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11/12/2013

Pep et Keyhaven lancent un partenariat dans le private equity

Private Equity Partners et Keyhaven Capital Partners ont finalisé un accord pour lancer un partenariat de co-investissement dans le private equity en Italie, dédié aux petites et moyennes entreprises, aux opérations avant introductions en Bourse et rachats, rapporte Investment Europe. L’objectif est de faire profiter les investisseurs internationaux des opportunités en Italie.
11/12/2013

Ifigest ouvre une filiale à Gênes

La banque privée italienne Banca Ifigest ouvre une filiale à Gênes, rapporte Bluerating. La nouvelle équipe, dirigée par Massimo Losti, sera composée de cinq banquiers privés expérimentés. Cela porte à neuf les filiales de la banque, dont trois à Florence, une à Prato, une à Santa Croce, une à Milan, une à Rome et une à Turin.
11/12/2013
Fonds

Le Santander évince les minoritaires du Banif Inmobiliario

Dans un communiqué boursier, Santander Real Estate et Santander Asset Management annoncent la scission du fonds immobilier Banif Inmobiliario avec la création du fonds monétaire Santander Monetario, rapporte Funds People. Les porteurs minoritaires ont jusqu’au 30 janvier 2014 pour se faire rembourser leurs parts ou acquérir des parts d’un autre fonds. Après le 30 janvier, ceux qui ne se seront pas manifestés deviendront automatiquement porteurs du Santander Monetario et le groupe Santander deviendra l’unique investisseurs du fonds.A fin octobre, le Banif Inmobiliario comptait encore 369 porteurs pour un encours de 2.044 millions d’euros.
Fonds
11/12/2013

BBVA et Santander rationalisent leur gestion de sicav

Le BBVA a notifié tout récemment au régulateur espagnol , la CNMV, le transfert de la gestion des 300 sicav de BBVA Patrimonios (soit environ 3 milliards d’euros d’encours) à BBVA AM, rapporte Funds People. Luis Megias demeure administrateur délégué de BBVA AM tandis que son homologue de BBVA Patrimonios, Enrique Marazuela, conserve son poste de directeur des investissements du pôle banque privée.Chez le Santander, la fusion de Banesto et de Banif se traduit actuellement par le transfert de la gestion de toutes les sicav à Santander Private Banking Gestión, avec Pedro Más aux commandes. Cela représente un volume de quelque 4 milliards d’euros répartis sur 531 sicav.
11/12/2013

Un banquier privé crée sa propre structure de gestion de fortune

L’ancien patron de la banque privée à la Banque Havilland, Nick Parker, vient de créer une société de gestion de fortune, RiverPeak Wealth, rapporte Money Marketing. Avant son passage à la Banque Havilland, Nick Parker a notamment été managing director de la clientèle britannique très fortunée (UHNW) chez Citi Private Bank. Selon Nick Parker, «il ne fait aucun doute qu’il existe un créneau sur le marché pour un gestionnaire de fortune avec le style d’une banque privée, c’est-à-dire un gestionnaire qui ne se contente pas de proposer les produits d’antan mais peut fournir les services stratégiques de haut niveau généralement réservés à la seule clientèle très fortunée».
11/12/2013

Fidelity ouvre un bureau de trading actions américaines à Londres

Fidelity Worldwide Investment s’ouvre de nouveaux horizons. La société de gestion d’actifs dédiée aux investisseurs hors Etats-Unis et Canada, qui gère 260 milliards de dollars d’actifs, vient d’ouvrir à Londres un bureau de trading spécialisé sur les actions américaines, rapporte Financial News. Cette structure serait opérationnelle depuis le 2 décembre, selon une source citée par le site d’information. Le lancement de cette nouvelle activité à Londres fait suite à la constitution d’une équipe de recherche de 17 personnes dédiées aux actions américaines. «Nous constatons une demande continue pour des stratégies d’investissement mondiales et américaines et nous tenons à renforcer ce domaine en croissance», a déclaré un porte parole de Fidelity Worldwide Investment à Financial News.
11/12/2013
Fonds

