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17/12/2013
Fonds

Assenagon lance un nouveau fonds

Hans Günther Bonk et sa boutique Assenagon Asset Management lancent un fonds qui se propose d’investir dans de la dette subordonnée et dans des obligations contingentes (les Cocos) émises par les banques et les assureurs, rapporte Financial News.Assenagon Asset Management devrait lancer le nouveau véhicule, le Assenagon Credit Subordinated Debt & Coco fund, dans le courant du mois de janvier.
Fonds
17/12/2013

Gottex fusionne avec EIM Group

Les deux sociétés de gestion alternative Gottex Fund Management et EIM Group ont annoncé le 16 décembre qu’elles allaient fusionner leurs activités. La nouvelle entité aura son siège en Suisse et des bureaux à Londres, Boston, New York, Hong Kong et Shanghai. Ses actifs sous gestion devraient s'établir autour de 10 milliards de dollars au premier semestre 2014, précise Gottex dans un communiqué.Au terme de la transaction, qui doit encore recevoir le feu vert des autorités réglementaires, la nouvelle entité sera détenue à environ 70% par les actionnaires de Gottex et à 30% par ceux d’EIM.
17/12/2013

Assenagon launches new fund

Hans Günther Bonk and his boutique Assenagon Asset Management are launching a fund which will aim to invest in subordinated debt and contingent convertibles (CoCos) issued by banks and insurers, Financial News reports.Assenagon Asset Management is expected to launch the new vehicle, the Assenagon Credit Subordinated Debt & Coco fund, in January.
17/12/2013

Assogestioni presidency draws 8 candidatures

There are reportedly 8 candidates for the presidency of Assogesioni, the Italian association of asset managers, to succeed Domenico Siniscalco, according to reports in Bluerating. The position is prestigious, and well-paid: EUR200,000 per year. The top candidate is Vittorio Grilli, former director general of the Italian ministry of the economy and finance. He is followed by Roberto Poli, who is close to Silvio Berlusconi. The other candidates are the economists Marco Onado (who was chairman of Pioneer) and Carlo Maria Pinari, Angelo Tantazzi (chairman of Prometeia and former chairman of the Milan stock exchange), Attilio Lentati, Andrea Beltratti (Eurizon Capital) and Giuseppe Zadra (chairman of Asset Management Holding).
17/12/2013

Investors pull out of gold ETPs

For the first time since their creation in 2003, ETPs dedicated to gold have been abandoned by investors, at a time when the price of the metal has fallen at its most steeply for 32 years, the news agency Bloomberg reports.The assets of the 14 largest ETPs have fallen by 31% since the beginning of the year 2013, to a total of 1,813.3 metric tons, for their steepest annual fall since the launch of these vehicles ten years ago, acording to statistics from Bloomberg. These redemptions have led to a loss in net asset value of USD69.9bn, In 2014, about 311 additional tons are expected to be withdrawn from the market, according to estimates from Bloomberg analysts.Precious metals specialist Robin Bhar at Société Générale estimates that favourable factors which have driven gold to rise in the past 12 years are in the process of reversing. Gold had been trading at USD1,232 per ounce on 16 December in Singapore, down 36% from a peak of USD1,921 per ounce in September 2011.
17/12/2013

Julien Chauveau leaves Acropole Asset Management

Bond fund manager Julien Chauveau left Acropole Asset Management in early December. The information released by Citywire has been confirmed by Financière de l’Echiquier, the French asset manager which took over Acropole AM earlier this year. Chauveau co-managed two convertible bond funds, Acropole Convertibles Monde and Acropole Convertibles Optimum 2015, and also participated in the management of Acropole Global High Yield.
17/12/2013

