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26/04/2013
Fonds

Permira a du mal à collecter pour son cinquième fonds

Permira, le gérant européen de LBO, n’aurait pour l’instant réuni que 2,2 milliards d’euros d’engagements pour son cinquième fonds, au terme d’une campagne de 19 mois. Un délai important pour une première étape (ou closing). L’objectif final pour Permira V, qui devra être atteint dans les 12 mois qui viennent, est de collecter entre 4 et 5 milliards d’euros, un montant déjà inférieur de près d’un tiers aux espoirs initiaux de l'équipe. Afin de convaincre des investisseurs récalcitrants, les gérants auraient dû mettre 200 millions de leur propre poche - soit 9% du montant déjà levé, une proportion élevée.
Fonds
26/04/2013
Fonds

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts traversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective. Cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
Fonds
26/04/2013

Franklin Templeton absorbe le mexicain Heyman y Asociados

Le gestionnaire institutionnel indépendant mexicain Heyman y Asociados SC va entrer dans le giron de Franklin Templeton Investments Mexique, mais le montant de la transaction et ses détails n’ont pas été divulgués.Heyman y Asociados gère ou conseille des encours d’environ 1,1 milliard de dollars (au 31 mars 2013). L'équipe est dirigée par Timothy Heyman, qui a passé plus de trente ans au Mexique et qui a été président d’ING Baring Grupo Financiero (México), S.A. de C.V., ainsi que de la maison de courtage Baring, S.A. de C.V. Casa de Bolsa. Il sera le CEO de la nouvelle filiale Franklin Templeton Servicios de Asesoría Mexico, S. de R.L. de C. V (“FTSAM”) et president/member du board de Franklin Templeton Asset Management Mexico, S. A. de C.V. (“FTAM”), une société locale de gestion de mutual funds.
26/04/2013
Fonds

Lyxor AM ajoute deux ETF de réplication physique à sa gamme

Lyxor AM élargit son offre de produits ETF en réplication physique en listant deux nouveaux produits sur NYSE Euronext : le Lyxor Euro Stoxx 300 (DR) et le Lyxor Emerging Markets Local Currency Bond (DR). Le premier reproduit la performance de l’indice actions Stoxx 600 tandis que le second réplique la performance d’obligations libellées en devises locales émises par des gouvernements de pays émergents via l’indice de référence JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified. La liquidité de ce fonds est gérée activement, précise Lyxor AM.Caractéristiques : Lyxor Euro Stoxx 300 (DR) Code Isin : LU0908501058Lyxor Emerging Markets Local Currency Bond (DR)Code Isin : LU0908501645
Fonds
26/04/2013

Les banques privées recrutent des profils expérimentés

Loi de réforme bancaire, réformes fiscales, une crise qui persiste... Tous ces éléments poussent les banques à prendre de nouvelles orientations stratégiques et par conséquent à recruter de nouveaux talents. Dans la banque privée, les recruteurs sont à la recherche de profils très spécifiques, note eFinancialCareers dans une récente étude. On constate une forte demande pour les profils seniors (40 ans et plus) ayant même parfois dépassé l’âge légal de la retraite. Ces personnes conjuguent expérience professionnelle et réseau.Les commerciaux sont également très demandés afin de permettre un élargissement de la clientèle. Là aussi, les profils très expérimentés sont visés. Afin d’offrir à leurs clients un large choix d’offres et de services, les banques privées recrutent également des experts des domaines périphériques spécialisés en ingénierie immobilière et financière, en capital investissement ou encore en fiscalité et en droit. Egalement plébiscités par les banques privés : les détenteurs d’un bac +5, tels que les candidats diplômés d’un CFA (Chartered Financial Analyst) ou d’un Master en gestion de patrimoine ou d’actifs, complété de 3 à 5 ans d’expériences significatives.
26/04/2013

