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15/04/2013

New head of external management at AP3

P { margin-bottom: 0.08in; }A:link { } Claudia Stanghellini has been appointed as the new head of external management at the Swedish pension fund AP3, realtid.se reports. She succeeds Mattias Bylund, who has been appointed as director of risk, business support and controls.
15/04/2013

Bank of Japan inflects investor demand

Early April saw investors around the world digesting the implications of the Bank of Japan’s decision to double the country’s monetary base in an effort to banish deflation by 2015. The BOJ’s program has raised hopes for Japan’s economic growth, fueled expectations of stronger Japanese investor demand for asset classes ranging from Eurozone debt to US real estate and rekindled fears that European and emerging Asian exporters will see their export competitiveness eroded by a weaker yen.Flows for EPFR global-tracked funds during the week ending April 10 mirrored these expectations and concerns. Europe bond funds posted their biggest weekly inflow since early December, real estate sector funds took in fresh money for the 13th time in the 15 weeks year-to-date and YTD flows into Japan equity funds climbed over the USD11 billion mark while redemptions from Germany equity funds hit a 49 week high and Asia ex-Japan equity funds recorded outflows for the second time in the past three weeks.Overall, a net USD3.13 billion flowed into equity funds – with half of that total going to dividend equity funds – and bond funds took in USD3.52 billion. Alternative Funds absorbed another USD953 million as they extended their current inflow streak to 14 consecutive weeks.It is also notable that balanced funds continued to attract USD1bn so that inflows since the beginning of the year total over USD21bn.
15/04/2013

Santander finalises its private banking line-up

P { margin-bottom: 0.08in; }A:link { } Alberto Ridaura, who had been head of wealth management activities, has been appointed as deputy director of the Santander private bank, alongside Eduardo Suárez (see Newsmanagers of 9 April), who has been selected as CEO of the unit, which has assets of EUR100bn, of which EUR65bn come from the wealth management division, Funds People reports.Santander has also appointed the 17 territorial heads in its private bank.
15/04/2013

Santander preparing to rationalise its fund range

P { margin-bottom: 0.08in; }A:link { } According to a document obtained by Funds People, Santander will be taking the occasion of the absorption of its affiliates Banif and Banesto to rationalise its investment fund ranges, which include a total of 197 products under the Santander, Banif, Banesto, Citibank and Openbank brand names. By June, the group will be merging bond funds so as to eliminate 12 products. The new funds will be divided into several share classes, with varied commission levels. Nine equity funds will also be eliminated through merger-absorption.In September, the wave of rationalisation will be extended to profiled funds, the Santander “Select” range, whose assets will increase from EUR1bn currently to EUR2.4bn. The absolute return range will include only two funds, with assets of EUR800m.
15/04/2013

Allfunds gets head of development

P { margin-bottom: 0.08in; }A:link { } The Allfunds Bank platform (Santander and Intesa Sanpaolo) has appointed Jaime Pérez-Maura as head of development and planning of sales. He will be responsible for new activities in Europe and Asia. In addition, he will be responsible for overseeing key global accounts, Funds People reports.Pérez-Maura, who will report to Gianluca Renzini, head of sales, will retain responsibility for communications and market intelligence, but he will abandon direction of investment solutions, a position he had held for 13 years.
15/04/2013

European fund distributors revise strategy

P { margin-bottom: 0.08in; }A:link { } More than 80% of European fund distributors are planning to reorganise their internal processes in the next three years, in order to reduce their costs, according to a survey released by Cerulli Associates, Funds Europe reports. Consolidation of funds (61.9%) takes second place among measures considered by distributors, far ahead of staff reductions (28.6%). Without saying that they are planning to reduce their distribution contracts, 19% of the 100 asset management firms surveyed by Cerulli did say that they are planning to launch fewer funds, and 19% are considering lowering the commissions they charge to distributors.
15/04/2013

European retail investors remain confident in April

P { margin-bottom: 0.08in; }A:link { } The situation in Cyprus is not worrying retail investors in Europe. According to the most recent European survey by Binck of stock market invetors, since December 2012, the level of confidence of investors has been recovering, and in April 2013 totals 2.5. This is a stable rating compared with the previous month, when the index set a record at 2.6. The survey finds that 23 of investors are optimistic in April: 66% of respondents have a confidence level equal to or higher than 0 (neutral). Half of respondents say they are highly confident, with a level equal to or higher than +4, or 2.5 times more than at the end of 2012.
15/04/2013

