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14/03/2014

Majedie AM plans to close a fund to subscribers

P { margin-bottom: 0.08in; } Majedie Asset Management will be closing its UK Income fund to new subscribers with GBP500m, at a time when assets total GBP1.5bn, Fund Web reports. The fund, which is managed by Chris Reid and Yuri Khodjamirian, has earned 76% since its launch in December 2011.
14/03/2014

Asian institutionals seduced by the Schroder UK Property Fund

P { margin-bottom: 0.08in; } The Schroder UK Property Fund (SPF) on 13 March announced the first investment in the fund made by Asian institutional investors since the vehicle adopted PAIF structure in July 2012, according to a statement released on 13 March. A property authorised investment fund (PAIF) is a real estate investment fund which receives certain tax incentives. Two Asian insurance groups have invested GBP40bn in the fund, providing further evidence of the diversification of the investor base in the strategy since its conversion. The fund, the flagship strategy from Schroders in real estate, offers over GBP1.4bn in exposure to British commercial real estate. As of the end of December 2013, gross assets under management in real estate at Schroders totalled GBP10.6bn.
14/03/2014

Schroders continues integration of Cazenove funds

P { margin-bottom: 0.08in; } After the Cayman Islands, Ireland. Schroders on 13 March announced that five funds from the Irish range from Cazenove have been integrated into the new luxembourg fund platfomr from Schroders, International Selection Fund (ISF). At the end of February, Schroders integrated funds from Cazenove domiciled in the Cayman Islands. The five strategies concerned are the Cazenove Pan Europe Fund which is merged into Schroder ISF European Opportunities, Cazenove Multi-Asset Fund which is merged into Schroder ISF Multi-Manager Global Diversity, Cazenove UK Equity Fund which is merged into Schroder ISF UK Opportunities, Cazenove European Equity (ex UK) Fund which is merged into Schroder ISF European Equity (ex UK) and the Cazenove Strategic Debt Fund which is merged into Schroder ISF Strategic Credit.
14/03/2014

Former SAC analyst charged with insider trading

P { margin-bottom: 0.08in; } A former analyst from SAC Capital Advisors, Ronald Dennis, has been charged with insider trading, the Wall Street Journal reports. He becomes the ninth former or current employee of the investment firm to be implicated in the investigation. Dennis is accused of helping SAC and its affiliates to make USD3.8m in gains and avoided losses by trading shares in Dell and Foundry Networks.
14/03/2014

Inflows to UCITS funds rose sharply in January

UCITS recorded a significant jump in net inflows in January to EUR 71 billion, up from EUR 14 billion recorded in December, reflecting increased net sales of long-term UCITS and a considerable surge in net inflows to money market funds, according to The European Fund and Asset Management Association (EFAMA).Net sales of long-term UCITS (UCITS excluding money market funds) increased to EUR 42 billion, up from EUR 27 billion in December. Net sales of bond funds rose to EUR 13 billion after breaking-even in December. On the other hand, equity funds registered reduced net inflows of EUR 11 billion down from EUR 15 billion in December. Balanced funds recorded a fifth month of increasing net sales of EUR 16 billion, up from EUR 13 billion in December.Money market funds registered net inflows of EUR 29 billion in January, being the highest level of net inflows since August 2011. This high level of net inflows follows net outflows in December of EUR 13 billion.Total non-UCITS recorded net sales of EUR 13 billion, down from EUR 15 billion witnessed in December. Special funds (funds reserved to institutional investors) recorded reduced net inflows amounting to EUR 9 billion, compared to EUR 15 billion in December.Total assets of UCITS stood at EUR 6,974 billion at end January 2014, representing a 0.6 percent increase during the month. Total assets of non-UCITS also enjoyed an increase of 0.6 percent in January to stand at EUR 2,823 billion at month end.
14/03/2014

