P { margin-bottom: 0.08in; } It has been a small month of February for Spanish individual pension funds. According to data from VDOS Stochastics, their assets rose modestly by 0.99% in February to a total of EUR58.25bn. With EUR45m in net subscriptions, Caixabank has posted the best performance in the past month, topping Bestinver (EUR11m) and Renta 4 (EUR8m). At the other extreme, Santander is the actor which has posted the largest redemptions, of about EUR32m, ahead of Caser (-EUR30m) and Allianz (-EUR12m). These developments will not be likely to alter the landscape for pension funds in Spain. BBVA retains its position as the top player in the market, with EUR10.79bn in assets under managemnt. The Spanish bank finishes ahead of Caixabank, with EUR8.46bn in assets, Santander (EUR8bn), and lastly, Bankia (EUR.432bn). As of the end of February, the top 10 players on the market accounted for 82.53% of total assets in pension funds in Spain.

P { margin-bottom: 0.08in; } At a time when equity markets last year generally posted double-digit growth, the performance of actively-managed funds has been rather mitigated in the same period, according to the most recent comparative table published by the index provider S&P Dow Jones Indices Versus Active Funds (SPIVA®) Scorecard. In the twelve months to the end of 2013, 55.8% of large cap managers, 38.97% of midcap managers, and 68.09% of small cap managers underperformed the indices. The majority of equity managers and all domestic equity categories were unable to earn higher returns than their respective benchmark indices over three and five-year periods. Growth managers, however, did better than experts in the value approach. With the exception of small caps, most growth managers active in the large, mid and multi-caps categories posted higher performances than the indices. In terms of international equities, the majority of international developmed market and international small cap categories posted higher returns than their respective benchmarks. However, 54.09% fo global equity managers and 57.48% of emerging market equity managers failed to beat the indices. Independently of the investment horizon, international small caps are the only category which has posted constant outperformance when actively-managed.

P { margin-bottom: 0.08in; } Banca Fideuram finished the year 2013 with consolidated net profits of EUR313.1m, up 52.2% year on year, Bluerating reports. The Italian bank posted net inflows of EUR2.5bn (+6.4%), of which EUR5.5bn (+100.8%) were in asset management alone, As of 31 December, assets under administration by the group totalled EUR83.7bn, up by EUR4.4bn compared with 31 December 2012.

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has added to its fund of fund team, entitled MyFolio Fund Solutions, with the appointment of Joe Wiggins as senior analyst, the asset management firm announced on 20 March. The new recruit will report directly to Bambos Hambi, head of the fund of fund activity at SLI. Wiggins will be based in London, where he will be responsible for analysis of corporate bonds, Asian equities and real estate. The arrival follows those of Daniel Reynolds and Mark Lane as analysts, bringing the number of employees on the research team dedicated to funds of funds to nine. Wiggins had been an analyst at Stamford Associates Limited.

P { margin-bottom: 0.08in; } Two pioneers of the multi-family office, SandAire and Lord North Street, both based in London, both announced on 20 March that they have reached an agreement over the terms of a merger. The operation will create a new entity with 50 employees distributed over three offices in London, Geneva and Singapore. Following the agreements, the new enlarged business will become a global leader in the multi-family office sector. The two firms currently manage “meaningful” assets for two high net worth families and globally known foundations, including several Oxford and Cambridge university professors. SandAire and Lord North Street have both won numerous prizes for the quality of their services and their leadership in the sector. Following the merger, the founder of SandAire, Alex Scott, will serve as executive chairman. William Drake and Adam Wethered, co-founders of Lord North Street, will be appointed as vice-chairmen. The two men will also become shareholders in the new firm, in which the Scott family will be the majority shareholder. The management team will be extended with the appointment of Alexanrda Altinger as CEO. Altinger has more than 20 years of experience in the asset and wealth management sector worldwide. She spent a part of her career in Asia and the United States, and has worked for Lansdowne Partners. Previously, she had been responsible for the European division of sub-advisory and fund distribution for Wellington Management.

