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21/03/2013

ING IM lance un site pour les conseillers financiers

ING Investment Management Italie vient de lancer un portail web dédié aux plus de 5.000 professionnels (banquiers privés et conseillers financiers) qui commercialisent ses 64 fonds autorisés dans le pays, rapporte Bluerating. Ce site offre des informations à jour sur les produits, des opinions et commentaires sur l’évolution des marchés et la documentation juridique.
21/03/2013

Gemalto va être coté à Amsterdam

Gemalto a annoncé le 21 mars la cotation de ses actions à la Bourse d’Amsterdam à partir du 3 avril et son retrait du SRD sur le marché parisien. Dans un communiqué, le spécialiste des cartes à puces précise qu’il ne présentera pas d’offre ni n'émettra d’actions dans le cadre de sa cotation à Amsterdam. Le groupe restera coté à Paris mais son marché de référence va être transféré de Nyse Euronext Paris à Nyse Euronext Amsterdam à partir du 30 avril. En conséquence, le titre Gemalto ne sera plus éligible au SRD (service à règlements différés) à partir du 25 avril.
21/03/2013

Résultats 2012 : Eurazeo pénalisé par des éléments non récurrents

La société d’investissement Eurazeo, qui présentait hier ses résultats pour 2012, a fait état d’une contribution positive des sociétés du portefeuille nette du coût de l’endettement de 238 millions d’euros (contre 138 millions proforma 2011). Le chiffre d’affaires économique ressort à 8,327 milliards d’euros, en progression de 9,4 % à données publiées (+2,9 % à données retraitées). Enfin, le coût de l’endettement financier des sociétés consolidées en intégration globale a diminué de près de 9 %.Le résultat net part du groupe ressort néanmoins en baisse de 198 millions d’euros, «du fait de l’impact d’éléments non récurrents tels que la cession de Motel 6 par Accor, le refinancement d’Europcar ou la cession de l’immobilier par ANF Immobilier», indique un communiqué. Un dividende à 1,20 euros par action a été proposé.
21/03/2013

SEB IM choisit BNY Mellon pour administrer 150 fonds

BNY Mellon Asset Servicing a été sélectionné par le suédois SEB Investment Management comme administrateur pour plus de 150 funds d’un encours total de quelque 40 milliards de dollars. Ces fonds sont domiciliés en Suède, au Luxembourg ou en Finlande, dont des fonds de hedge funds et des fonds de private equity. BNY Mellon Asset Servicing fera également office d’agent de transfert pour les fonds domiciliés au Luxembourg.
21/03/2013

ETF Securities lists fund on LSE

P { margin-bottom: 0.08in; } Shortly before introducing its euro version on the Frankfurt exchange on 21 Ma (ETFS EUR Daily Hedged Physical Gold, DE000A1NZLN6/JE00B4RKQV36), ETF Securities on 19 March received notice that the ETFS GBP Daily Hedged Physical Gold fund, a debt security product based on physical gold stored in London, hedged for currency risks in pounds sterling, had been admitted to trading on the London Stock Exchange (LSE).The product, whose ISIN code is JE00B7VG2M16, carries a management commission of 0.39% The hedging fee for the product is 0.26%. It is registered for sale in Austria, Italy, Germany, Finland, France, Portugal, Sweden, Denmark, Spain, the Netherlands, Ireland and Norway, in addition to the UK.The index replicated is the MS Long Gold British Pound Hedged Index.The German version will have fees of 0.39%.
21/03/2013

SSgA offers two new funds to Australian clients

P { margin-bottom: 0.08in; } A few days after launching two ETFs for its Australian clients (see Newsmanagers of 13 March), State Street Global Advisors (SSgA) has announced that it is offering an active solution for global equities, aimed at the same investors. This strategy, Global Managed Volatility Alpha (Global MVA), launched four years ago in the United States, “places portfolio construction at the core of the financial objectives of investors, rather than being based on a cap-weighted index.”SSgA states that commissions from the SSgA MVA DSH Trust (0.98%) and the Australian MVA Trust (0.79%) are among the lowest in the market for long-term, actively-managed ETFs. The asset management firm charges no performance fee on the two products.
21/03/2013

FRR announces returns of 10.5% in 2012

P { margin-bottom: 0.08in; } The French public pension fund, the Fonds de réserve pour les retraites (FRR), last year earned returns of 10.5%, after management fees, according to a statement by the FRR published on 20 March.As of 31 December 2012, net assets in the Fonds de Réserve pour les Retraites totalled EUR36.6bn. As this amount had totalled EUR35.1bn as of 31 December 2011, the FRR has recorded a net increase in the value of its investments of EUR1.5bn, after the payment of EUR2.1bn due to CADES, in the year 2012.Performance in the past year is due to two factors: on the one hand, the good performance of the performance asset class allocation, with +12.7% in 2012, and on the other hand, to a decline for government bond interest rates, and premiums for non-sovereign issuers, which has allowed the coverage allocation to post gains of 10.1%.The annualised performance of the FRR since its debut totals 3.5%. The financing ratio, which measures the capacity of the FRR to deliver on its liabilities (net assets / value of liabilities) stands at 135%, near the initial level for the new allocation (138% as of 10 December 2010).Due to market developments, the coverage allocation as of 31 December accounted for 58.6% of total assets, while the performance allocation accounted for 41.4% on that date.
21/03/2013

