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01/06/2012

Promotion pour Thomas Idzorek chez Morningstar

Déjà CIO de Morningstar Investment Management, Thomas Idzorek vient d'être promu president de la division Investment Management de Morningstar, dont l’encours sous gestion et conseillé représente environ 190 milliards de dollars. L’impétrant remplace Peng Chen, qui quitte Morningstar fin juin pour retourner en Asie et se rapprocher de sa famille. Il coiffe les activités de conseil en investissement, les solutions de retraite et la gestion des investissements en Amérique du Nord, en Europe, en Asie et en Australie.Thomas Idzorek a rejoint Morningstar il y a six ans, lors de l’acquisition par le groupe d’Ibbotson Associates.
01/06/2012
Fonds

Pimco lance un ersatz de monétaire à plus haut rendement

Avec le Pimco Short Asset Invesment Fund (acronyme PAIDX), Pimco (groupe Allianz) a lancé mercredi un fonds qui met en œuvre une stratégie de court terme destinée à se substituer à un produit monétaire tout en offrant un rendement plus élevé avec un risque moindre. Le portefeuille géré par Jerome Schneider sera investi au moins à 65 % en titres obligataires avec une duration n’excédant pas un an et demi. Il pourra utiliser des dérivés sans restriction.La commission de gestion s'échelonne entre 0,24 % pour les parts institutionnelles et 0,59 % pour les parts D commercialisées par les distributeurs.
Fonds
01/06/2012

Le FSI et Alstom remettent une offre de reprise de Translohr

Le Fonds stratégique d’investissement (FSI) et Alstom ont confirmé jeudi 31 mai leur intention de reprendre ensemble le constructeur de tramway Translohr, filiale du groupe Lohr, malgré une situation «beaucoup plus difficile» qu’estimé au départ, précise un communiqué. Les deux groupes avaient annoncé début avril étudier ce projet de reprise de 85% du capital de Translohr, un spécialiste des tramways sur pneus installé dans le Bas-Rhin, pour un montant d’environ 60 millions d’euros. La société mère Lohr devrait conserver le solde. L’offre conjointe devrait permettre «d’assurer la pérennité de cette activité en Alsace, de maintenir les emplois, d’exécuter les projets de transports publics en cours et de développer la technologie de Translohr». Des injections de capitaux seraient prévus dans ce cadre.
01/06/2012
Fonds

Nordea ferme des fonds

Nordea va restructurer sa gamme de fonds suédois «générations», qui sera ramenée de dix produits à quatre, rapporte Privata Affärer. Huit fonds, réunissant 180.000 épargnants, seront fusionnés en octobre. Les fonds concernés sont ceux qui s’adressent aux épargnants nés entre 1985 et 1950.
Fonds
01/06/2012

Man Group devrait sortir du FTSE 100

Man Group devrait sortir du FTSE 100 lors de la prochaine révision de l’indice en juin, rapporte Investment Week. La société serait remplacée par Babcock. Man Group, qui affiche une capitalisation boursière de 1.305 milliards de livres, a vu son cours chuter après un premier trimestre difficile pendant lequel sa stratégie AHL a sous-performé.
01/06/2012
Fonds

SSgA remporte un mandat de 1,5 milliard de livres

State Street Global Advisors (SSgA) a remporté un mandat de 1,5 milliard de livres auprès du britannique Family Investments, rapporte Investment Europe.Il s’agit de stratégies obligataires et actions passives ainsi que d’une stratégie overlay d’allocation tactique. Les actifs sous gestion de Family Investments s'élèvent à un peu plus de 3 milliards de livres.
Fonds
01/06/2012
Fonds

