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28/01/2013
Fonds

La Française lance un fonds à échéance 2018

La Française a annoncé le lancement du fonds à échéance LFP Rendement Global 2018. Ce fonds obligataire à horizon 6 ans est axé sur le crédit européen et américain et la dette émergente. Le crédit Europe / U.S. peut représenter jusqu’à 100% de l’allocation du fonds. Le portefeuille peut être investi dans les pays hors OCDE (pays émergents) jusqu’à 30% de l’allocation. Les positions en dollars U.S. sont couvertes du risque de change. Caractéristiques - Parts disponibles : I – FR0011370998 (capitalisation), R – FR0011370972 (capitalisation), D – FR0011370980 (distribution) - Pénalités d’entrée durant la période de commercialisation : néant - Fermeture définitive du fonds aux souscriptions : au plus tard le 30 septembre 2013 - Pénalités de sortie : néant - Frais courants estimés à la date d’agrément : Part I = 0.7% TTC, dont frais de fonctionnement et de gestion : 0,6% TTC maximum Parts R/D = 1.3% TTC, dont frais de fonctionnement et de gestion : 1,2% TTC maximum
Fonds
28/01/2013
Fonds

Antecedo lance son premier fonds obligataire

Kay-Peter Jones, fondateur d’Antecedo Asset Management (500 millions d’euros), est le gérant du premier fonds obligataire de la maison, le Antecedo Euro Yield, lancé le 20 décembre. Ce produit investit la plus grande partie de son portefeuille en titres des meilleures signatures de même échéance résiduelle que l’indice de référence, le iBoxx Averall AAA-AA TR (emprunts d’Etat, Pfandbriefe et obligations d’entreprises).La surperformance doit venir d’une stratégie d’options et de trading portant sur l’achat d’options d’achat et de vente longues et la vente simultanée d’options d’achat et de vente courtes nettement hors de la monnaie sur des titres cotés en Bourse et très liquides (futures sur Bunds, Bobl, et Treasurys US).L’objectif est de générer systématiquement une surperformance de 2 points de pourcentage chaque année par rapport à l’indice de référence.CaractéristiquesDénomination : Antecedo Euro YieldCode Isin : DE000A1J6B01Prix initial de la part : 100 eurosDroit d’entrée : 2 %Commission de gestion 0,47 %Commission de performance : 15 % de la surperformance par rapport au iBoxx € AAA-AA TR avec high watermark.
Fonds
28/01/2013
Fonds

Stagnation d'encours pour les fonds durables en Allemagne

Selon EcoReporter, l’encours des 282 fonds «développement durable» disponibles en Allemagne ressortait à 28,1 milliards d’euros, soit le même montant qu’un an auparavant, pour 293 fonds, rapporte Das Investment. En 2010, les encours totaux représentaient 32,4 milliards d’euros, contre 30,1 milliards en 2009.Dix fonds ont été lancés l’an dernier pendant que 21 étaient liquidés, pour la plupart des produits avec peu d’encours.
Fonds
28/01/2013
Fonds

Francfort cote six nouveaux ETF d’UBS

Depuis le 24 janvier, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) compte 1020 ETF avec l’admission à la négociation de six ETF de droit irlandais lancés par UBS (Irl) ETF Plc. Il s’agit en réalité de trois nouveaux produits d’actions dont les parts retail (A) et institutionnelles (I) portent à chaque fois des codes Isin différents l’un de l’autre. Tous ces fonds répliquent des indices de la gamme Solactive de l’allemand Structured Solutions couvrant les mines d’or et de cuivre ainsi que les compagnies pétrolières.CaractéristiquesDénomination: UBS (Irl) ETF plc - Solactive Global Pure Gold Miners (USD) A-disCode I sin: IE00B7KMNP07Indice de référence : Solactive Global Pure Gold Miners Net Total Return IndexTFE: 0,60 %Dénomination: UBS (Irl) ETF plc - Solactive Global Pure Gold Miners (USD) I-disCode Isin: IE00B7KMTJ66Indice de référence: Solactive Global Pure Gold Miners Net Total Return IndexTFE: 0,43 %Dénomination: UBS (Irl) ETF plc - Solactive Global Copper Mining (USD) A-disCode Isin: IE00B7JM9X10Indice de référence : Solactive Global Copper Mining Net Total Return IndexTFE: 0,65 %Dénomination: UBS (Irl) ETF plc - Solactive Global Copper Mining (USD) I-disCode Isin: IE00B7JMFQ66Indice de référence: Solactive Global Copper Mining Net Total Return IndexTFE: 0,48 %Dénomination: UBS (Irl) ETF plc - Solactive Global Oil Equities (USD) A-disCode Isin: IE00B5PYL424Indice de référence: Solactive Global Oil Equities Net Total Return IndexTFE: 0,50 %Dénomination: UBS (Irl) ETF plc - Solactive Global Oil Equities (USD) I-disCode Isin: IE00B7KYPQ18Indice de référence: Solactive Global Oil Equities Net Total Return IndexTFE: 0,33 %
Fonds
28/01/2013

