Le Dow Jones Credit Suisse Hedge Fund Index a progressé de 1,39% au mois d’avril. Depuis le début de l’année, l’indice affiche ainsi une hausse de 4,99%.Durant le mois sous revue, toutes les composantes de l’indice ont enregistré des gains, à l’exception notable de la stratégie «Dedicated Short Bias» qui accuse un recul de 3,45% sur le mois et de 11,72% depuis le début de l’année. En revanche, la stratégie long/short equity gagne 1,26% sur le mois et 6,42% sur les quatre premiers mois de l’année. Meilleure stratégie du mois, les managed futures progressent de 3,50% sur un mois et de 7,29% depuis le début de l’année. Les fonds suivants ont été retirés de l’indice en avril : Chichester Commodities Fund, Halcyon Fund, et Temujin Holdings Ltd. Les fonds qui suivent ont en revanche été intégrés dans l’indice : AG Diversified Credit Strategies Fund, Archer Capital Master Fund LP, Axonic Credit Opportunities, Investcorp Prosiris Fund, Menta Global Fund, MW Developed Europe TOPS Fund, Nordic European Absolute Return Fund, Quantedge Global Funds, Tudor Discretionary Macro Fund, UG Greater China Multi-Strategy Fund, et Whitebox Multi-Strategy Partners LP.
Lors d’une journée dédiée aux investisseurs hier, Stuart Gulliver le directeur général de HSBC a indiqué qu’au cours des trois prochaines années, la banque allait se concentrer sur la croissance discrétionnaire des actifs pondérés en fonction des risques dans les marchés émergents et dans la banque commerciale, rapporte L’Agefi. Cet objectif va se traduire par une nouvelle rationalisation des coûts à hauteur de 2 à 3 milliards de dollars entre 2014 et 2016, avec quelque 4.000 à 14.000 suppressions de postes supplémentaires. Au total, les effectifs de HSBC dans le monde à horizon 2016 se situeront entre 240.000 et 250.000 personnes, comparé à 295.000 en 2010.
Banca Fideuram a enregistré des souscriptions nettes en gestion d’actifs de 1,8 milliard d’euros au premier trimestre, rapporte Bluerating. La collecte totale est ressortie à 645 millions d’euros, en hausse de 376 millions par rapport aux trois premiers mois de l’année dernière (+139,8 %). Banca Fideuram a dégagé au premier trimestre 2013 un bénéfice net de 74,3 millions d’euros, en hausse de 9,4 % par rapport à 67,9 millions d’euros un an plus tôt. Les encours sous administration s’élevaient fin mars à 81,1 milliards d’euros, tandis que les encours sous gestion ressortaient à 62 milliards d’euros.
La banque italienne MPS a l’intention de recruter 100 professionnels expérimentés de la banque privée d’ici à 2014, rapporte Bluerating. Cela s’inscrit dans le cadre de la réorganisation de l’activité de private banking du groupe. Désormais, MPS va mettre à disposition de la clientèle de standing élevé un réseau dédié composé de professionnels hautement spécialisés.
Mike Buhl-Nielsen a été promu le 1er mai gérant de l’OPCVM Jupiter Europa Sicav, dont il était gérant adjoint depuis octobre 2011. Il remplace Stephen Pearson, appelé à de nouvelles responsabilités depuis sa nomination en tant que directeur des investissements adjoint. Ce dernier reste néanmoins gérant adjoint du fonds. Mike Buhl-Nielsen avait rejoint Jupiter en décembre 2006 en tant qu’analyste hedge funds européens.
Le partenariat entre la société de gestion américaine Invesco et le groupe indien Religare est désormais effectif. Ainsi, l’acquisition des 49 % de Religare Asset Management Company Private Limited et Religare Trustee Company Private Limited par le groupe basé aux Etats-Unis est bouclée et Religare Mutual Fund devient désormais Religare Invesco Mutual Fund, joint venture entre les deux groupes. Les gammes de fonds seront renommées en conséquence.La joint venture sera dirigée par Saurabh Nanavati.Religare AM fait partie des 15 principales sociétés de gestion en Inde et gère aujourd’hui environ 2,89 milliards de dollars. Invesco affiche pour sa part un encours sous gestion de 748,5 milliards de dollars.
