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05/04/2011

Record inflows for developed markets funds in first quarter

Inflows for emerging markets funds recovered at the end of first quarter 2011, but developed markets funds stole the show for the quarter as a whole. According to the most recent statistics from EPFR Global, funds dedicated to emerging markets equities posted a net inflows of USD2.6bn in the week to 30 March, but for the quarter as a whole, they show a net outflow of nearly USD24.5bn.Funds dedicated to equities from developed markets, however, had their best start to the year since first quarter 2006, with net inflows of nearly USD57bn for the first three months of 2011, compared with only USD1.8bn in first quarter 2010. US equities accounted for the lion’s share, with inflows of USD31.88bn.For the quarter as a whole, bond funds saw inflows of USD25.55bn, compared with USD140.8bn in first quarter 2010. Euorpean bond funds saw outflows of USD8.67bn, but high yield funds ultimately took in USD15.54bn over the quarter. According to EPFR Global, European bond funds and US municipal bond funds may see record outfllows this year.Sectoral funds saw a net inflows of USD25.8bn in first quarter 2011, more than half of the total observed last year. Commodities funds attracted USD9.6bn in first quarter, and energy funds USD10.9bn.
05/04/2011

NorVega launches an Italian fund investing in Scandinavian countries

NorVega SGR, an asset management firm created in partnership by the Scandianvian firm Nordea and the Italian Vegagest, has launched NorVega Area Nordica, a flexible Italian-registered fund which aimed to profit from the dynamism of the Scandinavian countries. The fund may invest in equities, bonds and money market instruments, Bluerating reports.
05/04/2011

SWIP recruits a head of international equities from BlackRock

Scottish Widows Investment Partnership (SWIP ) has recruited William Low, ex-BlackRock, as head of international equities, FundWeb reports. Low worked at BlackRock for 15 years, most recently as head and portfolio manager for the Europe, Australasia and Far East team. Low will report to Andrew November, head for equities, and will work in close collaboration with the senior international equities team, led by Mick McNaught-Davis. Mark Phillips has also arrived as a member of the international equities team. He previously worked in the global strategy team.
05/04/2011

Microfinance: moderate but steady growth expected for 2011

Despite disturbances in the sector in the past few months due to the turbulence on the Indian market, microfinace is expected to post moderate but continued growth this year, Klaus Tischhauser, CEO of ResponsAbility Social Investments AG, the world’s top player in microfinance, estimated on 4 April on a visit to Paris. The financial crisis has had a clear impact on the sector, particularly in Bosnia and Nicaragua, as has the recent turbulence on the Indian market. The growth of microfinance on the Indian market has been a success story, Tischhauser says, but concerns remain for this market. “Proposed regulatory changes may destroy the market,” he says. However, financiers and microfinance institutions have agreed to undertake normous effort to improve their governance and risk management, and to diversify their product range. Against this background, the quality of the portfolios of microfinance institutes is improving, and tending towards a gradual normalisation, Tischhauser claims.
05/04/2011

Head of JP Morgan AM in Asia resigns

Asian Investor reports that the CEO of JP Morgan Asset Management for the Asia-Pacific region, David Hsu, has announced his decision to leave the company. From 4 April, he has been replaced by the president and COO for international activities at JP Morgan Asset Management, Clive Brown, who has transferred from London to Hong Kong.
05/04/2011

Santander builds a global multi-management team

Santander Asset Management is building a global multi-management team, with Tom Caddick as head of fund management, and José María Martínez-Sanjuán as head of fund selection, Fundweb reports. The two have recently joined the business, and have made changes to some of the 14 multi-management funds at the firm, which represent over GBP4.3bn in assets under management.
05/04/2011

iShares recruits a head of sales for Iberia

Aitor Jáuregui, who for the past 7 years has been head of sales at MTS, has been recruited as vice president for sales for iShares (BlackRock) in Spain and Portugal. In his new role, he will report directly to Iván Pascual, head of sales for the Iberian peninsula, who was himself recruited in July 2010, and was previously head of sales for external networks at BBVA.
05/04/2011

Robeco aims for 30% operating margin by 2014

Following a slight loss of EUR9m in 2009, the Robeco group earned “profits in the hundreds of millions of Euros” last year, close to their previous usual levels, the firm’s CEO, Roderick Munsters, announced on 4 April in Paris.Meanwhile, assets, which totalled EUR134.9bn as of the end of 2009, totalled EUR150bn as of the end of December, and “about EUR155bn as of the end of March 2011,” the head has told Newsmanagers.Last year, Robeco saw net outflows form very low-margin products, which were not offset by net subscriptions to funds with higher margins, while 2009 saw record net subscriptions of EUR7.5bn.Operating margin now stands slightly below the 20% mark, and the firm’s objective is to reach 30% by 2014. 2010 results will be published on 27 April.In order to achieve a recovery of the bottom line, Roderick Munsters and his team have cut costs, with the closure of offices in Austria and Italy, Scandinavia and Singapore, a rationalisation of IT systems, a merger of SAM and Robeco Switzerland, and of the retail and institutional divisions in Rotterdam.Revenues also increased, as Robeco has managed “to convince about 10 very large clients that they could bear an increase in management commissions, because the performance and service are better than for competing products,” the CEO says.
05/04/2011

