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23/09/2013

Mario Draghi évoque une troisième LTRO

La Banque centrale européenne (BCE) n’exclut pas de lancer une nouvelle opération de refinancement à long terme (LTRO) pour endiguer la remontée des taux du marché monétaire, a répété lundi son président, Mario Draghi. «Nous sommes prêts à utiliser tout instrument, y compris un nouveau LTRO si nécessaire, pour maintenir les taux du marché monétaire à un niveau correspondant à notre évaluation de l’inflation à moyen terme», a-t-il dit devant la commission des Affaires économiques et monétaires du Parlement européen.
23/09/2013

Convictions AM se repositionne avec le départ d'Alexandre Hezez

Après avoir privilégié la gestion de titres en direct depuis juin 2011, Convictions AM a décidé de revenir «à une gestion mixte qui permet d’avoir accès aux stratégies les plus efficaces, de se concentrer sur la gestion des risques en utilisant des instruments de couverture tout en s’appuyant sur les talents des meilleurs gérants spécialisés», indique la société dans un communiqué. Son président fondateur, Philippe Delienne, la direction effective de l’équipe de gestion de Convictions AM alors qu’Alexandre Hezez, directeur de la gestion, a décidé de se lancer dans un projet entrepreneurial. Un projet soutenu par Cloran Finance, actionnaire principal de Convictions AM.
23/09/2013

SPDR ETF launches fund of US high yield bonds

SPDR ETF, the tracker platform from State Street Global Advisors (SSgA) on 20 September announced the launch of a new bond ETF on the Xetra segment from Deutsche Börse. The SPDR Barclays 0-5 Year US High Yield Bond UCITS (ticker: SYBK (EUR) offers access, in a single transaction, to US short-term, high yield bonds, on securities with a maturity shorter than five years.“Like businesses which have improved their balance sheets since the global fniancial crisis, the underlying fundamentals of credit markets remain robust, which results in an anticipation of lower default rates than their historic level of 4.9%,” says Olivier Paquet, director of SPDR ETF in France.53 SPDR ETFs are now available to investors in Europe. This launch follows the recent introduction of three new short-term bond ETFs on Deutsche Börse and the London Stock Exchange.
23/09/2013

Consultants discover the wealth management niche

An increasing number of investment consultants that traditionally operated solely in the institutional space are investing resources in retail wealth management, Patrick Newcomb, senior analyst at Cerulli Associates, states. This trend became more prominent over the past decade, as investment consultants began targeting banks, broker/dealers, and large independent registered investment advisors (RIAs).Patrick Newcomb explains that retail wealth management firms have a number of options to choose from for outsourcing the investment piece of their fee-based platform, including selecting a third-party vendor, partnering with a firm for investment research, and choosing an investment consultant to build a product lineup. Investment consultants typically offer investment outsourcing, operational due diligence, and liability-driven investment services, and most of these services can be applied to broker/dealers and their advisors.According to Cerulli, the foray of investment consultants in the managed accounts space creates both an opportunity and a challenge for asset managers. Investment consultants represent an additional avenue for managers to deliver their products to broker/dealers, banks, and RIAs, but also require highly specialized expertise in order to adequately address.
23/09/2013

Julie Rachilne joins Turenne Capital

The private equity fund Trenne Capital Partenaires, whose assets under management total over EUR450m, is continuing to develop its health care unit, with the arival of Julie Rachline as chief investment officer. Julie Rachline has nearly ten years of experience in health care in various and complementary professions. She was most recently at L3S Partnership, an executive search agency dedicated to the recruitment of directors in the area of health care (major groups, SMEs, startups, medications, medical equipment and sevices) or scientific direcftors at instituitons, including ANSM (formerly AFSSAPS).
23/09/2013

Good growth outlooks at Henderson GI

Assets at Henderson Global Investors on the French market continued to increase in 2013. As of the end of June, assets under management totalled about EUR1.6bn, after being solidly beneath EUR1bn in 2012. As of the end of August, inflows were positive to the tune of about EUR200m, and the trend remains positively oriented, Patricia Kaveh, director of development for Henderson GI in France, Monaco and Geneva told Newsmanagers on 20 Spetember at an investors’ conference. Kaveh also states that development in this market, recently cited by the CEO of Henderson GI, Andrew Formica (see Newsmanagers of 09/09/2013), is expected by the end of the year to bring the opening of an office in Geneva. A planned joint venture in real estate with the pension fund TIAA-CREF, announced at the end of June 2013 (see Newsmanagers of 06/25/2013) is expected to be completed in early March 2014.
23/09/2013

