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18/04/2013
Fonds

Nouvelle progression en mars des actifs des fonds de placement

Le volume global des fonds de placement gérés en Suisse a progressé de 17,6 milliards de francs suisses en mars 2013 pour s'établir à 754,4 milliards de francs suisses, selon les statistiques communiquées par Swiss Fund Data (SFA). Sur ce montant, les investisseurs institutionnels représentent 289,8 milliards de francs, précise le communiqué.En mars, la collecte nette s’est élevée à 1,6 milliard de francs suisses. Ce sont les fonds obligataires qui ont recueilli le plus de souscriptions (2,6 milliards de francs), devant les fonds stratégiques de placement (1,6 milliard de francs). Des désinvestissements ont été opérés dans les fonds monétaires (-1,3 milliard de francs) et les fonds en actions (-0,4 milliard de francs), indique la SFA.
Fonds
18/04/2013

La stratégie européenne d'Ignis passe désormais par l'Allemagne et la France

Philip Goldsmith, managing director Europe, de la société de gestion Ignis Asset Management, ne fait pas mystère de ses ambitions. L’Europe continentale est désormais au centre de la stratégie d’Ignis, la filiale à 100% du groupe d’assurances Phoenix, qui jusqu’en 2009, était exclusivement centrée sur le marché britannique. Depuis, le management a été complètement renouvelé et Ignis affiche de nouvelles ambitions.La société de gestion compte actuellement une dizaine de collaborateurs en Europe, distribués entre l’Italie (2 personnes à Milan), l’Espagne (1 à Madrid), la Suisse (1 à Zurich), et Bruxelles où un collaborateur couvre le Benelux. Une équipe de support de quatre personnes est installée à Londres. Un bonne base de départ mais Ignis ne compte pas s’arrêter là. Récemment de passage à Paris, Philip Goldsmith, qui sillonne l’Europe à partir de son bureau de Lausanne, a indiqué à Newsmanagers qu’il envisageait dès cette année d’ouvrir un bureau en Allemagne et il pourrait ensuite, l’an prochain par exemple, implanter une antenne à Paris. En attendant, les actifs sous gestion d’Ignis s’inscrivent à quelque 84 milliards d’euros, dont 65 milliards d’euros dans des produits obligataires. Spécialiste reconnu des stratégies obligataires, Ignis souhaite désormais renforcer le pôle actions qui pèse quelque 13 milliards d’euros. Deux spécialistes ont récemment été recrutés, l’un sur les actions émergentes, l’autre sur les actions britanniques. Ignis continue parallèlement de cultiver son expertise obligataire. La société prépare actuellement une stratégie de performance absolue sur la dette émergente qui pourrait être proposée en Europe dans le courant de l'été.
18/04/2013

Aberdeen AM renforce son équipe de fonds de fonds immobiliers

Aberdeen Asset Management a recruté Alek Misev, gérant immobilier en provenance de Towers Watson, pour renforcer l'équipe dédiée aux fonds de fonds. L’intéressé était en charge des actifs de fonds de pensions australiens chez son ancien employeur, précise Citywire. Ce recrutement fait suite à l’arrivée de Dimme Lucassen au pôle multigestion, en provenance de Schroders, en janvier. A son nouveau poste, Alek Misev sera en charge de la gestion de mandats immobiliers et du lancement de nouveaux produits.
18/04/2013

Schroders recrute deux gérants actions

Schroders a annoncé le 17 avril le recrutement de deux spécialistes de la gestion, Philip Matthews et Alex Breese, qui vont rejoindre l'équipe actions. Philip Matthews va gérer le Schroder UK Alpha Plus Fund, Alex Breese prenant en charge le Schroder UK Equity et le Schroder ISF UK Equity.Philip Matthews travaillait précédemment chez Jupiter où il pilotait le Jupiter Growth & Income Fund. Alex Breese vient de chez Neptune où il était responsable des actions britanniques et gérant du Neptune Special Situations fund.
18/04/2013

