P { margin-bottom: 0.08in; } The head for the Asia-Pacific region at Pimco, Ki Myung Hong, has decided to leave his position from 28 February, Asian Investor reports.Until a successor for him can be found, his responsibilities will be taken over by the chief operating officer, Douglas Hodge, for the interim.Ki joined Pimco in July 2010.

P { margin-bottom: 0.08in; } The Brazilian asset management firm Bradesco (BRAM) is planning to launch a fund dedicated to Latin American equities by the end of 2013, Citywire reports.The Luxembourg-domiciled fund comes as an addition to the Bradesco Sicav range, which now has five UCITS funds.The initiative comes as part of a desire on the part of the Brazilian firm to increase its presence in Europe, and in major worldwide markets.

P { margin-bottom: 0.08in; } In the final days of February, Italian elections brought fears that the euro zone debt crisis would return to the foreground, to such an extent that investors put the brakes on their equity purchases. In the weeek ending on 27 February, emerging market equity funds underwent redemptions for the first time since the beginning of September, according to estimates from EPFR Global.The research agency has also observed record outflows from gold funds, which are generally a sign of a rise in appetite for risk. However, in light of the scale of the redemptions (about USD4bn), EPFR Global estimates that this is rather a short-selling operation, amid rising volatility, rumours of currency wars, and concerns about the euro zone.Certain asset classes, however, have continued to rise. Global equity funds once again finished the week with gains, and inflows for the past ten weeks of USD38.8bn. Diversified funds have posted additional net inflows of over USD1bn for the seventh time in the eight weeks since the beginning of the year.

P { margin-bottom: 0.08in; } Swiss Mobiliar Asset Management Ltd., the asset management arm of one of the largest Swiss private insurance groups, Mobiliar Group, has retained Caceis (Switzerland) SA to administer its new Swiss real estate fund, MobiFonds Swiss Property, according to a statement released on 1 March by Caceis. The fund will invest in a Swiss high-end real estate portfolio, privileging the major economic centres and their suburbs. The product, launched on 15 March 2013, will be aimed exclusively at institutional investors.

P { margin-bottom: 0.08in; } As of 31 December, total assets at Fortress Investment Group came to USD53.43bn, up 4% over USD51.47bn as of the end of September, and up 22% compared with USD43.71bn one year previously. Assets in private equity increased by 14% to USD14.27bn, and the group has announced that total «dry powder» commitments totalled USD6.2bn as of the end of 2012, of which USD5bn are for newer vintage funds.Net profits by GAAP accounting standards for 2012 as a whole totalled USD219m, compared with losses of USD1.117bn the previous year.

P { margin-bottom: 0.08in; } A spokesperson for State Street has confirmed to Hedge Week that its affiliate SSARIS, specialised in alternative management, has liquidated the SSARIS Multi-Manager Japan Equity Fund, a fund of funds focused on Japanese equities, which had been managed primarily in New York by the CEO of SSARIS, Mark Rosenberg, and COO Jim Torneo. It appears that the liquidation is due to low asset levels, below USD10m. The fund has posted losses of 1.83% between its launch in 2005 and the end of June 2012.

P { margin-bottom: 0.08in; } Assets under management at the South African Old Mutual group last year rose 3% to GBP262.2bn, according to a statement released on 1 March. Net inflows, which totalled GBP5bn, and a positive market effect of GBP26.9bn, were partly offset by a reduction in assets under management of GBP27bn due to th sale of companies affiliated to USAM, and the sale of Old Mutual Wealth activities in Finland. In the United Kingdom, net inflows to the Old Mutual Wealth platofrm totalled GP2.2bn, meaning that assets under management as of the end of 2012 totalled GBP22.6bn. In the United States, assets under management finished the year at GBP128.4bn, up 14% compared with the end of 2011. Net inflows totalled GBP0.9bn, while the 2011 fiscal year ended with outflows of GBP3bn.

