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13/01/2014
Fonds

Ampega lance un fonds high yield

La société de gestion allemande Ampega, basée à Cologne, envisage de lancer un fonds dédié aux obligations à haut rendement, rapporte Citywire. Le fonds Ampega CrossoverPlus Rentenfonds sera domicilié au Luxembourg et devrait être officiellement lancé ce lundi 13 janvier.La stratégie sera pilotée par Christian Hendker, responsable de la recherche fixed income et elle va démarrer avec 5 millions d’euros d’actifs. Ampega est une filiale du groupe Talanx AG qui gère quelque 96,3 milliards d’euros.
Fonds
13/01/2014
Fonds

Quatrième mois consécutif de gains pour les hedge funds en décembre

L’industrie des hedge funds a terminé l’année 2013 sur une bonne note. Le secteur a en effet enregistré un quatrième mois consécutif de gains en décembre, faisant ainsi de 2013 l’année la plus performante depuis 2010. De fait, selon les données du Hedge Fund Research (HFR), le HFRI Fund Weighted Composite Index a gagné 1,2 % en décembre 2013, portant la performance de l’ensemble de l’année à +9,3 %. Par ailleurs, le HFRI Fund of Hedge Funds Index a enregistré une performance de +1,2 % en décembre et de +8,7 % sur l’ensemble de l’année écoulée, soit la meilleure performance annuelle depuis 2009. Les performances ont été tirées en particulier par les stratégies «equity hedge» et «event-driven». Ainsi, le HFRI Equity Hedge Index a dégagé un gain de +1,6 % en décembre et +14,6 % sur l’ensemble de l’exercice 2013. Quant au HFRI Event Driven Index, il affiche une performance de +1,2 % en décembre et de 12,5 % sur l’ensemble de 2013. Dans les deux cas, il s’agit de la meilleure performance enregistrée depuis 2009.
Fonds
13/01/2014

J. Safra Sarasin en phase de croissance dans la gestion d'actifs

Le groupe J. Safra a pris la majorité de Sarasin en novembre 2011. Les nouvelles structures ont été présentées en janvier 2013, et la fusion a été officialisée en juin dernier, rappelle Le Temps. Eric Sarasin, directeur général adjoint du groupe, regrette dans un entretien accordé au quotidien que les commentateurs mettent insuffisamment en avant la gestion d’actifs du nouveau groupe. Selon sa direction, le tiers des actifs gérés est institutionnel, et ses ambitions sont fortes dans ce domaine. L’institut met en avant son savoir-faire dans les actions, l’investissement durable, avec une part de marché de 35% en Suisse, ainsi que dans les approches thématiques, l’alternatif et, à travers J. Safra, en Amérique latine, dans les obligations et les opérations de marché.
13/01/2014

Vers une redéfinition du partenariat entre Raiffeisen et Vontobel

Le partenariat entre Raiffeisen et Vontobel dans le domaine des produits financiers risque de se terminer au moment même où il pourrait fêter son 20e anniversaire. Le conflit amorcé avec l’acquisition des affaires non-américaines de Wegelin par Raiffeisen pour créer la banque privée Notenstein en janvier 2012 devient toujours plus vif, rapporte L’Agefi suisse. Car la question de la distribution de produits financiers était alors restée ouverte, le président exécutif de Raiffeisen, Pierin Vincenz, ayant même laissé entendre que Vontobel pourrait également vendre les siens aux clients de Notenstein, autrement dit que cela se ferait sur une base non exclusive. Mais il est allé plus loin, en créant progressivement une structure de gestion d’actifs pour Notenstein totalement indépendante de Vontobel qui s’était manifestement attendue à une extension du partenariat existant à la clientèle de Notenstein. Les deux parties se sont au moins mis d’accord de faire appel à un tribunal arbitral et se sont engagés à respecter sa décision.
13/01/2014