US MMFs return to France

US money market funds have returned to France this year, but banks are still seeking to wean themselves off this source of financing after being caught out by its sudden withdrawal during the euro zone crisis, the Financial Times observes. Last year, exposure to French banks has risen 255%, according to Fitch.
23/09/2013

Emannuelle Hsu joins Cedrus AM

The active sustainable management specialist Cedrus AM on 20 September announced the arrival of Emanuelle Hsu on the sales and marketing team as head of sales development. With this recruitment, Cedrus AM hopes to accelerate its presence serving institutional distribution personnel. Hsu previously worked at GFS as head of development for France and internationally serving multi-management and institutional investor clients. Cedrus AM, founded in 2012, has over EUR350m in assets managed and advised, including EUR52m in assets under management and EUR320m in assets advised.
23/09/2013

Interim head of UMR to remain a little longer

Christian Oyarbide, who was appointed as interim CEO of the French pension fund UMR earlier this year, will see his term extended until next year, IPE reports. Oyarbide was appointed in May to replace Charles Vaquier, and had been expected to stay until August 2013. He will now be staying one extra year, IPE reports.
23/09/2013

Fidelity asks businesses to modify their compensation policies

The asset management firm Fidelity Worldwide Investment is warning 400 businesses in which it invests that they need to reform their compensation policy, the Financial Times reports. If they do not do it, businesses will be required to face a vote against their pay scales at general shareholders’ meetings. In particular, Fidelity would like businesses to increase the period for which executives hold shares in the firm from three years to five years before they are allowed to sell them. This is intended to encourage them to work for the long term.
23/09/2013

Nordea constructs family office range

Nordea is in the process of building a range for special clients (or family offices) within its private banking unit, the website Realtid.se is able to reveal. The firm will compete with SEB, Handelsbanken and Swedbank, which are already present in this segment.For this project, two people have been recruited: Jacob Brögger and Johanna Pettersson.
23/09/2013

Allfunds opens office in Zurich

A joint venture of Santander and Intesa Sanpaolo, Allfunds Bank, in May received a sales license for Switzerland from the Swiss regulator Finma for Allfunds International Switzerland Ltd, Funds People reports. The affiliate is led by Stig Harby, who joined Allfunds three years ago.The opening of an office in Zurich marks a new step in the expansion of Allfunds in Europe, after Madrid, Milan, London and Luxembourg.The volume of assets intermediated by Allfunds totals EUR100bn. The platform serves 380 institutional clients in 25 countries, and offers 35,000 funds from 450 asset management firms.
23/09/2013

Dynapartners recruits for teams

The Swiss firm Dynapartners has recruited Kaisa Paavilanen as an addition to its Investment Management & Client Advisory team, Finews reports. Paavilainen had previously worked in London at Barclays, and at UBS as a controller.
23/09/2013

Strong inflows to Pictet-EUR Short Term High Yield

Roman Gaiser, head of high yield fixed income at Pictet Asset Management and former star manager at Threadneedle and F&C, on Friday in Paris announced that the Pictet-EUR Short Term High Yield fund ( LU0726357444) now has assets of EUR1.785bn, and that it has posted net inflows of EUR649.09 since the beginning of the year.The fund currently includes shares from 98 issuers and a total of 158 positions, with a turnover rate of about 40%. That makes it a “buy and hold” product, meaning that one of its unique characteristics compared with competing funds is that it invests in securities with a firm maturity of 0-4 years, which allows for effective management of duration at about 1.2 years.In general, Gaiser remains confident in the asset class, since carry remains attactive, since the quality of issues has improved, and the market has priced in a default rate of 25% for the next five years, while in reality it is about 2% per year.
23/09/2013

Source and GLG jointly offer two new ETFs

The new Source Man GLG Continental Europe Plus et l’ETF Source Man GLG Asia Plus ETFs, which will be listed on the London Stock Exchange from 23 September 2013, is based on active management whose strategy is supervised by GLG Partners LP.According to Ted Hood, CEO of Source, these Irish-registered, long-only products (see attachment) which are based on beta plus strategies, use the same approach as the Man GLG Europe Plus (EUR700m), and aim to capture outperformance related to the investment recommendations of the best equity brokers, provided especially to GLG.These investment ideas are then used to create liquid and diversified equity portfolios. These strategies aim to improve returns from contributors, using several algorithms which detect trends in widespread ideas.
23/09/2013

