Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
11/12/2013

One asset management firm out of every two wants to launch multi-strategy products in the next 12 months

New research from global analytics firm Cerulli Associates indicates that "We saw a flurry of new CEFs early this year," comments Dan Roberts, analyst at Cerulli. "CEF managers indicated the next 12 months present an excellent opportunity for the industry to raise assets." In the new Products and Strategies 2013: The Changing Landscape of Product Development and Delivery report, Cerulli focuses on asset managers' product strategy and development across different asset classes (e.g., fixed income, alternatives) and vehicles (e.g., collective trust funds (CTFs), exchange-traded funds (
11/12/2013

US equities: ERAFP mandates for Natixis, Robeco and Morgan Stanley

After a restricted RFP issued in March, France’s Etablissement de retraite additionnelle de la fonction publique (ERAFP, EUR15bn) has awarded active mandates to manage US equity funds to Natixis AM and Robeco Institutional Asset Management. Financial management will be outsourced to Loomis, Sayles & Company and Robeco Boston Partners, while a third standby mandate has been awarded to Morgan Stanley IM.The portfolios will primarily be invesfted in US equities, with a long-term investment outlook and an objective of outperformance compared with the MSCI USA Index. It will use conviction-based management without a tracking error limit.
11/12/2013

New hedge funds need to have at least USD300m to survive

Newcomers to the hedge fund sector need to raise at least USD300m in assets if they want to survive in a post-crisis environment which is characterised by rising regulatory costs and falling commissions, according to a survey carried out by Citi of 124 hedge funds with USD465bn in assets. Before the crisis broke out, a hedge fund could plan to launch with only a few tens of millions. But since then, management commissions have sometimes fallen as low as 1.58%, compared with the traditional 2% still charged by the large actors in the sector. Regulatory costs have also increased steeply due to new rules install on both sides of the Atlantic, such as the Dodd-Frank law or the AIFM directive.
11/12/2013

AllianceBernstein launches a fund dedicated to emerging market consumption

AllianceBernstein is offering a fund dedicated to consumer spending on emerging markets, which will be primariliy aimed at companies which are expected to participate in a fast-growing consumer market, Citywire reports. The AllianceBernstein Emerging fund will be a fund domiciled in Luxembourg, managed by Tassos Stassopoulos, who currently co-manages several other funds, including the Alliancebernstein Global Growth and US Thematic Research funds. The fund will use an original approach for research and portfolio construction, with three parameters: top-down, bottom-up, and one which sets it apart from the others, a component called “grassroots” which involves observation of the behaviour of emerging market consumers.
11/12/2013

Japanese investors seek foreign bonds

Japanese investors are flocking to bonds issued outside Japan, in the hopes of taking advantage of the weak Japanese yen, the Wall Street Journal reports. Asset managers have purchased JPY2.6trn (or USD25bn) more in foreign bonds than they have sold, according to statistics from the minister of finance. This is the fifth consecutive month that Japanese investors have been net buyers of foreign bonds. Since 30 June, they have purchased JPY9.1trn in bonds.
11/12/2013

Sovereign funds exposed to China

Sovereign funds, led by the Norwegian fund, are taking advantage of a regain in IPOS in Hong Kong to increase their exposure to China, the Financial Times observed. The Norwegian fund is proving one of the foremost investors in Chinese businesses this year, despite commercial frictions between Oslo and Beijing. At the end of September, the oil fund had 2.1% of its equity porfolio of USD480bn invested in China, compared with 1.7% one year earlier.
11/12/2013

FCA seeks more transparent asset management

The head of the British Financial Conduct Authority (FCA), Martin Wheatley, on 10 December announced that the British asset management sector would have to bring itself up to the level of others. “At a time when other markts are putting their own activities in order, as is already the case in Singapore, Hong Kong, the United States, Australia, it is increasingly important for us to do that same thing nationally,” Wheatley says. With this in mind, 2014 will be “an important period of consolidation,” says Wheatley. This period may be less exciting than the past few years, but just as important, Wheatley insists. This will involve a cultural transition to a more mature period, “in which the interests of investors are at the centre of the models of activity for companies on international markets.” It will then mean overseeing the technical adaptations to new regulatory rules, including EMIR and the MiFID directive, so that markets remain deep and liquid.
11/12/2013

