Ben Bernanke joue la carte de la prudence
Le patron de la Fed a rappelé que la fin du QE à la mi-2014 n'était pas du tout garantie
17/07/2013
NordLB offers sustainable development bond fund
P { margin-bottom: 0.08in; } On 15 July, NordLB Asset Management launched an actively-managed, open-ended bond fund aimed at institutional investors, which deploys a strategy inaugurated in 2007 with the Global Challenges Index Fonds equity fund. The portfolio for the new NORD/LB AM Global Challenges Corporate Bonds is invested in a universe composed by the Munich-based agency oekom research and the Hanover stock exchange, according to the sustainable development criteria of the Global Challenges Index from the Hanover stock exchange, as well as exclusionary criteria from the German evangelical church. Seed capital has been provided through capital from the ecclesiastical sector.The portfolio will include 40 to 70 positions, mostly on bonds from European issuers ranked as “prime status” by oekom research. The portfolio will include at least 75% corporate bonds, and financials will be limited to 25%.CharacteristicsName: NORD/LB AM Global Challenges Corporate BondsISIN code: DE000A1J3WP0Minimal subscription: EUR250,000Management commission: 0.4%
17/07/2013
Fonditel adds to AR range
P { margin-bottom: 0.08in; } The manager of the Telefónica pension fund, Fonditel Gestión, has crated a baby sibling for its absolute return funds Albatros, Velociraptor and Octopus, with the launch of the Fonditel Smart Beta, whose objective, with no guarantee, is to outperform the Eonia by 200 basis points, with ex ante volatility of 5-8%, Funds People reports.The product will invest in bonds via shares in investment funds, and Fonditel is not permitted to exceed 30% of its assets in non-UCITS funds.The fund is available in an A share class (from EUR50), with fees of 1.35%, a B share class (from EUR50) at 0.329%, and C shares (from EUR500,000 or EUR50 for employees of the group), at 1%.
17/07/2013
Blackstone launches 1st multi-managed hedge mutual fund
P { margin-bottom: 0.08in; } Blackstone Alternative Asset Management (USD49bn in assets) on 16 July announced that Blackstone Alternative Investment Advisors is launching its first hedge fund with daily liquidity, a multi-managed, multi-strategy fund, the Blackstone Alternative Multi-Manager Fund (ticker: BXMMX).The objective is to use the expertise of Blackstone as an asset allocator and integrator to provide a product with low equity and bond betas, using managers with whom the group already has trusted working relationships.The sub-advisers are as follows: Two Sigma Advisers, LLC Cerberus Sub-Advisory I, LLC Credit Suisse Hedging-Griffo Servicios Internacionais S.A. HealthCor Management, L.P. Caspian Capital LP Boussard and Gavaudan Asset Management, LP Wellington Management Company, LLP Good Hill Partners LP BTG Pactual Asset Management US, LLC Chatham Asset Management, LLC et Nephila Capital Ltd.
17/07/2013
AllianceBernstein launches 1st RE debt fund
P { margin-bottom: 0.08in; } Roger Cozzi, CEO of Gramecy Capital Corp, has been recruited as head of the commercial real estate debt group at AllianceBernstein. He is also the manager of the first commercial real estate debt fund from the group, which has attracted USD700m in investment, and whose portfolio will be invested in first mortgage loan investments secured by high-quality, transitional properties throughout the US, with sums of USD15m to USD75m for each investment.
