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19/12/2013

CA Immo sells Berlin Mercedes-Benz HQ to Union

The Austrian firm CA Immo (EUR5.4bn) has sold the property which is home to the headquarters of the distribution firm for Germany for Mercedes Benz (MVBD), with a floor area fo 28,000 square metres, in the Friedrichshain-Kreuzberg district of Berlin, to the German firm Union Investment Real Estate.The property, wholly occupied by MBVD, with 1,200 employees, is leased for 10 years to the Daimler affiliate, which is responsible for sales of Mercedes-Benz, smart and Fuso vehicles. The transaction totalled EUR88m, and the property will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland.UIRE has about EUR23bn in assets under management in open-ended funds and institutional RE funds.
19/12/2013

Allianz GI to merge two multi-asset funds

Allianz Global Investors (AGI) is planning to merge its multi-asset Dynamic Growth fund, which has GBP12bn in assets, with its AllianzRiskMaster Moderate, which has GBP14m, Fund Web reports. The asset management firm explains that the decision is a result of the fact that the Dynamic Growth fund has too small a size to be economically viable, after posting an 82% decline in its assets under management between 3 March 2012 and 16 December 2013, according to data from FE Analytics. The merger of the two funds is subject to approval by 75% of shareholders at an extraordinary general shareholders’ meeting.
19/12/2013

CheBanca! Launches an asset management platform

CheBanca!, the retail bank of Mediobanca, is launching its “Risparmio Gestisto” asset management platform, which aims for net inflows of EUR600m by 2014, and EUR2bn by the end of June 2016, Bluerating reports. So far, the bank has no plans to make use of a network of financial advisers. It will rely on 100 people whom it has trained for assistance. On this platform, clients of CheBanca! will have access to a selection of 1,800 funds. ‘There will be a single cost, the management fees,” says the CEO of CheBanca!, Roberto Ferrari. CheBanca! currently has 500,000 clients.
19/12/2013

Tiedemann Wealth Management opens an office in San Francisco

The New York boutique Tiedemann Wealth Management, a specialist in wealth management, has announced the opening of an office in San Francisco. The new office wil lahve a team of processionals, led by Michael Yelverton, managing director and partner at Tiedemann Wealth Management. The firm advises over USD8bn in assets.
19/12/2013

Fidelity recruits head of sales from Delaware Investments

Fidelity has recruited ill Presutte as senior vice president and director of division, Mutual Fund Wire reveals. For three years, Presutti had been responsible for distribution and the entire division which includes the eastern United States for Delaware Investments, a member of the Macquarie gorup, where he had overseen 15 regional directors and two consultants.
19/12/2013

AllianceBernstein adds to alternative management unit

AllianceBernstein, an affiliate of the Axa group, has recruited Christine Johnson for the newly-created position of head of alternative product management, and granting her the title of senior vice president. Her arrival confirms the ambitions of the asset management firm in the area of alternative management, with an ambition to accelerate the growth of this activity. Today, AllianceBernstein has USD13bn in assets under alternative management. The first mission for Johnson, who has more than 20 years of experience in asset management, will be to develop a strategic commercial and strategic mission for the alternative management platform, focus the efforts of the team dedicated to key opportunities, and lastly, to form partnerships with distribution channels. Before joining AllianceBernstein, Johnson served at Deutsche Asset Management as head of the retirement and multi-asset activity for all clients in the Americas, after serving as director of alternative management and asset allocation strategy at the German firm.
19/12/2013

Generali Investments Europe recruits a head of fixed income management in France

Generali Invesments Europe, the asset management affiliate of the insurer Generali, has hired Antoinette Valraud as head of fixed income in France. Valraud, who has been in the position since 16 December, and who reports to the head of fixed income management, is at the head of a team of five managers and analysts. The fixed income management team, based in Paris, has EUR63bn in assets under management, out of a total of EUR330bn for Generali Investments Europe.Valraud, formerly of Fortis Investment and Société Générale Asset Management, was previously head of fixed income capital markets for EMEA (Europe, Middle East, Africa) at Deutsche Bank Private Wealth Management in Geneva since 2011.
19/12/2013