Thornburg IM plans additions to UCITS range

The US-based asset management firm Thornburg Investment Management is planning to add a fund to its UCITS product range within the next few months, Citywire Global reports.
23/09/2013

Major hedge fund managers maintain their status

With wealth estimated at USD20bn in September 2013, George Soros remains at the top of the rankings of the richest US hedge fund managers in the rankings of the 400 wealthiest Americans established by Forbes magazine. Like Soros, all the historic giants of the sector take the top places in the annual rankings.Ray Dalio, who manages the largest hedge fund in the world, Bridgewater (USD120bn in assets) is in second place, with wealth of USD12.9bn, followed by James Simons (USD12bn), John Paulson (USD11.4bn), and Steve Cohen (USD9.4bn).Hedge funds account for 7% of the 400 richest Americans. There are fewer of them than last year, with 28, down from 31, but 24 of them have seen an increase in their wealth year on year. To place in the Forbes rankings, minimal wealth is over USD1.3bn, an increase of USD200m over 2012.
23/09/2013

Chelsea Fnancial and Albemarle launch fund ratings service

Chelsea Financial Services and Albemarle Street Partners are planning to launch a fund ratings service in early 2014, aimed at retail investors and investment advisers, Investment Week reports. The joint venture which will be responsible for the activity, FundCalibre, will be based on the fund screening tool from Albemarle, whose results will be crossed with qualitative analysis from Chelsea. The ratings process will create an annual list of fund ratings, which will be reviewed on a monthly basis.
23/09/2013

Advent claims HFs don't know how to sell themselves

A survey of 152 investment advisers, funds of hedge funds, family offices, charities and retirement savings plans carried out by Advent Software has determined a fairly precise cartography of the elements that investors expect from hedge fund managers as part of a “pitch.”It finds largely that two thirds of investors and consultants decide within the first half hour whether they are going to continue to study the case, and one quarter of these decide in the first ten minutes.The consensus finds that presentations should ideally consist of 10 to 20 slides, while fewer than 20 are preferable.More than half of the executives surveyed find that hedge fund managers are not sufficiently transparent about their investment policy. The most widespread error, according to three quarters of respondents, is that hedge funds managers are unable to specify what it is that sets their strategy apart, or to communicate on the real effectiveness of their fund.
23/09/2013

ESMA highlights an improvement in market conditions in second quarter

The European Securities and Markets Authority (ESMA) published before the week-end its Trends, Risks, Vulnerabilities (TRV) Report and a Risk Dashboard for the second quarter of 2013.In collective investments, the report observes that asset managers benefited from improved market conditions, mainly driven by bond, equity or alternative funds whereas money market fund assets decreased. Overall, leverage remained moderate but capital inflows were volatile reflecting a decline in investor sentiment.
23/09/2013

Clive Capital to close at the end of September

The London-based hedge fund management firm Clive Capital, a macro commodity specialist, has announced that it will be closing its doors at the end of the moth, and that it will be reimbursing USD1bn to its shareholders, since “the market now offers only a limited number of adequate opportunities to profit on supply and demand,” the Wall Street Journal reports.At its peak, assets at Clive Capital (founded in 2007) reached USD5bn. But performance has deteriorated: after gains of 19.75% in 2010, the fund lost 9.92% in 2011, 8.81% in 2012, and 4.8% since the beginning of this year.
23/09/2013

TwentyFour wins bond mandate from Aviva Investors

TwentyFour Asset Management has been selected to manage a new bond mandate for the multi-mangement team at Aviva Investors, Investment Week reports. The management team at the firm consists of eight people, including founding partners Rob Ford, Ben Hayward, Gary Kirk and Eoin Walsh.
23/09/2013

Aviva overhauls its multi-asset activity

Aviva Investors has appointed Hassan Johaadien and Bruno Derdoura to co-manage the Diversified Asset fund and the Diversified Asset strategy, following the departure of Mirko Cadinale to Russell Investments, Financial News reports. Johaadien is responsible for tactical asset allocation research at Aviva. Sedoura is reponsible for strategic asset allocation for multi-asset class portfolios.
23/09/2013

Trusts increasingly in use at Skandia

Skandia International, the offshore activity of Old Mutual Wealth, has reported spectacular growth of 430% snce 2006 in the percentage of bonds in its offshore trust portfolios. Skandia claims that investment adivsers, who have identified the advantages related to trusts, will continue to increase their use of this vehicle. In 2006, Skandia says, only 8.2% of bond portfolios from Skandia International were placed in trusts. In the wake of significant modifications in 2006 to the fiscal treatment of inheritance in trusts, the use of trusts has picked up in 2012, as bond portfolios from Skandia International were 43.2% used in trusts.
23/09/2013

