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12/04/2013

CGPI: Skandia se recentre sur ses 200 plus gros clients

Skandia France veut être plus sélective avec les CGPI, rapporte L’Agefi. L’assureur a annoncé qu’il va se recentrer sur les 200 clients avec lesquels il réalise 75% de ses encours et 80% de sa collecte brute, laquelle a atteint 300 millions d’euros en 2012. Quelques autres relations seront conservées, le solde étant géré en extinction (run-off). Les CGPI devraient être informés à partir de la fin du mois, précise le quotidien. Skandia France a décidé d’approcher la clientèle plus lucrative des grands comptes et des banques privées, avec des produits de niches.
12/04/2013
Fonds

WisdomTree prépare un ETF de petites capitalisations nippones

Compte tenu du succès remporté par son ETF Japan Hedged Equity Fund qui a atteint les 6 milliards de dollars d’encours, dont 4,76 milliards de souscriptions sur les six derniers mois, WisdomTree prévoit de lancer prochainement une version petites capitalisations de ce produit, rapporte Index Universe.Ce WisdomTree Japan Hedged SmallCap Equity Fund répliquera un indice exclusif pondéré par les dividentes de sociétés cotées à Tokyo dont la capitalisation boursière est d’au moins 100 millions de dollars et qui ont servi au moins 5 millions de dollars de dividende par an. Il faut aussi que le volume moyen de transactions soit d’au moins 100.000 dollars sur les trois derniers mois et que les échanges portent au minimum sur 250.000 titres mensuellement. Chaque ligne est plafonnée à 2 % du portefeuille et chaque secteur à 25 %.
Fonds
12/04/2013
Fonds

123Venture lance le FIP 123ISF

La société de gestion 123Venture lance le FIP 123ISF 2013 et une offre d’investissement dans des PME en direct via un mandat de gestion, 123Club PME 2013. Le FIP 123ISF 2013 investira dans des secteurs présentant, selon 123Venture, une forte capacité de résistance aux ralentissements économiques : hôtellerie, EHPAD, résidences pour seniors, crèches, campings haut de gamme, écoles privées, cliniques. En termes d’actifs, le fonds utilisera des outils de financement de type obligations convertibles ou actions de préférence qui devraient offrir une meilleure liquidité de ses investissements. Par ailleurs, 123Club PME 2013 est une offre d’investissement en direct dans les PME.
Fonds
12/04/2013
Fonds

Horizons USA prévoit trois ETF sur les "covered calls"

Filiale américaine d’Horizons ETFs Management (7 milliards de dollars), elle-même filiale du sud-coréen Mirae Asset Global Investments (58 milliards de dollars), Horizons USA annonce qu’elle vient de solliciter de la SEC l’agrément de commercialisation aux Etats-Unis de trois ETF sur des «covered calls» (options d’achat couvertes) qui devraient être cotés sur le New York Stock Exchange.D’autre part, Horizons USA indique avoir recruté Joe Counningham comme executive vice president et head of capital markets. Il était en dernier lieu director of institutional ETF order flow & national account manager chez ProShares.
Fonds
12/04/2013

AXA PE vend sa participation dans la société Aixam Mega

AXA Private Equity a annoncé jeudi 11 avril la vente de sa participation majoritaire dans la société Aixam Mega, société de production de voitures sans permis et d’utilitaires légers, à Polaris Industries Inc, un groupe industriel américain spécialisé dans le marché des sports mécaniques. Le montant de la transaction n’a pas été divulgué.
12/04/2013
Fonds

