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14/10/2013

State Street offers ETF to combat interest rate increases

To meet demand from investors who are increasingly concerned about the risk of rising interest rates, State Street Global Advisors (SSgA) has launched a very short-term bond ETF, in a niche in which net subsriptions have already reached USD9.4bn in the first nine months of the year, according to Morningstar.This time it is an actively-managed ETF, the SSgA Ultra Short Term Bond ETF (ticker: ULST), listed on the NYSE Arca platform since 10 October, which offers investors access to a diversified portfolio of bonds with ultra-short term durations. The product allows clients to earn additional returns without sacrificing liquidity, says James Ross, senior managing director and global head of SPDR ETFs at SSgA.The fund charges fees of 0.20%.
14/10/2013

Hedge funds not interested by individual clients

Hedge fund and private equity firms have not rushed to sell their businesses to high net worth individuals, although they are now allowed to promote their products to US investors, the Financial Times observes. “The Goliaths in our industry are not going to advertise,” agreed Anthony Scaramucci, founder of SkyBridge Capital, a hedge fund of funds. “They think it is gauche and déclassé, and their partners already have their private planes and their beachside mansions in the Hamptons, so why disrupt the business model?”
14/10/2013

Barings promotes frontier markets equity fund

The Baring Frontier Markets Fund, launched on 24 April, now has assets of USD24bn, and the British asset management firm is beginning to actively promote the Irish-registered UCITS fund on the European continent. The Baring Asian Frontier Markets fund, for its part, already has USD500m in assets.Michael Levy, principal manager of the new fund, pointed out on Friday in Paris that although frontier markets are a little more “expensive” than emerging markets in terms of price/earnings (11.2% compared with 9.5% P/E) and price to book value (P/B of 2.2 compared with 1.3) in 2014, they are far more profitable in terms of dividend returns (5.5%, compared with 3.3%) and returns on owner’s equity (ROE), at 20.1% compared with 13.3%.Additionally, the portfolio of 55 positions includes a lot of shares that are not in the MSCI Frontier Markets TNR index, which is considered too narrow, and Levy points out that 70% of performance comes from the stock-picking.CharacteristicsName: Baring Frontier Markets FundISIN code: IE00B8BVS817 (A shares)Front-end fee: 5%Management commission: 2%Minimal initial subscription: USD5,000
14/10/2013

Asia-Pacific: market fragmentation slows international development

The priority for asset management actors in the Asia-Pacific region is expansion into new markets in the region, but this development is running up against a major obstacle in the fragmentation of markets, a study carried out by State Street in partnership with Longitude Research, covering more than 200 managers in the asset management sector in the region finds.The suvey reveals that 42% of managers surveyed predict growth into new markets in the region, and that 298% of respondents even say that this is their number one engagement. This priority for new markets is particularly strong in Japan (52%), Hong Kong (285), China (23%) and Australia (also 23%).China is one of the most cited targets, but frontier markets are also among the possibilities envisaged, including Malaysia and Thailand.But these expansion plans are, according to a majority of respondents, running up against market fragmentation and the diversity of regulations, which impede product innovation. “The region is more fragmented than any other in the world in terms of size, geoography, language, culture, regulations and taxation,” says Damien Barry, senior vice president, Offshore Funds Services at State Street.The regional initiative launched recently for a passpot for Asian funds is a move in the right direction but its contours are still blurry. Meanwhile, 51% of respondents surveyed say that major adaptations have to be made to develop solid risk management strategies adapted to each market.
14/10/2013

Hawaii pension fund chooses BNY Mellon as custodian

The Employees’ Retirement System of the State of Hawaii (HIERS), which has 112,000 members, has selected BNY Mellon Asset Servicing as its global custodian for its USD12.5bn in assets. The service will include global custody, securities lending, currencies, cash management and a vast range of risk solutions.
14/10/2013

