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28/01/2013

Aberdeen assets up by GBP20bn in one year

As of 31 December, assets under management by Aberdeen Asset Management totalled GBP193.4bn, compared with GBP187.2bn as of the end of September, and GBP173.2bn one year previously.Net subscriptions in October-December totalled GBP1.1bn, due to net inflows of GBP3.1bn from equity products, compared with balanced inflows and outflows in the previous quarter, and net outflows of GBP2.8bn in the corresponding period of 2011. Market effects were positive to the tune of GBP5.1bn in fourth quarter 2012.Mike Turner, head of global strategy and asset allocation, has told Newsmanagers that for the next 3-6 months, he is recommending an overweight position on equities, but that he is not overly optimistic about the asset class, which may reach its peak, and which is expected to see increased volatility due among other things to political risks in the United States, Italy and Spain.
28/01/2013

Milton projects above consensus profits

In a regulatory story published on the website of the London Stock Exchange, the British Milton Group on 25 January announced that for the fiscal year ending on 31 December 2012, it is projecting “adjusted” profits after taxes higher than the GBP3.4m predicted by the consensus of analysts. The general shareholders’ meeting on 24 January approved a namce change from MAM Funds Plc to Milton Group.Assets as of the end of 2012 totalled GBP1.786m, compared with GBP1.666m one year earlier, due to net subscriptions of EUR62m, and positive market effects of EUR58m.Milton, which has recently recruited Nick Ford, George Godber, Goergina Hamilton and Hugh Grieves, has also announced plans to launch three new equity indices (British mid and large caps, US “multi-caps).
28/01/2013

La Française launches a fund which matures in 2018

La Française has announced the launchof the LFP Rendement Global 2018 target date fund.The bond fund, with maturity in 6years, is focused on European and US credit and emerging market debt.Europe/US credit may represent up to 10% of the fund’s allocation.The portfolio may invest in countries outside the OECD (emergingcountries) for up to 30% of the allocation. Positions in US dollarsare hedged for currency risks.CharacteristicsAvailable shares: I –FR0011370998 (capitalisation), R – FR0011370972 (capitalisation),D – FR0011370980 (distribution)Front-end fees during the salesperiod: noneFinal closure of the fund tosubscriptions: 30 September 2013, at the latestWithdrawal penalties: noneI shares = 0.7% total including taxes,including fees for management functions: 0.6% maximum total includingtaxesR/D shares = 1.3% total includingtaxes, including fees for management functions: 1.2% total includingtaxes
28/01/2013

Euronext Funds Servive lists a Robeco fund

NYSE Euronext has announced that on 25 January it admitted the 175th fund to trading on the Euronext Funds Service (EFS). It is the Robeco Privilege (NL0010366407), whose benchmark index is the MSCI World. The total expense ratio for the fund is 1.12%.
28/01/2013

Lombard Odier plans to grow in Asia

The Swiss private bank Lombard Odier, which signed a cooperation agreement with the South Korean Kookman Bank last month, is planning to sign further partnerships in Asia, Asian Investor reports. Lombard Odier is also seeking to recruit client advisers in Singapore to develop in the Indonesian high net worth private client segment. Assets under management from the Asia-Pacific region currently total about EUR8bn, equivalent to 4% of total assets of EUR200bn.
28/01/2013

ETF assets top USD2trn

On 18 January, assets under management in exchange-traded products (ETP) worldwide totalled an all-time high of USD2trn, according to statistics from the BlackRock Investment Institute. After a year in 2012 in which inflows totalled UD262.7bn, the market has continued to grow since the beginning of this year. According to ETFGI, assets under management as of 31 December totalled USD1.95trn.Although it took 19 years for ETPs to pass USD1trn in assets, which they did in 2009, it will have taken only four years for them to double this amount.
28/01/2013