Fosun prend un ticket dans l'assurance au Portugal

Fosun International poursuit sa mutation en un groupe d’investissement tourné vers l’assurance et la croissance chinoise, note L’Agefi. Le groupe chinois a raflé, au détriment du fonds américain Apollo, 80% de la filiale d’assurance du groupe bancaire public portugais Caixa Geral de Depositos pour un montant de 1 milliard d’euros. Dans l’assurance, Fosun International détient déjà une coentreprise avec l’américain Prudential Financial, gère Peak Reinsurance à Hong Kong et possède la compagnie Yong’an P&C dans le centre de la Chine. Le groupe chinois s’est également diversifié, que ce soit dans l’hôtellerie avec le Club Med (en partenariat avec Ardian), l’immobilier commercial ou la distribution.
13/01/2014

Nomination chez Henderson (Suisse)

La société de gestion de fortune Henderson (Suisse) a engagé un nouveau responsable commercial en la personne de Michael Jöhr, anciennement actif auprès de J. Safra Sarasin, rapporte L’Agefi suisse. Ce dernier supervisera le conseil et les acquisitions pour le compte de banques privées et cantonales, des family offices ainsi que des gestionnaires de fortune en Suisse, au Liechtenstein et en Autriche. Michael Jöhr est rattaché directement à Ariane Dehn, responsable des ventes pour la Suisse, le Liechtenstein et l’Autriche.
13/01/2014

Altamar recrute un nouveau partenaire-associé

La société de gestion alternative espagnole Altamar va accueillir en son sein un nouvel associé en la personne de Miguel Rona, une figure emblématique de la gestion d’actifs en Espagne, croit savoir Funds People. Selon le site d’information, son arrivée témoigne de la volonté de la société de renforcer ses capacités de distribution et de marketing sur le marché. Miguel Rona a effectué l’essentiel de sa carrière chez Invesco, où il a passé quatorze années. Dans ses dernières fonctions, il était co-responsable de la distribution pour l’Europe continentale et l’Amérique latine En 2013, Altamar a augmenté ses actifs sous gestion de 250 millions d’euros, portant à 1,5 milliard d’euros ses encours totaux.
13/01/2014
Fonds

UBS GAM rouvre à la souscription deux fonds de dettes émergentes

Le 28 janvier exclusivement, UBS Global Asset Management (GAM) va rouvrir à de nouvelles souscriptions deux de ses fonds de dettes émergentes, UBS Emerging Markets Bonds 2017 EUR Fund et UBS Emerging Markets Bonds 2017 USD Fund, croit savoir Funds People. Les ordres de souscriptions pourront toutefois être transmis entre le 13 et le 28 janvier mais dans la limite de 100 millions de dollars entre les deux fonds, précise le site d’information espagnol.
Fonds
13/01/2014

Nomura AM acquiert la gestion d’actifs d’ING à Taïwan

Nomura Asset Management, filiale de Nomura, va acquérir l’activité de gestion d’actifs d’ING Group à Taïwan, ING Securities Investment and Trust Company Limited, Taiwan, selon un communiqué du 10 janvier.Nomura AM s’est associé à un groupe d’investissement dirigé par Ashwin Mehta, l’ancien CEO d’ING Securities Investment and Trust Company Limited, Taiwan.« Cette acquisition s’inscrit dans le cadre de notre expansion en Asie et représente l’occasion de pénétrer le marché de Taïwan », déclare Toshihiro Iwasaki, CEO de Nomura AM.
13/01/2014

UBS reportedly nearing a final stage in Madoff case

Two US courts have rejected claims filed by the trustee of the Madoff family empire against UBS, NZZ am Sontag reports. Before the weekend, the highest court in Washington debated whether or not to accept appeals filed by the trustee. If the court reject the appeals, the Madoff trustee will have lost the last chance to get back money from UBS to refund victims of the fraus, according to the Zurich newspaper. The verdict of the high court will be announced on 13 January. According to one observer, the court is expected to reject the trustee’s appeals.
13/01/2014

