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18/09/2012

Pastel & Associés calls in a TPM to help with international development

The asset management firm Pastel & Associés has signed an agreement with the third-party marketer Amadé Global Partners, to accelerate its international development. The partnership will aim to release funds to institutional investors and actors in private management, mostly located in continental Europe, the firm tells Newsmanagers.The products to be highlighted will be Valeur Intrinsèque and Margin of Safety Fund.Pastel & Associés, which currently has slightly over EUR200m in assets under management, hopes to reach EUR500m in assets under management in three years, due to international development.
18/09/2012

Carmignac Gestion recruits a director for external distribution

Carmignac Gestion has recruited Pierre Andriveau as regional director of external distribution to IFA clients. He previously worked at Franklin Templeton Investments as head of sales. Andriveau will aim to strengthen relationships with IFAs in Paris and the South-East region, and will report to Ariane Tardieu, head of business development for France. He started on 17 September 2012.
18/09/2012

ALPS to use Goldman Sachs as index provider

The asset management firm ALPS Advisors, which advises open-ended and closed funds and ETFs, with assets of USD6.6bn, has announced that it has signed a licening agreement with Goldman Sachs to use its indices as a basis for new ETF products.The indices will be developed by the ETP structuring team at Goldman Sachs based in New York.
18/09/2012

ESMA launches consultative paper on remuneration policies

The European Securities and Markets Authority (ESMA) published on September 17 a consultation paper on proposed Guidelines on remuneration policies and practices under the Markets in Financial Instruments Directive (MiFID).The proposed remuneration guidelines for MiFID investment firms are key to ensuring that the pay and incentive structures for sales staff and their superiors do not create false incentives when selling financial products to retail investors. The consistent application of ESMA’s remuneration guidelines will help strengthen investor protection and achieving the same level of protection for Europe’s retail investors no matter where they invest.The consultation period for the draft MiFID guidelines on remuneration closes on 7 December 2012. The final report, and the final guidelines, should be published by the second quarter of 2013.
18/09/2012

Deutsche Bank transfers EUR100bn to its management unit

According to a spokesperson for the retail fund management firm DWS, its parent company, Deutsche Bank, will be transferring more than EUR50bn in assets to its new Asset & Wealth Management unit for ETFs (of which EUR35bn are in Europe), as well as EUR30bn in certificates, and EUR10bn in DB Platinum funds, all of which are products which had previously been managed by the Corporate Banking & Securities (CB&S) division, the Börsen-Zeitung reports.These products of the investment bank represent a mere tenth of total assets under management (EUR900bn), but they will contribute about one quarter of operating profits for the AWM unit.
18/09/2012

Source and ETF Securities launch ETF funds on Swiss stock exchange

Source has announced that it has listed 14 exchange-traded funds (ETF) on the Swiss SIX exchange. The new products come as additions to the existing range from Source, which includes 16 ETC (exchange-traded commodities), and are a “sign of the importance Source gives to the Swiss market.”ETF Securities has also admitted eight ETFs to trading on SIX, which will be the first products from the issuer to be traded in Switzerland.The listings on the ETF segment of the Swiss exchange now include 880 products.The list of new products is available as an attachment.
18/09/2012