F&C AM suffers redemptions of GBP19bn in 2013

In 2013, F&C Asset Management, which is subject to a buyout offer from the Canadian firm BMO, recorded net outflows of GBP19bn.These outflows are primarily the result of redemptions totalling GBP20.3bn from “strategic partners.” These partners still represent 51.5% of assets at F&C as of the end of 2013, which totalled GBP82.1bn, down compared with GBP95.2bn as of the end of 2012.The Consumer & Institutional activity did not compensate for these redemptions, with positive inflows of GBP1.3bn, after net outflows of GBP1.9bn in 2012.“The group faces significant headwinds in the short term as our strategic partner assets decline and the growth from our consumer and institutional business, which is starting to emerge, takes time to develop,” the CEO of the British asset management firm, Richard Wilson, has announced.Despite all this, F&C earned underlying operating profits up to GBP89m, compared with GBP71.1m previously.
14/03/2014

Surprise departure of head of institutional at Fidelity

P { margin-bottom: 0.08in; } Colin Fitzgerald is leaving his position as head of institutional activities at Fidelity Worldwide Investment, only five moths after beginning in the role, succeeding Chris McNickle, Financial News reports. Fitzgerland was previously head of marketing at Pyramis Global Advisors, Fidelity’s sister company.
14/03/2014

L&G appoints a head of discretionary sales

P { margin-bottom: 0.08in; } Legal & General Investments has appointed Martin Holland as head of discretionary sales, a newly-created position, Money Marketing reports. Holland previously spent 11 years at UBS, where he was director of sales for discretionary and fund of fund activities in the Midlands and the South of England.
14/03/2014

Bank of England attacks bonuses

P { margin-bottom: 0.08in; } The Bank of England on 13 March published a consultation document which lays out new proposals to force banks to sanction their bankers for indiscretions. The central bank is proposing that bankers should if necessary block and claw back bonuses awarded up to six years after their payment. With this in mind, the Bank of England is proposing to introduce terms to this effect into labour contracts. The central bank calls on bans not to put pay programmes in place which encourage bankers to take unconsidered risks which could endanger the stability of the financial system, as has recently occurred with the mis-selling and Libor scandals. The consultation will remain open for two months, and the new measures will be announced after consultation makes it possible for them to come into effect on 1 January 2015.
14/03/2014

Government debt may be weighted for risk

P { margin-bottom: 0.08in; } Government bonds are in the future expected to be weighted for risk on the balance sheets of banks, Benoît Coeuré, a member of the board at the European Central Bank, announced on 13 March, Reuters reports. Banks are currently required to hold government debt to offset the risks which they are exposed to. But the government debt crisis cast the active risk-free status of these securities into question. “I would absolutely agree with the fact that in the long term, … weighting risks for all assets would make sense,” Coeuré said at a conference held by the Economist in Paris. “In the long term, there should be a risk weighting for government bonds, but we need to think about the consequences. If you go in this direction, you need to rethink the definition of high quality assets,” he added.
14/03/2014

New Capital launches a Swiss equity fund

P { margin-bottom: 0.08in; } New Capital has unveiled its first Swiss equity fund, which will be managed by its new recruit Urs Beck, Citywire reports. The group, which is an affiliate of EFG Asset Management, launched the fund on 13 March. The New Capital Swiss Select Equity fund is a long-only fund which will hold 35 to 45 poitions and will have an active share of 60-80%.
14/03/2014

Institutional funds draw inflows in Germany

P { margin-bottom: 0.08in; } German investment funds finished the first month of the year with net inflows of EUR7.7bn, according to statistics released by the German asset management association (BVI). Funds reserved for institutionals in particular attracted EUR4.7bn, while open-ended funds, for their part, have posted net inflows of EUR3.1bn. Inflows to dedicated funds come 40% from insurers and one third (EUR1.3bn) from retirement institutions. For open-ended funds, diversified funds have attracted EUR2.2bn, the highest level since April 2010. Bond funds posted inflows of EUR1.1bn, and real estate funds EUR0.4bn. However, equity funds have seen outflows of EUR1.2bn.
14/03/2014

Stoxx offers a new low beta high div index

Stoxx has launched a new index, Stoxx Europe Low Beta High Div 50 Index, which has been licensed to Deutsche Bank to be used as the basis for structured products.The index selects the 50 stocks with the lowest beta out of the members of the Stoxx Europe 600 Index with a dividend yield which is higher than the Euro Stoxx 50 Index’s dividend yield. It is the first index of its kind, and is designed to act as an underlying to structured products and other investable products, such as exchange-traded funds.
14/03/2014