Apollo closes an eighth private equity fund with USD18.3bn

Apollo Global Management at the end of last week announced real spoils of war: at the end of December, it closed its eighth private equity fund, Apollo Investment Fund VIII, with USD17.5bn in commitments from outside investors. With the addition of engagements from affiliated investors, including employees at the firm led by Leon Black, which total about USD880m, a statement says, the fund has firepower of USD18.4bn. The last private equity fund, Fund VII, raied in 2008, have earned internal annual rates of return of a gross 38% and a net 29% since launch on 30 September 2013, Apollo says. Assets under management by the private equity activity at Apollo total about USD43bn as of the end of September 2013. Total assets under management, which also include credit and real estate funds, total about USD113bn.
13/01/2014

Prudential Investments launches a short-duration bond fund

Prudential Investments has launched the Prudential Short Duration Multi-Selector Bond Fund, a bond strategy likely to earn returns in an environment of rising interest rates. Funds invest in a diversified portfolio of bonds, including asset-backed securities (ABS), bank loans, corporate debt securities, commercial mortgage-backed securities (CMBS) collateralized bonds and US and foreign corporate bonds. The average duration is expected to total between 1 and 3 years. The benchmark index is the Barclays US Covernment/Credit 1-3 Year.
13/01/2014

Tesco pension fund recruits from Barings

The retail giant Tesco has recruited the former head of bonds from Barings, Dagmar Dvorak, as senior manageer in the bond team of the Tesco pension fund, Citywire reports. Dvorak joined Tesco in October last year, but the recruitment was not announced to the public. Assets under management in the British group’s pension programme total about GBP6bn, or more than EUR7bn. Dvorak has been replaced at Barings by Alan Wilde, who was also head of the Baring International Bond fund.
13/01/2014

Mike Sell joins a boutique specialised in emerging markets

The Asian equity specialist Mike Sell has joined the London-based boutique Alquity Investment Management, largely known for its Africa strategies, Citywire reports. Sell, who previously worked at F&C, will be responsible for Asian investments at Alquity, where he will also manage two new strategies. The two funds will cover Asian equities and the Indian subcontinent. Alquity has also recruited the former head of international emerging market equities Roberto Lampl last year, who will handle investment strategies in Latin America.
13/01/2014

Kames Capital adds to its international equity management team

Kames Capital has strengthened its international equities team with the hiring of Carolyn Bell. Carolyn, who has five years’ investment experience, joined on 6 January as an investment manager with responsibility for North American equities, reporting to Marcus Chandler.From 2008 to 2013 Carolyn was an investment analyst with Baillie Gifford, where her most recent role was researching North American companies, with a particular focus on the technology and energy sectors. Before that, she analysed Asian equities for two years and UK equities for one year. Before joining Baillie Gifford Carolyn founded and developed her own education business, before selling it to investors.
13/01/2014

Barclays teams up with Bluebay AM to finance small companies

On Friday, Barclays and BlueBay Asset Management’s Direct Lending Fund announced that they are collaborating to offer joint bespoke lending solutions to medium-sized enterprises in the UK in specific deal situations. They are offering single “unitranche” loans to finance UK financial sponsor-backed mid-market companies. This initiative will provide unitranche loans of up to GBP120m, alongside which Barclays can provide other banking services and will be complementary to Barclays’ and the Fund’s existing lending activities.
13/01/2014

SLI recruits in the Netherlands

Standard Life Investments (SLI) has announced the appointment of Johan Langerak as second chief investmnt officer for the Netherlands. Langerak, who will be based in the Netherlands, will join Woods as head of development for the activity in the country for over a decade, as part of a European team of 16 people. Langerak previously worked at Bank J. Safra Sarasin as head of institutional and wholesale activity in Benelux.
13/01/2014

Fourth consecutive month of gains for hedge funds in December

The hedge fund industry finished the year 2013 on a good note. The sector posted a fourth consecutive month of gains in December, making 2013 the best year of returns since 2010. In fact, according to data from Hedge Fund Research (HFR), the HFRI Weighted Composite Index gained 1.2% in December 2013, bringing returns for the year as a whole to +9.3%. The HFRI Fund of Hedge Funds Index posted returns of +1.2% in Decembr, and +8.7% for the past year as a whole, the best annual returns since 2009. Returns were especially driven by equity hedge and event-driven strategies. The HFRI Equity Hedge Index earned gains of +1.6% in December, and +14.6% for the 2013 fiscal year overall. The HFRI Event-Driven Index earned 1.2% in December, and 12.5% for the year 2013 as a whole. In both cases, this is the best result since 2009.
13/01/2014

