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21/01/2014

Strong growth in annual inflows for VZ Group

P { margin-bottom: 0.08in; }A:link { } Net inflows to the financial services company VZ Group rose by nearly 31% last year, to a total of CHF1.6bn, according to a statement released on 20 January. The statement does not give, however, total assets under management as of the end of December. As of 30 June 2013, the firm had about CHF11bn in assets under management. Operating profits rose by 11.7%, or less than an expected increase of 14% to 16%. This more muted than expected growth could be related to an increase in demand for standardised wealth management products, associated with set premiums, the statement says.
21/01/2014

Growth of 3.4% in assets in Swiss investment funds last year

P { margin-bottom: 0.08in; }A:link { } The Swiss investment fund market continued to grow last year. As of the end of December 2013, their asets totalled CHF745.2bn, up CHF25 billion or 3.4% more than one year previously. This total, however, marks a contraction of 1.4% compared with the previous month, according to statistics released by the Swiss asset management fund association (SFAMA). “2013 was a year of good augury for the Swiss industry. Equity markets showed astonishing and joyous development. The feared downturn of bond markets did not manifest itself, as rates are still tending to a low level. In this context, investors were once again disposed to slowly forget their reservations and invest in funds to an increased extent. The volume on the Swiss funds market has at any dated posted record figures,” says Markus Fuchs, director of SFAMA. The month of December ended with a net outflow of slightly over CHF4bn, including redemptions of CHF2.33bn from equity funds, and CHF938m from commodity funds. In terms of market share, equity funds finished the year on top (37.38%), followed by bond funds (33.48%), strategic investment funds (11.23%), money market funds (9.35%), and real estate funds (4.39%). UBS and Credit Suisse continued to dominate the Swiss market last year, with respective market shares of 23.08% and 14.51%. They are followed by Pictet, with a market share of 6.67%, Swisscanto (5.38%) and the Cantonal Bank of Zurich (4.56%).
21/01/2014

Threadneedle recruits a US equity manager from JP Morgan AM

Threadneedle Investments has hired Nadia Grant as fund manager US equities. She joins Threadneedle on 3 February 2014 from JP Morgan Asset Management, where she was a portfolio manager focusing on US equities within the global multi-asset group, managing over USD5bn in multi-asset solutions.Nadia Grant will report to Cormac Weldon, head of US equities and will be based in London. Her recruitment brings Threadneedle’s US equities team to a total of 12, with four fund managers and six analysts. Threadneedle manages over EUR13 billion in US equities.
21/01/2014

Aberdeen AM may change its auditor

P { margin-bottom: 0.08in; } Aberdeen Asset Management will in 2015 put its auditing contract with KPMG, with whom it has been working for 30 years, up for grabs, Financial Times fund management reports. The decision by the British asset management firm comes after the publication of a report by the Competition Commission in the United Kingdom last year, calling for a required turnover of auditors. KPMG made GBP1.3m from Aberdeen in 2013 and 2012.
21/01/2014

JPMorgan AM adds to sales team in United Kingdom

P { margin-bottom: 0.08in; } JP Morgan Asset Management (AM) has announced the recruitment of Andrea Hohlachoff as head of insurance and platforms on its funds sales team in the United Kingdom. The former head of investment solutions for Europe, the Middle East and Africa at SEI, Hohlachoff will aim to develop strategic partnerships with insurers, wrap platforms and fund supermarkets. She will report directly to Andrew Larkin, head of global strategic relationships.
21/01/2014

Global Investment Services and Aeolian Fund sign new plans to merge

P { margin-bottom: 0.08in; }A:link { } The board of directors at Global Investment Services and the new board of directors at Aeolian Fund (whose members were appointed at the general shareholders’ meeting on 30 December 2013), on 10 January 2014 signed an updated cross-border merger treaty agreement, according to a statement released on 20 January. The exchange parity will now be 10 Global Services shares for 19 shares in Aeolian Fund (compared with 2 shares in Global Investment Services for 5 shares in Aeolian Fund previously). The joint cross-border merger treaty agreement for the absorption of Aeolian Fund into Global Investment Services is now available on the website (www.globalinse.com) and at request from the headquarters of the firm.
21/01/2014

Former Axa IM CEO joins French boutique

Dominique Carrel-Billiard, who had left the head of Axa Investment Managers in July last year, will join La Financière de l’Echiquier as CEO. He will begin on 1 April 2014.His arrival follows the departure of Stéphane Toullieux, who left the business on Monday “to dedicate himself to new personal and professional projects,” a statement from La Financière de l’Echiquier says.Toullieux joined the asset management firm in 2011 as head of commercial development. He was appointed as CEO and member of the board of directors in 2006.Financière de l’Echiquier now has assets under management of EUR7.5bn, and the firm has opened its first foreign office in Milan.
21/01/2014

Société Générale Securities Services wins a mandate from Franklin Templeton

P { margin-bottom: 0.08in; }A:link { } Société Générale Securities Services in Italy has won a mandate from Franklin Templeton Strategic Allocation Funds to act as an Italian paying agent, SGSS has announced in a statement. SGSS has an IT platform that guarantees the migration of portfolios, ongoing monitoring of distribution and automated transaction flows. The firm provides a range of securities services, including settlement, custody and depository banking, fund administration, cash management and transfer agency services. Franklin Templeton Strategic Allocation Funds is a range of Luxembourg-registered Sicav funds distributed in Italy by Franklin Templeton Investments.
21/01/2014