Russell Investments recruits a head for Scandinavia

Russell Investments has recruited Sjef Pieters has head of Scandinavia, IPE.com reoprts. He will be based in Amsterdam, and will be responsible for the institutional market in the region. He joins from SAIL Advisors, where he had been senior vice president. Before that, he had been head of Lyxor Benelux, and a principal at Barclays Global Investors.
28/01/2013

Bankinter aims for EUR20bn by the end of 2015 in private banking

María Dolores Dancausa, MD, has announced that Bankinter is aiming for assets of EUR20bn by the end of 2015 in private banking, compared with EUR14.7bn currently, which would increase its market share to 10% from 6% in three years, Funds People reports. The ambition is for this unit to focus on clients with over EUR1bn in financial savings, and to contribute 25% of the bank’s revenue.Currently, the Bankinter private banking arm has 38 branches, with 200 private bankers, 177 of whom were already staff, while the remainder were recruited externally.Bankinter funds have assets of EUR5.03bn, compared with EUR4.74bn one year earlier, while assets in pension funds totalled EUR1.39, compred with EUR1.25bn, and discretionary mandates represent EUR1.43bn, compared with EUR1.34bn.
28/01/2013

Two sovereign funds join the new International Consulting Council at Bank of America

Bank of America on 25 January announced the creation of the International Consulting Council (ICC), with thirteen members, all internationally renowned businessmen and personalities from the public and acedemic spheres. The former French finance minister Thierry Breton, chairman and CEO of Athos, is one of the members of the Council, as are the CEO of the Kuwaiti sovereign funds, Bader M. Al Sa’ad, and the president and CEO of the South Korean sovereign fund, Chong-Suk Choi. The ICC has been founded to advise Bank of America in global strategy, and to help it to strengthen its presence internationally. The International Consulting Council at Bank of America, founded and chaired by Brian Moynihan, Chairman and CEO, will have the mission of advising the bank on direction, trends and opportunities on major local markets.
28/01/2013

Institutionals turn away from large asset managers

US pension funds and foundations last year placed only 40% of their porfolios with large generalist asset management firms, compared with 45% in 2011, the third annual edition of the U.S. Institutional Investor Brandscape report published by Cogent Research reports. Analysis of responses shows that instituitonal investors now allocate the majority of their assets to specialist managers, or other generalist asset managers, or to managers of single hedge funds.For endowments and foundations in particular, the proportion of portfolios placed with the major generalist asset management firms fell as far as 32% in 2012, compared with 40% one year previously, while 54% of assets were allocated to smaller and less well-known asset management firms with specialised areas of expertise.Ninda York, author of the study, points out that the trend is expected to be hard news for asset management firms targeting the institutional client segment. The 41 top calibre management firms are facing a considerable challenge to develop their activities, Cogent Research observes, as they are winning a shrinking number of mandates. The tendency for institutional investors to look to providers other than the major generalist asset management firms is related to a lack of confidence on the ability of these actors to manage the asset classes that investors are now interested in. The report also highlights that pension funds are losing ground among institutional investors, and now represent only 43% of the total number of actors, compared with 48% in 2010. This is a sign that foundations and other 501(c)3tax-exempt organisations are becoming a majority, and that they will have a larger influence on the direction the market takes in the future.
28/01/2013

BlackRock holds 5% of capital in SocGen

The US asset management firm BlackRock, acting on behalf of its clients and funds under management, on 24 January declared to the French financial regulator, the Autorité des marchés financiers (AMF), that on 18 January this year, it passed the 5% threshold in the capital of Société Générale. For the aforementioned clients and funds, it controls 39,030,082 shares in the bank, representing as many voting rights, for 5.002% of capital and 4.48% of voting rights in the firm, an AMF statement dated 25 January states.
28/01/2013

BlackRock CEO gets USD12.4m in shares

BlackRock has awarded its CEO, Laurence D. Fink, shares worth USD12.4m, according to Bloomberg, citing a regulatory filing. This includes 32.884 shares, valued at USD7.65m (as of 18 January). The bonus runs for three years from January 2014. BlackRock has awarded him additional shares, subject to certain performance objectives, worth USD4.75m. This remuneration in shares is 14% up over the previous year. Fink’s total remuneration has not been disclosed, however. In 2011, he made USD21.9m.
28/01/2013