New head of marketing at Fred Alger

Fred Alger Management has recruited Jeanne Sdroulas as senior vice president and head of marketing. She previously worked at Stone Harbor Investment Partners, where she was global head of marketing. Fred Alger Management as of 30 September had USD19bn in assets under management.
14/10/2013

Brevan Howard posts disappointing performance for its flagship fund

One of the largest actors in alternative management, Brevan Howard, has posted disappointing results for its flagship fund, and has seen heavy losses from its portfolio dedicated to emerging markets, the news agency Reuters reports. The Brevan Howard Master Fund, whose assets under management total about USD28bn, is virtually unchanged since 2013 as of 4 October. It showed gains of 3.8% as of the end of June, but has been oriented downward since that date. Since its launch in 2003, the fund has never posted a single negative year. Another negative performance has been recorded for the hedge fund dedicated to emerging markets, which has about USD2.8bn in assets, and which has seen a decline of 12% in the year 2013 as of 4 October. The traditional hedge fund invested in emerging markets shows gains of 2.07% since the beginning of the year, according to Hedge Fund Research. The fund also shows variable returns. Last year, the fund gained 14%, but it lost 6% in 2011.
14/10/2013

Departure of UBS AM's head of FI

Rob Gambi, global head of bonds at UBS Global Asset Management, is leaving the firm after seven years, Investment Week reports. He will be replaced by John Dugenske, previously head of bonds for North America.
14/10/2013

La Française AM wants to grow in Latin America and Asia

The asset management group La Française AM would like to develop its activities serving investors in Latin America and Asia. The target destinations are Miami, Chile, Peru and Colombia, as well as Hong Kong and Singapore, Citywire reports. As part of this strategy, the asset management firm is promoting three funds domiciled in Luxembourg: an Asian value small and midcaps fund, a Chinese value small and midcaps fund, and a global bond fund. The CEO of La Française, Philippe Lecomte, says that development in Latin America will be steered by the Spanish office, with Augusto Martin, head for the Iberian peninsula, and Gerardo Duplat, head of international distribution for Spain. The two will concentrate on high net worth clients in Miami and Chilean, Peruvian and Colombian pension funds.
14/10/2013

Alma Capital recruits for German-speaking development

Two weeks ago, Dirk Toedte has joined Paris-based Alma Capital as head of development for Germany and Austria. Toedte, who left his position as head of distribution at Amundi Germany after the merger, in early 2011 joined Allianz Global Investors to develop and manage the Product & Chennel Service Europe department.
14/10/2013

Good results for asset management at JP Morgan in third quarter

Asset management activities at the JP Morgan group in third quarters brought net profits of USD476m, up 7% compared with third quarter 2012, but doen compared with second quarter 2013 (USD500m). Income from private banking was up 9% to USD1.5bn, while retail was up 36% to USD722m, but the institutional unit was down 2% to USD553m. Assets under management increased 12%, or USD139bn, year on year to a total of USD1.5trn, due to inflows and market effects. Assets under administration, for their part, were up 9% or USD56bn to USD706bn. The JP Morgan group nonetheless finished the quarter with net losses of USD880m due to significant legal expenses, though it earned profits of USD5.7bn in third quarter 2012. Legal costs in the quarter before taxes totalled USD7.2bn.
14/10/2013

Retirement assets at Wells Fargo up 11% in third quarter

The wealth management, brokerage and retirement unit at Wells Fargo in third quarter earned net profits of USD450m, up by USD16m or 4% compared with second quarter 2013, and USD112m or 33% compared with third quarter 2012. The assets of wealth management of clients increased by 5%, to USD209bn, while assets in institutional retirement plans are up 11% to USD288bn. Assets in individual retirement accounts (IRA), for their part, were up 10%, to USD326bn.
14/10/2013

Assets up by more than USD70bn for four major asset managers

As of 30 September, Invesco, Franklin Templeton, Legg Mason and AllianceBernstein posted total assets of USD2.6912trn, which represents an increase of USD71.2bn, or 2.71%, in one month.The largest increases, at USD25.8bn and USD25.4bn, to USD745.5bn and USD844.9bn, respectively, were registered by Invesco and Franklin Templeton, For their part, Legg Mason and AllianceBernstein saw increases in their assets under management of USD11bn to USD656bn, and USD9bn, to USD445bn.
14/10/2013

