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26/03/2014

Napoléon Gourgaud promoted to CEO of Sélection 1818

P { margin-bottom: 0.08in; } Napoléon Gourgaud has been appointed CEO of Sélection 1818, the platform born of the merger of Sélection R and 181 Partenaires. The appointment will be effective from 20 March, a statement from Banque Privée 1818 says. Gourgand will lead the platform, which offers a wide range of investment products (banking, insurance, international, real estate), and many services for independent financial advisers (IFAs) and their clients, a statement says. Gourgand, 40, had for 4 years served as deputy CEO of development for the platform. Since 2007, he had been director of distribution for France at Financière de Champlain.
26/03/2014

Janus Capital tops USD1bn in French-speaking Europe

P { margin-bottom: 0.08in; } The US-based asset management firm Janus Capital Group, based in Denver, whose representative office in France was opened just 2 years ago, is planning to continue its development in French-speaking Europe. Assets under management in the French-speaking markets, which include France, Geneva, meaning French-speaking Switzerland, Luxembourg, and Monaco, at the end of 2013 had passed the symbolically significany USD1bn mark, Sylvain Agar, head of development for French-speaking Europe at Janus Capital, has told Newsmanagers at the firm’s annual conference. Janus Capital is now planning to take a further step in its development, continuing its development and diversification strategy in France, serving institutionals and IFAs, multi-managers and insurers, along with the promotion of certain strategies which had previously been less visible. These include the Janus Europe fund, whose assets total nearly EUR170bn, which invests in companies with sustainable competitive advantages, offers high returns which are set on rising trends, and long-term growth outlooks. The Irish-domiciled fund, launched in 2008, has posted double-digit returns higher than the index over one, three and 5 years.
26/03/2014

SEC to relax position on money market funds

P { margin-bottom: 0.08in; } The Securities and Exchange Commission, under pressure from the asset management industry, is preparing to introduce an exemption for a majority of money market funds from rules to curb risks, the Wall Street Journal reports, citing sources familiar with the matter. Money market funds dedicated to retail investors could maintain stable USD1 share prices instead of floating in value. During the crisis, retail investors pulled out of money market funds, but more slowly than big institutions.
26/03/2014

Sturgeon and Gandon pool their regulatory expertise

P { margin-bottom: 0.08in; } The British Sturgeon Ventures and the Irish Gandon Alternative Fund Management have announced that they are creating a joint venture which will be able to offer exhaustive regulatory assistance to alternative investment funds, Global Investor reports. The new structure is presented as the first regulatory incubation structure to be licensed under both the AIFM directive and the financial market instruments (MiFID) directive. Gandon received its AIFM license from the Central Bank of Ireland, while Sturgeon is permitted to provide services under the MiFID directive.
26/03/2014

F&C shareholders approved takeover by BMO

Shareholders in F&C Asset Management on 25 March approved the takeover for GBP708m (USD1.17bn) of the asset management firm by the Canadian financial group Bank of Montreal (BMO). At a general shareholders’ meeting, shareholders representing 99.6% of shareholders voted in favour of the deal announced in January.F&C Asset Management has announced that F&C shares would be suspended following the end of the trading day on 6 May.On the same day, it was learned that the activist investor Elliott Associates had increased its stake in F&C Asset Management to 20%, whereas it had held 11% of capital as of 26 February, Investment Week reports.
26/03/2014

Elliott doubles its stake in F&C

P { margin-bottom: 0.08in; } The activist investor Elliott Associates has increased its stake in F&C Asset Mangaement to 20%, as the asset mangaement firm is subject to a takeover bid for GBP708m by the Canadian Bank of Montreal, Investment Week reports. On 26 February, Eilliott already held an 11% stkae. F&C on 27 January announced that it had accepted a bid at 120 pence per share in cash from BMO. Some shareholders are hoping for a counter-offer.
26/03/2014

DeAWM wants strong growth in the United Kingdom

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management plans to register its funds on British platforms for the first time as part of a major push in the United Kingdom, Ignites Europe reports. The firm is in talk with eight platforms, including Nucleus and Standard Life. The first funds concerned will be physical ETFs and Croci funds.
26/03/2014

AllianzGI launches a maturity fund dedicated to emerging markets

P { margin-bottom: 0.08in; } Allianz Global Investors is offering a new maturity fund dedicated to emerging market corporate bonds, Das Investment reports. The Allianz Emerging Markets Bond Extra 2018 (WKN A1XCBQ), designed for retail clients, has been open to subscriptions since 24 March. Commissions total 0.99%. The portfolio will consist of 60% investment grade bonds and 40% high yield bonds. Assets in such dated funds managed by AllianzGI now total nearly EUR2bn.
26/03/2014