BlackRock offers to buy up Twitter shares

BlackRock has offered to buy about USD80m in shares in Twitter as part of a transaction which would value the short messaging service at over USD9bn, the Wall Street Journal reports, citing sources familiar with the matter. The shares would be purchased form employees of the firm.
28/01/2013

Investors return to equities

The pace of inflows to equity funds ebbed again as recent European data and IMF forecasts prompted investors to take a more sober look at their assumptions for 2013, but the asset class nonetheless remains the most popular one at the beginning of this year, according to the most recent estimates by EPFR Global.Equity funds absorbed a collective USD5.65 billion -- of which over 70% flowed into emerging markets equity funds – during the week ending Jan. 23.Meanwhile, bond funds took in a net USD3.71bn, and money market funds saw USD6.78bn redeemed. High yield bond funds alone attracted USD615m, of which USD437m were for European high yield funds.Year-to-date equity and bond funds have posted inflows of USD39 billion and USD18.7 billion respectively versus USD15.82 billion and USD17.84 billion for the comparable period last year.
28/01/2013

George Soros: Hedge funds can't beat the market

On Friday in Davos, George Soros said on Bloomberg Television that hedge funds have become a dominant group on the market, and can no longer collectively outperform the market, Die Welt reports.He emphasizes that clients of hedge funds should also expect lower returns since the managers of these funds are greedy for commissions.
28/01/2013

Vintage wine market recovers

Demand has begun to rise again, and benchmark indices of the fine wine market appear to be sustainably recovering. The Liv-ex 100 rose 1.3% in December, while the Liv-ex Investables was up 1.2%, according to statistics from The Wine Investment Fund (TWIF). This trend continued in January, while for 2012 as a whole, the Liv-ex 100 index lost 9%. According to TWIF, the benchmark index may rise by 14% in 2013. Sales are rising rapidly in Asia, particularly Hong Kong and China, as well as in North America.
28/01/2013

Kleinwort Benson Investors signs strategic alliance with Virtus

Irish-based Kleinwort Benson Investors Dublin (KBID) has announced that the US multi-management firm Virtus Investment Partners is buying a 24% stake in its affiliate, Kleinwort Benson Investors International (KBII), registered in the United States, which is sub-advisor to the mutual fund Virtus Emerging Markets Equity Income Fund, launched on 1 September. The total sale price has not been disclosed.Sean Hawkshaw, CEO of KBID, emphasizes that the strategic alliance will allow KBI to benefit from the multi-boutique model and retail distribution capacities of Virtus, while the latter may benefit from access to quality institutional investment processes focused on income strategies for equities and natural resources at KBID, which also has an international client base.KBID, an affiliate of the RHJ International group, had EUR3.4bn in assets under management as of the end of September, while KBII had assets of EUR979m (EUR742m), as of 31 December.
28/01/2013

Hedge funds increase spending on electronic data

A growing number of hedge funds and broker-dealers are using electronic data and tools to analyse this data to develop new algorithms and new investment strategies. Conservation specialists also use them to help clients to take better investment decisions and to improve management of liquidity in their portfolios. The research agency Celent estimates in a study entitled “Big Data in Capital Markets: Expanding the Search fro Big Ideas” that spending dedicated to data on capital markets may total USD1.2bn in 2013, and USD2.4bn in 2015. The study finds that asset management firms are interested in research using data to the extent that analytical tools can provide them access to sources of data which may help them to create house investment strategies, and thus give them a competitive advantage.
28/01/2013

Lombard Odier plans to grow in Asia

The Swiss private bank Lombard Odier, which signed a cooperation agreement with the South Korean Kookman Bank last month, is planning to sign further partnerships in Asia, Asian Investor reports. Lombard Odier is also seeking to recruit client advisers in Singapore to develop in the Indonesian high net worth private client segment. Assets under management from the Asia-Pacific region currently total about EUR8bn, equivalent to 4% of total assets of EUR200bn.
28/01/2013

Aberdeen assets up by GBP20bn in one year

As of 31 December, assets under management by Aberdeen Asset Management totalled GBP193.4bn, compared with GBP187.2bn as of the end of September, and GBP173.2bn one year previously.Net subscriptions in October-December totalled GBP1.1bn, due to net inflows of GBP3.1bn from equity products, compared with balanced inflows and outflows in the previous quarter, and net outflows of GBP2.8bn in the corresponding period of 2011. Market effects were positive to the tune of GBP5.1bn in fourth quarter 2012.Mike Turner, head of global strategy and asset allocation, has told Newsmanagers that for the next 3-6 months, he is recommending an overweight position on equities, but that he is not overly optimistic about the asset class, which may reach its peak, and which is expected to see increased volatility due among other things to political risks in the United States, Italy and Spain.
28/01/2013

