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06/09/2013

11 asset managers have over USD1trn in assets

The club of asset management firms with over USD1trn in assets as of the end of 2012 included 11 companies, compared with nine one year previously, according to the Global Markets 2013 study by Cerulli Associates, FondsNieuws reports. The number of firms with over USD2trn doubled to four, with BlackRock remaining the only asset management firm with over USD3rn.The 50 largest asset mangement firms as of the end of 2012 had total assets of USD38trn, which represents an increase of USD4trn in one year.The top five firms are all American: BlackRock, Fidelity, Vanguard, State Street and JPMorgan.
06/09/2013

SRI managers can apply for AFNOR certification

AFNOR Certification is offering managers of socially responsible investment (SRI) portfolios a means to make their commitment to quality service known, according to a statement released on 5 September. Banks, consumer associations and ratings agencies took part in the definition of the criteria to be adhered to.SRI ranges are developing in response to the expectations of distribution networks, institutional and retail investors that there should be a range of investments which, beyond financial criteria, take into account extra-financial critieria: environmental, social and governance.The Service Engagement certificate for “Socially Responsible Investment Approach” can be obtained and displayed by any portfolio manager who respects the following strict and annually audited service engagements: - analyse the ESG criteria defined, with competence and impartiality.- update and make ratings reliable on a regular bases.- build portfolios which respect the demanding rules of SRI.- control respect for the rules of SRI management independently and on an ongoing basis.- hold dialogue and votes to promote progressive approaches.- inform clients with all transparency.- improve practices on an ongoing basis.The reference documents for the Service Engagement - “Socially Responsible Investment Approach” certification also define requirements concerning organisation, monitoring and management of quality procedures.The first certified organisations are expected to be announced soon.
06/09/2013

Doctor caught up in fray of SAC Capital Advisors investigation

A famous New Jersey doctor who ran clinical trials of medicines to treat Alzheimer’s for major pharmaceutical groups, is one of the key men in an investigation into suspected insider trading by SAC Capital Advisors, the Wall Street Journal reports. Joel Ross had been one of the doctors suspected of supplying confidential information to a former SAC trader, Matthew Martoma, according to sources familiar with the matter.
06/09/2013

StarCapital awards three funds of ETFs to Markus Kaiser

The German asset management firm StarCapital on 5 September announced that it is launching three profiled funds of ETFs, Stars Defensiv, Stars Flexibel and Stars Offensiv. The three Luxembourg-registered products are managed by Markus Kaiser, one of the pioneers of funds of ETFs, who joined StarCapital in July as a member of the general management and fund manager. The funds are each available in three share classes (see attached document).For the defensive fund, allocation to equity ETFs is limited to 50%, while for the flexible fund, it may vary from 0 to 100%. The dynamic fund must have at least 50% equity ETFs in its portfolio.
06/09/2013

DEGI sells office property

Aberdeen Asset Management Deutschland has announced that it has sold the Tekes Building office property in Helsinki to the insurer Fennia for an undisclosed sum slightly above the most recent book value.The property had been in the portfolio of the open-ended real estate fund DEGI Global Business (DE000A0ETSR6), which must be liquidated by 30 June 2014.
06/09/2013

Invesco Perpetual to launch high yield fund

Invesco Perpetual is proposing to launch a high yield fund, Invesco Perpetual Global Targeted Return, which will aim to earn positive overall returns regardless of the market conditions over a rolling three-year period, Investment Week reports.The open-ended fund, domiciled in the United Kingdom, will be managed by Daviv Millar, Dave Jubb and Richard Batty, all three of whom were recruited from Standard Life Investments in September 2012. The three managed the GARS strategy, whose assets under management peaked at about GBP19bn.
06/09/2013

L'indice HFRX Global Hedge Fund en recul de 0,8% en août

La performance des hedge funds, mesurée par l’indice HFRX Global Hedge Fund, a été négative au mois d’août, avec un recul de 0,8% sur le mois, selon les statistiques de HFR.L’indice affiche toutefois une performance positive de 3,4% depuis le début de l’année.Au mois d’août, toutes les catégories de stratégies ont enregistré des performances négatives, comprises entre -0,2% et -1,7%.
06/09/2013