P { margin-bottom: 0.08in; } The Inverco association of Spanish asset management firms has reported a net inflow to securities funds of EUR1.195bn in February, the highest level posted since March 2006. The first two months have been positive to the tune of USD2.257bn.

P { margin-bottom: 0.08in; } At a press conference to announce the launch of RDR share classes denominated in pounds sterling for British investors (TOBAM Anti-Benchmark UK Equity (R units ISIN: FR0011412618), TOBAM Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634) and TOBAM Anti-Benchmark World Equity (R units ISIN: FR0011412626)), Tobam has announced that its net inflows in 2012 hell to USD631m, from USD741m in 2011, and that its assets rose 52% last year and 44% in 2011. As of 31 January, assets under management topped USD3bn, the level reached in June 2011, with the addition of assets in funds and mandates awarded but not yet deployed (see Newsmanagers of 10 October 2011).

P { margin-bottom: 0.08in; } Warren Buffett estimates that he missed several opportunities to buy last year, and hopes to catch up this year with acquisitions totalling several billion dollars, Les Echos reports. “We have gone back out on safari, and we will be hunting elephants,” he writes in his traditional annual letter to investors, published on 1 March. However, he regrets that the value of his assets has not increased as much as the US stock exchange last year, with gains of only 14.4%, compared with 16%. In nearly 50 years of activity, this is only the ninth time that the comparison has not gone in his favour. “We are doing better when the winds are against us,” he admits.

P { margin-bottom: 0.08in; } Are institutional investors in the process of returning to equity markets? Statistics published by Morningstar suggest that they are. An examination of the most popular investments on Morningstar platforms in 2012 (mutual funds, ETFs and segregated accounts) demonstrate that institutionals are primarily interested in US and international equities. In January 2012, equity mutual funds posted inflows of USD15.5bn, an amount not seen in any month since 2004, and the first time in nearly two years that equity funds have finished a month with positive results.“Institutional investors appear to be showing a preference for US equities in the full spectrum of cap sizes, as well as for international equities. It is also interesting to note that institutional investors who have conducted research in the segregated account segment last year concentrated nearly exclusively on active strategies. The lowest prices negotiated for segregated accounts fro major investors may indicate that investors still have an appetite for active management, but only at competitive prices,” says Paul Justice, director of fund research at Morningstar. Financial advisers and retail investors last year, for their part, were rather in search of return strategies which allow them to reduce risks. “Individual investors and financial advisors have an high aversion to risk, but they appear to make exceptions for emerging market equities, which appears to indicate that the remaining appetite for risk at any level is primarily international,” Justice says.

P { margin-bottom: 0.08in; } Index Universe on 28 February announced that, due to increases in assets, Vanguard has been able to reduce the total expense ratio for its Vanguard FTSE Emerging Markets Index ETF (NYSE Arca ticker: VWO) to 0.18% from 0.20%. It now has the same TER as the iShares Core MSCI Emerging Markets ETF, but the Schwab Emerging Markets Equity ETF costs 0.15%.

P { margin-bottom: 0.08in; } Schroders is launching a Schroders long/short equity fund as an addition to its alternative management product range, with the release on the French market on 1 March of the Schroder GAIA Sirios US Equity. The fund will be outsourced to an external manager known for the US Long/Short Equity strategty, and will be added to the Schroder GAIA Sicav, specialised in liquid alternative strategies, adapted to the UCITS IV format. The Sicav, launched by Schroders in November 2009, has assets under mangement of over USD1.5bn as of the end of January 2013. The new long/short equity fund, managed by the US firm Sirios Capital Partners, aims to invest primarily in equities in US mid and large caps, with possible exposure to Asia and Europe. It will aim to invest in securities that combine attractive growth and valuation perspectives, while maintaining short positions on businesses with sub-optimal fundamentals and less solid balance sheets. It may also be exposed to bond markets, if the asset management team considers this opportune. Schroders now has five funds on the GAIA platform, three of which are managed by external managers (Schroder GAIA Egerton Equity, Schroder GAIA CQS Credit, et Schroder GAIA Sirios US Equity), while two focus on internal expertise (Schroder GAIA QEP Global Absolute et Schroder GAIA Global Macro Bond).

