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02/05/2013

Hausse du bénéfice de DeAWM

Le bénéfice avant impôt de la division Asset & Wealth Management de la Deutsche Bank est ressorti pour le premier trimestre 2013 à 221 millions d’euros contre 208 millions pour janvier-mars 2012 , selon le rapport complet de la banque publié dans la journée du 30 avril.
02/05/2013

L'encours des fonds de Bankinter gonfle de 20 % en un trimestre

La chute de la rémunération des dépôts a provoqué un gonflement des souscriptions nettes des fonds d’investissement de Bankinter, dont l’encours a bondi à 6,01 milliards d’euros fin mars contre 5,03 milliards fin décembre. Un an plus tôt, il ressortait à 4,84 milliards d’euros. La hausse des actifs gérés est due aux fonds maison, de Bankinter Gerstión de Activos (+ 764 millions d’euros, à 4.349 millions) qu’aux produits de gestionnaires étrangers (+ 219 millions, à 1.663 millions).L’encours de la banque privée au 31 mars ressortait à 14,8 milliards d’euros, ce qui représente une progression de 3,7 % sur les 14,3 milliards de fin décembre. Enfin, l’encours des fonds de pension a atteint 1,45 milliard d’euros à la fin du premier trimestre, contre 1,39 milliards trois mois plus tôt et 1,31 milliard au 31 mars 2012.Le bénéfice net du groupe Bankinter s’est accru pour janvier-mars de 1,9 % sur la période correspondante de l’an dernier, à 50,4 millions d’euros contre 49,4 millions.
02/05/2013

Hausse de l'encours des fonds du Popular à fin mars

Les fonds d’investissement du Banco Popular ont affiché au 31 mars un encours de 7.546,4 millions d’euros contre 7.271,9 millions fin décembre et 7.437,1 millions douze mois auparavant, indique le rapport trimestriel publié le 30 avril.Les actifs gérés en gestion de fortune ont augmenté à 744 millions d’euros contre 720,4 millions au 31 décembre, mais ils ont diminué par rapport aux 837,5 millions fin mars 2012.Enfin, l’encours des fonds de pension a augmenté de 1,3 % au premier trimestre, à 4.977,7 millions d’euros, un montant supérieur de 3,9 % à celui du 31 mars 2012.Le Popular a réalisé au total un bénéfice net distribuable de 104,22 millions d’euros contre 100,18 millions pour la période correspondante de l’an dernier.
02/05/2013

Matthews Asia launches a small caps fund

P { margin-bottom: 0.08in; } Matthews Asia has launched the Matthews Asia Small Companies Fund, a fund which invests in Asia ex Japan small caps, Investment Europe reports. The product comes as an addition to the range of Luxembourg-domiciled UCITS funds from the asset management firm.
02/05/2013

US MMFs reduced their exposure to the euro zone in March

P { margin-bottom: 0.08in; } Exposure of US money market funds to euro zone banks in the month of March fell due to concerns on the part of investors about recent events in Italy and Cyprus, according to a statement released by Fitch Ratings on 30 April.As of the end of March 2013, allocations by US money market funds to euro zone banks represented 13.2% of assets under management in the Fitch sample, compared with 16% as of the end of February. Despite this decline, allocations to euro zone banks were up by more than 70% compared with the end of June 2012.
02/05/2013

FinEx lists the first ETF on the Moscow stock exchange

P { margin-bottom: 0.08in; } Funds Europe reports that the FinEx Group has become the first firm to list an ETF for trading on the Moscow stock exchange with the FinEx Tradable Russian Corporate Bonds UCITS ETF, which has been listed in London for two months (see Newsmanagers of 26 February).The fund replicates the Barclays EM Tradable Russian Corporate Bond index.BNY Mellon is the custodian and administrator of the fund.
02/05/2013

WisdomTree plans to launch three emerging market ETFs

P { margin-bottom: 0.08in; } The New York-based firm WisdomTree has applied to the SEC for a sales license for three emerging market ETFs, Index Universe reports. The products cover equities in 17 countries: Brazil, Chile, China, Czech Republic, Hungary, India, Indonesia, South Korea, Malaysia, Mexico. Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.The products are the WisdomTree Emerging Markets Consumer Growth Fund, WisdomTree Emerging Markets Low Volatility Equity Fund and WisdomTree Emerging Markets Dividend Growth Fund. Acronyms and total expense ratios for the products have not been disclosed.
02/05/2013

