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20/12/2013

Chinese asset management firms struggle to close their small funds

Fund houses in China dedicate considerable resources to ensure all their funds stay active, despite some funds possibly generating losses for an extended period. As a result, no open-end mutual fund has ever been terminated in the 15-year history of Chinese retail funds, according to a report on «zombiefunds» released by Cerulli Associates. So, there is a proliferation of funds with small asset sizes in China. The total fund count in China reached 1,372 as at end-September this year. AUM has only grown 13.8% since end-2010, though more than 716 funds have been launched since then. This has pushed the average size of a Chinese mutual fund down from RMB3.7 billion as at end-2010 to RMB2.0 billion as of the third quarter of 2013."Typically, zombiefunds have consistently underperformed, had once taken the spotlight but saw low demand afterward, or were launched by lower-tier fund houses,» says Evonne Gan, an analyst at Cerulli Associates.The proportion of zombiefunds jumped significantly from end-2012 to the third quarter of 2013. Qualified Domestic Institutional Investor (QDII) funds are prominent among them. Half of the 74 QDII funds in the market have less than RMB100 million in assets and almost a quarter of them are below RMB50 million, but remain alive.
20/12/2013

Hedge funds post record assets in 2013

Assets under management in hedge funds are expected to increase by USD256bn (EUR187bn) in 2013, to 5-year record levels, according to a study published by the research agency eVestment. This growth is 80% higher than that posted in 2012, a year in which assets at hedge funds had already risen by USD144bn. In the first 11 months of the year, inflows from investors have totalled nearly USD71bn, and, if they continue their trends in the past few months, they may reach USD84.7bn in inflows for the year 2013 as a whole, eVestment predicts. In the month of November alone, USD15.3bn went to hedge funds, for a fifth consecutive month of positive inflows, bringing total assets for the industry to USD2.84trn.
20/12/2013

ING IM launches frontier markets bond fund

ING Investment Management has launched a bond fund denominated in hard currencies, dedicated to frontier markets, Citywire reports. The fund will be managed by Marco Ruijer, who joined ING IM in April this year from Mn.The ING IM Frontier Markets Hard Currency Debt fund has USD100m in assets at launch. Its benchmark index is the JPM Next Generation Markets Index.
20/12/2013

M&G registers new fund in Spain

M&G Investments has registered its M&G Income Allocation fund in Spain, a product which the asset management firm will release throughout Europe, Funds People reveals. Managed by Steven Andrew, the fund is nearly 42% invested in equity, 33% in government bonds and 21% in corporate bonds.The product is aiming for returns of 4% per year, and growth in capital of 2% to 4% over the long term. The fund is denominated in euros, and offers a 4% front-end fee and 1.5% annual management fees.
20/12/2013

Fidelity launches two event-driven funds

Fidelity Investments has launched in the United States the Fidelity Event Driven Opportunities Fund, designed for investors working directly with Fidelity, and the Fidelity Advisor Event Driven Opportunities Fund, designed for financial advisors and defined contribution plan sponsors as a investment only option (DCIO).These new, actively-managed mutual funds seek to uncover mispriced securities of companies due to special situation events such as spin-offs, index deletions, mergers and acquisitions, companies undergoing reorganizations, proxy fights, 13D filings and other special situations. Arvind Navaratnam led the design of the funds’ investment strategy and serves as portfolio manager.
20/12/2013

Invesco PowerShares closes four ETFs

Invesco PowerShares Capital Management is undertaking a detailed revision of its family of exchange-traded funds (ETF). The Invesco affiliate, which has USD97bn in assets under management, has decided to close four ETFs. Precisely, they are the KBW International Financial Portfolio, MENA Frontier Countries, Dynamic MagniQuant and finally, Lux NanoTech funds. These four products, which will cease to be traded on Nasdaq and NYSE Arca from 18 February 2014, represent less than 1% of total assets at the firm. Meanwhile, Invesco PowerShares has decided to rebrand and change the underlying indices for the 10 other ETFs of its range. The changes will take effect from 19 February 2014.
20/12/2013

iShares registers European ex-financials ETF

The Irish-registered physical replication ETF EURO STOXX 50 ex-Financials UCITS ETF has been registered in France (see Newsmanagers of 17 and 19 December). As its name indicates, the fund offers investors access to euro zone equities, while excluding financial exposure (particularly to banks and insurers). The portfolio will be invested in large caps from 12 euro zone countries, excluding the financial sector, which will make it possible to offer investors potentially less volatile exposure to euro zone equities. The product is the first European ETF with an international settlement structure. The launch is the result of a partnership between BlackRock and Euroclear Bank, announced in June 2013.CharacteristicsName: iShares EURO STOXX 50 ex-Financials UCITS ETFISIN code: IE00BD5J2G21Total expense ratio: 0.20%
20/12/2013