Former BP chief may start a fund

The Financial Times reports that the former BP chief executive Tony Hayward is preparing a fund dedicated to the energy sector. He is reported to have discussed the idea with Nat Rothschild. The negotiations remain at a preliminary stage, and the creation of the fund is only one option among several, the FT reports, citing people familiar with the matter.According to The Wall Street Journal, Goldman Sachs Group’s head of U.K. investment banking is leaving and is expected to join a new investment firm that former BP chief executive Tony Hayward is starting.
05/04/2011

Raymond James Financial finalises acquisition of Barnes Hoefer Howe & Arnett

The management firm Raymond James Financial, Inc announced on Friday, 1 April that it had finalised its acquisition of Barnes Hoefer Howe & Arnett, Inc, fulfilling a merger agreement announced on 29 December last year. The acquisition of Howe Barnes will allow Raymond James Financial, Inc to enlarge its presence on capital markets, alongside financial institutions including local and regional banks and savings banks, in areas such as equities research, sales, trading, etc. Raymond James Financial also has a private management activity with nearly 5,000 clients, representing over USD1.7trn in assets under management.
05/04/2011

Robeco Gestions has ambitious objectives

Roderick Munsters, CEO of the Netherlands-based management firm Robeco, on 4 April announced that the French affiliate, which distributed and managed EUR0.8bn in assets as of the end of 2004, as of the end of 2010 had EUR4.7bn in assets distributed and managed. The objective is to double these assets in three to four years.Ali Ould Rouis, chairman of Robeco Gestions, says that the objective is to “retain our privileged place among foreign asset management firms,” and to become one of the top 15 management firms, where for the moment the management firm is only in the “top quartile or so.” Munsters also responded to a question from Newsmanagers about its product range: “We still have a publicly-traded realty firm fund with about EUR400m, investing in parking garages and commercial real estate, managed by Bow funds, an affiliate of the Rabobank group. This product is available in Germany, and we may eventually also be able to offer it in France, but no decision has yet been taken on that point.”
05/04/2011

UFG-LFP institutionalises its investments in finance startups

UFG-LFP on Monday, 4 April announced that it has created “New Expertise and Talent” (NEXT), a firm which will aim to invest in young start-ups in the financial management sector, bringing together institutional investors and individuals with start-up projects.The capital in the firm NEXT is 40% controlled by UFG-LFP, while the remaining 60% are controlled by “NEXT Invest,” a contractual FCP fund in which institutional investors have investments, a statement says. The creation of the fund serves two purposes, the statement continues: “to assist in the creation of firms through the acquisition of stakes in their capital via the NEXT holding company, and to allow for the provision of funds which are indispensable for the launch of new investment vehicles created by the new management firms.” The idea is to limit the circle involved in the fund to a small number of institutional investors (6 at most). A first round of fundraising has already been undertaken among a few partners, which will allow for the launch of the Next Invest fund with initial assets of EUR100m.The selection of businesses will then be validated by the Investment Committee, in which all institutional partners will participate.Some projects have already been identified and pre-selected by the specialist team at UFG-LFP, and will soon be presented to the Investment Committee for a decision.
05/04/2011

Henderson completes acquisition of Gartmore

Henderson Group announced on Monday that it has completed the acquisition of Gartmore. The asset manager also gave an update on Gartmore fund flows. «As announced on 12 January 2011, Gartmore AUM as at 31 December 2010 was GBP16.5bn (including notified redemptions). Since 31 December 2010, and up to and including 30 March 2011, Gartmore has experienced GBP1.2bn of net outflows (including notified redemptions as at that date). In addition, given overall market volatility, market levels have had a negative impact on AUM».
05/04/2011

RBC Dexia Investor appoints a new managing director for UK

RBC Dexia Investor Services has appointed Simon Shapland as managing director for the UK. He replaces Simon Olenka who becomes head of the Enterprise Custody Program.Simon Shapland will chair the UK Management Committee and have overall responsibility locally for both the business strategy and for employee relations. He will also be in charge of client satisfaction and of developing local regulatory relationships. He will report to Tony Johnson, global head, sales & distribution. Simon Shapland joined RBC Dexia upon its creation in 2006 as regional head of sales and relationship management for the UK, Ireland and the Middle East. He has held the role of head of sales & distribution for Continental Europe, based in Luxembourg, since 2008.
05/04/2011