Axxion propose un fonds à gestion participative

Le luxembourgeois Axxion SA a lancé le 23 octobre le fonds d’actions Intelligent Recommandations Global Growth Fund qui utilise des algorithmes fondés sur des lois scientifiques de l’intelligence collective en fonction des conseils d’investissement émis par des centaines d’investisseurs, rapporte Fonds Professionell.Ce système permet d’identifier à l’avance les phases de hausses et de détecter prématurément les phases baissières, ce qui permet alors de se couvrir en vendant des futures sur indices. L’univers comporte quatorze indices mondiaux et l’objectif est de générer une performance durable supérieure à celle du MSCI World.La gestion du fonds est confiée au hambourgeois Intelligent Recommandations GmbH tandis qu’Axxion est chargé de l’administration.CaractéristiquesDénomination : Intelligent Recommendations - Global Growth Fund - PCode Isin : LU0933680703Droit d’entrée : 5 % maximumCommission de gestion : 1,40 % maximumCommission de performance : 10 % de la surperformance par rapport au MSCI World en euros, avec high watermark
Fonds
11/12/2013

Nouveau CIO à la Banque cantonale de Bâle

La Banque cantonale de Bâle (BKB) a nommé Sandro Merino responsable des investissements (Chief Investment Officer), selon un communiqué publié le 10 décembre. Sandro Merino prendra ses fonctions le 1er janvier 2014. Sandro Merino succède à Alfred Ritter, CIO depuis 2009 et qui prendra sa retraite dans le courant de l’année. De formation scientifique, Sandro Merino a travaillé au sein d’UBS, où il a occupé des fonctions de cadre de 2000 à 2012. Il a ensuite travaillé pour Arecon. Dans ses nouvelles fonctions, Sandro Merino sera responsable de la mise en place de la nouvelle structure de l’Asset management de la BKB et de sa filiale, la banque Coop. La BKB compte renforcer et réorganiser son segment Asset management, ainsi que celui de sa filiale Bank Coop.
11/12/2013
Fonds

La collecte des fonds suédois dopée par les fonds diversifiés

Les fonds commercialisés en Suède ont enregistré en novembre des souscriptions nettes de 3,2 milliards de couronnes suédoises, soit 0,355 milliard d’euros, selon les dernières statistiques de l’association suédoise des fonds d’investissement Fondbolagens Förening. La collecte a été dopée par les fonds diversifiés, qui ont drainé 4,5 milliards de couronnes (0,5 milliard d’euros). Les fonds actions ont enregistré des souscriptions nettes de 0,3 milliard de couronnes.Les fonds monétaires et les hedge funds ont en revanche vu sortir respectivement 0,9 milliard et 0,8 milliard de couronnes.Depuis le début de l’année, les fonds vendus en Suède ont enregistré des souscriptions nettes de 66 milliards de couronnes (7,3 milliards d’euros) et à fin novembre les encours ressortaient à 2.443 milliards de couronnes (271 milliards d’euros), dont 55 % en fonds actions.
Fonds
11/12/2013
Fonds

Asia Frontier Capital propose un fonds sur le Vietnam

La société de gestion Asia Frontier Capital (AFC) accepte les souscriptions dans son nouveau fonds ouvert sur le Vietnam depuis le 10 décembre, rapporte Asian Investor.Le nouveau fonds, AFC Vietnam Fund, doté au départ de 50 millions de dollars, investira dans des petites et moyennes capitalisations cotées sur les Bourses de Hanoi et de Ho Chi Minh. Le fonds évitera toutefois le secteur bancaire et ne s’exposera qu’aux assureurs et aux courtiers.Selon le fondateur et COO d’AFC, Thomas Hugger, le Vietnam est un marché peu cher par rapport aux autres marchés asiatiques.
Fonds
11/12/2013

