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17/12/2012

"Pour les actions comme pour les obligations, nous avons supprimé la distinction entre marchés émergents et développés"

Dans un entretien à Newsmanagers, Patricia Caspar, directeur général de Shânti Asset Management, présente la stratégie et l'offre de la société de gestion qui célèbre cette année son dixième anniversaire. Spécialiste des marchés asiatiques, la société, qui dispose d'un bureau de recherche à Bombay, réfléchit actuellement au lancement d'une stratégie dédiée à la dette émergente.
17/12/2012
Gestion d'actifs

Caisse de Dépôts et Placements mise sur les infrastructures

Le fonds de pension canadien Caisse de Dépôts et Placements, dont les actifs sous gestion s'élèvent à plus de 165 milliards de dollars, envisage de poursuivre ses efforts d’investissement dans les infrastructures, rapporte Citywire. Le patron des investissements de la Caisse dans les infrastructures, Macky Tall, estime notamment que les perspectives d’investissement dans les aéroports internationaux s’améliorent, ne serait-ce qu’en raison des travaux de maintenance et d’amélioration que nécessitent ces infrastructures. Au cours des trois dernières années, le fonds de pension a doublé ses investissements dans les infrastructures à plus de 6,5 milliards de dollars, soit 4% du portefeuille d’investissement du groupe. La volonté de la Caisse et de ses clients est d’accroître le portefeuille dédié aux infrastuctures au cours des toutes prochaines années, selon Macky Tall.
Gestion d'actifs
14/12/2012

Hausse de 1,1% de la production industrielle américaine

La production industrielle a augmenté plus qu’attendu aux Etats-Unis en novembre, enregistrant sa plus forte hausse depuis près de deux ans grâce à la reprise des activités perturbées par l’ouragan Sandy. La production a progressé de 1,1% après une contraction de 0,7% en octobre, montrent les statistiques de la Réserve fédérale. Il s’agit du chiffre le plus élevé enregistré depuis décembre 2010.
14/12/2012

LRI Invest adds to management team

Utz Schüller, who joined LRI Invest in May 2011 (from PwC Luxembourg) as head of fund controlling & finance, will on 1 January become a managing board member responsible for the Fund Accounting Alternative & Traditional Investments, Fund Controlling & Valuation, and Finance sectors. He will also be responsible for the new securitisation platform as a board member at LRI Invest Securitisation S.A. and LRI Invest Issuance S.A.Markus Gierke, CEO, will in future be responsible for all front office areas (Business Development Alternative Investments, Relationship Management, the Frankfurt office and shareholdings) as well as IT and organisation.The third board member, Bernd Schlichter, will be responsible for the Risk & Reporting, Legal & Fund Consulting, Compliance, Internal Audit and Human Resources sectors.LRI Invest has 90 employees and manages over EUR8bn in 230 funds.
14/12/2012

Henderson chairman leaves firm

The chairman of Henderson Group, Rupert Pennant-Rea, will stand down from the board at the annual general meeting in May 2013, when he will have been a director for almost nine years. He has been appointed to the Royal London Group board as a non-executive director and chairman designate. A comprehensive search for his successor is underway. In addition, the asset manager has announced a change in its tax residency from the Republic of Ireland to the UK by means of a corporate restructuring. Furthermore, as all strategic decision making will now reside in the UK, the board has decided to reduce the number of executive directors on the board and therefore David Jacob and James Darkins have stepped down with effect from 12 December 2012.
14/12/2012

Man Group to announce write-offs due to GLG

Man Group is weighing up major accounting write-offs next year relating to its 2010 acquisition of GLG Partners, after the recent announcement that Emmanuel Roman is to be the new chief executive of the company, according to the Financial Times. The hedge fund manager could discount goodwill by “between USD500m and USD1bn”, said Peter Lenardos, analyst at RBC.
14/12/2012

German funds post inflows of over EUR13bn in October

Net inflows to German investment funds in October totalled EUR13.2bn, according to the German fund management association (BVI). Open-ended funds attracted EUR3bn in the month under review, while dedicated funds posted subscriptions totalling a net EUR6.6bn. Bond funds have posted net inflows of EUR4.1bn, while since the beginning of the year, subscriptions already total EUR24.1bn. In October, bond funds denominated in US dollars attracted EUR1.7bn. Open-ended real estate funds, for their part, have posted inflows of EUR0.2bn. All other asset classes finished the month with outflows. Redemptions totalled EUR0.1bn for equity funds, EUR0.3bn for diversified funds, and EUR0.6bn for money market funds. Assets under management in the German fund sector totalled EUR1.988trn as of the end of October, of which EUR952bn were for institutional investors, and EUR715bn for open-ended funds.
14/12/2012