Forte hausse des souscriptions nettes pour St. James’s Place

Pour le premier trimestre 2013, le britannique St. James’s Place (SJP) affiche des souscriptions nettes de 847 millions de livres contre 698 millions pour la période correspondante de l’an dernier. Le taux de fidélisation des actifs de la clientèle existante s’est maintenu à 85 %.A fin mars, l’encours se montait à 39 milliards de livres, ce qui représente un gonflement de 4,2 milliards de livres par rapport au 31 décembre. Sur douze mois, les actifs gérés ont bondi de 26 %.David Bellamy, le CEO, a aussi indiqué que le total des nouveaux investissements s’est accru de 28 % en glissement annuel, à 1,6 milliard de livres.
26/04/2013
Fonds

Henderson GI ajoute deux fonds à sa gamme Core Multi-Asset Solutions

Le 10 mai, Henderson Global Investors (HGI) intégrera les Core 4 Income Fund (low medium risk) et Core 6 Income & Growth Fund (high medium risk) à sa gamme Core Multi-Asset Solutions de fonds à objectif de risque. Ces produits seront gérés par l’équipe multiclasses d’actifs que dirige Bill McQuaker. Ces fonds visent des paramètres de risque spécifiques fournis par Distribution Technology, un spécialiste leader dans le domaine de l’établissement de profils de risque.Comme les fonds Core 3 Income et Core 5 Income, les nouveaux portefeuilles seront investis dans une vaste gamme de sous-jacents actifs et passifs.Les fonds de revenu Core 3, 4 et 5 procéderont à des distributions mensuelles, tandis que le Core 6 opérera des versements trimestriels.Sur la base des portefeuilles modèles, les deux nouveaux fonds auront des rendements initiaux estimiés à 4,3 % pour le Core 4 Income et à 3,5 % pour le Core 6 Income & Growth.A fin décembre, l’équipe multiclasses d’actifs de HGI gerait 4,5 milliards de livres.
Fonds
26/04/2013

Schroders recrute deux personnes dans son équipe LDI

Schroders vient de recruter deux personnes à Londres pour son équipe de gestion sous contrainte de passif (liability driven investments ou LDI).Daniel Morris est ainsi embauché en tant que LDI solutions manager. Son rôle consistera entre autres à travailler en étroite coopération avec les clients nouveaux et existants et leurs conseillers pour comprendre leurs besoins et objectifs et les traduire en stratégies et portefeuilles. L’intéressé a passé dix ans chez Towers Watson et AON Hewitt en tant qu’actuaire et consultant.De même, Lef Sigalos rejoint l’équipe Schroders Indpendent Group Risk en tant qu’investment risk manager. Il se focalisera sur les investissements et les portefeuilles multi-classes d’actifs, y compris le LDI. Il vient de F&C Asset Management, où il était, dernièrement, responsable des risques investissements.
26/04/2013

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts etversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective et cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
26/04/2013

OMGI reshuffles its fund range

P { margin-bottom: 0.08in; } Old Mutual Global Investors (OMGI) has restructured its Dublin-based fund range, one year after merging its two asset management firms, Investment Week reports. The firm has merged four funds of its offshore Skandia Global Funds range. The Skandia US All Cap Value and Skandia US Value funds have been merged into the Old Mutual US Dividend. Skandia European Equity and Skandia European Opportunities have been merged, and renamed Old Mutual European Equity. At the same time, Stewart Cowley, head of fixed income, has been placed in charge of the Old Mutual Global Bond fund, after its merger with the Skandia Global Bond Fund. Ian Heslop will manage the Old Mutual Japanese Equity fund, after its merger with Skandia Global Equity.
26/04/2013

Henderson adds two funds to its Core Muli-Asset Solutions range

P { margin-bottom: 0.08in; } On 10 May, Henderson Global Investors (HGI0 will add the Core 4 Income Fund (low medium risk) and Core 6 Income & Growth Fund (high medium risk) to its Core Multi-Asset Solutions risk objective fund range. The products will be managed by the multi-asset class team, led by Bill McQuaker. The funds are targeted to specific risk parameters provided by Distribution Technology, a leading specialist in the area of risk profiles.Like the Core 3 Income and Core 5 Income funds, the new portfolios will be invested in a vast range of underlying actively- and passively-managed underlying assets.The Core 3, 4 and 5 income funds will pay out monthly distributions while the Core 6 will make quarterly payments.On the basis of the model portfolios, the two new funds will have estimated initial returns of 4.3% for the Core 4 Income, and 3.5% for the Core 6 Income & Growth.As of the end of December, the multi-asset class team at HGI had GBP4.5bn in assets under management.
26/04/2013