Omnes Capital propose un nouveau FCPI

Omnes Capital (anciennement Crédit Agricole Private Equity) annonce le lancement d’un nouveau FCPI, Capital Invest PME 2013. Commercialisé auprès de la clientèle de LCL Banque Privée depuis le 28 mars 2013, le fonds communs de placement dans l’innovation permet aux particuliers de bénéficier des dispositions fiscales au titre de l’impôt de solidarité sur la fortune (ISF) ainsi que l’impôt sur le revenu prévus par la loi TEPA. Les actifs du FCPI Capital Invest PME 2013 seront constitués à hauteur de 80% de PME innovantes européennes dans les secteurs des technologies de l’information et des sciences de la vie. Les 20% restant seront investis en actifs monétaires et obligataires non risqués. La réduction d’impôt peut aller jusqu’à 40% des sommes investies.Omnes Capital affiche 410 millions d’euros sous gestion.CaractéristiquesCode ISIN (parts A) : FR0011426337 Souscription minimale : 20 parts soit 2000 euros Droits d’entrée : 4% maximum TFAM global : 3,42% Durée de placement : 8 ans prorogeables 2 fois un an sur décision de la société de gestion
Fonds
12/04/2013

Acto Capital devient Ekkio Capital

L’équipe de l’ancien «Acto Capital» a annoncé le 11 avril la création de sa nouvelle société de gestion, baptisée Ekkio Capital, qu’elle détient majoritairement aux côtés de Luxempart, société d’investissement européenne cotée en bourse à Luxembourg. Ekkio Capital conserve la gestion des Fonds Acto, et l’équipe de gestion, inchangée, poursuivra la mise en oeuvre de la stratégie d’investissement qu’elle déploie depuis plus de dix ans. Elle continuera ainsi à privilégier une approche proactive et directe des sociétés pour mener des opérations primaires, et ce dans ses quatre secteurs de prédilection touchant à la santé, le tourisme et les loisirs, le green business et l’ITC (Inspection, Testing, Certification).Les investissements viseront avant tout des PME françaises opérant sur des marchés de niche à la croissance avérée, et offrant des perspectives de création de valeur essentiellement industrielle, notamment par croissance organique. Forte de son expertise sectorielle, l’équipe d’Ekkio Capital accompagnera aussi le développement de ces sociétés par une stratégie d’acquisitions ciblées, en France et en Europe, visant à terme la création d’acteurs de référence dans leur marché.Luxempart et Rothschild apportent leur soutien au déploiement de cette stratégie, notamment en détenant à parité la majorité des Fonds Acto. Ekkio Capital initiera prochainement la levée d’un troisième fonds, dont Luxempart sera le sponsor.
12/04/2013
Fonds

Guggenheim demande l'agrément pour quatre ETF BulletShares

L’américain Guggenheim Funds a notifié à la SEC des demandes d’agrément pour quatre ETF supplémentaires de sa gamme BulletShares spécialiste des obligations d’entreprise de catégorie investissement, rapporte Index Universe. Il s’agit de fonds avec des échéances échelonnées entre 2022 et 2025 et qui seront chargés chacun à 0,24 % et cotés sur la plate-forme électronique NYSE Arca.Ces ETF sont les suivants :•Guggenheim BulletShares 2022 Corporate Bond ETF (acronyme sur NYSE Arca: BSCM)•Guggenheim BulletShares 2023 Corporate Bond ETF (BSCN)•Guggenheim BulletShares 2024 Corporate Bond ETF (BSCP)•Guggenheim BulletShares 2025 Corporate Bond ETF (BSCQ)
Fonds
12/04/2013

Nomination chez Russell Investments

Russell Investments annonce la nomination d’Andrew Scherer au poste de directeur des contributions définies et de la distribution intermédiaire auprès des conseillers financiers. Il était auparavant sales director chez Invesco. Il sera basé à Chicago et travaillera sous la direction de Michael Winnick, managing director sales and partnerships.
12/04/2013

Funds suffer from poor image

P { margin-bottom: 0.08in; }A:link { } According to a survey of 11,000 people in 11 countries of the European Union undertaken at the initiative of the German asset management firms, 79% of respondents feel that investment funds are an adequate vehicle for long-term savings, the Börsen-Zeitung reports. But nearly three quarters of respondents are convinced that funds are speculative and complex.
12/04/2013

