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03/03/2014

JPMorgan to launch ETFs in Europe

P { margin-bottom: 0.08in; } JPMorgan is planning to launch its first ETFs in Europe since the last quarter of this year, Ignites Europe reports. The asset management firm, better known for its actively-managed equity funds, is planning to release a range of actively-managed ETFs. They will also be released in the United States.
03/03/2014

Head of Winton Capital resigns

P { margin-bottom: 0.08in; } Tony Fenner-Leitão, CEO of Winton Capital, the fourth-largest hedge fund in Europe in terms of assets under management (USD25bn), has resigned from his position, the website of the Wall Street Journal reported on 28 February. He will be replaced by David Harding, executive chairman and founder of the firm. Fenner-Leitão, former executive director of Goldman Sachs, joined Winton Capital in 2008, where he became deputy to Anthony Daniell in 2012 before succeeding him as CEO in January 2013. According to a statement from Winton Capital, Fenner-Leitão is reported to have decided to return to the United States for family reasons. The departure does not appear to cast plans for development at the asset management firm into doubt. Harding has announced plans in a statement to launch five new funds and to open new offices in New York, Tokyo and Sydney.
03/03/2014

ING IM recruits two for its Italian team

P { margin-bottom: 0.08in; } ING Investment Management has recruited Massimo Corneo and Matteo La Tassa for its Italian sales team led by Simona Merzagora, Bluerating reports. Corneo, previously at BlackRock, has been appointed as director of distribution. La Tassa, who joins from Dexia AM, will be senior relationship manager & institutional business development.
03/03/2014

BSI loses its head of multi-management

P { margin-bottom: 0.08in; } Luca De Biasi, fund of fund manager and head of multi-management at the Swiss bank BSI, an affiliate of the insurer Generali, will be leaving the firm to join the Italian affiliate of the consulting firm Mercer from 3 March, Citywire Global reports. At Mercer Italia, he will serve as head of investment consulting.
03/03/2014

Standard Life Investments adds to its board of directors

Standard Life Investments has announced the appointment of Gerry Rocchi as a non-executive director to the board of Standard Life Investments (Holdings) Limited. The appointment is effective from 1st March 2014.Gerry Rocchi is currently CEO of Green Power Action Inc., an environmental finance firm based in Toronto that manages Canada’s first carbon-offset credit fund. Since leaving Barclays Global Investors Canada in 2005, where he was CEO from 1997 to 2004 and thereafter led several strategic initiatives for the iShares global business line, Gerry has had a number of industry and regulatory roles. These include directorship, and chair of the board, of the Investment Industry Regulatory Association of Canada (IIROC), and directorship, and chair of the Finance and Audit Committee of Market Regulation Services, a predecessor of IIROC.
03/03/2014

Schroders to use analysis of internet data

P { margin-bottom: 0.08in; } Schroders will dedicate resources to teams which will create algorithms to replace the information previously obtained from sell-side analysts, following the example of BlackRock and the hedge fund sector, Financial News reports. Schroders will recruit teams, and also rely on specialist firms. The teams will aim to interpret the mass of information now available online coming from social media, local and professional websites, corporate press releases, transcripts of conference calls, and statements to regulatory authorities.
03/03/2014

Lombard Odier loses a partner

P { margin-bottom: 0.08in; } Arthur Caye, a partner at the private bank Lombard Odier, will be leaving the firm on 1st May, Le Temps has announced in its 28 February issue. He will be returning to his former employer Capital Group. The newspaper cites an internal memo which explains that “this decision was dictated by a desire to refocus fully on its original passion: investment, more precisely research and portfolio management.” Caye had been a partner at Lombard Odier for two years. “This is a life choise, due to my professional career spent largely at Capital”, says Caye, cited by the newspaper. He adds that he will remain “personally close” to Lombard odier and “fully confident in its future.” After his departure, there will be eight partners at Lombard Odier, as Hugo Bänziger will join on 1 April.
03/03/2014