DeAWM offers a Chilton strategy in UCITS format

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) has launched an alternative beta startegy in UCITS format, Absolut Report reports. The DB Platinum Chilton Diversified (ISIN LU0983855841) is a long/short US equity strategy from Chilton Investment Company, available for the first time to a larger audience of investors. The fund has weekly liquidity and is open to institutional investors with an initial investment of at least USD10.000. It charges 2%, with a performance commission of 20%.
26/03/2014

LBBW fund closed to new investors

P { margin-bottom: 0.08in; } The LBBW Pro-Fund Credit I fund has been closed to new investors due to very strong demand which would have compliaated the management of the strategy, Universal Investment, which is responsible for administering the fund, has said in a statement. Assets in the fund managed by LBBW Asset Management now total EUR494m, largely due to strong demand from institutional investors and funds of funds. Since its launch in June 2010, the fund has earned returns of 3.64% per year, with volatility of only 1.55%.
26/03/2014

Bankia partially spins off its real estate fund

P { margin-bottom: 0.08in; } After Santander and Sabadell (see Newsmanagers of 19 March 2014) Bankia has become the next firm to press the reset button for its real estate funds. The Spanish bank has informed the Spanish regulator, the CNMV, that it is planning to partially spin off its real estate fund, Bankia Inmobiliaro, Funds People reports. The decision will involve a partial segregation of its assets, transferring the assets liberated in a single bloc to the new vehicle, Bankia Monetario Euro Deuda III. The Spanish banking group is offering participants in the real estate fund the right to claim a partial redemption of sums invested, or to transfer their stakes at no cost throughout the month of April 2014. Bankia will remain the single participant in the real estate fund. Currently, via a liquidity windows opened in February for the fund’s 600 participants, who represent a total volume of EUR3.8bn, the banking group controls over 99% of assets in the fund, which has a total fo EUR283.8m.
26/03/2014

Stoxx index selected by a Low Volatility ETF froom State Street GA

P { margin-bottom: 0.08in; } The Euro Stoxx Low Risk Weighted 100 index from the index provider Stoxx Ltd has been selected by the asset management firm State Street Global Advisors to become the indicator for the SPDR Euro Stoxx Low Volatility ETF. The OPCVM format ETF is now available on Deutsche Börse Xetra. The Euro Stoxx Low Risk Weighted 100 index is a derivative of the Euro Stoxx index, but includes only 100 equities with the lowest volatility track record over the past 12 months.
26/03/2014

GLG Partners closes a fund and launches another

P { margin-bottom: 0.08in; } GLG Partners is launching an emerging market macro hedge fund, as it prepares to close another hedge fund, Citywire Global reports. The GLG Global Emerging Market Macro Alternative fund was officially launched on 13 March. It consolidates the current range from the firm in this area, and will be managed by the Macro and Relative Value team. At the same time, GLG EM Diversified Alternative will be closed on 3 April.
26/03/2014

Inflows to European ETFs remain very high in February

P { margin-bottom: 0.08in; } Net inflows to European ETFs in February totalled EUR3.4bn, near the record set in January (EUR3.63bn), according to the most recent monthly statistics of the Lyxor ETF Barometer. Due to a positive market effect, assets under managemet are up 4% compared with the end of 2013, at EUR299bn. Both equity and bond segments have benefited from tensions in emerging markets. Net inflows to bond ETFs totalled EUR1.9bn, twice the twelve-month average, compared with EUR1.44bn for equities, due an outflow of over EUR400bn from emerging market equities.
26/03/2014

Mizuho AM appoints a new CEO

P { margin-bottom: 0.08in; } Shareholders at Mizuho Asset Management have nominated Hidetaka Nakamura, previously director and chairman of Mizuho Securities Asia, to serve as CEO, replacing Shinichiro Tanaka, Asia Asset Management reports. Nakamura will have to wait to start his new job, however, as the final decision is expected to be taken at a general shareholders’ meeting for the firm in June this year.
26/03/2014

Capital outflows may total USD70bn in Russia

P { margin-bottom: 0.08in; } Russia is expecting capital outflows to total about USD70bn in first quarter, a total higher than the capital outflows posted in all of 2013, Investment Week reports. In the wake of the annexation of Crimea, investors have repatriated far higher volumes than initial estimates might have suggested. Asset managers have also experienced the full impact of the tensions in the region. The Neptune Russia & Greater Russia fund, whose assets totalled about GBP300m, were down 23% in the past 12 months.
26/03/2014