Prudential se fixe de nouveaux objectifs d’ici à 2017

Lors d’une journée investisseurs à Londres, Prudential a dévoilé de nouveaux objectifs pour ses activités en Asie à horizon 2017. En assurance vie et en gestion d’actifs, l’assureur britannique table ainsi dans la région sur un taux de croissance moyen d’au moins 15 % par an de son résultat opérationnel sur la période 2012 – 2017, contre 924 millions de livres fin 2012. Pour y parvenir, le groupe dirigé par Tidjane Thiam entend accélérer le développement de Eastspring Investments, sa filiale de gestion d’actifs dédiée à l’Asie. Cette entité a pour objectif de renforcer ses capacités d’investissement en diversifiant sa gamme de produits, de travailler davantage en collaboration avec l’activité d’assurance vie et, enfin, d’accroître ses réseaux de distribution. Pour l’heure, Eastspring Investments poursuit sa montée en puissance. Sur les neuf premiers mois de l’exercice 2013, la société de gestion a en effet enregistré une collecte nette de 2 milliards de livres, contre 1 milliard sur la même période de 2012, portant ainsi ses encours à 60 milliards de livres. Prudential rappelle d’ailleurs que Eastspring Investments a enregistré une croissance moyenne de 12 % par an de ses encours entre 2008 et 2012, passant ainsi de 37 milliards à 58 milliards de livres. Sur le premier semestre 2013, son bénéfice avant impôt est ressorti à 42 millions de livres, en progression de 24 % par rapport au premier semestre 2012.
11/12/2013

Oppenheimer fined by Finra

The US financial sector watchdog, Finra, has fined Oppenheimer & Co USD675,000 for charging excessive fees for transactions on municipal bonds and for failing to set up an appropriate surveillance system. Finra has also required the investment firm to pay back over USD246,000 plus interest to affected clients. In addition, the head of transactions on municipal onds, David Sirianni, has been fined USD100,000, and has been suspended for a period of 60 days.
11/12/2013

Germans continue to shun equity funds

In the first ten months of the year, German open-ended equity funds have seen net redemptions of EUR6.70bn (including EUR2.35bn in October), compared with USD6.63bn in the corresponding period of last year, according to statistics from the German BVI association of asset management firms. In total, German asset management firms attracted a net total of EUR61.32bn in January-October, compared with EUR66.9bn in the first ten months of last year, according to statistics from the German BVI association of asset management firms. Overall, German asset management firms attracted a net EUR61.32n in January-October, compared with EUR66.9bn in the first ten months of 2012, with net inflows of EUR16.39bn, compared with EUR14.99bn for open-ended funds, and EUR53.63bn, compared with EUR50.08bn, for institutional funds (Spezialfonds). Mandates other than investment funds have seen a net outflows of EUR8.7bn, compared with net inflows of EUR1.83bn in January-October last year.
11/12/2013

FCA seeks more transparent asset management

The head of the British Financial Conduct Authority (FCA), Martin Wheatley, on 10 December announced that the British asset management sector would have to bring itself up to the level of others. “At a time when other markts are putting their own activities in order, as is already the case in Singapore, Hong Kong, the United States, Australia, it is increasingly important for us to do that same thing nationally,” Wheatley says. With this in mind, 2014 will be “an important period of consolidation,” says Wheatley. This period may be less exciting than the past few years, but just as important, Wheatley insists. This will involve a cultural transition to a more mature period, “in which the interests of investors are at the centre of the models of activity for companies on international markets.” It will then mean overseeing the technical adaptations to new regulatory rules, including EMIR and the MiFID directive, so that markets remain deep and liquid.
11/12/2013

Marc Auchabie joins Octo AM

Marc Auchabie, who had been head of distribution and partnerships at Acropole Asset Management, has joined Octo Asset Management as head of business development. Octo AM is the asset management firm of the Octo Group. It obtained a license in 2011, and is specialised in bond management. It manages a range of three funds: Octo Crédit Convictions, Octo Court Terme et Octo Tréso Crédit. In addition to Acropole AM, which is now part of La Financière de l’Echiquier, Marc Auchabie has worked for Credit Suisse AM, Fortis Investments and Robeco Gestions.
11/12/2013

