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11/09/2013

New ETF from Amundi on Euronext Paris

Amundi has launched a bond ETF which has been admitted to trading on Euronext Paris and brings the number of products listed on European markets for the market company. With cross listings, the total is 648.Name: Amundi High Yield EUBenchmark index: Markit iBoxx EUR High Yield 30Total expense ratio: 0.40%
11/09/2013

GemShares and Nasdaq developing diamond index

GemShares is working with Nasdaq OMX to create a diamond index, the GemShares Global Investment Grade Standard Diamond Basket Index, IndexUniverse reports.The index is expected to offer a standard mechanism for setting prices to evaluate a basket of diamons including stones of various sizes and values. It is expected to be launched during fourth quarter 2014.GemShares would also like to launch a diamong ETF, which could of course use the index in the process of development as its basis.
11/09/2013

European investors return to funds

After the strong outflows of June – more than EUR70bn - the European fund industry returned to growth, with net inflows of EUR33.6bn for July 2013, according to Lipper. The asset class with the highest inflows for July was equity funds—stating net inflows of EUR14.8bn, followed by bond funds (+EUR10.8bn) and mixed–asset funds (+EUR8.8bn).As in June money market funds again had the highest net outflows (-EUR1.4bn) for July. Over the course of the year 2013 so far, the European fund industry enjoyed net inflows of EUR149.3bn, driven by net inflows into bond funds (+EUR94.9bn), mixed-asset funds (+EUR57bn), and equity funds (+EUR45.5bn). On the other side of the table money market funds showed the highest net outflows (-EUR52.3bn) for 2013 so far.Single fund market flows showed a mixed picture, with Germany (+EUR2.9bn net), Spain (+EUR 2.7bn), and Italy (+EUR 1.9bn) leading the table, while Belgium (-EUR 1.6bn), Switzerland (-EUR 0.9bn), and Turkey (-EUR 0.6bn) stood on the other side.Finally, BlackRock was the best selling group for long-term funds for July, with net sales of EUR4.3bn, ahead of JP Morgan Asset Management (+EUR1.3bn) and Prudential/M&G (+EUR1.2bn).
11/09/2013

Verizon to make a USD20bn bond issue

Verizon Communications is expected to turn to the markets for a bond issue of a record USD20bn, Investment Week reports.According to a document submitted to the Securities & Exchange Commission, the telecommunications giant is expected to offer graduated debt over 3 years to 30 years. The proceeds of this borrowing will contribute to financing a total of USD130bn for the acquisition of Verizon Wireless from the firm’s partner in the joint venture, Vodafone.
11/09/2013

EMC awards a custody mandate to State Street

US-based insurer EMC Insurance Companies has outsourced all custody and investment analysis services, with assets of USD4bn, to State Street Corporation. The choice of this provider was made due to its expertise in the areas fo custody, accounting and reporting solutions, says Lisa A. Stange, vice president and chief invesment officer at EMC.
11/09/2013

Unigestion hires head of clients for Northern Europe

Unigestion has recruited Jussi Louekoski as director, institutional clients for Northern Europe.Louekoski had previously worked for Capital Dynamica as head of sales for Northern Europe and the Netherlands. During his career, he has also seved as senior head of sales at Amuni, HEX, Northern Trust and Deutsche Bank.“His recruitment underscores the importance which Unigestion attaches to the Scandinavian market, where the firm already has several strategic commercial relationships,” a statement from the Swiss asset management firm says.In his new role, Louekoski will be responsible for the development and management of relationships with clients, we asll as the promotion of the expertise of Unigestion in investment in the Danish, Finnish, Icelandic, Norwegian and Swedish markets. He is based in Zurich.Unigestion had EUR10.2bn in assets under management as of 30 June 2013.
11/09/2013