GCX “sustainable” index beats Dax and MSCI World

On 3 September, the Global Challenges Index (GCX) sustainable development index developed jointly by the Hanover stock exchange and the Munich-based extra-financial ratings agency oekom research celebrated its sixth anniversary. In this period, it has gained 29.28%, comapred with 8.97% for the Dax, and 17.1% for the MSCI World, while the EuroStoxx lost 20.48% between 30 August 2007 and 29 August 2013.
06/09/2013

ETP outflows in August exceed BlackRock estimates

According to ETFGI, the agency founded by Deborah Fuhr, ETPs in August saw record net redemptions of USD16.77bn, considerably more than the estimate of USD15bn advanced by the BlackRock Institute two days previously, compared with net subscriptions of USD45.26bn in July.Assets in the 4,938 ETP products from 211 providers listed 9,932 times on 57 stock markets were down as of 31 Augut to USD2.11trn, compared with a record of USD2.179trn one month previously.ETFGI estimates inflows since the beginning of the year at USD133.44bn (BlackRock had estimated USD128.1bn), compared with USD141.71bn (USD139.9bn according to BlackRock) for the first eight months of 2012.Vanguard has posted the strongest net subscriptions in August, with USD3.54bn; it is also the leader for inflows in January-August, with USD39.71bn.ProShares took second place last month, with USD1.61bn, and 6th place since the beginning of the year, with USD5.17bn. Nomura, in 7th place for assets, is in 3rd place for net subscriptions in August, with USD1.23bn, and in 12th place for net inflows in the first eight months of the year, with USD3.09bn. For its part, iShares (BlackRock), which remains the leader for assets by far, has seen net outflows of USD5.23bn in August, while retaining 2nd place for net subscriptions in January-August, with USD27.24bn.SPDR ETF (State Street Global Advisors), the second-largest in the world by assets, saw net redemptions of USD19.24bn in August, and USD7.44bn in the first eight months of the year.
06/09/2013

British firm Towry acquires Bluefin from Axa UK

The British wealth management firm Towry has acquired Bluefin Personal Consulting, the dedicated financial planning affiliate of Axa UK, for an undisclosed total. Assets advised by Bluefin total about GBP500m. The transaction is expected to be completed by the end of the year.
06/09/2013

Former Investec manager reappears at Guinness AM

Jonathan Waghorn, former manager of the Investec Global Energy fund, will join Guinness Asset Management, Citywire reports. He will co-manage the Guinness Global Energy fund with Tim Guinness, the manager who had previously managed his fund at Investec. He replaces Ian Mortimer, who will focus on the global equity income franchise at the firm.
06/09/2013

Bertrand Poupart-Lafarge appointed as CFO of Axa UK

Axa UK has appointed Bertrand Poupart-Lafarge as chief financial officer of the British entity.Poupart-Lafarge, previously executive vice president and chief financial officer of Axa in Canada, succeeds Jean Drouffe, who will take on important duties at Axa France.
06/09/2013

Scope gets new head of institutional clients

Berlin-based Scope ratings agency has appointed Stefan Keller as Managing Director, head of institutional clients. In this newly-created position, Keller will aim to extend the base of institutional investors in Europe worldwide, a statement released on 5 September states.“Scope has posted significant growth in the area of credit ratings in Europe, particuarly serving SMEs, structured financing and financial institutions. Offering institutional investors concise and forward-looking analysis is a strategically important activity for the ratings agency. Stefan Keller will direct the development strategy for institutional clients of Scope,” according to a statement. Keller will be based in Berlin, and will report to Florian Schoeller, CEO of Scope.Keller previously worked at Lyxor Asset Management, where he had been responsible for research and investor relations for the hedge fund platform. He previously worked as a senior economist at Exane and as an economist and strategist at CA Cheuvreux. Keller began his career in 1995 as a bond market analyst at BNP Paribas in Paris.
06/09/2013

