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25/10/2013

La Française registers LFP Rendement Global 2020 in Spain

According to Funds People, citing Augusto Martin, head of Iberia, La Française AM has registered the Rendement Global 2020 LFP fund with the CNMV, a fund of investment grade and high yield bonds from issuers in the OECD region, or up to 30% in emerging markets, with maturities of 31 December 2020 at the latest.The fund wil be managed by Jean-Luc Hivert, co-head of fixed income, and Akram Gharbi. The objective is to outperform the returns on OATs maturing in 2020. The recommended investment duration is seven years.
25/10/2013

Franklin Templeton to pull the Templeton Growth Fund from European markets

As of the end of June 2014, Franklin Templeton will withdraw its Templeton Growth Fund, launched in 1954, from the European market, since it is not UCITS compliant, and will thus be regulated under AIFMD, which would lead to excessive organisational difficulties. However, Fonds Professionell indicates, investors may continue to subscribe to shares in the fund in euros, as can holders of savings accounts. This is apparently the first fund to exit the market for this reason. The TGF fund received its sales license in Germany in 1982.Fonds Professionell points out that Franklin Templeton will continue to sell the Templeton Growth (Euro) Fund, which received a license in 2000. The fund is managed by the same team as the original fund, and pursues the same strategy. However, since then, the US fund (which charges fees of 1.10%) has outperformed its European clone (which has a TER of 1.84%) in eight of the years under review.
25/10/2013

Union infrastructure fund invests in France and Ireland

For its new infrastructure fund UniInstitutional Infrastruktur SICAV-SIF, aimed at institutionals, Frankfurt-based Union Investment has purchased two wind farms, constructed by Vestas and Nordex. One of them is located in Grenville en Beauce (départment Loiret), and the other in Gibbet Hill (Irish county of Wexford).The Greneville plant (eight turbines for 24 megawatts in total) was sold by VSB Energies Nouvelles, an affiliate of the German WSB (Dresde), while the Gibbet Hill facility (6 turbines for 15 megawatts in total) was purchased from the German promoter ABO Wind (Wiesbaden).Ten months after its launch, the fund has already invested about EUR143m in four European wind farms located in three countries. It will soon invest in a solar installation. The objective is to reach EUR300m in owers’ equity, which would allow for investment of about EUR800m.
25/10/2013

Strong inflows to European ETFs

According to Markit Equities Research, the 2,370 ETFs listed in Europe posted net inflows of USD9.4bn in the first nine months of the year. Due to these net inflows and performace effects, assets as of the end of September totalled USD388bn, Investment Europe reports. The 151 new ETFs lsunched in the period under review attracted about USD2.5bn in net inflows.In detail, Markit estimates that European equity ETFs posted net subscriptions of USD11.4bn, while those specialised in commodities saw net outflows of USD10.1bn.
25/10/2013

Martin Theisinger joins general management at Meriten

Martin Theisinger, managing director at Oppenheim Capital Management in charge of client relations and development after serving in management positions at BNP Paribas Investment Partners, Fortis Investments, Schroder Investment Management and JPMorgan Asset Management, has been appointed as a member of the general management at Meriten Investment Management GmbH (EUR24bn as of the end of September), an affiliate of BNY Mellon Investment Management. He will be responsible for sales and report to Werner Taiber, CEO.
25/10/2013

Hedge funds which invest in human resources outperform

Hedge funds which invest in their human resources on average post higher returns than those which pay less attention to it, a new study by Citi Prime Finance finds. “People alpha” is becoming a distinctive element in an increasingly competitive sector. To measure this new form of alpha, Citi Prime Finance studied five criteria: the acquisition of talent, the retention of talent, learning and development and performance management. It finds that the element which makes the difference between the good and bad is retention of talent. To evaluate this aspect, Citi Prime Finance used two crieria: development of the culture of the hedge fund and remuneration. Firms which ranked well in terms of retention of talent also tent to have a good talent acquisition policy. CitiPrime Finance concludes by stating that, like operational alpha at its time (having a professional team in terms of operations and robust infrastructure), “people alpha” is a short-term phenomenon which allows leaders in the market to stand out for a limited period of time.
25/10/2013