Fidelity appoints a new manager for real estate funds in Asia

Fidelity has appointed Akihito Murai has manager for its real estate FCP fund in Asia-Pacific, the FF Asia Pacific Property Fund. Murai also takes charge of managing the activity, which represents USD31bn in assets, replacing Polly Kwan, who was promoted last year to the position of director of the Asian Dividend fund division, launched in August 2013.
13/01/2014

"We have a good potential to grow in Europe"

With USD160bn in assets under management, Nikko Asset Management, which has recently changed heads, is one of the largest Asian asset management firms. For several years, it has been making inroads into Europe: it has a presence in London, to take advantage of local expertise, and to serve European clients. In France, it is currently in talks over a partnership with an asset management firm, says Charlie Metcalfe, chairman of Nikko AM Europe, in an interview with NewsManagers.
13/01/2014

Ampega launches a high yield fund

The German asset management firm Ampega, based in Cologne, is planning to launch a fund dedicated to high yield bonds, Citywire reports. The Ampega CrossoverPlus Rentenfonds will be domiciled in Luxembourg and will officially be launched on Monday, 13 January.The strategy will be managed by Christian Hendker, head of fixed income research, and will start out with EUR5m in assets. Ampega is an affiliate of the Talanx AG group, which manages about EUR96.3bn in assets.
13/01/2014

Asset management business at BNP Paribas dragged down by outflows

BNP Paribas could have been the least popular firm in Europe for the second consecutive year in 2013, if Scottish Widows Investment Partnership had not stolen the title from it last year, Financial Times fund management reports. But if the EUR6.8bn in redemptions from SWIP may largely be excused by the uncertainty resulting from putting the firm up for sale in April last year, investor aversion for the French bank is difficult to explain, the newspaper remarks. BNP Paribas suffered redemptions of at least EUR5.9bn in Europe, after EUR4.8bn in 2012. The bank cites transfers from retail clients to cash deposits. But FTfm notes that other European banks have not suffered such a phenomenon. Manuel Arrive, an analyst at Fitch, estimates that BNP Paribas urgently needs to reorganise its product range and improve its relationships with consultants. During this time, BNP Paribas hopes that its reorganisation, initiated in October, will allow it to turn the winds.
13/01/2014

iShares launches three bond ETFs in Italy

iShares, the ETF platform from BlackRock, is launching three physical replication optimised ETFs on the Milan stock exchange which are appropriate for fixed income management: iShares $ Short Duration High Yield Corporate Bond UCITS ETF, iShares Euro Ultrashort Bond UCITS ETF and iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF. The bond range from iShares in Milan currently includes 40 ETFs out of a total of 131 products.
13/01/2014

Appointment at Henderson (Switzerland)

The wealth management firm Henderson (Switzerland) has recruited a new head of sales, in the person of Michael Jöhr, formerly actie at J. Safra Sarasin, Agefi Switzerland reports. Jöhr will oversee advising and acquisitions for private and cantonal banks, family offices and wealth managers in Switzerland, Liechtenstein and Austria. Jöhr will report directly to Ariane Dehn, head of sales for Switzerland, Liechtenstein and Austria.
13/01/2014