Threadneedle hires a manager for Latin American equities

Threadneedle has announced the appointment of Daniel Isidori to the position of Fund Manager, Latin America. He will join the Asia (ex Japan) and Global Emerging Markets Equities team of eight headed by Vanessa Donegan and will be the lead manager for Threadneedle’s investments in Latin America.Daniel Isidori, who is Argentinean, joins Threadneedle from Baring Asset Management, where he co-managed a USD1bn Latin America active equity fund. Prior to joining Barings in 2008, he worked at HSBC Asset Management where he managed a USD200m Brazil active equity fund and an Argentinean active equity fund. Mr Isidori will take over as lead manager of the GBP1.2bn Threadneedle Latin America Fund, which was launched in November 1997.
05/04/2011

Morgan Stanley opens a wealth management office in Madras

Morgan Stanley has announced the opening of a Private Wealth Management division in Madras. It is the firm’s second office dedicated to wealth management in south India. The entity, which will provide advising services to high net worth private clients, will be led by Vinay Ahuja.
05/04/2011

Fidelity Investments recruits for its London bond team

Fidelity Investments has announced that it has added to its London offices dedicated to fixed income. The management firm has recruited a first bond manager, in the person of James M. Stuttard. Stuttard, who is currently at Schroder Investment Management, where he was head of European and U.K. Fixed Income, will be joining Fidelity in June 2011. Fidelity has also recruited Neil J. beddall, Shaunn A. Griffiths and Lisa MacLachlan, as analysts for the same team.
05/04/2011

1.1% increase in assets in Luxembourg funds in February

As of 28 February 2011, the total net assets in collective investment organisms and specialist investment funds totalled EUR2.208198trn, compared with EUR2.184027trn as of 31 January 2011, an increase of 1.11% in one month, according to statistics from the Luxembourg financial sector supervisory commission (CSSF). Over the past twelve months, net asset volumes have increased 16.35%.The Luxembourg OPC industry has seen a positive variation in the month of January totalling EUR24.171bn. This increase is the result of a positive impact from financial markets of EUR8.548bn (+0.39%), and positive net issues totalling EUR15.623bn (+0.72%).
05/04/2011

Raymond James Financial finalise l'acquisition de Barnes Hoefer Howe & Arnett

La société Raymond James Financial, Inc a annoncé vendredi 1er avril qu’elle a finalisé l’acquisition de Barnes Hoefer Howe & Arnett, Inc, concrétisant ainsi un accord de fusion annoncé le 29 décembre dernier. L’acquisition de Howe Barnes permet à Raymond James Financial, Inc d’accroitre sa présence sur le marché des capitaux aux cotés d’institutions financières, en particulier des banques locales et régionales et des caisses d'épargne, comprenant notamment les activités de recherche actions, de vente, de négociation, etc. Raymond James Financial récupère également en gestion privée plus de 5000 clients représentant plus de 1,7 milliard de dollars d’actifs sous gestion.
05/04/2011

Swip recrute son responsable actions internationales chez BlackRock

Scottish Widows Investment Partnership (Swip) vient de recruter William Low, ex-BlackRock, en qualité de responsable des actions internationales, rapporte FundWeb.William Low a travaillé chez BlackRock pendant une quinzaine d’années, récemment en tant que responsable et gérant de portefeuille de l'équipe Europe, Australasie et Extrême Orient. William Low est rattaché à Andrew November, responsable actions, et travaillera en étroite collaboration avec l'équipe senior actions internationales, dirigée par Mike McNaught-Davis. A noter par ailleurs l’arrivée de Mark Phillips au sein de l'équipe actions internationales. Il travaillait précédemment au sein de l'équipe «global strategy».
05/04/2011
Fonds

RAB Capital lance deux fonds Ucits III

RAB Capital a annoncé le 4 avril le lancement de deux fonds au format Ucits III, le RAB Global Mining and Resources Ucits Fund et le RAB Gold and Precious Equities Ucits Fund. Les deux fonds seront disponibles à compter du 11 avril sur la plate-forme Liquid Alpha Ucits de LFG (Luxembourg Financial Group) avec un montant initial de 100 millions de dollars sur les deux stratégies, 70 millions sur le Global Mining and Resources et 30 millions sur le Gold and Precious Equities.Le RAB Global Mining and Resources, qui aura une liquidité quotidienne, répliquera la stratégie d’investissement long/short dédiée aux grandes capitalisations du RAB Global Mining and Resources Fund basé aux îles Caïman qui a surperformé les indices miniers depuis son lancement en novembre 2007. Il sera dans un premier temps disponible en livre, euro et dollar. Le RAB Gold and Precious Equities Ucits Fund sera également une stratégie long/short dédiée aux grands groupes et aux sociétés moyennes du secteur des métaux précieux. Les actifs sous gestion de RAB Capital s'élèvent à environ 1 milliard de dollars.
Fonds
05/04/2011
Fonds