Pioneer intervenes directly with Taiwan distributors

Since 15 October, Pioneer Investments Taiwan can sell its funds directly via distributors in Taiwan, Asian Investor report. ING Securities Investment & Trust had previously provided distribution of Pioneer funds.
25/10/2013

JPMorgan preparing global equities ETF

Index Europe reports that JPMorgan has submitted a license application to the SEC for its first global equity ETF focused on developed countries and subject to the Investment Company Act of 1940. The index replicated has not yet been disclosed, nor has the ticker for the new product, the total expense ratio, or the stock market on which it will be listed.
25/10/2013

Fidelity launches its first ETFs, the most inexpensive on the market

With a total expense ratio of 0.12%, Fiidelity Investments claims to have launched the least expensive passively-managed sectoral ETFs on the market on NYSEArca on Thursday, since the comparable products from Vanguard and State Street Global Advisors (SSgA) charge from 14 to 19 basis points and 18 basis points, respectively.The ETFs, which represent a great first for Fidelity, replicate all sub-indices of the MSCI index. The list of new products is available as an attachment. As announced (see Newsmanagers of 14 March), these ETFs from Fidelity are sub-advised by BlackRock.Fidelity also states that it has filed with the SEC for five actively-managed bond ETFs. As soon as it gains approval, the funds will be handed over to specialists in the Fidelity fixed income division based in Merrimack, New Hampshire.
25/10/2013

Fidelity: RDR has its good side for active managers

“The unbundling resulting from the prohibition on commissions to intermediaries with the new RDR regulations is a good thing. The public price of asset management will be able to be lowered in the direction of the real price, while improving performance. In addition, it will reduce the gap between the prices for actively-managed products and ETFs. Clients will also be able to raise their expectations, they will be able to get better advice, but the corrolary will be that a lot of IFAs will disappear,” says Thomas Balk, chairman of Fidelity Worldwide Investments (USD260bn in assets and USD40bn in assets under administration) at a press conference in London.For his part, Ed Dymott, head of business development, says that the number of “qualified IFAs” has fallen from about 85,000 in 2008 to 32,000 in September 2013, not counting the fact that Barclays, Santander and HSBC have pulled out of advising “post-RDR,” thus reducing the number of advisers by about 2,000 in the space of six months.According to Fidelity, the average management commsision for an equity fund has fallen by half, to 75 basis points, and the intensity of competition is also lowering prices on platforms, which occupy a central place in distribution in the United Kingdom. However, it is clear that advisory commissions have tended to rise, meaning that the overall cost supported by the investor, compared with the pre-RDR regime, has “certainly” increased. But there again, it is likely that competition will ultimately reduce the cost.
25/10/2013

Jupiter recruits from BlackRock

Jupiter Asset Management has recruited Katharine Dyer as product specialist for its bond and multi-asset class team, Fund Web reports. Dyer will join Jupiter in December 2013 from BlackRock, where she worked as managing director and retail product specialist for multi-asset class client solutions.
25/10/2013

Aberdeen AM confirms talks to acquire SWIP

Following recent press speculation, Aberdeen Asset Management confirmed on Thursday that it is in discussions with Lloyds Banking Group in relation to a possible acquisition of Scottish Widows Investment Partnership and the formation of a strategic partnership with Lloyds.“The potential acquisition would add further scale and diversity to the Company’s product range, thus complementing organic growth, consistent with the Board’s strategy,” according to the Scottish asset manager.If agreed, the acquisition would be funded through the issuance of new shares in the Company to Lloyds and additional deferred payments in cash, conditional on the performance of the partnership over a period of years.“The proposed transaction would also offer substantial cost efficiencies and synergies.” Earlier this week, Investment Week revealed Aberdeen and Australia’s Macquarie Group, were the two remaining bidders for the asset management business.
25/10/2013