Axiom AI launches horizon fund investing in financial sector bonds

The asset mangement firm Axiom Alternative Investments has launched Axiom 2018, a target-date fund investing in financial sector bonds (LT2 and senior debt ) issued by major European financial institutions (primarily banks) with a maturity close to December 2018. The fund may also invest in financial sector CDS with equivalent maturity. The fund also pursues a buy & hold logic, but arbitrages have not been ruled out if opportunities present themselves. Currnency risks are hedged.Axiom 2018 offers returns of over 5% per year (excluding potential default rates for the portfolio) on an investment horizon of 5 years, a statement says.CharacteristicsISIN Code: FR0011464361 (C share class)/FR0011464379 (I share class)Front-end fee: 2%Management fees: 1.5% (C share class) / 1% (I share class)Outperformance commission: 10% fort returns exceeding 5% / year
11/09/2013

PowerShares Canada launches two volatility funds

PowerShares has launched two mutual funds on the Toronto Stock Exchange, which offer investors wider access to ETFs.The PowerShares Canadian Low Volatility Index Class and PowerShares US Low Volatility Index Fund offer investors exposure to portfolios of less volatile equities than the major indices.
11/09/2013

Allianz Real Estate creates exec position for Europe in Paris

The CEO of Helaba France, Roland Fuchs, has been appointed with effect from 1 October as head of European real estate finance at Allianz Real Estate GmbH, a newly-created position. He will be based in Paris, and will report directly to the CEO, Olivier Piani.With a team of specialists, and in cooperation with locations at Allianz Real Estate in France, Germany, Italy and other European countries, Fuchs will be responsible for developing real estate financing in Europe.
11/09/2013

Rapid growth for Real I.S. GmbH

The real estate fund management firm Real I.S. GmbH, an affiliat of the Real I.S. Group, has announced that in three years it has exceeded EUR1bn in assets. This total is expected to increase strongly in the coming months, due to the fact that the business has about EUR1bn to invest. Talks have already been initiated to invest half of it, mainly in Germany and Western Europe. Real I.S. Group, which is a subsidiary of BayernLB, has some EUR8.5bn in total AUM.
11/09/2013

UHNW population continues to grow

Despite economic and geopolitical uncertainty, the worldwide ultra-high net worth (UHNW) population, whose net assets total at least USD30m, gained more wealth last year. The number of ultra-high net worth individuals also increased to a record 199,235, with total wealth of nearly USD28trn, increased o 6%, and USD2trn, according to Wealth-X and UBS World Ultra Wealth Report 2013.The report has also identified over 2,000 billionaires worldwide with assets of USD6.5trn, an amount equivalent to 23% of the wealth of the UHNW segment.The growth observed this year is primarily due to North America and Europe, as these two regions produced a net gain of nearly 10,000 UHNW individuals, for a total increase in their wealth of USD1.5trn.Asia has posted a rebount this year, with 44,505 high net worth individuals, compared with 42,89 last year. Their cumulative wealth comes to USD6.5trn, up 5.4% compared with the previous year.
11/09/2013

Swedish investors pull out of equity funds in August

Equity funds sold in Sweden have recorded net outflows of SEK1.8bn (EUR207m) in August, according to the Association of Swedish investment funds association Fondbolagens Förening.Outflows were concentrated on Eastern Europe equity funds (-SEK867m), Swedish/global equity funds (-SEK554m) and Asian equity funds (SEK509m). However European equity funds ammassed net inflows of SEK1.12bn.So far in 2013, equity funds have recorded a total net inflow of SEK 17 billion, of which Global funds, North American funds and Sweden funds accounts for the largest net deposits. Investment funds recorded a total net inflow of SEK 1.4 billion in August. Balanced funds recorded net deposits of SEK 1.7 billion and money market funds had a net inflow of SEK 1.3 billion.The total fund assets in Sweden decreased in August by SEK 20 billion and amounted at the end of the month to SEK 2 279 billion. Of the total fund assets, SEK 1 237 billion (equivalent to 54 percent) was invested in equity funds.
11/09/2013