Milton projects above consensus profits

In a regulatory story published on the website of the London Stock Exchange, the British Milton Group on 25 January announced that for the fiscal year ending on 31 December 2012, it is projecting “adjusted” profits after taxes higher than the GBP3.4m predicted by the consensus of analysts. The general shareholders’ meeting on 24 January approved a namce change from MAM Funds Plc to Milton Group.Assets as of the end of 2012 totalled GBP1.786m, compared with GBP1.666m one year earlier, due to net subscriptions of EUR62m, and positive market effects of EUR58m.Milton, which has recently recruited Nick Ford, George Godber, Goergina Hamilton and Hugh Grieves, has also announced plans to launch three new equity indices (British mid and large caps, US “multi-caps).
28/01/2013

Intesa and State Street dominate Italian inflows in December

In December, the two asset management firms which recorded the highest net inflows in Italy were Intesa Sanpaolo, with EUR597m, and State Street Global Advisors, with EUR581m. This comes at a time when net inflows to open-ended funds totalled EUR206m for the month, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Franklin Templeton comes in third place, with EUR310m. At the other extreme, the firms which posted the largest net redemptions were Generali, with outflows of slightly over EUR5bn, AM Holding, with EUR494m, and BNP Paribas, with EUR322m.
28/01/2013

Antecedo launches its first bond fund

Kay-Peter Jones, founder of Antecedo Asset Management (EUR500m), is the manager of the first bond fund from the firm, the Antecedo Euro Yield, launched on 20 December. The product invests most of its portfolio in securities from the best issuer with the same residual duration as the benchmark index, the iBoxx Averall AAA-AA TR (government bonds, Pfandbriefe, and corporate bonds).Outperformance is expected to originate from an options trading strategy which involves purchasing long call and put options and simultaneous sales of short-term call and put options on highly liquid publicly-traded securities (futures on Bunds, Bobl and US Treasurys).The objective is to systematically generate outperformance of the benchmark index of 2 percentage points per year.CharacteristicsName: Antecedo Euro YoeldISIN code: DE000A1J6B01Initial price of shares: EUR100Management commission: 0.47%Performance commission: 15% of performance exceeding the iBoxx € AAA-AA TR with high watermark.
28/01/2013

Assets stagnate for sustainable funds in Germany

EcoReporter reports that assets in 282 sustainable development funds available in Germany totalled EUR28.1bn, or the same level as one year previously, in 293 funds, at the end of 2012, according to Das Investment. In 2010, assets totalled EUR32.4bn, compared with EUR30.1bn in 2009.Ten funds were launched last year, while 21 were liquidated, mostly products with low asset levels.
28/01/2013

Frankfurt lists six new ETFs from UBS

Since 24 January, the listings on the XTF segment of the Xetra electronic platform from Deutsche Börse include 1,020 ETFs, following the admission to trading of six Irish-registered ETFS from UBS (Irl) ETF Plc. In reality, these are three new equity products, whose retail (A) and institutional (I) share classes carry different ISIN codes. All of these funds replicate indices of the Solactive range from the German provider Structured Solutions, covering gold and copper mines and oil firms.CharacteristicsName: UBS (Irl) ETF plc - Solactive Global Pure Gold Miners (USD) A-disISIN code: IE00B7KMNP07Benchmark index: Solactive Global Pure Gold Miners Net Total Return IndexTER: 0.60%Name: UBS (Irl) ETF plc - Solactive Global Pure Gold Miners (USD) I-disISIN code: IE00B7KMTJ66Benchmark index: Solactive Global Pure Gold Miners Net Total Return IndexTER: 0.43%Name: UBS (Irl) ETF plc - Solactive Global Copper Mining (USD) A-disISIN code: IE00B7JM9X10Benchmark index: Solactive Global Copper Mining Net Total Return IndexTER: 0.65%Name: UBS (Irl) ETF plc - Solactive Global Copper Mining (USD) I-disISIN code: IE00B7JMFQ66Benchmark index: Solactive Global Copper Mining Net Total Return IndexTER: 0.48%Name: UBS (Irl) ETF plc - Solactive Global Oil Equities (USD) A-disISIN code: IE00B5PYL424Benchmark index: Solactive Global Oil Equities Net Total Return IndexTER: 0.50%Name: UBS (Irl) ETF plc - Solactive Global Oil Equities (USD) I-disISIN code: IE00B7KYPQ18Benchmark index: Solactive Global Oil Equities Net Total Return IndexTER: 0.33%
28/01/2013

