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07/12/2012

Significant increase in assets at Invesco in France

At a presentation of its investment strategy for 2013, Nicolas Bouët, deputy CEO of Invesco, announced in Paris that assets for French clients at the asset management firm currently total USD3.5bn. At the end of May, they totalled USD2bn (see Newsmanagers of 1 June). PowerShares ETFs represent more than one quarter of that total, while open-ended funds account fro 50% of intermediated volumes.Gross inflows totalled about USD1.2bn YTD, more than half of which corresponds to net inflows.Invesco Paris also has about EUR500m in multi-management, of which 20% are integrated into the assets of Invesco Paris, and EUR400m managed for foreign clients.In 2013, Bouët plans to place the emphasis on high yield products, including extra-European products, and coupon funds, while continuing to push IBRA (Invesco Balanced-Risk Allocation), which was highly successful with IFAs in 2012.Invesco on 4 December also received a sales license for eight funds, four Asian (Asian focus Equity Fund, managed by Invesco Perpetual, China Focus Equity Fund, Renminbi Income Fund and Asian Bond Fund, managed by Invesco Hong-Kong), two US funds (US Equity Fund and US High Yield Bond fund), one other bond product (Global Total Return (EUR) Bond Fund, and one equity fund, Pan European Focus Equity Fund, managed by Invesco Perpetual in Henley.
07/12/2012

JPMAM recruits for sales team for Belgium and Luxembourg

Nicolas Deblauwe, country head Benelux at J.P. Morgan Asset Management (JPMAM), has announced “to clients and partners” that from 3 December, Antonio Grieco has joined his team as senior sales manager for Belgium and Luxembourg in partnership with Tom Vermeulen. He replaces Arnaud van der Elst, who in October joined J.P. Morgan Private Bank.Grieco had previously been head of institutional business at Dexia Asset Management in Luxembourg.
07/12/2012

Profits down at TCI

The hedge fund firm TCI has seen a fall of 60% in its net profits for the period to the end of February, at slightly over GBP17m, according to its most recent results cited by Financial News. But returns have improved.
07/12/2012

Jupiter's head of UK equity management departs

The head of British equity management at Jupiter, Anthony Nutt, also a significant shareholder in the firm, will transfer the management of his retail portfolios next year, ahead of his departure from the firm in 2014, Investment Week reports. Nutt, who will be 60 next year, has been working at Jupiter since 1996, and has managed by Jupiter Income Trust, whose assets under management total about GBP2bn, since 2000.
07/12/2012

Man Group appoints an executive chairman for North America

The alternative asset management firm Man Group on 6 December announced the appointment of John Rohal as executive chairman for North America, a new position at Man group, which is seeking new areas for growth outside the United Kingdom. Rohal will begin on 1 January, and will work to develop distribution of Man products in North America, and to strengthen commercial relationships with institutional clients. He previously worked at Makena Capital Management, where he supervised equity investments.
07/12/2012

Another hedge fund casualty

Apson, a hedge fund boutique which received seed capital from Howard Marks of Oaktree Capital Management, has announced that it will be closing 18 months after its launch, Financial News has learned. The firm was not able to make money in an environment characterised by “a lack of trends and low volatility.”
07/12/2012

Fund industry recovering in Austria

In Austria, the fund industry is gradually returning to its all-time highs. The investment fund market is recovering, and for the first time since 2006, is showing positive inflows, with EUR8.8bn in net subscriptions since the beginning of 2012 as of the end of October. This increase represents 6.5% of assets, which now total EUR126bn.Raiffeisen Capital Management, which has published the figures, has posted net subscriptions of about EUR1bn as of the end of October. Market effects accounted for EUR1.5bn. Assets managed by the Austrian asset management firm now total EUR27.8bn, up 0.3% since the beginning of 2012.
07/12/2012

T. Rowe Price offers an ultra-short term bond fund

With the Ultra Short-Term Bond Fund (ticker: TRBUX), T. Rowe Price is launching a bond fund for very short-term investment in public or private investment grade bonds with a residual time to maturity equal to or less than 1.5 years.The portfolio is managed by Joseph K. Lynagh, and the TER is 0.35%. Minimal subscription has been set at USD2,500 (or USD1,000 for retirement savings plans or gifts to minors).
07/12/2012

BlackRock liquidates a public-private fund for significant gains

The BlackRock Public-Private Investment Fund, founded in October 2009 as part of the Legacy Securities Public-Private Investment Program (PPIP), has reimbursed its investors, the US Department of Treasury and its private clients, a total of 1.74 times their initial investment, corresponding to an internal rate of return of 23.5%.The Treasury will have received a net USD917.1m on its investment of USD528.2m, with profits totalling USD388.9m.
07/12/2012

