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09/11/2012

Assets up at Prudential Financial

A report from Prudential Financial for third quarter announces that assets under management totalled USD1.005trn as of the end of September, compared with USD901bn as of the end of December, and USD871bn twelve months previously.Operating profits for asset management increased to USD187bn in July-September 2012, compared with USD123m in the corresponding period of last year, but they contracted by USD356m in the first three quarters of this year, compared with USD504m in January-September 2011.
09/11/2012

Philippe Zaouati takes over as chairman of SRI committee at AFG

Philippe Zaouati, deputy CEO of Natixis Am and chairman of the Responsible Investment working group of the European Fund and Asset Management Association (EFAMA), will become Chairman of the Socially Responsible Investment Committee of the AFG. He succeeds Thierry Deheuvels (Oddo Asset Management), who had served as chairman of the committee for more than six years.
09/11/2012

Pioneer recruits three heads of sales for Asia

Pioneer Investments has announced the appointment of three senior sales executives across key markets in Asia under the direction of Jack Lin, head of Asia and Middle East. Martin Park joins as sales director Korea, from HSBC Global Asset Management (Hong Kong) Limited, where he was the team head of its Korean institutional business from 2007. He will be based in Sinagapore.Hiromi Wada has been appointed as Japan representative. He joins from Itau Japan Asset Management, where he was working on its institutional and retail businesses over the past 3 years. Finally, Matthew Marks joins as sales director institutional Asia, based in Singapore. He was most recently a director of institutional business with Prudential Asset Management in Singapore.
09/11/2012

Azimut collecte en octobre

La société de gestion italienne Azimut a enregistré en octobre 2012 des souscriptions nettes de 125 millions d’euros pour sa gestion d’actifs, dont 140 millions d’euros pour les compartiments des fonds luxembourgeois AZ Fund 1 et AZ Fund Multi Asset. Depuis le début de l’année, la collecte dans la gestion d’actifs a ainsi dépassé 1,2 milliard d’euros.Au total, Azimut affiche un encours de 19,3 milliards d’euros, dont 17,2 milliards sous gestion.
09/11/2012

Sovereign funds own 36% of the Italian stock exchange

In 2012, sovereign funds control about 36% of total capitalisation on the Italian stock exchange, and their investments have increased significantly since 2011, when they totalled EUR500m, according to a study by the bank Monte Paschi di Siena (MPS) of 60 sovereign funds, Investment Europe reports. Sovereign funds this year invested about EUR1.5bn into the Italian economy, according to the study. The Norwegisn sovereign fund still has the largest weight in the Italian economy, with a total of EUR4.7bn invested in equities, EUR6.3bn in bonds, and EUR4.2bn in government bonds. Assets at sovereign funds, which have increased from USD2bn to USD5.1bn in the past five years, may total USD10bn by 2015, according to projections by MPS.
09/11/2012

TCI reopens to subscriptions

The activist fund The Children’s Investment Fund (TCI) is reopening to subscriptions, Institutional Investor reports. The hedge fund has also created three new share classes, which will charge reduced fees. TCI has posted returns of 18% in the first nine months of the year.
09/11/2012

Money market fund proposal rejected

A proposal by the money market fund industry to impose fees on investors seeking to withdraw from a fund during a crisis received a cold reception from the Securities and Exchange Commission, according to reports in the Wall Street Journal. Regulators are of the opinion that the proposal does not go far enough, and may trigger panic on money markets.
09/11/2012

Fatca: international agreement sought with 13 countries, including France

The United States on 8 November announced that they are planning to conclude negotiations by the end of this year with 13 countries including France, for an agreement which would facilitate the implementation of US Fatca legislation to combat tax evasion. The Treasury department has announced in a statement that it is “in the process of completing an inter-governmental agreement” for which it “hopes to conclude negotiations by the end of the year” with 13 countries: Germany, Canada, Denmark, Spain, Finland, France, Italy, Ireland, Japan, Mexico, Norway, the Netherlands, and Switzerland. The goal fo the talks is to set up a “law on the fulfilment of tax obligations on foreign accounts” (Fatca). The law, passed in Mach 2010, will come into force gradually, starting in 2013. It requires international financial institutions (IFI) to transfer information to the US tax authorities (IRS) about accounts held by US taxpayers, whether or not they are US citizens.
09/11/2012