Deka acquires an office property in London

P { margin-bottom: 0.08in; } The German firm Deka Immobilien has acquired the 95 Gresham Street office building in London (10,100 square metres) from Standard Life. The property, which is wholly leased except for one floor, will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is reserved for institutional investors.
26/04/2013

Comgest loses a distribution specialist

P { margin-bottom: 0.08in; } Comgest Deutschland, announcing the arrival of Andreas Franz as investor relations manager (see Newsmanagers of 25 April), neglected to mention that Christoph J. Zitt is leaving the same position after eight years, to “take on other professional challenges,” Institutional Money has learned from a farewell letter sent by Zitt.
26/04/2013

SSgA launches an ETF of inflation-linked emerging market bonds

P { margin-bottom: 0.08in; } State Street Global Advisors is launching an ETF on the German stock exchange of emerging market inflation-linked bonds, the SPDR Barclays EM Infation-Linked Local Bond UCITS ETF. It becomes the 1,027th ETF listed on the XTF segment of the Xetra electronic platform from Deutsche Börse. The ETF has a total expense ratio of 55 basis points. It will track an index which measures the performance of inflation-linked government bonds from nine emerging countries denominated in local currencies, with the weight of each country limited to 20%. The countries included in the index are Brazil, South Africa, Mexico, Chile, Turkey, Israel, Korea, Thailand and Poland. ISIN code: IE00B7MXFZ59
26/04/2013

Assets at Santander AM up 5% in Q1

P { margin-bottom: 0.08in; } Assets under management in the asset management unit of the Santander group as of the end of March totalled EUR161.5bn (of which about EUR48bn were for other entities of the group), up 5% compared with December 2012, and 13% year on year, according to figures released at the publication of the group’s quarterly results.In Spain, assets under management at Santander AM (which the group is putting once more on the block) increased 3% compared with the end of December 2012, to a total of EUR52.1bn. In Brazil, assets under management totalled EUR48.1bn, up 6% compared with fourth quarter.Funds managed in the United Kingdom rose 2% to EUR25.5bn, while in Mexico, assets under management totalled EUR11.4bn, up 1%.
26/04/2013

Repsol allows Temasek to join its board of directors

P { margin-bottom: 0.08in; } The board of directors at the Spanish firm Repsol has decided to allow the Singapore sovereign fund Temasek to join it, after the latter bought up a 5.04% stake in the oil group previously held by the business itself (see Newsmanagers of 5 March).In a CNMV filing, Repsol states that the external representative of Temasek who has been appointed as a director is Rene Dahan, formerly of ExxonMobil.
26/04/2013

Catella replaces its CEO

Johan Ericsson has informed the Board of directors that he intends to leave his position as Chief Executive Officer of Catella AB during 2013, to continue in another senior role within Catella. A process will therefore be initiated of seeking his successor. Johan Ericsson will remain in his post until a new CEO is appointed.
26/04/2013

Ashmore opens an office in Indonesia

P { margin-bottom: 0.08in; } The British asset management firm Ashmore has opened an office in Indonesia, and has recruited 11 people for it, Asian Investor reports. It is planning to recruit two more heads of sales this year. The local investment team is composed of fie people. Ashmore already launched its first two funds in Indonesia in February, a domestic all-cap fund, and a small caps product. An Indonesian bond product will be launched in the next few weeks.
26/04/2013

Erste Sparinvest reshuffles its Austrian equity management

P { margin-bottom: 0.08in; } Manfred Zourek will be joining the risk management team at Erste Sparinvest (EUR27bn), leaving the management of the Austrian equity fund ESPA Vienna to Michael Kukacka, who is joining the firm, but will retain the position of CEO of its sister company Ringturm, Citywire reports.ESPA Vienna will on 6 June become a feeder fund for the RT Österreich Aktienfonds, which will make it easier to sell the product outside the firm’s traditional markets in Austria and Germany. In addition, Kukacka has taken over management of the RT Zukunftsvorsorge Aktienfonds, which had been managed by Thomas Irmler. Irmler (who had also managed the RT Österreich Aktienfonds) will be leaving Erste Sparinvest in the next few weeks, following divergences of opinion about management strategy.
26/04/2013