Growth of 10.1% in hedge fund assets in 2013

P { margin-bottom: 0.08in; }A:link { } Hedge funds in December posted net outflows of about USD4.4bn, but for the year 2013 overall, assets in the sector rose 10.1%, or about USD262bn, to a total of USD2.860trn, according to estimates by eVestment Investors. Performance counts for about USD190.1bn of this result. In other words, the total observed at the end of 2013 is near the record of USD2.940trn registered in June 2008. In terms of strategy, inflows to equity hedge funds exceeded credit in fourth quarter for the first time since third quarter 2011. Inflows to equity funds totalled USD32.3bn for the year as a whole, while credit inflows totalled USD79.6bn.
21/01/2014

Hedge funds may bring in USD80bn in 2014

P { margin-bottom: 0.08in; }A:link { } The year 2014 is shaping up well for the hedge fund industry. According to a survey conducted by Barclays of 190 investors representing USD490bn in assets, entitled “Waiting to Exhale,” the sector may earn up to USD80bn (EUR59bn) in net inflows in 2014, for growth of about 25% compared with 2013. This would be the largest net inflow in the industry since 2007, the study says. USD285bn may be redistributed to hedge funds in the current year. In total, the money in play in the industry may reach a cumulative USD365bn. About 60% of net inflows are expected to come from institutional investors, while public or private pension funds alone represent nearly 45% of future inflows. The remaining 40% of these net inflows are expected from private investors, where private banks and wealth managers may be the major sources of capital for hedge funds, with about USD25bn in net inflows expected this year. These are very good signs after a year in 2013 that was considered disappointing by many investors. “More than 90% of these investors are planning to maintain or increase their current allocations to hedge funds,” says Lou Molinari, head of “capital solutions” at Barclays.
21/01/2014

Man and Marshall Wace spared in investigation that rocked BlackRock

P { margin-bottom: 0.08in; } Man Group and Marshall Wace have remained unaffected by an investigation by the New York attorney general to determine whehter US banks provided a selection of asset management firms with warnings about changed in recommendations on stocks, Financial Times fund management reports, citing sources familiar with the matter. The two firms do offer products which are based on the recommendations of brokers. But none were contacted by the US regulators as part of the investigation, which has led BlackRock to announce that it will no longer survey analysts in order to obtain more information about their opinions.
21/01/2014

Axa Real Estate makes EUR1.4bn in trades in 18 months

AXA Real Estate Investment Managers has announced that over the last 18 months it has completed, on behalf of its clients, 11 value-add transactions in 6 European countries for a total volume of EUR1.4 billion.AXA Real Estate’s strategies are primarily focussed on office, retail, logistics, hotel and alternative real estate assets in the principal markets of the United Kingdom, Germany, France and the Nordics, whilst also taking advantage of specific market opportunities in Italy, Spain, Netherlands, Poland and Belgium. Value-add acquisitions already completed in the last 18 months include: the acquisition of the landmark NH Grand Hotel Krasnapolsky in the centre of Amsterdam for EUR157 million; the EUR172 million acquisition of an office portfolio in Barcelona from Generalitat de Catalunya, which was the AXA Real Estate’s first office acquisition in Spain since the global financial crisis in 2008; the acquisition of two prime office and retail buildings at the Bodio Center business park, in Milan, from Aberdeen Asset Management for EUR63.9 million, which represented AXA Real Estate’s largest acquisition in Italy since 2010; the acquisition of an office and light-industrial complex in the ‘Peri-Defense’ district of Paris for EUR61.8 million.
21/01/2014

Institutionals may help to offset shortfall in infrastructure engagements

P { margin-bottom: 0.08in; }A:link { } The gap between the need for investment in infrastructure worldwide and the public funds available may total about USD500bn per year between now and 2030, according to a study published by Standard & Poor’s Ratings Services. According to the agency, the infrastructure financing needs may top USD3bn per year over the next 16 years. Meanwhile, public investments in the United States and Europe have returned to a range of 3% to 2% since 2009, which has led to an enormous financing shortfall to make up for. According to Standard & Poor’s insurance companies and pension funds, seeking alternative investments that offer attractive returns, may help to offset this shortfall. The agency estimates that allocations by institutionals to infrastructure may grow by about 4% of their total assets in the next five years, or more than double the levels observed currently.
21/01/2014

UniCredit uffloads risk to a hedge fund

P { margin-bottom: 0.08in; }A:link { } UniCredit will announce on Wednesday that it has signed an agreement with the New York hedge fund Mariner Investment Group, to offload it a part of the default risks on a portfolio of financing for energy and transportation projects representing EUR910m, the Financial Times reports. The agreement frees up capital which the Italian bank would otherwise have to hold in face of loans. Mariner, for its part, will announced that it has launched a specialist activity to manage the capital of long-term investors, which it will use to sign risk-sharing agreements with European banks confronted with new Basel 3 rules.
21/01/2014