US pension fund overage rates rebound

The average coverage rate for the liabilities of US corporate pension funds rose to 74.4% in the month of November, up 0.8 percentage points compared with the previous month, according to estimates by BNY Mellon. In the month under review, assets in pension funds increased 0.7% due to the strength of stock markets, while liabilities fell 0.3%. The actualisation rate rose 4 basis points to 3.76% for businesses rated Aa. Despite the rebound in November, the average coverage rate for liabilities in the first eleven months of the year are down by 0.9 percentage points.
07/12/2012

Banca Generali posts inflows in November

Banca Generali has posted net subscriptions in November of EUR51m, bringing net inflows since the beginning of the year to EUR1.5bn, Bluerating reports. Of this total, EUR1.41bn is due to collective management.
07/12/2012

Diamondback hedge fund closes its doors

The hedge fund Diamondback Capital Management on Thursday told investors that it will be closing up shop and liquidating its funds after receiving redemption demands representing more than one quarter of its assets, which would leave only USD1.45bn in assets, the Wall Street Journal reports. “Rather than continuing to manage the capital of investors while restructuring the firm to manage this lower level of assets, we have decided that the more prudent course is to liquidate the fund and reimburse investors,” the founders say in a letter to investors. The move comes at a time when a former Diamondback manager is facing trial for insider trading.
07/12/2012

Arnaud Llinas becomes global head of ETFs & index-based solutions at Lyxor

Lyxor Asset Management has appointed Arnaud Llinas as global head of ETF & index-based solution activities. He will begin in the new role on 1 January 2013, and will report to Inès de Dinechin, CEO of the asset management firm. Llinas also becomes a member of the board of directors at Lyxor. Llinas, who will be based in Paris, will work with Clarisse Djabberi, deputy head of ETF & indexing, Raphaël Dieterlein, head of Portfolio management, and François Millet, head fo business line in charge of development for indices. Llinas will help to develop Lyxor’s expertise in the area of index-based management, in order to offer innovative solutions appropriate to the needs of investors, Lyxor notes. Alain Dubois, chairman, will remain in contact with market authorities in relation to innovative ETFs (including “smart beta”). In a statement, the asset management firm says that Llinas joined Société Générale Corporate & Investment Banking in 2004, and for four years served as head of trading for market products including market making and ETF structuring, which allowed him to participate in the development of Lyxor ETFs.
07/12/2012

Jupiter plans to convert European Income into global fund

Jupiter is planning to convert its European Income fund into a global vehicle entitled Jupiter Global Equity Income, Investment Week reports. Sebastian Radcliffe and Gregory Herbert will become co-managers, succeeding Cédric de Fonclare, who will dedicate himself exclusively to European equity mandates. Subscribers to the fund will vote on the subject on 19 December.
07/12/2012

GLG to reopen its Japan CoreAlpha range

GLG Partners will reopen its Japan CoreAlpha range, managed by Stephen Harker, Neil Edwards and Jeffrey Atherton, Investment Week reports. The funds, based in the United Kingdom and Ireland, were closed to new subscribers in March in order to protect existing investors against potential liquidity risks. GLG Japan CoreAlpha had GBP1bn in assets before its closure.
07/12/2012

Fidelity offers access to a hedge fund from Arden

Via a mutual fund launched in partnership with Arden Asset Management (USD7.5bn in assets), Fidelity is allowing clients of its advisory service (minimal investment: USD50,000) access to a universe of hedge fund managers, the Wall Street Journal reports. Fidelity has given Arden USD700m for the fund, which is already invested in nine alternative managers, including Chilton Investment, Jana Partners and York Capital Management.The fund aims for “high” average performance “in one or low two digits,” over a five-year period. Management commission is set at 2.3%.Since its launch in 1993, the flagship fund from Arden has generated annual returns of 8%, compared with an average of 5.4% for the fund of hedge fund sector, but 8.25 for the S&P 500 with dividends reinvested.
07/12/2012

Wave of short-term bond launches

Asset management firms are bringing out a wave of funds investing in short-term bonds, in an effort to retain investors who are steering clear of money market funds, the Financial Times reports. The new vehicles are presented as a means to earn higher returns than money market funds, with only slightly higher risk.
07/12/2012

iii-investments launches first German real estate debt fund

The Munich-based asset management firm iii-investments (UniCredit group, via HVB) on 6 December announced the launch of what it claims is the first institutional real estate fund to invest in bonds in compliance with the German investment law. It has received a mandate for the debt fund of EUR200m from a German pension fund.The fund will begin to acquire real estate loans from banks in first quarter 2013. The unit size of the corresponding financing will range from EUR20m to EUR40m.Reinhard Mattern, MD of iii-investments, is also planning to be able to announce the first closing of a pool fund based on the same concept soon.
07/12/2012