SWIP fusionne plusieurs fonds d'actions

Après le départ de Peter Cockburn, head of UK equities, victime du redimensionnement de l'équipe actions (qui tombe de 38 à 15 personnes, lire newsmanagers du 16 avril), Scottish Widows Investment Partnership (SWIP) va fusionner le UK Select Growth Fund (371 millions de livres) avec le UK Opportunities (124 millions) que gère James Clunie, rapporte Investment Week. Cinq autres mandats gérés par Peter Cockburn devraient également être intégrés dans le UK Opportunities.
Fonds
01/06/2012
Fonds

DWS commercialise son High Income Bond Fund en Espagne

Le 25 mai, DWS Investments (Spain) a fait enregistrer par la CNMV le fonds obligataire de droit allemand DWS High Income Bond Fund (DE0008490913, 92,9 millions d’euros d’encours au 30 mai), qui investit en dette d’entreprises des pays développés ou émergents de catégorie investissement.
Fonds
01/06/2012

Union Investment critique durement la Deutsche Bank

Lorsde l’assemblée générale de jeudi, Ingo Speich, gérant de portefeuilles chez Union Investment, a indiqué qu’il ne voterait pas le quitus à Clemens Börsig, président du conseil de surveillance de la Deutsche Bank, dont la société de gestion des banques populaires allemandes est l’un des plus gros actionnaires, rapporte la Frankfurter Allgemeine Zeitung. Il reproche à Clemens Börsig d’avoir mal géré la succession de Josef Ackermann à la tête du directoire de la banque et nommé un chief risk officer qui a été recalé par la BaFin.D’autre part, Union critique le manque de transparence sur les acquisitions (Noris et Berliner Bank) de la Deutsche Bank, ainsi que les investissements malheureux de cette dernière aux Etats-Unis, puisque Scudder a dû être absorbé par DWS et doit maintenant être revendu avec RREEF et toute la gestion d’actifs outre-Atlantique.Selon la Börsen-Zeitung, le quitus au conseil de surveillance n’a été voté que par 77,7 % des voix.
01/06/2012
Fonds

Feu vert pour les deux fonds énergie hyrdoélectrique de DWS

Selon les informations de Fondsprofessionell, DWS a enfin atteint le seuil minimal de souscriptions nécessaires pour les classes de parts institutionnelles (beta) et retail (alpha) de son fonds hydroélectrique DWS Access Wasserkaft (lire Newsmanagers du 3 novembre 2011 et du 10 avril 2012). La filiale de la Deutsche Bank aurait ainsi collecté 30 millions d’euros de promesses d’investissement pour les parts beta et plus de 5 millions d’euros pour les parts alpha. La clôture des souscriptions, qui a déjà été reportée deux fois, est désormais fixée au 28 juin.
Fonds
01/06/2012
Fonds

Les lancements de fonds vont chuter

Le nombre de lancements de fonds va chuter de 30 % sur les prochaines années en Europe, selon une étude de Cerulli Associates citée par Citywire. Et ce, alors que la région souffre d’une surabondance de fonds, qui sont soit trop petits, soit de trop mauvaise qualité. En 2011, le rythme de lancements de fonds a déjà ralenti. Mais le niveau des fermetures de fonds n’a pas encore atteint les niveaux de 2009.
Fonds
01/06/2012

L'Efama publie son cinquième atlas annuel de la gestion d'actifs

L’Association européenne de la gestion financière (Efama) a publié le 31 mai la cinquième édition de son atlas annuel du secteur de la gestion d’actifs en Europe (1) sur la base de données à fin 2010.Outre les données statistiques habituelles sur la collecte, ce document souligne l’importance du secteur et son rôle dans la gestion de l'épargne de long terme et dans le financement de l'économie. Les gestionnaires d’actifs détenaient 23% fin 2010 des titres de dette émis en zone euro et 31% des actions d’entreprises de la zone.Les investisseurs institutionnels restent la principale catégorie de clientèle des sociétés de gestion, représentant 69% des actifs sous gestion en Europe, dont 42% pour les compagnies d’assurances et 27% pour les fonds de pension. Par ailleurs, le secteur reste concentré, les trois principaux pays –Royaume-Uni, France et Allemagne- représentant 65% du total des actifs sous gestion en Europe.(1) Fifth Annual Review Asset Management in Europe : Facts & Figures
01/06/2012