Another Madoff employee pleads guilty

A former employee of Bernard Badoff, Irwin Lipkin, on Thursday pleaded guilty to criminal charges, but denied knowledge of the massive fraud, the Wall Street Journal reports. He is the ninth person to plead guilty in the government investigation, which is entering its fifth year. Lipkin admitted that he signed documents he knew that were false. But he claims that he knew nothing about the Ponzi scheme.
09/11/2012

Pyxis Capital launches bank loan ETF

On 7 November, the Texan firm Pyxis Capital (USD2.4bn in assets) listed the Pyxis iBox Senior Loan ETF (acronym: SNLN), which replicates the Markit iBoxx USD Liquid Leveraged Loan Index of the 100 most liquid publicly-traded liquid loans, for trading on the NYSE-Arca platform. The product charges fees of 0.55%.
09/11/2012

UCITS HFS index down slightly in October

The UCITS HFS index, which measures the performance of UCITS products which rely on hedge fund strategies, has lost 0.04% in the month of October, after three consecutive months of positive returns. Since the beginning of the year, the UCITS HFS index has gained 2.73%. Five strategies of the index finished the month in positive territory, with gains of 0.71% for credit, 0.53% for US equities, and 0.74% for global macro. Credit and fixed income remain the only two strategies to have posted monthly gains since the beginning of the year, with respective gains over nine months of 7.55% and 4.97%.
09/11/2012

PRI launches discussion on responsible investment in hedge funds

The UN-backed Principles of Responsible Investment (PRI) Initiative on Thursday issued a discussion paper on hedge funds to help its asset owner signatories better understand the risks associated with particular hedge fund strategies and instruments and the implications these may have for the performance of their portfolios and the broader market. It also outlines some actions that investors can take to improve the governance of hedge funds. The paper has been produced in response to growing interest from PRI signatories about how responsible investment relates to alternative investment strategies and instruments, including high frequency trading, leverage, shorting and the use of derivatives by hedge fund managers. According to PRI’s 2011 Reporting and Assessment survey, 137 signatories have some exposure to hedge fund investments, including 74 asset owners. “Many signatories have significant allocations to hedge funds and the PRI has a growing number of hedge fund manager signatories. However, there is currently no clear consensus on what being a responsible investor in hedge funds actually entails,” said Rob Lake, director of responsible investment at PRI.
09/11/2012

UBS hires back laid off staff

The Swiss bank UBS, which last week announced that it is laying off 10,000 employees worldwide, is already backpedalling. According to Finews, citing reports by Reuters, the firm may have laid off staff too hastily, and is now lacking personnel in certain areas. Several people are reported to have been contacted for re-recruitment by UBS.
09/11/2012

BlackRock recruits a head of sales for Germany

Christian Machts, managing director of Commerzbank Asset Management, will in early 2013, in January or April, succeed Andrej Brodnik as head of the Frankfurt office of BlackRock, and will serve as director of retail for Germany, Austria and Eastern Europe, Das Investment reports. Brodnik left the business at the end of June.
09/11/2012

Fidelity propose aux CGPI un logiciel de pilotage des portefeuilles

En Allemagne, Fidelity Worldwide Investments vient de mettre à disposition des CGPI une solution complète pour la gestion de fortune individuelle, SAM (pour Systematisches Anlage-Management) couvrant le conseil ainsi que la constitution et la gestion de portefeuille, l’administration de comptes, la documentation et le reporting.Le SAM couvre 8.000 fonds de 220 sociétés de gestion, dont il extrait les meilleurs (au moins 4 étoiles Morningstar) pour chaque classe d’actifs. La composition des portefeuilles est révisée trimestriellement et l’allocation est réajustée une fois par an en fonction du profil de risque. Vers la fin de la période d’investissement, le risque est réduit par un transfert vers des produits monétaires.Pour le CGPI, note Fidelity, cette formule présente l’avantage non seulement d’un gain de temps mais également celui de réduire son risque réglementaire compte tenu du module standardisé de conseil à la clientèle, étayé par une documentation détaillée.Le SAM est adaptable à chaque profil de clientèle ; il est accessible pour des portefeuilles à partir de 10.000 euros. Le droit d’entrée est de 3 % et la commission de gestion se situe à 1 % maximum, plus la TVA.
09/11/2012

