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29/05/2013
Fonds

Amaïka AM reprend la gestion du fonds Résilience à Invesco AM

Amaïka Asset Management, société de gestion créée en 2011 par David Kalfon et Christophe Berger, deux anciens d’EFG Asset Management, vient d’annoncer la reprise de la gestion du fonds diversifié Résilience (*). Lancé en novembre 2011 à l’initiative du cabinet de conseil en investissements Fundesys, le fonds qui affiche un encours de cinq millions d’euros était piloté jusque là par Invesco AM.De droit français, l’OPCVM est conforme aux normes UCITS IV, exposé de manière discrétionnaire aux marchés actions, obligataires, matières premières et monétaires, à travers une sélection de fonds. Les investissements réalisés s’effectuent sans contrainte géographique ou sectorielle. L’exposition aux marchés actions restera comprise entre 20% et 80% de l’actif du portefeuille. En pratique, la gestion du fonds s’appuie également sur les recommandations de Fundesys.(*) Code ISIN : FR0011101914
Fonds
29/05/2013

BNP Paribas SS remporte un mandat auprès d’Aviva Investors France

Aviva Investors France a décidé de confier à BNP Paribas Securities Services l’administration du collatéral de ses pensions livrées (Sale & Repurchase Agreement). Hélène Virello, responsable de la gestion du collatéral chez BNP Paribas Securities Services, a commenté : « Ce nouveau mandat nous conforte dans notre stratégie d'élargir notre offre de gestion du collatéral sur différents sous-jacents au-delà des dérivés de gré à gré traités en bilatéral, avec les pensions livrées, et demain les dérivés de gré à gré compensés (…) ».
29/05/2013
Fonds

L’industrie française des fonds se présente à Zurich

L’industrie française des fonds de placement s’est présentée mardi 28 mai à Zurich. Paul-Henri de La Porte du Theil, président de l’Association française de la gestion financière (AFG), y a souligné devant la presse que «la place française des fonds de placement est l’une des premières en Europe». Paris gère 2.700 milliards d’euros d’actifs à la fin de 2012, dont 1.275 milliards en fonds de placement et 1.425 milliards sous forme de mandats, précise Le Temps. Le quotidien rappelle que l’expansion est forte en quinze ans, puisqu’en 1997, la France ne gérait que 813 milliards. Quant aux relations avec la finance suisse, elles sont réelles. Selon Le Temps, une dizaine de sociétés suisses de gestion d’actifs sont présentes à Paris et plus de 300 fonds domiciliés à Paris sont commercialisés en Suisse, contre 50 il y a dix ans. Plus de 30 promoteurs de fonds français offrent leurs services aux investisseurs suisses, contre moins de cinq il y a dix ans.
Fonds
29/05/2013

L'OPA sur Club Med fait des mécontents

Colette Neuville, la présidente de l’Association de défense des actionnaires minoritaires, a dénoncé hier à L’Agefi une «présentation trompeuse sur la vraie nature d’une opération purement financière» concernant l’OPA d’Axa PE et de Fosun sur Club Med. «Depuis quand un fonds de private equity comme Axa PE est un actionnaire de long terme ?», s’est interrogé Colette Neuville alors que le fonds a précisé sa volonté de remettre la société en Bourse dans 4 ou 5 ans. Par ailleurs, la présidente de l’Adam s’est étonné que l’opération ait déjà été qualifiée d’amicale par les initiateurs de l’offre et la société alors que c’est à un comité indépendant de juger de ce caractère. Quant au prix de 17 euros, il valorise seulement les villages détenus en propres par le groupe, soit environ 30% de son portefeuille, selon les analystes d’Exane BNP Paribas. Une offre entre 18,5 et 20 euros serait plus acceptable selon eux mais Dominique Gaillard, le directeur général d’Axa PE, a réaffirmé hier à L’Agefi que «le prix ne sera pas relevé».
29/05/2013
Fonds

