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14/09/2012

Nine shares replaced in ASPI Eurozone index

Nine shares will be joining the ASPI Eurozone index, including shares in 120 publicly-traded firms with top ratings in the euro zone from Vigeo for the environment, human rights, human resources, social engagement, behaviour on the markets and corporate governance. They are Fiat, Aegon, Sor, Belgacomm, Foncière des Régions, Eurazeo, Biomérieux, ArcelorMittal and Enel Green Power. At the same time, eight shares will be leaving the index: Commerzbank, Crédit Agricole, OMV, Metro, ETS Colruyt, Lufthansa, Pirelli & C and Dassault Systems. In addition, TF1, which will be removed from the universe of the Euro STOXXSM benchmark index, will also leave the index. The changes in the composition of the index will be applied after the end of trading on Friday, 21 September 2012, and will take effect from the start of the following trading day, Vigeo states.
14/09/2012

Russell offers emerging market exposure indices

Russell Investments has introduced the Russell Geographic Exposure (GeoExposure) Index Series in response to increasingly integrated global markets. A new methodology identifies developed global companies with significant exposure to targeted geographic regions or countries. The resulting indexes provide clients exposure to emerging markets through an index of developed market companies. The Russell GeoExposure Index Series, four new indexes developed from existing Russell Global Indexes, follow a transparent and rules-based methodology to identify companies with exposure to emerging markets, and then adjusts the weight for each company within the index to reflect the significance of this exposure. To address this challenge Russell has aligned with leading data classification firm Revere Data LLC, an industry expert in financial statement analysis, to capture geographic revenue information. The Series initially consists of four indexes based on Russell Global Indexes: Russell 1000® Emerging Markets GeoExposure Index Russell Developed Large Cap Emerging Markets GeoExposure Index Russell Developed Europe Large Cap Emerging Markets GeoExposure Index Russell Developed ex-North America Large Cap Emerging Markets GeoExposure Index
14/09/2012

S&P Dow Jones and SAM update DJ Sustainability indices

An annual revision of the Dow Jones Sustainability (DJSI) sustainable development indices by Dow Jones Indices and SAM (Robeco group) has resulted in an update of the global index and its regional sub-indices for Europe, North America, Asia-Pacific and Korea.For the DJSI World index, 340 shares will be retained, with 41 added and 41 removed, starting from the opening of the markets on 24 September. Among the additions, the largest in terms of free-float capitalisation are Microsoft, Canadian National Railway and Target Corp, while the three largest firms to be removed from the index are IBM, GlaxoSmithKline and United Technologies.The DJSI Europe index will gain 17 entries and lost 23, for a total of 166 businesses.
14/09/2012

Syz & Co selects a new benchmark index for its emerging market fund

The performance of the Oyster emerging opportunities fund will now be measured against a new benchmark index: SYZ Emerging Markets, an index created by the research division of Syz&Co. The benchmark had previously been the MSCI Emerging Markets NR Net USD, Investment Europe reports. The new index is equally weighted between the 21 shares of the MSCI EM index, with an adjustment for market liquidity levels.
14/09/2012

Skandia IS loses money due to RDR

The Skandia Investment Solutions platorm (GBP34.2bn in assets under management) has posted a loss of GBP11.4m in 2011, due to the costs of preparing for compliance with Retail Distribution Review (RDR) regulations, Investment Week reports. Losses in 2010 totalled GBP15m.
14/09/2012

Rob Leary to leave ING US

Rob Leary, CEO of ING US, will be leaving his job, Mutual Fund Wire reports, citing an internal memo of which the website has obtained a copy. The asset management firm will soon either hold an IPO or be sold, the article reports. Leary is not expected to be replaced. ING US will be restructuring its activities. The duties of the CEO will now be passed to Alain Karaoglan, the current executive vice chairman. He will also oversee Jeff Becker, head of Investment Management activities.
14/09/2012

Aviva rationalises its retirement product range

Aviva will be closing four of its products to new investors, as it estimates that they are redundant alongside the firm’s retirement product range, Investment Week reports.The products concerned are self-invested personal pensions (SIPP), and the Income Drawdown, Your Pension Protector and Crystallised Pension Plan programmes. All of these products will be closed on 23 November this year. But Aviva’s decision does not affect existing clients, who will have access to the same functionality for all products after that date.
14/09/2012

