Le groupe américain BNY Mellon vient de remporter auprès de la caisse de retraite Somerfield (Somerfield Pension Scheme) un mandat de services d’investissement et de dépositaire portant sur des actifs d’une valeur de 800 millions de livres. Ce mandat prolonge les relations existantes entre BNY Mellon et la maison-mère de la caisse de retraite de Somerfield, The Co-operative Group, pour laquelle il opère déjà comme dépositaire pour son propre plan de retraite (7,4 milliards de livres d’actifs) ainsi que pour le plan de retraite Britannia (625 millions de livres).

John Duffield a recruté son ancien collègue Mark Skinner en tant que conseiller pour développer l’activité retail de Brompton Asset Management, rapport Investment Week. Mark Skinner était l’ancien directeur des ventes et du marketing retail de New Star avant la déroute de la société, alors dirigée par John Duffield. Après, il était passé chez Henderson.

Pimco et Source ont annoncé le 28 janvier qu’une classe de part distributive de leur ETF PIMCO EM Advantage Local Bond Index Source est désormais disponible en dollars US sur le London Stock Exchange (ticker: EMLI LN). Cet ETF possède jusqu'à présent 213 millions de dollars sous gestion.L’ETF PIMCO EM Advantage Local Bond Index Source offre une exposition à la dette souveraine des pays émergents via l’indice PIMCO EM Advantage Local Currency Bond, un indice pondéré par le PIB, permettant une exposition à 15 pays émergents. Cet ETF permet de s’exposer aux marchés émergents-clés absents des indices traditionnels (par exemple, la Chine et l’Inde). A fin décembre 2013, le rendement effectif de l’indice était de 7.4% pour une duration de 3 ans.« En s’exposant aux marchés émergents via plusieurs devises locales, cet ETF offre aux investisseurs une alternative aux expositions émergentes traditionnelles avec une duration et une volatilité plus faibles» estime Fabrizio Palmucci, directeur chez Source. En 2013, l’indice EM Advantage a surperformé de 3.1% l’indice J.P. Morgan GBI-EM Global Diversified Index.Les frais de gestion du fonds domicilié en Irlande s'élèvent à 0,60% par an.

Le fonds Apollo Management, premier actionnaire de Constellium depuis le rachat début 2011 d’Alcan EP auprès de Rio Tinto, a officialisé auprès de la Securities and Exchange Commission (SEC) sa volonté de quitter le capital du groupe, rapporte L’Agefi. Apollo détient encore 35,8% de Constellium, devant les 12,2% de Bpifrance et les 7,6% du fonds de pension Ontario Teachers.

Legg Mason Global Asset Management lance Legg Mason Western Asset Macro Opportunities Bond Fund, un fonds obligataire « total return » géré par sa filiale Western Asset. Les gérants, Kenneth Leech, directeur des investissements au sein de Western Asset, et Prashant Chandran, privilégient trois thématiques : le crédit, l'évolution des taux d’intérêt et les conditions de volatilité. Ils chercheront à exploiter les dislocations de marché et les opportunités de valeur relatives grâce à la gestion active de titres obligataires, de futures, d’options et d’autres produits dérivés, indique un communiqué.Le fonds, créé dans la lignée d’une stratégie opportuniste lancée en 2000, a déjà attiré 200 millions de dollars de souscriptions.

Jupiter Asset Management, qui commercialise ses fonds en Europe du Nord depuis 2007, vient d’ouvrir un bureau à Stockholm, rapporte Fondbranschen. Parallèlement, la société de gestion britannique a recruté Christoffer Kjellberg Ek comme directeur commercial Europe du Nord. L’intéressé, qui prendra ses fonctions le 3 février, vient de JP Morgan asset Management (Nordic). Il travaillera sous la direction de Kevin Scott, responsable de la couverture clients EMEA (hors Royaume-Uni).

Banca March a informé le régulateur espagnol des marchés, la CNMV, avoir acquis 100 % du capital social de Banco Inversis, révèle Funds People. Le 5 novembre dernier, Banca March était déjà devenue principal actionnaire de l’établissement financier, s’étant emparé de 92,9 % du capital de Banco Inversis.

