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21/10/2013

New EasyETF in Paris

NYSE Euronext on 18 December announced that it is admitting the ETF Volatility Arbitrage US (EVAUS), from EasyETF, to trading on the Paris exchange. The fund replicates the BNP Volatility Arbitrage US ER index, and charges 0.70%.
21/10/2013

Vanguard extends access to low cost Admiral shares

In order to open access to low-cost Admiral shares in index-based funds more broadly to retail investors, advisers and institutional investors, Vanguard on 16 Octoebr announced that it will be opening that class of shares to retail investors in eight funds, by converting Signal shares reserved for institutional investors and advisers. Additionally, the Valley Forge-based manager is removing a minimal subscription requirement of USD10,000 for Admiral shares in 24 index-based funds, as well as 17 index-based funds whose Signal shares have been conerted into Admiral shares.83 funds from Vanguard, including 49 tracker funds, are now available in Admiral shares, some of which charge only 0.05%, which also directly competes with the company’s own ETFs. The asset management firm is also planning to gradually phase out Signal shares which had been created before 2006.Bill McNabb, CEO, says that overall, Admiral shares represent over USD700bn in assets, nearly one third of total Vanguard assets, which total USD3.4trn (including USD300bn in ETFs).Vanguard is also planning to issue Admiral shares in December for the Vanguard Dividend Appreciation Index Fund (USD20bn), with a commission of 0.10%.The asset management firm has lastly announced that transaction fees will be lowered for three of its funds (see attached table).
21/10/2013

J.P. Morgan to sell funds in China

J. P. Morgan has obtained authorisation from the Chinese authorities to sell local funds in China, the Wall Street Journal reports. The bank will begin by offering a money market fund denominated in renminbi to Chinese institutionals and businesses.
21/10/2013

T. Rowe Price recruits from Invesco

Rolf Hans Elsener, who had been director of the customer service management team at Invesco Asset Management (Switzerland), in early October joined the team at T. Rowe Price in Zurich as relationship manager, finews.ch reports.
21/10/2013

Nobel foundation may have to call for donations

The performance of the investments of the Nobel foundation fell from 8.6% per year in the 1990s to 1.1% since 2000, which appears to be due to alternative investments, which as of the end of 2012 represented about 33% of assets totalling SEK3.1bn, according to figures from Bloomberg relayed by the Frankfurter Allgemeine Zeitung.Since then, the unit Nobel prize has been reduced to SEK8bn from SEK10bn, and the amount spent on the official banquet in honour of the laureates has been reduced. The Foundation is now considering seeking donations in the next few years, but a decision has not yet been taken.
21/10/2013

Appetite for real estate at exceptional levels in Sweden

The real estate debt index (CREDI) offered by the Swedish firm Catella in thid quarter rose 4.4 point t a record 69.3. In other words, the trend remains very positively oriented for the next few months. During the summer, real estate activities on the Swedish market showed good growth, led by an improvement in the financial environment.
21/10/2013

State Street develops fund administration activities in Asia

The alternative investment solutions (AIS) division of State Street Global Services will open an office in Shanghai next month, following the recruitment of Eric Chow, who will lead development of fund administration activities as head of customer relationship management at AIS< Asian Investor reports. Chow, who joined the firm last month, will oversee the Shanghai office from Hong Kong, and will develop the product range at AIS in China and northern Asia.
21/10/2013

Good performance for TCI in 2013

The activist hedge fund TCI, created by Christopher Hohn, has been one of the best-performing hedge funds in 2013. According to Institutional Investor, the flagship fund from the firm, The Children’s Investment Master Fund, has posted returns of 8.81% in September. This makes for a return in the first nine months of the year of 32.48%. TCI has beaten its record set in 2012, when the fund posted returns of 30%.
21/10/2013

Assets in UK funds of funds up 9% this year

From the beginning of the year to the end of August, assets under management in funds of funds in the United Kingdom gained about 9%, to about GBP83bn, according to statistics released by the British investment management association (IMA). In the past 10 years, assets under management have risen by over 600%, according to estimates from Money Marketing. Demand has accelerated over the years, with the only decline in assets at the time of the financial crisis, between 2007 and 2008. In 2003, funds of funds barely accounted for 5% of assets. According to the most recent available statistics as of the end of August, assets in funds now represent over 11% of the total.
21/10/2013

Sabbatical for a First State manager

Glen Finegan, an emerging market manager at First State, will be taking a one-year sabbatical leave, Citywire Global reports. He is the principal manager of the Worldwide Equity fund, with EUR44m, and co-manager of the First State Global Emerging Markets Leaders.
21/10/2013

Assets up at Brooks Macdonald

As of 30 September, assets in Brooks Macdonald discretionary funds total GBP5.37bn, comarped with GBP5.1bn as of the end of June, Money Marketing reports. GBP102m of this increase is due to market effects, and GBP170m to net subscriptions.Meanwhile, advisory assets increased to GBP354m, from GBP348m, while assets in property management at Braemar Estates are up 2.9%, to slightly over GBP1bn. Third party funds under administration total over GBP140m, compared with GBP120m.
21/10/2013