P { margin-bottom: 0.08in; } The British asset management firm Armstrong Investment Managers, specialised in multiple asset classes, has announced on its website that it has recruited Vincent Tournant from Newedge Prime Brokerage as COO, a newly-created position. Meanwhile, the firm has recruited Philip Riris (ex Avalon Capital Markets) as analyst, and Andy Hutcheon (formerly of Barclays Wealth) as sales manager.

P { margin-bottom: 0.08in; } With the FTSE Implied Volatility Index Services (IVI) range, FTSE Group is launching end-of-day indices which measure the implied volatility of the FTSE 100 and FTSE MIB indices. For each market, implicit volatility estimates for 30, 60, 90 and 180 days will be available, and there will even be a 360-day IVI for the FTSE 100.

P { margin-bottom: 0.08in; } Switzerland is calling for strict measures to combat severance pay and other golden parachutes. On 3 March, an initiative to combat abusive pay scales passed with 67.9% in favour, an all-time high. Th most recent developments in the scandal connected with Novartis chief Daniel Vasella has brought support for those who promote tightening the rules, and all cantons have voted in faour of the bill.

P { margin-bottom: 0.08in; } Starting today, web surfers can vote at dangerous-finance.eu for the “most dangerous financial product,” Les Echos reports. The initiative is at the impetus of German MP Sven Giegold, of the Green party, who is highly critical of financial regulatory issues, alongside the Belgian Pierre Lamberts (the originator of bonus ceilings) and the French Pascl Canfin, before he left the European parliament to join the French government. “In many areas of economic life, it is possible to forbid dangerous products. This idea needs to be applied in the financial sphere as well,” he explains to Les Echos.

P { margin-bottom: 0.08in; } “Say on pay” may not have been the panacaea one had thought it to be. The principle was established in 15 countries of the European Union, with various formulations. And it merited simplicity: all remuneration to directors and holders of elected positions, including both set and variable pay, subject to a shareholder vote.In France, the Assemblée Nationale has released a report on the mission to gather information on transparency and governance at major businesses, which includes 20 proposals to set up more responsible governance for long-term strategies, including a French proposal for say on pay.Does “say on pay” need to be introduced for French businesses? Frédéric Palomino, a researcher in economics at the Edhec Business School, says the answer is not beyond doubt. “Say on pay” is a deliberate failure. In a position paper entitled “Remuneration of corporate management: What can we expect from say on pay?” Palomino reviews the various models which have already been established internationally for several years, for which the number of observations is wide, but the conclusions that can be drawn about the effectiveness of say on pay is based on anecdotal observations.The various empirical studies undertaken in countries where the principle has been established show that the measure does not modify pay scales. In the case of the United Kingdom, where a vote on compensation, which is genuinely non-binding, has been in place for a decade, a Feri and Maber study (2012) finds that the establishment of say on pay did not influence the rate of growth of pay scales. Say on pay resulted in a larger disparity between management pay scales, but did not have an influence on the average level.Say on pay is generally received with scpeticism by actors. The only positive aspect of say on pay appears to be corrections for extreme situations at businesses at which returns are poor and pay is abnormally high.As a result, it is legitimate to ask questions about regulations which lead to additional administrative cost for all businesses, at a time when it will only allow for some extreme cases to be corrected.

P { margin-bottom: 0.08in; } Wolfgang Leoni, CIO since 2007, will on 1 April become chairman of the managing board at Sal. Oppenheim. According to a release from the Cologne-based private bank, he will be replacing Wilhelm von Haller, who is returning to “an important position” at Deutsche Bank which ordered him to the private bank when the latter was bailed out in 2009.