Axa IM launches a global bond fund

Axa Investment Managers announced on Thursday the launch of Axa WF Global Strategic Bonds, a diversified and flexible global bond fund. The manager, Nick Hayes, will capitalise on what he considers to be the best alpha-generating opportunities available, throughout the macroeconomic cycle. «The fund will have a well diversified portfolio, leveraging from the best ideas from across the highly experienced AXA Fixed Income team and positioned as to where the fund manager sees value rather than benchmark lead», according to a press release.AXA WF Strategic Global Bonds Fund which launched on 11 May 2012 is UCITS III compliant and domiciled in Luxembourg. The Fund has both retail and institutional share classes with no minimum investment into the retail share class and EUR5 million into the institutional share class. The fund is not currently registered for sale in any other jurisdiction other than Luxembourg and AXA IM is considering registration across a number of countries in Europe.
01/06/2012

Pimco launches a substitute for money markets with higher yields

With the Pimco Short Asset Investment Fund (acronym PAIDX), Pimco (Allianz group) on Wednesday launched a fund which uses a short-term strategy aiming to function as a substitute for money market products, offering higher returns with lower risk. The portfolio, managed by Jerome Schneider, will invest at least 65% of its assets in fixed income products, with a duration not to exceed one and a half years. The fund may use derivatives without restriction.Management commission ranges from 0.24% for institutional shares to 0.59% for D-class shares on sale from distributors.
01/06/2012

CMA, Coudrée and CIF hedge funds sanctioned by AMF

The sanctions commission of the French financial market regulator, the Autorité des marchés financiers (AMF), on 31 May announced that it has issued fines totalling EUR6.2m to three hedge funds, CMA, Coudrée and CIF, which short-sold shares in Natixis. The three funds which issued the orders in September 2008 decided to short-sell Natixis shares, two weeks after the announcement by the French bank of a capital increase of EUR3.7bn. The transactions were complicated by turbulence on the markets provoked by the bankruptcy of Lehman Brothers, and the funds were not in a position to deliver the equities it had short-sold within the agreed time periods, which led to a suspension from trading and also contributed to a fall in the value of Natixis shares. The three major banks implicated in the affair, however, were not found guilty. The commission found that Goldman Sachs, UBS and Citibank had correctly fulfilled their duties as clearing members, while the AMF college had accused them of failing to prevent delays in the delivery of Natixis shares.
01/06/2012

Asset management industry remains highly dynamic

Despite the crisis, the asset management sector remains alive and well in France. “We have reached a fast pace of growth, with 40 new companies created already in 2012,” Xavier Parain deputy director of asset management at the French financial regulator, the Autorité des marchés financiers (AMF), commented on 31 May at a conference held jointly by the French financial management association (AFG), the French institutional investor association (AF2I) and the international association of risk management professionals (PRMIA).Parain also stated that since the beginning of the year, the AMF has had to withdraw one license, compared with 2 licenses withdrawn during 2011. The AMF exec says that the unique French ecosystem includes 600 asset management firms and offers a very rich selection of types of management. In this environment, the AMF is continuing to promote asset management firms which are “innovative and robust” and subject to a highly rigorous licensing process and very regular controls, including one routine control 12 to 18 months after licenses are issued, and more detailed controls over the life of the company.At the conference, which dealt with analysis of risks related to outsourcing of financial management, Parain defended the French approach, which is far from the “empty shell” that other European regulators accept. “We are probably the most rigorous regulator in Europe,” said Parain. Wholesale outsourcing of funds, which makes empty shells of asset management firms, is forbidden in France. “We will accept outsourcing up to 50%. And this outsourcing must clearly be justified as cases of a niche expertise which the asset management firm does not have. However, expertise has to remain internal,” Parain explains.
01/06/2012