Dexia and Pictet post inflows in Italy

In second quarter 2012, Dexia posted the largest net inflows in Italy, according to a quarterly report published by the Italian asset management association Assogestioni. The asset management firm, which will soon be sold, has posted EUR1.6bn in inflows between April and June, of which EUR1.59bn went to open-ended funds. In second place is another foreign group, Pictet, which has taken on EUR926m (entirely to open-ended funds). Third place goes to Poste Italiani, with EUR733m. These are followed by three foreign groups: Amundi (EUR722m), Franklin Templeton Invesments (EUR534m) and Axa (EUR419m).
14/09/2012

Irish asset management continues international drive

The Irish Funds Industry Association (IFIA) will open representative offices in Shanghai, Frankfurt and Sydney, bringing the number of branch offices worldwide to ten, the professional association announced at its annual conference on 13 September.The association began its international offensive last year, with the opening of offices in the United States, in Atlanta, New York and Chicago, and in Europe and London. Since then, the IFIA has opened offices in Singapore, Tokyo and Hong Kong.According to the CEO of the association, Pat Lardner, “this all demonstrates the IFIA’s commitment to being present on all the major growth markets, in order to better promote Ireland as the ideal jurisdiction for investment funds distributed internationally. We would like to be available to assist asset managers to find the solutions, products and expertise that Ireland can offer in a constantly-changing international regulatory environment.”In other words, the asset management sector in Ireland clearly wishes to defend and strengthen its position in relation to continental European competition, and particularly in response to activism on the Luxembourg market, which has a strong presence on all major markets worldwide.
14/09/2012

Ashmore builds Chinese joint venture

The British firm Ashomre Investment Management is launching a joint venture with China Central Securities, following a decision by Aviva Investors to end a joint venture with China Central, leaving the way open for other investors, Asian Investor reports. The new firm, entitled Ashmore-CCSC Fund Management Company, will be based in Shanghai. The financial details of the operation have not been disclosed. Ashmore obtained the status of qualified foreign institutional investor in 2009, and opened an office in Beijing in 2010. According to the consulting firm Z-Ben Advisors, Ashmore’s move appears risky, particularly in light of Aviva’s decision to pull out after five years. It is difficult to develop on the retail market in China, to the extent that Aviva appears to have prioritized the development of its activities on the Chinese institutional market, which would at least partly explain its decision.
14/09/2012

Head of investments leaves Danske Capital

The head of investments at Danske Capital, Erik Kjellgren, has left the firm after eight years there, the Swedish website Realtid.se reports. He had been manager of the Danske Banks Sverige Focus fund.
14/09/2012

Franklin Templeton France appoints an account manager

Franklin Templeton France on 13 September announced the appointment of Jérémy Silvera, who becomes an account manager in the sales team, serving entrepreneurial asset management firms, private banks and wealth management firms in the southern and western parts of France and Paris. Silvera, 27, holds a Master 2 Trading & Asset Management degree from ESLSCA. He has served in internships at Crédit Agricole CIB, in sales of fixed income structured products, and Edmond de Rothschild Asset Management, in sales of funds to institutional clients in France. Silvera joined the Franklin Templeton group in January 2011 as sales support.
14/09/2012

Robert Higginbotham takes charge of institutional services at T. Rowe Price

T. Rowe Price has recruited Robert Higginbotham has head of international services to insitutionals, Investment Europe reports. He will be responsible for development of all services to institutional investors outside the United States. He will be based in London, and will begin in October. He previously worked at Fidelity Worldwide, where he served as chief executive for Europe, the Middle East and Africa.
14/09/2012

Lyxor to launch physical ETFs by year's end

Lyxor Asset Management (“Lyxor”) on 13 September has announced the launch of a range of physical replication ETFs by the end of 2012, beginning with ETFs based on bond indices. The move may be interpreted as a change in Lyxor’s strategy, which has always privileged synthetic replication, and which was defended tooth and nail throughout the controversy that raged over replication techniques last year. During that sometimes passionate debate, Lyxor defended synthetic replication, while Anglo-American firms such as BlackRock held by physical replication. The debate appears to be over now, but it may have driven some parties to reconsider their positions. At any rate, Lyxor does not hesitate to suggest that its product range deserved some revision. “In order to fully satisfy investor demand, Lyxor has decided to develop this approach, in order to offer its clients ‘the best of both worlds’ in the ETF universe,” Lyxor says in a statement. Regardless of the type of replication proposed, Lyxor ETFs will retain the same level of quality in terms of transparency, effectiveness (low tracking error) and liquidity, Lyxor says.
14/09/2012

Bruno Vanier creates an asset management firm

Bruno Vanier, a former fund manager at EDRAM, is preparing to launch his own asset management boutique specialised in emerging markets, Citywire Global can reveal. Gemway Assets will be partly owned by La Financière de l’Echiquier, which is reported to have acquired a 34% stake, according to reports in Citywire.
14/09/2012

