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04/09/2012
Fonds

Le portefeuille du SEB ImmoInvest s'allège de quatre actifs

SEB Asset Management a annoncé le 3 septembre avoir vendu pour 51,8 millions d’euros quatre immeubles situés à Düsseldorf, Berlin et Luxembourg qui figuraient au portefeuille du fonds immobilier offert au public SEB ImmoInvest. Ce produit doit être liquidé d’ici au 30 avril 2017 (lire Newsmanagers du 9 mai). Les quatre actifs ont été cédés «en moyenne» à leur dernier prix d’expertise.
Fonds
04/09/2012

Les trois principales sociétés de gestion italiennes décollectent le plus

En juillet, ce sont les trois principales sociétés de gestion italiennes par la taille des encours gérés dans le pays qui ont accusé les plus forts rachats. Ainsi, le plus grand groupe, Intesa Sanpaolo, avec 215 milliards d’euros d’encours sous gestion, a vu sortir, en net, un peu plus d’1 milliard d’euros. Le deuxième, Generali (139 milliards d’euros) affiche une décollecte nette de 507 millions d’euros. Enfin, le troisième, Pioneer Investments (99 milliards d’euros) enregistre des remboursements nets de 507 millions d’euros.De l’autre côté du spectre, Ubi Banca a enregistré des souscriptions nettes de 644 millions d’euros. La société gère des encours de 29 milliards d’euros. Banco Popolare a quant à lui engrangé 529 millions d’euros (18 milliards d’euros d’encours d’encours).S’agissant des groupes français, Amundi voit sortir 135 millions d’euros et BNP Paribas 191,4 millions, tandis qu’Axa enregistre une collecte de 19 millions.
04/09/2012

Invesco lance quatre fonds en Italie

Invesco vient de lancer quatre fonds pour le marché retail italien, rapporte Bluerating. Il s’agit des fonds : Invesco US High Yield Bond Fund, Invesco Renminbi Fixed Income Fund, Invesco Asian Focus Equity Fund et Invesco US Equity Fund.
04/09/2012

Un départ chez Vontobel Italie

Stefano Calvi a quitté Vontobel où il était directeur exécutif, en charge de la banque privée en Italie, selon les informations de Bluerating. Sa nouvelle destination sera connue début octobre.
04/09/2012

SEB AG redéploie sa filiale de gestion d’actifs

Dans une interview à la Börsen-Zeitung, Fredrik Boheman, président du directoire de l’allemand SEB AG, indique que la filiale SEB Asset Management va désormais développer sa clientèle institutionnelle et faire valoir ses atouts en tant que gestionnaire alternatif en profitant des possibilités offertes par la directive AIFM.En dehors d’une modification de l’offre de produits, la priorité est de liquider en bon ordre le fonds immobilier offert au public SEB ImmoInvest, dont l’encours représentait 6,3 milliards d’euros au moment où la décision de liquider a été prise. Il reste une centaine d’immeubles à vendre d’ici au 30 avril 2017.
04/09/2012

LGIM recruits from WestLB Mellon AM

Legal & General Investment Management (LGIM) has recruited Marion Stommel as head of the global credit division, Money Marketing reports. Stommel previously worked at WestLB Mellon Asset Management, where she was head of the credit team and international development of activities.
04/09/2012

Nick Ford joins MAM Funds

The British fund management firm MAM Funds, listed on the AIM exchange, has recruited Nick Ford, previously of Scottish Widows Investment Partnership (SWIP), Fund Web reports. Ford will be joining MAM Funds as a manager of the asset class he has long been specialised in: US equities.
04/09/2012

Schroders adds to multi-asset class team

Matthew Joyce (ex Occam Asset Management) and Jingjing Cui (ex JPMorgan Asset Management) have been recruited as senior analysts in the multi-asset class team at Schroder Investment Management (Schroders), which has 90 members. They will report to Nicolaas Marais, head of multi-asset investments & portfolio solutions.
04/09/2012

Nine people leave SSgA in London

Nine senior partners have left the asset management activity of State Street Global Advisors in London, Financial News reports. They include Ben Clissord, who had been liability manager, Moira Gorman, head of relations with local authorities, and Vin Battacharjee, head of European intermediated activities.
04/09/2012