Manulife AM launches an Asia-Pacific bond fund

P { margin-bottom: 0.08in; } Manulife Asset Management Singapore, the Singapore affiliate of Manulife AM, has launched a new Asian bond fund, whose asset allocation is oriented to investment grade bonds from the Asia-Pacific region, International Adviser reveals. The new vehicle, Manulife Asia Pacific Investment Grade Bond Fund, aims to maximise its returns by investing as a priority in a diversified portfolio of investment grade securities issued by governments, public or supra-national entities and corporate in this vast geographical region.
03/03/2014

Renaissance AM preparing a fund dedicated to Nigeria

P { margin-bottom: 0.08in; } The emerging market specialist Renaissance AM is preparing to launch an equity fund dedicated to the Nigerian market, Citywire reports. The strategy, which is awaiting the approval of the regulatory authorities, may be launched in spring. The fund would be one of the only ones in UCITS format to concentrate on the Nigerian market.
03/03/2014

Janus Capital Group launches a multi-sectoral bond fund

Janus Capital Group on February 28 announced the launch of the Janus Multi-Sector Income Fund that seeks to identify income-generating opportunities across fixed income sectors. The fund will be managed by Janus Capital Management LLC.Janus Multi-Sector Income Fund employs an active management approach that balances a focus on high current income with risk considerations at the security and portfolio level. The fund will typically hold between 35% and 65% below investment grade bonds and has wide flexibility to invest across all sectors of the global fixed income market.Janus Multi-Sector Income Fund will be managed by Seth Meyer, portfolio manager; John Kerschner, global head of securitized products and portfolio manager; and John Lloyd, global head of credit research and portfolio manager.
03/03/2014

Artino Janssen leaves Robeco

P { margin-bottom: 0.08in; } Artino Janssen, executive vice president, co-head of Investment Solutions & Research and CIO Global Allocation, is leaving Robeco, according to fondsnieuws. Janssen, who had been responsible for the management of about EUR20bn, will be replaced by Lukas Daalder, who since November 2011 had been manager of a senior portfolio on the Global Allocation team.
03/03/2014

Old Mutual posts inflows of over GBP15bn and continues its development

P { margin-bottom: 0.08in; } The South African Old Mutual group has reported growth in its assets under management of 19% in 2013, to about GBP294bn, according to provisional estimaes released on 28 February. Net inflows totalled GBP15.5bn groupwide, of which more than GBP10bn were in the United States, where 2012 ended with outflows of GBP200m. Inflows to emerging markets totalled GBP1.6bn (including GBP1bn for South Africa) compared with GBP1.2bn the previous year. The British platform drew GBP2.4bn, compared with GBP2.2bn the previous year. Adjusted operating profits totalled GBP1.6bn, up 15% at constant rates, and stabled expressed in pounds. In this context, the group states that it has progressed in achieving its strategic objectives. In addition to simplifying structures, Old Mutual is continuing with its plans to become the top financial services provider in Africa, with acquisition in the east and west of the continent from regional centres in Lagos and Nairobi. The group is also planning to float a minority stake in its US activitie (USAM, US Asset Management) on the stock exchange, depending on market conditions.
03/03/2014

Assets under management at Triodos IM up 15% last year

P { margin-bottom: 0.08in; } Assets under management at the sustainable development specialist Triodos Investment Management last year rose 15% to a total of EUR2.5bn, according to a statement released on 28 February. Assets in the Triodos Fair Share and Triodos Microfinance funds posted gains of 32% to EUR202.3m and 33% to EUR164.4m, respectively. After absorption of the investment portfolio from BNP Paribas Groen Fonds, assets under management at Triodos Green Fund last year rose 31%, to EUR656m.
03/03/2014

FCA investigates Invesco

P { margin-bottom: 0.08in; } The Financial Conduct Authority is investigating the US parent company of the British Invesco Perpetual group about compliance with regulations between May 2008 and November 2012, Investment Week reports. The information was revealed by Invesco in its 2013 annual report.
03/03/2014

“Our key international markets are Germany, France and Italy”

Laurent Misonne, freshly appointed as head of international sales at SEB Asset Management, explains the development strategy of the Scandinavian asset management firm, an affiliate of the eponymous bank, outside its domestic market. Germany, France and Italy are the high-priority markets.
03/03/2014