Swiss private management under pressure

A transformation of framework conditions in Swiss private management will result in net outflows of funds from foreign clients, which may run to CHF150bn to CHF200bn by 2016, particularly in the cross-border segment, according to a survey by the aeb/rolfes.schierenbeck.associates agency. These outflows are expected to represent 5-8% of cross-border assets under management, but as much as 25-35% of cross-border assets for a typical private management bank focused on European clients.The development will result in an average decline in the gross profit margins on assets of 15 to 20 basis points by 2016. This represents an enormous challenge for the cost/income ratio at private management institutions. Without compensation on the income side or a structural reduction in costs, the cost/income ratio (CIR) for a mid-sized bank with about CHF30bn in assets under management, half of which are cross-border assets originating from key Euorpean markets, may deteriorate by as much as 75% to 100%.
14/09/2012

Reyl opens a branch offices and declares ambitions

At an opening of its Zurich offices, the Reyl group has announced that it has set at goal of CHF5bn in assets under management by the end of the year, Agefi Switzerland reports. Assets under management have risen from CHF5.6bn as of the end of July to CHF5.9bn currently. The group is hoping to double its assets under management to over CHF10bn in three years.
14/09/2012
Gestion d'actifs

L'OCDE a étudié un investissement potentiel sur les obligations internationales indexées à l'inflation

Selon nos informations, l’OCDE a mené une réflexion sur l’opportunité d’investir dans un fonds ouvert d’obligations monde indexées à l’inflation. Cette décision a été motivée par des raisons administratives mais aussi par la recherche de solutions de couverture contre le risque d'érosion des rendements sur la poche obligataire (taux de rendement réel négatif). Contacté à ce sujet, Leticia Andres-Sanchez, Fund administrator de l’OCDE indique que la décision a été repoussée sine die. Aucun montant précis n’a été confirmé même si l’on évoque une dizaine de millions d’euros.
Gestion d'actifs
14/09/2012

Matteo Perruccio quitte Hermes

Matteo Dante Perruccio démissionne de son poste de directeur général de Hermes BPK Partners, la société de fonds de hedge funds détenue à 60 % par Hermes Fund Managers, selon Financial News.
14/09/2012
Fonds

Aviva rationalise sa gamme de produits retraite

Aviva va fermer aux nouveaux investisseurs quatre produits dont elle estime qu’ils font double emploi dans l’offre retraite de la société, rapporte Investment Week.Les produits concernés sont les programmes SIPP (pensions individuelles d’investissement personnel), ainsi que les fonds Income Drawdown, Your Pension Protector et le Crystallised Pension Plan. Tous ces produits seront fermés le 23 novembre prochain. Mais la décision d’Aviva ne touche pas la clientèle existante qui aura accès après cette date aux mêmes fonctionnalités sur tous les produits.
Fonds
14/09/2012

Invesco recrute trois gérants de SLI

Pour former une équipe de gestion multi-classes d’actifs à Henley (près de Londres) qui soit le complément de celle, mondiale, d’Atlanta, Invesco Perpetual a recruté trois gérants de Standard Life Investments (SLI), rapporte Fundweb. Il s’agit de David Millar, qui était investment director, multi-asset investing chez SLI, de Dave Jubb, qui était investment director, tactical asset allocation, et de Richard Batty, qui était investment director, global investment strategist.Pour reconstituer l'équipe multi-classes d’actifs, SLI mute Ian Pizer, qui appartient à l'équipe obligations d’Etat et continuera de gérer le fonds d’obligations d’Etat ARGBS tout en générant des idées pour le fonds Global Abbsolute return Strategies (12 milliards de livres). Il sera subordonné à Guy Stern, head of multi-asset fund management.Roger Sadewsky, co-gérant du ARGBS, restera aux commandex du fonds mais rejoindra parallèlement le strategic investment group. Quant à Neil Richardson, il prendra en charge les stratégies actions au sein des portefeuilles de performance absolue. A noter par ailleurs que Lance Philips, investment director for global equities, va quitter SLI et sera remplacé par Steve Weeple, qui sera subordonné à David Cumming, head of equities.
14/09/2012

Liontrust renforce son équipe actions européennes

Liontrust Asset Management a recruté Samantha Gleave pour renforcer son équipe dédiée aux actions européennes, rapporte Investment Week.Elle rejoint l'équipe en tant que gérante et travaillera aux côtés de James Inglis-Jones et Gary West qu’elle a connaît déjà pour avoir travaillé avec eux à la fin des années 90 chez Fleming Investment Management.Samantha Gleave vient de chez Bank of America Merrill Lynch où, en tant qu’analyste, elle a couvert pendant sept annnées les actions européennes, et notamment les valeurs industrielles.
14/09/2012