Convertible bonds perform well, but concerns persist

Convertible bonds (CB) have become an appealing, more mainstream asset class which can provide attractive risk-adjusted returns but are subject to investment and technical risks that fund investors need to be aware of, Fitch Ratings says in two new reports. Global convertible funds have returned an annualised 9.5% over the past three years, approximately the same return as global equity but with 50% of the volatility based on Lipper data. However, over the past three years, CB funds have captured more of the market downside and less of the market upside than expected, according to Fitch’s research, which may point to greater credit sensitivity, notably in high yield. The asymmetric return profile, or CB funds’ ability to capture equity upside and protect against equity price falls, claimed by the industry is overstated for certain funds, the agency has found. Lower CB issuance has led to a stagnating market, while long-only «buy-and-hold» institutional investors have generally replaced hedge funds as convertible bond holders since the collapse of Lehman. This has resulted in less liquidity and more mispricing on certain segments of the market. «Fund investors need to focus on four areas when selecting and monitoring a CB fund: yield, convexity (ability to generate asymmetric returns) and overall risk profile; management of liquidity and supply constraints; management of market sensitivities and the ability to draw on multiple resources and inputs,» says Manuel Arrive, Senior Director in Fitch’s Fund and Asset Manager rating group. Global CB funds have seen net inflows of over EUR2bn year to date, offsetting outflows from European funds (over EUR600M). Overall, convertible bond fund AUM has stabilised above pre-Lehman levels at EUR55bn.
18/09/2012

China: Aviva Investors throws the towel

According to the most recent update of fund management firms which applied for a licence from the securities commission released by the Chinese regulator, the CSRC, the foreign partner in the joint venture that had initially been formed by Aviva Invetors (49%) and China Central Securities of Changsa (51%) is now Ashmore Investment Management, Z-Ben Advisors reports. No details about the sale price have been released.Aviva Investors had been engaged since 2007 in an effort to break into the Chinese market, initially with COFCO, and then with China Central.
18/09/2012

Henderson GI merges bond funds

Henderson Global Investors would like to merge the Henderson Global Bond Fund with the Henderson Overseas Bond Fund, Fund Web reports.Assets under management in the Henderson Global Bond Funds totalled GBP726,765 as of 24 August. This is too small a size to continue to envision sustainable management of the vehicle, Henderson estimates. Assets under management in the Henderson Overseas Bond Fund total over GBP225m.The merger will take place on 25 October, pending the approval of the investors concerned.
18/09/2012

New Episode multi-asset fund for M&G

UK-based M&G Investments has launched the M&G Episode Defensive Fund, completing the recently re-branded M&G Episode Multi Asset fund range, which now includes the M&G Episode Defensive Fund, the M&G Episode Income Fund, previously M&G Income Multi Asset Fund, the M&G Episode Balanced Fund, previously M&G Cautious Multi Asset Fund, the M&G Episode Growth Fund, previously M&G Managed Fund and the M&G Episode Macro Fund, previously M&G Macro Episode Fund.The fund is managed by Eric Lonergan, who is also co-manager of the M&G Episode Macro Fund. It offers UK investors with an appetite for lower volatility the opportunity to gain exposure to the multi asset strategy developed by the team led by Dave Fishwick.The Episode Defensive Fund is fully flexible and can take long and short positions in a broad range of investible assets including equities, fixed interest, cash and other assets such as property. When the fund manager has no market views, the fund will be invested in cash.The new product will be invested at a minimum 70% in sterling or hedged back to sterling.
18/09/2012

Mark Lyttleton makes a comeback at BlackRock

Mark Lyttleton will be returning to his old position at BlackRock next week, after a break of several months for family reasons, Investment Week reports. He will return to managing the UK Absolute Alpha and UK Dynamic funds. Lytteton left in June this year.
18/09/2012

JO Hambro to launch a multi-asset class fund

Boutique fund manager JO Hambro Capital Management, which was acquired last year by the Australian firm BT Investment Management, is planning to launch a multi-asset class fund, which will be limited to bonds and equities, Fund Web reports.According to the CEO of JO Hambro, Gavin Rochussen, “this will include only equities and fixed income. I would not like to include more complex investments. The reasons I would not like to add such products are the cost, the inherent difficulties of such products, and liquidity. Investors are looking for simple and easy-to-understand products.”
18/09/2012