Man Group in partnership with Nomura

The British firm Man Group has signed a partnership agreement with Nomura to launch a bond hedge fund, Citywire reports.The Nomura Man Systematic Fixed Income fund is based on a strategy managed by the Systematic Strategies unit at Man, which tries to identify directional opportunities on swap, future and emerging and developed forex markets.
04/09/2012

SEB ImmoInvest portfolio lightened by four properties

SEB Asset Management on 3 September announced that it has sold four properties located in Düsseldorf, Berlin and Luxembourg for EUR51.8m from the portfolio of the open-ended real estate fund SEB ImmoInvest. The product must be liquidated by 30 April 2017 (see Newsmanagers of 9 May). The four properties were sold “on average” at their most recent expert valuation price.
04/09/2012

Schroders adds a fund to its GAIA platform

The Schroder UCITS-compliant platform GAIA (Global Alternative Investor Access, GBP1.42bn in assets as of the end of June) will in October add a new Schroders product which had previously been managed internally, the Schroder GAIA Global Macro Bond fund, which does not yet have a sales license for France. The product aims for gross annual outperformance of 800 basis points over Libor, using strategies on forex, government bonds and corporate bonds.The fund will be managed by the multi-sector fixed income team at Schroders (10 investment professionals and 7 European credit portfolio managers), led by Bob Jolly, who joined the British asset management firm in September 2011 as head of global macro.
04/09/2012

Asset management firms lack flagship funds

In a highly competitive fund distribution market, the weight of a product makes all the difference, Fitch Ratings claims. With at least EUR1bn in assets, flagship funds are what European firms are missing to compete with their Anglo-American rivals, the ratings agency says in a recent study.On the cross-border fund distribution market (excluding money market funds), UK and US asset management firms lead the pack. Among the firms with the strongest concentration of flagship funds, Robeco is the only non-Anglo-American firm. M&G takes first place, with 34% and 11 flagship funds out of 30, followed by Pimco (29%), Vanguard (21%), BlackRock (19%) and Franklin Templeton, with 17% of funds on sale being of flagship size.At the other end of the extreme, Fitch says, European asset management firms have overly wide product ranges, with few or no flagship funds. Of the ten firms with the fewest funds weighing in at over EUR1bn, all are of continental European in origin, except HSBC. Paribas has 469 funds, but only 8 have over EUR1bn in assets.Only in the specialist asset management firm segment do we find flagship funds, on sale from European Firms such as Skagen, Carmignac Gestion, DNCA and Comgest.Having large funds has several advantages, says Fitch. Flagship funds allow for larger operational efficiency in the area of administration and reporting, for example. Managers who manage fewer funds also have less addministrative burden and can concentrate more on management and generating new ideas. Flagship funds are more visible in rankings and advertising, and are more easy to sell via promoters, Fitch notes. Front-end fees for investors may be higher, however. The complete study is available as an attachment.
04/09/2012

Tough half for HSBC in Switzerland

The Swiss private banking unit of the HSBC group has reported profits for fits half of CHF188m, down 4.1% compared with the first six months of 2011, the news agency Bloomberg reports. The news agency points out that this development is due to redemptions from clients, but also to the various factors which are affecting HSBC in Switzerland, including the resignation of its CEO, Alexander Zeller, and theft of data, as well as, at group level, suspected tax fraud in the United States.
04/09/2012

Strong growth in Asian inflows for Citi

Net inflows to Citi in the Asia-Pacific region have totalled over USD3bn in the past twelve months, an increase of nearly 80% year on year, Asian Investor reports. Assets under management in the regino now total over USD200bn. Paul Hodes, head of wealth management for Asia-Pacific at Citi, says that unlike many distributors, his group has not reduced the number of providers it works with, which currently total about 100, not counting ETF providers. However, Citi has reoriented its asset allocation to an approach less focused on the United States.
04/09/2012

Ignis recuits a former OMAM manager

Ignis
 Asset 
Management
 has hired 
Simon 
Cowan 
as
 Fund
 Sales
 Director.
 He 
will 
be 
responsible 
for 
wealth 
manager 
and 
discretionary 
accounts 
within 
London
 and 
will 
report 
to 
Austin 
McBride,
 Head 
of 
UK
 Retail.