EFA signs agreement with French bank Oddo & Cie

On 6th December, EFA signed an agreement with French bank Oddo & Cie. The aim of this strategic partnership is to offer an innovative solution to French Management Companies and their investment funds As part of the transaction, Oddo & Cie has transferred to EFA its administrative and accounting activities for French funds, encompassing 140 funds and mandates for more than EUR 10 billion of AuM. Oddo & Cie has acquired a 5% stake in the share capital of EFA and Mr Philippe Oddo, managing partner of Oddo & Cie, will join the board of directors of EFA in Luxembourg. The operational activities are lodged within EFA’s French branch which comprises 18 staff and 240 funds and mandates worth EUR16 billion in assets.
11/12/2013

Stoxx launches an index of European securities exposed to emerging markets

With the Stoxx Europe 600 EM Exposted Index, Stoxx Ltd on 10 December launched an index covering companies of the Stoxx Europe 600 which earn a substantial part of their revenues in emerging countries, which allows them to be exposed to growth market via liquid securities.The new index is intended to be used as a benchmark for actively-managed funds, and as a basis for replication for ETFs or other investable products.The Stoxx Europe 600 EM Exposed Index is calculated on price, in net and gross. It is available in euros and US dollars. Its composition will be revised each year in September.
11/12/2013

Vanguard reopens two bond funds

US-based Vanguard has reopened access to the High-Yield Corporate Fund (USD16.1bn), managed by Wellington Management Company, which was closed in May 2012, to all investors, as well as the Intermediate-Term Tax-Exempt Fund (USD33.7bn), closed in February 2013. In both cases, Vanguard pre-emptively suspended subscriptions to prevent a steep rise in assets from disadvantaging existing shareholders.However, the Valley Forge, Pennsylvania-based asset management firm has announced the immediate closure of subscriptions to the Capital Opportunity Fund (managed by Primecap Management Company) for most new accounts. The fund, with USD11.4bn, was previously closed in 2004, and then reopened for a restricted group of investors in 2007, and to all subscribers in April 2013. Since that date, assets have increased by more than USD2bn.
11/12/2013

Gabelli renames a fund

Gabelli Funds has changed the name of The Gabelli Value Fund to The Gabelli Value 25 Fund. The name change highlights the fund’s overweighting of its core 25 equity positions and underscores the upcoming 25th anniversary of the fund’s inception.The fund, managed by Christopher J. Marangi and Mario J. Gabelli, was launched in 1989 to invest in a concentrated portfolio of equity securities believed to have favorable prospects.
11/12/2013

BNY to provide logistics for db x-trackers Harvest CSI 300 ETF

Deutsche Asset & Wealth Management (DeAWM) has selected BNY Mellon Asset Servicing as custodian, administrator and transfer agent for its db x-trackers Harvest CSI 300 China A-Shares Fund (ticker: ASHR), launched on the US market more than a month ago (see Newsmanagers of 7 November). The product is the first ETF physically investing in Chinese A-class shares, with a renminbi qualified foreign institutional investor (RQFII) license.
11/12/2013

Bank Gutmann hires SRI specialist from Sarasin

Susanne Müssauer, head of Austrian institutional clients and a specialist in sustainable management since 2004 at Banque Sarasin, is joining the Viennese private bank Gutmann, where she will be responsible for setting up a specific line of “sustainable investment” products, to allow clients to have products which meet their environmental, social and governance (ESG) expectations.
11/12/2013

Assets down at Raiffeisen CM

At a time when assets under management in all Austrian funds as of the end of October were up by EUR3.4bn, or 2.3% in ten months, to EUR147.8bn, assets at Raiffeisen Capital Management (RCM) were down by 1.8%, or 6.4%, to EUR26.7bn, which represents a market share of 18.1% on the national market.This reduction is primarily due to a loss of institutional mandates, as assets have fallen to EUR1.8bn, or 10.2%, or EUR15.4bn. Assets in open-ended funds were down by EUR0.1bn, or 0.7%, to EUR11.3bn.
11/12/2013

One asset management firm out of every two wants to launch multi-strategy products in the next 12 months