Skandia preparing a series of multi-managed funds

Old Mutual Wealth (formerly Skandia) is preparing to launch a series of multi-management funds by the end of this month, based on returns, Fund Web reports.The four funds planned will be entitled “Generation,” and will be multi-management funds led by John Ventre and his team. They will be made available under the Skandia brand name initially, and will adopt the Old Mutual brand name in 2013.More precisely, the funds are Generation 3:4, Generation 3:6, Generation 4:4 and Generation 4:6. The first figure is the expected inflation rate, and the second is the expected return.
18/09/2012

iShares recruits former Credit Suisse manager

iShares, the exchange traded funds platform of BlackRock, has announced the appointment of Ursula Marchioni to its EMEA Investment Strategy and Insights team.She joins iShares from Credit Suisse, where she was most recently head of ETF sales strategy for its asset management division. Ursula Marchioni joins iShares’ EMEA Investment Strategy and Insights team as a director and will be based in its London office. The team is led by Stephen Cohen, head of investment strategies EMEA.
18/09/2012

Dalton hires PM

Dalton Strategic Partnership has appointed Luca Vaiani as portfolio manager joining from Fondaco SGR, Fundweb reports. Previously manager of the multi-asset, absolute return Fondaco Global Opportunities fund, the new PM joins as part of a six-strong team responsible for the Melchior Multi-Asset fund and will work alongside CIO Rupert Caldecott
18/09/2012

Former OMAM manager joins Premier AM

Simon Wilson, who has left Old Mutual Asset Managers after 12 years, will join Premier Asset Management in early October as head of marketing, Investment Week reports.
18/09/2012

Pictet builds up capacity in Asia

Renauld de Planta, one of Pictet’s eight partners, told Asian Investor that the Swiss-based group (EUR105bn in AUM) plans to put three equity managers (onf which two are already hired) and three equity traders in Hong Kong. By the time the are all in place, the entire Greater China long-only equities portfolio as well as the QFII quota (A-shares), will be managed on site. The three equity managers will be part of the 20-strong global EM equities unit.The Chinese equity team will be headed by Pauline Dan (ex Samsung Investment Trust Management).Meanwhile, the new corporate EMD team will comprise seven or eight persons globally, about half of which based in Asia, largely in Singapore.The global EMD team managers about USD10bn.
18/09/2012

BlackRock controls 3.11% of Sabadell

The US asset management firm BlackRock has notified the CNMV that it now holds 3.11% of capital in the Spanish firm Banco Sabadell, compared with 2.53% previously, Cotizalia reports.As Sabadell shares now trade at about EUR2.17, the 91.9 million shares held by BlackRock represent an investment of about EUR200m.
18/09/2012

Former Nomura traders join Occitan

Occitan Capital Partners, a firm speclalised in investment in equities and equity derivatives, has extended its investment team with four new partners, two of whom work at Nomura, Financial News reports. These include Alexandre Capez and Othmane Akherraz. Occitan was founded in 2010 by Herve Gallo, a former equity derivaties trader at Nomura, and Thomas de Garidel-Thoron, of Boussard & Gavaudan Asset Management.
18/09/2012

Ucits funds from Gibraltar available in the UK

Ucits funds domiciled in Gibraltar can now be sold in the UK after HM Treasury agreed to enable fund “passports” from the offshore haven, FT Adviser reports.Gibraltar’s Financial Services Commission (FSC) signed up to Ucits IV in October 2011.
18/09/2012

Union Investment RE adds a real estate portfolio to Axa REIM

For an undisclosed amount, the German asset management firm Union Investment Real Estate has acquired the real estate complex K-Point, located in Kirchberg, Luxembourg, which will be added to the portfolio of the institutional real estate fund UniInstitutional European Real Estate. The complex includes 8,169 square metres of office space, 1,041 square metres of commercial space, and 620 square metres of archival area, plus parking slots.This is the first investment in Luxembourg for the German fund, which has seen a net inflow of EUR300m in the first seven months of this year.
17/09/2012

La FAO soutient le projet français de stocks stratégiques

L’agence de l’Onu dédiée à la sécurité alimentaire a apporté lundi son «plein soutien» au projet de François Hollande de constituer des stocks alimentaires stratégiques pour lutter contre la volatilité des cours des prix alimentaires. Le directeur général de l’organisation a indiqué à l’issue d’un entretien avec le président français qu’il jugeait le moment particulièrement bien choisi pour constituer ces stocks.
17/09/2012