First Trust lists its AlphaDex ETFs in London and Dublin

P { margin-bottom: 0.08in; } The US firm First Trust Advisors has listed three ETFs of its AlphaDex range for trading on the London Stock Exchange (LSE) and Dublin Stock Exchange (ISE), Index Universe reports. They include the First Trust United Kingdom AlphaDEX UCITS ETF, which replicates the FTSE 100, the First Trust US Large Cap Core AlphaDEX UCITS ETF (S&P 500), and the First Trust Emerging Markets AlphaDEX Ucits ETF (MSCI Emerging Markets).First Trust is planning to launch other products as demand increases.
12/04/2013

Raiffeisen signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen Capital Management has signed a distribution agreement with the Italian group Banca Sella, Bluerating reports. The 39 funds from the Austrian firm will now be available via the network of financial advisers and private bankers of Banca Patrimoni Sella & C. and Banca Sella.
12/04/2013

Swedish investors turn to balanced funds in March

P { margin-bottom: 0.08in; } Funds on sale in Sweden in March recorded net inflows of SEK3.5bn, according to the most recent statistics from the Swedish investment fund association, Fondbolagens Förening. The largest net deposits were made in balanced funds, with SEK4.4bn. Equity funds had a total net inflow of SEK 1.5 billion. Mainly due to large net deposits in North American funds, Sweden funds, Global Funds and funds investing in Japan. Net withdrawals were, on the other hand, made from funds investing in emerging markets, mainly from Eastern European funds. Bond funds, on the other hand, recorded a net outflow of SEK 3.1 billion during the month. The total fund assets in Sweden amounted at the end of the month to record high SEK 2,180 billion.
12/04/2013

Deutsche AWM lists 5 more db x-trackers in Hong Kong

P { margin-bottom: 0.08in; }A:link { } On 11 April, Deutsche Asset & Wealth Management (DeAWM) listed five of its Luxembourg-registered ETFs of the db x-trackers brand on the Hong Kong stock exchange. For the first time, they offer local investors access to ETFs investing in the Singapore, Bangladesh and Pakistan markets. With the Philippines product, all of these funds replicate MSCI investable market (IM) indices.The fifth db x-trackers ETF newly listed in Hong Kong replicates an index of Asia ex-Japan equities that pay high dividends.The five funds are:db X-trackers MSCI Bangladesh IM Index UCITS ETF (LU0592216120)db X-trackers MSCI Pakistan IM Index UCITS ETF (LU0755277992)db X-trackers MSCI Philippines IM Index UCITS ETF (LU0592215668)db X-trackers MSCI Singapore IM Index UCITS ETF (LU0755279428)db X-trackers MSCI AC Asia Ex Japan High Dividend Yield Index (LU0592216120)DeAWM now has 35 ETFs listed in Hong Kong, making it the largest provider in this market.
12/04/2013

Former head of Swisscanto joins Suva

P { margin-bottom: 0.08in; }A:link { } The former head of credit and fixed income at Swisscanto, Mirko Santucci, has been recruited by Suva, one of the largest insurers in Switzerland, to develop its emerging market debt capacities, Citywire reports.
12/04/2013

Lombard Odier recruits a fixed income specialist from Ignis

P { margin-bottom: 0.08in; } The Swiss Lombard Odier Investment Managers group has recruited the fixed income specialist Grant Peterkin, who had previously worked at Ignis Asset Management, Citywire Global reports. Peterkin will join the new team which unites the global bond and emerging market units, and takes responsibility for government bonds for the Total Return fund, managed by Gregor McIntosh, the head of fixed income and asset allocation.
12/04/2013

Appointment at Russell Investments

P { margin-bottom: 0.08in; }A:link { } Russell Investments has announced the appointment of Andrew Scherer as director of defined contributions and intermediary distribution to financial advisers. He will be based in Chicago, and will report to Michael Winnick, managing director sales and partnerships.
12/04/2013