SEB launches microfinance fund

The Swedish bank SEB has launched the SEB Microfinance Fund, which will invest in microfinance institutions worldwide, Dagens Industri reports. The fund, managed by Viktor Andersoon, will be closed in five years. 20 institutions had previously invested in the fund.
11/09/2013

Alfi speaks out against European Commission proposals for MMFs

The Luxembourg investment fund association (ALFI) has become the next body to react to proposed regulations for money market funds, expressing deep concerns about the impact of the measures under consideration.“Money market funds represent 15% of the European investment fund industry. They represent a significant source of short-term financing for the economy. The proposals of the Commission, particularly with respect to assets which are eligible for diversification, are too severe, and even go further than the government rules for UCITS products, which is not justified,” explains Marc Saluzzi, chairman of ALFI, cited in a statement.The additional 3% liquidity cushion required for money market funds with a constant NAV (50% of European money market funds) is also ill-considered, as this type of cushion was originally designed for the banking sector. The investment fund sector is already highly regulated, ALFI says. The cushions envisaged by the Commission are too costly for money market funds with constant NAV, particularly in the current low interest rate environment.
11/09/2013

Norwegian SWF invests in New York

The Government Pension Fund - Global (GPFG), the former Norwegian Oil Fund, has announced that it has acquired 455 of the office property Times Square Tower (115,200 square metres) in New York from Boston Properties, for USD684m. Boston Properties retains the remaining 55%.The acquisition comes as part of a rise in real estate investments in the portfolio of GPFG. The ministry of Finance has set an objective of increasing this to 5% of the fund’a ssets (NOK4.544trn).
11/09/2013

Momentum GIM releases African FI fund

The South African asset management firm Momentum Global Investment Management has announced the launch of the Africa Fixed Income Fund, according to Investment Europe. The bond prouct is aimed at institutional investors seeking to profit from economic and demographic fundamentals in Africa.The fund will use several managers based in the United Kingdom and Africa, under the leadership fo David Lashbrook, with the assistance of Zee de Gersigny.
11/09/2013

Tikehau IM scoops EUR700m in net sales YTD

Tikehau IM on September 9th disclosed that its assets under management at end-August have been north of EUR2bn, of which more than EUR700m in net sales for its closed-end en open-end funds, co-investment vehicles and mandates.The increase in AUM for the FCP funds has been higher than 60 % year to date. The Tikehau Crédit Plus, a high yield fund, has reached EUR110m while the Tikehau Taux Variables is now over EUR120m.The asset manager also said that it has gained an AIFM license which will allow it to grow faster abroad.
11/09/2013

Cécile Imbert reemerges at Pgc

Cécile Imbert, former manager of Prigest, who in February this year left the asset management firm of Christian Cambier, where she spent nine years, is joining the asset management firm at the PGC group. She will serve as manager responsible for the US portion of equity portfolio management, and will manage the Pgc Amérique fund, a statement says.The Pgc group is composed of two firms, Pgc Société Privée de Gestion et de Conseil and Pgc Colonne Vendôme, and shows a total of about EUR600m in AUM.
11/09/2013

AXA PE adds MD to its Intrasructure team

Axa Private Equity (AXA PE) on Tuesday, 10 September announced the appointment of Juan Angoitia as managing director of its Infrastructure team. The team is based in Paris, and advises or manages USD4bn in assets, a statement says.Before joining Axa Private Equity, the new recruit, who has over 15 years of experience in the infrastructure sector, spent five years at Citi Ifnrastructure Investors (CII) as chief investment officer in London. He managed investments in Kelda, a holding company for Yorkshire Water in the United Kingdom, and at Itinere Infrastructuras SA in Spain.
11/09/2013

