A la tête de Fidelity en France depuis bientôt quatre ans, Christophe Gloser se félicite de « l’année exceptionnelle » réalisée par sa société en 2014. Pour l’exercice 2015, le gestionnaire d’actifs veut accélérer sa conquête des clients institutionnels et conseillers en patrimoine en jouant la carte des synergies avec les autres structures du groupe en termes d’expertises et d’innovation marketing.

Le groupe Coca-Cola a fait appel à Loomis Sayles pour remplacer Pimco dans le cadre de la gestion du programme de retraite 401 (k), plus précisément la gestion active de la poche obligataire, selon une notification du groupe américain aux participants au programme obtenue par Pensions & Investments. Le changement devrait intervenir le 12 mars prochain. Au 31 décembre 2014, le programme de retraite 401 (k) de Coca-Cola représentait un montant d’actifs sous gestion de 4,59 milliards de dollars. La notification ne donne aucun détail sur les raisons de ce changement ou encore sur le montant de la poche obligataire concernée.

La Caisse de pension Migros (CPM) a réalisé en 2014 une performance de 7 %, grâce à un marché des actions favorable et des effets d’évaluation positifs des placements obligataires, rapporte L’Agefi suisse. Cette prestation qualifiée de «solide» se situe néanmoins en dessous de l’indice de référence Pictet BVG-25, qui s’est fixé à 9,4%. Sans couverture partielle des risques de change, le résultat aurait été meilleur, selon la caisse des quelque 40 entreprises du groupe Migros. Le ratio de couverture a atteint 121,5%, en hausse de 4,6 points de pourcentage (pp). Il est supérieur de 2,5 pp à la cible de la CPM. Les placements en capitaux représentent 20,9 milliards de francs suisses (+5,6%).

Although German objections to the Greek proposal dealt the latest burst of optimism a swift reality check, Europe equity funds have taken in over USD15 billion since the Syriza-led government took power in late January and set toa new weekly inflow record for the seven days ending February 18, according to EPFR Global. The strong flows into Europe equity funds, and to a lesser extent into Europe bond funds, during the week were in marked contrast to the generally modest flows either way experienced by most fund groups. Overall, bond funds taking in a net USD7.05 billion and equity funds USD6.36 billion while around USD11 billion flowed out of money market funds. Year-to-date bond funds have outgained equity funds by a more than 7-to-1 margin, USD57.3 billion to USD7.5 billion. At the same point last year both fund groups had absorbed around USD18.5 billion.

An alarming degree of complacency still exists among some managers as to the dangers employees can pose, according to a survey by Cerulli Associates.Cyber security is ranked as the top priority for 2015 by asset managers. However, the findings also suggest that while risk awareness is on the rise, some asset managers are still failing to place sufficient weighting on educating employees on how to guard against unintentional breaches of cyber security. «Nearly 60% of the global asset servicing companies that responded to our survey said that cyber security was seen by asset managers as the leading issue this year,» said Barbara Wall, Europe research director at Cerulli. «However, Cerulli’s analysis also identifies weaknesses, which we believe will require a change of mindset by some organizations. For example, there is alarming degree of complacency among some asset managers as to the dangers employees can pose.» Thirty-six percent of the respondents to Cerulli’s survey said that asset managers are spending around GBO10 million (USD15 million) a year on preventing cyber incidents, with some budgeting up to GBP25 million. Spending on cyber security by asset managers will rise steadily over the next few years. «With asset managers increasingly reliant on digital technology to store and process information online, the theft of data and criminal disruption of online processes poses the greatest technology risks for major asset managers today. Firms have to ensure that information security processes, technology, and employee training are right up to date,» said Andrew Holt, senior analyst at Cerulli.

p { margin-bottom: 0.1in; line-height: 120%; } The US asset management firm Janus Capital has announced the appointment of Billie Williamson to its board of directors with effect from 3 March 2015. Williamson began her career as an auditor at Ernst & Young LLP in 1974, and became a partner in 1984, and continued in that role until her departure in 1993. From 1993 to 1996, she served as chief financial officer for AMX Corp, before joining Mariott International, where she served as senior vice president in charge of finance from 1996 to 1998. She then rejoined Ernst & Young as senior audit partner. She was also a member of the board at Ernst & Young America from 2006 to 2008, and then at Enrst & Young United States from 2008 until her retirement in 2011.