 
Prior 
to 
joining
 Ignis, 
Simon 
was 
Regional 
Sales 
Manager 
at 
Old 
Mutual 
Asset 
Managers 
where
 he
 looked 
after 
multimanager, 
global
bank, 
private 
bank 
and
 wealth
 manager
 accounts 
in 
London
 and
 the 
Channel 
Islands.
04/09/2012

Axa Real Estate recruits a new head of investor relations

Axa Real Estate Managers, which manages over EUR42bn in real estate assets as of 30 June 2012, has recruited Dietrich Heidtmann as global head of investor relations and capital markets, following a decisino by Antoine Jozan, currently head of investor relations and marketing, to retire at the end of December 2012, after 12 years of service. Before joining Axa Real Estate, Heidtmann was managing director – capital markets at Grosvenor, where he was in charge of fundraising and investor relations activities for Europe, the Middle East, Africa and North America. He reports directly to Deborah Shire, global head of business development. He will also be a member of the board of directors at Axa Real Estate, and will be based in Paris. Heidtmann and Joan will work together until the end of this year, to ensure a smooth transition. Jozan will then continue to work part-time, retaining responsibility for investor relationships in Canada and the Middle East,
04/09/2012

Gérard Roubach leaves CM-CIC Asset Management

Gérard Roubach, who had been chairman of CM-CIC Asset Management, left the asset management firm on 30 June. Roubach, 62, whose departure had been slated for 2012, is retiring. He has been replaced by Olivier Vaillant, who has been an executive at the group for 10 years. Vaillant, 41, has also served at Banque Transatlantique as head of financial savings at the establishment.
04/09/2012

Asset management unit at La Banque Postale shows poor results for first half

In its half-yearly financial report, published on 31 August, La Banque Postale reported a decline in net banking proceeds from its asset management activities of nearly 12%, to EUR60m, compared with EUR68m one year earlier.The net banking proceeds for La Banque Postale Asset Mangement fell 2.8% to EUR45m, “Equity assets at LBPAM suffered from falling equity markets in second quarter, while money market mutual funds did well,” the bank notes. Inflows to the segment form institutional clients have brought assets under management to EUR128bn as of the end of June 2012, the bank says.Assets and inflows at Toqueville Finance were below expectations, which has resulted in a decline of EUR4m to EUR9m in net banking proceeds for Tocqueville compared with June 2011, the document states, adding that profits at Tocqueville are now 90% integrated into La Banque Postale, following the departure of former director Marc Tournier, who controlled 15% of the firm.Management mandate activities, for their part, are down, resulting in a decline in net banking proceeds at La Banque Postale Gestion Privée of EUR2m, to EUR8m. In the new future, this area of activity may see modifications to its perimeter. Les Echos newspaper reports on 25 July that La Banque Postale has been in talks with Crédit Mutuel Arkéa to acquire its private bank for high net worth private clients.Lastly, in its semiannual financial report, La Banque Postal claims that it has brought costs under control (-EUR7m), which has allowed the asset management sector to earn a stable net profit as a part of the group compared with first half 2011 of EUR17m.
04/09/2012

Changing managers can be counter-productive

For institutional investors, changing managers after a period of underperformance of three years on average results in lower returns than those that would have been obtained by retaining an active manager or allocating the mandate to passive strategies, a Towers Watson study cited by the Financial Times finds. “The results and experience show that retaining an underperforming manager is more profitable than replacing him or her,” says Robin Penfold of Towers Watson. This year, pension funds may replace underperforming managers representing USD100bn in equity mandates.
04/09/2012

Investors have an appetite for Chinese equities and volatility

In the last week of August, investors made Chinese equities and volatility funds their top priorities. Volatility funds have posted subscriptions in the past few weeks totalling about USD1bn, according to statistics from EPFR Global. Emerging market equity funds absorbed fresh money for the fifth week running in late August, their longest inflow streak since the first quarter, with Asia ex-Japan equity funds absorbing the majority of the new money. Investors committed USD500 million to China Equity Funds during the week ending August 29. However, investors remained prudent about developed market equities, with net outflows of over USD1bn from European equity funds. Overall equity funds nonetheless absorbed USD2.1 billion and their first weekly inflow in four weeks. High yield bond funds continued to show inflows of over USD1bn in the week under review. Bond funds overall finished the week to 29 August with subscriptions totalling USD5.3bn, bringing net inflows since the beginning of the year to over USD270bn.
04/09/2012