Allianz and Union continue to dominate funds industry

In the first ten months of this year, net subscriptions to open-ended security funds in Germany totalled EUR11.9759bn, the BVI reports. These overall results, however, conceal significant disparities, as Allianz Asset Management Group alone has net inflows of EUR21.3128bn, of which EUR17.2945bn were for Pimco.The other major firm to post net subscriptions is Union Investment (German co-operative banks), with EUR1.7123bn.However, the Deutsche Bank group has posted net outflows of EUR2.8035bn, while Deka (savings banks) has seen net redemptions of EUR4.6909bn.In the ETF segment, only ETFlab (Deka) has posted net subscriptions, with EUR470m, but other providers show outflows. iShares from BlackRock has seen net outflows of EUR1.1701bn, higher than the EUR1.0289bn at ComStage (Commerzbank) and EUR776.5m at db x-trackers (Deutsche Bank).In terms of assets, the Deutsche Bank group continues to lead, with EUR139.408bn, slightly ahead of Allianz Asset Management (EUR131.7397bn). Deka, with EUR89.6182bn, no longer has a large lead over Union (EUR87.7192bn).
14/12/2012

Frankfurter Bankgesellschaft to develop wealth management

In the next five years, Frankfurter Bankgesellschaft is planning to focus on high net worth retail clients with at leat EUR5m in disposable financial savings, with the objective of earning total net profits in 2017 of CHF10m to CHF20m, compared with CHF7m transferred last year to its parent company, the Landesbank Hessen-Thüringen (Helaba), the Börsen-Zeitung reports.
14/12/2012

German-Swiss tax agreement is repealed

On Thursday, 13 December, the conciliation commission for the two houses of the German Parliament (Bundestag and Bundesrat) voted 19 to 10 to repeal ratification of the German-Swiss tax agreement. The agreement is now completely repealed, Fondsprofessionell reports.The agreement had included a grandfathering clause for final and anonymous regularisation of illegal sums of money at total tax rates of 21% to 41%, which would have brought in EUR10bn for Germany. Subsequent capital gains would habe been taxed at 26%.Instead, the existing regime will be maintained, under which the German tax authorities will be required to seek administrative assistance from Switzerland on a case-by-case basis, providing concrete indices.Switzerland has not ruled out negotiating a new agreement, says Eveline Widmer-Schlumpf, head of the Federal council (Swiss government).
14/12/2012

ProShares launches merger arbitrage ETF

The asset management firm ProShares, based in Bethesda, Maryland, on 13 December announced the launch of the ProShares Merger ETF (acronym: MRGR), which it claims is the first ETF based on a “genuine” merger arbitrage strategy, on the BATS alternative platform. It will replicate the S&P Merger Arbitrage Index.The TER is 0.75%, one basis point less than the IQ ARB Merger Arbitrage ETF (NYSEArca ticker: MNA) from Index IQ.
14/12/2012

Bansabadell Inversión absorbs CAM funds

Funds People reports that the asset management affiliate of Banco Sabadell, Bansabadell Inversión, has now absorbed the investment funds into those from Caja de Ahorros del Mediterráneo (CAM), SGIIC Gestora de Fondos del Mediterráneo, one year after the Bank of Spain awarded CAM to Sabadell.Bansabadell Inversión has 72 securities funds under management, with assets of EUR4.117bn, while the CAM affiliate manages 22 funds with a total of EUR345m. The entity emerging from the merger will become the seventh-largest Spanish asset management firm by size, ahead of Ibercaja Gestión.
14/12/2012

Over EUR20bn in Scandinavian hedge funds

Assets in hedge funds in Northern Europe topped SEK200bn as of the end of June 2012, or nearly EUR23bn, according to a study by OE Capital cited by Fondbranschen. This represents an increase of SEK22bn compared with June 2011, or EUR2.5bn. The research covered 209 hedge funds. Sweden dominates the market in the region, with 69% of total funds, followed by Finland (11%), Norway (10%) and Denmark (8%). Managed futures/CTA represent the most popular strategy (25%). Fondbranschen notes that many hedge funds are too small, which prevents them from attracting assets form institutional assets, and results in closures. In the past 12 months, 37 hedge funds have closed while 6 have been launched.
14/12/2012

Stoxx launches an index for businesses exposed to emerging markets

Stoxx Limited on Thursday introduced the Stoxx Global 1800 EM Exposed Index. The new index represents those companies within the Stoxx Global 1800 Index that derive a substantial part of their revenues from emerging markets countries, thus providing exposure to these growing markets through liquid securities.
14/12/2012

UBS has closed a Japanese equity fund

UBS has closed the Swiss-domiciled version of its Japanese equity fund due to a decline in investment in the strategy, Citywire reports. The UBS(CH) Equity Fund – Japan P, launched in 1972, had CHF44m (EUR36m) in assets when the firm decided to close it at the end of September.
14/12/2012