OFI AM aims for EUR100bn in assets in 5 years

At a time when it is about to merge with Macif Gestion and OFI Mandats, OFI AM has announced that it is aiming for EUR100bn in assets in five years’ ime, virtually double the EUR56.2bn it manages currently.To achieve that, the firm is planning to develop serving clients outside the group, particularly international distributors. This proportion of clients, which currently represents 20% of total assets, is expected to increase to 30% in five years, “or about EUR20bn more in assets than currently,” says Gérard Bourret, CEO of OFI AM. At the same time, assets under management for the group are expected to fall from 50% to 35%, while the remainder will come from “strategic partners.”In order to win over these new external clients, the asset management firm will rely on its funds, which now represent 32% of assets, but which pay better than mandates. In order to simplify and be as legible as possible, OFI AM will focus only a restricted range of about 18 funds. This range will include the best-performing and largest funds (in total, they represent about EUR8bn).Meanwhile, in 2013, OFI AM has posted net inflows of EUR680m to mandates and EUR600m to funds, for total inflows of EUR1.28bn.
17/12/2013

Rothschild & Cie Gestion recruits hires FI manager

Rothschild & Cie Gestion has appointed Delphine Laloum as bond manager, specialised in high yield bonds.Laloum, 25, began her career at ADI in 2002 as a credit analyst for convertible, high yield and crossover strategies, and then in 2005, became a debt analyst for convertible bond arbitrage funds. In 2006, she joined Natixis, first as a proprietary convertible bond trader at Natixis CIB, and then, from 2010, as market maker for all European high yield bonds, a statement says.
17/12/2013

Index-based management gains momentum in Sweden

In 2013, Swedish index-based equity funds represented more than SEK140bn (EUR15.5bn), or 11% of total equity funds on sale in Sweden, compared with less than SEK20bn in 2001 (EUR2.2bn), or 3%, a report by the Swedish fund management association of passive and active management has found. This gain in popularity for index-based management has been driven by strong inflows to these products. Since 2010, equity tracker funds have posted net inflows of SEK47bn (EUR5.2bn), while at the same time, actively-managed equity funds have seen outflows of SEK3bn (EUR0.3bn). The report by Fondbolagens Förening, available in Swedish on their website, describes the two types of management.
17/12/2013

Theam adopts indices excluding controversial weapons

Theam, the systematic, guaranteed and alternative index-based management specialist from BNP Paribas Investment Partners, has announced that it has adopted the first MSCI ex CW (MSCI ex Controversial Weapons) indices, which exclude companies which are involved in controversial weapon activities, as the benchmark indices for a range of open-ended funds (tracker Equities sub-funds of the Parworld SICAV).Theam, whose assets under management as of the end of September totalled nearly EUR40bn, in a statement claims to be the first actor in the industry to adopt indices which exclude controversial weapons for its open-ended funds.
17/12/2013

Tiepolo preparing SME fund

La Financière Tiepolo, which as of the beginning of 2013 had about EUR900m in assets under management, will in January unveil a new common investment fund, Tiepolo PME, which is in the process of receiving an AMF license. The FCP, which will be eligible for the new PEA-PME savings regime, will be invested in French small and midcaps. It fits perfectly into the strategy and historical expertise of La Financière Tiepolo in investment, as 27% of overall assets under management at Tiepolo and 36% of assets in the FCP Tiepolo Valeurs are invested in securities which are eligible under PEA-PME criteria.
17/12/2013

St James's Place awards advisory mandate to Redington

The British consulting firm Redington has won a mandate from the wealth management firm St James’s Place, Financial News reports. The initiative appears to be a response to investor concerns about the prospects of inflation.
17/12/2013

DeAWM and Harvest prepare to launch RQFII ETF in London

Deutsche Asset & Wealth Management (DeAWM) and Harvest Global Investment, a firm based in Hong Kong in which DeAWM controls 30% will in January in London launch the first offshore ETF under renminbi qualified foreign institutional investor (RQFII) mandates, Asian Investor reports. The first UCITS formet ETF to replicate the CSI 300 index, recently launched in New York, may be made available from 16 January next year, according to Asian Investor.
17/12/2013

Gottex merges with EIM Group

The two alternative asset management firms Gottex Fund Management and EIM Group on 16 December announced that they will be merging their operations. The new entity will be headquartered in Switzerland, and will have offices in London, Boston, New York, Hong Kong and Shanghai. Its assets under management are expected to total about USD10bn in first half 2014, Gottex says in a statement.At the completion of the transation, which has yet to receive the approval of the regulatory authorities, the new entity will be about 70% controlled by Gottex shareholders, and 30% by EIM shareholders.
17/12/2013