Tiberius adopts a VCH fund

P { margin-bottom: 0.08in; } The Swiss firm Tiberius Asset Management (TAM), based in Zug, has announced that it has taken over the Luxembourg fund VCH Expert Natural Resources (LU0184391075) from the German firm VCH Vermögensverwaltung AG (Altira group). The fund comes as an addition to a commodity fund of the Tiberius range which already includes long-only, long/short and global macro products. The product, launched on 5 July, 2004, as of the end of March had assets of EUR41.94m.Meanwhile, Tiberius has recruited Torsten Dennin, co-manager of the fund since July 2010.
12/04/2013

BlackRock recruits a Schroders veteran

P { margin-bottom: 0.08in; } BlackRock has recruited Sabrina Gan as head of retail distribution in Singapore, Asian Investor reports. Gan, who began in her new role late last week, worked at Schroders until 27 March this year, as head of sales and distribution.
12/04/2013

Guggenheim files for 4 BulletShares ETFs

P { margin-bottom: 0.08in; }A:link { } The US firm Guggenheim Funds has notified the SEC of license applications for four more ETFs of its BulletShares product range, specialised in investment grade corporate bonds, Index Universe reports. They are funds with maturity dates ranging from 2022 to 2025, which will each charge 0.24%, and will be listed on the NYSE Arca electronic platform.The ETFs are the following:•Guggenheim BulletShares 2022 Corporate Bond ETF (NYSE Arca ticker: BSCM)•Guggenheim BulletShares 2023 Corporate Bond ETF (BSCN)•Guggenheim BulletShares 2024 Corporate Bond ETF (BSCP)•Guggenheim BulletShares 2025 Corporate Bond ETF (BSCQ)
12/04/2013

Third Point launches a hedge fund dedicated to Greece

P { margin-bottom: 0.08in; }A:link { } The US firm Third Point is launching a hedge fund dedicated to Greece, the Third Point Hellenic Recovery Fund, which will invest in event-driven corporate situations, the news agency Reuters reports. The firm, based in New York, is planning to invest less than 1.5% of assets available to its hedge funds in the new strategy, while collecting new capital from institutional investors. With this strategy dedicated to Greek assets, Third Point joins several other major US players, such as Oaktree Capital Group and Fortress Investment Group, in the search for opportunities after five years of recession and prospects of a better day.
12/04/2013

WisdomTree preparing an ETF of Japanese small caps

P { margin-bottom: 0.08in; } Due to the success of its Japan Hedged Equity Fund ETF (ticker on NYSE Arca: DXJ), which has USD6bn in assets, of which USD4.76bn are subscriptions in the past six months, WisdomTree is planning to launch a small caps version of the product, Index Universe reports. The WisdomTree Japan Hedged SmallCap Equity Fund will replicate an exclusive index weighted by dividends at companies listed in Tokyo, whose market capitalisation is at least USD100m, and which have paid at least USD5m in dividends per year. The average trading volume also needs to be at least 250,000 shares per month. Each position is limited to 2%, and each sector to 25%.
12/04/2013

Horizons USA plans three ETFs based on covered calls

P { margin-bottom: 0.08in; } Horizons USA, an affiliate of the US firm Horizons ETF Management (USD7bn), itself an affiliate of the South Korean Mirae Asset Global Investments (USD58bn), has announced that it has applied to the SEC for a sales license in the United States for three ETFs of covered calls, which would be listed on the New York Stock Exchange.Horizons USA has also announced the recruitment of Joe Cunningham as executive vice president and head of capital markets. He had most recently been director of institutional ETF order flow & national account manager at ProShares.
12/04/2013

Coutts recruits in Middle East

P { margin-bottom: 0.08in; }A:link { } The British wealth management firm Coutts, an affiliate of Royal Bank of Scotland (RBS), has recruited Hussam Rinno as head of Middle Eastern clients. He had previously been head of private clients at Vontobel for Jordan, Lebanon, Iraq and Saudi Arabia, finews reports.Coutts has also recruited three executives from Deutsche Bank, Michael Dismorr, who had been chairman advisory board Middle East and head key clients Middle East & Africa, who joins the firm in Dubai, and Luc Voirol (in Dubai) and Martin Hungerbühler (in Geneva).Lastly, Nadim Khan, who had been responsible for ultra-high net worth retail clients at Emirates NBD, is also joining Coutts in Dubai.
12/04/2013