Marc Auchabie joins Octo AM

Marc Auchabie, who had been head of distribution and partnerships at Acropole Asset Management, has joined Octo Asset Management as head of business development. Octo AM is the asset management firm of the Octo Group. It obtained a license in 2011, and is specialised in bond management. It manages a range of three funds: Octo Crédit Convictions, Octo Court Terme et Octo Tréso Crédit. In addition to Acropole AM, which is now part of La Financière de l’Echiquier, Marc Auchabie has worked for Credit Suisse AM, Fortis Investments and Robeco Gestions.
11/12/2013

EFA signs agreement with French bank Oddo & Cie

On 6th December, EFA signed an agreement with French bank Oddo & Cie. The aim of this strategic partnership is to offer an innovative solution to French Management Companies and their investment funds As part of the transaction, Oddo & Cie has transferred to EFA its administrative and accounting activities for French funds, encompassing 140 funds and mandates for more than EUR 10 billion of AuM. Oddo & Cie has acquired a 5% stake in the share capital of EFA and Mr Philippe Oddo, managing partner of Oddo & Cie, will join the board of directors of EFA in Luxembourg. The operational activities are lodged within EFA’s French branch which comprises 18 staff and 240 funds and mandates worth EUR16 billion in assets.
11/12/2013

Stoxx launches an index of European securities exposed to emerging markets

With the Stoxx Europe 600 EM Exposted Index, Stoxx Ltd on 10 December launched an index covering companies of the Stoxx Europe 600 which earn a substantial part of their revenues in emerging countries, which allows them to be exposed to growth market via liquid securities.The new index is intended to be used as a benchmark for actively-managed funds, and as a basis for replication for ETFs or other investable products.The Stoxx Europe 600 EM Exposed Index is calculated on price, in net and gross. It is available in euros and US dollars. Its composition will be revised each year in September.
11/12/2013

Ifigest opens an office in Genoa

The Italian private bank Banca Ifgest is opening an affiliate in Genoa, Bluerating reports. The new team, led by Massimo Losti, will be composed of five experienced private bankgers. This brings the number of affiliates of the bank to nine, including three in Florence, one in Prato, one in Santa Croce, one in Milan, one in Rome, and one in Turin.
11/12/2013

Vanguard reopens two bond funds

US-based Vanguard has reopened access to the High-Yield Corporate Fund (USD16.1bn), managed by Wellington Management Company, which was closed in May 2012, to all investors, as well as the Intermediate-Term Tax-Exempt Fund (USD33.7bn), closed in February 2013. In both cases, Vanguard pre-emptively suspended subscriptions to prevent a steep rise in assets from disadvantaging existing shareholders.However, the Valley Forge, Pennsylvania-based asset management firm has announced the immediate closure of subscriptions to the Capital Opportunity Fund (managed by Primecap Management Company) for most new accounts. The fund, with USD11.4bn, was previously closed in 2004, and then reopened for a restricted group of investors in 2007, and to all subscribers in April 2013. Since that date, assets have increased by more than USD2bn.
11/12/2013

Gabelli renames a fund

Gabelli Funds has changed the name of The Gabelli Value Fund to The Gabelli Value 25 Fund. The name change highlights the fund’s overweighting of its core 25 equity positions and underscores the upcoming 25th anniversary of the fund’s inception.The fund, managed by Christopher J. Marangi and Mario J. Gabelli, was launched in 1989 to invest in a concentrated portfolio of equity securities believed to have favorable prospects.
11/12/2013

BNY to provide logistics for db x-trackers Harvest CSI 300 ETF

Deutsche Asset & Wealth Management (DeAWM) has selected BNY Mellon Asset Servicing as custodian, administrator and transfer agent for its db x-trackers Harvest CSI 300 China A-Shares Fund (ticker: ASHR), launched on the US market more than a month ago (see Newsmanagers of 7 November). The product is the first ETF physically investing in Chinese A-class shares, with a renminbi qualified foreign institutional investor (RQFII) license.
11/12/2013

Inflows to Swedish funds boosted by balanced funds

Funds on sale in Sweden in November recorded net inflows of SEK3.2bn, or EUR0.355bn, according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. Inflows were boosted by balanced funds, which attracted SEK4.5bn (EUR0.5bn). Equity funds posted net subscriptions of SEK0.3bn. Money market funds and hedge funds, however, have seen respective outflows of SEK0.9bn and SEK0.8bn. Since the beginning of the year, funds on sale in Sweden have posted net inflows of SEK66bn (EUR7.3bn), and as of the end of November, assets totalled SEK2.433bn (EUR271bn), of which 55% are in equity funds.
11/12/2013