Russell Investments recruits a head for Scandinavia

Russell Investments has recruited Sjef Pieters has head of Scandinavia, IPE.com reoprts. He will be based in Amsterdam, and will be responsible for the institutional market in the region. He joins from SAIL Advisors, where he had been senior vice president. Before that, he had been head of Lyxor Benelux, and a principal at Barclays Global Investors.
28/01/2013

Bankinter aims for EUR20bn by the end of 2015 in private banking

María Dolores Dancausa, MD, has announced that Bankinter is aiming for assets of EUR20bn by the end of 2015 in private banking, compared with EUR14.7bn currently, which would increase its market share to 10% from 6% in three years, Funds People reports. The ambition is for this unit to focus on clients with over EUR1bn in financial savings, and to contribute 25% of the bank’s revenue.Currently, the Bankinter private banking arm has 38 branches, with 200 private bankers, 177 of whom were already staff, while the remainder were recruited externally.Bankinter funds have assets of EUR5.03bn, compared with EUR4.74bn one year earlier, while assets in pension funds totalled EUR1.39, compred with EUR1.25bn, and discretionary mandates represent EUR1.43bn, compared with EUR1.34bn.
28/01/2013

Investors return to equities

The pace of inflows to equity funds ebbed again as recent European data and IMF forecasts prompted investors to take a more sober look at their assumptions for 2013, but the asset class nonetheless remains the most popular one at the beginning of this year, according to the most recent estimates by EPFR Global.Equity funds absorbed a collective USD5.65 billion -- of which over 70% flowed into emerging markets equity funds – during the week ending Jan. 23.Meanwhile, bond funds took in a net USD3.71bn, and money market funds saw USD6.78bn redeemed. High yield bond funds alone attracted USD615m, of which USD437m were for European high yield funds.Year-to-date equity and bond funds have posted inflows of USD39 billion and USD18.7 billion respectively versus USD15.82 billion and USD17.84 billion for the comparable period last year.
28/01/2013

George Soros: Hedge funds can't beat the market

On Friday in Davos, George Soros said on Bloomberg Television that hedge funds have become a dominant group on the market, and can no longer collectively outperform the market, Die Welt reports.He emphasizes that clients of hedge funds should also expect lower returns since the managers of these funds are greedy for commissions.
28/01/2013

Vintage wine market recovers

Demand has begun to rise again, and benchmark indices of the fine wine market appear to be sustainably recovering. The Liv-ex 100 rose 1.3% in December, while the Liv-ex Investables was up 1.2%, according to statistics from The Wine Investment Fund (TWIF). This trend continued in January, while for 2012 as a whole, the Liv-ex 100 index lost 9%. According to TWIF, the benchmark index may rise by 14% in 2013. Sales are rising rapidly in Asia, particularly Hong Kong and China, as well as in North America.
28/01/2013

Kleinwort Benson Investors signs strategic alliance with Virtus

Irish-based Kleinwort Benson Investors Dublin (KBID) has announced that the US multi-management firm Virtus Investment Partners is buying a 24% stake in its affiliate, Kleinwort Benson Investors International (KBII), registered in the United States, which is sub-advisor to the mutual fund Virtus Emerging Markets Equity Income Fund, launched on 1 September. The total sale price has not been disclosed.Sean Hawkshaw, CEO of KBID, emphasizes that the strategic alliance will allow KBI to benefit from the multi-boutique model and retail distribution capacities of Virtus, while the latter may benefit from access to quality institutional investment processes focused on income strategies for equities and natural resources at KBID, which also has an international client base.KBID, an affiliate of the RHJ International group, had EUR3.4bn in assets under management as of the end of September, while KBII had assets of EUR979m (EUR742m), as of 31 December.
28/01/2013