Morgan Stanley veut lancer un gros fonds immobilier

Morgan Stanley Real Estate Funds se prépare à lever entre 1 milliard et 3 milliards de dollars pour un nouveau fonds immobilier mondial, rapporte The Wall Street Journal, qui cite des personnes proches du dossier. Les dirigeants de la filiale de la banque ont entamé des discussions avec des fonds de pension et d’autres prospects. Surtout, ils espèrent que China Investment Corp, le fonds souverain chinois qui détient 6,4 % de Morgan Stanley, sera un investisseur clé.
Fonds
29/05/2013
Fonds

DeAWM fait enregistrer un fonds DWS en Espagne

Le 24 mai, la CNMV a donné son agrément de commercialisation en Espagne au fonds DWS Floating Rate Notes de Deutsche Asset & Wealth Management (DeAWM). Le portefeuille est investi en dette des meilleures signatures avec une duration inférieure à douze mois.Selon DeAWM, ce produit offre aux investisseurs une possibilité «conservatrice» de placement en obligataire qui ne risque pas trop d’être négativement affecté par une remontée des taux d’intérêt.
Fonds
29/05/2013
Fonds

UBS GAM tente de sauver son fonds Triton

UBS Global Asset Management se bat pour sauver son fonds Triton Property (680 millions de livres d’encours) de la liquidation, rapporte Financial News. Environ 40 % des investisseurs réclament le remboursement de leur argent en raison de piètres performances. Des discussions ont lieu en ce moment avec des institutionnels qui pourraient être intéressés par le rachat des parts du fonds de ceux qui veulent vendre, selon une source proche du dossier.
Fonds
29/05/2013
Fonds

Fidelity ajoute un fonds américain à sa gamme FAST

D’après les informations de Newsmanagers, Fidelity Worldwide Investment lancera le mois prochain un huitième fonds dans sa gamme FAST (Fidelity Active Strategy) focalisé sur les actions américaines.Investment Week, qui a bénéficié d’une information anticipée, indique que ce produit commercialisé à partir de la fin juin sera confié à Adrian Brass, qui est en train de mettre sur pied au Royaume-Uni une équipe d’analystes dédiée aux actions américaines «qui pourra concourir avec ce qui se fait de mieux à Londres». Depuis quelques mois, Fidelity Worldwide Investment a décidé de ne plus se reposer sur les analystes de Fidelity Management & Research (FMR) de Boston.
Fonds
29/05/2013

BlackRock recrute un ancien directeur des ventes d'UBS

BlackRock vient de recruter Daniel Whitestone pour renforcer son équipe dédiée aux petites et moyennes capitalisations britanniques, rapporte Investment Week.Daniel Whitestone, qui travaillait précédemment chez UBS en qualité de responsable des ventes pour les petites et moyennes capitalisations britanniques, sera dans un premier temps affecté à une fonction d’analyste pour le BlackRock UK Emerging Companies hedge fund dont les actifs sous gestion s'élèvent à quelque 900 millions de livres.
29/05/2013

Oddo AM lance quatre fonds en Belgique et au Luxembourg

Oddo Asset Management renforce sa présence en Belgique et au Luxembourg en ouvrant à la commercialisation quatre compartiments de sa Sicav luxembourgeoise, Oddo Funds, sur les classes d’actifs suivantes : - les obligations high yield, via le compartiment : Oddo Bonds High Yield Europe - les actions midcaps européennes, via les fonds nourriciers : Oddo Equity Europe Avenir (fonds maître : Oddo Avenir Europe ) Oddo Equity Euro Avenir (fonds maître : Oddo Avenir Euro ) - les obligations convertibles, via le fonds nourricier : Oddo Convertible Bonds Euro (fonds maître : Oddo Convertibles Taux ) Des parts en euros ainsi que des parts libellées en dollars (USD) et en francs suisses (CHF) ont été créées. Les parts en USD et CHF sont couvertes contre le risque de change (contre euros). Laurent Zouari, vendeur depuis 2012 au sein de l’équipe internationale dirigée par Bertrand Levavasseur, a été par ailleurs nommé country manager Belgique & Luxembourg.
29/05/2013

ADIA earned returns of 7.6% in 2012

P { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority (ADIA), last year earned annualised returns of 7.6% over the past 20 years, compared with 6.(% for 2011, according to figures released in the annual report. According to estimates, assets under management by the sovereign fund total about USD625bn to USD630bn. The annual report by the sovereign fund states that 75% of assets were managed by external managers last year, compared with 80% in 2011.
29/05/2013