Finnish government reduces its stake in TeliaSonera

The Finnish public investment fund Solidum on 5 September announced that it has sold shares in TediaSonera for EUR368m, bringing the government’s stake in the telecommunications operator down from 11.7% to 10.1%. The placement of 68 million shares was carried out at an average share price of EUR5.41, or SEK47.23. “We will use the proceeds (of the placement) primarily to finance distribution of profits to the government,” the CEO of Solidium, Kari Jarvinen, says in a statement. The Finnish government is planning to sell the government’s stake for about EUR500m per year, to increase budgetary revenues and ensure that the country’s triple-A credit rating can be maintained, despite a decline in tax revenues and an increase in spending due to an ageing population.
06/09/2013

Chinese insurers plan to invest in offshore real estate

Chinese insurers would be inclined to invest more than USD14bn in international real estate in the next few years, according to a recent study by the CBRE group, Asian Investor reports. Chinese insurance professionals are particularly interested in the US, British, Canadian, Singapore and Australian markets, while proximity markets are considered as a priority, such as Hong Kong, Singapore, Malaysia and Thailand. New regulations allow the Chinese insurance sector to invest up to 15% of its assets in offshore real estate.
06/09/2013

La Caixa completes sale of its real estate affiliate to TPG

The investment fund TPG is reportedly on the verge of buyying a majority stake (51%) in Servihabitat, the real estate affiliate of La Caixa, for a total of EUR185m, the news agency Reuters reports. Following other Spanish financial institutions, La Caixa is selling its real estate activities to foreign investors. The most recent of these was Bankia, which sold its real estate unit to Cerberus (Newsmanagers of 4 September). Servihabitat Gestion Immobiliaria belongs to Criteria, the holding company for La Caixa, which also holds stakes in Gas Natural, Abertis and Aguas de Barcelona.
06/09/2013

Inflows to Italian funds continue

Funds on sale in italy in July recorded net inflows of EUR3.53bn, after EUR2.778bn in June, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Since the beginning of the year, funds have seen inflows of EUR34.458bn, and as of the end of July, assets in the industry totalled EUR525.527bn. Inflows in July were driven by flexible funds, which attracted EUR2.239bn, and EUR18.387bn since the beginning of the year. Equity funds attracted EUR739m for the month, and bond funds drew in EUR584m. Taking into account closed funds and mandated management, inflows to the Italian asset management industry totalled EUR6.3bn, bringing assets of EUR1.269043trn.Intesa Sanpaolo was the firm with the largest inflows in July, with EUR1.633trn, putting it ahead of Poste Italiane (EUR678.6m) and Pioneer (EUR673.1m). Among the few firms to have posted outflows are Allianz (-EUR388.2m) and Amundi (-EUR156.1m).
06/09/2013

Australian Future Fund posts returns north of 15%

The Australian Future Fund has earned returns of 15.4% in the 2012-2013 fiscal year to the end of June. This result includes returns of 4.4% in the fourth quarter of the fiscal year.Assets in the Australian sovereign wealth fund totalled AUD88.9bn as of the end of June, equivalent to about USD80.4bn, a return of 6.2% since its launch in May 2006.In the past fiscal year, the Future Fund increased its exposure to equities to 40.60% as of 30 June 2013, compared with less than 33% previously (30 June 2012), and to private equity (7.30%, compared with 6.40%). However, exposure to alternative management has fallen to 15.60% from 19%, and exposure to bonds is down to 16.60% compared with 18.30%.It should be noted that Mark Burgess, managing director and president of the Future Fund Management Agency, has informed the board of directors of his intention to leave the business. Burgess has agreed to remain in his position to facilitate the transitional period. During his time in office, the assets of the Future Fund increased from AUD75bn to AUD89bn, while total assets managed by the Agency topped AUD100bn.
06/09/2013

KBL ebl posts solid results for the half

KBL European Private Bankers (KBL epb) has posted net profits of EUR41.9m for first half 2013, an increase of more than 300% compared with EUR9.7m in first half 2012. The firm has not provided an itemised account of the increase in its assets (EUR41bn in assets under management as of the end of 2012, and EUR39bn in custody).This good performance is the result of an increase in revenues for the Group, a reduction in operating costs, and a significant reduction in provisions for losses in value compared with the same period in 2012. The Group is also on track to achieve its annual profit objective of EUR50m, announced a few months ago, a statement says.KBL epb, present in nine European countries, is currently working to attain critical mass throughout its network, particularly through potential acquisitions in some key markets. “The Group hopes to be able to announce a first acquisition this year, depending on the market,” a statement says.
06/09/2013

