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06/08/2010

Colonial First State GAM chooses an ESG data provider

Colonial First State Global Asset Management, the consolidated asset management division of the Commonwealth Bank of Australia Group, has appointed Zurich-based RepRisk as a further environmental, social and governance (ESG) data provider. CFSGAM will use the RepRisk® tool to help integrate shorter term ESG news into investment analysis across the global teams.
06/08/2010

Three years of prison for GBP178m Ponzi scheme culprit

William Godley, the businessman who admitted running a GBP178m Ponzi scheme in which most investors lost everything, has been jailed for three and a half years, says the Financial Times. He was director of a global fraudulent investment scheme operating under the name of Imperial Consolidated, which attracted millions of pounds from investors between January 1998 and June 2002.
06/08/2010

GBP16bn in net inflows to Schroders in first half

In first half, Schroders had net inflows of GBP16.1 billion (H1 2009: GBP1.8 billion). 80 per cent of inflows came from clients outside the UK. «Net inflows, which were at record levels in the first quarter, were lower in the second quarter but continued to be strongly positive,» said the fund manager. Funds under management at the end of June were GBP164.0 billion (31 December 2009: GBP148.4 billion) not including the joint venture in China which has funds under management of GBP5.1 billion. Total profit before tax was GBP188.2 million (H1 2009: GBP36.3 million).
06/08/2010

Subscriptions slow at Aviva Investors

In first half Aviva Investors had net funded new business flows of GBP0.5 billion (HY 2009: GBP 2.8 billion), comprising third party inflows of GBP0.8 billion (HY 2009: GBP 1.7 billion) and Aviva group outflows of GBP 0.3 billion (HY 2009: inflows of GBP 1.1 billion). More than 75%.of external sales classified as cross border (i.e. sold in a jurisdiction where they are not manufactured).Of the total GBP 380 billion funds under management, Aviva Investors managed GBP200 billion of internal funds and GBP48 billion of external funds. IFRS operating profit was GBP42 million (HY 2009: GBP 36 million).
06/08/2010

Profits up at Barclays Wealth

Pre-tax profits at Barclays Wealth increased 27% to GBP95m. Income increased 22to GBP757m principally reflecting growth in the High Net Worth businesses. Total client assets, comprising customer deposits and client investments were GBP153.5bn (2009: GBP151.2bn) with underlying net new asset inflows of GBP3bn. Investment Management profit before tax of GBP31m (2009: GBP37m) principally reflected dividend income from the 19.9% holding in BlackRock, Inc. Total assets as at 30th June 2010 of GBP3.6bn (31st December 2009: GBP5.4bn) reflected the value of the 37.567m shares held in BlackRock, Inc. at the closing market price on 30th June 2010 of USD 143.40 (31st December 2009: USD 232.20).
06/08/2010

Natixis GA launches a fund with Westpeak

Natixis Global Associates (NGA) has announced the launch of a mutual fund in conjunction with Westpeak Global Advisors. The Westpeak ActiveBeta® Equity Fund will be managed by Khalid Ghayur, Stephen Platt and Stephen Komon of Westpeak. It will seek to outperform the S&P 500 Index by employing a quantitative value and momentum strategy that uses Westpeak’s proprietary portfolio construction process.
06/08/2010

Asset management assets down at Dexia

Dexia has posted net profits of EUR248m for second quarter 2010, down 12.4% compared with the same period in 2009. Pre-tax profits for the Asset Management and Services profession at the French-Belgian bank totalled EUR58m, compared with EUR50m in second quarter 2009, and EUR70m in first quarter 2010. Assets under management are down 2.9% compared with first quarter 2010, to a total of EUR82.7bn, 7.1% higher than in June 2009, and stable compared with December 2009. A decline of EUR2.3bn in assets in second quarter is due to negative market effects, a statement says. Dexia states that net inflows of capital to institutional and private mandates (+EUR2.1bn) were cancelled out by net outflows from retail and institutional funds (-EUR2.2bn), largely from money market funds. The French-Belgian bank posted net profits of EUR248m in second quarter 2010, down 12.4% compared with the same period last year.
06/08/2010