Pimco alters investment policy for Total Return Fund

According to a statement from Pimco, the allocation of the largest bond fund in the world, the Total Return fund, managed by Bill Gross (about USD250bn), has been retouched, Handelsblatt reports. Real estate represented only 35% in September, compared with 36% in August, while bonds from developed countries other than the United States have been increased to 4% of the portfolio from 2%. However, allocation to US government bonds has remained unchanged.
14/10/2013

Financial analysts desert Paris for the City

Analysts and traders at French brokers have been transferred to London, and recruitments are being made often abroad recently, in the City and elsewhere, Les Echos reports. This phenomenon has not yet spread to all French players, but several examples are striking. Exane BNP Paribas is undoubtedly the most emblematic example of this trend. The broker has developed considerably in London in recent years: the Paris office is home to only 30% of the 115 employees in equity reseach (cash equity), commpared with 605 of 105 in 2007. However, 65% of analysts are in the City. The distribution is globally the same for stock market order execution (including sales). Acording to several market sources, Société Générale also has a strong presence in the United Kingdom. Equity analysts are also said to predominate there, according to information conveyed by Thomson Reuters, but the bank does not wish to offer any details about its research personnel.
14/10/2013

Profits up at asset management firms in first half

According to the latest quarterly bulletin from the CNMV, assets in Spanish investment funds as of 30 June totalled EUR166.7bn, 9% more than as of the end of December while aggregated profits for Spanish asset management firms were up 11.1% year on year in first half, to EUR318m, Funds People reports. The increase in assets under management is the first since the beginning of the crisis in 2007.The number of asset management firms showing losses has fallen to 19 from 28 in second half 2012, with an average loss of EUR3.7m, compared with EUR10m.
14/10/2013

Fidelity will invest heavily in its distribution platform

According to reports in Investment Week, Fidelity is planning to invest GBP250m in the next five years to develop its British open architecture platform. As a part of this programme, the asset management firm is planning a new programme focused on fund managers, entitled Access, which will aim to promote products from these asset management firms to clients worldwide, with marketing and client relationship efforts in exchange for access to less costly share classes.Member groups will have easier access to end users, as the Fidelity platform has 1.1 million retail clients in the United Kingdom, and 10,000 member advisers.Fidelity will also scale up its marketing activities for users of its platform in the United Kingdom, which includes FundsNetwork, the personal investment operation and the defined contributions unit.
14/10/2013

Kames Capital scales up distribution team

Laurence Chapman has left RBS to join the European distribution team at the British firm Kames Captial (EUR61bn in assets), which would now like to extend its activities to the German and Austrian markets. The new arrival will report to Richard Dixon, head of wholesale, continental Europe. She will work in the two German-speaking markets in tandem with Barnaby Woods.Currently, five funds in the range have a sales licene for Germany and Austria: Kames Absolute Return Bond, Kames High Yield Global Bond, Kames Investment Grade Global Bond, Kames Strategic Global Bond and Kames Global Equity Income.
14/10/2013

British insurers revise regulations for unit-linked accounts

The association of British insurers (ABI) will make improvements to its recommendations for unit-linked accounts, following an enquiry by the Financial Conduct Authority (FCA), which found “specific” shortfalls at certain insurers concerning monitoring of policies, Investment Week reports. The FCA did not detect signs of systemic risks which threaten the entire sector, but the anomalies identified may disadvantage investors in these policies.
14/10/2013

Le fonds de pension de Hawaï choisit BNY Mellon comme conservateur

L’Employees’ Retirement System of the State of Hawaii (HIERS), qui a 112.000 adhérents, a sélectionné BNY Mellon Asset Servicing comme conservateur mondial pour ses 12,3 milliards de dollars d’encours. La prestation comprendra la conservation mondiale, le prêt de titres, les devises, la gestion de trésorerie et une vaste gamme de solutions de risque.
14/10/2013
Fonds

