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08/08/2013
Fonds

Renaissance envisage de lancer de nouveaux fonds dédiés à l'Afrique

Renaissance Asset Managers, qui a «soft-closé» son fonds dédié à l’Afrique sub-saharienne en février dernier, envisage de lancer de nouveaux fonds consacrés aux marchés frontières, en l’occurrence le Nigéria et l’Afrique orientale d’ici à la fin de l’année, rapporte Investment Europe.Le fonds dédié au Nigéria a un objectif de collecte de l’ordre de 50 millions de dollars, le fonds «East Africa», qui se concentrera sur les opportunités d’investissement au Kenya, visant 25 millions de dollars. Ces objectifs sont indispensables dans la perspective des exigences de la directive OPCVM pour une liquidité quotidienne.
Fonds
08/08/2013

BNY Mellon recrute un responsable distribution institutionnelle

BNY Mellon a annoncé le 7 août la nomination d’Adrian Gordon au poste de responsable de la distribution institutionnelle pour la région EMEA (Europe, Moyen-Orient, Afrique). Adrian Gordon remplace Jonathan Lubran, qui part en retraite à la fin de l’année après dix années passées chez BNY Mellon. Adrian Gordon travaillait précédemment chez Perpetual Limited, où en tant que responsable de l’Europe, il dirigeait le développement de la société hors d’Asie.
08/08/2013

Caceis remporte un mandat outre-Rhin

GLL Real Estate Partners GmbH (GLL), société de gestion immobilière basée à Munich, a confié à CACEIS les activités de banque dépositaire de son fonds d’investissement alternatif le plus récent, afin d’assurer sa parfaite conformité avec la directive AIFM et les réglementations allemandes KAGB, a indiqué Caceis Investor Services dans un communiqué publié le 7 août. Le fonds investit principalement dans l’immobilier commercial en Europe et aux Etats-Unis. Arguments clés pour GLL dans le choix de son dépositaire, CACEIS fournit des services de banque dépositaire homogènes dans plusieurs juridictions et répondra aux besoins spécifiques de la société de gestion pour créer des fonds de pension et des produits d’assurance.
08/08/2013
Fonds

DeAWM va convertir un fonds en un produit multi-classes d’actifs

Deutsche Asset & Wealth Management (DeAWM) a prévu de convertir l’un de ses fonds actions monde en un fonds multi-classes d’actifs, révèle Citywire. Le nouveau produit, qui s’appellera DWS Top Performance Offensiv Fund, pourra investir jusqu’à 60 % en actions, 40 % en actifs monétaires, 40 % en obligations ainsi que 10 % dans des certificats sur matières premières.
Fonds
08/08/2013

Deutsche AM nomme un responsable distribution UK et Irlande

Deutsche Asset and Wealth Management a nommé Jonathan Kent en tant que responsable de la distribution pour le Royaume-Uni et l’Irlande, rapporte Fund Web. Auparavant, il a occupé des fonctions commerciales au sein de la division banque d’investissement et titres du pôle clients institutionnels de Deutsche Bank.
08/08/2013

Generali vend une équipe de gestion privée à Londres

L’assureur italien Generali a cédé Generali Portfolio Management, qui gère environ 200 millions de livres pour le compte de clients privés au Royaume-Uni, à Ashcourt Rowan Asset Management. Cette cession s’inscrit dans sa décision de se recentrer sur les clients internationaux à partir de Guernesey.L’équipe de sept personnes de Generali Portfolio Management, dirigée par Alan Arscott et David Barber, rejoindra aussi Ashcourt lorsque l’opération sera bouclée, ce qui devrait se produire à la fin de l’année. Le montant de l’opération est de 2,1 millions de livres, dont 1 million sera versé plus tard.
08/08/2013

Old Mutual Wealth dope son bénéfice

Old Mutual Wealth a annoncé un bénéfice avant impôt en hausse de 14 % au premier semestre à 108 millions de livres, rapporte Investment Week. Les encours sous gestion ont aussi augmenté de 9 % à 75,2 milliards de livres depuis le début de l’année.
08/08/2013

Un journal pour SDF va lancer des fonds

Le magazine de rue Big Issue, qui soutient les sans-domicile-fixe au Royaume-Uni, va lancer des fonds à vocation sociale d’ici à la fin de l’année, rapporte le Financial Times fund management. Une société de gestion sera créée avec pour objectif de lever 250 millions de livres dans les cinq prochaines années. Deux premiers fonds seront lancés : l’un se spécialisera sur le logement et l’autre sera un fonds régional.
08/08/2013
Fonds