Prudential Investments launches MLP fund

The US asset management firm Prudential Investments (Prudential Financial) has announced the launch of a MLP fund, the Prudential Jennison MLP Fund, which offers investors a way to participate in the enormous infrastructure needs of the energy sector in the United States.
20/12/2013

Quilvest Gestion launches Scandinavian HY fund

Quilvest Gestion on Thursday, 19 Deember announced the launch of he CBP Select Pareto Nordic High Yield, a funds which invests in high yield category bonds, issued by businesses in Northern Europe (Finland, Sweden, Norway, Denmark, Faroe Islands and Iceland).The fund, distributed in UCITS IV format and housed in a Luxembourg-registered SICAV From the Quilvest group, CBP Select, will be managed by Pareto Forvaltning, a Norwegian asset management firm with nearly EUR5bn in assets under management.The strategy of the CBP Select Pareto Nordic High Yield fund is based on profound fundamental analysis of the profile of the issuer, where evaluation of counterparty risk, guarantees and bond agreements play an essential role. The management team selects bonds which are rated BB/B, which have relatively low volatility and relatively high risk premia (between 400 and 1000 basis points), issued by businesses with high capitalistic intensity.Many of these issuers are concentrated in the energy and oil services industry, where the need for capital is high to finance investment and projects to operate resources, a statement says. The fund stands out for a low turnover rate for its positions.
20/12/2013

Private investors are prudent with respect to equities

In the UK, private investors have become much more prudent with respect to equities. For the first time since May 2012, investors were net vendors of equities in the three months to the end of September, for a total of GBP341m, according to the most recent Private Investor Watch, carried out by Capital Asset Services.Between June 2012 and August 2013, net inflows from private investors totalled GBP1.5bn, as most subscriptions took place in 2013. In the eight months to the end of August, net inflows total GBP3.7bn.
20/12/2013

Neil Woodford joins Oakley Capital

Star manager Neil Woodford, whose departure from Invesco Perpetual made a big splash, is joining the British asset management firm Oakley Capital, the British press reports. He is expected to create his own traditional fund management activity at this little-known structure, which is largely specialised in private equity and corporate finance. Woodford worked for 25 years at Invesco Perpetual, where he managed GBP30bn in assets. Since his departure was announced in Ocotber, about GBP2bn have been withdrawn from his two star funds, Invesco Perpetual High Income and Invesco Perpetual Income.
20/12/2013

Aviva invests GBP500m in UK infrastructure

Aviva is diversifying its asset allocation. The British insurer has announced an investment of GBP500m in infrastructure projects in the United Kingdom. This financing represents the first round of a larger engagement in the entire insurance industry. Six British insurers have announced plans to invest a total of GBP25bn in British infrastructure in the next five years.These GBP500m are expected to allow financing for projects in the transport, hospital and school sectors. Aviva is not starting out in the field, having made GBP5bn in investments in infrastructure already.
20/12/2013

Greece courts hedge funds

The Greek privatisation fund, Hellenic Republic Asset Development Fund, is courting US hedge funds to attract investment to finance the recovery in the country, news agency Bloomberg reports.The heads of the fund, who need to raise EUR11bn by 2016 via a public sale of assets, met with the hedge fund manager John Paulson a few days ago. Paulson & Co, as well as other funds, such as Third Point, have expressed an interest in the assets.The planned privatisations, if successful, would add 2.5 percentage points to the GDP by 2016 to create 150,000 jobs, according to estimates by the Greek finance ministry.
20/12/2013

Italian AM association writes to minister of the economy

The chairman of Assogestioni, the Italian association of asset management professionals, Giordano Lombardo, has written to the Italian minister of the Economy and Finance, Fabrizio Saccomanni, to share concerns with him concerning the asset management industry with respect to recent government and parliament initiatives in the area of taxation, which may penalise Italian savers. Lombardo points the finger in particular at proposals to modify a law on the financial transactions tax, “which affects savers who have invesed in Italian-registered funds, and runs the risk of seriously endangering the Italian investment fund sector.”
20/12/2013

Montagu Private Equity takes over some UBS investment services

Montagu Private Equity, a private equity firm, has announced that it has signed an agreement with UBS to acquire its Corporate Employee Financial Services International (CEFS) operation. The department in question is part of UBS Wealth Management, and administers and manages employee shareholder plans for nearly 100 client businesses in Europe and Asia. Via its client base, CEFS administers plans for more than 780,000 people. The sale is expected to be finalised in 2014, pending regulatory approval. The terms of the contract have not been disclosed.
20/12/2013