Vanguard slashes TER on three bond ETFs

P { margin-bottom: 0.08in; } The total expense ratio for the Vanguard Short-Term Bond ETF (NYSE ticker: BSV), the Vanguard Long Term Bond ETF (BLV) and the Vanguard Intermediate Term Bond ETF (BIV), bond funds, were reduced by Vanguard on 29 April to 0.10%, compared with 0.11% previously.The BSV fund has assets of USD28.5bn, and has attracted net subscriptions of USD2.69bn since the beginning of the year, after USD1.8bn in 2012, Index Universe reports.The BIV fund (USD17.1bn in assets) has posted USD1.54bn in inflows last year, and USD1.84bn since 1 January.The BLV fund has USD5.79bn in assets under management. It brought in USD279m in 2012, and has seen minimal net outflows since the beginning of this year.
02/05/2013

Dreyfus (BNY Mellon) launches infrastructure bond fund

P { margin-bottom: 0.08in; } The IPO for the new Dreyfus Municipal Bond Infrastructure Fund on 29 April concluded with USD254.25m raised, BNY Mellon has announced. The product is a closed-end bond fund, dedicated to infrastructure, which has been listed since 26 April on the New York Stock Exchange, under the acronym DMB. If the banking consortium (Morgan Stanley, Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith Incorporated), exercises its greenshoe option in full, the proceeds from the sale may reach USD292.31m, on the basis of a price of USD15 per share.The objective is to provide investors with high revenue exempt from Federal income taxes. The fund is “sub-advised” by Standish Mellon Asset Management Company, and managed by Christine L. Todd, chairwoman of Standish, Jeffrey Burger, Daniel Rabasco and Thomas Casey.Dreyfus Corporation (USD294bn) and Standish (USD167bn) are both boutiques of the BNY Mellon galaxy.
02/05/2013

Raiffeisen launches two funds

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen Capital Management has appointed Peter Schlagbauer to manage two newly-created “parity-based mixed asset” funds, Citywire reports. The funds will be entitled Raiffeisen-GlobalAllocation-StrategiesDiversified and Raiffeisen-Global-DiversifiedGrowth.
02/05/2013

Carlyle hires former head of Petroplus

P { margin-bottom: 0.08in; } Carlyle Group has recruited Marcel van Pecke, former head of Petroplus, to head its investments in the energy sector in Africa and Europe, the Financial Times reports. Van Poecke, from the Netherlands, had managed Petroplus when Carlyle controlled a part of it between 2005 and 2007. A team of five other managers will join the US firm this month. The team will raise a dedicated fund of about USD1.5bn.
02/05/2013

CalPERS Adds Invesco Real Estate as Multifamily Real Estate Manager

The California Public Employees’ Retirement System (CalPERS) has selected Invesco Real Estate as a new manager for its Multifamily Real Estate Program. The partnership, named Institutional Core Multifamily Investors, will invest in multifamily properties, focused in the western US region. The Institutional Core Multifamily Investors partnership is a multiyear program that will fund with an initial allocation of $250 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select target markets in the West and Midwest U.S. CalPERS currently holds approximately $2 billion in assets in its multifamily program, with a total of $24.5 billion in the Real Assets portfolio.
02/05/2013

Assets and profits up for AllianceBernstein

P { margin-bottom: 0.08in; } As of the end of March, total assets under management at AllianceBernstein totalled USD443.2bn, USD13.2bn, or 3.1%, more than three months previously, and USD24.1bn, or 5.8%, more than as of 31 Mach 2012, the group has announced.Net subscrptions totalled USD2.6bn in first quarter 2013, compared with USD5bn in October-December, and net outflows of USD12.1bn in the corresponding period of last year. Net inflows to institutional management totalled USD3.3bn in January-March this year, compared with USD2.9bn in October-December, while retail inflows were limited to USD0.2bn, compared with USD5.3bn in fourth quarter 2012. For private clients, AllianceBernstein posted net outflows of USD0.9bn in January-March 2013 compared with USD3.2bn the previous quarter.Net distributable income at AllinceBernstein (the operating partnership) in first quarter increased ato USD114.5m, compared with USD71.7m in October-December, and USD87.3m in the corresponding period of last year.Net income at AllianceBernstein Holding (the publicly-traded partnership) totalled USD38.2m, compared with USD26.2m the previous quarter, and USD26.7m in first quarter 2012.
02/05/2013