Outflows of EUR5bn from money market funds at Natixis

Asset management activities at Natixis saw net redemptions of EUR7.3bn in second quarter 2010, the bank has stated at a presentation of its second quarter results. The outflows, which were offset by positive currency effects, affected Europe (EUR5.5bn) as well as the United States (USD2.3bn). In Europe, they were nearly entirely concentrated on money market supports (EUR5bn), Natixis states. In total, assets in the asset management profession totalled EUR532bn as of 30 June 2010, an increase of 12% compared with last year. Of these, EUR318bn are in Europe, and USD261bn are in the United States. In second quarter 2010, revenues for the savings unit, which includes asset management, the private bank and insurance, totalled EUR401m, an increase of 3% compared with Q2 2009, but down 3% compared with Q1 2010.
06/08/2010

Riester retirement savings plan subscription rate slows in Q2

According to the German BVI association of management firms, between April and June 2010, 30,000 new Riester type government-supported fund-linked retirement savings policies were created. That represents a slower rate of growth than in the previous quarters, Das Investment observes. The total number of policies of this type as of the end of June came to 2,708,198.
06/08/2010

Pictet optimistic about potential in emerging market bond markets

Pictet has announced that it has a bright opinion in the mid- to long-term about the outlooks for emerging market debt. “Emerging countries are likely to be the major driver of global growth in the years to come, and insofar as fundamentals continue to improve, we are expecting spreads to tighten and risk premiums on debt denominated in local currencies to tighten,” Pictet says in a statement. Capital flows will continue to be favourable to emerging market currencies, and will feed a dynamic of net demand, as asset allocators remain structurally underweight in these areas. The bank points out that “emerging market debt in local currencies has seen positive returns in July, outperforming debt in US dollars.” Thailand has seen the worst results, while the best performers were Poland and Hungary.
06/08/2010

Sector diversification trumps geographical diversification

As global equity correlations among countries and regions have increased significantly over the past 20 years, lower correlated global sector indices can provide greater diversification benefits and potential return opportunities than traditional geographic strategies, according to a new report published by Standard & Poor’s. As measured by correlations to the S&P Developed Broad Market Index (BMI), part of the S&P Global BMI, the average regional correlation of the S&P Developed BMI over the past 20 years is now 0.87, compared to just 0.80 for the average sector index. More recently, global regional correlations have increased to very high levels, with the average regional correlation rising to 0.95 over the past five years compared to 0.88 for the average sector correlation. At a sector level, a number of sectors have shown unique patterns regardless of the countries in which they are domiciled, creating widely varying individual sector correlations to the S&P Developed BMI (Broad Market Index). Over the past 20 years, sectors such as Energy, Health Care and Utilities have correlations of just 0.67, 0.69 and 0.7 respectively, in comparison to Financials, which is highly correlated at 0.95. The report also found that emerging markets, which are often seen as a reliable area for diversification, have shown an increase in correlation, with the five-year correlation of the S&P Emerging BMI to the S&P Developed BMI rising to 0.91 from a 15-year correlation of 0.82.
06/08/2010

Germans balk at seeking financial advice

According to a study by the IMWF, about 30% of Germans do not rely on a professional for advice in financial and retirement planning matters. Inhabitants of the north of the country are most hesitant to seek advice. However, 86% of east Germans rely on financial advisers.
05/08/2010

UBP crée une équipe actions européennes

L’Union Bancaire Privée (UBP) continue d’embaucher et de diversifier son savoir-faire en dehors de la multigestion alternative, laquelle avait souffert du scandale Madoff. La banque privée suisse vient ainsi de recruter Rob Jones en qualité de responsable de l'équipe actions européennes, nouvellement créée, qui sera basée à Londres. L’intéressé, qui gérait précédemment des fonds en actions paneuropéennes au sein de Threadneedle, où il a passé quatorze années, prendra ses fonctions le 1er novembre prochain. Rob Jones composera son équipe avec des collaborateurs travaillant déjà chez UBP mais aussi de nouvelles recrues. Un porte-parole de la banque privée rappelle que, cette année, il est prévu d’engager entre 50 et 70 spécialistes de l’investissement, dans l’ensemble des activités de gestion d’actifs, mais il ne précise pas la taille qu’aura le pôle actions européennes. Parallèlement, entre 10 et 15 nouveaux fonds seront lancés d’ici à la fin de l’année, tandis que la gamme de fonds alternatifs a été remaniée. Commentant cette arrivée, Richard Wohanka, CEO de l’Asset Management de l’UBP, a déclaré : «l’allocation aux actions européennes forme le cœur des portefeuilles d’un grand nombre de nos clients, et le recrutement d’une équipe de spécialistes de haut vol et propre à la Banque, dédiée à la gestion de cette classe d’actifs, est inscrit depuis longtemps dans nos projets de croissance. L’approche d’investissement de Rob, fondée sur une forte conviction et de type bottom-up, correspond parfaitement à la philosophie d’UBP Asset Management».
05/08/2010