Investment in commercial real estate up sharply worldwide

P { margin-bottom: 0.08in; } Global investment in commercial real estate is expected to increase by more han 55% in 2020 compared with 2012, with a gain of 27% in Europe, according to a PwC study, “Real Estate 2020.” This strong increase is largely due to demographic and economic growth in emerging countries. According to Geoffrey Schmitt, a partner at PwC responsible for real estate activity, “although these trends may appear clear, there is still a tendency to underestimate the scale of the changes expected by 2020. By 2050, the urban population will increase y 75%, with 6.3 billion inhabitants, compared with 3.6 billion in 2010.”
03/03/2014

State Street GA adds to solutions unit for the EMEA region

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) has appointed Helene Veltman as senior strategist in charge of solutions in its investment solutions unit, covering Europe, the Middle East and Africa, IPE.com reveals. She will be based in London, and will be responsible for Netherlands-based clients and prospects clients. Before joining SSgA, Veltman served at Axa Investment Managers as director of fiduciary management and liability-driven investment. She previously worked in risk management for equity derivatives and solutions for insurer clients and pension funds from Société Générale. She also worked at HSBC and Commerzbank.
03/03/2014

Investors avoid emerging markets

After two consecutive weeks of declines, redemptions from emerging markets equity funds accelerated during the fourth week of February against a backdrop that included the political crisis in the Ukraine and China’s renminbi joined the ranks of depreciating emerging market currencies, according to EPFR.Investors pumped USD15.9 billion into developed markets equity and bond funds while pulling USD4.8 billion out of emerging markets equity and bond funds. Year-to-date they have committed just shy of USD90 billion to the former while pulling USD41 billion from the latter.Overall, equity funds absorbed a net USD8.2 billion in the seven days ending February 26 while bond funds pulled in USD2.9 billion. Money market funds posted inflows of USD14.7 billion despite redemptions from Europe money market funds hitting a nine week high.Japan Equity Funds saw commitments drop off sharply during the fourth week of February, from over USD1 billion the week ending Feb. 19 to USD5 million, as yen-denominated flows turned negative for the first time since mid-December. On the horizon is a 3% increase in the national sales tax, taking it from 5% to 8%, that is due to go into effect April 1.
03/03/2014

Emerging market hedge fund index down 2.5% in January

Hedge funds investing in Latin America and Eastern Europe experienced sharp losses to begin 2014 even as the funds saw strong capital inflows from investors to start the year, according to the latest HFR Emerging Markets Hedge Fund Industry Report, released today by HFR. While the HFRI Emerging Markets (Total) Index gained +7.1 percent in the final four months of 2013, the Index declined by -2.5 percent in January on weakness in Eastern Europe and Latin America. The HFRI EM: Latin America Index posted a decline of -1.7 percent in 4Q, and then fell -6.0 percent in January, the worst monthly decline since September 2011, albeit outperforming sharp declines in Latin American equity markets, as the Argentine peso plunged over 20 percent. Similarly, the HFRI EM: Russia/Eastern Europe Index gained +2.3 percent in 4Q but fell -5.4 percent in January.Hedge fund performance across other Emerging Markets was mixed through both 4Q and early 2014, with the HFRI EM: Asia ex-Japan Index gaining +6.7 percent in 4Q and +10.6 percent in 2013, despite posting a decline of -1.3 percent in January. Hedge funds investing primarily in the Middle East posted gains in 4Q13, FY13 and January2014, with the HFRX MENA Index gaining +5.2, +20.7 and +0.5 percent in each period, respectively.Despite these losses, total hedge fund capital invested in Emerging Markets increased by over $9 billion in 4Q 2013 to over $170 billion with inflows for the quarter of $2.1 billion. For the full year 2013, total hedge fund capital invested in EM increased by nearly $20 billion, on inflows of over $6.4 billion.
03/03/2014