Hedge funds increase spending on electronic data

A growing number of hedge funds and broker-dealers are using electronic data and tools to analyse this data to develop new algorithms and new investment strategies. Conservation specialists also use them to help clients to take better investment decisions and to improve management of liquidity in their portfolios. The research agency Celent estimates in a study entitled “Big Data in Capital Markets: Expanding the Search fro Big Ideas” that spending dedicated to data on capital markets may total USD1.2bn in 2013, and USD2.4bn in 2015. The study finds that asset management firms are interested in research using data to the extent that analytical tools can provide them access to sources of data which may help them to create house investment strategies, and thus give them a competitive advantage.
28/01/2013

Two sovereign funds join the new International Consulting Council at Bank of America

Bank of America on 25 January announced the creation of the International Consulting Council (ICC), with thirteen members, all internationally renowned businessmen and personalities from the public and acedemic spheres. The former French finance minister Thierry Breton, chairman and CEO of Athos, is one of the members of the Council, as are the CEO of the Kuwaiti sovereign funds, Bader M. Al Sa’ad, and the president and CEO of the South Korean sovereign fund, Chong-Suk Choi. The ICC has been founded to advise Bank of America in global strategy, and to help it to strengthen its presence internationally. The International Consulting Council at Bank of America, founded and chaired by Brian Moynihan, Chairman and CEO, will have the mission of advising the bank on direction, trends and opportunities on major local markets.
28/01/2013

Institutionals turn away from large asset managers

US pension funds and foundations last year placed only 40% of their porfolios with large generalist asset management firms, compared with 45% in 2011, the third annual edition of the U.S. Institutional Investor Brandscape report published by Cogent Research reports. Analysis of responses shows that instituitonal investors now allocate the majority of their assets to specialist managers, or other generalist asset managers, or to managers of single hedge funds.For endowments and foundations in particular, the proportion of portfolios placed with the major generalist asset management firms fell as far as 32% in 2012, compared with 40% one year previously, while 54% of assets were allocated to smaller and less well-known asset management firms with specialised areas of expertise.Ninda York, author of the study, points out that the trend is expected to be hard news for asset management firms targeting the institutional client segment. The 41 top calibre management firms are facing a considerable challenge to develop their activities, Cogent Research observes, as they are winning a shrinking number of mandates. The tendency for institutional investors to look to providers other than the major generalist asset management firms is related to a lack of confidence on the ability of these actors to manage the asset classes that investors are now interested in. The report also highlights that pension funds are losing ground among institutional investors, and now represent only 43% of the total number of actors, compared with 48% in 2010. This is a sign that foundations and other 501(c)3tax-exempt organisations are becoming a majority, and that they will have a larger influence on the direction the market takes in the future.
28/01/2013

BlackRock holds 5% of capital in SocGen

The US asset management firm BlackRock, acting on behalf of its clients and funds under management, on 24 January declared to the French financial regulator, the Autorité des marchés financiers (AMF), that on 18 January this year, it passed the 5% threshold in the capital of Société Générale. For the aforementioned clients and funds, it controls 39,030,082 shares in the bank, representing as many voting rights, for 5.002% of capital and 4.48% of voting rights in the firm, an AMF statement dated 25 January states.
28/01/2013

BlackRock CEO gets USD12.4m in shares

BlackRock has awarded its CEO, Laurence D. Fink, shares worth USD12.4m, according to Bloomberg, citing a regulatory filing. This includes 32.884 shares, valued at USD7.65m (as of 18 January). The bonus runs for three years from January 2014. BlackRock has awarded him additional shares, subject to certain performance objectives, worth USD4.75m. This remuneration in shares is 14% up over the previous year. Fink’s total remuneration has not been disclosed, however. In 2011, he made USD21.9m.
28/01/2013

BlackRock offers to buy up Twitter shares

BlackRock has offered to buy about USD80m in shares in Twitter as part of a transaction which would value the short messaging service at over USD9bn, the Wall Street Journal reports, citing sources familiar with the matter. The shares would be purchased form employees of the firm.
28/01/2013