British pension funds remain insufficiently diversified

Schroders has published the conclusions of its most recent survey on asset alloction for defined contribution plans at companies whose equities are listed in the FTSE 350. It finds that in the past 12 months, 85% of the companies studied did not significantly modify their asset allocation, and that of the remaining 15%, few of them diversified. Most funds continue to deploy a strategy which is highly dependent on equities.Comparing the results of the 2012 and 2013 studies, it appears that the typical allocation for funds remains steady at 84%, with a reduction of 2 points, however, for exposure to British equities (to 31%), while the global equity allocation gains 2 points, to 48%. The weight of fixed income has been reduced to 8%, compared with 9.2%, and there has been no change in allocation to alternative asset, which remain at 8%.In terms of funds for companies of the FTSE 100, portfolios have changed only marginally, with the most notable change being an increase in the amount allocated to emerging markets, to 5%, from 3%. Funds of the FTSE 250 were more mobile, with a reduction of 5 points for the UK equity allocation, to 36%, and an increase of 4 points, to 48%, for global equities.
25/10/2013

BlueBay AM launches TR credit fund

BlueBay Asset Management is launching an absolute return credit fund, Citywire report. The BlueBay Total Return Credit fund will be added to the range of Luxembourg funds from the firm, and will be managed by the asset allocation committee at the firm.
25/10/2013

Assets up at St. James's Place

The wealth management firm st. James’s Place has seen its assets increase by 5% as of the end of September, to GBP41.8bn, and 20% since the beginning of the year, Investment Week reports. Net subscriptions have totalled GBP1.03bn, up 37% compared with the corresponding period of last year.
25/10/2013

Changes in FI team at Threadneedle

David Oliphant from Threadneedle has taken over the corporate bond strategy previously managed by Alasdair Ross Citywire Global reports. Oliphant will now manage the Threadneedle UK Corporate Bond Retail. Ross will remain as assistant manager of the fund, and will continue to manage the rest of his portfolio.
25/10/2013

Pioneer can approach Taiwan distributors directly

The Taiwan arm of Pioneer Investments may, from 15 October, sell funds directly via local distributors, Asian Investor reports. By obtaining “master agent” status, the firm can sell its 21 offshore funds directly via banks in the country. In the past three years, the firm has raised EUR2bn from retail investors in Taiwan.
25/10/2013

European asset managers will confront increasing pressure on profit margins

Starting next year and in the following years, the pressure on margins is expected to increase in the asset management sector, with competition getting more severe and activities that generate commissions falling, the financial ratings agency Fitch Ratings estimates in a study released on 24 October.The average margin on assets under management for European actors in the sector last year totalled 40 basis points, compared with 44 basis points in 2010. This decline, which is not considerable, is a sign of the long-term risk of pressure on margins. This development is partly related to the abandonment of high-margin equity products. “We estimate that this movement is expected to continue due to a growing trend for institutional investors to favour passive investments,” Fitch says, adding that the marings will also fall due to the gradual adoption of low-cost products (ETFs and target-date funds) by retail investors. This trend is structural, although a regain in interest in equities may temporarily boost margins. Competition may also intensify in Europe due to the relative openness of the market to foreign investors, attracted by the efficiency and simplicity of UCITS funds and the UCITS brand. US investors have responded favourably to the attactiveness of the UCITS brand, which is also beginning to win over Asian and Latin American mangers.
25/10/2013

Le climat des affaires se rafraîchit par surprise en Allemagne

L’indicateur Ifo du climat des affaires en Allemagne, basé sur une enquête mensuelle auprès de 7.000 entreprises, a reculé à 107,4 contre 107,7 en septembre, alors que le consensus était de 108,0. «Il s’agit plus d’une pause dans l’amélioration observée au cours des six derniers mois que d’un retournement de tendance», estiment toutefois les économistes de BNP Paribas.
25/10/2013