P { margin-bottom: 0.08in; } Further to the announcement by Aberdeen Asset Management on 18 November 2013 relating to the acquisition of Scottish Widows Investment Partnership Group (SWIP), Aberdeen has announced that the Financial Conduct Authority yesterday confirmed its consent to the proposed change of control. As a result, the acquisition is expected to complete following close of business on 31 March 2014. The acquisition will allow Aberdeen to make a place for itself as the largest asset management firm in Europe in terms of assets, with nearly GBP350bn in assets under management.

P { margin-bottom: 0.08in; } The former Lombard Odier manger Michal Wozniak has joined BlackRock in its emerging market debt unit, Citywire reports. Wozniak left the Geneva-based group last year. He appears to have joined BlackRock in London in late 2013, and joined the team lead by BNP Paribas IP veteran Sergio Trigo Paz.

P { margin-bottom: 0.08in; } Fidelity Worldwide Investments will be launching a new bond horizon fund on the Spanish market from 14 April, entitled Fidelity Funds – Fixed Term 2018 Fund, Funds People reports. The investment vehicle, managed by Kristian Atkinson, aims to return 100% of invested capital after 4 years, plus an annual coupon of 3%. To achieve this objective, the fund will invest 60% in investment grade bonds, largely BBB, and 40% in high yield bonds rated BB, B and CCC.

P { margin-bottom: 0.08in; } Dominique Strauss-Kahn is planning to raise USD2bn (EUR1.4bn) to found a hedge fund dedicated to the macroeconomy, LSK & Partners, the firm led by the former CEO of the International Monetary Fund (IMF) announced on 20 March, Reuters reports. Strauss-Kahn will manage the fund with his daughter, Vanessa Strauss-Kahn, an economist, said Mohamad Zaidan, CEO of LSK & Partners, adding that Straus-Kahn senior is currently in China to raise capital from institutional investors and high net worth private clients. The fund is still awaiting the necessary permission in Luxembourg to be able to begin raising funds.

P { margin-bottom: 0.08in; } One of the three men picked as deputies to Bill Gross, chief investment officer at Pimco, left the firm, on the day that his appointment was due to be announced, the Financial Times has learned. Marc Sneider, a generalist fund manager, interim head of equities last year, resigned in January, a few hours before the announcement by Pimco that Mohamed El-Erian, heir apparent to Bill Gross, would be departing. According to two former Pimco heads, Sneider felt that the working environment was increasingly difficult in the past 18 months, and that Gross’ behaviour had become “increasingly illogical and irrational.”

P { margin-bottom: 0.08in; } Lyxor Asset Management (Lyxor AM) on 19 March announced 2 high-profile appointment from August 2014 at its US affiliate, Lyxor AM Inc. Nathanaël Benzaken has been promoted to the position of CEO of Lyxor in the United States, based in New York. He will report directly to Lionel Paquin, Ceo of Lyxor AM. Benzanken had previously served as head of development for managed accounts (since 2009) and deputy head of alternative management since 2012. Meanwhile, Lior Segev, who had previously served as interim Ceo of Lyxor Inc., has been appointed as deputy CEO of the US entity. Segev has 15 years of experience in alternative management, 7 of them at Société Générale.

P { margin-bottom: 0.08in; } Gabriel Plotkin, one of the managers of SAC Capital Advisors, is planning to found his own hedge fund, the Wall Street Journal reports, citing sources familiar with the matter. Plotkin, who had managed more than USD1bn for the company led by Steven A. Cohen, will be leaving at the end of the year. His departure is said to be partly related to an investigation into SAC Capital Advisors for insider trading. Cohen is expected to invest a sum in Plotkin’s fund which may exceed USD200m.