Schroders: German investors vote Merkel

P { margin-bottom: 0.08in; } In total, 87% of 1000 Germans who have at least EUR10,000 in investments who participated in the Schroders Global Investment Trends 2013 survey are planning to make investments this year equal to or higher than those in 2012, and 66% feel that Angela Merkel will be re-elected as chancellor after legislative elections in late September. Among these, 66% feel that the re-election will be positive for the Dax and Euro Stoxx 50.Only 17% of Germans surveyed feel that the SPD candidate, Peer Steinbrück, will be elected chancellor, and only 7% think that if he is elected, it will have a positive impact on the Dax and Euro Stoxx 50.The survey also finds that 76% of German investors are planning to take positions this year on equities, which may be a surprising percentage, since Germans are thought to be reticent about equities, and a higher percentage of them than the global average (68%) are preferring this asset class.However, confidence does not rule out caution: 52% of Germans are betting on lower-risk investments, although they are less profitable, while 33% prefer a moderate risk, and less than 16% are prepared to run higher risk in order to achieve higher returns.
29/05/2013

Sal. Oppenheim to lay off 330 out of 870

P { margin-bottom: 0.08in; } The German-Luxembourg private bank Sal. Oppenheim, an affiliate of Deutsche Bank since first quarter 2010, on 28 May announced up to 330 job cuts by the end of 2014, in order to improve its profitability and in order to concentrat on wealth management activities.The management and the business committee have reached an agreement concerning the deployment of a restructuring which will remove some redundant positions at Sal. Oppenheim and Deutsche Bank, the bank says in a statement. The layoffs will primarily affect the IT and order processing departments, the statement says.Sal. Oppenheim hopes to reduce its cost base. “These measures are necessary to allow us to ensure the long-term profitability of our asset management firm in the area of wealth management,” says Wolfgang Leoni, head of the bank, in a statement.The bank, which has a total of 870 employees, about 700 of them in Germany, is planning to concentrate on wealth management for private clients and seelcted institutional clients, and has also announced a regional reorganisation of its activities.
29/05/2013

Investor confidence index up in May

P { margin-bottom: 0.08in; } The State Street investor confidence index for May 2013 rose 1.8 points to 94.8 from April’s revised reading of 93.0.“The primary driver behind this gain was a shift in risk appetite among European institutions with the European ICI rising 5.6 points to 93.3 from the revised April reading of 87.7,” State Street notes.Confidence also increased slightly among Asian institutions with the Asian ICI index ticking up to 86.0 from April’s reading of 85.2. However, after April’s sizable increase, confidence among North American investors consolidated somewhat, and the North America ICI declined by 2.2 points to finish at 102.5 for the month.“Institutional investors continued to augment their allocations to risky assets this month, albeit at a slower pace than we observed in either the first quarter, or the last weeks of April,” State Street concludes, noting that institutional investors have allocated more towards emerging markets since the middle of April.
29/05/2013

Towers Watson to go into fund of hedge funds business

P { margin-bottom: 0.08in; } Towers Watson is planning to enter the fund of hedge funds business, a sector which it has been critical of in the past, Financial News reports, citing two sources familiar with the matter. The consultant will target small institutional investors for whom direct investment in hedge funds may be difficult.
29/05/2013

Santander makes planned sale of AM operation official

P { margin-bottom: 0.08in; } In a filing with the CNMV on 27 May, Santander announced that,» in connection with news that has recently appeared in the press», it is considering the possibility of allowing investors to acquire a stake in its asset management division.The Spanish group states that no final agreement of this nature has been reached with third-party investors. Santander states that it will notify the market at an appropriate time once an agreement has been reached.According to Expansión, an agreement is already said to have been reached with Warburg Pincus and General Atlantic, whose stake in Santander Asset Management would be “significant, but less than 50%.”In Spain, Santander had EUR22.08bn in assets under management in investment funds as of the end of April.
29/05/2013

Biljana Persson leaves East Capital for Kungsleden

P { margin-bottom: 0.08in; } Biljana Pehrsson has been appointed as CEO of Kungsleden, a Swedish realty firm, Realtid.se reports. She had previously worked at East Capital, where she had been head of real estate and vice-CEO of East Capital Private Equity.
29/05/2013