Après avoir renouvelé son identité visuelle, Aberdeen Asset Management va lancer le lundi 20 mai la toute première campagne publicitaire internationale depuis sa création, il y a 30 ans de cela. D’une durée initiale de six semaines, la campagne sera visible dans 20 pays et dans 13 langues différentes. Elle aura pour cible la presse écrite traditionnelle, l’affichage extérieur et les médias numériques. «Le but de la nouvelle campagne de marque est de contribuer à renforcer la notoriété et la compréhension d’Aberdeen à l'échelle mondiale. Certes le groupe s’est constitué une clientèle internationale au cours des dix dernières années, mais la campagne va permettre d’intensifier ses efforts visant à accroître sa présence sur des marchés stratégiques tels que les Etats-Unis», souligne un communiqué..Après une décennie marquée par un développement rapide, Aberdeen a bien conscience de la nécessité d’expliciter clairement sa présence internationale, l'étoffement de sa gamme de produits et ses valeurs. Dans la plupart des pays, l’unicité de l’activité d’Aberdeen, la gestion d’actifs, et son indépendance toujours préservée sont considérées comme de «remarquables qualités», explique le communiqué. Pour autant, des enquêtes réalisées auprès des clients, des distributeurs et d’autres parties prenantes ont permis d’identifier des divergences de perception à l'égard de l'échelle des activités du Groupe et de l’ampleur de son expertise dans l’ensemble des principales classes d’actifs. Elles ont également mis en avant l’importance de la forte culture collégiale du Groupe. En conclusion, il s’est avéré que la société pouvait globalement être la mieux définie par le slogan « la gestion d’actifs tout simplement » qui résume parfaitement l’approche simple et résolue du groupe.
Notenstein détient la majorité du capital du groupe TCMG AM créé et dirigé par Beat Wittmann, rapporte L’Agefi suisse. L’objectif de TCMG serait de détenir des participations dans des prestataires de services financiers afin de soutenir leur croissance future. Parmi ceux-ci semblent d’ores et déjà figurer Dynapartners, le gestionnaire d’actifs créé par Beat Wittmann, ainsi que 1741 Asset Management, une filiale de Notenstein, qui réunit en fait l’ancienne gestion d’actifs de Wegelin.
Le premier ETF transfrontière de Chine, basé sur le Nasdaq-100 Index, a été lancé sur la Bourse de Shanghai, annonce le Nasdaq. Le Guotai NASDAQ-100 Exchange-Traded Fund (513100), sponsorisé par Guotai Asset Management, a été conçu de manière à ce que les investisseurs chinois puissent facilement investir dans les sociétés du Nasdaq les plus grandes et les plus liquides. Il s’agit du premier ETF en Chine fournissant un accès au marché américain.
Swiss & Global, la société de gestion exclusive des fonds Julius Baer, a présenté son nouveau fonds de fonds, JB New World Opportunities Fund, composé de six fonds thématiques et trois fonds régionaux, qui permettent notamment de s’exposer de manière diversifiée aux marchés émergents, rapporte Bluerating. L’allocation cible du produit est de 75 % dans des fonds thématiques et 25 % dans des fonds régionaux, avec des rebalancements trimestriels. La gestion est confiée à Roberto Cominotto et Tommaso Bonanata. Le fonds est composé des six fonds thématiques suivants : JB Luxury Brands Fund, JB Natural Resources Fund, JB Energy Transition Fund, JB Health Opportunities Fund, JB Agriculture Fund et JB Infrastructure Fund ; et des fonds régionaux suivants : JB Chindonesia Fund, JB Central Europe Stock Fund et JB Africa Opportunities Fund.
HSBC pourrait céder son activité de banque privée à Monaco, logée au sein de HSBC Private Bank (Monaco).HSBC Private Banking Holdings (Suisse), filiale à 100 % de la banque, a ainsi confirmé le 14 mai dans un communiqué boursier qu’elle conduisait une revue de ses opérations à Monaco, HSBC Private Bank (Monaco), dans le cadre d’une analyse stratégique de ses activités dans le monde.« Suite à de récentes expressions d’intérêts non sollicitées, cela pourrait conduire à la cession éventuelle de la société », indique le communiqué.