P { margin-bottom: 0.08in; } BlackRock has recruited Shantanu Agrawal, former co-vice president of Pimco, as it is building a team around its new credit alpha fund, Financial News has learned. The US giant has also recently recruited Sumil Aggarwal, who had previously worked at Morgan Stanley. BlackRock is seeking to raise USD500m initially for its alpha credit fund, with a final objective of reaching USD3bn in assets.

P { margin-bottom: 0.08in; } Assets under managemet at the LGT group, a specialist in private banking and asset mangement, as of the end of 2013 totalled CHF110bn, compared with CHF102bn one year earlier. Net subscriptions represented CHF7.5bn, up by 7%. Inflows were coming mostly from Swiss, German and Austrian clients, the firm has told Finews.

U.S. mutual fund product launches tripled in the second half of 2013, compared to the first half of 2013, according to research from Cerulli Associates."More specifically, there was an increase in the number of launches in international strategies, including global equity, emerging markets equity, and bond strategies, as well as U.S. equities including large blend and large value,"states Pamela DeBolt, associate director at Cerulli.Interestingly, many firms disclosed that they expected product development to slow last year, and it in fact accelerated. «Nearly 50% of managers reported they planned to launch less than 4 new products in 2013. Only 13% of firms indicated they planned to launch more than 6 new products in 2013, which was down from 18% in 2012,» explains DeBolt.

P { margin-bottom: 0.08in; } HSBC France is adding to its range of products denominated in renminbi aimed at businesses. Two services are offered, depending on investment horizon and risk appetite: a fixed-date savings denominated in renminbi, and the HSBC GIF RMB Fixed Income fund. This is a public/private bond fund denominated in Chinese currency, with an investment horizon of at least 5 years. The fund had previously been reserved for institutional and retail investors. “These new product ranges meet a growing need for businesses to diversify their investments and to make returns off their excess cash, while benefiting from remuneration conditions which are now more attractive than the euro or dollar, and from the rising renminbi market,” HSBC says.

P { margin-bottom: 0.08in; } Capital markets, whose perimeter includes equity as well as debt financing, are significant vectors for economic growth, and their increase in size may offset a decline in bank financing after the financial crisis, according to a new academic article published by two well-known researchers, in partnership with the AIMA, the global hedge fund industry association. Growth of one third on capital markets is likely to feed a real long-term growth in GDP per household of about 20%, accoridn to the new study, by Christoph Kaserer, professor of finance and chair of capital finance at the TUM school of management in Munich, and Marc Steffen Rapp, professor of finance in the finance and accounting group at the School of Business and Economics at Philipps-Universität of Marburg, Germany. The study is entitled “Capital Markets and Economic Growth – Long-Term Trends and Policy Challenges.” The new article shows that capital markets support economic growth by providing new sources of financing for long-term investments, and encourage improvement in corporate governance. They thus create a link between pension fund activities, non-banking lenders, and active investors such as hedge funds, and growth in the real economy. The article also emphasizes that economies which are traditionally thought to be based on bank financing have adopted capital markets in recent years, and suggests that the old distinction between economies that are dependent on bank financing, especially European economies, and those which are more dependent of market financing, especially British and American mariets, is in the process of rapidly disappearing. According to Jack Inglis, CEO of AIMA, the article “emphasizes the significant role played by the capital markets and their actors in economic development. It throws light on the very positive role of hedge funds and asset managers, using their expertise and engagement to positively develop gorvernance at the companies they invest in. Hedge funds are thus on the capital markets, providing important liquidity and risk management, and they actively participate in the determination of correct prices.” Inglis adds that “athough the article takes economies of the European Union as examples, it shows how countries worldwide can benefit from good development of capital markets. This is especially true for countries which are still dominated by the bank financing model. Bank loans are clearly not in phase with demand, and the global economic rebound may be compromised, unless new sources of financing are found, especially in the asset management industry. We also encourage governments worldwide to put rules in place to protect or enlarge capital markets.”