EFAMA and IMA call for UK to stay at the heart of Europe in asset management

The European Financial and Asset Management Association (EFAMA) and the British Investment Management Association (IMA) have openly called for the United Kingdom to be kept inside the European Union, reacting to the news last week that David Cameron last week called for a referendum on an exit of the UK from the European Union.“EFAMA and IMA strongly believe that Asset Management in the EU benefits hugely from the UK industry’s involvement, both commercially and from its positive influence in the shaping of regulation. We also believe that the UK asset management industry gains hugely from the Single Market,” Peter de Proft, director general of EFAMA, and Daniel Godfrey, chief executive of IMA, declare in a joint statement.“The whole EU Asset Management industry continues to keep the interests of investors at the heart of its work and to maintain the UK industry’s prominent role in policy formation within the EU framework,” the two heads add.
28/01/2013

Intesa and State Street dominate Italian inflows in December

In December, the two asset management firms which recorded the highest net inflows in Italy were Intesa Sanpaolo, with EUR597m, and State Street Global Advisors, with EUR581m. This comes at a time when net inflows to open-ended funds totalled EUR206m for the month, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Franklin Templeton comes in third place, with EUR310m. At the other extreme, the firms which posted the largest net redemptions were Generali, with outflows of slightly over EUR5bn, AM Holding, with EUR494m, and BNP Paribas, with EUR322m.
28/01/2013

Libor: Alex Weber calls for general out of court settlement

Agefi reports that the chairman of UBS, Alex Weber, has raised the possibility of an out-of-court settlement involving the entire banking sector in the Libor rate manipulation scandal, at a meeting in Davos, according to Reuters. At the meeting were Mark Carney, furutre governor of the Bank of England, the CEO of JPMorgan, Jamid Dimon, the CEO of Citigroup, Mike Corbat, and the chairman of HSBC, Douglas Flint, the newspaper reports.
28/01/2013

Credit Suisse facing claims for damages and interest in the United States

Credit Suisse is facing claims for damages and interest that may run as high as USD2bn in a lawsuit filed by investors who lost money in the United States. Several news agencies are reporting that a US judge on 25 January claimed that the courts may require compensation. The Swiss firm is facing claims related to its involvement in the bankruptcy of National Century Financial Enterprises in 2002. The plaintiffs accuse the firm of having misled them about the actual situation at the firm at the time when it sold National Century shares on capital markets. In a previous hearing, a judge valued the claims to investors who lost money in the affair at nearly USD2bn. The verdict represents a step towards victory for the plaintiffs, who include the State of Arizona, Lloyds TSB bank, Alliance Bernstein Holding and the asset management firm Pimco, an affiliate of the insurer Allianz.
28/01/2013

"Nous faisons avant tout un métier d'Homme !"

L'année 2012 a été une année faste pour M&G France qui affichait fin décembre des actifs sous gestion de 3,5 milliards d'euros contre 1,5 milliard d'euros fin 2011. Dans un entretien à Newsmanagers, Brice Anger revient sur les raisons de cette réussite et décline ses projets pour 2013.
28/01/2013
Fonds

Euronext Funds Service cote un fonds Robeco

NYSE Eurnoext a annoncé avoir admis à la négociation le 25 janvier le 175ème OPCVM sur Euronext Funds Service (EFS). Il s’agit du fonds Robeco Privilege (*) dont l’indice de référence est le MSCI World. Le taux de frais sur encours se situe à 1,12 %.(*) NL0010366407
Fonds
28/01/2013

Russell Investments recrute un responsable de la région nordique

Russell Investments a recruté Sjef Pieters comme responsable des pays nordiques, rapporte IPE.com. Basé à Amsterdam, il sera responsable du marché institutionnel dans la région. Il vient de SAIL Advisors, où il était vice-président senior. Avant cela, il était responsable de Lyxor Benelux et principal chez Barclays Global Investors.
28/01/2013