P { margin-bottom: 0.08in; } Swiss & Global, the exclusive asset management firm for Julius Baer funds, has unveiled its new fund of funds, JP New World Opportunities Fund, composed of six themed funds and three regional funds, which provides diversified exposure to emerging markets, Bluerating reports. The target allocation for the product is 75% for themed funds, and 25% for regional funds, with quarterly rebalancing. Management is entrusted to Roberto Cominotto and Tommaso Bonanata. The fund is composed of the following six themed funds: JB Luxury Brands Fund, JB Natural Resources Fund, JB Energy Transition Fund, JB Health Opportunities Fund, JB Agriculture Fund and JB Infrastructure Fund, and the following regional funds: JB Chindonesia Fund, JB Central Europe Stock Fund and JB Africa Opportunities Fund.
The NASDAQ OMX Group on May 15 announced that China’s first cross-border exchange-traded fund (ETF), based on the NASDAQ-100 Index®, has begun trading on the Shanghai Stock Exchange. The Guotai NASDAQ-100 Exchange-Traded Fund (Symbol: 513100), sponsored by Guotai Asset Management, was created so that investors in China could easily invest in the largest and most liquid companies traded on The NASDAQ Stock Market. The listing of this product marks the first exchange-traded fund in China to provide access to the U.S. market.
Mike Buhl-Nielsen has been appointed manager of the Jupiter Europa Sicav with effect from 1 May 2013. Mike Buhl-Nielsen, who has worked as deputy manager on the fund since October 2011, has taken over as lead manager from Stephen Pearson, who will retain involvement in the fund as its deputy manager. «This move reflects both Mike’s capabilities as a fund manager and Stephen’s additional responsibilities as deputy chief investment officer,» according to a statement. Mike Buhl-Nielsen joined Jupiter in December 2006 as a European hedge fund analyst.
P { margin-bottom: 0.08in; } Banca Fideuram posted net inflows for asset management of EUR1.8bn in first quarter, Bluerating reports. Total inflows came to EUR645m, up by EUR376m compared with the first three months of last year (+139.8%). Banca Fideuram in first quarter 2013 earned net profits of EUR74.3m, up 9.4% compared with EUR67.9m one year previously. Assets under administration as of the end of March totalled EUR81.1bn, while assets under management totalled EUR62bn.
P { margin-bottom: 0.08in; } The Italian bank MPS is planning to recruit 100 experienced professionals in private banking by 2014, Bluerating reports. The move comes as part of a reorganisation of the group’s private banking activity. MPS will now make a dedicated network available to standing clients, composed of highly specialised professionals.
P { margin-bottom: 0.08in; } The Netherlands-based pension fund PGGM is asking the German real estate group GWW Immobilien to replace its new CEO, and for the resignation of its chairman, due to a lack of transparency in the appointment of the CEO, Citywire Global reports. The investor, which has EUR133bn in assets, will submit a motion of “no confidence” against chairman Dr. Eckart John von Freyend at the general shareholders’ meeting in June.
P { margin-bottom: 0.08in; } International investors are planning to invest more in 2013, particularly in equities, Money Marketing reports. According to the most recent Schroders Global Investment Trend Report survey, 37% of participants would like to increase their investments. The average investor may increase investments by 4%, with a preference for equities. Equities are the preferred asset class of 56% of respondents, due to their stronger potential for growth, compared with only 16% for bonds. However, the survey detects a “fundamental disconnection” between assets in which investors see the best potential for asset growth, and assets in which they are planning to invest. 75% of British investors put the Asia-Pacific region at the centre of investment growth in 2013, while only 15% hope to invest in the region. UK investors are also very cautious about investment in emerging markets, which they consider essential to improve the performance potential of their investments.