Schroders enrichit son offre dédiée aux institutionnels

Schroders vient d’annoncer l’addition pour la première fois de titres assurantiels (insurance linked securities) à son offre de produits à destination des investisseurs institutionnels, suite à l’acquisition d’une participation de 30% au capital de la société suisse Secquaero Advisors, spécialisée sur ce segment de marché.Les actifs conseillés par Secquaero s'élèvent à environ 280 millions de dollars.
18/04/2013

BNY Mellon va piloter les dérivés du fonds de pension de BA

Le fonds de pension de British Airways a attribué un mandat à BNY Mellon portant sur la gestion des dérives de gré à gré et du collatéral.Le mandat porte sur deux programmes de retraite qui représentaient un encours cumulé de plus de 15 milliards de livres à fin 2012. BNY Mellon assure actuellement des services sur quelque 2.000 milliards de dollars de collatéral global.
18/04/2013
Fonds

RWC lance un fonds d'actions européennes basé aux îles Caïman

RWC vient de lancer un fonds dédié aux actions européennes, le European Focus Fund, domicilié aux îles Caïman et doté de 145 millions de dollars d’actifs, a indiqué RWC dans un communiqué.Le fonds sera piloté par l'équipe qui a rejoint RWC en provenance de Hermes en octobre 2012. Le fonds réplique une stratégie existante gérée par cette équipe depuis février 2009. La stratégie investit dans un portefeuille concentré de 10 à 20 valeurs sous-évaluées. L’idée est de dégager de la valeur dans une perspective de long terme en intervenant activement dans la stratégie des entreprises sélectionnées. La stratégie a une capacité de 1 milliard de dollars et le fonds est un maître-nourricier domicilié aux îles Caïman. Les actifs sous gestion de RWC s'élèvent actuellement à environ 5,5 milliards de dollars, dont 890 millions dans des stratégies activistes qui comprennent le Specialist UK Focus Fund et le Japan Stewardship Fund.
Fonds
18/04/2013

Alceda to launch Miller/Howard and Clark Capital in Europe

P { margin-bottom: 0.08in; } The Luxembourg-based firm Alceda Fund Managemnet, which currently administers about EUR5.4bn in assets, on 17 April announced that it will be opening the European UCITS-compliant fund market up to two US asset management firms, Miller/Howard Investments, of Woodstock, New York, and Clark Capital Management Group, of Philadelphia, on the Alceda Ucits Platform (AUP).Miller/Howard (USD5.3bn) is a specialist in the selection of high-dividend equities, while Clark Capital (USD3bn) focuses on tactical allocations to fixed income.The launch of UCITS-compliant products will allow the two asset management firms to reach a vast audience of investors not only in Europe, but also in Asia and Latin America.
18/04/2013

OFT investigates BlackRock/Credit Suisse deal

P { margin-bottom: 0.08in; } The Office of Fair Trading in the United Kingdom is looking into BlackRock’s agreement to acquire Credit Suisse’s exchange traded fund (ETF) business, to assess the potential effects the merger would have on the market, Citywire Wealth Manager reports. The organisation is contacting some clients of BlackRock to obtain their opinion about the operation, in order to determine how the new entity will affect competition, product selection, and price.
18/04/2013

Hedge funds take money from pension funds even as they criticise the system

P { margin-bottom: 0.08in; } The second-largest US teachers’ union, the American Federation of Teachers, will released today a list of 34 hedge fund managers and other investment firms which helped to lead or made contributions to organisations which are hostile to defined-benefit plans, the Wall Street Journal reports. The union is asking pension fund trustees to take into account these relationships when they decide to invest with these firms. “I have a problem with people who think that they can play both sides,” says Jay Rehak, chairman of the Chicago Teachers’ Pension Fund.
18/04/2013

European treasurers concerned about debate over valuation of MMFs

European treasurers and others investing in constant net asset value (CNAV) money market funds (MMFs) are likely to be the most impacted by the current regulatory debate around MMFs in Europe, says Fitch Ratings.Almost half (47%) of European treasurers investing in CNAV MMFs, irrespective of the amount of their cash holdings, view a regulatory shift to variable NAV (VNAV) MMFs as a potential concern as the funds’ risk profile may become less clear, according to the results of a survey of European treasurers published in conjunction with Treasury Management International (TMI) on 26 February 2013.This is consistent with the widely held view of European treasurers’ that the main strength of CNAV funds is their clear risk profile (cited by 71% of CNAV users). 50% of CNAV investors also cite their simple tax and accounting treatment as a strength (vs. 31% for the total sample of treasurers), which might disappear in VNAV funds.
18/04/2013