Nouvelle contraction de l'indice Empire State

L’activité manufacturière dans l’Etat de New York s’est contractée en septembre pour le deuxième mois d’affilée, reculant à son plus bas niveau depuis trois ans et demi à la suite d’une chute des commandes, a annoncé lundi la Réserve fédérale de New York. L’indice dit «Empire State» a reculé à -10,41, son plus bas niveau depuis avril 2009, contre -5,85 en août. Les économistes interrogés par Reuters prévoyaient en moyenne une amélioration à -2,00.
17/09/2012

Barack Obama saisit l’OMC contre la Chine

Les Etats-Unis ont annoncé lundi l’ouverture d’une nouvelle procédure contre les subventions à l’exportation chinoises dans le secteur de l’automobile et des pièces détachées. «Les subventions à l’exportation sont interdites au regard des textes de l’OMC parce qu’elles sont injustes et faussent gravement les échanges internationaux», a déclaré le délégué américain au Commerce Ron Kirk dans un communiqué.
17/09/2012

Telecom Italia Media réservé à la hausse

La cotation de Telecom Italia Media a été retardée lundi à la Bourse de Milan alors que le titre était indiqué en hausse de 12%, en réaction à des informations selon lesquelles plusieurs sociétés ont exprimé leur intérêt pour l’entreprise. Parmi les repreneurs potentiels cités figure Mediaset , le numéro un du secteur, contrôlé par la famille de l’ex-président du Conseil Silvio Berlusconi.
17/09/2012

Montefiore Investment atteint son objectif pour la levée de son Fonds III

Montefiore Investment, le fonds indépendant spécialiste de l’investissement dans les PME de services de l’économie présentielle en France, annonce avoir atteint son objectif de levée pour le Fonds Montefiore Investment III. Après avoir lancé la souscription de son dernier Fonds au printemps 2012, ce troisième véhicule affiche d’ores et déjà une taille globale de 180 millions d’euros, soit le montant initialement ciblé.
17/09/2012

Apax risque de perdre 600 millions d’euros sur Marken

Le groupe de private equity pourrait perdre 600 millions d’euros lors de la cession de Marken Time Critical Express, un service d’expédition d’échantillons sanguins et pharmaceutiques, croit savoir le Sunday Times. Apax avait versé 975 millions d’euros pour Marken en 2009. Le fonds a mandaté Morgan Stanley pour cette opération.
17/09/2012

Le relèvement du plafond du livret A effectif le 1er octobre

Le relèvement du plafond du livret A et le doublement de celui du livret de développement durable (LDD) seront effectifs le 1er octobre, a annoncé dimanche le ministre de l’Economie et des Finances Pierre Moscovici. Le ministre, qui était l’invité du Grand Jury RTL-LCI-Le Figaro, a indiqué que le décret sur ces mesures serait publié au Journal officiel du 19 septembre, en vue d’une mise en œuvre à compter du 1er octobre. Alors que le gouvernement avait promis que le relèvement interviendrait à la mi-septembre, Pierre Moscovici a justifié ce délai par des raisons techniques, les banques ayant besoin d’adapter leurs systèmes informatiques, et légales, les intérêts des livrets étant calculés par quinzaine. Le plafond du livret sera ainsi relevé de 25% à 19.125 euros et celui du livret de développement durable passera à 12.000 euros.
17/09/2012

Vers un alourdissement de la fiscalité de l'assurance-vie

Selon l'édition de samedi du Parisien, le gouvernement envisage de modifier le calcul de la fiscalité de l’assurance-vie. Plutôt que la date d’ouverture du contrat, c’est la durée d’investissement qui serait prise en compte pour l’allégement de l’impôt.Ce projet pourrait passer devant les députés à la fin de l’année dans le cadre du paquet compétitivité.

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