Vers des "stress tests" pour fonds de pension

Selon L’Echo, les «stress tests» ne sont pas réservés aux banques. Certains fonds de pension belges pourraient bientôt eux aussi subir ces examens d’évaluation de leur solidité financière à l’épreuve de divers scénarios de dégradation de la conjoncture boursière, selon des informations émanant de la FSMA (Financial Services and Markets Authority), l’Autorité des services et des marchés financiers en Belgique. Seraient concernés les fonds de pension dont la marge de solvabilité avait fondu lors de la crise financière de 2008 et 2009.
Fonds
05/04/2011
Fonds

NorVega lance un fonds italien sur les pays nordiques

NorVega SGR, la société de gestion née du partenariat entre la société scandinave Nordea et l’italienne Vegagest, vient de lancer NorVega Area Nordica, un fonds flexible de droit italien qui cherche à profiter du dynamisme des pays nordiques. Le fonds peut être investi en actions, en obligations et en instruments monétaires, rapporte Bluerating.
Fonds
05/04/2011
Fonds

Arca lance un service d’épargne

La société de gestion des banques populaires italiennes Arca SFR lance “Risparmia & Consolida”, un service d’investissement dédié aux particuliers, associant fonds monétaire et fonds à horizon. Le service s’active par le versement de l’épargne de l’investisseur sur le fonds monétaire Arca BT-Tesoreria. Chaque mois, “Risparmio & Consolida” transfère petit à petit le capital vers un fonds à horizon, selon un montant librement défini par le souscripteur. Lorsque les cours sont les plus avantageux, le service acquiert automatiquement des parts du fonds à horizon. Les gains réalisés par le fonds à horizon sont consolidés et conservés sur le fonds monétaire. “Ce service est né du constat que la majeure partie des actifs financiers détenus par les ménages italiens sont investis dans des produits à court terme comme les bons du Tréosr, les comptes de dépôts, les fonds monétaires, etc., des produits qui en ce moment n’offrent pas des rendements particulièrement rémunérateurs. D’autre part, la propension au risque des investisseurs est très faible”, commente Attilio Piero Ferrari, administrateur délégué d’Arca SGR.
Fonds
05/04/2011
Fonds

Les fonds dédiés ont le vent en poupe outre-Rhin

La collecte nette des fonds allemands s’est élevée au mois de février à 4,8 milliards d’euros, selon les statistiques communiquées le 4 avril par l’association allemande de la gestion d’actifs (BVI). Ce résultat est dû pour l’essentiel aux fonds dédiés qui ont drainé 6,2 milliards d’euros alors que les fonds ouverts ont terminé le mois sur une décollecte nette de 1,5 milliard d’euros.Dans le détail, les fonds diversifiés ont recueilli 479,9 millions d’euros en février, alors que les fonds immobiliers ouverts drainaient 149,5 millions d’euros. Dans la catégorie des fonds obligataires, le mois de février s’est soldé par une décollecte de 1,78 milliard d’euros, dont 1,17 milliard sur les fonds obligataires court terme libellés en euro.Les actifs sous gestion s'élevaient à fin février à 1.810 milliards d’euros, dont 709 milliards d’euros pour les fonds ouverts et 829 milliards pour les fonds dédiés. Sur un an, l’encours affiche une progression de 95 milliards d’euros, liée à la collecte nette et à l’effet marché.
Fonds
05/04/2011
Fonds

SEB AM cède deux actifs du fonds ImmoInvest

Le gestionnaire allemand SEB Asset Management a annoncé le 4 avril avoir réalisé récemment deux cessions d’immeubles qui se sont effectuées à un prix «attrayant» et qui lui permettent d’améliorer le profil risque/rendement de son fonds immobilier offert au public SEB ImmoInvest (6,39 milliards d’euros) dont les remboursements sont gelés depuis le 5 mai 2010.Le gestionnaire a vendu pour 34 millions d’euros un centre commercial dans le centre-ville de Salzgitter à Aviva investors et un centre de magasins (14.500 mètres carrés) et de bureaux (8.500 mètres carrés) à Esslingen pour 69 millions d’euros, l’acquéreur étant Rockspring Property Investment Manager LLP.D’autre part, l’Autorité de surveillance financière allemande (BaFin) a signé fin mars un bail pour les anciens bureaux de PricewaterhouseCoopers dans l’immeuble Undine à Francfort. Cet immeuble figure dans le portefeuille du fonds SEB ImmoInvest.
Fonds

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