Project financing increasingly involves shadow banking

P { margin-bottom: 0.08in; } In the space of two years, the shadow banking system has become a preferred partner to finance infrastructure projects, going from virtually no contribution to about USD20bn, according to a Standard & Poor’s study entitled “Inside Credit: Shadow Banking Looks Set to Capture a Larger Share of Project Financing in 2013.” According to the financial ratings agency, the trend is expected to continue this year, with financing of about USD25bn. This rise of shadow banking may be viewed in parallel with the current difficulties being experienced by traditional purveyors of funding for infrastructure projects, including governments and banks. Last year, financing from the global lending market totalled less than USD200bn, compared with USD214bn in 2011. According to Standard & Poor’s about 10% of the USD200bn came from alternative sources of financing and institutional investors. This amount is similar to the financing coming from public bond markets, which totalled USD24bn in 2012.
18/04/2013

Johannes Führ AM gets a new CEO

P { margin-bottom: 0.08in; } The Frankfurt-based asset and wealth management firm Johannes Führ Asset Management (EUR1.3bn in assets) has announced that it has seen significant growth in its assets under management in 2012, largely in open-ended funds, “which is inciting investment in infrastructure and human resources.” This has included the recruitment on 1 March of Karl-Hein Pfarrer as a member of the board, which he now chairs, alongside Allan Ricardo Valentiner, head of fixed income. Pfarrer was chairman of the managing board at Postbank Privat Invest from 1998 to 2012.Johannes Führ AM is planning to launch new products in the area of bonds, which is already its area of excellence. As of the end of December, assets in open-ended funds totalled EUR352m, which represents an increase of EUR103m (performance effects and net subscriptions) compared with the end of 2011.Assets in institutional mandates increased by EUR123m last year.
18/04/2013

Profits up at versiko

P { margin-bottom: 0.08in; } The German sustainable investment consulting firm versiko has announced that in 2012 it earned net profits of over EUR2m, compared with EUR1.5m in 2011, on earnings of EUR8m, compared with EUR8.17m. It is planning to pay an unchanged dividend of 27 cents per preferred share, which corresponds to a return in dividends of 5%.The increase in profits is largely attributed to the success, and thus commission revenues, from the Ökovision Classic fund (EUR370m), managed by the Luxembourg affiliate Ökoworld.
18/04/2013

PGGM to check all its stakes in equities against an ESG index

P { margin-bottom: 0.08in; } PGGM, a Netherlands-based asset management firm with EUR133bn, will check companies of the FTSE All-World index in which it has invested against an ESG index developed in order to encourage businesses to improve their sustainable development policies, IPE.com reports. The index is based on 70 environmental, social and governance critieria. PGGM states that it will tie the ESG index to an active engagement and exclusion policy.
18/04/2013

Coutts recruits from GAM

P { margin-bottom: 0.08in; } The British wealth management firm Coutts, an affiliate of Royal Bank of Scotland (RBS), has recruited David Lam, who as managing director in charge of northern Asia, will oversee Hong Kong, China and the Philippines, Asian Investo reports. Lam, who had previously worked at GAM, wil be based in Hong Kong, and will begin in his new role on 29 May. He will succeed Ignatius Chong, who will concetrate on the Hong Kong market.
18/04/2013

Fidelity registers its FAST Asia fund in Germany

P { margin-bottom: 0.08in; } Fidelity Worldwide Investment on 17 April announced that its new Asia fund of the Fidelity Active Strategy (FAST) range has recently received a license from BaFin for sale in Germany (see Newsmanagers of 10 April). With the Asia Fund range, FAST now includes eight funds.
18/04/2013