Schroders launches high yield fund in euros

Schroders has announced the launch of Schroder ISF EURO High Yield, a new fund which will invest a minimum of 70% in a portfolio of bonds rated below investment grade, mainly from European issuers.The fund will be managed by fixed income fund manager, Konstantin Leidman. Konstantin, who currently manages the euro high yield component of Schroder ISF Global High Yield, joined Schroders in August 2012 from UBS Global Asset Management.
14/12/2012

Boost ETP launches Dax and EuroStoxx leveraged products

The London-based management firm Boost ETP has obtained a license from Deutsche Börse for the ShortDax x 3 and LevDax x 3 indices; it has also received licenses from Stoxx Ltd for the Euro Stoxx 50 Daily Leverage 3 and Euro Stoxx 50 Daily Short 3 indices. The corresponding leveraged and inverse ETPs were admitted to trading on the London Stock Exchange on 13 December.
14/12/2012

ATP chooses new head

The Danish pension fund ATP (over EUR100m in assets) has appointed Carsten Stendevad as its new director. He joins from Citigroup in New York, where he was managing director and global head of the Financial Strategy Group.Stendevad will succeed Lars Rohde, who will become governor of the National Bank of Denmark on 1 February 2013.
14/12/2012

BNP Paribas IP sells Fauchier Partners to Legg Mason

BNP Paribas Investment Partners is selling its fund of hedge fund affiliate Fauchier Partners to Legg Mason, the latter announced on Thursday. The firm sold, which as of 30 November had about USD6bn in assets under management, will be combined with Permal, the alternative management affiliate of Legg mason, to create a platform with approximately USD24bn in assets under management. The investment team for the entity will include 60 investment professionals based in New York, London, Paris and Singapore. It will be led by Robert Kaplan of Permal, and Clark Fenton of Fauchier Partners. The press statement released by Legg Mason states that Fauchier is particularly noted for equity hedged and event driven, and Permal for fixed income, credit and macro investing The sale of Fauchier by BNP Paribas IP is not a total surprise, in light of rumours on the subject which circulated in June this year. The asset management affiliate of the French bank will remain a partner of its ex affiliate «with a global distribution agreement for Fauchier and Permal products». The deal, which is expected to close in the first quarter of 2013, comes as part of a vast consolidation movement in the alternative multi-management sector. The number of funds of hedge funds has fallen below 1,900, a level not seen since first quarter 2005, according to the most recent statistics from Hedge Fund Research.
14/12/2012

Comgest recruits for investment research teams

Comgest has announced the arrival of the Danish Emil Wolter as an analyst and manager for Asian and emerging markets. Wolter will be based in Paris, and will report to Vincent Strauss, chairman of the asset management firm. He will initially, for a few months, practice from Singapore. Wolter began his career in 1995 as a financial analyst, before becoming a manager-analyst for Asian and emerging market equities from 1997. After working at Pictet Asset Management in London, he took charge of emerging markets at Polar Capital Partners in London and Singapore. More recently, he has served as head of Asian equities in Singapore at the Royal Bank of Scotland and Macquarie, a statement says.
14/12/2012

Zadig AM manager to take over Maxime Carmignac's fund

Carmignac Gestion yesterday announced the arrival of Vincent Steenman at the beginning of 2013 at a part of its management team, as manager of the long/short international equity fund Carmignac Market Neutral. The future recruit, who currently works at Zadig Asset Asset Management in London for over 5 years as a partner, will join the team dedicated to alternative strategies, alongside François-Joseph Furry, manager of the Carmignac Euro-Patrimoine fund. In practice, Steenman will replace Maxime Carmignac, who is taking a maternity leave. “When she returns,” a statement from the asset management firm says, “the daughter of Edouard Carmignac will assume managerial responsibilities at Carmignac Gestion.” Maxime Carmignac joined the management team in January 2010, to take charge of the Carmignac Market Neutral fund, after previously working in the United States and the UK.
14/12/2012

Pioneer recruits two for its European fixed income team

Pioneer Investments has announced the appointment of two senior investment professionals in Dublin. Vianney Hocquet joined the firm as a corporate portfolio manager and Elisabeth Van Sante joined as a credit analyst. Vianney Hocquet, who joins from BNP Paribas where he was a credit trader on the fixed-income proprietary desk, reports to Tanguy Le Saout, head of European fixed income. Elisabeth Van Sante, who joins from Credit Agricole CIB in London, where she was a credit research analyst covering European financials, reports to Garrett Walsh, head of credit research Europe. Pioneer Investments manages over EUR90 billion globally in fixed income assets.

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