PowerShares preparing a short-term ETF of junk bonds

P { margin-bottom: 0.08in; } According to Index Universe, Invesco PowerShares has applied for a sales license for a global short-term ETF investing primarily in high yield credit. The product is expected to replicate the DB Global Short Term High Yield Bond Index. No positions of the fund may exceed 3 years of residual time to maturity.The provider has so far not set an acronym or TER level for the product, which is expected to be listed on the NYSE Arca electronic platform.
21/03/2013

AdvisorShares lists now bond ETF

P { margin-bottom: 0.08in; } AdvisorShares, a specialist in actively-managed ETFs, on 19 March admitted the AdvisorShares Newfleet Multi-Sector Income ETF fund (acronym MINC) to trading on the NYSE Arca electronic platform.The portfolio will invest primarily in investment-grade bonds (govies, corporate bonds), and may also enter the emerging market and high yield debt markets. The average duration for bonds will be 1 to 3 years.The total expense ratio for the MINC will be 0.75%. Management is provided by Newfleet Asset Management, an affiliate of Virtus Investment Partners.
21/03/2013

FTSE and DPT Capital launch range of long/short commodity indices

P { margin-bottom: 0.08in; } The FTSE group and DPT Capital Management, based in Princeton, New Jersey, have launched a new range of long/short commodity indices, the FTSE Target Exposure Commodity Index Series, based on the portfolio allocation and risk management approach developed by professor John M. Mulvey.
21/03/2013

Kroll ratings agency received ESMA certification

P { margin-bottom: 0.08in; } The European Securities Markets Authority (ESMA) on 20 March announced that it has approved certification for the European Union for Kroll Bond Rating Agency (KBRA). The certification is effective from 20 March 2013. KBRA, based in the United States and supervised by the Securities & Exchange Commission, is the first ratings agency to receive a certification following recognition by the European Union of the principle of equivalence of the regulatory and monitoring framework in place in the United States with the European regulatory standards.
21/03/2013

Aberdeen, M&G and Pictet are the fund pickers' favourites

P { margin-bottom: 0.08in; } Ahead of an annual survey, which, according to information obtained by Newsmanagers, will be released in a few weeks, Diana Mackay, head of Fund Buyer Focus, has told Ignites that a survey of 900 fund selectors (EUR1.430trn in assets) finds that the three favourite asset management firms of this population this time are Aberdeen Asset Management, followed by M&G and Pictet AM. They beat out BlackRock, Pimco, JPMorgan AM, Henderson GI, Carmignac, Threadneedle and DWS.
21/03/2013

If Cyprus is runs off the rails, Pimco will adjust exposure to Italy and Spain

P { margin-bottom: 0.08in; } Andrew Balls, manager of the European portfolio at Pimco, has told the Wall Street Journal that if the bailout of Cyprus runs out of control, the US asset manager will study opportunities to reduce its exposure to euro zone countries such as Spain and Italy, Expansión reports. But, alternatively, Pimco would buy debt from these countries if the ECB manages to reestabllish confidence in the financial markets. The good news is that the second of these alternatives currently appears to be the more likely, and the banking crisis in Cyprus appears to be within reach of control.
21/03/2013

Mirabaud showcases its Dynamic Allocation fund

P { margin-bottom: 0.08in; } On 19 December, Geneva-based Mirabaud launched a new multi-asset class fund, Dynamic Allocatino, with its new CIO, Pierre Pinel. The fund already has assets of EUR25m, with no seed capital, the manager told Newsmanagers on Wednesday.“It is a flexible, top-down, conviction fund, which will not cling to its benchmark (one third equities, one third goies and one third investment grade credit), but which for the moment remains relatively prudent, to give itself time to build up a track record.” The fund is presently only 40% invested in equities, although the statutes would allow it to increase that allocation to up to 80%.“The product is strategic for the Mirabaud bank, insofar as clients will benefit from the attractive and consistent risk/return profile of multi-asset class funds.” In addition, it may be supposed that one of the advantages for the asset manager is due to the fact that clients are generally less quick to redeem a multi-asset class fund than from plain vanilla funds in a single category.The portfolio is composed exclusively of highly liquid vehicles, such as ETFs and futures, “since, in order to be flexible, you have to be liquid,” says Pinel. The asset classes are equities, bonds, and now, commodities (gold and industrial metals). The manager is allowed to take short positions, most often in order to hedge positions. But he may also be net short in an asset class (most likely government bonds) if needed.CharacteristicsName: Mirabaud – Dynamic AllocationISIN codes: LU0862032199 / 20083182 for I share classLU0862031894 / 20083176 for A share classManagement fees:0.6% (I share class)1.2% (A share class)
21/03/2013

