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22/04/2014
Gestion d'actifs

Egamo privilégie actuellement trois thématiques de gestion

Depuis l’an dernier, nous misons sur les dettes subordonnées bancaires, précise Saïd Djaba, Responsable de la multigestion hors actions chez Egamo. Parmi les acteurs bien positionnés sur ce créneau en ce moment figurent Axiom, La Française AM et EdRAM. Ils disposent de process de gestion et de styles différents et peuvent, à ce titre, être agrégés dans un portefeuille ». Du côté des actions aussi, les valeurs bancaires intéressent l'équipe de gestion. « Les valeurs bancaires affichant une décote nous semblent attractives. Rothschild & Cie Gestion ou encore Lazard Frères Gestion présentent dans l’environnement actuel des process de gestion intéressants sur ces actifs », précise Charles Bouffier, Directeur général délégué. Les petites et moyennes capitalisations sont également privilégiées. Egamo a sélectionné des sociétés de gestion avec un historique de performance sur les petites et moyennes capitalisations comme Moneta AM, Oddo AM, Equigest, Flinvest ou encore Sycomore AM.
Gestion d'actifs
22/04/2014

Des députés PS militent pour un plan d’économies alternatif

Plusieurs députés socialistes ont élaboré durant le week-end trois scénarios alternatifs au plan d'économies de 50 milliards d’euros de Manuel Valls avant le vote du programme de stabilité à l’Assemblée nationale, rapporte le quotidien, ajoutant que ces pistes seront présentées aujourd’hui au Premier ministre par le chef de file des députés PS à l’Assemblée nationale, Bruno Le Roux, et la nouvelle rapporteure générale du budget, Valérie Rabault. Ces députés veulent éviter le gel du point d’indice de la fonction publique et le gel des prestations sociales. Ils écartent aussi une nouvelle hausse du taux effectif de prélèvements obligatoires entre 2015 et 2017.
21/04/2014
Fonds

La souscription de CamGestion Valeurs Euro gagne en souplesse

A compter du 24 avril 2014, les demandes de souscriptions et de rachats de parts I du fonds CamGestion Valeurs Euro qui sont décimalisées, vont porter sur un montant, représentant un nombre entier de parts ou sur une fraction de part, chacune d’entre elles étant divisées en centième. Avant cette date, les parts « I » ne peuvent pas être souscrites en montant. Les demandes de souscriptions et de rachats portent en conséquence sur un nombre entier de parts ou sur une fraction de part, chaque part étant divisée en centième.
Fonds
21/04/2014
Gestion d'actifs

La Bâloise a augmenté son exposition aux actions en 2013

Le groupe Bâloise, 50,8 milliards d’euros d’encours sous gestion, a augmenté ses investissements dans les actions de 46,7%. Le groupe Bâloise a expliqué dans son rapport annuel 2013 privilégier des titres satisfaisants à des critères de qualité très sélectifs et garantissant un dividende durablement élevé. La poche actions représente ainsi 5,1% de son allocation d’actifs au 31 décembre 2013. Le groupe Bâloise a également détaillé, dans son rapport annuel 2013, les performances des différentes classes d’actifs de son portefeuille : Les hedge funds ont généré une bonne performance. Dans une mesure moindre, le private equity termine également l’exercice sur une note positive. Le montant brut des correctifs de valeur nécessités par les immobilisations financières à caractère de fonds propres s'élève à 32,7millions de francs suisses, soit un niveau une nouvelle fois nettement inférieur à celui de l’année précédente. Les immeubles de rapport, dont l'évaluation a été relevée, ont à nouveau généré des revenus stables. Les hypothèques, quant à elles, se distinguent par la stabilité de leur valeur et de leur rendement. Le portefeuille du groupe Bâloise au 31 décembre 2013 :
Gestion d'actifs
18/04/2014