Oddo AM hires Neuflize head of convertibles

Oddo Asset Management has hired Luc Varenne, the head of convertible asset management at Neuflize OBC Investissements, and Frédéric Hertault, a fund manager in the same team, to fill the vacant ranks after the departure of Xavier Hoche and Murielle Blanchier, the company confirmed to Newsmanagers after a leak on the H24 Finance website. Hoche and Blanchier left Oddo AM to set up their own company, AltaRocca Asset Management (see Newsmanagers of 06/09/2013), a subsidiary of the Primonial group.Luc Varenne and Frédéric Hertault join the 14-strong Oddo AM’s fixed income team led by Alain Krief in November. The will be in charge of convertible bond funds and mandates, mainly Oddo convertibles Taux, Oddo Convertibles and Oddo Commodities Convertibles. Alain Krief is in charge with the target-date funds Oddo Haut rendement Monde 2018, Oddo Haut Rendement 2017 and Oddo Rendement 2017, with a total EUR1bn in AUM.
11/09/2013

Northern Trust opens office in Riyadh

Northern Trust has opened an office in Riyadh, in Saudi Arabia, in order to better assist the firm’s rapidly-growing Middle Eastern client base in order to take advantage of investment opportunities in the region.The group is present in the Middle East since 1987, and already has an office in Abu Dhabi.
11/09/2013

Ashmore's profits and AUM considerably up

As of June 30th, assets under management at EM specialist Ashmore Group reached USD77.4bn, a 22% yoy increase, while the profit before taxes was GBP257.6m for the fiscal year to end-June, vs GBP243.2m for 2011-2012 (+ 6 %). After tax profit rose 9% to GBP201.6m vs GBP185.7m.Net sales rocketed to USD13.4bn vs USD1.3bn for the preceding fiscal year.
11/09/2013

CQS veteran launches own firm

Alistair Lumsden, which last year left the alternative management firm CQS, where he was reponsible for a USD2.3bn hedge fund aimed at ABS, is in the process of setting up his own firm in London, which may start its activities in 2013, Bloomberg reports.The CQS ABS Fund earned average annual returns of 28% when it was managed by Lumsden, between October 2006 and 2012. Hedge funds dedicated to ABD have earned average returns 9.1% per year during this period, according to statistics from Hedge Fund Research.
11/09/2013

Tikehau IM a engrangé plus de 700 millions depuis le début de l'année

Tikehau IM a indiqué mardi 9 septembre que ses actifs sous gestion à fin août atteignait un montant supérieur à 2 milliards d’euros, dont plus de 700 millions d’euros collectés sur l’ensemble des fonds ouverts et fermés, véhicules de co-investissement et mandats que la société de gestion propose.La progression des actifs sous gestion pour les seuls fonds communs de placement s'élève à 60% depuis le début de l’année. Dans le détail, indique un communiqué, Tikehau Crédit Plus investi sur une stratégie obligataire principalement orientée sur le haut rendement affiche notamment un actif net de plus de 110 millions. Pour sa part, le fonds Tikehau Taux Variables, qui doit proposer une protection contre la hausse des taux via une exposition aux obligations à maturité courte ou à coupons variables, atteint un encours supérieur à 120 millions.Tikehau IM a précisé qu’elle dispose depuis ce mois d’août 2013 de l’agrément AIFM qui doit permettre à la société de gestion d’accélérer son développement à l’international.
11/09/2013

EMC confie un mandat de conservation à State Street

L’assureur américain EMC Insurance Compagnies a délégué toute la conservation et les services d’analyse des investissements pour des encours de 4 milliards de dollars à State Street Corporation. Le choix de ce prestataire a été operé en raison de son expertise dans les domaines de la conservation, de la comptabilité et des solutions de reporting, a indiqué Lisa A. Stange vice president et chief investment officer d’EMC.
11/09/2013

Un ancien de CQS lance sa propre société

Alistair Lumsden, qui l’an dernier a quitté la société de gestion alternaitve CQS où il pilotait un hedge fund de 2,3 milliards de dollars dédié aux ABS, est en train de mettre sur pied à Londres sa propre société qui pourrait démarrer ses activités en 2014, rapporte Bloomberg.Le CQS ABS Fund a dégagé une performance annuelle moyenne de 28% lorsuqu’il était géré par Alistair Lumsden, à savoir entre octobre 2006 et novembre 2012. Les hedge funds dédiés aux ABS ont dégagé une performance moyenne de 9,1% par an durant cette période, selon les statistiques de Hedge Fund Research.
11/09/2013
Fonds