Curtis Arledge devient CEO de BNY Mellon AM

Curtis Arledge va rejoindre BNY Mellon en tant que vice président et CEO de BNY Mellon Asset Management. L’intéressé était précédemment directeur des investissements des portefeuilles obligataires fondamentaux de BlackRock. Il a aussi été co-responsable de l’obligataire US au sein de la société. Il remplace Ronald O’Hanley, qui avait quitté la société il y a deux mois pour rejoindre Fidelity Investments. Mitchell Harris, qui assurait l’intérim avec Jon Little (parti la semaine dernière), continuera à assumer la présidence de l’activité Fixed Income, Cash and Currency de BNY Mellon Asset Management après l’arrivée de Curtis Arledge, auquel il sera subordonné, précise BNY Mellon. Ce dernier est quant à lui placé sous la responsabilité de Robert P. Kelly, le président et directeur général de BNY Mellon. Il rejoindra le groupe au quatrième trimestre 2010. Il aura aussi des responsabilités concernant la gestion de fortune.
05/08/2010

Un ancien dirigeant de MSIM rejoint Fortress

Stuart Bohart, l’ancien co-responsable de Morgan Stanley Investment Management, rejoint Fortress Investment Group en tant que president of liquid markets et senior managing director – strategy. A ce titre, il deviendra membre des comités opérationnels et de gestion de la société de gestion américaine, et s’occupera de tout ce qui n’a pas traits aux investissements au sein de l’activité Liquid Markets. Cela va permettre à Michael Novogratz et Adam Levinson, co-directeurs des investissements des fonds macro, et à Bill Callanan, directeur des investissements des fonds matières premières, de se concentrer exclusivement sur les investissements.
05/08/2010

Goldman Sachs pourrait créer un hedge fund pour ses traders

Selon le Financial Times, Goldman Sachs se prépare à fermer son activité de trading pour compte propre et transférer ses traders soit dans un hedge fund indépendant, soit dans son pôle de gestion d’actifs. Ce, afin de se conformer à la règle Volcker aux Etats-Unis et éviter l’exode de ses meilleurs collaborateurs.
05/08/2010
Fonds

ING Renta Fund Asian Debt franchit les 100 millions de dollars

ING Investment Management annonce que son fonds ING (L) Renta Fund Asian Debt, investi en obligations asiatiques, a récemment franchi la barre des 100 millions de dollars d’encours. Lancé en novembre 1996, le produit réalise à fin mars 2010 une performance en dollar de 35 % sur un an, dividendes réinvestis. ING (L) Renta Fund Asian Debt est géré par l'équipe de Joel Kim, basée à Hong Kong.
Fonds
05/08/2010

La gestion d'actifs d'Axa décollecte au premier semestre

Le métier gestion d’actifs du groupe Axa, représenté par AllianceBernstein et Axa Investment Managers, a accusé des rachats nets de 25 milliards d’euros au premier semestre 2010. Cette décollecte a concerné principalement le segment de la clientèle institutionnelle dans les deux sociétés de gestion, précise le groupe d’assurances. Chez Axa IM où les retraits s'élèvent à 17 milliards d’euros, Axa Rosenberg, qui a connu une défaillance dans son processus de gestion, a été plus particulièrement touché. L’effet de change favorable (+78 milliards d’euros) a néanmoins permis de faire croître les encours du pôle gestion d’actifs d’Axa de 53 milliards d’euros sur les six premiers mois de l’année à 898 milliards d’euros, dont 524 milliards d’euros pour Axa IM et 364 milliards d’euros pour AllianceBernstein. Les actifs moyens sous gestion sur la période progressent quant à eux de 7 % à 862 milliards d’euros, ce qui permet au chiffre d’affaires d’augmenter de 10 % à 1.670 millions d’euros. Le résultat opérationnel de la gestion d’actifs baisse néanmoins de 15 % à 150 millions d’euros, en raison principalement de la non répétition d’un impact fiscal positif non récurrent au premier semestre 2009, en partie compensé par la hausse des actifs moyens sous gestion. Hors impact fiscal non récurrent, le résultat opérationnel progresse de 22%. Dans le détail le résultat opérationnel d’AXA Investment Managers recule de 4% à 78 millions d’euros, la progression du chiffre d’affaires (+4%) étant plus que compensée par une baisse du «carried interest» et une hausse des frais généraux. Le résultat opérationnel d’AllianceBernstein décroît de 25% à 71 millions d’euros, l’augmentation du chiffre d’affaires (+15%) étant plus que compensée par la non récurrence de l’impact fiscal.
05/08/2010