F&C closes a Thames River fund

P { margin-bottom: 0.08in; } F&C Investments is planning to close the Thames River Global Credit fund by Simon Holmes and Amy Xie Patrick, due to low asset levels, Money Marketing reports. The fund has only EUR15.3m in assets.
21/03/2013

Approval for Axa WF Framlington Global Small Cap fund in Germany

P { margin-bottom: 0.08in; } Axa Investment Managers Paris has announced that the UCITS-compliant fund AXA WF Framlington Global Small Cap (LU0868490979) mau now be sold in Germany. It is managed by Isabelle de Gavoty, head of the European smidcaps team at Axa Framlington, and Bruno Grandsard (see Newsmanagers of 29 January).Front-end fee is a maximum of 2%, and management commission is 0.9%.
21/03/2013

NYSE Euronext and Vigeo launch range of ESG indices

P { margin-bottom: 0.08in; } The NYSE Euronext group and the socially responsible performance specialist Vigeo on 20 March announced the launch of a series of Environment, Social and Governance (ESG) indices, to promote visibility and assist in the development of Socially Responsible Investment (SRI).The new product range is composed of the Euronext Vigeo World 120, Euronext Vigeo Europe 120, Euronext Vigeo France 20 and Euronext Vigeo United Kingdom 20 indices, and includes the largest caps in Europe, North America, and Asia-Pacific. The composition of the indices is determined on the basis of Vigeo opinions, and will be updated twice per year, in May and November. The series of indices will be complemented at the end of first half 2013 by two more indices, one for the United States, and one for the Benelux area.Businesses included in the Euronext Vigeo index have received top ratings for their control of social responsibility risks and their contribution to sustainable development. Performance is evaluated on the basis of the Equitics® methodology developed by Vigeo. These rankings are established on the basis of 38 criteria, which take into account environmental policy, respect for human rights, and valuation of human resources at businesses, relationships with participants (clients, providers, shareholders, etc.), corporate governance and business ethics, all practices to influence and combat corruption, and preventing social and environmental dumping in the subcontracting supply chain.
21/03/2013

Assets under management at PensExpert up 18%

P { margin-bottom: 0.08in; } The professional retirement savings specialist PensExpert has seen an increase of 18% in its assets under management in 2012, to CHF2.25bn, Agefi Switzerland reports. 95% of the increase is due to net inflows, and 5% due to the performance of investments.
21/03/2013

Gottex takes over UK firm Frontier AM

P { margin-bottom: 0.08in; } The alternative management specialist Gottex has taken over a majority stake in the British firm Frontier Investment Management, according to a statement released on 20 March. Assets under management at the firm, founded in 2004, total USD550m, in various multi-asset products. The agreed price includes Gottex shares and an amount in cash which will be paid over the next two years, depending on future earnings at Frontier, Gottex says in a statement. The acquisition will have a positive effect on operating profits in the next year, and will also have a positive impact on profits per entirely diluted share, partly due to expected synergies. The founder and CEO of Frontier, Michael Azlen, will retain a substantial stake in the capital of the firm, and will become a member of management at Gottex. He will be responsible for European multi-asset activities.
21/03/2013

Eric Syz leaves his position as CEO of Altin

P { margin-bottom: 0.08in; } The Swiss alternative management firm Altin has appointed Tony Morrongiello as CEO. In this position he replaces Eric Syz, who remains as a member of the board of directors at the firm, finews reports. Morrongiello is the founder of Aliburn Capital Partners, and has over 15 years of experience in the management of funds of hedge funds.
21/03/2013

Oddo AM funds arrive on an Italian platform

P { margin-bottom: 0.08in; } The 14 funds from Oddo Asset Management which have been licensed for sale in Italy are now available on Online sim, the distribution platform of the Ersel group, Bluerating reports. “The agreement with Online sim represents a further and decisive step in strengthening our presence in the retail segment, where we have great ambitions for fund distribution,” says Jurgen Mahler, head of Oddo AM for Italy.
21/03/2013

ING IM launches a website for IFAs

P { margin-bottom: 0.08in; } ING Investment Management Italy has launched a website dedicated to over 5,000 professionals (private bankers and independent financial advisers) who sell the 64 funds authorised for sale in the country, Bluerating reports. The website offers up-to-date information about products, opinions and commends on the evolution of markets, and legal documentation.
21/03/2013