17/07/2013
UBP adds unconstrained bond sub-fund to its Luxembourg Sicav
P { margin-bottom: 0.08in; } UBP has launched UBPAM – Unconstrained Bond, an unconstrained bond fund which offers a decorrelated and flexible strategy, appropriate for all market conditions. More particularly, the fund is designed to work well in an environment of rising interest rates.“The capacity of the fund to reduce its exposure to fixed income to a total of 0 and -2 years provides a means to limit the regime of increased volatility inherent in less accommodating environments.“The investment objective for the fund is to offer investors returns similar to those from bonds, with an additional positive contribution generated by rising interest rates. “unconstrained” investment solutions as an asset class, either tactical or strategic contribute to improve risk-adjusted performance for larger portfolios,” [Citation?]The fund, which is based on a “top-down” allocation process covering global credit and fixed income markets, has no constraints with respect to the benchmark index. The fund is also highly flexible in terms of exposure to bonds, with a proactive allocation to the most attractive segments.Chararacteristics:ISIN code:I – Capitalisation: LU0940721409I - Distribution: LU0940721581Retail share classesA - Capitalisation : LU0940720344 A - Distribution : LU0940720427Performance commission: 20% on performance exceeding the Eonia +1% (I-share and A-share)Denominated in US dollars, Swiss francs, Swedish kroner
17/07/2013
Schwab profits disappoint Wall Street
P { margin-bottom: 0.08in; } Shares in Charles Schwab Corp lost 3.3% on Tuesday, to USD21, on an announcement that profits in second quarter had fallen to USD256m, compared with USD275m one year earlier, although profits in April-June 2012 included a one-time receipt of USD70m related to the resolution of a vendor dispute. However, even at USD21 each, shares in Schwab are still up 46% compared with the beginning of the year, The Wall Street Journal points out.Excluding one-time items, net profits increased by 11%, but the market was focused on profits per share (USD0.18), which was one cent below average projections. In addition, Charles Schwab did not make savings on costs, particularly salary, and costs remain above the objective set for 2013.
17/07/2013
Goldman Sachs: assets under management & supervision remain stable
P { margin-bottom: 0.08in; } As of 30 June, assets under management by Goldman Sachs totalled USD849bn, compared with USD860bn as of the end of March, and USD839bn one year previously, while the volume of assets under supervision totalled USD955bn, compared with USD968bn three months earlier, and USD916bn as of the end of June 2012.A decline of USD4bn in assets under supervision for long-term products is largely due to a negative market effect of USD11bn, largely in bonds, which was partially offset by net subscriptions of USD7bn. Assets under supervision in the area of money markets have fallen by USD9bn. Between long-term and monty market assets, the decline in assets under supervision totalled USD13bn.Net profits for the Goldman Sachs group in second quarter 2013 totalled USD1.931bn, compared with USD2.260bn in January-March, and USD962m in the corresponding period of last year. In the first six months of the year, Goldman Sachs has declared net profits of USD4.191bn, 365 more than the USD3.071bn recorded in January-June 2012.
17/07/2013
Liechtenstein sidesteps administrative assistance to IRS
P { margin-bottom: 0.08in; } In a verdict declared on 5 July and published on 16 July, the high court of Liechtenstein has stipulated that administrative assistance which the United States may lay claim to in the area of taxation may not constitutionally be made retroactive.Requests for administrative assistance submitted by th US government dating back to the end of the 2001 fiscal year are not valid. However, those covering a period subsequent to the bilateral agreement between the United States and Liechtenstein on 4 December 2009 are valid.
Fonditel ajoute un fonds à sa gamme de performance absolue
Le gestionnaire du fonds de pension de Telefónica, Fonditel Gestión, a donné un «petit frère» aux fonds de performance absolue Albatros, Velociraptor et Octopus avec le lancement du fonditel Smart Beta dont l’objectif non garanti est de surperformer l’Eonia de 200 points de base avec une volatilité ex ante de 5-8 %, indique Funds People.Ce produit sera investi en obligations au travers de parts de fonds d’investissement, Fonditel n’étant pas autorisé à dépasser les 30 % des encours en fonds non coordonnés.Le fonds est disponible en parts A (à partir de 50 euros) chargées à 1,35 %, en parts B (à partir de 50 euros) chargées à 0,329 % et en parts C (à partir de 500.000 euros ou de 50 euros pour les salariés du groupe) chargées à 1 %.
17/07/2013
Guggenheim détache Tyler Page en Europe
Global head of business developement de Guggenheim Fund Solutions, Tyler Page a été nommé head of hedge funds solutions pour l’Europe de Guggenheim Partners (180 milliards de dollars) à Londres.Ajay Chitkara, senior managing director de Guggenheim Fund Solutions, a souligné que cette nomination est liée à une demande des investisseurs institutionnels européens qui sont intéressés par le savoir-faire de Guggenheim en matière de pilotage, de suivi et de reporting sur les portefeuilles de hedge funds. Tyler Page a été responsable du marketing et a permis à la plate-forme de comptes gérés de hedge funds de Guggenheim d’engranger plusieurs milliards de dollars d’engagements d’investissements (commitments).