Ivaldi Capital recruits from Morgan Stanley

P { margin-bottom: 0.08in; }A:link { } The alternative asset mangement firm Ivaldi Capital, based in Singapore, has announced the recruitment of three partners for its team, Citywire reports. Ivaldi has recruited Robert Hart, a speicalist in long/short equity strategies, who has recently joined the Singapore team to manage a long/short fund dedicated to real estate. Hart previously worked at Morgan Stanley in Hong Kong. The other two recruits will join the Longon offices. John Karlsson, previously executive director in the risk management division of Morgan Stanley in Hong Kong, will become head of a team in charge of risk management. James Oliver, previously co-head of trading at GLG in London, will set up and lead the team responsible for trading.
21/01/2014

BVI extends powers of its mediator

P { margin-bottom: 0.08in; }A:link { } The Office of the mediator for investment funds (Ombudsstelle für Investmentfonds), founded on 1 September 2011 by the German BVI association of asset management firms, is seeing its competences reinforced. The mediator can now judge cases between consumers and asset management firms for total damages of up to EUR10,000. The office can offcer a non-binding poinion for sums exceeding EUR10,000.
21/01/2014

La BCE accroît les liquidités dans le système

La Banque centrale européenne a alloué 116,3 milliards d’euros aux banques mardi matin lors de son opération de refinancement à 7 jours (MRO). Cela correspond à une injection nette de liquidités d’environ 21,5 milliards d’euros alors que 94,7 milliards arrivaient à échéance. Un résultat qui pourrait contribuer à détendre les taux courts Eonia, qui progressent régulièrement depuis le début de l’année et se sont même calés au-delà du taux refi (0,34% contre 0,25%). Le résultat de cette MRO était particulièrement attendu par les professionnels des marchés.
21/01/2014

Le fonds souverain chinois CIC change de patron

Gao Xiqing, vice-président et directeur général du fonds souverain chinois CIC, va prendre sa retraite, a annoncé le site internet du Shanghai Securities News. Li Keping, vice-président exéuctif et directeur des investissements, devrait lui succéder. «Même si le départ de Gao Xiqing était attendu et faisait l’objet de rumeur depuis longtemps, il va inévitablement soulever des questions sur d’autres changements possibles au sein de CIC, dont la stratégie d’investissement et le degré de recours à des gérants externes», note le consultant Z-Ben Advisors.
21/01/2014

L'AMF renouvelle les membres de son conseil scientifique

Dix nouvelles personnalités font leur entrée au sein du Conseil scientifique de l’Autorité des marchés financiers d’élargir son dispositif d’étude et de veille stratégique. Dans sa nouvelle configuration, le Conseil compte 16 membres. Créé en 2004, il a pour vocation d’améliorer l’information sur les travaux académiques en cours dans le domaine de la finance, d’identifier les évolutions susceptibles de bouleverser le périmètre d’activité du régulateur et initier des travaux de recherche. Parmi les nouveaux membres figurent Eric Chaney, le chef économiste d’Axa, et Philippe Ithurbide, le directeur de la recherche d’Amundi.
21/01/2014

La Financière de l'Echiquier recrute Dominique Carrel-Billiard

Changement en vue pour Dominique Carrel-Billiard. L’ex-patron d’Axa IM a été nommé directeur général et membre du comité de direction de la Financière de l’Echiquier. Il prendra ses fonctions le 1er avril, en remplacement de Stéphane Toullieux, qui comptait 13 ans de maison. Ce dernier rejoint Madeve Production, une société de production audiovisuelle.
21/01/2014

Primonial Reim rachète un immeuble à la foncière d'EDF

Primonial Reim a acquis auprès de Sofilo, foncière du groupe EDF, un ensemble immobilier de bureaux situé au 69-71 rue de Miromesnil à Paris 8e, en plein coeur du quartier d’affaires de Paris. L’ensemble, composé de deux bâtiments haussmanniens mitoyens, développe une surface utile totale de 2.670 m2.
21/01/2014

Jean-Hervé Lorenzi préside le pôle Finance Innovation

Le pôle de compétitivité Finance Innovation a fait état lundi de la nomination de Jean-Hervé Lorenzi au poste de président. L'économiste succède ainsi à Georges Pauget. Antoine Lissowski, directeur général adjoint et directeur financier de CNP Assurances, rejoint la gouvernance du pôle en tant que vice-président.
21/01/2014

Warburg Pincus mise sur les ETF avec Source

La société de private equity a convenu de prendre auprès des banques fondatrices une part majoritaire au capital du gestionnaire européen de produits indiciels cotés, dont les actifs s’élèvent à 15,6 milliards de dollars. Le nouvel actionnaire affiche d’emblée des ambitions mondiales.
21/01/2014

L'Irlande sort du club des PIIGS

Les taux sur la dette irlandaise se sont significativement détendus hier, dans le sillage du relèvement en catégorie d’investissement de la note du pays par Moody’s vendredi. Dublin est pré-financé jusqu’en 2015 mais devrait émettre encore quelque 4 milliards d’euros cette année.

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