BlackRock increases stake in Telecom Italia

The asset management giant BlackRock on 16 December announced that it has increased its stake in Telecom Italia, in which it now controls 7.789% of voting rights. In a statement, the US group says that it holds EUR183m in convertible bonds in addition, which correspond to a stake of 1.639%.Documents from the Securities and Exchange Commission (SEC), the Wall Street market watchdog, reveal that BlackRock’s stake has increased from 5.1% as of the end of October to 10.1% as of the end of November. On Sunday, Consob, the Italian stock market regulator, announced that it may fine BlackRock for failing to report, as regulations in Italy would have required it to report investments above a 10% threshold. BlackRock explains that it did not inform Consob or Telecom Italia since its voting rights were below 10%.
17/12/2013

Vistra acquires HVK family office in the Netherlands

The Vistra group, dedicated to corporate services, on Monday, 13 December announced that it has acquired HVK, an independent consulting firm in the areas of taxation, tax structuring, legal and notary services, and financial advisory and services. The family office, founded in 2011 by a group of former PwC professionals, will allow the Vistra group to strengthen its own family office services division, which has recently been launched.
17/12/2013

CalPERS invests in Double Haven L/S credit strategy

The Californian pension fund CalPERS has invested USD100m in the alternative asset management firm Double Haven, specialised in Asian credit, news agency Reuters reports. After undergoing a net outflow of about USD4bn in 2012 the hedge fund sector in Asia has this year attracted more than USD10bn, according to statistics from Eurekahedge, due to average returs of about 15% as of the end of November.CalPERS is investing in the long/short credit strategy, which will bring assets under management at Double Haven to over USD710m, according to Reuters.
17/12/2013

Boutiques post record inflows in 2013

Asset management boutiques in Europe and the United Kingdom (with less than EUR10bn in assets under management) have posted net inflows of EUR65bn in the nine months to the end of September, compared with EUR30.1bn in 2012, and EUR10bn in 2011, Financial News reports, citing statistics from Lipper and MackayWilliams. Boutiques represented 31% of total sales in the industry since the beginning of the year, compared with 14% in 2012.
17/12/2013

iShares launches ETF backed on Euro Stoxx ex financials

iShares has launched an ETF on the London stock exchange which offers passive exposure to European companies, excepting banks and insurers, Fundweb reports.The iShares Euro Stoxx 50 Ex-financials UCITS ETF gives investors broad and potentially less volatile access to the euro zone, according to BlackRock.The total expense ratio is 20 basis points.
17/12/2013

Strong rebound in assets at JP Morgan AM, Deutsche AM and BNY Mellon AM

Asset management firms which are active in Asia-Pacifci markets as of the end of September had assets under management of USD6.7tn originating from the region, according to data compiled by Asian Investor, which publishes annual rankings of the 100 fund managers which posted the strongest growth in Asia Pacific. These total assets were up by 11.2% in one year. The rankings are dominated this year by JP Morgan Asset Management, which was the firm to develop its assets in the region most strongly. It has USD133.6bn in assets under management for clients from this region, up by 162.8% year on year. Asian Investor notes that the US firm has this year modified its calculations of assets. It previously included only the assets of Asian clients invested in Asian funds. It now takes into account all products in its range. In second place is Deutsche Asset Management with USD50.7bn, up by 129% year on year. Adjustments were made there also in terms of the calculation of assets under management, which now include Harvest Funds Management, which is 30% controlled by the asset management firm. In third place, BNY Mellon Asset Management has posted a 90.84% increase in its assets, which total USD94.4bn.
17/12/2013

JPMorgan to sell Asian investment operation

JPMorgan Chase has put its Global Special Opportunities Group, an investment operation based in Asia, up for sale, for a total of over USD1bn, the Financial Times reports. The bank is in talks with several private equity and credit hedge funds. The potential buyers are the GSO unit of Blackstone, Carlyle and KKR.The operation put up for sale by JPMorgan, which represents over USD2bn in assets, finances special situations in Asia, and has a junior or mezzanine debt activities in the United States and Europe.
17/12/2013