Bankinter vise 20 milliards d'euros fin 2015 pour sa banque privée

María Dolores Dancausa, administrateur-délégué, a annoncé que Bankinter vise pour son pôle banque privée un encours de 20 milliards d’euros fin 2015 contre 14,7 milliards actuellement, ce qui équivaudrait à augmenter la part de marché à 10 % contre 6 % en trois ans, rapporte Funds People. L’ambition est que ce pôle focalisé sur les clients disposant de plus d’un million d’euros d'épargne financière contribue à hauteur de 25 % aux revenus de la banque.Actuellement, la banque privée de Bankinter compte 38 agences avec 200 banquiers privés, dont 177 faisaient déjà partie de l’effectif, le reliquat ayant été recruté en externe.Les fonds de Bankinter affichent un encours de 5,03 milliards d’euros contre 4,74 milliards un an plus tôt, tandis que les actifs des fonds de pension atteignent 1,39 milliard contre 1,25 milliard et que les mandats discrétionnaires représente 1,43 milliard contre 1,34 milliard.
28/01/2013

Intesa et State Street dominent la collecte italienne en décembre

En décembre, les deux sociétés de gestion ayant enregistré les plus fortes souscriptions nettes en Italie sont Intesa Sanpaolo, avec 597 millions d’euros, et State Street Global Advisors, avec 581 millions d’euros. Et ce alors que la collecte nette des fonds ouverts ressortait à 206 millions d’euros sur le mois, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion d’actifs.Franklin Templeton arrive en troisième position avec 310 millions d’euros.A contrario, les sociétés ayant accusé le plus de rachats nets sont Generali, qui voit sortir un peu plus de 5 milliards d’euros. AM Holding vient ensuite avec 494 millions d’euros et BNP Paribas avec 322 millions d’euros.
28/01/2013

Lombard Odier veut se développer en Asie

La banque privée suisse Lombard Odier, qui a signé un accord de coopération avec la banque sud-coréenne Kookman Bank le mois dernier, envisage de conclure de nouveaux partenariats en Asie, rapporte Asian Investor.Lombard Odier souhaite également recruter des chargés de clientèle à Singapour pour se développer auprès de la clientèle fortunée indonésienne. Les actifs sous gestion émanant de la région Asie-Pacifique s'élèvent actuellement à environ 8 milliards de dollars, soit 4% d’un encours total de quelque 200 milliards de dollars.
28/01/2013

Alliance stratégique Kleinwort Benson Investors/Virtus

L’irlandais Kleinwort Benson Investors Dublin (KBID) a annoncé que le multigérant américain Virtus Investment Partners prend une participation de 24 % dans sa filiale Kleinwort Benson Investors International (KBII) enregistrée aux Etats-Unis, déjà «sub-advisor» du mutual fund Virtus Emerging Markets Equity Income Fund lancé le 1er septembre. Le montant de la transaction n’a pas été divulgué.Sean Hawkshaw, CEO de KBID, a souligné que cette alliance stratégique va permettre à KBI de profiter du modèle multi-boutiques et des capacités de distribution retail de Virtus tandis que ce dernier pourra tirer profit d’un accès aux processus d’investissement de qualité institutionnelle focalisés sur les stratégies de revenu sur les actions et les ressources naturelles de KBID, qui dispose en outre d’une base de clientèle internationale.KBID, filiale du groupe RHJ International, gérait 3,4 milliards d’euros fin septembre tandis que KBII affichait un encours de 979 millions de dollars (742 millions d’euros) au 31 décembre.
28/01/2013

BlackRock détient 5 % du capital de la SocGen

La société de gestion américaine BlackRock agissant pour le compte de clients et de fonds sous gestion, a déclaré le 24 janvier, auprès de l’Autorité des marchés financiers, qu’elle avait franchi en hausse, le 18 janvier dernier, le seuil de 5% du capital de la Société Générale. En détail, elle détient, pour le compte desdits clients et fonds, 39 030 082 actions de la banque représentant autant de droits de vote, soit 5,002% du capital et 4,48% des droits de vote de la société, indique un communiqué de l’AMF daté du 25 janvier.

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