Edhec highlights compatibility of risk management and investment horizons

A new Edhec-Risk Institute publication, “Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints,” produced as part of the BNP Paribas Investment Partners (BNPP IP) research chair on “Asset-Liability Management and Institutional Investment Management,” demonstrates that failing to separate long-term risk-aversion and short-term loss-aversion may lead to poor investment decisions. As an illustration, the research points to a 32% opportunity cost when managing maximum drawdown constraints inefficiently through an excessive level of hedging.This survey mainly shows that:• relatively simple solutions exist that can be implemented as dynamic asset allocation strategies in order to control short-term risk levels while maintaining access to long-term sources of performance. and that • these solutions are a substantial improvement over traditional strategies without dynamic risk control, which inevitably lead to under-spending of investors’ risk budgets in normal market conditions, with a strong associated opportunity cost, and over-spending of investors’ risk budget in extreme market conditions.
12/04/2013

Quantitative funds have more assets under management than hedge funds

P { margin-bottom: 0.08in; }A:link { } Quantitative funds control nearly one third of all assets in the hedge fund sector, according to statistics from Hedge Fund Research, the news agency Reuters reports. These strategies have total assets of USD677bn, our of total assets of USD2.3trn. Last year, quantitative fund attracted nine tenths of net inflows to hedge funds, which brought their percentage of assets to about 30%, compared with 25% four years ago. More precisely, out of net inflows to hedge funds in 2012 of USD34.4bn, quantitative funds captured USD33.1bn. At the time of the market crisis and turbulence of 2008, systematic funds posted average growth of 18%. Since 2009, assets in quantitative funds have risen by more than 66%, at a time when assets in the hedge fund sector overall have risen by about 40%.
12/04/2013

Santander may sell a part of its asset management unit

P { margin-bottom: 0.08in; }A:link { } According to sources familiar with the matter, Santander may be planning to sell a part of its asset management division (EUR140bn in assets as of the end of September) in order to comply with stricter European prudential requirements, but a spokesperson for the Spanish group declined to comment, The Wall Street Journal reports. The newspaper says, without giving names, that the bank has recently been in talks regarding the matter with a private equity investor or another financial group.
12/04/2013

Hausse des encours gérés par Charles Stanley Group

Le britannique Charles Stanley Group a fait état d’encours sous gestion de 16,36 milliards de livres à fin 2012. Au cours du trimestre se terminant le 31 décembre 2012, les encours ont progressé de 4,6% comparé aux 15,64 milliards de livres à fin septembre. Les fonds à gestion discrétionnaire ont vu leurs encours augmenter de 7,1 %, de 5,35 à 7,73 milliards. Le bénéfice sur le trimestre sous revu s’est élevé à 31,1 millions de livres, contre 27,4 millions au trimestre précédent.
12/04/2013

Man Group to free up owners' equity through change in legal status

P { margin-bottom: 0.08in; }A:link { } Man Group on 11 April announced that a change to its regulatory status, which will result in a limitation of its licensed field of action, will allow it to free up about EUR550m in owners’ equity.The reduction in regulatory owners’ equity reflects a change in the activities of Man Group, to require less owners’ equity than in previous years, such as for seed capital activities or for guaranteed products.Man Group states, however, that the new legal status has yet to be approved by the Financial Conduct Authority (FCA), probably in third quarter.Pending confirmation of the figures advanced, excess owners’ equity at Man Group may total about USD920m as of 1 January 2014, an increase in the cushion of about USD550m.
12/04/2013

SWIP recruits a big name from Standard Life

P { margin-bottom: 0.08in; } Money Marketing reports that Scottish Widows has recruited Ronnie Taylor, workplace managing director and CEO of Vebnet, from Standard Life. He will be in charge of development for investment and corporate retirement units, and will report directly to Toby Strauss, CEO.

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