Pimco a acheté l'émission obligataire de la Slovénie en novembre

Le ministre des Finances slovène a indiqué que Pimco a acheté les 1,5 milliard d’euros d’obligations émises par le pays en novembre dernier, juste avant le résultat de ses stress tests bancaires. De maturité 3 ans, les titres offraient un rendement de 4,7%. A l'époque, la Slovénie avait indiqué avoir placé son émission auprès d’un seul investisseur mais n’avait pas révélé son identité.
18/04/2014

CalPERS increases contributions from State of California

P { margin-bottom: 0.08in; }The California Public Employees’ Retirement System (CalPERS) board of administration on April 16 approved new contribution rates for the State of California and contracting school districts beginning July 1, 2014.The State will pay a total of approximately USD4.3 billion towards pensions and schools will pay USD1.2 billion. These required contributions are an increase by more than $450 million for the State and $55 million for school employers over current rates.The State pension plan is approximately 66 percent funded while the school plan stands approximately at 80 percent as of June 30, 2013.
18/04/2014

Axa Real Estate to manage a vehicle for Danish pension funds

AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers, has been appointed as investment manager for the Kronborg limited, a new EUR485 million commercial real estate debt vehicle formed by five Danish pension funds comprising Sampension, TDC Pension, AP Pension, JØP and DIP.AXA Real Estate Investment Managers SGP, won the mandate following a competitive pitch process and, on behalf of the fund, will invest in large size senior loans across all asset classes, including offices, retail, logistics and hotels. Targeting opportunities in Western Europe, with a focus on the UK, France and Germany, investments will be made alongside other clients within AXA Real Estate’s EUR7.9 billion debt platform.
18/04/2014

China, the Ukraine and corporate earnings spoil the mood for equity funds

Heading into the Easter weekend emerging markets equity and bond funds were both on course to post a third consecutive week of inflows, according to EPFR. But daily data showed the pace of inflows ebbing in the face of renewed political tensions in the Ukraine and disappointing economic data from China. US fund groups, meanwhile, were absorbing their own one-two combination of punches from a mixed first quarter corporate earnings seasons and the demands of the April 15 tax deadline. Combined daily data for the six days ending April 15 show all equity funds posted collective net inflows of USD287 million as commitments to most major groups were largely offset by over USD7 billion in US equity fund redemptions. Outflows from US money market funds in excess of USD40 billion also swamped solid commitments to European and Japanese funds, resulting in net redemptions for all money market funds of USD36.5 billion. Bond funds took in USD2.07 billion.
18/04/2014

BlackRock Mining Opportunities fund, managed by Evy Hambro, closed

P { margin-bottom: 0.08in; } Citywire reports that BlackRock has closed the BlackRock Mining Opportunities fund. The fund, launched two years ago and managed by Evy Hambro, had been invested in small and midcaps specialised in the mining sector. Assets in the fund, which had fallen victim to significant redemptions, had fallen below GBP1m (EUR1.22m), Citywire states.
18/04/2014

Anima posts strong inflows in March

P { margin-bottom: 0.08in; } Anima Holding in March posted net subscriptions of EUR1.3bn, which brings net inflows in first quarter to about EUR2.4bn. The announcement was made the day after the initial public offering of the Italian asset management firm.
18/04/2014

Philippines and Thailand join consultation on Asian passport

P { margin-bottom: 0.08in; } Two new countries, the Philippines and Thailand, have joined the four initial signators of the Asian passport project (AFRP), with Australia, New Zealand, Singapore and South Korea, Asian Investor reports. The regional passport project, whose launch is scheduled for 2016, may include up to eight members, it is said. On the model of the European passport, the Asian passport may allow funds domiciled in a participating country to be distributed directly in other participating jurisdictions.
18/04/2014