Lyxor adds to cross-asset research team

P { margin-bottom: 0.08in; } In April, Rob Koyfman, who had been head of macro and thematic trading strategy at Citi, joined the cross-asset research team at Lyxor Asset Management in New York. He reports to Jeanne Asseraf-Bilton, global head of cross asset research.Koyfman says on his LinkedIn profile that his specialities are macro analysis, the transposition of macro convictions on ETFs and equities, backtesting, transversal analysis of asset classes, and options.Before joining Citi in June 2010, he spent one year as a senior strategist at Caxton Associates, after six years at Goldman Sachs.
02/05/2013

OppenheimerFunds updates its image

P { margin-bottom: 0.08in; } On 29 April, OppenheimerFunds (OFI, USD208bn as of the end of March) on 1 May announced that it has adopted a new visual identity, to modernise its retail image, which will retain the OppenheimerFunds brand name, and has created a new institutional brand, OFI Global Asset Management.
02/05/2013

Contrasted results for Federated

P { margin-bottom: 0.08in; } In first quarter 2013, net profits at Federated Investors totalled USD43m, compared with USD49.6m in October-December, and USD42.3m in January-March 2012.Assets as of the end of March totalled USD377.3bn, which represents a decline of USD2.5bn compared with 31 December, and an increase of USD13.7bn over the level recorded one year previously.On average in first quarter, assets under management nonetheless increased to USD381.2bn, compared with USD368.7bn in October-December, and USD370.1bn in the corresponding period of last year.Assets in equity funds as of 31 March 2013 totalled USD37.9bn, compared with USD35bn three months previously, and USD34.1bn as of the end of March 2012, while bond funds also showed a gain, resulting in a record USD52.8bn as of the end of March 2013, compared with USD52.7bn as of 31 December and USD46.2bn one year previously.Assets under management in money market funds and mandates totalled USD279.7bn as of the end of March this year, USD5bn less than at the end of December, and USD5bn more than as of 31 March 2012. For money market mutual funds, assets totalled USD242.7bn, which represents a decline of USD13bn compared with the end of 2012, and of 2.5% compared with its level twelve months previously.
02/05/2013

Assets under management at Legg Mason up 2%

P { margin-bottom: 0.08in; } Assets under management by the Legg Mason asset management group were up 2% in the fourth quarter of its 2012-2013 fiscal year, ending on 31 March, to a total of USD664.6bn, compared with USD648.9bn as of the end of December 2012. The increase compared with the end of March 2012 is 3%. The increase in assets was favoured by a positive market effect of USD12.1bn, and by inflows of USD5.4bn related to the acquisition of Fauchier, which has recently been completed. These factors were partly offset by redemptions totalling USD1.8bn. As of 31 March, bonds represented 55% of assets under management, compared with 24% for equities, and 21% for money markets. Assets originating from the United States represented 61% of the total. For the fiscal year ending on 31 March as a whole, the group shows a loss of USd353.3m, or USD2.65 per share, although it had earned a net profit of USD220.8m, or USD1.54 per share, for the previous fiacal year. In fourth quarter, Legg Mason has, however, earned a net profit of USD29.2m, after a loss of USD453.9m in third quarter, which was affected by provisions for depreciation of intangible assets.
02/05/2013

AUM at Franklin Resources up by nearly USD100bn in one year

P { margin-bottom: 0.08in; } The US asset management group Franklin Resources has reported an increase of USD41.9bn, or 5% of its assets under management, in the second quarter of its fiscal year, ending on 31 march, to USD823.7bn, according to a statement released on 30 April. This development is due to a positive market effect of USD24.5bn, and a net inflow of USD18.3bn. Year on year, the increase in assets under management was 14%, or USD98bn, due to a positive market effect of USD67.6bn, and a net inflow of USD26.3bn. Net profits in the quarter totalled USD572.8m, compared with USD51.61m the previous quarter, and USD503.2m in the quarter to the end of March 2012.
02/05/2013