Japanese pension fund moves into infrastructure

P { margin-bottom: 0.08in; } The Japanese government pension fund (GPIF) on 28 February announced the launch of an investment programme for infrastructure, as part of a co-investment agreement with the Development Bank of Japan (DBJ) and the Ontario Municipal Employees Retirement System (OMERS). Allocation to infrastructure will be housed in a unit trust, managed by Nissay Asset Management with Mercer Investments acting as investment adviser. Investment in infrastructure will be graduated over five years up to USD2.7bn, or 0.2% of assets under management by the Japanese pension fund. A statement from GPIF reveals that the Canadian pension fund earned annual returns of 11% on its infrastructure investments between 2009 and 2013. The Japanese pension fund states that it earned returns of 4.73% in third quarter to the end of December of its fiscal year to the end of March. Returns totalled 0.18% of Japanese bonds, 9.19% for Japanese equities, 8.16% for international bonds, and 16.23% for international equities. Assets under management as of the end of December 2013 totalled JPY128.579bn (over EUR924bn), up 4% compared with the previous quarter.
03/03/2014
Fonds

HFT va lancer le premier fonds monétaire RQFII

HFT Investment Management, une coentreprise détenue par BNP Paribas Investment Partners et Haitong Securities, s’apprête à lancer à Hong-Kong le premier fonds monétaire compatible avec les règles RQFII (investisseur institutionnel étranger qualifié pour la gestion en renminbi) après avoir reçu le feu vert du régulateur local, la Securities & Futures Commission, révèle Asia Asset Management. Ce véhicule qui investira des instruments des marchés monétaires émis en Chine, ainsi que le fonds China High Yield Bond de HFT lancé en janvier 2014, constitue une composante essentielle de la stratégie de l’entreprise visant à construire une gamme de produits renminbi complète à travers différentes classes d’actifs afin de «satisfaire les exigences des investisseurs mondiaux», a commenté Jelle Vervoorn, directeur général de HFT Investment Management.
Fonds
03/03/2014

Hausse de 35 % des encours sous gestion de Kutxabank en 2013

Kutxabank a enregistré une croissance de 35 % des actifs sous gestion de ses fonds communs de placement en 2013, révèle Funds People. Ses encours atteignent 7,7 milliards d’euros en 2013 contre 5,6 milliards d’euros en 2012, selon les données de Inverco, l’association professionnelle espagnole de la gestion d’actifs. Dans le détail, à fin 2013, sa filiale de gestion d’actifs Kutxabank Gestión affiche 6,7 milliards d’euros d’encours, en hausse de 40 % sur un an, tandis que sa filiale de banque privée Fineco gère un peu plus de 1 milliard d’euros, en progression de 27 % sur un an.A l’issue de l’exercice écoulé, le groupe Kutxabank a dégagé un bénéfice net consolidé de 108,3 millions d’euros, en hausse de 28,1% par rapport à 2012.
03/03/2014

Artino Janssen quitte Robeco

Artino Janssen, executive vice president, co-responsable Investment Solutions & Research et CIO Global Allocation, quitte Robeco, selon fondsnieuws.Artino Janssen, qui pilotait la gestion de quelque 20 milliards d’euros, sera remplacé par Lukas Daalder, depuis novembre 2011 gérant de portefeuille senior au sein de l'équipe Global Allocation.
03/03/2014
Fonds

Renaissance AM prépare un fonds dédié au Nigéria

Le spécialiste des marchés émergents Renaissance AM prépare le lancement d’un fonds actions dédié au marché nigérian, rapporte Citywire.La stratégie, qui attend le feu vert des autorités de régulation, pourrait être lancé dans le courant du printemps. Le fonds serait l’un des seuls au format Ucits à se concentrer sur le marché nigérien.
Fonds
03/03/2014

Démission du patron de Winton Capital

Tony Fenner-Leitão, directeur général de Winton Capital, le quatrième plus grand hedge fund en Europe en termes d’actifs sous gestion (25 milliards de dollars), a démissionné de ses fonctions, révèle le site internet du Wall Street Journal le 28 février. Il est remplacé par David Harding, président exécutif et fondateur de la société. Ancien directeur exécutif de Goldman Sachs, Tony Fenner-Leitão avait rejoint Winton Capital en 2008, devenant l’adjoint d’Anthony Daniell en 2012 avant de lui succéder au poste de directeur général en janvier 2013. D’après un communiqué de Winton Capital, Tony Fenner-Leitão aurait décidé de retourner aux Etats-Unis pour des raisons familiales. Ce départ ne semble pas remettre en cause les projets de développement de la société de gestion. David Harding a en effet annoncé, dans un communiqué, son intention de lancer cinq nouveaux fonds et d’ouvrir de nouveaux bureaux à New York, Tokyo et Sydney.
03/03/2014