Old Mutual GI preparing Irish clone of Old Mutual UK Alpha

Old Mutual Global Investors is preparing an Irish version of its Old Mutual UK Alpha fund, aimed at international clients, Citywire reports. The original fund has grown from GBP150m to more than GBP1bn this year, as it has posted strong growth since the two managers, Richard Buxton and Errol Francis, returned to manage the product in June. They then joined Old Mutual Global Investors from Schroders. The launch of the Old Mutual UK Alpha Fund (IRL) is scheduled for 18 December.
17/12/2013

EU to study asset management firms from a systemic angle

The European parliament has voted in favour of proposals which could lead major asset management firms to be considered “systemically important,” which would make them subject to stricter rules, and would impose higher costs on them, Financial Times fund management reports. Concretely, the European Commission will have to evaluate whether certain asset management firms present a systemic risk, taking into account their size, the extent of their activities, their business model, their risk profiles, credit rating and whether they trade on their own behalf.
17/12/2013

Cyber criminals attack wealth managers

Cyber criminals are breaking into the computer systems of wealth management firms increasingly often, to steal money from custodian banks, which are better protected, Financial Times fund management reports, citing Kroll. At least six wealth management firms have been used to facilitate Internet “break-ins” worth millions of pounds in the United Kingdom in the past four months, says EJ Hilbert, head of cyber investigation at Kroll. Criminals gain access to the systems of wealth management firms by creating bogus Wi-Fi networks in airports and hotels which travelling employees use without knowing it.
17/12/2013

Vistra acquiert le family office HVK aux Pays-Bas

Le groupe Vistra dédié aux services aux entreprises a annoncé, lundi 13 décembre, l’acquisition de HVK, cabinet de conseil indépendant dans les domaines de la fiscalité, de la structuration fiscale, services juridiques et notariaux, et des services et conseils financiers. Fondé en 2011 par un groupe d’anciens professionnels de PwC, ce family office va permetre au groupe Vistra de renforcer sa propre division de services de family office qu’il a récemment lancée.
17/12/2013
Fonds

Old Mutual Global Investors prépare un clone de droit irlandais d'Old Mutual UK Alpha

Old Mutual Global Investors prépare une version irlandaise à destination de la clientèle internationale de son fonds Old Mutual UK Alpha, indique Citywire. Le fonds d’origine est passé de 150 millions de livres à plus d’un milliard de livres cette année, ayant enregistré une forte croissance depuis que le duo de gérants Richard Buxton et Errol Francis ont repris la gestion du produit en juin. Ils avaient alors rejoint Old Mutual Global Investors en provenance de Schroders. Le lancement de Old Mutual UK Alpha Fund (IRL) est prévu pour le 18 décembre.
Fonds
17/12/2013

Les boutiques de gestion enregistrent une collecte record en 2013

Les boutiques de gestion d’actifs en Europe et au Royaume-Uni (gérant moins de 10 milliards d’euros) ont enregistré des souscriptions nettes de 65 milliards d’euros sur les neuf mois à fin septembre, contre 30,1 milliards d’euros pour l’ensemble de 2012 et 10 milliards d’euros pour 2011, rapporte Financial News, citant des données de Lipper et MackayWilliams. Les boutiques ont ainsi représenté 31 % des ventes totales du secteur depuis le début de l’année, contre 14 % en 2012.
17/12/2013
Fonds

iShares lance un ETF sur l'Euro Stoxx qui exclut les financières

iShares vient de lancer un ETF à la Bourse de Londres qui offre une exposition passive aux sociétés européennes, à l’exception des banques et des compagnies d’assurances, rapporte Fundweb.Le iShares Euro Stoxx 50 Ex-financials Ucits ETF donne aux investisseurs un accès large et potentiellement moins volatil à la zone euro, selon BlackRock.Le total des frais sur encours s'élève à 20 points de base.
Fonds
17/12/2013

Angela Merkel est réélue chancelière pour un troisième mandat

Angela Merkel a été réélue chancelière mardi par le Bundestag pour un troisième mandat à la tête cette fois d’un gouvernement de «grande coalition» droite-gauche qui devrait prêter serment dans la journée. Angela Merkel a obtenu l’investiture par 462 voix pour, 150 contre et neuf abstentions.

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