Nicolas Moreau devient directeur général d'Axa France

Dans le cadre d’un remaniement de son état major, Axa a annoncé que Nicolas Moreau, directeur général d’Axa UK, a été nommé directeur général d’Axa France. L’ancien directeur général d’Axa Investment Managers, dont il était ensuite devenu président non-exécutif, revient ainsi en France.Il va occuper des fonctions jusqu’ici assumées par François Pierson, lequel va se consacrer entièrement à la direction au niveau international des activités d’assurance dommages du groupe. Paul Evans prendra la direction générale d’Axa UK et va rejoindre le comité exécutif d’Axa. Ces nominations, effectives au 1er octobre 2010, s’inscrivent dans la mise en œuvre de la nouvelle organisation du Groupe AXA, présentée en novembre 2009.
05/08/2010

LGIM poursuit son internationalisation

La société de gestion Legal & General Investment Management (LGIM), filiale du groupe financier britannique L&G, a enregistré des souscriptions brutes de 21,2 milliards de livres au premier semestre, soit une hausse de 49 % par rapport à la période correspondante de l’année dernière. Sur ce total, 15 % sont venus de clients basés en dehors du Royaume-Uni, contre 8 % au premier semestre 2009, ce qui semble valider la stratégie d’internationalisation de la société de gestion. Ces efforts seront poursuivis dans les mois qui viennent, en Europe, aux Etats-Unis et dans les pays du Golfe.Les souscriptions nettes se sont élevées à 8,3 milliards de livres, contre 7,9 milliards un an plus tôt. Dans ce contexte, les encours de LGIM ont augmenté à 320 milliards de livres, contre 315 milliards à la fin de l’année 2009. Le bénéfice opérationnel IFRS est ressorti en hausse de 32 % à 98 millions de livres.
05/08/2010
Fonds

Skandia International lance un produit pour les expatriés en Espagne

Skandia International vient de lancer un nouveau produit pour les expatriés en Espagne, appelé Spanish Collective Investment Bond (CIB). Ce produit de droit irlandais, conçu pour être aligné avec la fiscalité espagnole, donne aux investisseurs expatriés l’accès à une gamme de 450 fonds et à des dépôts bancaires. Les fonds en question sont conformes avec la réglementation espagnole et représentent une sélection de 50 sociétés de gestion. Le CIB espagnol peut être libellé en euros, livres sterling ou dollars.
Fonds
05/08/2010

Skandia International launches a product for expats in Spain

Skandia International has developed a product for the Spanish market specifically designed to meet the investment needs of expats living there. The Spanish Collective Investment Bond (CIB) is based on Skandia International’s globally suite of offshore investment products, but has been tailored to be precisely aligned with Spanish tax law. The new Dublin-based product gives expat investors access to a wide range of funds and bank deposits. At launch, there are over 450 available funds across more that 30 investment sectors. These funds are fully compliant with Spanish investment regulations and represent a selection from over 50 investment management companies. The Spanish CIB also allows investors to hold all or part of their portfolio in qualifying Euro deposit accounts and structured deposits. The Spanish CIB can be denominated in Euros, Sterling or US Dollars.
05/08/2010

LGIM continues international expansion

During the first half of the year, Legal & General Investment Management (LGIM) saw gross new business increase 49% to GBP21.2bn (H109: GBP14.2bn). The UK asset manager continues to expand its international reach with 15% of new business coming from non-UK based clients (H109: 8%). Net new business for the period was GBP8.3bn (H109: GBP7.9bn). «Following LGIM’s success growing business during the first half of 2010 within Europe, the US and the Gulf, we will continue to seek further growth opportunities in the international arena», says the fund manager. Legal & General Investment Management (LGIM) delivered a 32% increase in IFRS operating profit during the first half of 2010. Profits amounting to GBP98m (H109: GBP74m) were driven by strong net inflows and growth in assets under management. Closing assets under management rose 2% to GBP320bn (31/12/09: GBP315bn) despite equity markets declining in recent months.
05/08/2010

Goldman Sachs may create a hedge fund for its traders

According to the Financial Times, Goldman Sachs is preparing to shut down its proprietary trading unit and move its traders to either an independent hedge fund or its asset management arm to comply with new US law and prevent an exodus of star employees.
05/08/2010