p { margin-bottom: 0.1in; line-height: 120%; } Pimco on 20 February announced that Paul McCulley had resigned as economist in chief and managing director, a role he assumed in May 2014 at the request of Bil Gross, who was at the time still chief investment officer of the firm. The resignation comes only ten days after Pimco recruited the former economist in chief from Morgan Stanley, Joachim Fels, as global economic adviser and managing director. At the time, the decision raised questions about the role of McCulley in the new line-up. These doubts have now been resolved.

p { margin-bottom: 0.1in; line-height: 120%; } The first funds to be listed on the Milan stock exchange, from 24 February, will be 12 sub-funds of the New Millennium Sicav from Banca Finnat, Bluerating reports. The Sicav has 14 sub-funds with a total of over EUR650m in assets.

p { margin-bottom: 0.1in; line-height: 120%; } Spanish mutual funds posted net inflows of EUR3.3bn in the month of January, maintaining their momentum from 2014, according to figures released by Inverco, the Spanish asset management association. In the past 25 months, the industry has drawn in a total of EUR61.9bn in net subscriptions. Due to this positive dynamic, assets under management in the sector have topped EUR200bn, at a total of EUR200.42bn at the end of January, an increase of 2.9% (or EUR5.57bn) compared with 31 December 2014. “Mutual funds have thus returned to their levels of July 2008,” Inverco notes in a statement.

A la tête de Fidelity en France depuis bientôt quatre ans, Christophe Gloser se félicite de « l’année exceptionnelle » réalisée par sa société en 2014. Pour l’exercice 2015, le gestionnaire d’actifs veut accélérer sa conquête des clients institutionnels et conseillers en patrimoine en jouant la carte des synergies avec les autres structures du groupe en termes d’expertises et d’innovation marketing.

p { margin-bottom: 0.1in; line-height: 120%; } Oliver Bilal has joined Pioneer Asset Management, the Indian joint venture from the asset management firm. He had previously been head of distribution for Germany at Pioneer in Munich. He will serve in his new role from Mumbai. Evi Vogl will take over his former responsibilities in Munich.

p { margin-bottom: 0.1in; line-height: 120%; } Standard Life Investments (SLI), the asset management affiliate of Standard Life, has posted growth of 45% to its assets under management in 2014, the British group announced at the publication of its annual results. As of 31 December 2014, its assets totalled GBP245.9bn, compared with GBP170.1bn as of 31 December 2013. This steep rise is largely due to the acquisition of Ignis Asset Management, which has contributed GBP14.5bn in assets under management, and a life insurance portfolio from its parent company Phoenix Group, which contributed GBP43.8bn in assets. However, SLI has suffered in the area of inflows, with a total of GBP2.3bn in net redemptions. Activities related to strategic partners in life insurance in particular saw net outflows of GBP4bn, compared with GBP3.2bn in net redemptions in 2013. Phoenix Group, the life insurance activity of Ignis AM, saw GBP1.6bn in outflows, while net outflows related to the Standard Life group totalled GBP2.4bn in 2014, compared with GBP3.2bn in 2013. Despite these difficulties, assets related to these partnerships totalled GBP128.4bn as of the end of the year, compared with GBP80.3bn at the end of 2013, driven by the life insurance portfolio at Phoenix Group (GBP43.8bn in assets). From services to third party clients SLI has done well, although the performance is below that recorded in 2013. Net inflows from external clients totalled GBP1.7bn in 2014, compared with GBP9.6bn in 2013. This decline is related to Ignis AM, which underwent GBP4.3bn in net outflows last year. However, wholesale clients generated GBP5.2bn in net inflows, while institutional clients earned GBP800m in net subscriptions. As of the end of 2014, assets under management for third-party clients had risen from GBP89.8bn as of the end of 2013 to GBP117.5bn as of the end of 2014. Despite these mixed performances, SLI has managed to improve its financial results. Its pre-tax operating profits rose 30% to GBP257m in 2014, compared with GBP197m in 2013. At the same time, its EBITDA rose 32% to a total fo GBP266m as of the end of 2014, compared with GBP202m in 2013. Ignis contributed GBP37m to EBITDA, and GBP36m to pre-tax operating profits.