Face à Bâle 3 qui pénalise les prêts classiques, «nous sommes en train de signer un accord sous forme de [fonds de] prêts avec Amundi», annonce à l’Agefi Vincent Tricon, directeur de SG Mid Cap, la coentreprise de la banque de détail et de la BFI. Filiale à 25% de la Société Générale, Amundi a monté un fonds de loans multioriginateur et multi-investisseur, avec une première tranche de 475 millions d’euros. L’an dernier déjà, SG Midcaps avait créé un fonds commun de placement pour le compte d’Axa, en conservant 20 % des créances originées à son bilan. Avec Amundi, le pourcentage devrait être inférieur mais les entreprises éligibles auront un chiffre d’affaires supérieur à 500 millions d’euros, contre 250 millions avec Axa.

A l’occasion de l’annonce du lancement de parts RDR en livres sterling pour les investisseurs britanniques (*), Tobam a indique que ses rentrées nettes ont diminué en 2012 à 631 millions de dollars contre 741 millions en 2011 et que ses encours ont gonflé de 52 % l’an dernier et de 44 % en 2011.Au 31 janvier, les actifs gérés ont franchi la barre des 3 milliards de dollars, soit le niveau atteint en juin 2011 en ajoutant à l’encours des fonds le montant des mandats attribués mais non encore libérés (lire Newsmanagers du 10/10/2011).(*)TOBAM Anti-Benchmark UK Equity (R units ISIN: FR0011412618),TOBAM Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634) et TOBAM Anti-Benchmark World Equity (R units ISIN: FR0011412626)

Le déficit de financement de 109 fonds de pension publics aux Etats-Unis a bondi de 20% l’an passé à 834,2 milliards de dollars, après deux ans de repli, selon le consultant Wilshire cité par L’Agefi.

State Street Global Advisors envisage de lancer un quatrième ETF dédié aux dividendes, avec cette fois une attention particulière aux marchés globaux afin de diversifier l’exposition aux titres offrant des dividendes élevés dans un contexte persistant de rendements obligataires très bas, rapporte IndexUniverse.Le SPDR S&P Global Dividend ETF sélectionnera des participations dans un vivier de sociétés des pays développés et émergentes tels que Australie, Canada, Chine, France, Allemagne, Hong Kong, Italie, Jamon, Pays-Bas, Russie, Espagne, Suède, Suisse, Royaume-Uni et Etats-Unis. Le fonds, qui s’inspirera du S&P Global Dividend Aristocrats Index, rejoint les trois ETF disponibles dédiés aux dividendes, à savoir le SPDR S&P Dividend (NYSEArca: SDY), the SPDR S&P Emerging Markets Dividend ETF (NYSEArca: EDIV) and the SPDR S&P International Dividend ETF (NYSEArca: DWX).

Morgan Stanley a fait alliance avec la société de services financiers basée à Chicago, Mesirow Financial, pour lancer une stratégie CTA sur sa plateforme de fonds alternatifs, rapporte Citywire.Le fonds au format Ucits MS Discretionary Plus est la dernière stratégie CTA qui vient enrichir la plateforme FundLogic Alternative de Morgan Stanley. La nouvelle stratégie réplique le fonds CTA de Mesirow Financial, le Mesirow Absolute Return Plus Strategy. Le fonds cherche à avoir une exposition d’au moins 75% aux matières premières tout en identifiant deux ou trois thèmes macro qui sont ensuite exploités avec des contrats de futures. Le gérant du fonds sera le stratégiste senior de Mesirow, Tom Willis.

Dans les derniers jours de février, les élections italiennes ont fait craindre un retour au premier plan de la crise de la dette dans la zone euro si bien que les investisseurs ont eu tendance à freiner leurs achats d’actions. Durant la semaine au 27 février, les fonds d’actions émergentes ont ainsi subi des rachats pour la première fois depuis début septembre, selon les estimations communiquées par EPFR Global. Le cabinet de recherche observe par ailleurs une décollecte record sur les fonds d’or, généralement le signal d’un regain d’appétit pour le risque. Compte tenu toutefois de l’ampleur des rachats (autour de 4 milliards de dollars), EPFR Global estime qu’il s’agirait plutôt d’opérations de couverture de positions à découvert en raison d’une volatilité croissante, de rumeurs de guerre des monnaies et d’inquiétudes sur la zone euro. Certaines classes d’actifs ont toutefois poursuivi sur leur lancée. Les fonds d’actions globales ont encore terminé la semaine dans le vert et collecté sur les dix dernières semaines 38,8 milliards de dollars. Les fonds diversifiés ont encore enregistré une collecte de plus de 1 milliard de dollars pour la septième fois en huit semaines depuis le début de l’année.