Manulife Asset Management has added a new emerging markets debt portfolio management team. Effective immediately, Roberto Sanchez-Dahl, CFA, and Paolo H. Valle, who come from Federated Investment Management, have joined the firm as managing directors and senior portfolio managers; they will be members of Manulife Asset Management’s global fixed income team. They will manage an emerging markets debt strategy for institutional clients and certain wealth management businesses of Manulife Financial and John Hancock, and will report to Christopher Conkey, global chief investment officer of Manulife Asset Management. The team will also support other global debt strategies investing in emerging market debt.Sanchez-Dahl most recently was with Federated Investment Management Company, since 2001 as an emerging markets senior portfolio manager, and as an investment analyst since 1997. Valle served, since 2004, as a vice president at Federated Investment Management and most recently was an emerging markets senior portfolio manager.
P { margin-bottom: 0.08in; } In 2012, Swiss pension funds considerably improved their coverage rates, due to the good performance of their investments. But many institutions have not yet reached the adequate risk levels, and weak interest rates are compromising an improvement which is based solely on performance, Swisscanto estimates in its most recent survey, “Swiss pension funds 2013,” published on 15 May. Average returns on investments of 7.2% made it possible to improve the coverage rates for many pension funds, Swisscanto notes. At the end of 2012, these rose to 109% for private pension funds, and 100% for fully capitalised public institutions. Public pension funds with partial capitalisations had a coverage rate of only 74%. As of the end of 2012, only 8% of private pension funds were undercovered, compared with 26% one year earlier. 52% of fully capitalised public pension funds were in this position but most of them had a coverage rate of over 90%, or a degree of undercoverage considered minimal by the surveillance authority. Despite good performance in 2012, which is continuing this year, pension funds still face significant challenges, according to Swisscanto. The coverage level attained is still far from the target objective of 100% coverage, plus 16% reserves for fluctuations in value. The sustained low level of interest rates constitutes another problem, since it is synonymous with low bond returns. About 30% of pension funds which participated in the survey say they adjusted their investment strategy in 2012, of which more than half have reduced their exposure to bonds, while about 50% have increased their exposure to real estate.
P { margin-bottom: 0.08in; } China will launch the first fund in the country managed by a private company to invest in offshore assets denominated in renmibi, the Financial Times reports. Highland Capital Management, a newly-created firm supported by the government of the province of Yunan, is seeking to raise up to CNY15bn for this first fund. It will focus on investments in South-East Asia. The initiative is expected to promote the internationalisation of the renminbi.
HSBC is considering the sale of its private banking business in Monaco.HSBC Private Banking Holdings (Suisse) SA, a wholly owned subsidiary of HSBC Holdings, confirmed on May 14 in a statement that it is conducting a review of its operations in Monaco, HSBC Private Bank (Monaco) SA, as part of the HSBC Group’s continuing strategic five-filter review.“Following recent unsolicited expressions of interest, this may lead to the possible disposal of the business”, HSBC said.
The US asset manager Invesco and India’s Religare Enterprises Limited on May 15 announced the completion of the transaction, naming Invesco as the joint venture partner in Religare Asset Management. On March 28, 2013, Invesco acquired 49% shareholding in Religare Asset Management Company Private Limited and Religare Trustee Company Private Limited and now acts as the co-sponsor of Religare Mutual Fund. Religare Mutual Fund will now be known as Religare Invesco Mutual Fund. The mutual fund schemes will also be renamed accordingly. Religare Asset Management is among the top 15 asset managers in India and currently manages over INR 15,608 crores (USD 2.89 billion) of average assets under management (quarter ending March 2013, including offshore and domestic advisory), according to a statement. Invesco has over USD 748.5 billion of assets under management (as of April 30, 2013). The transaction was announced on September 27, 2012, where the NYSE-listed Invesco Ltd., (through its indirectly wholly owned subsidiary Invesco Hong Kong Ltd.) had announced its intention to acquire 49% stake in Religare Asset Management Company Private Limited and Religare Trustee Company Private Limited. All necessary regulatory and board approvals have been received. Mr. Saurabh Nanavati will continue to head the joint venture as the Chief Executive Officer along with the existing senior management team.