Jupiter supprime les commissions de performance du fonds Absolute Return

Jupiter prévoit de supprimer les commissions de performance sur son fonds Absolute Return à partir du 1er novembre, alors que le fonds géré par Philip Gibbs va être confié en septembre à James Clunie, rapporte Investment Week. Les gérants de fortune réclamaient cette suppression, dans un contexte de contre-performance pour le fonds.
Fonds
08/08/2013

Hedge funds profit from a rebound in mergers and acquisitions

A rise in mergers and acquisitions is favouring hedge funds specialised in this area, the Financial Times reports. Merger and acquisition arbitrage strategies have outperformed all other styles of hedge fund since the beginning of the year. According to HFR, merger and acquisition arbitrage earned 5.7%, compared with 3.6% for the sector as a whole.
08/08/2013

Deutsche AM appoints a head of sales for UK and Ireland

Deutsche Asset and Wealth Management has appointed Jonathan Kent as head of distribution for the United Kingdom and Ireland, Fund Web reports. He had previously served in a sales role at the investment banking and institutional clients unit of Deutsche Bank.
08/08/2013

BNY Mellon hires a head of institutional distribution

PeterPaul Pardi, Global Head of Distribution at BNY Mellon Investment Management commented: “With over 25 years’ experience in the industry, Adrian brings to the team a wealth of experience and expertise that will be of tremendous benefit to the business. Over the next five months he will work closely with Jonathan Lubran to ensure a smooth transition. Jonathan, who has been a key member of the senior management team at BNY Mellon for over 10 years, retires at the end of this year with our deep thanks and gratitude.”
08/08/2013

Caceis wins a mandate in Germany

GLL Real Estate Partners GmbH (GLL), a real estate management firm based in Munich, has retained CACEIS to provide depository banking activities to its most recent alternative investment fund, in order to ensure that it is perfectly compliant with the AIFM directive and German KAGB regulations, Caceis Investor Services announced in a statement released on 7 August. The fund invests primarily in commercial real estate in Europe and the United States. A key argument for GLL in the choice of depository is that CACEIS provides homogeneous depository banking services in several jurisdictions and can meet the particular needs of the asset management firm to create pension funds and insurance products.
08/08/2013

Assets under management stable at Dexia AM

Assets under management at Dexia Asset Management totalled EUR72.7bn as of 30 June, compared with EUR72.9bn at the beginning of the year, according to a statement released on 7 August. Dexia states that assets at the beginning of the year include “one-time adjustments of EUR3.9bn related to the planned exit of the Dexia group.” The group has recently put an edn to talks with the Chinese firm GCS, but has also announced that it still plans to go through with the sale of Dexia AM (Newsmanagers of 31 July). The EBITDA for first half comes out to EUR26.3m, up 21% compared with the first half of 2012. Dexia Asset Managment has posted a net outflow for first half of EUR192m, but the asset management firm emphasizes in a statement that second quarter was very positive, with net inflows of EUR1.46bn. This development is due to sustained inflows from retail and private banking products, as well as the winning of several institutional mandates. Dexia AM states that it is continuing its targeted innovation programme, and is exploring a product range with flexible and dynamic asset allocation profiles, equity funds optimised for Solvency II, and “smart beta” strategies.
08/08/2013

Goldman Sachs AM remains committed to money market funds

Goldman Sachs Asset Management has announced that it has “absolutely no intention” of abandoning the money market fund business, despite concerns about the activity and about regulations, Financial Times Fund Management reports. Assets in money market funds from Goldman were down by about USD100bn to USD196bn since the end of 2008.
08/08/2013

Jupiter scraps performance fees for Absolute Return fund

Jupiter is planning to scrap performance fees for its Absolute Return fund from 1 November, at a time when the fund managed by Philip Gibbs will in September be entrusted to James Clunie, Investment Week reports. Wealth managers are seeking the dismissal, in a context of underperformance for the fund.
08/08/2013

Renaissance plans to launch new funds dedicated to Africa

Renaissance Asset Managers, which soft-closed its fund dedicated to sub-Saharan Africa in February this year, is planning to launch new funds dedicated to frontier markets, including Nigeria and East Africa, by the end of the year, Investment Europe reports. The fund dedicated to Nigeria has an inflow objective of about USD50m, while the East Africa fund, which will concentrate on investment opportunities in Kenya, is aiming for USD25m. These objectives are indispensable in light of the requirements of the OPCVM directive for daily liquidity.
08/08/2013