Lyxor AM adds two physical ETFs to its range

P { margin-bottom: 0.08in; } Lyxor AM is extending its physical replication ETF product range with the listing of two new products on NYSE Euronext Paris: the Lyxor Euro Stoxx 300 (DR) and Lyxor Emerging Markets Local Currency Bond (DR). The first of these reproduces the performance of the Stoxx 600 equity index, while the second replicates the performance of bonds denominated in local currencies, issued by governments of emerging countries, via the benchmark index JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified. Liquidity in the fund is actively managed, Lyxor AM says.Characteristics:Lyxor Euro Stoxx 300 (DR)ISIN code: LU0908501058
26/04/2013

Axa WF Framlington Global Small Cap licensed for sale in France

P { margin-bottom: 0.08in; } Axa Investment Managers on 25 April announced that it is releasing the Axa World Funds (WF) Framlington Global Small Cap fund, which invests in small and midcaps on developed and emerging markets, for sale in France.The fund is managed by Isabelle de Gavoty, head of the European investment team specialised in small and midcaps at Axa Framlington.Axa WF Framlington Global Small Cap, founded on 7 January 2013, complies with European UCITS IV standards, and is domiciled in Luxembourg. It has retail and institutional share classes, with no minimum investment for retail share classes, and with a minimum investment of EUR5m for institutional asset classes.The fund is already licensed for sale in Luxembourg, and Axa IM is planning to register the fund in other European jurisdictions.
26/04/2013

Franklin Templeton absorbs the Mexican firm Heyman y Associados

P { margin-bottom: 0.08in; } The Mexican independent institutional asset management firm Heyman y Associados SC will be absorbed into Franklin Templeton Investments Mexico, but the details and price of the acquisition have not been disclosed.Hayman y Associados manages or advises assets of about USD1.1bn (as of 31 March 2013). The team is led by Timothy Heyman, who has spent more than 30 years in Mexico, and who was chairman of ING Baring Grupo Financiero (México), S.A. de C.V., as well as of the brokerage firm Baring, S.A. de C.V. Casa de Bolsa. He will be the CEO of the new affiliate Franklin Templeton Servicios de Asesoría Mexico, S. de R.L. de C. V (“FTSAM”), and chairman and board member at Franklin Templeton Asset Management Mexico, S.A. de C.V. (“FTAM”), a local mutual fund management firm.
26/04/2013

Carmignac Gestion had inflows of EUR1.5bn in first quarter

P { margin-bottom: 0.08in; } In first quarter 2012, Carmignac Gestion has posted a net inflows of EUR1.5bn. Fréderic Leroux, global manager, has stated at a press conference on the firm’s investment strategy that net subscriptions went largely to three funds: Carmignac Patrimoine, Carmignac Emerging Patrimoine and Carmignac Capital Plus, an international fund which invests in money market and bond assets, which was relaunced in February this year due to its good results. These three mutual funds now have assets under management of EUR25.5bn, EUR2bn, and EUR1bn, respectively.“By comparison,” says Leroux, global manager, “in 2012, inflows at Carmignac Gestion totalled EUR4.5bn, of which EUR2bn went to Carmignac Patrimoine and EUR1.5bn to Carmignac Emerging Patrimoine.”
26/04/2013

Assets under management at Raymond James up 10%

P { margin-bottom: 0.08in; } Assets under management at Raymond James as of the end of March totalled a record USD51bn, up 10% compared with the end of December 2012, and 30% compared with the end of March 2012, according to figures released by the firm. Assets under administration also rose sharply, to USD407bn, up 5% compared with the previous quarter, and 39% year on year.
26/04/2013