Andreas Feller takes over as head of ICS unit at Julius Baer

Andreas Feller, head of investment consulting Switzerland since April, has been promoted to global head of investment consulting & services at Julius Baer, where he began in January 2010.He takes over as head of the new investment consulting & services (ICS) unit, which was created to provide information on products and investment opportunities to “self-directed” clients who would like to decide by themselves how to manage their portfolio.Meanwhile, ICS will aim to unify the provision of services at the group, while previously Julius Baer had three units for this operation, one in Switzerland, one in Asia, and one for the United Kingdom.
20/12/2013

Invesco Real Estate acquires building from Crédit Foncier

Invesco Real Estate is continuing its shopping spree in French real estate. The Invesco affiliate has acquired an office property with 4,900 square metres, located in the 4th district of Paris in the boulevard des Capuchines, at the heart of Paris, from Crédit Foncier, for one of its funds. The sale price has not been disclosed. In the past 12 months, Invesco Real has invesed nearly EUR850m in Europe, including more than EUR115m in the French makret alone. As of the end of September, real estate assets under management worldwide, directly or via REIT publicly-traded securities funds, total EUR40bn, of which EUR5bn are in Europe.
20/12/2013

AMG acquires majority stake in SouthernSun AM

For an undisclosed amount, Affiliated Managers Group (AMG, USD513bn as of 30 September) has acquired a majority stake in SouthernSun Asset Management (USD5bn), a boutique specialised in US small and midcap strategies.AMG on 19 December announced that it is acquiring the stakes from external shareholders in SouthernSun, while partners in the firm will retain “a substantial stake in the capital” and will continue to direct the day to day business after the transaction is completed.Senior professionals at SouthernStar have agreed to remain for the long term at the business and funds from SouthernStar will be added to the AMG mutual fund platform.
20/12/2013

BlueCrest had a difficult year in 2013

The hedge fund firm BlueCrest Capital Management, which had stood out favourably in the period following the crisis, has had a difficult year in 2013, the Wall Street Journal relates. The quantitative fund BlueTrend, led by Leda Braga, one of the highest-paid women in the hedge fund sector, has lost about 10% since the beginning of the year. The BlueCrest Capital International, managed by Michael Pratt, one of the founders of the firm, is flat for the year. Instead of withdrawing, BlueCrest borrowed money to buy back the stake in the firm held by its rival Man Group and to recruit to cover new areas such as equities. In New York the firm is moving into larger offices. But some investors are beginning to lose patience, and the inflows of new capital are slowing.
20/12/2013

Altegris hires new CIO

The alternative investment specialist Altegris has appointed Jack L. Rivkin as chief investment officer.Rivkin will head up the division dedicated to research and investment, and will join the investment committee at Altegris. He will also be responsible for the selection of managers and monitoring of allocation and research for Altegris products.Before joining Altegris, Rivkin had been executive adviser fro Aquiline Capital Partners, which partly controls the Altegris group. Rivkin has also worked at Neuberger Berman, Citigroup Investments and PaineWebber.Assets under management at Altegris total USD2.68bn as of the end of September 2013.
20/12/2013

M&G makes accounting error with a fund

Due to an accounting error by M&G, tens of millions of investors will lose 13% of their payments this month, the Telegraph has learned. The asset management firm has sent a letter to 32,000 investors, informing them of the problem, which affects the High Yield Corporate Bond fund. The letter, sent to clients and read by the Telegraph, explains: “I regret to inform you that there has been an accounting error with the M&G High Yield Corporate Bond Fund. A tax which should have been deducted from distributions in August and November have been deducted from that of December.”
20/12/2013

Telefónica changes head of its asset management firm

It is not yet official, but very soon Teresa Casla Uriarte will replace Fermin Alvarez as CEO of Fonditel, the asset management firm 70% controlled by Telefónica, Expansión reports. She is currently project director in the finance and business development department at the telephone operator.Alvarez had been in the position since 2010; he has improved the situation and brought returns back into positive territory.Fonditel is the eighth-largest asset management firm for retirement savings plans in Spain, with assets of EUR3.639bn, 34,300 members and 14,025 beneficiaries. The UGT and CCOO unions each own 15% of shares in Fonditel.
20/12/2013

BlackRock raises stake in Telecom Italia to 10%

After announcing to the Securities and Exchange Commission on 9 Deemebr that it had acquired a 10.14% stake in Telecom Italia, and then on 16 December having corrected the figure to 9.97%, BlackRock has made further acquisitions, by dint of which it has passed 10%, for a total of 10.12% (according to the measurements of the SEC and not the Italian regulator Consob), Il Sole – 24 Ore reports. The asset management firm on Wednesday stated that it was not bound to disclose the possession to the SEC on 16 December, and that it will be bound to indicate any stakes that may exceed 10%, if confirmed, by the end of the year.
20/12/2013