Deutsche Bank appoints single head of marketing for AWM

Alexander Maresch, director of marketing for DWS since 7 July 2009, was on 8 November 2012 promoted to head of marketing for the entire new asset and wealth management (AWM) unit at Deutsche Bank. He will thus be responsible for marketing not only for DWS (retail), but also for other asset management affiliates, including db x-trackers (ETF/ETP), DB Advisors (institutionals) and RREEF (alternative), as well as the private wealth management arm of the bank.Maresch spent his entire career at the Deutsche Bank group, which he joined in 1996. He had previously been head of public distribution & marketing for Europe at DWS; he has also been responsible for the launch of the DWS brand on the US market.
09/11/2012

Allianz posts record AUM

Operating profit for Asset Management at the Allianz Group grew by 58.1 percent in the third quarter of 2012 to EUR849m, compared to EUR537mfor the third quarter of the previous year.Total assets under management grew 14.8 percent to a record EUR1.8trn at the end of the third quarter of 2012 from EUR1.6trn as of the end of September 2011. Third-party assets rose over the same period to EUR1.4trn from EUR1.2trn.The increase was 40.9 percent adjusted for foreign currency and consolidation effects. The cost-income ratio improved by 5.5 percentage points to 54.0 percent from 59.5 percent in the third quarter of 2011.Net income for the whole group reached EUR1.4bn for the third quarter of 2012, compared to EUR258m in the third quarter of 2011. In the previous year, impairments on financial sector investments and Greek sovereign bonds had heavily impacted net income.
09/11/2012

Schroders to offer Chinese bond strategy in Europe

The British firm Schroders will soon be offering a strategy based on Chinese bonds to European investors, initially in Luxembourg, and subsequently on the French market, Rajeev De Mello, head of Asian fixed incoe management, has announced on a visit to Paris. As of the end of September, the strategy had assets of about USD585m, largely in the hands of Asian clients. This strategy represents a real opportunity for European investors seeking diversification, De Mello claims, adding that the returns on ten-year Chinese bonds are currently 3.2%, a performance which Australian bonds cannot rival. In the Asian bond sector, assets under management at Schroders as of the end of September totalled about USD7.2bn, up 10% compared with the end of 2011. The most popular strategies were Asian credit, with assets up sharply to USD1.11bn as of the end of September, Hong Kong bonds (USD1.1bn), and Singapore bonds (USD468m).
09/11/2012

Allianz GI recruits head for its new “insurers” unit

Bernard Weninger, Head of European Insurance and Pension Solutions Marketing and ALM at Bank of America Merrill Lynch International in London, was on 1 November recruited as head of the new European Insurance Group at Allianz Global Investors (AGI) in Frankfurt.He will be responsible for relationships with clients throughout Europe in the area of primary insurance and reinsurance, institutional client segments which AGI is now planning to develop.He will report to James Dilworth, CEO of AGI for Europe.
09/11/2012

Inflows down for Aviva Investors, in the process of redeployment

The Aviva group on 8 November announced at a publication of its interim results that its asset management unit Aviva Investors had posted net inflows of GBP2bn in the first nine months of the year, compared with GBP2.8bn in the corresponding period of 2011.This decline of GBP800m in inflows is related to a redeployment of distribution offices in Europe, the group states, adding that new mandates have been won from institutional clients in the United Kingdom, the Middle East, and the Americas in the past quarter.Assets under management as of the end of September totalled GBP274bn, compared with GBP263bn as of the end of September 2011.The group also states that it has begun an examination of the management portfolio of the group, and the product range appropriate in a low interest rate environment. Further effort is planned with Aviva Investors in order to devlop a “more convincing external product range,” a statement says. “Aviva Investors continues to serve the group well, but has not met our expectations in terms of the development of the activities concerned,” the group says.
09/11/2012