Fund managers are now medically monitored

Die Welt reports that 32 managers at GLG Partners are now subject to a physiological examination every day (heart rate, breathing rate, information on physical shape, hormonal secretions, stress levels). This has been implemented with Essential Software from Essentia Analytics. The objective is to avoid bad investments, as a coach monitors data for each employee and explains to them how not to make mistakes.It takes nearly one year to learn all the parameters which can reveal the personality and emotiveness of the manager. This allows for each trigger factor for decisions by the manager to be identified individually.Analysis by Essentia is now required for new recruits. Promotions are reserved for those who accept to undergo Essentia surveillance. The system will gradually be extended to all fund managers at GLG Partners.Claire Flynn-Levy, founder and CEO of Essentia Analytics, says that the firm is currently in talks with a major US asset managemet firm, as several asset management firms are also planning to adopt the software in 2014.
21/10/2013

BlackRock teams up with four ETF custodians

BNY Mellon, State Street, JP Morgan and HSBC have joined an initiative set up by iShares, the ETF activity from BlackRock, to facilitate the purchase of ETFs by pension funds, Financial News has learned. This may increase use of ETFs by institutional investors in the United Kingdom.
21/10/2013

Alma Capital offers equity fund outsourced to DoubleLine

The Luxembourg-registered UCITS IV Sicav Alma Capital Investment Funds (an affiliate of the French firm Alma Capital) on Friday was issued a license by the CSSF for a second sub-fund outsourced to the US firm DoubleLine. After the AlmaDoubleLine Core Plus Bond, the firm is now creating an equity fund, Alma DoubleLIne US Small Cap Growth Equity Fund, which will be managed by a new affiliate of DoubleLine Group (USD57bn), founded by Jeffrey Gundlach, entitled DoubleLine Euqity LP, founded in January 2013 by Husam Nazer and Brendt Stallings. The new fund is a clone of the DoubleLine Small Cap Growth Equity fund, launched on 1 April 2013, which has since then far outperformed its benchmark.The portfolio, which is focused on US growth small caps, will as a general rule include 60 to 80 positions, and will use the Russell 2000 Growth index as its benchmark. The ex-ante turnover rate will be 50% to 80% per year, and the average market capitalisation of the fund totals USD1.98bn, compared with USD1.83bn for the benchmark.The objective is to select growth shares whose postential for free cash flow (FCF) in the next 3 to 5 years has not been integrated into its stock price. The management team is convinced that market prices follow distributable FCF over a 3- to 5-year investment horizon.Management commissions are set at 1.25% for institutional shares (I) available from EUR/USD/GBP250,000, and 1.75% for retail shares (R) available with a minimal initial subscriptino of EUR/USD/GBP1,000.
21/10/2013

Alquity Africa arrives on Generali platform

The emerging market specialist Alquity has launched the Alquity Africa fund on the Generali International investment platform, Citywire Global reports. The fund, dimiciled in Luxembourg, was first launched in the United Kingdom in June 2010, and is already registered for sale in Hong Kong and Singapore.
21/10/2013

Aletti Gestielle granted a European passport

The Italian asset management firm Aletti Gestielli, an affiliate of the Banco Popolare group, has been issued a license by the Luxembourg financial services commission to manage the Luxembourg-registered Gestielle Investment Sicav, with a European passport issued under the UCITS IV directive. Aletti Gestielle replaced Dexia Asset Management, which had previously been the asset management firm for the Sicav.
21/10/2013

Le déficit commercial nippon plus élevé que prévu en septembre

Suite à une hausse plus faible qu’attendue des exportations, le déficit commercial nippon s’est élevé à 932,1 milliards de yens (6,9 milliards d’euros) le mois dernier, à comparer à un consensus de 920 milliards. Il s’agit du 15ème mois consécutif de déficit commercial dans ce pays.
21/10/2013

Les actifs des hedge funds dépassent 2.500 milliards de dollars

L’industrie des fonds alternatifs affichait 2.521 milliards de dollars sous gestion à fin septembre, selon une étude de Hedge Fund Research. Les hedge funds ont bénéficié d’une hausse des encours de 94 milliards de dollars au troisième trimestre, dont 23 milliards imputables à la collecte nette, qui a bénéficié à l’ensemble des stratégies.
21/10/2013
Gestion d'actifs

Allianz France mène une réflexion sur la valeur ajoutée d'une gestion active au sein de sa poche actions

Vincent Falantin, directeur de la stratégie d’investissement d’Allianz France à la rédaction de www.institinvest.com : « Nos investissements outre-Atlantique s’effectuent via une gestion active, mais aussi passive étant donnée la difficulté à surperformer sur longue période le marché américain. C’est pourquoi, nous menons une réflexion sur la valeur ajoutée et la nécessité d’une gestion active au sein de notre poche Actions, contre une gestion purement passive de notre portefeuille ». Allianz France laisse trois ans au gérant pour surperformer son benchmark. Si, à cette échéance, il n’y parvient pas, il le sort du portefeuille. La gestion de la poche Actions est supervisée par Frédéric Andrès.
Gestion d'actifs
21/10/2013

Les députés modifient la taxation des plus-values

Les élus ont adopté vendredi en séance publique un amendement du gouvernement revenant sur des conditions particulières de taxation des non-résidents. Ils ont supprimé le report d’imposition sous condition de réinvestissement des plus-values et le cumul de l’abattement majoré et de l’avantage dit Madelin.
21/10/2013

Terra Firma lance l’IPO d’Infinis

La société de private equity doit selon le quotidien annoncer aujourd’hui le lancement de la procédure d’introduction en Bourse du spécialiste britannique des énergies renouvelables. Le patron de Terra Firma, Guy Hands, aurait reçu des offres pour cet actif mais viserait plus haut avec une IPO d’une valeur d’entreprise de 1,5 milliard de livres (1,8 milliard d’euros) dont 500 millions de dette.

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