BNP Paribas Securities Services intègre les fonds Gartmore sur sa plate-forme
BNP Paribas Securities Services annonce avoir finalisé la dernière phase de la migration d’un nombre important de fonds Henderson sur sa plate-forme. Au total, le projet de migration concernait 25 fonds anciennement Gartmore, totalisant plus de 8 milliards d’euros d’encours. BNP Paribas Securities Services offrira désormais les services de compensation, de conservation et d’administrationpour ces fonds, au Royaume-Uni et au Luxembourg.
17/07/2013
Axa IM Allemagne recrute un patron pour l'obligataire
Alexander Froschauer a rejoint depuis début juillet Axa Investment Managers Deutschland GmbH comme head of fixed income. Il est ainsi responsable pour l’ensemble des investissements directs assurantiels dans le domaine obligataire ainsi que du développement de la gestion obligataire pour l’Allemagne et l’Autriche.Ces cinq dernières années, le nouvel arrivant était senior client protfolio manager fixed income chez LGT Capital Management, après avoir travaillé chez Credit Suisse Asset Management et Bawag PSK.
17/07/2013
Forte expansion pour Helaba Invest
Lancée il y a 18 ans avec 1,3 milliard d’euros d’encours et 11 personnes, Helaba Invest atteint à présent 118 milliards d’euros d’actifs sous gestion et emploie 260 personnes, rapporte la Börsen-Zeitung.Depuis 2012, Helaba Invest opère en tant que société de gestion de droit allemand avec licence complète (full-service KAG) qui fonctionne avec deux piliers : la gestion quantitative et la Master-KAG (administration de fonds). Ces activités ont été complétées par un pôle gestion immobilière et un autre dédié aux classes d’actifs alternatives. En 2012, la société a enregistré deux gros mandats pour un total de 30 milliards d’euros confiés par SV SparkassenVersicherung et VPV Vereinigte Postversicherung.page 2, Bernd Wittkowksi
La NordLB propose un fonds obligataire "développement durable"
Le 15 juillet, NordLB Asset Management a lancé un fonds obligataire à gestion active offert au public mais destiné aux investisseurs institutionnels mettant en œuvre la stratégie inaugurée en 2007 avec le fonds d’actions Global Challenges Index Fonds. Le portefeuille du nouveau NORD/LB AM Global Challenges Corporate Bonds est investi dans un univers constitué par l’agence munichoise oekom research et la Bourse de Hanovre en fonction des critères de développement durable du Global Challenges Index de la bourse de Hanovre ainsi que des critères d’exclusion de l’Eglise évangélique d’Allemagne. A noter que l’amorçage a été effectué grâce à des capitaux émanant du secteur ecclésial.Le portefeuille comprendra entre 40 et 70 lignes, des obligations d'émetteurs européens pour la plupart et classé «prime status» par oekom research. Ce portefeuille comptera au moins 75 % d’obligations d’entreprises et les financières sont plafonnées à 25 %.CaractéristiquesDénomination : NORD/LB AM Global Challenges Corporate BondsCode Isin : DE000A1J3WP0Souscription minimale : 250.000 eurosCommission de gestion : 0,4 %
17/07/2013
Janus recrute un dirigeant de Premier AM
Fundweb rapporte que Janus Capital International a embauché Alan Glendon comme UK financial institutions sales director pour la région Europe/Moyen-Orient/Afrique. L’intéressé, basé à Londres, sera directement subordonné à Nigel Austin, UK & EMEA COO.Jusqu’à présent, Alan Glendon était head of UK discretionary sales chez Premier Asset Management, après avoir été sales director chez F&C Asset Management.
17/07/2013
Ed Moisson quitte Lipper
Selon Investment Week, Ed Moisson quitte son poste de head of UK and cross-border research chez Lipper pour rejoindre une autre entreprise du secteur. Il a dirigé pendant 14 ans la division gestion de fonds de Lipper pour le Royaume-Uni et l’Europe continentale. Il était head of communications chez Fitzrovia avant que cette société ne soit achetée par Thomson Reuters en octobre 2004.