Lyxor performs stress tests on hedge fund portfolios

P { margin-bottom: 0.08in; } Stress tests are in style. Research teams at the Managed Account platform at Lyxor, perhaps inspired by the stress tests that are being imposed on European banks, have published the first edition of the Alternative Insight reports, which presents the results of a series of stress tests carried out on hedge fund portfolios according to seven market scenarios for 2014, implying risks of both rising and falling markets. In particular, the research concentrated on severe risks of loss such as a more rapid tapering in the United States, a deflationary scenario in Europe, a severe slowdown in China, and a general collapse of emerging markets. These stress tests prove a great resiliance of hedge funds in difficult market conditions. In the worst case (sudden rise in US interest rates and a 10% decline in US equities), hedge funds would lose only 2.5%. The study also finds that it is unlikely that the performance of hedge funds would be affected yb the current tubulence observed in the emerging universe, related either to geopolitical factors or to tapering by the Fed. The regional exposure to central and eastern Europe is very limited. At a time when long/short credit funds are exposed to emerging markets, most of this exposure is in Asia ex Japan and Latin America.
14/03/2014

M&G obtains a licence in Hong Kong

P { margin-bottom: 0.08in; } M&G Investments has been granted a Type 1 licence by the Hong Kong regulator, the Securities and Futures Commission (SFC), which allows it to extend its field of marketing activity to professional investors in Hong Kong, Asia Asset Management reports. As a part of the licence, M&G has also created a legal entity in Hong Kong, M&G Investments (Hong-Kong) Limited. Via its offices in Singapore and Hong Kong, the British asset management firm has USD3.72bn in assets under management for clients in Asia, according to data as of the end of September 2013.
14/03/2014

Tages Capital develops on German market

P { margin-bottom: 0.08in; } The German asset management firm Gauly Dittrich van de Weyer Asset Management and the alternative investment solution provider Tages Cpaital on 13 March announced that they have signed an strategic partnership by which the German company agrees to distribute investment products and solutions from Tages to professional investor clients in Germany and Austria. A statement says that the two partners will also co-operate on an exclusive basis to launch a multi-asset class product outside Germany and Austria. Tages Capital, an Italian firm founded in 2011, is specialised in custom alternative investment solutions for institutional clients. In the first two years of activity, Tages Capital attracted more than USD3bn in assets managed and advised, and has already signed strategic distribution agreements in Italy and very recently in France, via a partnership with La Française. Gauly Dittrich van de Weyer Asset Management was founded in 2012 in Frankfurt by two Lazard veterans who had EUR10bn in assets under management, including multi-asset class strategies and diversifeid funds. The firm is specialised in asset allocation and investment solutions aimed both at institutional and private investors, and offers multi-asset class strategies and products.
14/03/2014

Pimco launches two strategies to bet on an interst rate hike

P { margin-bottom: 0.08in; } The bond specialist Pimco is offering two new strategies which offer investors a means to protect themselves against the risk of interest rates, Citywire reports. The Pimco GIS Low Duration Global Investment Grade Credit fund, which will invest primarily in corporate bonds with short maturities, will be managed by Mark Kiesel, who was appointed as deputy CIO at the end of February. The other strategy, the Pimco GIS Low Duration Real Return fund, which will invest primarily in inflation-linked bonds, will be managed by Wihir Worah, who was also appointed as deputy CIO at the end of January.
14/03/2014

Allianz GI pleads for dividend stocks

P { margin-bottom: 0.08in; } In many countries, dividends offer a higher return than 10-year government bonds. In this area, European businesses in particular are more generous than their US counterparts, and for more than 2 years, investors exposed to European equities have been benefiting from dividends returns well higher than those from bond investments. A study recently publshed by Allianz Global Investors finds that in the past 40 eyars, dividends accounted for 40% of total returns from European equities. At a time when profits have risen sharply after the 2008-2009 crisis, the distribution rate for businesses has fallen considerably, In Europe the dividend/profit ratio per share now stands at about 55%, which is a lower level than historically. Denis Nacken, author of the study, says this is a sign that “there is room for dividends to rise.” The study also finds that didends payments have been very closely watched by market actors. Every downward revision of dividends also becomes a subject of concern. As shown by conclusive data for the United States since 1900, dividend payments have been less volatile than corproate profits in real terms.
14/03/2014