Nordea and iShares register funds in Spain

Funds People reports that Nordea has registered four additional sub-fund of its Nordea 1 Sicav, the Emerging Markets Small Cap Fund, managed by Copper Rock Capital Partners, the Chinese equity Fund, the Unconstrained Bond Fund, managed by MacKay Shields, and the Nordic Corporate Bond Fund (shares hedged in euros). The Spanish regulator has also issued a sales license for the iShares Euro Stoxx 50 ex-Financials UCITS ETF from BlackRock (see Newsmanagers of 17 December). It is the first ETF on the European market with an international (pan-European structure) for securities processing, resulting in a cooperation between BlackRock and Euroclear Bank. Previously, when an ETF had been listed on several European markets, the liquidation occurred at the national central depository corresponding to each market on which the trades were executed.
19/12/2013

UCITS funds posted more than EUR21bn in inflows in October

Net sales of UCITS returned to positive territory in October with net inflows of EUR 21 billion, compared to net outflows of EUR 15 billion in September, according to the European Fund and Asset Management Association (EFAMA). This turnaround in net sales can be attributed to a reduction in net outflows from money market funds and increased net inflows to long-term UCITS.Long-term UCITS (excluding money market funds) registered a rise in net inflows to EUR 27 billion, up from EUR 9 billion in September. Equity funds attracted net inflows of EUR 17 billion, up from EUR 14 billion in September, while bond funds registered net outflows of EUR 1 billion, compared to net outflows of EUR 9 billion a month earlier. Net sales of balanced funds amounted to EUR 8 billion, compared to EUR 5 billion in September. Money market funds registered reduced net outflows in October of EUR 5 billion, down from EUR 24 billion in September.Total non-UCITS recorded net sales of EUR 19 billion in October, up from EUR 17 billion in September. This increase in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR 18 billion, compared to EUR 16 billion in September. Total net assets of UCITS stood at EUR 6,860 billion at end October 2013, representing a 1.6 percent increase during the month.Total net assets of non-UCITS increased in October by 1.7 percent to stand at EUR 2,776 billion at month end.
19/12/2013

BNP Paribas IP adds to its investment solutions team in Asia

BNP Paribas Investment Partners (BNPP IP), the asset management affiliate of the BNP Paribas group, has appointed Pieter Oyens as head of the investment specialists team for the Asia-Pacific region, He will be based in Hong Kong and will aim to represent the Asian investment solutions unit to institutional clients, distributors, and wealth management clients. Before joining BNPP IP, Oyens was managing director for Harvest Global Investments in Hong Kong.
19/12/2013

Goldman Sachs posts USD10bn in inflows to a bond fund

Bond management is doing well at Goldman Sachs. Its investment fund Goldman Sachs Strategic Income Fund has attracted USD9.8bn in inflows in the first 11 months of the year 2013, Bloomberg reveals. This net inflow of money is three times higher than the inflows posted by the New York firm to its previous fund over a calendar year, according to statistics from Morningstar dating back to 1993. Bloomberg emphasizes that the fund has seen its size quintuple in one year. According to data compiled by the press agency, the bond fund with USD12.5bn in assets had earned 5.3% returns as of 13 December 2013, dominating 96% of its rivals.
19/12/2013

OFI AM plans to launch a mini bond fund

OFI AM, which on Monday unveiled its new organization, is planning in March 2014 to launch a bond fund to finance French mid-sized businesses on the model of Novo. The asset management firm hopes to raise EUR200m for the product from institutional investors. In terms of new products, OFI AM is also finalising the creation of a managed accounts fund in partnership with Man Group, which has acquired 20% of its alternative management activity. The asset management firm is planning to extend the universe of its BRICA fund, to include more frontier markets.
19/12/2013