17/07/2013
Claire Fraser remplace Ian Pascal chez Barings
Global head of distribution marketing, Claire Fraser a été promue head of marketing and communications de Baring Asset Management, en remplacement d’Ian Pascal, qui va quitter l’entreprise le mois prochain pour rejoindre Hennes Funds Manager comme head of marketing & communications.Elle prendra son nouveau poste à Londres au 1er août et sera directement subordonnée à David Brennan, chairman & CEO. Avant de rejoindre Barings en 2010 comme head of EMEA marketing, Claire Fraser était associate director chez Insight Investment.
17/07/2013
AMP Capital et China Life unissent leur forces
Le gestionnaire australien AMP Capital et l’assureur chinois China Life prévoient la création d’une joint venture, baptisée China Life AMP Fund Company. Soumise à autorisation réglementaire, cette dernière devrait voir le jour avant la fin de l’année, selon Asian Investor. Elle permettra à AMP d’offrir ses produits aux clients de l’assureur, qui bénéfice d’un réseau dense et différents de celui des banques chinoises.
17/07/2013
Rothschild WM se renforce à Zurich
Le 1er octobre, Markus Gähwiler rejoindra Rothschild Wealth Management à Zurich comme conseiller clientèle spécialiste de la Suisse orientale. L’intéressé viendra de la Banque cantonale de Saint-Gall, où il était chargé de la clientèle très haut de gamme.Auparavant, le 12 août, Rothschild Wealth Management accueillera Martin Troxler, également à Zurich et comme conseiller clientèle spécialiste des petites et moyennes entreprises et de la région de Berne. Il quitte le poste directeur adjoint des family office services chez VP Bank à Zurich. Avant ce dernier poste, il a été senior adviser et investment consultant chez Julius Baer.
UBP ajoute un compartiment obligataire sans contraintes à sa sicav luxembourgeoise
UBP vient de lancer UBAM - Unconstrained Bond, un fonds en obligations sans contraintes («unconstrained») proposant une stratégie décorrélée et flexible, adaptée à toutes les conditions de marché. Plus particulièrement, le fonds a été conçu pour profiter d’un environnement de hausse des taux : «La capacité du fonds à réduire son exposition aux taux à un niveau compris entre 0 et -2 ans permet de limiter le régime de volatilité accrue inhérent aux environnements moins accommodants.L’objectif d’investissement est d’offrir aux investisseurs des performances analogues à celles des obligations, avec en plus une contribution positive générée par les hausses de taux. «Ainsi, les solutions d’investissement «sans contraintes», en tant que classe d’actifs – soit tactique soit stratégique –, contribuent à améliorer les performances ajustées au risque pour des portefeuilles plus larges»".Le fonds, qui s’appuie sur un processus d’allocation «"op-down» couvrant les marchés globaux du crédit et des taux d’intérêt, n’a aucune contrainte en termes d’indice de référence. En outre, le fonds présente une grande flexibilité en matière d’exposition obligataire, avec notamment une allocation proactive aux segments les plus attrayants. Caractéristiques : Code isin : I - Capitalisation : LU0940721409I - Distribution : LU0940721581Retail share classesA - Capitalisation : LU0940720344 A - Distribution : LU0940720427 Frais de gestion : 0.25% (part I) / 0.50% (part A)Commission de surperformance : 20% au delà de l’Eonia +1% (I-share and A-share) Libellés en dollars, livres, francs suisses, couronnes suédoises
17/07/2013
China continues to liberalise its financial market
P { margin-bottom: 0.08in; } On 12 July, the China Securities Regulatory Commission (CSRC) announced plans to increase the total volume of Qualified Foreign Institutional Investor (QFII) quotas to USD150bn. It had increased the total to USD80bn from USD30bn in April 2012, Z-Ben Advisors reports. Currently, with USD72bn in liense issued since the beginning of 2013, there are 229 entities with QFII licenses, and the total quota amount adds up to USD43.4bn.In another sign of liberalisation, the CSRC has extended the possibility, previously restricted to Hong Kong businesses, to businesses based in Singapore and/or London, to obtain qualified foreign institutional investor (RQFII) licenses to allow them to invest in Chinese securities other than bonds on markets in continental China.