Fidelity offers new bond funds

Fidelity Investments has announced the launch of two bond funds which are directly available to investors, the Fidelity Global Bond Fund and Fidelity International Bond Fund, and two other funds which are available via independent financial advisers, Fidelity Advisor Global Bond Fund and Fidelity Advisor International Bond Fund. Fidelity has also published a study of the bond environment worldwide, “Transformations in Country Dynamics and the Implications for Global Bond Markets,” which analysts structural changes now underway in the international bond markets.
01/06/2012

Appointment at Credit Suisse Banque Privée

Britta Häberling, who had previously been managing director and head of investment solutions at Clariden Leu, will no 1 June begin as head of ultra-high net worth individuals in the Zurich region at the Credit Suisse private bank, according to reports in Finews. Initially, Mike Baur had agreed to take the position, before deciding to leave the company.
01/06/2012

UBS receives a banking license in China

The Chinese banking sector regulatory commission (CBRC) has authorised UBS to transform its Beijing office into a Chinese-registered bank under the name UBS (China) Ltd. The new entity, which is 100% controlled by the Swiss group, will begin its activities in third quarter, Z-Ben Advisors reports. UBS has now launched an “aggressive” campaign to promote its wealth management activities, which will be a strategic area in China, alongside asset management and investment banking.
01/06/2012

Union Investment harshly critical of Deutsche Bank

At the Deutsche Bank AGM on Thursday, Ingo Speich, a portfolio manager at Union Investment, announced that he would be voting agains the discharge to Clemens Börsig, chairman of the supervisory board at Deutsche Bank, in which the asset management firm for the German co-operative banks is one of the largest shareholders, the Frankfurter Allgemeine Zeitung reports. He accuses Börsig of having poorly managed the succession of Josef Ackermann as chairman at the bank, and of appointing a chief risk officer who was rejected by BaFin.Union has also been critical of a lack of transparency in acquisitions by Deutsche Bank (Noris and Berliner Bank), and of making unfortunate investments in the United States, as Scudder was absorbed by DWS and must now be resold along with RREEF and all asset management activities in North America.According to the Börsen-Zeitung, a motion to discharge the supervisory board received only 77.7% of votes in favour.
01/06/2012

Fund launches to decline

The number of new funds launched will fall 30% in the next few years in Europe, according to a study by Cerulli Associates, cited by Citywire. This comes at a time when the region is suffering from an overabundance of funds, which are either too small, or of too poor quality. In 2011, the pace of new fund launches had already slowed, but fund closures have not yet returned to 2009 levels.
01/06/2012

EFAMA publishes its fifth annual atlas of asset management

The European financial and asset management association (EFAMA) on 31 May published the fifth edition of its annual atlas of the asset management sector in Europe (“Fith Annual Review Asset Management in Europe: Facts & Figures”), on the basis of statistics from the end of 2010.In addition to the usual statistics, the document underscores the importance of the sector and its role in the management of long-term savings and in financing the economy. Asset managers as of the end of 2010 controlled 23% of all debt issued in the euro zone, and 31% of corporate equities in the region.Institutional investors remain the largest category of clients for asset management firms, representing 69% of assets under management in Europe, of which 42% are managed for insurers, and 27% for pension funds. Meanwhile, the sector remains concentrated, as the three largest countries by asset volume – the United Kingdom, France and Germany – account for 65% of all assets under management in Europe.
01/06/2012

