate investing.Thomas Haltner joined Vontobel Asset Management in July 2006 and has internally transferred to the Global Balanced Switzerland team.
31/01/2014

Azimut posts inflows of EUR3.2bn in 2013

P { margin-bottom: 0.08in; } The Italian asset management firm Azimut in 2013 posted net inflows of EUR3.2bn, bringing its assets under management to EUR24bn. That represents growth of 20% year on year. Profits are expected to total between EUR145m and EUR160m.
31/01/2014

JP Morgan liquidates an emerging markets fund

P { margin-bottom: 0.08in; } According to Citywire Global, JP Morgan has informed its shareholders of its intentions to liquidate its multi-asset class emerging market fund on 26 February this year. In a letter sent to invetors, the US asset management firm explains its decision as a result of the fact that assets in the fund have fallen below a level which renders their management pertinent. According to Lipper data, the JP Morgan Emerging Markets Multi-Asset fund, domiciled in Luxembourg, had USD1.89m in assets as of the end of December 2013, far off its peak in September 2012, when its asstes totalled EUR8.4m.
31/01/2014

Henderson GI posts inflows and grows in France and Europe

The year 2013 finished very well for Henderson Global Investors in France, with inflows of EUR600m, Patricia Kaveh, director of development at Henderson GI for France, Monaco and Geneva, has told Newsmanagers, at a press seminar held by the British asset management firm in London.Assets under management as of the end of the year 2013 totalled EUR2.2bn, compared with about EUR1.5bn as of the end of December 2012. “The year 2014 has started well, as we already have more than EUR100m in subscriptions,” Kaveh says. With the turnover in assets favouring equities since July, inflows in 2013 were largely to equity assets, but credit has not seen outflows.On the strength of these results, Kaveh is expected to make two recruitments soon to reinforce the Paris office, one of whom will be entirely dedicated to the Geneva office.More generally in Europe, Henderson Global Investors, which this year celebrates its 80th birthday, is planning to continue its international development, particularly in Europe. In particular, Henderson would like to strengthen its presence serving wealth management advisers in Italy, which may involve doubling current personnel from five, Steven de Vries, head of continental Europe at Henderson Global Investors, tells Newsmanagers.These plans may take come time. In the short term, Henderson GI is working to recruit a team for equity management in the United States, which may be completed during the year. “This is a priority for 2014,” says de Vries.
31/01/2014

Assets in Luxembourg funds up 9.75%

P { margin-bottom: 0.08in; } Asset management is doing well in Luxembourg. Acording to figures from the Luxembourg investment fund association (ALFI), net assets under management by Luxembourg-registered investment funds totalled EUR2.6154trn as of the end of December 2013, compared with USD2.383trn as of the end of 2012, for growth of 9.75% in the space of one year. Net inflows to Luxembourg collective investment organisms (OPC) totalled EUR193bn in 2013, “nearly half of all net issues by the European collective savings industry,” ALFI states. Luxembourg has continued to attract fund management firms. The number of funds and sub-funds has risen from 3,841 as of the end of 2012 to 3,902 as of the end of 2013. “Nearly 100 new promoters have launched products in Luxembourg,” ALFI notes. The Luxembourg association has taken the occasion of the publication of the 2013 asset management report to point the finger at “threats” and “challenges” for the sector, citing a “regulatory agenda [which] remains charged and menacing.” Lastly, ALFI has provided a run-down of the implementation of the AIFM directive in Luxembourg. While about 90 alternative investment fund management firms have sent applications for a license to the CSSF, the local regulator, “at this stage, 12 companies have been placed on the official list of alternative fund investment management firms at the CSSF, while 6 others have received a license and are in the process of finalising the administrative formalities,” ALFI says.
31/01/2014

State Street écope d'une lourde amende outre Manche

La Financial Conduct Authority britannique a infligé une amende de 22,9 milllions de livres à State Street pour des manquements constatés dans son activité de gestion de transition. Cette activité consiste à restructurer des portefeuilles de placement, par exemple lorsqu’un institutionnel décide de changer de gérant dans le cadre d’un mandat. Le gendarme financier britannique reproche à State Street d’avoir «développé et mis en oeuvre un stratégie délibérée pour surfacturer substantiellement les clients» sans que ces derniers aient manifesté leur accord.
31/01/2014

L'inflation nippone à un pic de plus de 5 ans en décembre

L’inflation de base, qui exclut les produits alimentaires frais mais inclut les prix de l'énergie, a augmenté au Japon de 1,3% en décembre par rapport à l’an dernier, selon les statistiques gouvernementales publiées ce matin, contre une estimation médiane du marché de +1,2%. Ce rythme, le plus rapide constaté depuis octobre 2008, fait suite à une hausse des prix de 1,2% en novembre. Le taux de chômage est pour sa part revenu à 3,7%, un creux depuis 2007, contre 4,0% en novembre et un consensus de 3,9%.
31/01/2014

L'inflation en zone euro retombe à son plus bas d'octobre

L’inflation a ralenti contre toute attente en janvier, selon une première estimation flash d’Eurostat. Les prix à la consommation ont augmenté de 0,7% au cours du mois contre une hausse de 0,8% en décembre et un consensus de 0,9%. L’inflation retrouve ainsi le point bas touché en octobre, qui avait été un des facteurs déclenchants de la baisse des taux de la Banque centrale européenne (BCE). Le poste énergétique a vu les prix baisser de 1,2% en janvier, tandis que les prix alimentaires ont augmenté de 1,7%.
31/01/2014

Le marché immobilier américain se grippe en décembre

Les promesses de vente de logements aux Etats-Unis ont atteint en décembre leur plus bas niveau en plus de deux ans, en raison notamment de la vague de froid qui a paralysé une partie du pays. L’Association nationale des agents immobiliers (NAR) a annoncé hier que son indice des promesses de ventes, calculé sur la base des contrats signés le mois dernier, avait reculé en glissement mensuel de 8,7% à 92,4. La chute est de 8,8% sur un an.

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