17/07/2013
AUM slightly up at Eaton Vance
P { margin-bottom: 0.08in; } The Boston-based asset management firm Eaton Vance Corp has announced that its assets under management as of 30 June totalled USD260.6bn, compared with USD260.3bn as of 30 April.Assets in funds have fallen to USD126.2bn, compared with USD127.1bn, while institutional separate accountswere up to USD85.9bn, from USD84.7bn. High net worth separate accounts were up to USD18.3bn, while retail managed accounts were down slightly, to USD30.1bn, from USD30.4bn.Eaton Vance has seen declines both for equities, to USD87.9bn from USD89.5bn, and bonds, to USD46.9bn from USD50.1bn. However, floating rate income assets were up to USD36.2bn from USD33.7bn, and the volumes for implementation services rose to USD73.7bn from USD71bn. Alternative assets remained unchanged at USD16bn.
17/07/2013
CalPERS posts returns of 12.5%
P { margin-bottom: 0.08in; } The California Public Employees’ Retirement System (CalPERS, USD257.8bn in assets as of 30 June) has announced that in the 2012-2013 fiscal year, anding on 30 June, it earned returns of 12.5%, or gains 1.5 percentage points higher than its benchmark index. The discount rate stands at 7.5%, and over 20 years, CalPERS has earned returns of 7.6% on average, with an average gain of 8.5% per year since 1988.CalPERS explains that these returns come largely from 19% gains on US and international equities, 1 percentage point higher than the benchmark, and 11.2% returns on real estate, 1.4 points higher than the benchmark.In detail, the pension fund has posted the following returns: Public Equity 19.0% Private Equity 13.6% Fixed Income (1.6%) Real Estate 11.2% Liquidity (0.8%) Inflation Assets 0.2% Absolute Return Strategies 7.4%
17/07/2013
Advent of RDR decimated adviser population
P { margin-bottom: 0.08in; } According to statistics published on 16 July by the Association of Professional Financial Advisers (APFA), but established by the FSA, the number of financial advisers in the United Kingdom has fallen from 41,000 in 2011 to 31,000 as of 31 December 2012, when the new RDR regulations came into effect.Of the 41,000 client advisers identified in 2011, 26,000 were working for financial advising businesses. This number had fallen to slightly over 20,000 as of the end of 2012.
17/07/2013
Guggenheim appoints Tyler Page in Europe
P { margin-bottom: 0.08in; } Tyler Page, global head of business development at Guggenheim Fund Solutions, has been appointed as head of hedge fund solutions for Europe at Guggenheim Partners (USD180bn) in London.Ajay Chitkara, senior managing director at Guggenheim Fund Solutions, says that the appointment is related to a demand from European institutional investors who are interested in Guggenheim’s expertise in the area of overseeing, monitoring and reporting on hedge fund portfolios.Page had been head of marketing, and allowed the hedge fund managed account platform at Guggenheim to take in several billion dollars of commitments.
17/07/2013
BNP Paribas Securities Services integrates Gartmore funds into its platform
P { margin-bottom: 0.08in; } BNP Paribas Securities Services has announced that it has completed the final phase in the migration of a large number of Hendreson funds to its platform. Overall, the migration project affected 25 formerly Gartmore funds, totalling over EUR8bn in assets. BNP Paribas Securities Services will now offer settlement, custody and fund administration services to these funds in the United Kingdom and Luxembourg.
17/07/2013
Claire Fraser replaces Ian Pascal at Barings
P { margin-bottom: 0.08in; } Claire Fraser, global head of distribution marketing, has been promoted to head of marketing and communications at Baring Asset Management, replacing Ian Pascal, who will be leaving the business next month to join Hennes Funds Manger as head of marketing & communications.She will begin in her new role in London on 1 August, and will report directly to David Brennan, chairman & CEO. Before joining Barings in 2010 as head of EMEA marketing, Fraser had been associate director at Insight Investment.
17/07/2013
CPPIB invests in London
P { margin-bottom: 0.08in; } The Canada Pension Plan Investment Board (CAD183bn in assets) will invest GBP179m in a 50% stake in a portfolio of eight office properties in the centre of London, which are owned by the BT Pension Scheme (GBP38.7bn) and managed by Hermes Real Estate Investment Management, Funds Europe reports.