Charles Beazley leaves Nikko AM

Charles Beazley is stepping down as president and chief executive officer of Nikko Asset Management «for family reasons», and will be returning to the U.K, the Tokyo-based asset manager announced on Friday.David Semaya has been appointed as chairman of Nikko AM. He will join the company as non-executive chairman effective April 1st, 2014, and is expected to become executive chairman on September 1st, 2014. Semaya most recently worked at Barclays Plc, where he served in various executive leadership positions since joining the bank in 2004. He was notably CEO of Europe and Asia for Barclays Global Investors (BGI). Before being based in the U.K., he lived and worked in Japan for more than 15 years and is fluent in Japanese.Meanwhile, Takumi Shibata has been named president and chief executive officer of Nikko AM effective January 10th, 2014. In addition to his new roles, he will continue as executive chairman until Semaya joins the company. Shibata joined Nikko AM as executive chairman in July 2013.Beazley joined Nikko Asset Management in London in 2006 as president of Nikko Asset Management Europe, where he ran the firm’s international business. In 2010, he relocated to Tokyo to head the institutional business in addition to his international responsibilities. In 2012, he was named chairman and chief executive officer, and in 2013 he also became president.Nikko Asset Management is one of the biggest companies in the Asian financial services industry, with over USD160 billion in assets under management as of September 30, 2013.
13/01/2014

Nomura to acquire ING Asset Management business in Taiwan

Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, on Friday announced that it has agreed to acquire ING Group’s interest in ING Securities Investment and Trust Company Limited, Taiwan, the local asset management unit of ING Group.Nomura Asset Management is partnering with an investment group led by Ashwin Mehta, former chief executive officer of ING Securities Investment and Trust Company Limited, Taiwan. The transaction is subject to regulatory approval.Commenting on the announcement, Toshihiro Iwasaki, CEO of Nomura Asset Management, said: “This acquisition is part of our ongoing expansion in Asia and represents a very important opportunity for us to enter the Taiwanese market, one of the leading mutual fund markets in Asia.
13/01/2014

Axa RE finalises sale of two industrial real estate portfolios

AXA Real Estate Investment Managers has completed the sale of two industrial portfolios for a combined value of EUR184.1 million on behalf of the European Industrial Partnership (EIP). The transactions mark the successful conclusion of an orderly programme to dispose of all EIP’s property assets, which was commenced in January 2013 ahead of the Fund’s expiry in January 2015. The final two transactions comprised the sale of the Spring portfolio of 10 French assets to Northwood Investors and of the Zander Portfolio of 11 Dutch assets to Rockspring Property Investment Managers.
13/01/2014

Laurent Dumontell joins Delubac Asset Management

Delubac Asset Management on 10 January announced the arrival of Laurent Dumontell as director of development. He will aim to strengthen relationships with instituional investors, including mutualist organisations, multi-managers, private banks, insurers and mutual fund distribution network. The arrival of Dumonteil comes as part of the development strategy at the firm, initiated more than a year ago, which follows the revent arrival of Timothée Malphettes as head of equity management. Dumonteil, 39, in 2013 served as head of development and partnerships at Mandarine Gestion. He was previously head of development and external distribution for France and Luxembourg at Lombard Odier, and also served as a salesman in the partnerships unit (France & Benelux) at EdRAM.
13/01/2014

Investors return to bond funds

The New Year kicked off with bond funds posting their biggest weekly inflow since early May while equity funds recorded modest net redemptions. One year earlier, during the first days of 2013, emerging market international equity funds, on the contrary, took on weight and suggested that a great rotation could be expected, which never genuinely materialised. According to statistics released by EPFR Global, bond funds took in a net USD5.2 billion in the first week of the year ending on 8 January. Equity funds, however, posted a collective outflow of USD427 million. Commitments to Europe equity funds slipped to an eight week low and US equity funds recorded their biggest outflow since the first week of December. Japan equity funds, which are coming off a year of record-setting inflows, kicked off 2014 by taking over USD1.6 billion during the week under review. Money market funds took in nearly USD23 billion, lifting total inflows over the past three weeks past the USD65 billion mark.
13/01/2014

Telecom: Italian regulator attacks BlackRock again

There has been another dramatic turn in the Telecom Italia-BlackRock case, Il Sole – 24 Ore reports. The Italian regulator, Consob, has decided to open an investigation into the role and the voting choices of major US investment funds during the last general shareholders’ meeting at Telecom Italia, which was held in mid-December to study a removal of directors due to conflicts of interest. The meeting rejected the measure. Consob would now like to throw light on the “abnormal behaviour” of some key shareholders at the group, especially BlackRock, which controls 10.1% of the group.

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