Depuis décembre 2013, State Street Global Advisors (SSgA) a commencé à enregistrer sur le marché espagnol une série de véhicules d’investissements dont sa célèbre gamme SPDR ETF, révèle Funds People. Dans un entretien accordé au site d’information, Olivier Paquier, responsable de SSgA pour l’Espagne, la France, Monaco et le Portugal, a confirmé l’enregistrement auprès de la CNMV, le régulateur local, de 41 ETF de sa gamme SPDR, donnant ainsi le coup d’envoi de la première phase de distribution de ses produits sur le marché espagnol.

Neuberger Berman a été retenue par SEI pour gérer un mandat de 220 millions de dollars portant sur son fonds de dette des marchés émergents, SGMF Emerging Markets Debt. Neuberger Berman, qui remplace Ashmore Investment Management dans la gestion de ce mandat, rejoint ainsi Investec et Stone Harbor Investments Partners dans la gestion de ce fonds, chacune de ces sociétés de gestion ayant en charge une portion de ce véhicule.

Nikko Asset Management a étoffé ses équipes dirigeantes avec la nomination de quatre personnes. La société de gestion japonaise a ainsi nommé Takuya Koyama en tant que responsable mondial des ventes. Il sera chargé des ventes institutionnelles et retail à l’échelle internationale. Auparavant, Takuya Koyama a occupé différentes fonctions chez Nomura Securities, Merrill Lynch Investment Managers et Citicorp Securities Japan.Hideyuki Omokawa devient responsable de l’innovation produits stratégiques et il supervisera le développement de produits à l’échelle mondiale, tout en gérant les interactions entre les équipes commerciales et de gestion par le biais d’un bureau du CIO, nouvellement créé. Hideyuki Omokawa était précédmment président de FGI Capital Partners.Motonobu Hasegawa a été recruté en tant que responsable mondial des appels d’offres et il dirigera une équipe de spécialistes au Japon et à l’étranger. L’intéressé dirigeait précédemment l’équipe appels d’offres d’UBS Global Asset Management Japon. Il a aussi travaillé chez Aberdeen Investment Management, Credit Suisse Asset Management et Pictet Asset Management Japan. Enfin, dans l’équipe de gestion, Yu-Ming Wang, qui supervise les équipes d’investissement hors du Japon, a été nommé responsable mondial des investissements pour orchestrer le travail de l’équipe d’investissement mondial de Nikko AM, qui couvre des collaborateurs répartis dans neuf pays. Le CIO Japon Hiroki Tsujimura continuera à être responsable de la gestion dans le bureau de Tokyo.

State Street accélère son expansion en terre chinoise. Le groupe américain a annoncé l’ouverture d’un nouveau bureau à Shanghai dont la vocation est de proposer des services et des solutions dans le domaine des investissements alternatifs. L’objectif est d’accompagner ses clients hedge funds dans leur stratégie de développement en Chine. Il s’agit aussi pour State Street d’accélérer la croissance de son activité Alternative Investment Solutions (AIS) en Chine, notamment dans le private equity et l’immobilier.L’équipe de State Street basée à Shanghai sera directement placée sous la direction d’Eric Chow, responsable de la gestion des relations clients pour l’activité AIS en Asie-Pacifique. AIS propose une large gamme de services à plus de 750 clients, essentiellement des investisseurs institutionnels et des gérants de hedge funds, de fonds de private equity et de fonds immobiliers.

Le gestionnaire d’actifs luxembourgeois Sparinvest a décidé de fusionner son fonds d’actions européennes Small Cap Value, lancé en octobre 2011, afin de réaliser de meilleures économies d’échelle, révèle Citywire selon qui la société a pris la décision de fermer ce fonds en décembre 2013. Les actifs restant dans ce fonds ont été déplacés vers le véhicule Sparinvest European Value Fund, géré par Jens Moestrip Rasmussen et Per Kronborg Jensen. Selon les données de Lipper, le Sparinvest European Small Cap Value Fund affichait 700.000 dollars d’actifs lors de sa fermeture le 12 décembre. Ce véhicule avait atteint un sommet de 3,94 millions de dollars en février 2012.