Aurel BCG planning to launch asset management in France

The US group BGC Partners wants to develop its management, via its Parisian affiliate Aurel BGC, Les Echos reports. The broker “would like to start up this activity with an acquisition: Paris seems to us to be a good starting point for that,” explains Jean-Pierre Aubin, executive CEO of BGC. Aurel BGC, which has about 180 employees in France, is looking at cases “which represent several hundred million to several billion euros in assets under management [up to about EUR5bn, according to the newspaper],” he continues. The French firm will focus particularly on management of money market Sicavs and fixed-income management.
08/08/2013

Perella Weinberg launches a global macro strategy

Perella Weinberg Partners is planning to launch a highly liquid global macro strategy to invest in equity indices, currencies, government debt, credit and commodities. The new fund, PWP Global Macro Strategy, will be managed by Maria Vassalou, who has recently joined Perella Weinberg as a partner and portfolio manager. Vassalou previously worked at MIO Partners, an asset management affiliate of McKinsey & Company.
08/08/2013

Northern Trust recruits in Asia

Northern Trust has announced the appointment of Andrew Tan as head of investment risk analysis services (IRAS) for the Asia-Pacific region. Tan, who will be based in Singapore, previously worked for Royal Bank of Canada, where he served in a similar role.
08/08/2013

Large caps still very popular with investors

Retail and institutional investors, as well as advisers, in first half 2013 continued to take a particular interest in strategies dedciated to large caps, according to rankings by Morningstar of the most popular investments on distribution platforms. The survey also finds that in the category of “separate accounts,” seven of the most popular strategies with institutionals ranked in the top ten (Federated Strategic Value Dividend MA et CS McKee Value Equity) “In the institutional segment, we observed a spectacular rise in interest in international preferential equities and domestic junk bonds, probably due to rapid interest rate movements in the United States,” says Paul Justice, head of research for funds at Mornignstar. Two debt strategies are among the most popular mutual funds and ETFs for retail investors. No strategy of this type made it into the 2012 rankings, Morningstar reports. Retail investors are more particularly interested in emerging market ETFs, while advisers have a marked interest in bond ETFs and large cap strategies.
08/08/2013

Ray Investment sells a further 10% of Rexel

The US fund Ray Investment has sold another bloc of shares in Rexel, representing about 10% of capital in the electrical equipment distributor, as part of an accelerated placement of EUR525.6m to institutional investors. According to a trader cited by Reuters, the fund made its investment in 28.8 million shares in Rexel at a final price of EUR18.25 per share, which is at the low end of the range of 18.20-18.95 set for the share by several market actors previously. The largest shareholder in Rexel, which had previously sold 10% of Rexel to the French group last June, and 14.7% in February, is expected to see its stake reduced to 24% at the conclusion of the operation. However, “Ray Investment plns to remain a highly engaged and active investor in Rexel, and reiterates its support for Rudy Provoost, chairman of the board at Rexel, and his management team, to effectively carry out the growth strategy at Rexel and to achieve its objectives for 2015,” the fund says in a statement.
08/08/2013

Russell Investments gets a new global CIO

Russell Investments has announced the appointment of Jeff Hussey as global chief investment officer (CIO). Hussey has been working at Russell for over 20 years. He succeeds Pete Gunning, who will return to his native Australia to develop the activities of Russell in the Asia-Pacific region. Gunning, who had served as global CIO since 2008, replaces Alan Shoenheimer, who will assume non-exucutive functions at the group.
08/08/2013

Pioneer posts inflows of EUR2.8bn in second quarter

Pioneer, the asset management firm for the Italian bank UniCredit, has posted net inflows of EUR2.8bn in second quarter 2013, according to half-yearly results released by the group this week. The inflows, which offset a negative market effect of EUR2.3bn, was almost entirely supplied by captive activities in Italy, UniCredit states. At the end of June, assets under management at Pioneer were up slightly (+EUR0.5bn) to EUR165.5bn.
08/08/2013

Big Issue newspaper to launch funds

The street newspaper Big Issue, which supports homeless people in the United Kingdom, will launch social funds by the end of the year, Financial Times Fund Management reports. An asset management firm will be created, which will aim to raise GBP250m in the first five years. Two initial funds will be launched: one will specialise in housing, and the other will be a regional fund.

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