Nouvel ETF d'Amundi sur Euronext Paris

Amundi a fait admettre à la cotation sur NYSE Euronext à Paris un ETF obligataire qui porte à 558 le nombre de ces produits cotés sur les places européennes de l’entreprise de marché. Avec les cotations secondaires, le total atteint 648 unités.Dénomination : Amundi High Yield EUIndice de référence : Markit iBoxx EUR High Yield 30Taux de frais sur encours : 0,40 %
Fonds
11/09/2013

AXA PE dote son équipe Infrastructure d'un managing director

AXA Private Equity (Axa PE) a annoncé mardi 10 septembre la nomination de Juan Angoitia au poste de managing director au sein de son équipe Infrastructure. Basée à Paris, l'équipe gère et conseille 4 milliards de dollars d’actifs, note un communiqué.Avant de rejoindre AXA Private Equity, la nouvelle recrue qui compte plus de 15 années d’expérience dans le secteur des infrastructures a passé cinq ans chez Citi Infrastructure Investors (CII) en tant que directeur d’investissement à Londres. Il y a géré les investissements dans Kelda, une société holding du Yorkshire Water au Royaume-Uni, ainsi que dans Itinere Infraestructuras SA, en Espagne.
11/09/2013
Fonds

Axiom AI lance un fonds à échéance investi en obligations financières

La société de gestion Axiom Alternative Investments vient de lancer Axiom 2018, un fonds à échéance investi sur des obligations financières (LT2 et seniors) émises par de grandes institutions financières européennes (principalement des banques) avec une maturité proche de décembre 2018. Le fonds pourra également être investi sur des CDS financiers de maturité équivalente. Par ailleurs, le fonds suit une logique buy & hold mais des arbitrages ne sont pas exclus si des opportunités se présentent. A noter que le risque de change est couvert.Axiom 2018 offre un rendement supérieur à 5%/an (hors taux de défaut éventuel au sein du portefeuille) sur un horizon de placement de 5 ans, indique un communiqué.CaractéristiquesCode isin : FR0011464361 (part C)/FR0011464379 (part I)Minimum : 1 000 euros (part C)/1 000 000 euros(part I)Commission de souscription : 2 % Frais de sortie : 2 %Frais de gestion ; 1,5% (part C)/1% (part I)Commission de surperformance : 10 % au delà de 5 %/an
Fonds
11/09/2013
Fonds

Lazard Frères Gestion ajoute un fonds prudent à sa gamme

Lazard Frères Gestion s’apprête à lancer Objectif Long Short Flexible, un fonds de fonds Long Short Actions internationales au profil prudent - dont la volatilité sera comprise entre 3% et 6%. L’OPCVM associe une gestion flexible de l’exposition actions du portefeuille à une allocation entre des stratégies « Market Neutral » et « Directionnelles », indique un communiqué. Concrètement, l'équipe de gestion gère l’exposition au marché actions en modulant l’allocation entre ces deux stratégies selon ses perspectives de marché. L’exposition flexible aux marchés actions du fonds peut évoluer entre - 10 % et + 40 % (exposition nette). Elle est aujourd’hui de 27%, avec un plus haut de 36% atteint en janvier 2013.La société de gestion justifie le lancement de ce fonds de fonds reposant sur des stratégies « Long Short » en constatant d’un côté que les marchés obligataires se trouvent confrontés à une hausse des taux d’intérêt qui devrait persister et d’un autre, que les actions constituent la classe d’actifs à privilégier dans une allocation de portefeuille diversifié. Dans ce cadre, avec une volatilité élevée sur les marchés actions, «les stratégies « Long Short » permettent de profiter des opportunités liées à ce contexte tout en limitant le risque», précise-t-elle.
Fonds

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