SSgA hires new head of institutionals in Italy

State Street Global Advisors (SSgA) has awarded the position of head of the institutional activity in Italy to Antonio Iaquinta. He will work in Milan and will report to the managing director, Danilo Verdacanna. Iaquinta, who joined SSgA in 2008, previously worked at Barclays Global Investors.
20/12/2013

Le collège de l'AMF se renouvelle en partie

Quatre nouveaux membres du collège de l’AMF, organe décisionnel de l’institution, viennent d’être désignés par les différentes autorités compétentes. Le collège, organe décisionnel de l’AMF, est composé de 16 membres. Sur les six membres sortants en décembre 2013, trois étaient en fin de second mandat tandis que les trois autres pouvaient demander la reconduction de leur mandat pour 5 ans. Par arrêté publié au journal officiel du 20 décembre 2013, le ministre de l’Economie a ainsi désigné deux membres, après consultation des organisations représentatives de la Place: Marie-Ange Debon, dont le mandat a été renouvelé, et Jean-Claude Hanus en remplacement d’Olivier Poupart-Lafarge. Le vice-président du Conseil d’Etat, le 1er président de la Cour de cassation et le 1er président de la Cour des comptes ont nommé respectivement Jean-Claude Hassan, (en remplacement de Jacques Delmas-Marsalet), Martine Ract-Madoux (renouvellement) et Michel Camoin, (en remplacement de Philippe Adhémar). Le président de l’Assemblée nationale a nommé Thierry Philipponnat, secrétaire général de Finance Watch, en remplacement de Jean-Michel Naulot.
20/12/2013

L'enquête pour manipulation de change dévoile une connivence

L’enquête internationale sur une manipulation présumée des taux de change a révélé l’existence d’une connivence entre cambistes visant à maximiser les gains et minimiser les pertes, rapporte vendredi le Wall Street Journal, qui cite des sources proches de l’enquête. Des messages électroniques de forums de discussion «chatrooms» semblent montrer que les cambistes de différentes banques ont partagé des informations concernant les ordres de leurs clients et convenu d'échelonner leurs propres opérations pour en tirer profit, précise le quotidien. L’autorité britannique de surveillance, la Financial Conduct Authority (FCA), a refusé de commenter ces informations.
20/12/2013

La Grande-Bretagne ajuste à la hausse son PIB et garde le "AAA" de S&P

Standard & Poor’s a confirmé le «AAA» de la Grande-Bretagne, tout en ajoutant qu’elle pourrait priver le pays de cette note suprême si la reprise économique ne durait pas. Moody’s et Fitch ont déjà déclassé la Grande-Bretagne en lui ôtant son «AAA» cette année. La confirmation de la note de S&P est assortie d’une perspective qui reste négative. L’activité économique de la Grande-Bretagne a progressé de 0,8% au troisième trimestre par rapport au trimestre précédent, a confirmé l’Office national de la statistique. En rythme annuel, la croissance est revue à la hausse à 1,9% contre 1,5% estimé auparavant.
20/12/2013

La France augmentera ses emprunts en 2014

La France prévoit d'émettre 173 milliards d’euros d’emprunts à moyen et long terme (MLT) en 2014, nets des rachats, en hausse par rapport aux 169 milliard nets des rachats émis cette année. Il faudra y ajouter 174 milliards d’euros de dette à court terme à refinancer, le programme de l’Agence France Trésor prévoyant une stabilité de l’encours de BTF.
Le ministère des Finances vu depuis la BnF. Photo: PHB
20/12/2013

L'Union européenne conteste la dégradation de sa note par S&P

Standard & Poor’s a abaissé la note à long terme de l’Union européenne de AAA à AA+, avec une perspective stable. «A notre avis, les négociations budgétaires de l’UE sont devenues plus tendues, attestant, de notre point de vue, d’une montée des risques concernant le soutien à l’UE de la part de certains Etats membres», explique l’agence dans un communiqué. «Tous les Etats membres ont toujours apporté leur contribution attendue au budget dans les temps et totalement, et ce également pendant la crise financière», a contesté Olli Rehn, commissaire européen aux Affaires économiques et monétaire. L’action de S&P ne concerne l’UE qu’en tant qu'émetteur supranational (56 milliards d’euros de dette émise pour financer des programmes d’assistance) et non pas les Etats qui la composent.
20/12/2013

Le coût du dispositif de résolution inquiète les banques françaises

Alors que le fonds de résolution européen doit être financé de manière progressive par les banques en fonction de leur taille, les banques françaises s’attendent pour leur compte à «une facture de 10 à 15 milliards d’euros sur dix ans», selon Jean-Laurent Bonnafé, directeur général de BNP Paribas et président de la FBF, cité par Le Monde.

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