Amundi launches EM Minimum Variance fund

Amundi is adding to its Minimum Variance range, which is already deployed in the Europe and World universes, with the launch of a new investment solution: Amundi Funds Equity Emerging Minimum Variance. The new sub-fund of the Luxembourg Sicav Amundi Funds aims to outperform the MSCI Emerging Markets NR Close on a 5-year investment horizon, while aiming to maintain a lower level of volatility than the benchmark. The sub-fund offers a solution which is appropriate to the needs of investors seeking to limit global risk levels for an equity portfolio. At least two thirds of assets are invested in equities or instruments related to shares in businesses located in emerging countries of Europe, Asia, America and Africa.
19/12/2013

Danish funds have to prove that they are actively managed

The Danish financial regulator, Finastilsynet, will ask asset management firms selling actively-managed funds, to supply it with two key indicators, active share and tracking error, in order to check that these funds are genuinely actively managed, the Danish newspaper Børsen reports. “When we ask Danish companies, many of them think they have active management, and use this argument to justify relatively high fee levels. We want to check that the activity justifies the fee level,” Julie Galbo told the Danish financial newspaper. According to Børsen, a passive fund costs about DKK6,400 per month, while an actively-managed fund costs two to three times more. But a Morningstar study carried out in Spring found that 37 Danish actively-managed funds claim to be actively managed, and charge commissions as a result, while this is not the case.
19/12/2013

Luxembourg to strengthen competitiveness of fund industry

Luxembourg’s new coalition government has committed to strengthening the competitiveness of the Luxembourg investment fund industry.It commits that it will not increase the subscription tax and that it will examine the fiscal regime of investment funds.The government also plans to lead promotional efforts to attract leading private equity funds to Luxembourg. In addition, it will adopt measures to attract more front-office functions to Luxembourg, including the reform of the carried interest taxation rules.Finally, Luxembourg’s new government set out its action plan for the fight against tax fraud and tax evasion, committing to taking immediate remedial measures to ensure that Luxembourg becomes compliant with the standards defined by the OECD ‘Global Forum on transparency and Exchange of information for tax purposes’ well in advance of the deadline.
19/12/2013

L'AFT annule la dernière adjudication de bons du Trésor de 2013

L’Agence France Trésor (AFT) a annoncé jeudi l’annulation, comme les années précédentes, de la dernière adjudication de bons du Trésor (BTF) de l’année qui était prévue le 30 décembre. Dans un communiqué, l’AFT ajoute que la première adjudication de BTF de 2014 aura lieu le 6 janvier.
19/12/2013

L'excédent courant de la zone euro atteint des sommets

L’excédent courant de la zone euro a atteint 21,8 milliards d’euros au mois d’octobre, en raison notamment de la contraction des importations. En cumul sur 12 mois, l’excédent courant dépasse pour la première fois les 200 milliards d’euros, à 208,3 milliards d’euros, soit 2,2% du PIB de la région, quasiment le double qu'à la même période l’an dernier (1,2% du PIB).
19/12/2013

Les Bourses montent après le «tapering» de la Fed

Les indices actions européens s’adjugent plus de 1% de hausse jeudi midi, au lendemain de l’annonce par la Réserve fédérale américaine du début du ralentissement de ses racahts d’actifs. Bien que son président Ben Bernanke ait annoncé que la Fed diminuera de 10 milliards de dollars, à 75 milliards, ses achats mensuels, le mouvement avait été bien anticipé par les marchés. Sur l’obligataire, les rendements à 10 ans européens restent d’ailleurs stables jeudi, tandis que le 10 ans américain évolue entre 2,88% et 2,90%. Les analystes retiennent aussi des annonces de la Fed le renforcement de la «forward guidance» sur le niveau des taux directeurs, qui resteront à zéro bien après que le taux de chômage aux Etats-Unis sera revenu à moins de 6,5%.
Ben Bernanke le 18 décembre 2013. Photo: Andrew Harrer/Bloomberg
19/12/2013