P { margin-bottom: 0.08in; } There have been some changes to the office at Carmignac Gestion in Spain. After serving for four years as head of sales for the local arm of the French asset management firm, Nicolas Llinas has been promoted to director of development, Funds People reports.

Robeco, which was taken over by Orix in July 2013, has been working on the development of its strategy for 2014-2018 since the acquisition. The group expects to exceed an asset under managemet level of EUR 300 billion in 2018 from organic growth. During this period Robeco and its shareholder will also look for acquisition opportunities.The strategy 2014-2018 focuses on growth in three regions, the US, Europe and Asia. In these regions Robeco and Orix believe they «have a strong presence and foundations on which further expansion can be realized». In the United States, the asset manager expects strong growth of its subsidiary Robeco Investment Management (RIM) and will also strengthen the distribution of its products. In Asia, it is considering the opening of an office in Singapore with a focus on sovereign wealth funds and key accounts. The asset manager also has the ambition to expand into Asian fixed income.In Europe, Robeco will expand its European sales by adding further resources to existing sales offices and setting up an office in the UK focusing on key account management, consultant relations and the UK institutional market. As well as continuing to offer and develop pension solutions in the Netherlands, the group plans to enter the German and Swiss markets with multi-asset pension solutions.As part of the previous 2010-2013 strategic plan, Robeco’s assets under management have grown from EUR 132 billion at the start of 2010 to EUR 205 billion at the end of 2013, of which 47% are institutional. The EBIT has increased by 84% from EUR 157 million in 2010 to EUR 290 million in 2013. Despite a year of ownership change, the group managed to attract a net inflow of EUR 1.5 billion and realized a net profit of EUR 118 million in 2013.

P { margin-bottom: 0.08in; } KBL European Private Bankers (KBL epb), the parent company of KBL Richelieu, on 20 March announced solid annual results for the fiscal year ending on 31 December 2013. KBL epb, which has operations in nine European countries, earned net profits of EUR84.5m in 2013, which represents a considerable improvement compared with the previous year. This positive performance, which far exceeded the previously-announced annual objective of EUR50m, has resulted in an increase in revenues for the group, a decline in operating costs, and a significant reduction in value corrections compared with 2012. In 2013, earnings for the group totalled EUR540.6m, up 37% compared with the previous year, in a sign of the good performance of private banking activities at the group throughout its pan-European network. This success is also due to the global investor services, global financial markets, asset management and life insurance divisions. In this period, the group has posted an increase in its assets under management and under custody. As of 31 December 2013, assets under management totalled EUR42.2m, compared with EUR40.9m on the same date in 2012. Assets under costody totalled EUR41.3bn as of 31 December 2013, compared with EUR38.6bn on the same date in 2012. Abroad, all onshore affiliates of the group are now profitable. The Spanish affiliate of the group, founded four years ago, exceeded its objectives for 2013.

Petit mois de février pour les fonds de pension individuels espagnols. Selon les données de VDOS Stochastics, leurs encours ont modestement progressé de 0,99 % en février pour atteindre 58,249 milliards d’euros contre 57,678 milliards d’euros au 31 janvier. Cette faible croissance est liée exclusivement au rendement des portefeuille, à hauteur de 630,5 millions d’euros, alors que le marché a accusé en février une décollecte nette 58,9 millions d’euros.Avec 45 millions d’euros de souscriptions nettes, Caixabank affiche la meilleure performance sur le mois écoulé, devant Bestinver (11,19 millions d’euros) et Renta 4 (8,65 millions d’euros). A contrario, Santander est l’acteur qui a enregistré les plus importants rachats, de l’ordre de 32,6 millions d’euros, devant Caser (-30,8 millions) et Allianz (-12,8 millions).Ces évolutions ne sont pas de nature à modifier le paysage des fonds de pension en Espagne. BBVA conserve ainsi sa position de numéro 1 du marché avec 10,79 milliards d’euros d’actifs gérés. La banque espagnole devance Caixabank, avec 8,46 milliards d’euros d’encours, Santander (8 milliards d’euros) et, enfin, Bankia (4,32 milliards d’euros). A fin février, les 10 premiers acteurs du marché concentrent 82,53 % des encours totaux des fonds de pension en Espagne.