AG2R La Mondiale posts inflows of EUR1.7bn in 2012

P { margin-bottom: 0.08in; } The social protection group AG2R La Mondiale has announced net inflows for the 2012 fiscal year of EUR1.7bn, of which EUR1.3bn were for life and retirement insurance, in a market which has seen net outflows (EUR3.4bn, according to FFSA figures) for the first time since the early 1980s, according to a statement released on 25 April.Assets under management were up 13.4%, at EUR76.6bn.Inflows for all activities totalled EUR16.6bn, up 7.5%, with EUR7.8bn for Agirc Arrco complementary retirement contributions, up slightly, and EUR8.5bn (+14.9%) for insurance contributions. Contributions to retirement life insurance were up by more than 35%, to EUR2bn, with contributions to life savings insurance up 12.6% to EUR4bn.
26/04/2013

ETC granted license to release actively-managed ETFs

P { margin-bottom: 0.08in; } Index Universe reports that Exchange Traded Concepts (ETC), a specialist in white-label ETF products based in Oklahoma City, has been issued the necessary licenses to release actively-managed ETFs. The firm estimates that it will be in a position to apply for licenses for actively-managed ETFs within the next few weeks.
26/04/2013

KKR profits from equity gains

P { margin-bottom: 0.08in; } The Wall Street Journal reports that quarterly gains at the private equity investor KKR exceeded Wall Street analysts’ predictions, as equity gains shifted the profitability of the 2006 buy-out fund into a higher gear.Net profits at KKR by GAAP accounting standards in January-March rose to USD193.4m, compared with USD190.4m in the corresponding period of last year, while economic net profits, which include the performance and value of private equity investments, fell by about 9% to USD627.6m, which nonetheless remains higher than analysts’ projections. Proceeds from the sale of shares in companies KKR had previously taken public, as well as an uptick in the fees it collects, helped the firm to generate distributable, or cash, earnings of USD290.6, up 77% yoy.
26/04/2013

Institutionals make progress in combating money laundering

Three quarters of companies targeted in an investor engagement aimed at improving disclosure and understanding of companies’ anti-corruption risk management have significantly improved their transparency in this area, according to the UN PRI. The results of this engagement will enable investors to better assess and manage their exposure to the financial, operational and reputational impacts of corruption risks in their portfolios.The engagement was undertaken by a coalition of 21 signatories to the Principles for Responsible Investment, a global body of investors who believe that environmental, social and corporate governance (ESG) factors affect the long-term performance of investment portfolios. The investor group, led by F&C Asset Management and Hermes Equity Ownership Services, collectively manages more than USD1.7 trillion in assets, and began engaging with 21 companies across 14 countries in March 2010 to encourage them to demonstrate that they had appropriate anti‐corruption controls.The findings were released as a group of 12 investors, collaborating through the PRI, work to launch the next phase of their work to engage with companies on anti-corruption issues. The new engagement will target up to 50 firms across a wider range of sectors and countries to better understand their ability to manage and reduce corruption-related risks and their capacity to improve practices and transparency.  
26/04/2013

Strong increase in net subscriptions at St. James's Place

P { margin-bottom: 0.08in; } In first quarter 2013, the British firm St. James’s Place (SJP) has posted net subscriptions of GBP847m, compared with GBP698m in the corresponding period of last year. The retention rate for assets of existing clients has remained at 95%.As of the end of March, assets totalled GBP39bn, which represents an increase of GBP4.2bn compared with 31 December. In twelve months, assets under management rose 26%.David Bellamy, CEO, has also announced that total new investments in Q1 inreased 28% year on year, to GBP1.6bn.
26/04/2013

Schroders recruits two for its LDI team

Schroders has announced two newly created senior appointments to support the continuing growth of its LDI team, based in London.Daniel Morris joins as LDI Solutions Manager; part of his role will be to work closely with new and existing clients and their advisers to understand their requirements and objectives and translate these into effective portfolios and strategies. He joins Schroders with over a decade of actuarial and investment consultancy experience at Towers Watson and AON Hewitt.Lef Sigalos joins Schroders Independent Group Risk team as Investment Risk Manager. In this role he will focus on Multi-Asset Investment and Portfolio Solutions, including LDI. He joins from F&C Asset Management where he undertook a number of senior positions over the past ten years, all with a specific focus on derivative investment risk and LDI. Most recently, Sigalos was Head of Investment Risk for F&C.

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