Profits up at Invesco

P { margin-bottom: 0.08in; } On 30 April, Invesco Ltd declared distributable net income of USD222.2m for January-March 2013, compared with USD158.7m in October-December and USD193.9m in the corresponding period of last year.The quarterly dividend will be increased by 30%, to 22.5 cents per share, says Martin L. Flanagan, president & CEO.Assets as of the end of March totalled USD729.3bn, compared with USD687.7bn as of 31 December, and USD672bn as of 31 March 2012. Net subscriptions totalled USD19.2bn in first quarter this year, compared with USD1bn in fourth quarter 2012, and USD8.1bn in January-March last year.Market effects generated an increase in assets of USD31.4bn, compared with USD4.9bn in October-December, while currency effects contributed USD9bn to the increase in AUM, where they had cut off USD1.2bn the previous quarter.
02/05/2013

Direxion launches two inverse triple leveraged ETFs

P { margin-bottom: 0.08in; } The US asset management firm Direxion (USD6.5bn) on 1 May listed two inverse triple leveraged ETFs for trading, the Direxion Daily Brazil Bear 3x Shares (ticker: BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).The first of these funds seeks to replicate 300% of the inverse of the performance of the MSCI Brazil 25/50 index, on a daily basis and before fees, while the second has the same objective with the MSCI Korea 25/50 as its benchmark, according to a press release.Both funds charge fees of 1%.
02/05/2013

MPL temporarily freezes redemptions for Traded Policies Fund

P { margin-bottom: 0.08in; } According to Investment Week, Managing Partners Limited (MPL) has suspended redemptions from its Traded Policies fund “in the interests of current and future shareholders,” in the form of a temporary “gate.”The fund, which invests in a portfolio of traded life insurance policies (TLP), has generated annualised returns of 8.94% on average since its launch in July 2004.In November, the FSA announced that it would be prohibiting sales of TLPs to retail investors, as they are considered “high risk and toxic.”
02/05/2013

Net redemptions, but an increase in assets at Henderson in Q1

P { margin-bottom: 0.08in; } Although overall, retail funds showed net subscriptions of GBP188m after two full years of net redemptions, Henderson Group plc has posted net redemptions in first quarter 2013, including Phoenix Group, of GBP1.269bn. Net redemptions to institutional clients, excluding Phoenix, represented GBP1.248bn.However, due to positive market and currency effects, which represented GBP4.496bn for the group, of which GBP2.839bn were for retail products, assets increased by GBP68.877bn as of 31 March, compared with GBP65.65bn as of 1 January, of which GBP33.293bn, compared with GBP30.266bn, were for retail.
02/05/2013

Assets under management at Pohjola up 4% in first quarter

P { margin-bottom: 0.08in; } Assets under management by the financial services group Pohjola, one of the largest in Finland, rose 4% in first quarter, to a total of EUR34.2bn, compared with EUR32.7bn as of the end of December 2012. Institutional clients represent EUR19.8bn, while OPCs represent EUR10.3bn, and the private bank has EUR4.1bn. The asset management unit shows a slight profit, but the cost/income ratio deteriorated to 58% in first quarter, still far from its objective of 45%.
02/05/2013

State Street investor confidence index up in April

P { margin-bottom: 0.08in; } The global investor confidence index released by State Street rose 5.5 points in April to 93.6 from March’s revised reading of 88.1. Driving this gain was a surge in confidence among North American institutions, whose confidence increased 10.2 points to 105.8 from the revised March reading of 95.6. In contrast, confidence among European and Asian institutions declined marginally. The European ICI registered a decrease of 3.9 points to 87.8, while the Asian Index fell 2.1 points to 85.2. “The North American ICI is now at its strongest level since May 2011. We would note that, at a sectoral level, flows favor defensive sectors, such as utilities, and this may signal some caution around both the natural resource sector, and global growth prospects more generally,” the authors of the study remark.
02/05/2013