Assets at Brooks Macdonald increased by 4.2%

P { margin-bottom: 0.08in; } The British asset management firm Brooks Macdonald on 17 April published assets of GBP5.92bn for its discretionary funds as of the end of March, for growth of 4.2% compared with 31 December 2013 (GBP5.68bn). This growth was driven both by positive market effects of about GBP30m, and net inflows of GBP215m in the past quarter. “Year on year, discretionary assets under management have increased 16%,” says Chris Macdonald, CEO of Brooks Macdonald, in a statement. Meanwhile, advised funds under management total GBP413m, an increase of 10.5% compared with the end of 2013 (GBP374m). Lastly, real estate assets under management at the Braemer Estate entity total GBP1.13bn as of 31 March, for an increase of 6.27% compared with the end of December 2013 (GBP1.07bn).
18/04/2014

3i makes GBP67.6m on Phibro IPO

P { margin-bottom: 0.08in; } The British group 3i on 17 April announced that it made a proceed of GBP67.6m from the initial public offering of the animal health specialist firm Phibro Animal on the Nasdaq. 3i has reduced its stake in the firm’s capital to 7%, from 30% previously. A loan of USD24m has also been repaid to 3i.
18/04/2014

H2O AM tops EUR4bn in assets

P { margin-bottom: 0.08in; } Now EUR4bn. After announcing EUR3bn in assets under management on 31 December, the asset management firm led by Bruno Crastes, H2o AM, has posted growth in its assets of about 33% in the space of one quarter. The additional EUR1bn is due to the success of the firm with central banks in Asia. In detail, the inflow is due to new clients, “but especially to clients who renewed their confidence in us,” Crastes told Newsmanagers. Assets under management have also increased due to the success of some open-ended funds in the range, including H2O Multibonds, which now represents EUR420m, and H2O Adagio, with assets of EUR160m.
18/04/2014

BNP Paribas IP recruits from HSBC GAM

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners has recruited Synthia Sweeney as head of the Europe, Middle East, and Africa (EMEA) region, and four major client segments worldwide, including businesses and foundations, insurance companies, pension funds, and official institutions. Sweeney will be based in London, and will begin on 13 May 2014, and will be responsible for activities serving institutional clients in particular. Sweeney previously worked for Aetna and JP Morgan, and since 2001, for HSBC Global Asset Management, where she was responsible for distribution activities serving businesses and official institutions.
18/04/2014

Amundi to target wealth managers and British fund selectors

P { margin-bottom: 0.08in; } Amundi is planning to launch five products aimed at discretionary managers and multi-managers, in an effort to strengthen its brand in the United Kingdom, FT Adviser reports. The French group is planning to launch products on retail platforms once it has gained ground with professionals, says Jerry Devlin, head of distribution in the United Kingdom. Amundi is known in the UK for its ETFs, but the firm has built a British sales team to promote its actively-managed products, FT Adviser reports.
18/04/2014

Fitch confirms ratings for 39 European money market funds

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings has confirmed the ratings of AAAmmf for 39 European money market funds. Assets in the fund represent a cumulative total of EUR271bn as of the end of March 2014. They are managed by Aberdeen AM, Amundi, BNP Paribas AM, CCLA IM, Federated Investors, Goldman Sachs AM, Ignis AM, Insight AM, JPMorgan AM, L&G IM, Lombard Odier IM, Morgan Stanley IM, Natixis AM, Invesco, SSgA and SWIP.
18/04/2014

A new round of reimbursements for investors in Degi

P { margin-bottom: 0.08in; } Aberdeen Asset Management Deutschland AG has announced that on 25 April, it will release a new tranche of indemnisation for EUR161.9m, to investors in the open-ended real estate fund Degi International. The funds paid to investors now represent a cumulative total of nearly EUR730m, or EUR20.25 per share, compared with EUR45.36 on 14 October 2010, before the decision to liquidate the fund. The next payment to investors is expected to come on 15 October this year.
18/04/2014