Inflows continue for Invesco in France

“Our assets in Paris remain stable at over USD2bn, as at the end of 2011, but since then we have taken on a gross total of USD300bn and our subscriptions are positive overall,” Nicolas Bouët, deputy CEO for development at Invesco in Paris, explained on Thursday. Demand is coming mostly from institutional investors, as well as, to a lesser extent, from private banks and multi-managers.The Euro Corporate Bond fund was particularly popular with clients seeking income, as was the Balanced Risk Allocation fund for decorrelation and diversification.In terms of asset allocation, Barnard Aybran, deputy CEO for multi-management, reports that the wealth management time portfolio currently includes about 25% “safe heaven government bonds (US Treasuries, gilts and bunds), 40% investment grade corporate bonds and emerging market debt in local currencies, 15% equities, only 2.5% of them European (with the rest divided between Asia and US tech stocks), and the remainder, equivalent to about 20%, in cash and money market products.”
01/06/2012

Promotion for Thomas Idzorek at Morningstar

Thomas Idzorek, who is already CIO of Morningstar Investment Management, has been promoted to chairman of the Investment Management division of Morningstar, whose assets under management and advising total about USD190bn. Idzorek replaces Peng Chen, who leaves Morningstar at the end of June to return to Asia. The division in includes advised and managed assets, retirement solutions and management of investments in North America, Europe, Asia and Australia.Idzorek joined Morningstar six years ago, when the group acquired Ibbotson Associates.
01/06/2012

BNP Paribas increases staff in private management

BNP Paribas Private Bank yesterday inaugurated its fourth regional wealth management office, in Toulouse, following offices in Bordeaux, Lille and Marseilles, Les Echos reports. Offices will open in Lyon in September and Rennes by the end of the year to complement these offices, dedicated to clients with assets of over EUR5m. A private bank has also been founded in Poland.
01/06/2012

Hedge funds slash budget for equity research

According to a survey by Greenwich Associates, institutional investors have reduced their spending in the twelve months to the end of March on research such as analysts notes and trading ideas by 9%, to USD6.2bn, the Financial Times reports.Hedge funds have been particularly severe with their reductions, with research spending as a proportion of brokerage commission budgets down 20%.
01/06/2012

Axa IM has produced and distributed 4,500 KIIDs

Axa IM has announced that it has finalised the production and distribution of 4,500 key investor information documents (KIIDs). This figure includes all the UCITS funds in the Axa IM Luxembourg ranges, notably AXA World Funds (AXA WF) and AXA IM Fixed Income Investment Strategies (FIIS), in addition to most of the funds covered by French law. The KIIDs for Axa IM’s UK and Irish ranges will be published in June 2012. “Axa IM is therefore on track to meet the 1 July 2012 deadline for the implementation of the KIID directive, including those for non-coordinated funds for which the regulator expects compliance by 1 July 2013,” a statement says. Axa IM rolled out its KIID compliance project in October 2010
01/06/2012

Axa betting on a rebound for its asset management activities

After net redemptions of EUR5.4bn in first quarter, asset management at Axa will win back some strenght in the next few months. After EUR2.7bn in capital outflows as of the end of March, “Axa Investment managers will have positive inflows in first half,” Denis Duverne, deputy CEO for the French group, has told Agefi. AllianceBernstein (EUR2.7bn in outflows at the beginning of this year) is expecting to return to positive net inflows in third quarter.
01/06/2012

European Commission rejects restructuring plan at Dexia

The European Commission has refused to approve a resolution plan at the banking group Dexia, which was submitted to it in late March by the Belgian, French and Luxembourg governments, Les Echos reports. Unlike its precedents at WestLB and Anglo Irish Bank, the plan was too eclectic in its mix of restructuring and orderly resolution, the European antitrust authority has found.
01/06/2012

SWIP merges several equity funds

Following the departure of Peter Cockburn, head of UK equities, a victim of resizing of the equity team, (which has been reduced from 38 to 15 people; see Newsmanagers of 16 April 2012), Scottish Widows Investment Partnership will be merging the UK Select Growth Fund (GBP371m) with the UK Opportunities fund (GBP124m) managed by James Clunie, Investment Week reports. Five other mandates managed by Cockburn will also be merged into the UK Opportunities fund.

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