Nicolas Moreau becomes CEO of Axa France

As part of a reshuffle of management positions, Axa has announced that Nicolas Moreau, CEO of Axa UK, has been appointed CEO of Axa France. The former CEO of Axa Investment Managers, who subsequently became non-executive chairman, will now be returning to France. He will occupy the position left vacant by François Pierson, who will now dedicate himself to directing the new international damage insurance activities of the group. Paul Evans will become CEO of Axa UK, and will join the executive board of Axa. The appointments, which take effect form 1 October 2010, are part of the deployment of the new Axa Group organization unveiled in November 2009.
05/08/2010

Former MSIM head joins Fortress

Stuart Bohart, who was co-head of Morgan Stanley Investment Management, will join Fortress Investment Group as president of liquid markets and senior managing director--strategy. He will become a member of Fortress’s operating and management committees, and will have responsibility for all non-investment activities of the firm’s liquid markets business. It will allow Michael Novogratz and Adam Levinson, co-CIOs of Fortress’s Macro funds, and Bill Callanan, CIO of Commodities Funds, to focus exclusively on investments.
05/08/2010

Curtis Arledge becomes CEO of BNY Mellon AM

BNY Mellon has announced that Curtis Arledge will be joining BNY Mellon as vice chairman of the corporation and chief executive officer of BNY Mellon Asset Management. He was the chief investment officer for BlackRock’s fundamental fixed income portfolios. He has also served as co-head of U.S. Fixed Income at the firm. Mitchell Harris, who is serving as interim head of the asset management business, will continue in his role as chairman of BNY Mellon Asset Management’s Fixed Income, Cash and Currency Group after Arledge joins the firm and will report to him. Curtis Arledge will report to Robert P. Kelly, BNY Mellon’s chairman and chief executive officer. It is expected that he will join BNY Mellon in the fourth quarter of 2010. He will also have executive leadership responsibility for the company’s wealth management business.
05/08/2010

Outflows from asset management at Axa in first half

The asset management unit at the Axa group, represented by AllianceBernstein and Axa Investment Managers, has seen net redemptions of EUR25bn in first half 2010. The outflows were primarily from the institutional client segment at both asset management firms, the insurance group states. At Axa IM, where redemptions totalled EUR17bn, Axa Rosenberg, which experienced a failure in its management process, was most severely affected. Favourable currency effects (+EUR78bn) nonetheless made it possible to increase assets in the asset management unit at Axa by EUR53bn in the first six months of the year, to EUR898bn, of which EUR524bn were for Axa IM, ad EUR364bn for AllianceBernstein. Average assets under management in the period, for their part, rose by 7% to EUR862bn, which allowed earnings to increaseby 10% to EUR1.67bn. Operating profits from asset management, however, are down 15% to EUR150m, largely due to a positive fiscal impact in first half 2009 not repeating itself this year, though this was partly offset by an increase in average assets under management. Excluding the non-recurring fiscal impact, operating profits are up 22%. In detail, operating profits at AXA Investment Managers are down 4% to EUR78m, while an increase in earnings (+4%) was more than cancelled out by a fall in carried interest and an increase in general costs. Operating profits at AllianceBernstein are down 25% to EUR71m, as an increase in earnings (+15%) was more than cancelled out by the non-recurring fiscal impact.
05/08/2010

Strong potential for US small caps

According to an analysis of performance undertaken by Royce & Associates, an affiliate of Legg Mason, shares in small US firms rebound better than large caps in a context of economic recovery. Whitney George, manager of the Legg Mason US Smaller Companies Fund, says: “History proves that shares in small companies outperform the market in recovery phases, and our analysis shows that this tendency is expected to be confirmed in the recent recovery. According to our research, this outperformance will continue for several years - it is thus not too late to take advantage of the strong potential of the small caps universe.” George estimates that finance, energy, road transportation and technologies will be the sectors with the strongest potential.
05/08/2010

UBP creates a European equities team

Union Bancaire Privée (UBP) has hired Rob Jones as head of its new European equities team, which will be based in London. He will take up the position on 1 November. Prior to joining UBP, Rob Jones managed pan-European equity funds at Threadneedle, where he spent a total of 14 years. Richard Wohanka, CEO of Asset Management at UBP, said: «An allocation to European equities forms the core of many of our clients’ portfolios, and the recruitment of a top-quality, in-house team to manage this asset class has long been part of our growth plans. Rob’s highconviction, bottom-up approach to equity investing fits in well with UBP Asset Management’s ethos and I am confident that he can replicate his past successes elsewhere at UBP.»

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