“Nous pensons qu’en 2014, environ 10 % de nos encours pourraient provenir de nos activités à l’étranger”, a déclaré Pietro Giuliani, CEO d’Azimut Holding, la société de gestion italienne, dans un entretien à Plus 24, le supplément hebdomadaire d’Il Sole – 24 Ore. En dehors d’Europe, c’est du Brésil que la structure transalpine obtient les plus grandes satisfactions. Azimut est aussi présente en Turquie et en Chine.

Pioneer Investments a nommé Roger Yates en tant que président du conseil d’administration, annonce un communiqué de la société. L’intéressé, déjà administrateur non exécutif, était l’ancien CEO de Pioneer Investments avant la nomination de Sandro Pierri à cette fonction en juillet 2012. Dans le même temps, la société a nommé Robert Glauber, ex-président et CEO de NASD, en tant que cinquième administrateur indépendant.Au total, le conseil d’administration de Pioneer Investments comporte neuf membres.

P { margin-bottom: 0.08in; } Top US officials are facing off to determine whether the asset management industry poses risks to the financial sector, and whether it therefore needs to be subject to stricter surveillance, the Wall Street Journal reports. Representatives of the Securities and Exchange Commission, who currently regulates asset management firms, are confronting a powerful but little-known office of the Treasury department which is seeking to lay the foundations for supervision of companies such as Fidelity Investments and BlackRock by the Federal Reserve. The regulatory battle, described by sources close to the situation, may complicate efforts by the US government to control non-banking companies which regulators feel may pose risks to the financial system.

P { margin-bottom: 0.08in; } Comgest has announced to subscribers in the Comgest Panda fund, a Luxembourg product, that the product has been absorbed into the Irish-registered fund Comgest Growth Asia ex Japan, a sub-fund of the Irish Sicav Comgest Growth. Shareholders have received an even exchange of their shares. “The merger is effective from 10 January,” the French asset management firm says, confirming information that has appeared in the English language press to Newsmanagers. Comgest Panda, managed by Chakara Sisowath and David Raper, had slightly over EUR100m in assets when these were transferred to the Comgest Growth Asia ex Japan, managed by the same two managers. The ensemble is expected to have a total of about EUR150m in assets. The integration of Comgest Panda comes as part of a strategy of “rationalisation of the product range,” according to the asset management firm. This will help to make commercialisation of the fund easier internationally. “Our Irish Sicav is largely used by Northern European, British and American investors, who are more comfortable with the format than with Luxembourg-registered funds,” explains Vincent Strauss, chairman of Comgest. “This is also the case for our Canadian clients, who are growing strongly,” he adds.

P { margin-bottom: 0.08in; } Lyxor Asset Management has launched the Lyxor UCITS ETF EUROSTOXX BANKS on NYSE Euronext Paris. The ETF offers exposure to the major euro zone banks, selected from among the components of the EURO STOXX index in line with the ICB classification. It is the only UCITS product in Europe which replicates the Euro Stoxx Banks index, a statement says. Characteristics: Commissions: 0.30% ISIN code: FR001164647

P { margin-bottom: 0.08in; } The traditional annual State of the Union address was an occasion for Barack Obama to call for the creation of a new retirement savings account supported by the government, and to reassert his support for major real estate financing reforms. The President stated that he had asked the Treasury to create a retirement savings vehicle known as MyRA. Obama did not offer details of the new savings instrument, however. US President Obama also promised to overcome the obstacle of a divided Congress. He warned that he would act on his own initiative as needed to reduce inequality in the United States.

The Global State Street Investor Confidence Index (ICI) rose to 114.4 in January, up 18.6 points from December’s revised reading of 95.8. The reading was the largest in over four years and was driven by a sharp increase in North American sentiment from 92.1 to 113.6 along with increases in both European and Asian sentiment. European sentiment rose to 112.6 from December’s revised reading of 107.5. Sentiment in Asia rose to 103.5 from 97.7.“Policy uncertainty was reduced in the US and confidence was boosted by optimism over the Fed’s policy of forward guidance, which may help anchor low interest rates going forward,” commented Jessica Donohue, senior managing director and head of research and advisory services, State Street Global Exchange. “In Europe, stronger economic fundamentals and looser monetary policy led to improved sentiment,” added professor Ken Froot. “Easier financing conditions for peripheral European sovereigns and speculation for more unconventional measures by the ECB, given below target inflation, has led to broader optimism among institutional investors.”