L'AMF précise ses attentes sur la meilleure exécution

L’AMF a formulé des positions et des recommandations à destination des prestataires de services d’investissement. Regroupées dans un projet de guide, celles-ci visent à préciser les attentes du régulateur en matière de meilleure exécution des ordres des investisseurs. Une consultation est ouverte sur ce guide jusqu’au 31 janvier 2014.
19/12/2013

Darty rachète Mistergooddeal à M6

Le groupe M6 cède à la filiale française de Darty la totalité du capital de Mistergooddeal.com, l’un des principaux sites de e-commerce hexagonaux. Sur l’exercice 2012, Mistergooddeal.com a enregistré un chiffre d’affaires de 128,1 millions d’euros et disposait d’un actif de 32,4 millions d’euros au 31 décembre. L’opération reste conditionnée à la consultation des instances du personnel et au feu vert de l’Autorité de la concurrence.
19/12/2013

La SEC veut faciliter les cotations de start-up

L’autorité boursière américaine a publié mercredi une nouvelle règle, liée au Jobs Act de 2012, destinée à favoriser l’introduction en Bourse de start-up. Connue sous le nom de «Regulation A plus», cette mesure permettra aux entreprises de lever jusqu'à 50 millions de dollars en échappant à des formalités jugées aujourd’hui très lourdes, comme le visa de chaque Etat fédéré dans lequel les titres sont proposés au public.
19/12/2013

Berlin diminuera ses émissions de dette en 2014

L’Allemagne prévoit pour 2014 un montant d'émissions de titres de dette fédéraux au plus bas depuis 2007, a indiqué mercredi l’agence de la dette du pays. Hors obligations souveraines indexées sur l’inflation, la Finanzagentur prévoit de mettre sur le marché 205 milliards d’euros de titres de dette en 2014 contre 247 milliards cette année. Sur ce total, les emprunts d’Etat à moyen et long terme représenteront 161 milliards d’euros et les bons du Trésor 44 milliards. Les émissions à moyen long terme nettes des tombées se limiteront à 6 milliards d’euros - au plus bas depuis 40 ans - contre 25 milliards cette année. Il faut cependant y ajouter en 2014 entre 10 et 14 milliards d’euros d’obligations indexées sur l’inflation. La Finanzagentur se réserve la possibilité d'émettre d’autres instruments financiers en cas de nécessité. Côté français, l’Agence France Trésor publiera demain son programme révisé d'émissions à moyen et long terme pour l’année prochaine.
19/12/2013

Offre commune des candidats à la reprise de Kem One

Le tribunal de commerce de Lyon a accepté mercredi la fusion des deux offres définitives de reprise du groupe pétrochimique Kem One avec le soutien financier de l’Etat. Il statuera demain sur cette proposition désormais portée par le fonds Open Gate et Alain de Krassny, à la tête du groupe autrichien Donau Chemie.
19/12/2013

Des gérants nippons lancent des fonds pour un nouvel indice

Les sociétés de gestion de Nomura, Daiwa, Nikko et Mitsubishi UFJ vont lancer de nouveaux fonds pour le JPX-Nikkei Index 400, un nouvel indice qui sélectionnera ses membres en fonction de la rentabilité des fonds propres. Daiwa ouvrira deux fonds (yen et dollar) le 6 janvier, jour d’inauguration de l’indice. Nomura et Nikkei lanceront le mois prochain des fonds indiciels cotés (ETF), tandis que Mitsubishi UFJ le fera le mois suivant.
19/12/2013

Résolution: le dispositif se précise

Les ministres des Finances de l’UE ont validé hier soir le cadre de résolution bancaire. Les fonds nationaux de garantie des dépôts seront mobilisables. L’EBA fixera banque par banque le niveau des contributions.

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