BNY Mellon reclasse Pareto chez Insight

Pour un montant non divulgué, Pareto Investment Management Ltd (27 milliards de livres d’encours) sera acheté par Insight Investment Management Ltd (182 milliards de livres). Les deux gestionnaires sont filiales de BNY Mellon. La transaction devrait être bouclée pour le 1er janvier 2013, sous réserve de l’accord du régulateur.Pareto se spécialise sur la gestion active et passive du risque de change et exerce ses activités au Royaume-Uni, aux Etats-Unis ainsi qu’au Japon et en Australie.
14/09/2012

Nomination de nouveaux membres au conseil de l'IMA

A l’occasion de son assemblée générale annuelle qui s’est tenue le 12 septembre, l’association britannique des gestionnaires d’actifs (IMA) a désigné quatre nouveaux membres qui vont intégrer le «board».Il s’agit de Hugh Mullan, UK Managing Director chez Fidelity Worldwide Investment, Mark Zinkula, chief executive officer de Legal & Investment Management, Andrew Formica, chief executive chez Henderson Global Investors et Andrew Laing, deputy chief executive chez Aberdeen Asset Management. Trois membres ont quitté le board, Helena Morrissey, chief executive officer de Newton Asset Management, Alain Dromer, ancien chief executive d’Aviva Investors et Bill Smith, chief executive officer chez Lazard Asset Management.
14/09/2012

SAUL et LGIM prolongent leur collaboration dans la gestion LDI

SAUL (The Superannuation Arrangements of the University of London), le fonds de pension de l’Université de Londres, annonce avoir reconduit son partenariat avec Legal & General Investment Management (LGIM). La société de gestion continuera de lui fournir des services de gestion sous contrainte de passif (LDI), précise un communiqué. Les deux sociétés travaillent ensemble depuis 2001.
13/09/2012

La Grèce dément discuter d’un troisième plan d’aide

Le ministre grec des Finances a démenti discuter d’un troisième plan de sauvetage avec ses créanciers internationaux, comme l’a écrit jeudi Dow Jones en citant un responsable du Fond monétaire international. Gerry Rice, un porte-parole du FMI interrogé à ce sujet, a assuré de son côté que les discussions avec Athènes se concentraient sur le respect des conditions du deuxième plan d’aide. Il a par ailleurs ajouté percevoir de «bons arguments» pour accorder un délai supplémentaire à la Grèce.
13/09/2012

Le dispositif ISF-PME restera à 50%

Selon le site internet des Echos, le dispositif ISF-PME, qui permet de réduire son impôt à hauteur de 50% des sommes investis dans une PME, sera préservé. Le projet de François Hollande prévoyait cependant une diminution à 25%. Comme le rappelle le quotidien sur son site, la réduction de l’ISF-PME avait déjà été baissée de 75% à 50% en 2011.
13/09/2012

Forte hausse des prix à la production aux Etats-Unis

Les prix à la production aux Etats-Unis ont enregistré au mois d’août leur plus forte hausse depuis plus de trois ans, en raison notamment du bond des prix de l'énergie, montrent les statistiques publiées jeudi par le département du Travail. L’indice des prix à la production (PPI) a augmenté de 1,7% le mois dernier, sa progression la plus marquée depuis juin 2009, après une hausse de 0,3% le mois précédent.
13/09/2012

La Chambre basse suisse vote une hausse du forfait fiscal

La Suisse conservera son régime spécial de faible imposition pour les étrangers fortunés mais le montant de l’impôt dont ils s’acquittent va augmenter, après un vote favorable au Parlement. La base d’imposition devrait passer à sept fois le plafond contre cinq jusqu'à présent. Les étrangers soumis à ce régime et résidant en hôtel verront, eux, leur imposition jusqu’alors basée sur deux fois le plafond passer à trois fois.
13/09/2012

La Suède baisse l'impôt sur les sociétés

Rattrapée par la crise de la zone euro, la Suède a décidé de baisser substantiellement l’impôt sur les sociétés à compter de 2013 pour relancer l’activité, a annoncé le gouvernement jeudi. L’IS passera ainsi à 22% au lieu de 26,3% actuellement, ce qui se traduira par un manque à gagner de 16 milliards de couronnes (1,88 milliard d’euros) pour les finances publiques mais rendra le pays plus attractif pour les entreprises.

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