Eastspring investments launches Japanese value equity fund

The Asian asset management firm Eastspring Investments has launched a new sub-fund as part of its Luxembourg Sicav, Eastspring Investments – Japan Fundamental Value, Citywire reports. The fund aims to capture “deep value” opportunities on the Japanese equity market.
06/09/2013

Onze maisons gèrent plus de 1.000 milliards de dollars

Le club des sociétés de gestion dont l’encours dépasse les mille milliards de dollars comptait fin 2012 onze membres, contre neuf un an plus tôt, selon l'étude Global Markets 2013 de Cerulli Associates, rapporte FondsNieuws. Le nombre des «plus de 2.000 milliards» a doublé à quatre, BlackRock demeurant le seul gestionnaire à dépasser les 3.000 milliards.Les cinquante plus grandes maisons affichaient fin 2012 un encours de 38.000 milliards de dollars, ce qui représente un accroissement de 4.000 milliards en un an.Les cinq premières maisons sont toutes américaines : BlackRock, Fidelity, Vanguard, State Street et JPMorgan.
06/09/2013
Fonds

L'indice HFRX Global Hedge Fund en recul de 0,8% en août

La performance des hedge funds, mesurée par l’indice HFRX Global Hedge Fund, a été négative au mois d’août, avec un recul de 0,8% sur le mois, selon les statistiques de HFR.L’indice affiche toutefois une performance positive de 3,4% depuis le début de l’année.Au mois d’août, toutes les catégories de stratégies ont enregistré des performances négatives, comprises entre -0,2% et -1,7%.
Fonds
06/09/2013
Fonds

Les fonds italiens continuent de collecter

Les fonds commercialisés en Italie ont enregistré en juillet des souscriptions nettes de 3,53 milliards d’euros, après 2,778 milliards en juin, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Depuis le début de l’année, les fonds ont engrangé 34,458 milliards d’euros et à fin juillet les encours du secteur ressortaient à 525,527 milliards d’euros.La collecte de juillet a été alimentée par les fonds flexibles, qui ont recueilli 2,239 milliards d’euros et 18,387 milliards depuis le début de l’année. Les fonds actions ont attiré 739 millions d’euros sur le mois et les fonds obligataires 584 millions d’euros.En prenant en compte les fonds fermés et les gestions sous mandat, la collecte du secteur italien de la gestion d’actifs s’est élevée à 6,3 milliards d’euros, portant les encours à 1.269,043 milliards d’euros.Intesa Sanpaolo a été la société qui a le plus fortement collecté en juillet, avec 1,633 milliard d’euros, devant Poste Italiane (678,6 millions) et Pioneer (673,1 millions). Parmi les rares sociétés à avoir accusé des rachats figurent notamment Allianz (-388,2 millions d’euros) et Amundi (-156,1 millions).
Fonds
06/09/2013

Le Future Fund australien gagne plus de 15% en 2012-2013

Le fonds souverain australien Future Fund a dégagé un rendement de 15,4% au titre de l’exercice 2012/2013 à fin juin. Ce résultat comprend une performance de 4,4% au titre du dernier trimestre de l’exercice.Les actifs ont ainsi totalisé 88,9 milliards de dollars australiens à fin juin, soit quelque 80,4 milliards de dollars américains, soit un rendement de 6,2% par an depuis son lancement en mai 2006.Durant l’exercice écoulé, le Future Fund a augmenté son exposition aux actions à 40,60% au 30 juin 2013 contre moins de 33% précédemment (30 juin 2012), au private equity (à 7,30% contre 6,40%). En revanche, l’exposition à la gestion alternative tombe à 15,60% contre 19%, et l’exposition à l’obligataire à 16,60% contre 18,30%.A noter que Mark Burgess, managing director et president Future Fund Management Agency, a informé le conseil d’administration son intention de quitter l’organisation. Mark Burgess a accepté de rester en fonction pour faciliter la période de transition.Durant son mandat, les actifs du Future Fund sont passés de 75 milliards de dollars à 89 milliards de dollars, les actifs totaux gérés par l’Agence dépassant la barre des 100 milliards de dollars.
06/09/2013
Fonds