Asian Frontier Captial offers a Vietnam fund

The asset management firm Asia Frontier Capital (AFC) is accepting subscriptions to a new Vietnam fund which has been open since 10 December, Asian Investor reports. The new fund, AFC Vietnam Fund, with initial assets of USD50m, will invest in small and midcaps listed on the Hanoi and Ho Chi Minh stock exchanges. The fund will avoid the banking sector, however, and will be exposed only to insurers and brokers. According to the founder and COO of AFC, Thomas Hugger, Vietnam is less expensive than other Asian markets.
11/12/2013

New head of research for Asia at Manulife WM

Desmond Lee has left his position as head of research at Manulife Asia Wealth Management, Citywire can reveal. He is reportedly joining a firm based in Singapore specialised in institutional mandates. Lee’s position will be taken over by Ajauy Saratchandran, head of asset management services for Asia.
11/12/2013

Outsourcing Working Group publishes recommendations

The working group on outsourcing set up in July at the initiative of what was formerly known as the Financial Services Authority (FSA), the Outsourcing Working Group (OWG), submitted its report (see attachment) on 9 December to the Financial Conduct Authority (FCA). The document sets the major principles concerning oversight and the resilience of subcontracting activities.In summary, the report recommends that asset management firms improve surveillance of their outsourcing contracts, analysing risks and preparing exit planning solutions to ensure that they will be easily able to change providers in case of need.
11/12/2013

Private banker founds his own wealth management firm

The former head of private banking at Banque Havilland, Nick Parker, has founded a wealth management firm, RiverPeak Wealth, Money Marketing reports. Before joining Banque Havilland, Parker was managing director of ultra-high net worth British clients at Citi Private Bank. According to Parker, “there is no doubt that there is a niche in the market for a wealth manager with the style of a private banker, meaning a manager who is not content to offer outdated products but can provide high-level strategic services which are generally reserved only for ultra-high net worth clients.
11/12/2013

SSgA promotes ETFs to pension plans

In order to make its ETFs more easily accessible to British pension funds, State Street Global Advisors (SSgA) has integrated eight of its products into a managed pension fund vehicle with the legal status of limited liability insurance company, Funds Europe reports.The formula provides a way to avoid the obstacle represented by the fact that ETFs are ordinarily considered equities, which requires pension funds to open an account with a broker in order to buy and sell them, and also to have a direct account with a custodian who holds them.
11/12/2013
Fonds

Le Santander évince les minoritaires du Banif Inmobiliario

Dans un communiqué boursier, Santander Real Estate et Santander Asset Management annoncent la scission du fonds immobilier Banif Inmobiliario avec la création du fonds monétaire Santander Monetario, rapporte Funds People. Les porteurs minoritaires ont jusqu’au 30 janvier 2014 pour se faire rembourser leurs parts ou acquérir des parts d’un autre fonds. Après le 30 janvier, ceux qui ne se seront pas manifestés deviendront automatiquement porteurs du Santander Monetario et le groupe Santander deviendra l’unique investisseurs du fonds.A fin octobre, le Banif Inmobiliario comptait encore 369 porteurs pour un encours de 2.044 millions d’euros.
Fonds
11/12/2013

BBVA et Santander rationalisent leur gestion de sicav

Le BBVA a notifié tout récemment au régulateur espagnol , la CNMV, le transfert de la gestion des 300 sicav de BBVA Patrimonios (soit environ 3 milliards d’euros d’encours) à BBVA AM, rapporte Funds People. Luis Megias demeure administrateur délégué de BBVA AM tandis que son homologue de BBVA Patrimonios, Enrique Marazuela, conserve son poste de directeur des investissements du pôle banque privée.Chez le Santander, la fusion de Banesto et de Banif se traduit actuellement par le transfert de la gestion de toutes les sicav à Santander Private Banking Gestión, avec Pedro Más aux commandes. Cela représente un volume de quelque 4 milliards d’euros répartis sur 531 sicav.
11/12/2013