La Française launches a fund which matures in 2018

La Française has announced the launchof the LFP Rendement Global 2018 target date fund.The bond fund, with maturity in 6years, is focused on European and US credit and emerging market debt.Europe/US credit may represent up to 10% of the fund’s allocation.The portfolio may invest in countries outside the OECD (emergingcountries) for up to 30% of the allocation. Positions in US dollarsare hedged for currency risks.CharacteristicsAvailable shares: I –FR0011370998 (capitalisation), R – FR0011370972 (capitalisation),D – FR0011370980 (distribution)Front-end fees during the salesperiod: noneFinal closure of the fund tosubscriptions: 30 September 2013, at the latestWithdrawal penalties: noneI shares = 0.7% total including taxes,including fees for management functions: 0.6% maximum total includingtaxesR/D shares = 1.3% total includingtaxes, including fees for management functions: 1.2% total includingtaxes
28/01/2013

ETF assets top USD2trn

On 18 January, assets under management in exchange-traded products (ETP) worldwide totalled an all-time high of USD2trn, according to statistics from the BlackRock Investment Institute. After a year in 2012 in which inflows totalled UD262.7bn, the market has continued to grow since the beginning of this year. According to ETFGI, assets under management as of 31 December totalled USD1.95trn.Although it took 19 years for ETPs to pass USD1trn in assets, which they did in 2009, it will have taken only four years for them to double this amount.
28/01/2013

Euronext Funds Servive lists a Robeco fund

NYSE Euronext has announced that on 25 January it admitted the 175th fund to trading on the Euronext Funds Service (EFS). It is the Robeco Privilege (NL0010366407), whose benchmark index is the MSCI World. The total expense ratio for the fund is 1.12%.
28/01/2013

Libor: Alex Weber calls for general out of court settlement

Agefi reports that the chairman of UBS, Alex Weber, has raised the possibility of an out-of-court settlement involving the entire banking sector in the Libor rate manipulation scandal, at a meeting in Davos, according to Reuters. At the meeting were Mark Carney, furutre governor of the Bank of England, the CEO of JPMorgan, Jamid Dimon, the CEO of Citigroup, Mike Corbat, and the chairman of HSBC, Douglas Flint, the newspaper reports.
28/01/2013

Credit Suisse facing claims for damages and interest in the United States

Credit Suisse is facing claims for damages and interest that may run as high as USD2bn in a lawsuit filed by investors who lost money in the United States. Several news agencies are reporting that a US judge on 25 January claimed that the courts may require compensation. The Swiss firm is facing claims related to its involvement in the bankruptcy of National Century Financial Enterprises in 2002. The plaintiffs accuse the firm of having misled them about the actual situation at the firm at the time when it sold National Century shares on capital markets. In a previous hearing, a judge valued the claims to investors who lost money in the affair at nearly USD2bn. The verdict represents a step towards victory for the plaintiffs, who include the State of Arizona, Lloyds TSB bank, Alliance Bernstein Holding and the asset management firm Pimco, an affiliate of the insurer Allianz.
28/01/2013

EFAMA and IMA call for UK to stay at the heart of Europe in asset management

The European Financial and Asset Management Association (EFAMA) and the British Investment Management Association (IMA) have openly called for the United Kingdom to be kept inside the European Union, reacting to the news last week that David Cameron last week called for a referendum on an exit of the UK from the European Union.“EFAMA and IMA strongly believe that Asset Management in the EU benefits hugely from the UK industry’s involvement, both commercially and from its positive influence in the shaping of regulation. We also believe that the UK asset management industry gains hugely from the Single Market,” Peter de Proft, director general of EFAMA, and Daniel Godfrey, chief executive of IMA, declare in a joint statement.“The whole EU Asset Management industry continues to keep the interests of investors at the heart of its work and to maintain the UK industry’s prominent role in policy formation within the EU framework,” the two heads add.
28/01/2013

M&G Investments affiche des résultats record sur l’année 2012

M&G Investments, l’un des leaders de la gestion d’actifs en Europe, annonce un encours sous gestion record en France de plus de 3,5 milliards d’euros au 31 décembre 2012. M&G Investments se positionne ainsi en France comme l’une des cinq premières sociétés étrangères en gestion active à travers des fonds ouverts.

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