BNP Paribas Cardif qui présentait jeudi 20 mars ses résultats 2013 a fait état d’une collecte Epargne de 2,9 milliards d’euros et d’actifs gérés en hausse de 5 %, à 178 milliards d’euros. «Cette croissance résulte d’une bonne collecte nette, tant en épargne qu’en protection, ainsi que d’une revalorisation favorable des marchés financiers impactant les fonds généraux, comme les fonds en unités de comptes, en France et à l’international», indique la filiale d’assurance de BNP Paribas.En détail, le chiffre d’affaires Epargne atteint 9,2 milliards d’euros. L’épargne individuelle connaît une progression de 4%. 6,4 milliards d’euros (-2%) ont été enregistrés au sein des réseaux Banque de Détail et Banque Privée de BNP Paribas et 1,8 milliard (+34%) dans le réseau des CGPI, auprès des courtiers et sous la marque AEP. L’activité Epargne se caractérise par une proportion élevée de contrats en unités de compte et diversifiés, à hauteur de 23% contre 22% en 2012, un niveau qui surperforme largement celui du marché (14%). A l’international, le chiffre d’affaires Epargne, en hausse de 10% par rapport à 2012, s’élève à 10,2 milliards d’euros, dont un chiffre d’affaires de 4 milliards d’euros en Italie (+48%) qui surperforme le marché italien de l’assurance-vie (+36%7). En 2013, la filiale italienne de BNP Paribas Cardif a bénéficié de réinvestissement de contrats arrivés à échéance et de la conversion de dépôts bancaires vers de l’assurance-vie via le réseau BNL. En outre, 2,2 milliards d’euros de collecte brute ont été enregistrés par l’entité Cardif Lux Vie au Luxembourg (+4%), qui a fortement privilégié les engagements en unités de compte. Enfin, Taïwan réalise un chiffre d’affaires de 2,2 milliards d’euros (stable versus 2012) avec une part record en unités de compte à 92% en 2013 (85% en 2012). Le chiffre d’affaires 2013, en hausse de 4%, s’établit à 25,3 milliards d’euros et le Produit Net Bancaire (PNB), en progression de 8%, à 2,1 milliards d’euros.

Le premier assureur vie français CNP Assurances vient de lancer un appel d’offres portant sur sa conservation d’actifs hors filiales étrangères, soit 280 milliards d’euros d’encours à janvier 2014, a appris L’Agefi de sources proches du dossier. Depuis 2004, le groupe fait appel à son partenaire historique Caceis, issu de la Caisse des dépôts et aujourd’hui détenu à 85% par le Crédit Agricole et à 15% par Natixis. Ce contrat arrivant à échéance en fin d’année, CNP Assurances a mandaté le cabinet Alenium Consultants pour le remettre en jeu. Le groupe attend une première remise de copie début avril. Outre Caceis, les français BNP Paribas Securities Services et Société Générale Securities Services devraient déposer un dossier, tout comme l’américain State Street. La compagnie d’assurance envisage une décision «courant juin».En attendant, les supputations vont bon train pour déterminer qui des quatre prétendants a le plus de chance de remporter un contrat pour le moins alléchant. Interrogé par Newsmanagers, un fin connaisseur de ce secteur d’activité a indiqué que l’objectif de CNP serait déterminant. Si il s’agit de baisser le coût du service, certains des prétendants ne feront que de la figuration. Mais si CNP se donne des visées à l’international, un ou deux établissements peut clairement sortir du lot. Quoi qu’il en soit, la sécurité sera un élément prépondérant. Quant aux sociétés ayant répondu à l’appel d’offres, elles devront être en mesure de réussir une migration des capitaux qui sera loin d'être simple. Et ce d’autant que CNP Assurances compte plusieurs gestionnaires...