Strong inflows for Franklin Templeton in Italy

P { margin-bottom: 0.08in; } In April, Franklin Templeton recorded net inflows in Italy of EUR1.056bn, putting it in the top 3 asset management firms for inflows last month, after Generali and Intesa, which had a home field advantage, according to figures from Assogestioni, the Italian association of asset managers. The US asset management firm had already stood out in previous months, with inflows of EUR1.041bn in March, EUR786.3m in February, and EUR720.9m in January. As of the end of March, Franklin Temlpeton had EUR27.4bn in assets under management in Italy, according to the most recent available statistics. The asset management firm has also recently opened three offices in Italy, in Rome, Florence, and Padua. These local offices come in addition to the one in Milan.
29/05/2013

Morgan Stanley plans large RE fund

P { margin-bottom: 0.08in; } Morgan Stanley Real Estate Funds is planning to raise USD1bn to USD3bn for a new global real estate fund, the Wall Street Journal reports, citing sources familiar with the matter. The directors of the affiliate of the bank have entered negotiations with pension funds and other prospects. They are hoping especially that China Investment Corp, the Chinese sovereign wealth fund which controls 6.4% of Morgan Stanley, will be a key investor.
29/05/2013

Amaïka AM takes over management of Résilience fund from Invesco AM

P { margin-bottom: 0.08in; } Amaïka Asset Management, an asset management firm founded in 2011 by David Kalfon and Christophe Berger, two former employees of EFG Asset Management, has announced that it has taken over management of the Résilience diversified fund (ISIN code: FR0011101914). The fund, launched in November 2011 at the initiative of the investment advising firm Fundesys, has assets of EUR5m, and had previously been managed by Invesco AM. The French-registered OPCVM fund complies with UCITS IV standards, and is exposed in a discretionary manner to equity, bond, commodity and money markets, via a selection of funds. Investments are made without geographical or sectoral constraint. Exposure to equity markets will remain between 20% and 80% of assets in the portfolio. In practice, management of the fund is also based on the recommendations of Fundesys.
29/05/2013

Oddo AM declares ambitions in Belgium and Luxembourg

P { margin-bottom: 0.08in; } Oddo Asset Management is scaling up its presence in Belgium and Luxembourg, opening four sub-funds of its Luxembourg Sicav, Oddo Funds, based on asset classes with strong potential and for which the firm has recognised expertise, for sale there. high yield bonds, via the sub-fund: Oddo Bonds High Yield Europe European midcap equities, via the feeder funds: Oddo Equity Europe Avenir (master fund: Oddo Avenir Europe) Oddo Equity Euro Avenir (master fund: Oddo Avenir Euro) Convertible funds, via the feeder fund: Oddo Convertible Bonds Euro (master fund: Oddo Convertibles Taux) Shares in euros as well as in US dollars (USD) and Swiss francs (CHF) have been created. Shares in USD and CHF are hedged for currency risks against the euro. Laurent Zouari, who has been a salesperson since 2012 in the international team led by Bertrand Levavasseur, has been appointed as country manager for Belgium and Luxembourg.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April recorded net inflows of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Balanced funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management industry in Italy has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April posted net subscriptionns of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Diversified funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management sector has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

IndexIQ adds to sales team

P { margin-bottom: 0.08in; } Mutual Fund Wire reports that the ETF specialist firm IndexIQ has recruited for its sales team, for both internal and external positions. The internal positions will be based in New York, while the external posts will be in other regions of the United States.
29/05/2013

UBS GAM seeks to save its Triton fund

P { margin-bottom: 0.08in; } UBS Global Asset Management is struggling to save its Triton Property fund (GBP680m in assets) from liquidation, Financial News reports. About 40% of investors are seeking redemption of their money due to poor performance. Talks are currently in progress with institutional invetors who may be interested in buying shares in the fund to those who want to sell them, according to a source familiar with the matter.
29/05/2013