Eastspring Investments lance un fonds actions japonaises value

La société de gestion asiatique Eastspring Investments a lancé un nouveau compartiment dans sa Sicav luxembourgeoise, Eastspring Investments–Japan Fundamental Value, croit savoir Citywire. Il s’agit d’un fonds destiné à capturer les opportunités « deep value » sur le marché des actions japonaises.
Fonds
06/09/2013

KBL ebl enregistre de solides résultats semestriels

KBL European Private Bankers (KBL epb) a fait état d’un résultat net de 41,9 millions d’euros pour le premier semestre 2013, soit une progression de plus de 300 % par rapport aux 9,7 millions d’euros du premier semestre 2012. La société ne fournit pas d'éléments sur l'évolution de ses encours (41 milliards d’euros d’actifs sous gestion à fin 2012 et 39 milliards d’euros d’actifs en conservation).Cette bonne performance traduit une augmentation des revenus du Groupe, une diminution des charges d’exploitation et une importante réduction des provisions pour pertes de valeur en comparaison avec cette même période en 2012. Le Groupe est ainsi en passe d’atteindre son objectif de rentabilité annuelle de 50 millions d’euros annoncé il y a quelques mois, souligne un communiqué.Présent dans neuf pays européens, KBL epb s’efforce actuellement d’atteindre une masse critique partout dans son réseau, notamment par le biais de potentielles acquisitions dans certains marchés ciblés. «Le Groupe espère à ce titre pouvoir annoncer une première acquisition cette année, en fonction de l’état du marché», indique le communiqué.
06/09/2013

La Caixa :met la dernière main à la cession de sa filiale immobilière à TPG

Le fonds d’investissement TPG serait sur le point de prendre une participation majoritaire (51%) dans Servihabitat, filiale immobilière de La Caixa, pour un montant de 185 millions d’euros, rapporte l’agence Reuters.Dans le sillage d’autres institutions financières espagnoles, La Caixa cède ses activités immobilières à des investisseurs étrangers. Dernier en date, Bankia qui a vendu son pôle immobilier à Cerberus (Newsmanagers du 4 septembre).Servihabitat Gestion Immobiliaria fait partie de Criteria, la holding de parcticipations de La Caixa qui a également des parts dans Gas Natural, Abertis et Aguas de Barcelona.
06/09/2013

Angela Merkel pousse Francfort comme place offshore pour le yuan

La place financière de Francfort souhaite être l’un des centres offshore du yuan a dit la chancelière allemande Angela Merkel au président chinois Xi Jiping en marge du sommet du G20 à Saint-Petersbourg, rapporte l’agence de presse officielle Chine nouvelle. Hong Kong est la plus grande place offshore sur le yuan actuellement, loin devant Taipei, Singapour et Londres. Les autorités chinoises, qui souhaitent internationaliser plus largement leur devise, verraient d’un bon oeil le developpement de transactions offshore sur leur devise. La Grande-Bretagne et la Chine ont signé en juin un accord pour mettre en place une ligne de swap de devises, premier accord de ce type avec un pays du G7. Peu après cette annonce, la France s'était dit prête à jouer un «rôle central» dans l’internationalisation du yuan, plaidant elle aussi pour la mise en place d’une ligne de swap de devises avec Pékin.
06/09/2013

Le Portugal confirme son retour à la croissance au deuxième trimestre

L'économie portugaise a renoué avec la croissance au deuxième trimestre. Le PIB a augmenté de 1,1% après une contraction de 0,4% au trimestre précédent, selon les données définitives de l’Institut national de la statistique. Il s’agit du premier chiffre positif de ces dix derniers trimestres. Par rapport au deuxième trimestre 2012, l'économie portugaise a subi une contraction de 2,1%, après -4,1% au premier trimestre. L'économie portugaise a été portée par les exportations, en hausse de 7,3% en variation annuelle, tandis que les contractions de l’investissement et de la consommation des ménages se sont atténuées. Lisbonne anticipe tout de même une contraction du PIB de 2,3% cette année après -3,2% en 2012.

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