Italian funds post inflows of over EUR6bn in February

P { margin-bottom: 0.Funds on sale in Italy in February recorded net inflows of EUR6.4bn, after EUR3.9bn in January, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Inflows were driven by flexible funds (EUR4.33bn), bond funds (EUR1.6bn) and equity funds (EUR1.1bn). Only money market funds and hedge funds had net redemptions for the month, totalling EU731m and EUR143m, respectively. As of the end of February, assets in open-ended funds totalled EUR573.7bn, compared with EUR560.5bn in January. With the addition of closed funds and mandates, the Italian asset management industry as of the end of Febriary posted net inflows of EUR11.8bn, a level not seen since 1998, Assogestioni underlines. In this strong month, virtually all asset management firms had a positive balance between subscriptions and redemptions from open-ended funds and mandated management. Unsurprisingly, the three largest Italian groups in terms of assets are the top three: Gruppo Intesa Sanpaolo leads with EUR3.02bn, followed by Pioneer Investments (EUR1.8bn) and Generali (EUR1.6bn). Among the few asset management firms to have posted outflows are Franklin Templeton Investments (-EUR696.4m) and Montepaschi (-EUR35.5m).
26/03/2014

PFZW pension fund confirms SRI approach

P { margin-bottom: 0.08in; } The Netherlands pension fund for healthcare professionals PFZW, whose assets under management total about EUR140bn, would like to continue to apply its SRI strategy despite the upset provoked by its decision to pull out of the capital of five Israeli banks, IPE reports. The decision to divest take by PFZW led to demonstrations in front of the offices of PGGM, the asset management firm of PFZW, as well as outgrated reactions from several Jewish organisations. PFZW does not plan to modify its approach, but admits that in the case of the Israeli banks, its communication could have been better in order to prevent its initiative being interpreted as a boycott of Israel.
26/03/2014

Invesco is top foreign firm in Italy for inflows in February

P { margin-bottom: 0.08in; } Invesco was in February the top foreign asset management firm in terms of net inflows in Italy, Bluerating reports. With EUR644m, the structure has increased its assets under management in Italy to EUR10.5bn. In Italy, activities are led by Sergio Trezzi, country head and head of European retail.
26/03/2014

Sovereign funds posted record transactions in 2013

P { margin-bottom: 0.08in; } Direct transactions carried out last year by sovereign funds totalled a recor USD174.73bn, nearly three times more than the previous year, according to statistics from the Sovereign Wealth Fund Institute (SWF Institute). This rebound reflects growth in assets in sovereign funds and the confidence which has been regained as the global economy has rebounded. “Sovereign funds are well on the way to reaching USD7trn. And market actors, institutional investors and political leaders are ready to take a closer interest in this fast-growing category of investors,” says Michael Maduell, chairman of the SWF Institute, cited in a statement. In the past few years, the statement adds, sovereign funds have modified their investment strategies, and are increasingly intervening as long-term actors.
26/03/2014

Zebra Capital launches two Luxembourg small cap funds

P { margin-bottom: 0.08in; } Zebra Capital Management, the asset management firm founded in 2001 by Yale University emeritus professor of finance Roger Ibbotson, will in Luxembourg register two equity funds focused on small caps, Funds People reports. The first, entitled Zebra US Small Cap Fund, is oriented to the United States, while the second, Zebra Global Small Cap Fund, targets small businesses worldwide.
26/03/2014

Charles Plosser voit les taux de la Fed à 3% d’ici fin 2015

Le président de la Fed de Philadelphie a confié à l’occasion d’un entretien accordé à la chaîne de télévision CNBC qu’il estimait que la Réserve fédérale américaine pourrait bien commencer à relever ses taux d’intérêt dès l’année prochaine avec pour objectif de les porter à 3% en fin d’année puis à 4% d’ici fin 2016.
26/03/2014

Les actionnaires de F&C valident l’offre de BMO

Les actionnaires du gestionnaire d’actifs britannique F&C ont massivement (à 99,6%) soutenu l’offre de rachat de 708 millions de livres (848 millions d’euros) formulée initialement en janvier par Bank of Montreal, écartant ainsi l’hypothèse d’une éventuelle contre-offre. Aviva, principal actionnaire de F&C Asset Management, avait déjà apporté son soutien au projet.
26/03/2014

Le consommateur américain a le moral

La confiance du consommateur aux Etats-Unis a atteint en mars son plus haut niveau depuis janvier 2008, selon l’enquête du Conference Board. La fédération patronale précise que son indice a augmenté à 82,3 contre un chiffre révisé à 78,3 en février.
26/03/2014

Fitch prend la mesure de l'instabilité au Venezuela

L’agence de notation a abaissé la note de crédit de long terme attribuée au Venezuela, qui passe de «B+» à «B». La perspective est négative. Selon Fitch, cette décision s’explique par «une instabilité macroéconomique renforcée et des retards dans la mise en oeuvre des politiques se rapportant à la hausse de l’inflation, aux distorsions sur le marché des changes et à la détérioration des comptes extérieurs».
26/03/2014

L'ex-patron de Sentinel reconnu coupable de fraude

Eric Bloom, qui dirigeait la société de gestion américaine Sentinel Management Group jusqu'à son effondrement en août 2007, a été reconnu coupable de fraude pour un préjudice estimé à plus de 500 millions de dollars. Le verdict fait suite à un procès qui aura duré quatre semaines.

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