P { margin-bottom: 0.08in; } Pimco and Source on 28 January announced that a distributive share class in their ETF PIMCO AM Advantage Local Bond Index Source is now available in US follars on the London Stock Exchange (ticker: EMLI LN). The ETF thus far has USD213m in assets under management. The PIMCO EM Advantage Local Bond Index Source ETF offers exposure to sovereign debt from emerging countries via the PIMCO EM Advantage Local Currency Bond index, an index weighte by GDP, which allows exposure to 15 emerging markets. The ETF provides a means to gain exposure to key emerging markets which are not represented in traditional indies (for example, China and India). As of the end of December 2013, the effective returns on the index were 7.4% for a 3-year duration. “By providing exposure to emerging markets through several local currencies, this ETF offers investors an alternative to traditional exposure to emerging markets, with lower duration and volatility,” says Fabrizio Palmucci, director at Source. In 2013, the EM Advantage index outperformed the J.P. Morgan GBI-EM Global Diversified Index by 3.1%. Management fees for fhe fund domiciled in Ireland total 0.60% per year.

P { margin-bottom: 0.08in; } The Swiss group Unigestion on 9 January this year received an AIFM, or alternative investment fund management, license from the Autorité des marchés financiers (AMF) for its asset management firm based in France, Unigestion Asset Management (France) SA. The license will allow it to offer its client base of European institutional investors with access to hedge funds under the new regulatory framework. “We are certain that [this directive] will allow us to intensify our development in other member states of the European Union,” a statement from Gérard Pfauwadel, chairman of Unigestion Asset Management (France) SA, says.

P { margin-bottom: 0.08in; } Legg Mason Global Asset Management is launching the Legg Mason Western Asset Macro Opportunities Bond Fund, a toal return bond fund managed by its affiliate Western Asset. The managers, Kenneth Leeth, chief investment officer at Western Asset, and Prashant Chandran, are preferring three themes: credit, the evolution of interest rates, and volatility conditions. They will seek to exploit movements in the market and opportunities to create value through active management of bond assets, futures, options and other derivative products, a statement says. The fund, created as part of an opportunistic strategy initiated in 2000, has already attracted USD200m in subscriptions.

P { margin-bottom: 0.08in; } State Street is accelerating its expansion in Chinese territory. The US group has announced that it is opening a new office in Shanghai, which will aim to offer services and solutions in the area of alternative investments. The objective is to assist hedge fund clients with their development strategy in China. For State Street, this will mean accelerating the growth of its Alternative Investment Solutions (AID) activity in China, particularly in private equity and real estate. The State Street team based in Shanghai will report directly to Eric Chow, head of management of client relationships for the activities of AIS in Asia-Pacific. AIS offers a wide range of services to more than 750 clients, largely institutional investors and hedge fund managers, private equity funds and real estate funds.

P { margin-bottom: 0.08in; } Zhu Changhong, the man who managed USD3.8trn in currency reserves in China, has resigned, the Wall Street Journal reports. Changhong, who had previously worked at Pimco, was recruited about four years ago. The reasons for his departure remain unclear, but sources familiar with his work indicate that he had difficulty with the culture of secrecy at the Chinese government agency.

Nikko Asset Management has added three senior executives in its product and sales functions, as well as naming a global head of investment, as it bolsters itsglobal management structure.Takuya Koyama has been appointed global head of sales of the Tokyo-based asset manager and will be responsible for global institutional sales as well as international retail sales. Koyama previously held senior positions in international sales at Nomura Securities, Merrill Lynch Investment Managers and Citicorp Securities Japan.Hideyuki Omokawa has been named head of strategic product innovation, and will oversee the development of products on a global basis, while also managing theinteraction between the sales and investment teams through a newly established office of the CIO. Omokawa was previously President of FGI Capital Partners, and before that held senior positions at Goldman Sachs Japan and Nikko Cordial Securities.Motonobu Hasegawa has been hired as global head of request for proposal (RFP), and will lead a team of specialists in Japan and in overseas offices. Hasegawapreviously led the RFP team at UBS Global Asset Management Japan, and also worked at Aberdeen Investment Management, Credit Suisse Asset Management and Pictet Asset Management Japan.In the investment management division, Yu-Ming Wang, who oversees the investment teams outside of Japan, has been named global head of investment to orchestrate the work of Nikko AM’s global investment team, which covers staff in 9 countries. Japan CIO Hiroki Tsujimura will continue to be responsible for investment management in the Tokyo office.