New research from global analytics firm Cerulli Associates indicates that "We saw a flurry of new CEFs early this year," comments Dan Roberts, analyst at Cerulli. "CEF managers indicated the next 12 months present an excellent opportunity for the industry to raise assets." In the new Products and Strategies 2013: The Changing Landscape of Product Development and Delivery report, Cerulli focuses on asset managers' product strategy and development across different asset classes (e.g., fixed income, alternatives) and vehicles (e.g., collective trust funds (CTFs), exchange-traded funds (
11/12/2013

US equities: ERAFP mandates for Natixis, Robeco and Morgan Stanley

After a restricted RFP issued in March, France’s Etablissement de retraite additionnelle de la fonction publique (ERAFP, EUR15bn) has awarded active mandates to manage US equity funds to Natixis AM and Robeco Institutional Asset Management. Financial management will be outsourced to Loomis, Sayles & Company and Robeco Boston Partners, while a third standby mandate has been awarded to Morgan Stanley IM.The portfolios will primarily be invesfted in US equities, with a long-term investment outlook and an objective of outperformance compared with the MSCI USA Index. It will use conviction-based management without a tracking error limit.
11/12/2013

New hedge funds need to have at least USD300m to survive

Newcomers to the hedge fund sector need to raise at least USD300m in assets if they want to survive in a post-crisis environment which is characterised by rising regulatory costs and falling commissions, according to a survey carried out by Citi of 124 hedge funds with USD465bn in assets. Before the crisis broke out, a hedge fund could plan to launch with only a few tens of millions. But since then, management commissions have sometimes fallen as low as 1.58%, compared with the traditional 2% still charged by the large actors in the sector. Regulatory costs have also increased steeply due to new rules install on both sides of the Atlantic, such as the Dodd-Frank law or the AIFM directive.
11/12/2013

AllianceBernstein launches a fund dedicated to emerging market consumption

AllianceBernstein is offering a fund dedicated to consumer spending on emerging markets, which will be primariliy aimed at companies which are expected to participate in a fast-growing consumer market, Citywire reports. The AllianceBernstein Emerging fund will be a fund domiciled in Luxembourg, managed by Tassos Stassopoulos, who currently co-manages several other funds, including the Alliancebernstein Global Growth and US Thematic Research funds. The fund will use an original approach for research and portfolio construction, with three parameters: top-down, bottom-up, and one which sets it apart from the others, a component called “grassroots” which involves observation of the behaviour of emerging market consumers.
11/12/2013

Ifigest opens an office in Genoa

The Italian private bank Banca Ifgest is opening an affiliate in Genoa, Bluerating reports. The new team, led by Massimo Losti, will be composed of five experienced private bankgers. This brings the number of affiliates of the bank to nine, including three in Florence, one in Prato, one in Santa Croce, one in Milan, one in Rome, and one in Turin.
11/12/2013

Japanese investors seek foreign bonds

Japanese investors are flocking to bonds issued outside Japan, in the hopes of taking advantage of the weak Japanese yen, the Wall Street Journal reports. Asset managers have purchased JPY2.6trn (or USD25bn) more in foreign bonds than they have sold, according to statistics from the minister of finance. This is the fifth consecutive month that Japanese investors have been net buyers of foreign bonds. Since 30 June, they have purchased JPY9.1trn in bonds.
11/12/2013

Sovereign funds exposed to China

Sovereign funds, led by the Norwegian fund, are taking advantage of a regain in IPOS in Hong Kong to increase their exposure to China, the Financial Times observed. The Norwegian fund is proving one of the foremost investors in Chinese businesses this year, despite commercial frictions between Oslo and Beijing. At the end of September, the oil fund had 2.1% of its equity porfolio of USD480bn invested in China, compared with 1.7% one year earlier.
11/12/2013

New head of research for Asia at Manulife WM

Desmond Lee has left his position as head of research at Manulife Asia Wealth Management, Citywire can reveal. He is reportedly joining a firm based in Singapore specialised in institutional mandates. Lee’s position will be taken over by Ajauy Saratchandran, head of asset management services for Asia.

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