Pictet WM recruits a private banker in Italy

P { margin-bottom: 0.08in; } Pictet Wealth Management has recently recruited Giuseppe Di Sisto, who had previously worked at UniCredit, Bluerating reports. He had been deputy CEO and co-CEO of UniCredit Private Banking.
14/03/2014

Generali assets under management up 3.8% in 2013

P { margin-bottom: 0.08in; } Assets under management for third parties at the Generali group rose 3.8% last year to a total of EUR104.34bn as of the end of December 2013, the insurance group announced on the occasion of the publication of its annual results. Total assets under management were up 5.4% last year to EUR508bn. Operating results are up 18.4% to EUR483m. The operating ratio improved to 66.3% from 69% previously.
14/03/2014

Barclays recruits private bankers in Italy

P { margin-bottom: 0.08in; } Barclays has welcomed five new private bankers in Northern Italy, Bluerating reports. The bank has recruited Luca Domenico Dassisti and Andrea Sgambati in Milan, who join from Banca Pop. Di Vicenza, and Donatella Brunelli, Davide Vincenzo Politano and Marco Zelotti, from Mps Private Banking, in Milan.
14/03/2014

Emerging markets and high yield interesting for fixed income

P { margin-bottom: 0.08in; } Emerging market bonds and high yield bonds may earn positive return in most scenarios envisaged for 2014, according to a study by Standish Mellon Asset Management, the bond specialist from BNY Mellon. The attraction of certain emerging market bonds improved after some currencies fell below their fair value in some countries, Standish reports. The study also finds that some European government debt in peripheral countries may deliver investment opportunities in 2013 at economic fundamentals and structural reforms improve.
14/03/2014

Sweden to close two pension funds

P { margin-bottom: 0.08in; } Sweden will be closing two of its five pension funds (AP funds), in order to reduce asset management costs and leave more money for pensioners, the Financial Times reports. Meanwhile, a single board will be created to oversee the three remaining funds, which will be granted more freedom in their investments. Currently, the funds, which have assets of about USD156bn, can not invest more than 5% of their cash in private assets.
14/03/2014

Two former analysts from Deutsche Bank launch a fund

P { margin-bottom: 0.08in; } Jonathan Fell and James Isenwater, two former analysis from Deutsche Bank specialised in consumption, have founded Ash Park Capital. Domiciled in Luxembourg, Financial News reports. They will launch a fund, Ash Park Global Consumer Staples Fund, which will invest in 20 companies of the quality consumer sector.
14/03/2014

La Suède va fermer deux fonds de pension

La Suède va fermer deux de ses cinq fonds de pension (fonds AP), afin de réduire les coûts de gestion d’actifs et ainsi laisser davantage d’argent aux retraités, rapporte le Financial Times. Parallèlement, un comité unique sera créé pour superviser les trois fonds qui restent, lesquels se verront accorder une plus grande liberté d’investissement. A l’heure actuelle, les fonds, qui représentent un encours d’environ 156 milliards de dollars, ne peuvent investir plus de 5 % de leurs liquidités dans des actifs non cotés.
14/03/2014

M&G profite d'une collecte record sur ses FCP

La société de gestion d’actifs a enregistré l’an dernier sur ses fonds communs de placement (FCP) une collecte nette de 8,9 milliards d’euros sur ses marchés européens et asiatiques. La collecte affiche une progression de 46% par rapport à l’année précédente. Les encours sous gestion en fonds communs de placement en Europe totalisaient 28,5 milliards d’euros à fin 2013, soit une hausse de 64% sur l’ensemble de l’année.
14/03/2014

Goldman Sachs anticipe des sorties massives de capitaux en Russie

Les économistes de Goldman Sachs ont revu hier à la baisse leur prévision de croissance pour la Russie, à 1% en 2014, et souligné l’ampleur des retraits de capitaux depuis le début de la crise ukrainienne. Selon les calculs de la baqnue américaine, ces sorties atteindraient déjà 45 à 50 milliards de dollars sur 2014, contre 28 milliards au premier trimestre 2013. Sur l’ensemble de l’année, elles pourraient se monter à 130 milliards.

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