Un banquier privé crée sa propre structure de gestion de fortune

L’ancien patron de la banque privée à la Banque Havilland, Nick Parker, vient de créer une société de gestion de fortune, RiverPeak Wealth, rapporte Money Marketing. Avant son passage à la Banque Havilland, Nick Parker a notamment été managing director de la clientèle britannique très fortunée (UHNW) chez Citi Private Bank. Selon Nick Parker, «il ne fait aucun doute qu’il existe un créneau sur le marché pour un gestionnaire de fortune avec le style d’une banque privée, c’est-à-dire un gestionnaire qui ne se contente pas de proposer les produits d’antan mais peut fournir les services stratégiques de haut niveau généralement réservés à la seule clientèle très fortunée».
11/12/2013

Fidelity ouvre un bureau de trading actions américaines à Londres

Fidelity Worldwide Investment s’ouvre de nouveaux horizons. La société de gestion d’actifs dédiée aux investisseurs hors Etats-Unis et Canada, qui gère 260 milliards de dollars d’actifs, vient d’ouvrir à Londres un bureau de trading spécialisé sur les actions américaines, rapporte Financial News. Cette structure serait opérationnelle depuis le 2 décembre, selon une source citée par le site d’information. Le lancement de cette nouvelle activité à Londres fait suite à la constitution d’une équipe de recherche de 17 personnes dédiées aux actions américaines. «Nous constatons une demande continue pour des stratégies d’investissement mondiales et américaines et nous tenons à renforcer ce domaine en croissance», a déclaré un porte parole de Fidelity Worldwide Investment à Financial News.
11/12/2013

Le déficit courant de la France se réduit en octobre

Le déficit des paiements courants en France s’est contracté à 2,1 milliards d’euros en octobre, contre 3,6 milliards, chiffre révisé en baisse, en septembre, a indiqué ce matin la Banque de France. Cette évolution reflète principalement le recul du déficit des échanges de biens à 5 milliards en octobre contre 5,7 milliards un mois plus tôt, ainsi que la hausse de l’excédent du compte des services, à 3,3 milliards contre 2,6 milliards.
11/12/2013

Enrico Letta promet des mesures pour stimuler la croissance

Le Président du conseil italien a annoncé une série de réformes institutionnelles et économiques (révision de la loi électorale, baisse de la fiscalité…) visant à tirer la troisième économie de la zone euro hors de la récession, en se fixant notamment comme objectif un produit intérieur brut (PIB) en hausse de 1% en 2014 et de 2% en 2015.
11/12/2013

L'Opep ajuste sa production pour s'adapter à la demande

Selon des sources indirectes citées dans le rapport mensuel de l’Organisation des pays exportateurs de pétrole (Opep), la production du cartel a reculé à 29,63 millions de barils par jour (bpj) en novembre, se rapprochant ainsi de la prévision de demande en 2014. L’Opep prévoit que la demande pour sa production atteindra en moyenne 29,57 millions de bpj l’année prochaine, un chiffre inchangé par rapport à sa précédente estimation.
11/12/2013

L'Erafp attribue trois mandats actions

L’Etablissement de retraite additionnelle de la fonction publique (Erafp) vient d’attribuer 2 mandats actifs et 1 mandat stand-by de gestion de portefeuille d’actions américaines. Les mandats actifs ont été attribués à Natixis AM et Robeco Institutional Asset Management. La gestion financière sera respectivement déléguée à Loomis Sayles et Robeco Boston Partners. Le mandat stand-by a été attribué à Morgan Stanley IM. «A titre indicatif, les montants investis à un horizon de trois ans pourraient être de l’ordre de 300 millions d’euros», indique l’Erafp.
11/12/2013

L'économie italienne a cessé de se contracter

L'économie italienne a stagné au troisième trimestre après deux années de contraction, selon l’estimation définitive de l’institut national de statistiques publiée hier. L’Istat a relevé, de -0,1% à inchangé, son estimation de variation du produit intérieur brut (PIB) pour la période juillet-septembre. En variation annuelle, le PIB italien a baissé de 1,8%, alors que la première estimation était à -1,9%.
11/12/2013

Accord budgétaire atteint aux Etats-Unis

Les négociateurs démocrates et républicains du Congrès américain ont annoncé hier soir être parvenus à un accord sur le budget qui permettrait d'éviter une réédition de la paralysie des administrations fédérales déclenchée en octobre. La sénatrice démocrate Patty Murray et le représentant républicain Paul Ryan, les négociateurs des deux camps, devaient tenir dans la nuit une conférence de presse dévoilant les détails de leur compromis.

Sujets d'actualité

Tous les sujets