La contraction du crédit ralentit en zone euro

La croissance annuelle de l’agrégat M3 a été de 2,1%, contre 2,3% en août, un chiffre inférieur au consensus Reuters qui donnait 2,4%. Les prêts au secteur privé, s’ils se contractent toujours de 1,9% sur un an, le font à un ryhtme un peu inférieur à celui d’août (-2%). La BCE publiera le 30 octobre son enquête trimestrielle sur les conditions de prêts en zone euro.
25/10/2013

La croissance britannique se confirme

Le PIB britannique a augmenté de 0,8% sur la période juillet-septembre, son plus fort rythme depuis trois ans, contre +0,7% sur la période avril-juin, a annoncé vendredi l’Office national des statistiques, qui fournit ainsi ses premières estimations en la matière. Sur un an, la croissance ressort à 1,5%. Ces chiffres sont conformes aux attentes des économistes interrogés par Reuters. Avec la croissance du troisième trimestre, la Grande-Bretagne affiche ainsi trois trimestre consécutifs de progression du PIB pour la première fois depuis 2011. La Banque d’Angleterre doit présenter le 13 novembre ses nouvelles prévisions de croissance.
Photo: Bloomberg
25/10/2013

Un trio à la tête de la Compagnie Benjamin de Rothschild

Edmond de Rothschild a annoncé hier en interne la réorganisation de la Compagnie Benjamin de Rothschild (CBR), sa filiale suisse de private equity, gestion quantitative, conseil en financements structurés et gestion des risques. Dans la maison depuis 1991, le directeur général de la CBR Daniel Trèves et son adjoint Hugo Ferreira feront valoir début 2014 leurs droits à la retraite, assure un proche du groupe. L’entité sera alors dirigée «par un comité exécutif composé de Sabine Rabald qui en assurera la présidence, de Mathieu Gilbert, responsable de la gestion quantitative et de Christian Lorenz, responsable du développement commercial», indique le message de la direction. Le trio «reportera à Laurent Tignard», responsable global de la gestion d’actifs du groupe depuis le printemps. La société de gestion sera «rebaptisée», tandis que son activité de capital-investissement sera logée «au sein d’une entité ad hoc qui conservera le nom de Compagnie Benjamin de Rothschild, sous la responsabilité de Johnny El Hachem».
25/10/2013

Axa IM réorganise sa direction

Andrea Rossi, le nouveau directeur général d’Axa IM, imprime sa marque à la tête du gérant d’actifs. La société a annoncé la nomination de Laurent Seyer au poste de responsable mondial de la distribution. L’actuel patron des solutions clients multi-classes d’actifs (MACS) d’Axa IM sera chargé d’accroître la collecte des actifs gérés pour compte de tiers. Christophe Coquema, actuellement chief operating officer, remplacera Laurent Seyer à la tête de MACS, tandis que Joseph Pinto lui succédera aux opérations.
25/10/2013

Apax grandit dans l’enseignement supérieur

La société de private equity a fait part du rachat pour 200 millions d’euros du groupe Inseec auprès de l’américain Career Education Corporation. La finalisation de la transaction devrait intervenir avant la fin de l’année, selon Apax Partners, qui souligne la place de sa cible parmi les «principaux acteurs de l’enseignement supérieur privé en France».
25/10/2013

Changements en vue pour les FIP et FCPI

Gouvernement et professionnels réfléchissent à diminuer les contraintes de gestion des fonds à l’occasion de la prochaine loi de Finances rectificative.
25/10/2013

L’ombre de Bernard Madoff plane au-dessus de JPMorgan

Le quotidien avance que la banque américaine devrait être contrainte de nouer un accord avec les autorités américaines afin d’échapper à des poursuites pénales concernant sa gestion des comptes de Bernard Madoff. Des poursuites pénales pourraient être lancées à l’encontre de salariés de la banque ayant été en relation avec le financier architecte d’une pyramide de Ponzi.

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