Quant.Capital launches AR forex fund

P { margin-bottom: 0.08in; } With the Quant.El-Erian, a UCITS IV-compliant fund, which is starting up ith EUR20m in assets contributed by institutional clients, the asset management boutique Quant.Capital Management, based in Düsseldorf, is launching an algorithmic and quantitative absolute return fund, managed by HansaInvest.The management of the open-ended product (aimed at institutionals) with daily liquidity is inspired by the scientific thought of Ola El-Erian of Oxford University, a strategy which has earned more than 30% per year for a decade, on a portfolio of USD250m. The portfolio is invested in nine of 45 pairs of G-10 currencies, with a three-day horizon.CharacteristicsName: Quant.El-ErianISIN code: DE000A1J67N1Minimal subscription: EUR250,000Management commission: 0.85%Performance commission: 15% with high watermark
18/04/2013

Further increase in investment fund assets in March

P { margin-bottom: 0.08in; } The total volume of investment funds managed in Switzerland rose by CHF17.6bn in March 2013, to a total of CHF754.4bn, according to statistics released by Swiss Fund Data (SFA). Of this total, institutional investors represent CHF289.8bn, a statement says. In March, net inflows totalled CHF1.6bn. Bond funds took the largest subscriptions (CHF2.6bn), followed by strategic investment funds (CHF1.6bn). Divestments were made from money market funds (-CHF1.3bn) and equity funds (-CHF0.4bn, the SFA states.
18/04/2013

Neuberger Berman recruits from Carlyle

P { margin-bottom: 0.08in; } Susan Kasser, who was one of the founders of Carlyle Mezzanine Partners, has left the private equity group to join Neuberger Berman in March as managing director and head of private debt at Neuberger Berman Alternatives. She is based in New York.
18/04/2013

Record profits for asset and wealth management at BoA

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the Global Wealth & Investment Management (GWMIM) unit of Bank of America (BoA) totalled USD720m, compared with USD576m in October-December, and USD550m in January-March 2012.Assets as of 31 March totalled USD745.3bn, compared with USD698.1bn on 31 December, and USD677.6bn twelve months previously.The bank, which has posted total net profits of USD2.6bn, compared with USD732m in the fourth quarter of 2012, and USD655m in the corresponding period of last year, has announced that profits for the GWMIM division in January-March 2013 set records for revenues, net profits and net subscriptions for the period since the takeover of Merrill Lynch.Asset management fees rose 9% in annual terms, to USD1.6bn, and net inflows to long-term products totalled USD20.4bn, January-March 2013 marked the fifteenth consecutive quarter of net subscriptions.
18/04/2013

AllianceBernstein sues former financial advisers

P { margin-bottom: 0.08in; } AllianceBernstein has filed lawsuits against several financial advisers who left the group, and who, the firm says, are seeking to take its clients with them, the Wall Street Journal reports. Since the beginning of 2011, the asset management firm has sued 10 former advisers before the Manhattan Supreme Court, against none in 2010. Some lawyers view the suits as a warning to top-performing independent financial advisers still employed at the private clients unit of AllianceBernstein, but who have been discouraged by its recent performance. Clients withdrew USD3.2bn in fourth quarter last year, and analysts are predicting a further decline in first quarter.
18/04/2013

Fall in the price of gold cost John Paulson USD1.5bn

P { margin-bottom: 0.08in; } The fall in the price of gold has personally cost John Paulson at least USD1.5bn since the beginning of the year, the Financial Times reports. Since 2009, the billionaire manager had allowed clients of Paulson &Co. to denominate their shares in gold rather than dollars. This is an option which he himself chose. 85% of his personal wealth invested in the firm is linked to the price of gold, according to sources familiar with the matter. Paulson owns slightly over half of the USD18bn managed by the hedge fund.
18/04/2013

US mutual funds: subscriptions slow again

P { margin-bottom: 0.08in; } In March, net subscriptions to long-term mutual funds totalled USD44.771bn, according to Morningstar, compared with USD51.9bn in February, and USD87.2bn in March. For first quarter overall, they totalled USD184.325bn, putting assets at a total of USD9.817trn.Money market funds saw net outflows of USD54.080bn in March, and of USD92.808bn in the first three months of the year, on assets under management as of the end of March of USD2.391trn.Excluding money market funds and funds of funds, the strongest net inflows in March went to Vanguard (USD8.190bn) and Pimco (USD5.370bn), followed by Fidelity (USD2.936bn) and T. Rowe Price (USD2.909bn). However, American Funds was the only one of the top ten firms to post net outflows, of USD2.443bn.In first quarter, Vanguard and Pimco lead largely, with respective net subscriptions of USD33.971bn and USD23.042bn, with Fidelity in third place at USD8.862bn.
18/04/2013