Cantab closes its strategy to new investors

Cantab Capital Partners, the systematic global macro manager, has closed its flagship CCP Quantitative strategy to new investors because it has grown to optimal capacity. The strategy was launched in 2007 with just USD30 million in assets under management; it currently manages USD4,5 billion in assets. According to Dr Ewan Kirk, CIO and founding partner of Cantab, ‘the strategy is currently at the optimal size for us to continue delivering attractive risk adjusted returns to our investors,’ he said. ‘Our efforts are focused on sustaining the performance and continuing to produce the returns with limited correlation to other CTAs and asset classes.” Based in Cambridge, England, the home of Cambridge University, Cantab prides itself on its ties to academia, applying the brainpower in its midst to systematic investing. The firm’s team consists of 37 employees, most of whom are fully dedicated to research and trading. The firm implements its investment strategy by constructing a portfolio of multiple models across three broadly uncorrelated sources of return and clusters of models – value, medium term momentum and short-term trading.
09/11/2012

Schroders records inflows in third quarter

For the three months to 30 September, Schroders recorded net inflows of GBP2.6 billion. Net inflows were GBP1.9 billion in institutional and GBP0.8 billion in intermediary, with net outflows of GBP0.1 billion in Private Banking. For the first nine months of 2012, net inflows were GBP5.3 billion (2011: £5.1 billion). Assets under management were GBP202.8 billion as at 30 September 2012, compared with GBP194.6bn as at 30 June 2012 and with GBP187.3bn at the end of 2011.Total profit before tax for the three months to 30 September was GBP88.6 million (Q3 2011: GBP101.6 million), taking profit before tax for the first nine months of 2012 to GBP266.0 million (2011: GBP317.3 million). Schroders expects a slowdown in institutional flows in the short term but demand in intermediary has picked up.
09/11/2012

Panmure recruits Matrix fund team

Panmure Gordon is returning to the investment fund market with the recruitment of most of a fund management team from Matrix Corporate Capital, the Financial Times report. The team includes 10 people. It is led by Paul Fincham and Phil Hopkins, and will join Panmure on Monday.
09/11/2012
Gestion d'actifs

La Caisse de pensions Jura pastorale a procédé à quelques ajustements tactiques

D’après Pierre André Shaffter, administrateur de la Caisse de pensions de la Collectivité ecclésiastique cantonale de Jura pastorale, le rendement de la caisse devrait s’avérer satisfaisant en 2012. Il estime que celui-ci devrait se situer entre 3 et 4 % contre 1,5 % en 2011. La Caisse de pensions Jura pastorale, qui gère 28 millions de francs suisses pour 155 actifs et 70 retraités, n’a pas fait évoluer son allocation tactique : 53% d’obligations, dont 18% à l'étranger, 13% d’actions suisses et 13 % d’actions étrangères, 14% d’immobilier, 5% de liquidités et 2% de placements alternatifs. Depuis le début de l’année, elle a procédé à quelques ajustements tactiques : « augmentation de l’exposition dollar en achetant des ETF des secteurs de l’assurance et de l’automobile », et « allégement de l’exposition aux actifs japonais ». Le comité de placements qui se réunit prochainement pour définir les grilles d’investissement ne devrait pas revoir l’allocation stratégique, conformément à la « politique de stabilité » de l’institution. Jura Pastorale gère en direct son allocation, en lien avec les banques du canton du Jura. Pour l’immobilier, dont la part n’a pas évolué au niveau de la Suisse, les actifs sont répartis entre USB Sima, La Foncière, le fonds immobiliers romand FIR, Immofonds et Swisscanto pour l’immobilier international. Les placements alternatifs concernent deux fonds de matières premières. Le taux de couverture de la caisse de pensions est de 98,9 %, ce qui est jugé satisfaisant par Pierre André Shaffter. « La baisse prochaine de notre taux technique à 3,5 % devrait ramener le taux de couverture à 97 % à fin 2012 » conclut-il.
Gestion d'actifs
08/11/2012