Profits down at Neptune

After GBP21m in 2011, Neptune Investment Management on Friday declared pre-tax profits of GBP12.8m, while assets as of the end of December totalled GBP5.8bn, compared with GBP6.3bn one year earlier, Fundweb reports.
23/09/2013

Equity funds post inflows of nearly USD26bn in one week

A decision by the US Federal Reserve to maintain its exceptional support for the economy, which was more or less anticipated by institutional investors, drove the S&P 500 to new peaks, favouring unprecedented inflows to equity funds.The week ending 18 September saw equity funds take in a net USD25.94bn, eclipsing the old record set in late third quarter 2007, according to statistics from EPFR Global.US equity funds in particular attracted a net total of nearly USD17bn, Actively-managed funds posted modest subscriptions to small and midcaps funds, while large caps funds stood out with a significant turnover from growth towardsa value funds. Inflows to ETFs, which are responsible for most subscriptions for the week, mostly went to large and midcap funds. Bond funds posted outflows for the eighth consecutive week, while money market funds have posted modest inflows, and subscriptions to Japanese and European funds have largely offset redemptions from US money market funds.
23/09/2013

“Our objective is to increase our assets and to reach 15% per year”

From the beginning of the year to the end of August, 2013, iShares has posted net inflows in the Europe, Middle East and Africa region of EUR11.6bn, according to Leen Meijaard, head of sales at iShares for the region at BlackRock. These inflows are higher than in the corresponding period of last year, and come with the objetive of increasing assets by 15% per year. To continue its development, iShares is working to increase the use of ETFs by new clients, markets and segments throughout Europe.
23/09/2013
Fonds

Forte collecte pour le Pictet-EUR Short Term High Yield

Le fonds Pictet-EUR Short Term High Yield a collecté en net 649,09 millions d’euros depuis le début de l’année a indiqué vendredi à Paris Roman Gaiser, head of high yield fixed income chez Pictet Asset Management. Le compartiment affiche à présent un encours de 1.785 millions d’euros. Le fonds comprend actuellement des titres de 98 émetteurs et un total de 158 lignes, avec un taux de rotation de l’ordre de 40 %. C’est donc un produit «buy and hold», sachant que l’une des particularités par rapport aux fonds concurrents consiste à investir en papiers à échéance ferme de 0-4 ans, ce qui permet une gestion de la duration aux alentours de 1,2 an.Le gérant reste confiant pour la classe d’actifs, parce que le portage reste intéressant, parce que la qualité des émissions s’est améliorée et parce que le marché intègre -et donc paie- un taux de défaut de 25 % sur les cinq prochaines années, alors qu’en réalité il est de l’ordre de 2 % par an.
Fonds
23/09/2013
Fonds

Source et GLG proposent en commun deux nouveaux ETF

Les nouveaux ETF Source Man GLG Continental Europe Plus et l’ETF Source Man GLG Asia Plus, qui seront cotés sur le London Stock Exchange à partir de ce 23 Septembre 2013, bénéficient d’une gestion active dont la stratégie est supervisée par GLG Partners LP.Selon Ted Hood, CEO de Source, ces produits long-only de droit irlandais (voir la pièce jointe) qui mettent en œuvre des stratégies de «beta plus» utilisent la même approche que le Man GLG Europe Plus (700 millions d’euros) et visent à capturer la surperformance liée aux recommandations d’investissement des meilleurs courtiers actions, fournies spécifiquement pour GLG.Ces idées d’investissement sont ensuite utilisées pour créer des portefeuilles actions liquides et diversifiés. Ces stratégies visent à améliorer les rendements des contributeurs en utilisant plusieurs algorithmes qui détectent les tendances dans les idées reçues.
Fonds
23/09/2013
Fonds

Thornburg IM envisage d'enrichir sa gamme Ucits

Le gestionnaire américain Thornburg Investment Management envisage d’ajouter un fonds à sa gamme de produits Ucits dans les prochains mois, rapporte Citywire Global.La stratégie, le Thornburg Multisector Opportunistic Strategy bond fund, sera gérée par Jason Brady qui pilote la version américaine de ce mutual fund lancé en janvier 2008.
Fonds

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