Franklin Templeton is Ireland's biggest creditor

As of the end of June, funds from Franklin Templeton held Irish bonds totalling EUR6.1bn, according to figures by the Financial Times. The largest amount was in the name of the Templeton Global Bond fund, managed by Michael Hasenstab. The US asset management firm is the largest private creditor to Ireland.
04/09/2012

Assets in Spanish funds increased in August

The Inverco association of Spanish asset management firms has announced that assets in security funds as of the end of August totalled EUR123.288bn, EUR1.980bn more than at the end of July, Cinco Días reports.This increase is due to market effects, while funds underwent net redemptions of EUR360m, half of the amount recorded in August 2011, and the lowest total since February this year.
04/09/2012

GLG releases Financials Alternative fund in Spain

The British firm GLG, an affiliate of Man Group, is launching the UCITS-compliant long/short hedge fund GLG Financials Alternative on the Spanish market. The portfolio of the market neutral absolute return product includes 30 to 60 holdings, of financial sector equities, Funds People reports.Kyril of Saxe-Coburg, CEO of Man GLG for Spain and Portugal, says that in the past ten years the fund has earned annual returns of 9.70%, with volatility of 9.30%.
04/09/2012

Henderson takes the “gates” off its hedge funds

Investment Europe is reporting that Henderson has removed the possibility of limiting redemptions (known as a “gate”) for its AlphaGen Rhocas fund. The fund is part of the AlphaGen range taken over by Henderson with the acquisition of Gartmore. Paul Graham, global head of hedge funds, has announced that “gating” rules will be removed from all hedge funds except the AlphaGen Volantis, a fund specialised in British small caps. Gates have been removed for the Rhocas fund for more than a week; they will be removed from other funds gradually, at meetings of their respective boards of trustees.The manager says most hedge funds of the brand operate on deep enough markets to be encashed within three days if need be. Graham also says that some hedge funds currently in the process of being launched will allow investors a choice between share classes with or without a gate (which generally limits redemptions to 25%).
04/09/2012

Axa Framlington Japan veteran joins Martin Currie Pacific Trust

Anja Balfour, previously manager of the Aa Framlington Japan fund, has joined Martin Currie Pacific Trust, as non-executive director, Investment Week reports. The Martin Currie Pacific Trust, whose assets under management total GBP248m, is managed by Andrew Graham.
04/09/2012

BlackRock IM launches an income vehicle

BlackRock Investment Management has launched the North American Income Trust, which will offer an annual dividend of 4%, Money Marketing reports. The trust, which will focus on US large caps, will be listed on the London Stock Exchange, and will seek to outperform the Russell 1000 Value Index.
04/09/2012

A departure from Vontobel Italy

Stefano Calvi has left Vontobel, where he was executive director in charge of private banking for Italy, according to reports in Bluerating. His new destination will be announced in early October.
04/09/2012

Invesco launches four funds in Italy

Invesco has launched four funds for the Italian retail market, Bluerating reports. They include the Invesco US High Yield Bond Fund, Invesco Renminbi Fixed Income Fund, Invesco Asian Focus Equity Fund and Invesco US Equity Fund.
04/09/2012

Outflows largest at three largest Italian asset management firms

In July, the three largest Italian asset management firms by the volume of assets under management in the country posted the largest redemptions. The largest group, Intesa Sanpaolo, with EUR215bn in assets under management, has seen net outflows of slightly over EUR1bn. In second place, Generali (EUR139bn) has seen net outflows of EUR507m, Lastly, in third place, Pioneer Investments (EUR99bn) has posted net redemptions of EUR507m.At the other end of the spectrum, Ubi Banca has posted net subscriptions of EUR644m. The firm has assets under management of EUR29bn. Banco Popolare has taken on EUR529m (EUR18bn in assets).Among French groups, Amundi has seen outflows of EUR135m, and BNP Paribas has seen outflows of EUR191.4m, while Axa shows inflows of EUR19m.

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