Wisdom Tree completes creation of Wisdom Tree Europe

P { margin-bottom: 0.08in; } The US asset management firm and ETF promoter Wisdom Tree Investments on 17 April announced that it had completed the acquisition of the British ETP provider Boost ETP. Wisdom Tree will increase its presence in Europe, and will be able to develop a European platform to offer a range of ETPs int UCITS format under the Wisdom Tree brand, while continuing to manage and develop collateralized ETPs from Boost. The founders of Boost, Hector McNeil and Nik Bienkowski, will be the co-CEOS of the new entity Wisdom Tree Europe. ETFs under management at Wisdom Tree currently total about USD33.1bn.
18/04/2014

Good quarterly results for asset management activities at Morgan Stanley

P { margin-bottom: 0.08in; } In wealth management activities, assets under management that generate commissions at Morgan Stanley have risen 17% in first quarter compared with the previous quarter, to a total of USD724bn, Morgan Stanley announced on 17 April in a release of its quarterly results. Quarterly inflows totalled USD19bn. Earnings from wealth management rose 4% in first quarter, to USD3.6bn, while taxable profits were up 16%, to USD691m. In investment management activities, assets under management or under supervision rose from USD341bn a year ago to USD382bn as of the end of March 2014. Net inflows for the quarter totalled USD6bn. Earnings for the division were up 15%, to USD740m, for taxable profits of USD263m (+41%). Net profits for the US group were up 56%, to USD1.5bn.
18/04/2014

BlackRock posts inflows of nearly USD27bn in first quarter

BlackRock in first quarter 2014 recorded net long term inflows (excluding money market management) of USD26.7bn. That has allowed it to increase its assets to USD4.4trn as of the end of March, an increase of 2% compared with the end of December, and 12% compared with first quarter 2013.The largest asset management firm in the world has posted net inflows of USD14bn from retail investors, including USD9.8bn internationally. In this segment, flows have largely been directed to the fixed income range (USD6.1bn).iShares, the ETF platform of the group, for its part, took in a net USD7.8bn, of which USD3.2bn were in the United States, and USD4.8bn in Europe.For institutional clients, BlackRock has posted net inflows of USD4.9bn, with index-based management compensating for net redemptions from active management (-USD12.6bn).In total, the US asset management firm earned net profits of USD762m in first quarter, up 20% compared with the corresponding period of last year.
18/04/2014

Investment management at Goldman Sachs up 20% in first quarter

P { margin-bottom: 0.08in; } Earnings from asset management activities at Goldman Sachs in first quarter totalled USD1.57bn, up 20% compared with first quarter 2013, but down 2% compared with fourth quarter 2013, according to statistics released on 17 April by the US group. Assets under supervision increased by USD41bn, to a total of USD1.08trn. Long-term assets in particular were up by USD54bn, including a net inflow of USD40bn, largely to fixed income.
18/04/2014

Fidelity posts inflows of USD465m in France in 2014

P { margin-bottom: 0.08in; } In 2014, Fidelity in France posted net inflows of USD465m, bringing assets under management to USD9.315trn. The funds with the largest inflows were FF Iberia Fund, FF America Fund, FF Emerging Markets Fund, FF Italy Fund, Inflation Linked Fund, and Fidelity Europe, the firm tells Newsmangers. Due to demand for funds investing in countries of Southern Europe, such as Italy and Spain, these have been temporarily closed to new subscribers since the end of last year. Among institutional investors, the asset management firm has recently been selected by the French Fonds de réserve pour les retraites (FRR) after a restricted request for proposals launched on 17 May 2013, to select an active European small caps equity mandate. The lot for which Fidelity was selected with three other firms is for a total of about EUR500m.
18/04/2014

Barings increases presence in North America

P { margin-bottom: 0.08in; } Baring Asset Management has recruited two people for its commercial development in Canada and the United States, Investment Europe reports. Michael Annis joined the firm as head of sales and development for Canada. He will be based in Toronto, and joins from JP Morgan Asset Management.. Kieran Stover has been recruited as vice president in charge of sales and development, based in Portland. He joins from Kleinwort Benson Investors International.

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