UBS: Head of wealth management for MENA promoted

P { margin-bottom: 0.08in; } Ali Janoudi, currently head of wealth management for the Middle East and North Africa (MENA) at UBS, will replace Tony Iliya as CEO for the region. Iliya has been in the role since summer 2010. Janoudi will also continue to serve as head of wealth management, finews reports.
21/03/2013

SEB IM selects BNY Mellon to administer 150 funds

P { margin-bottom: 0.08in; } BNY Mellon Asset Servicing has been selected by the Swedish firm SEB Investment Management as administrator for more than 150 funds, with total assets of approximately USD40bn. The funds are domiciled in Sweden, Luxembourg and Finland, and include funds of hedge funds and private equity funds. BNY Mellon Asset Servicing will also serve as transfer agent for funds domiciled in Luxembourg.
21/03/2013

DJ Credit Suisse hedge fund index up 0.24% in February

P { margin-bottom: 0.08in; } The Dow Jones Credit Suisse hedge fund index finished the month of February with gains of 0.24%. Six of the strategies in the index finished the month with gains. Net inflows to the sector in February totalled about USD3.4bn, bringing total assets under management to about USD1.8trn. The most popular strategies were fixed income arbitrage and emerging markets, with respective inflows of 1.86% and 1.21% to assets in January 2013.
21/03/2013

MSCI offers new momentum indices

P { margin-bottom: 0.08in; } As additions to its MSCI Risk Premia indices, MSCI has launched the MSCI Momentum Indices, which aim to replicate the performance of a momentum equities strategy by overweighting equities with high price momentum. These products may be used by investors to diversify a portfolio of premium risk strategies. BlackRock has already acquired a license to provide a new iShares ETF based on the new indices.The range currently consists of the MSCI ACWI Momentum Index and the MSCI USA Momentum Index. It is expected to grow this year. Each index calculates a momentum score for the risk-adjusted share price of each share in the parent MSCI indices (MSCI ACWI Index or MSCI USA Index), and identifies shares with the best momentum scores. Eligible shares are weighted according to the volume of their float and their momentum.
21/03/2013
Fonds

SSgA propose deux nouveaux fonds aux Australiens

Quelques jours après avoir lancé deux ETF destinés à ses clients australiens (lire Newsmanagers du 13 mars), State Street Global Advisors (SSgA) annonce qu’il propose une solution active sur les actions mondiales destinée à ces mêmes clients. Cette stratégie, Global Managed Volatility Alpha (Global MVA), lancée il y a quatre ans aux Etats-Unis, «met au centre de la construction de portefeuille les objectifs financiers des investisseurs, plutôt que de se fonder sur un indice traditionnel capi-pondéré».SSgA précise que les commissions du SSgA Global MVA DSH Trust (0,98 %) et du Australian MVA Trust (0,79 %) figurent parmi les plus basses du marché dans l’univers des actions gérées activement sur le long terme. Le gestionnaire ne prélève pas de commission de performance pour ces deux produits.
Fonds
21/03/2013
Fonds

Progression de 18% des actifs sous gestion de PensExpert

Le spécialiste de la prévoyance professionnelle PensExpert a vu ses actifs sous gestion augmenter de 18% en 2012, à 2,25 milliards de francs, rapporte L’Agefi suisse. La hausse provient pour 95% de la collecte nette et pour 5% de la performance des placements.
Fonds
21/03/2013

Eric Syz quitte son poste de CEO chez Altin

La société de gestion alternative suisse Altin a nommé Tony Morrongiello au poste de CEO. Il remplace dans cette fonction Eric Syz, qui demeure au conseil d’administration de la société, précise finews. Le nouvel arrivant est le fondateur de Caliburn Capital Partners et possède plus de 15 ans d’expérience dans la gestion de fonds de fonds alternatifs.
21/03/2013

Gottex reprend le britannique Frontier AM

Le spécialiste de la gestion alternative Gottex a repris une participation majoritaire dans le britannique Frontier Investment Management, selon un communiqué publié le 20 mars. Les actifs sous gestion de cette société, fondée en 2004, s'élèvent à 550 millions de dollars dans divers produits Multi-Asset.Le prix de l’acquisition combine des actions Gottex et un montant qui sera payé sur les deux prochaines années, en fonction des recettes futures de Frontier, précise Gottex dans son communiqué. La reprise devrait avoir un effet positif sur le bénéfice d’exploitation dans l’espace d’un an et avoir aussi un impact positif sur le bénéfice par action entièrement dilué, en partie grâce aux synergies attendues. Fondateur et CEO de Frontier, Michael Azlen gardera une part substantielle du capital de la société et viendra renforcer la direction de Gottex. Il s’occupera des activités Multi-Asset européennes.

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