Brevan Howard enregistre des performances décevantes sur son fonds phare

L’un des plus grands acteurs de la gestion alternative, Brevan Howard, enregistre des résultats décevants sur son fonds phare et accuse de lourdes pertes sur son portefeuille dédié aux marchés émergents, rapporte l’agence Reuters. Le Brevan Howard Master Fund, dont les actifs sous gestion s'élèvent à quelque 28 milliards de dollars, est pratiquement inchangé sur l’année 2013 au 4 octobre. Il affichait un gain de 3,8% à fin juin mais s’est orienté à la baisse depuis cette date. Depuis son lancement en 2003, ce fonds n’a jamais enregistré une seule année négative.Autre contre-performance, le hedge fund dédié aux marchés émergents, qui pèse environ 2,8 milliards de dollars, accuse une baisse de 12% sur l’année 2013 au 4 octobre Le hedge fund classique investi sur les marchés émergents affiche un gain de 2,07% depuis le début de l’année, selon Hedge Fund Research. Le fonds marque d’ailleurs des performances en dents de scie. L’an dernier, le fonds a progressé de 14% mais il avait perdu 6% en 2011.
Fonds
14/10/2013

Nouveau responsable marketing chez Fred Alger

Fred Alger Management vient de recruter Jeanne Sdroulas en tant que senior vice president et responsable du marketing. Elle travaillait précédemment chez Stone Harbor Investment Partners, où elle était responsable mondial du marketing.Fred Alger Management gérait au 30 septembre plus de 19 milliards de dollars.
14/10/2013

La Française AM veut se développer en Amérique latine et en Asie

Le groupe de gestion La Française AM souhaite développer ses activités auprès des investisseurs en Amérique latine et en Asie. Les destinations cibles sont notamment Miami, le Chili, le Pérou et la Colombie, ainsi que Hong Kong et Singapour, rapporte Citywire. Dans le cadre de cette stratégie, la société de gestion met notamment en avant trois fonds domiciliés au Luxembourg, un fonds value de petites et moyennes capitalisations asiatiques, un fonds value de petites et moyennes capitalisations chinoises et un fonds obligataire global. Le directeur général de La Française, Philippe Lecomte, précise que le développement en Amérique latine sera piloté à partir de l’antenne espagnole, avec Augusto Martin, responsable pour la péninsule ibérique, et Gerardo Duplat, responsable de la distribution internationale pour l’Espagne. Le duo va porter ses efforts sur la clientèle fortunée de Miami et les fonds de pension chiliens, péruviens et colombiens.
14/10/2013
Fonds

State Street propose un ETF anti-hausse des taux

Pour faire face à la demande d’investisseurs de plus en plus préoccupés par le risque de hausse des taux, State Street global Advisors (SSgA) vient de sortir un ETF obligataire à très court terme, se lançant sur un créneau où les souscriptions nettes ont déjà atteint 9,4 milliards de dollars sur les neuf premiers mois de cette année, selon Morningstar.Il s’agit cette fois d’un ETF à gestion active, le SSgA Ultra Short Term Bond ETF (code mnémonique : ULST) coté sur la plate-forme NYSE Arca depuis le 10 octobre et qui offre aux investisseurs l’accès à un portefeuille diversifié d’obligations à échéance ultra-courte. Ce produit permet aux clients de percevoir un rendement supplémentaire sans sacrifier la liquidité, a souligné James Ross, senior managing director and global head of SPDR ETFs chez SSgA.Le fonds est chargé à 0,20 %.
Fonds
14/10/2013