P { margin-bottom: 0.08in; } The Établissement de Retraite Additionnelle de la Fonction Publique (ERAFP) has updated the guidelines of its voting policy for general shareholders’ meetings. In 2014, “the voting policy of the Établissement now explicitly covers environmental and social challenges,” says the ERAFP. There is also “detailed and exhaustive” publication of extra-financial reporting, and the addition of a principle to analyse resolutions of an environmental or social character. Concerning aspects related to governance, the ERAFP has decided to align its recommendations to increase the number of women on board with those of the European Commissioner for Justice, Viviane Reding, who is seeking 30% women by 2015 and 40% in 2020, with a 25% stage in 2014. It also includes a new reference to define the maximal socially acceptable pay levels, corresponding to 50 times the median salary at the business. Lastly, the Établissement will continue to “promote the notion of responsible dividends,” putting the evolution of dividends into perspective with the self-financing capacity of the business and the evolution of pay scales.

P { margin-bottom: 0.08in; } As of the end of 2013, assets at Moneta Asset Management totalled EUR2bn, which represents a doubling of assets in one year. Net subscriptions totalled EUR617m. In detail, Moneta Multi Caps attracted EUR544m in subscriptions, and Moneta Long Short EUR73m. The Moneta Micro Entreprises fund, a French small cap equity fund, has been closed to subscriptions since 2009. In 2014, Moneta AM has no plans to add to its product range. Recruitment for the team active in the middle office is planned during the year.

P { margin-bottom: 0.08in; } The years resemble one another as they pass, to the great satisfaction fo the heads of J.P. Morgan in France. As in 2012, J.P. Morgan Asset Management in France last year made net inflows of USD1.2bn, Karine Szenberg, CEO of J.P. Morgan Asset Management France, announced on 28 January, at its tenth annual congress. Assets under management as of the end of December 2013 totalled USD6.4bn. “Inflows were evenly distributed between institutional and retail, which more or less corresponds to our assets, with 55% instutional, and 45% retail, meaning mostly private banks, networks, and funds of funds,” Szenberg tells Newsmangers. “More than 80% of inflows went to emerging market debt and its various components (sovereign debt denominated in local currencies and corporate debt), as well as flexible bond management, convertibles, US equities and European equities,” says Szenberg. Nonetheless, traditional bond management represents 20% of assets under management, with equities accounting for slightly over 51%, nearly 10% in convertibles, and the remainder in the alternative category, with long/short equity, real estate assets and a strategy dedicated to mezzanine debt reserved for institutionals, managed by Highbridge Principal Strategies. In 2014, J.P. Morgan AM will continue to push for diversification. “We will continue on the path of diversification: bonds with emerging market debt, high yield, private credit and flexible bond strategies, as well as investment solutions serving retail clients, for example, with multi-asset class strategies with a return theme, all assisted by the Market Insight Programme led by Vincent Juvyns,” Szenberg explains. Szenberg adds that after two years of strong activity in France, the question of new areas for growth is coming up. “We are considering our future development in France, particularly in retail,” says Szenberg. Currently, J.P. Morgan Asset Management France has 17 staff, since the arrival fo Murielle Didier in November last year as senior salesperson for the multi-manager and distributor client segment.

P { margin-bottom: 0.08in; } Jupiter Asset Management, which has been selling its funds in Northern Europe since 2007, has opened an office in Stockholm, Fondbranschen reports. Meanwhile, the British asset management firm has recruited Christoffer Kjellberg Ek as head of sales for Northern Europe. Ek, who will begin on 3 February, joins from JP Morgan Asset Management (Nordic). He will report to Kevin Scott, head of EMEA client coverage (outside the United Kingdom).

P { margin-bottom: 0.08in; } “We think that in 2014, about 10% of our assets under management may come from our business abroad,” says Pietro Guiliani, CEO of the Italian asset management firm Azimut Holding, in an interview with Plus 24, the weekly supplement of Il Sole – 24 Ore. Outside Europe, Brazil is the structure that gives the greatest satisfaction to the Swiss firm. Azimut is also present in Turkey and China.