Schroders va s’employer à analyser les données Internet

Schroders va consacrer des ressources à des équipes qui créeront des algorithmes afin de remplacer les informations autrefois obtenues auprès d’analystes sell-side, suivant ainsi l’exemple de BlackRock et d’autres dans le secteur des hedge funds, rapporte Financial News. Schroders va recruter des équipes mais aussi recourir à des sociétés spécialisées. Ces équipes auront pour mission d’interpréter la masse d’informations désormais disponible en ligne provenant des médias sociaux, des sites d’informations locaux et professionnels, des communiqués d’entreprises, des retranscriptions de conférences téléphoniques et des dossiers déposés auprès des autorités.
03/03/2014

Deutsche Annington fait l'acquisition de 41.000 logements

Deutsche Annington a annoncé vendredi 28 février l’acquisition de deux portefeuilles d’actifs immobiliers résidentiels. Il s’agit dans le premier des cas d’un portefeuille de 30.000 logements situés dans le Nord et l’Ouest du pays, pour 1,4 milliard d’euros., acquis auprès de Vitus Immobilien. Le deuxième portefeuille comporte 11.500 unités de logements et était géré par DeWAG, racheté pour 970 millions d’euros.
03/03/2014

"En France, une présence locale deviendra un jour incontournable"

Tout juste nommé responsable des ventes internationales de SEB Asset Management, Laurent Misonne explique dans un entretien à Newsmanagers la stratégie de développement de la société de gestion nordique, filiale de la banque éponyme, hors de son marché domestique. La France figure en bonne place dans ces projets, avec de nouveaux accords en vue.
03/03/2014

Old Mutual collecte plus de 15 milliards de livres et poursuit son développement

Le groupe sud-africain Old Mutual a fait état pour l’exercice 2013 d’une progression de ses actifs sous gestion de 19% à environ 294 milliards de livres, selon des estimations provisoires communiquées le 28 février. La collecte nette s’est élevée à 15,5 milliards de livres au niveau groupe, dont plus de 10 milliards de livres aux Etats-Unis alors que l’année 2012 s'était terminée sur une décollecte de 200 millions de livres. La collecte dans les marchés émergents a totalisé 1,6 milliard de livres (dont 1 milliard pour l’Afrique du Sud) contre 1,2 milliard de livres l’année précédente. La plate-forme britannique a attiré 2,4 milliards de livres contre 2,2 milliards l’année précédente.Le bénéfice d’exploitation ajusté s’est établi à 1,6 milliard de livres, en hausse de 15% à taux de change constant, stable exprimé en livres.Dans ce contexte, le groupe indique avoir progressé dans la réalisation de ses objectifs stratégiques. Outre la simplification des structures, Old Mutual poursuit son projet de devenir le numéro un des services financiers en Afrique, avec des acquisitions dans l’est et l’ouest africain à partir de centres régionaux à Lagos et Nairobi.Par ailleurs, le groupe envisage de mettre en Bourse une participation minoritaire dans ses activités américaines (USAM, US Asset Management) selon l'évolution des conditions de marché.
03/03/2014

Progression de 15% l'an dernier des actifs sous gestion de Triodos IM

Les actifs sous gestion du spécialiste du développement durable Triodos Investment Management ont progressé l’an dernier de 15% pour s'établir à 2,5 milliards d’euros, selon un communiqué publié le 28 février.Les encours des fonds Triodos Fair Share et Triodos Microfinance ont notamment enregistré des hausses de respectivement 32% à 202,3 millions d’euros et 33% à 164,4 millions d’euros. Après absorption du portefeuille d’investissement du BNP Paribas Groen Fonds, les actifs sous gestion du Triodos Green Fund ont augmenté l’an dernier de 31% à 656 millions d’euros.

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