Fidelity adds US fund to its FAST range

P { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Fidelity Worldwide Investment will next month launch an eighth fund as part of its Fidelity Active Strategy (FAST) range, focused on US equities.Investment Week, which received advance information, states that the product, on sale from the end of June, will be managed by Adrian Brass, who is in the process of setting up a team of analysts in the United Kingdom dedicated to US equities, “which will be able to compete with what can be done better in London.”In the past few months, Fidelity Worldwide Investment has decided no longer to rely on analysts at Fidelity Management & Research (FMR) in Boston.
29/05/2013

Credit Suisse chairman wants to resolve tax dispute with United States

P { margin-bottom: 0.08in; } The chairman of the board of directors at Credit Suisse, Urs Rohner, is calling for a resolution to the tax crisis with the United States. “The question needs to receive a global response, there is no doubt, since UBS has already reached an agreement with the US authorities,” the banker explains in the Neue Zürcher Zeitung newspaper. Rohner estimates that reaching a painful solution for everyone will always be preferable to remaining stuck in the past. “It is unrealistic to think that banks can continue to avoid the problem in the long term and that it will eventually solve itself,” the chief administrator of Credit Suisse says. In addition to the aspect of conflict between the Swiss banks and Washington, Rohner points to a real rise in awareness in the sector. “Tolerance of tax crimes has taken a fundamental turn. The business model of accepting undeclared money is now economically senseless and morally unacceptable,” he added. In the event that it is impossible to reach a global solution, the chairman of Credit Suisse would not advise his colleagues to reach case-by-case agreements. “but the idea, which remains popular, that the problem is limited to 13 establishments and that the others are only marginally concerned is simply false,” he pointed out.
29/05/2013

US tax authority demands client data from Julius Baer

P { margin-bottom: 0.08in; } The US tax authorities are requiring private client data from Julius Bär, under an administrative assistance request. The clients have been informed by the bank that the tax authority, the IRS, has requested administrative assistance, the Swiss newspaper Neue Zürcher Zeitung reports. The bank has confirmed receipt of the request. The request came from the Asset Forfeiture Coordinator (AFC) and affects clients of Julius Bär suspected by the IRS of “tax fraud.” Nearly 100 clients are reportedly affected by the move, the newspaper reports. After the case of UBS and the request for administrative assistance made to Credit Suisse last year, this is the third group request from the United States.
29/05/2013

SFA: ETFs have a future in retail market

P { margin-bottom: 0.08in; } According to the Swiss Fund Association (SFA), which held a press conference on the subject in Zurich on 28 May, ETFs “represent a steadily-growing segment of fund volumes traded in Switzerland.” They are thought to be wideapread among institutional investors, but “they should be expected to find increased popularity in the future with private investors.”These products “combine the advantages of funds and ordinary equities. Private investors are also becoming increasingly aware in the future and will include ETFs in their portfolios. In our opinion, new distribution channels will contribute to their spread. European financial advisors will increasingly offer advising models based on commissions, which will tend to profit products which are worth the price and deliver good performance such as ETFs. This change has been driven by regulation, in Switzerland among other places,” says Christian Gast, managing director and head of iShares.Currently, eight members of the SFA are promoters of ETFs in Switzerland or members of the ETF expert commission at the SFA. They are BlackRock AM Schweiz, Commerzbank, Zurich branch, Deutsche Bank, SIX Swiss Exchange, Société Générale, Zurich branch, Swiss & Global AM, UBS Global AM and the Cantonal bank of Zurich.
29/05/2013

Vontobel launches EMD fund

P { margin-bottom: 0.08in; } The Swiss asset management firm Vontobel Asset Management has launched an emerging market debt fund, Vontobel Fund – Emerging Markets Dent, managed by Luc D’Hooge, who recently joined the firm from Dexia Asset Management (Newsmanagers of 28 March 2013).The new fund, domiciled n Luxembourg, will concentrate on debt denominated in hard currencies. It will start up with assets of about USD160m. The objective is to outperform the JP Morgan EMBI Global Diversified TR index by 125 basis points per year.Vontobel Fund - Emerging Markets Debt B (LU0926439562) Vontobel Fund - Emerging Markets Debt I (LU0926439729)Vontobel Fund - Emerging Markets Debt HI CHF (LU0926440495)Vontobel Fund - Emerging Markets Debt HI EUR (LU0926440222)

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