Plus de 70 milliards de hausse d'encours pour quatre gestionnaires

Au 30 septembre, Invesco, Franklin Templeton, Legg Mason et AllianceBernstein affichaient au total un encours de 2691,2 dollars, ce qui représente une hausse de 71,2 milliards de dollars ou de 2,71 % en un mois.Les plus fortes augmentations, avec 25,8 milliards et 25,4 milliards, à respectivement 745,5 milliards et 844,9 milliards de dollars, ont été enregistrées par Invesco et Franklin Templeton. Pour leur part, Legg Mason et AllianceBernstein ont vu leurs actifs sous gestion augmenter de 11 milliards à 656 milliards de dollars et de 9 milliard, à 445 milliards de dollars.
14/10/2013

Les actifs retraite de Wells Fargo progressent de 11% au troisième trimestre

Le pôle gestion de fortune, courtage et retraite de Wells Fargo a dégagé au troisième trimestre un bénéfice net de 450 millions de dollars, en hausse de 16 millions de dollars ou 4% par rapport au deuxième trimestre 2013, et de 112 millions ou 33% par rapport au troisième trimestre 2012.Les actifs des clients de la gestion de fortune se sont accrus de 5% à 209 milliards de dollars alors que les actifs des plans de retraite institutionnels progressaient de 11% à 288 milliards de dollars. Les actifs des plans de retraite individuels (IRA) ont de leur côté enregistré une hausse de 10% à 326 milliards de dollars.
14/10/2013
Fonds

Invesco fait coter un ETF d'actions chinoises A

Depuis le 10 octobre, la plate-forme NYSE Arca cote le PowerShares China AShare Portfolio (code mnémonique : CHNA) qu’Invesco PowerShares Capital Management LLC estime être le premier ETF à permettre une exposition au marché des actions chinoises A en investissant principalement dans des futures sur l’indice SGX FTSE China A50.Il s’agit d’un produit à gestion active utilisant une stratégie quantitative. Le portefeuille pourra aussi être investi dans d’autres instruments que les futures sur l’indice SGX FTSE A50, comme des ETF sur les plus grandes sociétés du marché des actions A et en direct sur des actions A dans les proportions autorisées par la loi chinoise.Le taux de frais sur encours se situe à 0,50 %.
Fonds
14/10/2013

Départ du patron obligataire d’UBS AM

Rob Gambi, responsable mondial des obligations d’UBS Global Asset Management, quitte la société après sept ans, rapporte Investment Week. Il sera remplacé par John Dugenske, précédemment responsable de l’obligataire en Amérique du Nord.
14/10/2013

Bons résultats pour la gestion d'actifs de JP Morgan au troisième trimestre

Les activités de gestion d’actifs du groupe JP Morgan se sont soldées au troisième trimestre par un bénéfice net de 476 millions de dollars, en progression de 7% par rapport au troisième trimestre 2012 mais en recul par rapport au deuxième trimestre 2013 (500 millions de dollars).Les revenus de la banque privée ont progressé de 9% à 1,5 milliard de dollars, ceux du retail ont fait un bond de 36% à 722 millions de dollars, mais ceux du pôle institutionnel ont reculé de 2% à 553 millions de dollars.Les actifs sous gestion se sont accrus de 12% ou 159 milliards de dollars sur un an pour s’établir à 1.500 milliards de dollars, grâce à la collecte et à l’effet marché. Les actifs sous administration ont pour leur part augmenté de 9% ou 56 milliards de dollars à 706 milliards de dollars.Le groupe JP Morgan a néanmoins terminé le trimestre dans le rouge avec une perte nette de 880 millions de dollars en raison de lourdes charges juridiques, alors qu’il avait dégagé un bénéfice de 5,7 milliards de dollars au troisième trimestre 2012. Les charges juridiques du trimestre après impôts se sont élevées à 7,2 milliards de dollars.
14/10/2013

Alma Capital recrute pour son développement germanique

Depuis deux semaines, Dirk Toedte a rejoint Alma Capital comme responsable du développement en Allemagne et en Autriche. L’intéressé, qui avait quitté son poste de head of distribution d’Amundi Allemagne après la fusion, était entré début 2011 chez Allianz Global Investors pour développer et gérer le département Product & Channel Service Europe.

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