Outflows continue at Man Group

P { margin-bottom: 0.08in; }A:link { } Man Group is continuing to bleed money, despite aggressive attempts to stem its outflows, revitalise its quantitative management activities, and reduce its costs, Financial Times Fund Management reports. In first quarter, the hedge fund firm posted net outflows estimated at USD3.6bn, the worst result since 2005, according to Peter Lenardos. In 2012, Man had outflows of more than USD7bn.
15/04/2013

OFI AM et La Française rapprochent leurs incubateurs

OFI AM et La Française sont entrés lundi en discussion exclusive pour étudier le rapprochement entre NewAlpha AM et Next AM. Ce mariage créerait le leader européen de l’incubation avec 31 lignes actives et 7,2 milliards d’euros d’actifs gérés par les sociétés incubées. Spécialiste de l’incubation pour compte de tiers, NewAlpha AM opère principalement dans l’univers des fonds alternatifs. De son côté, Next AM détient aujourd’hui un portefeuille d’une vingtaine de participations dans des sociétés de gestion et de conseil.
15/04/2013

Hong Kong peine à attirer les fonds de private-equity

Les efforts des autorités hongkongaises ayant baissé les taxes sur les fonds de private-equity et sur les sociétés d’investissement pour les attirer sur l’île, devraient avoir un succès très limité sans un passeport qui permettrait aux fonds d’être vendus localement ou au moins en Chine continentale, selon le journal qui cite des cadres et experts du secteur.
15/04/2013

Les traders sur matières premières touchent le pactole

Le quotidien se targue d’avoir étudié des milliers de pages de rapports publics ou confidentiels détaillant les comptes des principaux négociants mondiaux en matières premières. L’étude met en lumière un résultat net cumulé de près de 250 milliards de dollars sur la décennie écoulée. De quoi renforcer les appels à davantage de transparence de ce secteur.
15/04/2013

Geodis contraint l’AMF aux prolongations

Le quotidien croit savoir que la Commission des sanctions de l’AMF a, fait rare, demandé un sursis à statuer dans le dossier de manquement d’initiés sur le titre Geodis lors de l’OPA par SNCF Participations en 2008. «S’estimant insuffisamment éclairé», le juge de l’Autorité aurait «demandé à son rapporteur de poursuivre ses diligences». Le quotidien rappelle que le collège de l’AMF a requis il y a deux semaines dans ce dossier contre Joseph Raad, accusé d’utilisation d’information privilégiée, une sanction inédite de 20 millions d’euros. Le rapport complémentaire du rapporteur permettra un nouvel examen des griefs par la Commission des sanctions, «sans doute, d’ici l’automne».
15/04/2013

EQT Partners lorgne les entreprises de taille moyenne

Le numéro un suédois du private equity réorganise ses équipes d’investissement selon le quotidien afin de lancer un fonds visant le mid-market en Europe du Nord et en Asie. La nouvelle équipe responsable du projet, dirigée par le directeur général adjoint et cofondateur Jan Stahlberg, espère une collecte voisine d’un milliard d’euros.
15/04/2013

Ben Bernanke souligne la condition des plus défavorisés

«Même si l’emploi et le logement montrent des signes d’amélioration pour l’ensemble du pays, les conditions de vie des zones plus défavorisées restent difficiles à bien des égards», a déclaré le président de la Réserve fédérale américaine lors d’une conférence liée à un programme social de la Fed. «Il faut une coordination et un engagement conséquents pour casser les barrières (…), a-t-il ajouté.
15/04/2013

La troïka achève son examen des réformes en Grèce

Les inspecteurs de la troïka des bailleurs de fonds de la Grèce ont achevé leur évaluation des performances d’Athènes dans la mise en oeuvre des réformes qu’ils réclament, ouvrant la voie au déblocage d’une nouvelle tranche d’aide de 10 milliards d’euros, a rapporté samedi une source au fait des discussions citée par Reuters. Les derniers détails devaient être bouclés d’ici à ce lundi soir.

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