Man Group has entered into a conditional agreement to acquire the investment management business of NewSmith, an equity investment manager with USD1.2 billion of funds under management.The acquisition is expected to complete in the second quarter of 2015, subject to regulatory and other approvals. NewSmith has offices in London and Tokyo and has four portfolio management teams with 15 investment professionals, investing in UK, European, Global and Japanese equities. The firm is approximately 60% owned by its founders and senior staff members and approximately 40% owned by Sumitomo Mitsui Trust Bank Limited, Japan’s largest institutional asset manager. The latter has indicated its strong support for the transaction and the intention to maintain its investment in the NewSmith funds.Upon completion, the four NewSmith strategies will be integrated into Man GLG, complementing Man GLG’s existing products in their respective areas. NewSmith Chairman Paul Roy and NewSmith CEO Ron Carlson will work with Man GLG over the next twelve months to ensure a seamless management transition and integration.

Pimco a annoncé la démission de Paul McCulley, son chef économiste. Il était également managing director du gérant d’actifs, filiale d’Allianz. Il occupait ce poste depuis mai dernier, à la demande de Bill Gross qui a quitté Pimco fin 2014. Le départ de Paul McCulley intervient après la nomination, il y a 10 jours de l’ancien chef économiste de Morgan Stanley, Joachim Fels, au poste de conseiller économique et managing director de Pimco.

L’agence Moody’s a abaissé vendredi la note de la dette souveraine de la Russie, de Baa3 à Ba1, en évoquant l’impact de la crise en Ukraine, de l’effondrement des cours du pétrole et de la faiblesse du rouble. Moody’s maintient sa perspective négative sur la note russe, ce qui reflète la possibilité de nouveaux chocs liés au conflit ukrainien et à un nouveau recul des cours du pétrole.

C’est l’un des points clés de la réforme sur le dialogue social présentée mercredi. L’option d’une délégation unique du personnel concernera les PME de 50 à 300 salariés, et non pas 200 comme à l’heure actuelle. Pas de changement pour les entreprises entre 11 et 49 salariés, avec une représentation des salariés via des délégués du personnel élus, ajoute le journal.

François Raynaud, gérant taux chez Edmond de Rothschild AM

Benoît Houzelle, gérant Crédit chez CPR AM

Mathieu l'Hoir, stratégiste actions chez Axa IM

Pascal Gilbert, co-responsable de la gestion obligataire chez La Française AM

David Ganozzi, gérant allocation d’actifs chez Fidelity Worldwide Investment

La hausse plus forte que prévu de l'indice PMI en février a été tirée par les services, qui bénéficient de la baisse de l'euro et du prix du pétrole.

Amundi et Natixis Global Asset Management ont attiré en net plus de 30 milliards d'euros sur l'exercice. BNP Paribas IP a réduit l'hémorragie.

Le fonds d’investissement britannique continue ses emplettes en acquérant une société gérant 1,2 milliard de dollars à Londres et au Japon.

Les eurodéputés sont censés voter demain sur la réforme des fonds monétaires, proposée en 2013 par la Commission. La semaine dernière, le compromis politique ne semblait pas encore trouvé. L’avenir des fonds à valeur liquidative constante, qui représentent la moitié du marché, divise.

Ces propositions entrent dans le cadre de la prolongation annoncée du plan de soutien.

Ces propositions entrent dans le cadre de la prolongation annoncée du plan de soutien.

Le fonds de réserve pour les retraites (FRR), qui publie ses résultats ce matin, a vu ses placements financiers lui rapporter 3 milliards d’euros nets en 2014, soit une progression annuelle de 8,75%. Comme chaque année, le FRR a versé 2,1 milliards d’euros à la Caisse d’amortissement de la dette sociale (Cades). A fin décembre 2014, son actif net s’élevait ainsi à 37,2 milliards d’euros, en hausse de 900 millions d’euros sur un an. Selon le FRR, la performance de son actif résulte de la conjonction de deux facteurs : la bonne tenue des classes d’actifs de la poche de performance (+9,8%) et la performance, moins attendue, des actifs de la poche de couverture (+8,2%). Le FFR indique avoir poursuivi son engagement au service du financement de l’économie nationale ; il a investi l’an dernier 300 millions d’euros en actions de petites et moyennes capitalisations et a souscrit pour 120 millions d’euros supplémentaires à des fonds de prêt à l’économie.

Le rendement japonais est repassé en territoire positif sur la partie 2 ans et a même dépassé pour la première fois le taux allemand sur le 10 ans.

L’ONG met à jour ses données sur les produits investis dans cette classe d'actifs. Des chiffres que les établissements concernés confirment en les nuançant.