Petercam registers EM Sustainable fund in several European countries

P { margin-bottom: 0.08in; } The SRI Emerging MarketsSustainable sub-fund of the Luxembourg Sicav Petercam L Bonds (see Newsmanagers of 21 January and 25 March) now has assets of about EUR20m. The SRI product of government bonds is now registered in Luxembourg, since 18 March, in Belgium and Spain since 5 April, in the Netherlands since 9 April, in Germany since 11 April, and in France since 15 April. The application process is also already underway in Switzerland.
18/04/2013

Federated Investors proposes EMD fund

P { margin-bottom: 0.08in; } Via its Irish affiliate Federated International Funds plc, the US firm Federated Investors has launched an emerging market debt fund aimed at European investors, primarily institutionals. It is a product which may invest in government bonds as well as emerging market corporate bonds of investment or speculative grade. It is available in shares denominated in US dollars or euros hedged for currency risks.CharacteristicsName: Federated Emerging Markets Global Debt FundISIN code: IE00B88Y0Q53Management commission: 0.95%
18/04/2013

Schroders recruits for equity team

P { margin-bottom: 0.08in; } Schroders on 17 April announced the recruitment of two management specialists, Philip Matthews and Alex Breese, who have joined the equity team. Matthews will manage the Schroder UK Alpha Plus Fund, while Breese will be responsible for the Schroder UK Equity and the Schroder ISF UK Equity. Matthews previously worked at Jupiter, where he had managed the Jupiter Growth & Income Fund. Breese joins from Neptune, where he had been responsible for UK equities and manager of the Neptune Special Situations fund.
18/04/2013

Schroders adds to product range

P { margin-bottom: 0.08in; } Schroders has announced the addition of insurance-linked securities for the first time to its range of products aimed at institutional investors, following the acquisition of a 30% stake in the capital of the Swiss firm Secquaero Advisors, specialised in this market segment.Assets advised by Secquaero total about USD280m.
18/04/2013

Continental Europe at the core of Ignis' strategy

P { margin-bottom: 0.08in; } Philip Goldsmith, managing director Europe at the asset management firm Ignis Asset Management, does not conceal his ambitions. Continental Europe is now at the centre of the stratgy of Ignis, a wholly-owned subsidiary of the Phoenix insurance group, which until 2009 had been focused exclusively on the British market. Since then, the management has been completely replaced, and Ignis has new ambitions.The asset management firm now has 10 employees in Europe, distributed between Italy (2 people in Milan), Spain (1 in Madrid), Switzerland (1 in Zurich), and Brussels, where one employee covers Benelux. A support team of four people is based in London, This is a good starting-point, but Ignis does not plan to stop there. Goldsmith, on a recent visit to Paris, and who handles Europe from his office in Lausanne, has told Newsmanagers that he is planning to open an office in Germany this year, and that he may subsequently, perhaps next year, open an office in Paris.Meanwhile, assets under management by Ignis total about EUR84bn, of which EUR65bn are in bond products. Ignis, a recognized speicalist in bond strategies, is now planning to add to the equity unit, which now has about EUR13bn. Two specialists have recently been recruits, one for emerging markets, and the other for British equities.Ignis is also continuing to cultivate its bond expertise. The firm is currently preparing an absolute return and emerging market debt strategy, which may be made available in Europe this summer.
18/04/2013

Aberdeen AM adds to real estate fund of fund team

P { margin-bottom: 0.08in; } Aberdeen Asset Management has recruited Alek Misev, a real estate manager from Towers Watson, as an addition to the team dedicated to funds of funds. Misev had been in charge of assets from Australian pension funds at his former employer, Citywire reports. The recruitment follows the arrival of Dimme Lucassen as part of the multi-management unit, from Schroders, in January. In his new role, Misev will be responsible for management of real estate mandates and the launch of new products.

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