P { margin-bottom: 0.08in; } The Dow Jones Credit Suisse Hedge Fund Index gained 1.39% in April. Since the beginning of the year, the index has gained 4.99%. In the month under review, all components of the index posted gains, with the notable exception of the dedicated short bias strategy, which lost 3.45% for the month, and 11.72% since the beginning of the year. However, the long/short equity strategy gained 1.26% for the month, and 6.42% in the first four months of the year. The best strategy for the month, managed futures, gained 3.50% for the month, and 7.29% since the beginning of the year. The following funds were removed from the index in April: Chichester Commodities Fund, Halcyon Fund, and Temujin Holdings Ltd. The following funds were added to the indew: AG Diversified Credit Strategies Fund, Archer Capital Master Fund LP, Axonic Credit Opportunities, Investcorp Prosiris Fund, Menta Global Fund, MW Developed Europe TOPS Fund, Nordic European Absolute Return Fund, Quantedge Global Funds, Tudor Discretionary Macro Fund, UG Greater China Multi-Strategy Fund, and Whitebox Multi-Strategy Partners LP.
Net sales of long-term UCITS (UCITS excluding money market funds) registered in March net inflows of EUR 40.8 billion, after EUR 40.5 bn in February, according to the European Fund and Asset Management Association (EFAMA) which published on May 15 its latest Investment Fund Industry Fact Sheet.Bond funds recorded net sales of EUR 15.3 billion, up from EUR 12.7 billion in February. Meanwhile net sales of equity funds reduced to EUR 8.6 billion, compared to EUR 13.7 billion in February. Balanced fund net sales increased in March to EUR 12.9 billion, up from around EUR 11 billion a month earlier.Money market funds experienced a turnaround in net sales in March to register net outflows of EUR 2.4 billion, compared to net inflows of EUR 3.8 billion recorded in February.UCITS attracted net inflows in March of EUR 38.3 billion, down from EUR 44 billion in February. Total non-UCITS recorded net sales of EUR 18.2 billion, up from EUR 11.7 billion in February. Special funds (funds reserved to institutional investors) recorded increased net inflows of EUR 15.3 billion, up from EUR 9.3 billion in the previous month. Total assets of UCITS stood at EUR 6,697 billion at end March 2013, representing a 2.3 percent increase during the month.
P { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund Abu Dhabi Investment Authority (ADIA) has hired John McCarthy, the former global head of RREEF, the platform from Deutsche Bank dedicated to infrastructure, the news agency Reuters reports. McCarthy succeeds Chris Koski, who left ADIA last year. He will take over Koski’s portfolio and develop investment in infrastructure.
P { margin-bottom: 0.08in; } There has been a further contraction for assets under management in French-registered OPCVM funds in April. In an extract from its monthly OPCVM report, EuroPerformance – a SIX company finds assets of EUR778.8bn, down 0.5% month on month, a decline of EUR4bn. “The sum of operations undertaken by investors in April resulted in an outflow of nearly EUR9bn from the collective management market,” the survey reports. “At the same time, the good performance of the markets will have allowed a majority of funds to deliver positive returns, leading to a monthly gain of EUR5.1bn.”
Le Fonds européen de stabilité financière (FESF), noté Aa1/AA+/AAA, a ouvert le livre d’ordres de son nouvel emprunt de référence à 10 ans en euro avec un spread indicatif officiel autour de 32 points de base au-dessus de la courbe des swaps, rapporte Reuters. Le fonds de renflouement a enregistré entre mercredi et ce jeudi des manifestations d’intérêt dépassant les trois milliards d’euros, à un spread indicatif de 32 à 34 pdb.
Natixis a pris le contrôle de la société Euro Private Equity, via son activité de capital investissement, afin de poursuivre son développement d’une activité de conseil et gestion en private equity à long terme pour compte de tiers, indique NewsManagers. Le capital investissement de Natixis, dont Dominique Sabassier occupe le poste de directeur exécutif, voit ses encours gérés à plus de 5 milliards d’euros avec 130 personnes réparties entre les bureaux de Paris, Genève, New York et Singapour.
Highland Capital Management, société de private equity placée sous la houlette du gouvernement de la province chinoise du Yunnan, vise la levée de 15 milliards de yuans (1,9 milliard d’euros) pour un fonds destiné à investir en Asie du Sud-Est dans les secteurs de l’immobilier et des ressources naturelles.