Le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé au 31 janvier 2013 à 2.405,928 milliards d’euros contre 2.383,826 milliards d’euros au 31 décembre 2012, soit une augmentation de 0,93% sur un mois, selon les chiffres communiqués le 1er mars par la Commission de surveillance du secteur financier (CSSF). Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 11,54%.L’industrie des OPC luxembourgeois a donc enregistré au mois de janvier une variation positive se chiffrant à 22,102 milliards. Cette augmentation représente le solde des émissions nettes positives à concurrence de 26,675 milliards d’euros (+1,12%) et de l’évolution défavorable des marchés financiers à concurrence de -4,573 milliards d’euros (-0,19%).

La société de gestion brésilienne Bradesco (BRAM) envisage de lancer un fonds dédié aux actions latino-américaines d’ici à la fin de l’année 2013, rapporte Citywire.Le fonds domicilié au Luxembourg viendrait renforcer la gamme de sicav de Bradesco, qui compte actuellement cinq fonds Ucits. Cette initiative s’inscrit dans la volonté de la société brésilienne d’accroître sa présence en Europe et sur les grands marchés dans le monde.

Selon les statistiques de Morningstar, dont l’historique remonte à 2007, les fonds européens de long terme ont engrangé en janvier une collecte nette record de 45.657 millions de dollars en janvier, ce qui porte le total sur les douze mois à 244.155 millions et les encours à 4.302 milliards de dollars, ce qui représente une croissance organique de 6,42 % sur douze mois.Toutes les classes d’actifs et neuf des dix premiers promoteurs de fonds (l’exception étant BNP Paribas) ont enregistré des rentrées nettes en janvier.Les plus fortes souscriptions nettes du mois ont été affichées par le Templeton Global Total Return Fund, avec 1.094 millions de dollars (et 3.540 millions sur 12 mois).Sur le mois, Pimco a drainé 4.225 millions de dollars, devant Franklin Templeton (2.913 millions) et Aberdeen (2.727 millions). Sur douze mois, cependant, Pimco se détache largement, avec une collecte de 34.697 millions de dollars, devant BlackRock avec 10.199 millions.

Dans le sillage de l’entrée à son capital de deux assureurs, la boutique suédoise de gestion Tundra Fonder, créée en 2011, envisage d’enrichir sa gamme de fonds et d’embaucher de nouveaux gérants, rapporte Investment Europe. La société de gestion spécialisée sur les marchés émergents a levé des capitaux récemment avec l’entrée dans son tour de table des assureurs finlandais Alandia-Bolagen et Ålands Ömsesidiga Försäkringsbolag, à hauteur de 9% chacun. Tundra Foner envisage ainsi de porter sa gamme de trois actuellement à sept fonds, avec l’introduction dans toutes ses stratégies de compartiments en dollar et en euro. D’ici à l'été, la société espère lancer trois nouveaux fonds, dont un fonds dédié aux marchés frontières, Frontier Opportunities, qui pourrait être proposé dès la mi-mars. Un quatrième fonds est programmé pour l’automne prochain. Au terme de sa première année pleine d’activité, Tundra Fonder affichait fin décembre 46 millions d’euros d’actifs sous gestion répartis dans trois fonds (Pakistan, Russie et Agri & Food).

Le patron de la région Asie-Pacifique chez Pimco, Ki Myung Hong, a pris la décision de quitter ses fonctions à compter du 28 février, rapporte Asian Investor.En attendant de lui trouver un successeur, l’intérim sera assuré par le chief operating officer, Douglas Hodge. Ki Myung Hong avait rejoint Pimco en juillet 2010.