Mario Draghi attend un signal de l'Espagne

Le président de la BCE a indiqué que la banque centrale était prête au besoin à activer son programme de rachats d’emprunts d’Etat sur le marché secondaire, l’OMT, si et seulement si un pays en fait la demande. «Il revient à l’Espagne de prendre la décision», a souligné Mario Draghi. Le président de la banque centrale a noté un ceratin nombre d’effets positifs liés à l’annonce de l’OMT, comme le retour des fonds monétaires américains face aux contreparties de la zone euro ou la plus grande participation des investisseurs non résidents aux adjudications de dette publique de l’Espagne et de l’Italie. Mario Draghi s’est en revanche montré plus pessimiste sur les perspectives économiques de la zone euro.
Mario Draghi attend un signal de l'Espagne. Source photo: BCE
08/11/2012

Blanchiment: l'ACP sanctionne un établissement de crédit

L’Autorité de contrôle prudentiel a publié jeudi sur son site une décision de sanction à l’encontre d’un établissement de crédit dont elle ne révèle pas l’identité. L’ACP inflige à ce dernier une sanction de 500.000 euros pour des carences dans l’organisation contre le blanchiment de capitaux et le financement du terrorisme au sein de l’activité banque privée. L’Autorité avait mené il y a deux ans une mission sectorielle qui a notamment débouché sur la mise en cause d’UBS France. La Société Générale avait aussi reconnu en début d’année être dans le collimateur de l’ACP sur cette question.
08/11/2012

Madrid boucle sans encombre son programme d'emprunt 2012

Le Trésor espagnol a placé pour 4,8 milliards d’euros d’obligations à moyen et long terme, un montant suffisant pour boucler son programme d'émissions 2012 et entamer par avance celui de l’an prochain malgré les incertitudes sur une éventuelle demande d’aide extérieure. Les adjudications réalisées jeudi incluaient le premier emprunt à 20 ans lancé par l’Espagne depuis un an et demi et son succès montre que les investisseurs restent prêts à investir à long terme dans la dette espagnole. Les 731 millions d’euros de titres arrivant à échéance en 2032 l’ont cependant été à un rendement moyen historiquement élevé de 6,328%.
08/11/2012

La Banque d'Angleterre arrête ses rachats d'actifs

A l’issue d’une réunion répartie sur deux jours, le comité de politique monétaire de la Banque d’Angleterre a confirmé son intention de mener à terme les rachats de 50 milliards de livres d’emprunts d’Etat, ce qui portera le montant du programme d’assouplissement quantitatif à 375 milliards de livres d’ici novembre. Le programme de QE ne sera donc pas prolongé. La banque centrale a, comme prévu, également laissé son taux directeur inchangé, au niveau historiquement bas de 0,5%. La Banque centrale européenne n’a également pas modifié ses taux directeurs.
08/11/2012

Nyse Liffe songe à bousculer les horaires de son marché parisien

L’opérateur envisage d’étendre les horaires de trading à compter de janvier sur son marché à terme parisien des céréales. Il sonde actuellement les utilisateurs en Europe et dans d’autres parties du monde pour voir s’ils soutiennent une telle évolution. Cette mesure prend en compte la publication plus tardive à partir de début 2013 du rapport prévisionnel de l’USDA.
08/11/2012

PAI Partners voit dans le crédit d’impôt une « révolution fiscale »

«En pratique, le crédit d’impôt de 20 milliards revient à réduire de moitié l’impôt sur les sociétés», a déclaré à Reuters Lionel Zinsou, en marge de SuperInvestors. Il a rappelé à cet égard qu’en fonction des années, l’impôt sur les sociétés rapporte à l’Etat français entre 40 et 50 milliards d’euros par an. «On va se retrouver dans une situation où l’on sera presque aussi compétitif que l’Irlande en termes d’impôt sur les sociétés», a ajouté le patron de PAI Partners, pour qui «c’est juste une révolution».

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