AEW Europe SGP, filiale à 100 % d’AEW Europe, a annoncé le 20 mars l’acquisition pour le compte de l’ERAFP (Etablissement de retraite additionnelle de la fonction publique) d’un immeuble de bureaux situé à Issy-les-Moulineaux, d’une surface de 9.200 m², entièrement loué à six locataires.Cet immeuble a été acquis auprès de CBRE Global Investors pour un montant non dévoilé.

La boutique suisse Fisch Asset Management rejoint le réseau «Group of Boutique Asset Managers». Cette structure est destinée à permettre aux membres d’améliorer leur compétitivité et de s’affirmer face aux grandes maisons sur leurs marchés respectifs. Créée en 2013 en Espagne, elle compte au total 16 boutiques de gestion issues d’Europe, d’Amérique latine, d’Afrique et d’Asie, précise Fondsprofessionell.

Les actifs sous gestion du groupe LGT, spécialisé dans la banque privée et la gestion d’actifs, s’inscrivaient fin 2013 à 110 milliards de francs suisses, contre 102 milliards un an plus tôt. Les souscriptions nettes ont représentées 7,5 milliards de francs suisses, en progression de 7 %. Les flux viennent en priorité des clients suisses, allemands et autrichiens, a indiqué à Finews la société.

Mapfre Inversión Dos, la société de gestion d’actifs de l’assureur Mapfre, vient de lancer sur le marché espagnol un nouveau fonds garanti lié à l’évolution de l’indice Stoxx Europe 600, baptisé Mapfre Puente Garantia 4, rapporte Funds People.Ce nouveau véhicule garanti, à échéance, 100 % du capital investi et un rendement additionnel de 70 % lié à la revalorisation moyenne mensuelle de l’indice de référence durant la période de la garantie, soit entre le 12 mai 2014 et le 12 mars 2019.Le portefeuille du fonds sera principalement composé d’actifs obligataires, avec la possibilité d’investir dans de la dette publique ou privée libellée en euro de pays de l’OCDE d’une qualité de crédit au moins équivalente à la notation de l’Espagne. L’accès à ce fonds implique une simple participation. Les commissions de gestion sont fixées à 1,7 % tandis que les commissions de souscription et de remboursement sont respectivement de 5 % et 4%.

Petit changement au sein du bureau de Carmignac Gestion en Espagne. Après avoir officié pendant quatre ans comme commercial pour l’entité locale du gérant français, Nicolas Llinas vient d’être promu au poste de «business development director», rapporte Funds People.

Fidelity Worldwide Investments va lancer sur le marché espagnol, à compter du 14 avril, un nouveau fonds obligataire à échéance, baptisé Fidelity Funds – Fixed Term 2018 Fund, rapporte Funds People. Ce véhicule d’investissement, géré par Kristian Atkinson, a pour objectif de restituer au bout de 4 ans 100 % du capital investi plus un coupon de 3 % annuel. Pour atteindre son objectif, ce fonds investira à hauteur de 60 % dans des obligations «investment grade», essentiellement du BBB, et 40 % dans des obligations «high yield» d’une notation BB, B et CCC.

Gabriel Plotkin, l’un des gérants de SAC Capital Advisors, prévoit de créer son propre hedge funds, rapporte The Wall Street Journal, citant des personnes proches du dossier. L’intéressé, qui a géré plus de 1 milliard de dollars pour la société de Steven A. Cohen, partira à la fin de l’année. Son départ serait en partie lié à l’enquête dont SAC Capital Advisors a fait l’objet pour délit d’initié. Steven A. Cohen devrait investir dans le fonds de Gabriel Plotkin, pour un montant qui pourrait être supérieur à 200 millions de dollars.