Credit Suisse renonce à son fonds LBO russe

Credit Suisse et Sberbank auraient renoncé à lancer un fonds de private equity d’un milliard de dollars destiné au marché russe, faute d’intérêt de la part d’investisseurs, rapporte Bloomberg. La banque suisse et son homologue russe prévoyaient d’abonder le véhicule à hauteur de 100 millions de dollars chacune. Sberbank avait annoncé ce projet en avril 2011.
07/12/2012

L'industrie financière table sur un succès de l'offre grecque

L’Institute of International Finance (IIF), qui rassemble les principales banques et compagnies d’assurance du monde, s’est dit optimiste sur le succès de l’offre de rachat de dette grecque. L’opération vise 66 milliards d’euros de dette nominale et doit permettre à la Grèce de réduire sa dette d’environ 20 milliards en net en déboursant 10 milliards pour les rachats. Les créanciers doivent donner leur réponse cet après-midi. La participation des banques grecques et des fonds de sécurité sociale du pays, qui détiennent autour de 22 milliards de dette, garantirait quasiment le succès du plan.
07/12/2012

La Bundesbank abaisse ses prévisions de croissance

La Bundesbank a révisé à la baisse vendredi ses prévisions de croissance du produit intérieur brut (PIB) allemand pour 2012 à 0,7%, contre 1,0% précédemment, et pour 2013 à 0,4%, contre 1,6% jusqu'à présent. Cette initiative intervient au lendemain de la révision à la baisse des prévisions de la BCE, justifiée par la dégradation des perspectives en Allemagne, en France ou aux Pays-Bas. «La Bundesbank ne s’attend pas à un ralentissement prolongé mais anticipe au contraire un retour rapide à la croissance», ajoute la banque centrale allemande, avec une hausse de 1,9% du PIB en 2014. Elle prévient toutefois qu’il n’est pas impossible que l’Allemagne entre en récession, définie par deux trimestres consécutifs de contraction, «au dernier trimestre 2012 et au premier trimestre 2013».
Photo: Bloomberg News
07/12/2012

TD développe sa gestion américaine

La banque canadienne a fait part du rachat de la société de gestion de patrimoine américaine Epoch Holding Corporation pour 668 millions de dollars en numéraire. Cette opération gonflera les actifs sous gestion de TD Asset Management de 24 milliards de dollars, à près de 207 milliards. Epoch gardera sa marque et sa structure d’exploitation.
07/12/2012

Loblaws va créer un fonds immobilier coté

La principale chaîne canadienne de supermarchés en termes de capitalisation boursière va mettre sur pied un fonds d’investissement immobilier coté (REIT). Le groupe apportera 35 millions de mètres carrés d’actifs, d’une valeur de plus 7 milliards de dollars canadiens (5,4 milliards d’euros), mais conservera une participation majoritaire «significative».
07/12/2012

Les banques suisses ciblent la gestion d’actifs

Un groupe de travail commun de l’Association suisse des banquiers et de la Swiss Funds Association a dévoilé un document-cadre identifiant huit axes pour développer la gestion d’actifs en Suisse. Parmi les pistes évoquées figurent l’amélioration de l’accès au marché, le développement et l’application de normes pour la gestion d’actifs ou encore la création d’un environnement fiscal optimal pour les investisseurs.
07/12/2012

Blackstone courtise les particuliers

La société de private equity a enregistré auprès de la SEC les documents préparatoires au lancement d’un fonds alternatifs à destination des clients particuliers, baptisé Blackstone Alternative Investment Funds. Le gestionnaire n’a pour l’heure pas précisé le montant d’investissement minimum requis pour accéder à cette nouvelle offre.
07/12/2012

S&P prévoit des taux de défaut en hausse

L’agence de notation Standard & Poor’s anticipe une poursuite de la hausse du taux de défaut des entreprises européennes de catégorie spéculative pour l’an prochain. L’environnement économique fragile devrait continuer de peser sur les marges des entreprises de la zone euro.
07/12/2012

La BaFin savait

L’autorité de régulation allemande était au courant des accusations portées par trois anciens cadres contre Deutsche Bank qui aurait délibérément sous-estimé de près de 12 milliards de dollars (9,2 milliards d’euros) des pertes latentes sur son portefeuille de dérivés de crédit durant la crise de 2008, selon le journal qui cite des sources au fait du dossier.

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