Fund managers trade too much

P { margin-bottom: 0.08in; } According to a study by the Economist, relayed by Fondsnieuws, the average turnover for investments funds has risen from 15% in 1950 to about 100% in 2011, which has resulted in a rise in transaction costs.The total expense ratios total 1.39% and 1.07%, respectively, for US small cap and large cap funds, but the average transaction costs total an average of 3.17% and 0.84%.Funds with the highest transaction costs were also the ones which had the worst returns.
02/05/2013

SSgA market indicator raised from “low aversion to risk” to “normal”

P { margin-bottom: 0.08in; } In first quarter 2013, the Market Regime Indicator (MRI) published by State Street Global Advisors was raised from a level of “low aversion to risk” to a “normal level.” This macroeconomic indicator developed by the Investment Solutions team at SSgA is used to identify the level of aversion to risk on several markets, and its levels help to determine investors’ appetite for risk. The MRI level is calculated on the basis of the implicit volatility of equities, the volatility of currencies and spreads on fixed income. “First quarter 2013 brought a succession of major political events. The devaluation of the Japanese yen, the Cypriot crisis, and the lack of political stability in Italy had a direct impact on the markets,” SSgA commented.
02/05/2013

Assets up for Popular funds as of the end of March

P { margin-bottom: 0.08in; } Investment funds at Banco Popular as of 31 March posted assets of EUR7.5464bn, compared with EUR7.2719bn as of the end of December, and EUR7.4371bn twelve months previously, a quarterly report released on 30 April states.Assets under management in wealth management were up to EUR744m compared with EUR720.4m as of 31 December, but down compared with EUR837.5m as of the end of March 2012.Lastly, assets at pension funds increased by 1.3% in first quarter, to EUR4.9777bn, higher by 3.9% than as of 31 March 2012.Popular recorded a net distributable income of EUR104.22m, compared with EUR100.18m in the corresponding period of last year.
02/05/2013

Assets in funds at Bankinter up 20% in Q1

P { margin-bottom: 0.08in; } A fall in returns on deposits have provoked an increase in net subscriptions to investment funds at Bankinter, where assets increased to EUR6.01bn as of the end of March, compared with EUR5.03bn as of the end of December. One year earlier, it totalled EUR4.84bn. The increase in assets under management is due to in-house funds from Bankinter Gestión de Activos (+EUR764m, to EUR4.349bn), and to products from foreign asset management firms (+EUR219m, to EUR1.663bn).Assets in private banking as of 31 March totalled EUR14.8bn, which represents an increase of 3.7% compared with EUR14.3bn as of the end of December. Lastly, assets in pension funds totalled EUR1.45bn as of the end of first quarter, compared with EUR1.39bn three months previously, and EUR1.31bn as of 31 March 2012.Net profits for the Bankinter group increased by 1.9% in January-March compared with the corresponding period of last year, to EUR50.4m, from EUR49.4m.
02/05/2013

Vincent Kaufmann promoted to deputy director of Ethos

P { margin-bottom: 0.08in; } The Ethos Foundation and Ethos Services have appointed Vincent Kaufmann as deputy director from 1 May. He will assist Dominique Biedermann, director. He will also remain as head of wealth management, controlling and IT development.Kaufmann has been a member of the board at Ethos Services since 2011. He joined Ethos in 2004 as a corporate governance analyst, and then successively as a senior analyst and deputy head of corporate governance.
02/05/2013

Assets under management at Crédit Agricole (Switzerland) up in 2012

P { margin-bottom: 0.08in; } Assets under management at the Swiss affiliate of the French Crédit Agricole group totalled CHF44.9bn, compared with CHF44bn as of the end of 2011, an increase of 2%, according to a statement released on 30 April. The private banking sector is the largest activity of the Swiss affiliate, with a 70% contribution to its revenues, “despite a contrasted environment and continued pressure on the Swiss banking model,” the bank says. In 2012, Crédit Agricole (Switzerland) completed its installation in Hong Kong, where a branch was opened in 2011. Crédit Agricole (Switzerland) last year earned consolidated net profits of CHF130.2m, down 17.6% compared with 2011.

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