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17/04/2014

Franklin Templeton France recruits a head of sales dedicated to IFAs

P { margin-bottom: 0.08in; } Franklin Templeton on 16 April announced that it has recruited Guillaume Gerry for its France team as head of sales for independent financial advisers (IFAs). Gerry will report to Ariane Hober, director of sales for Franklin Templeton in France. Hober graduated from the EM Lyon Business School, and began his career in 2009 at BNP Paribas CIB as a sales assistant for derivative products.
17/04/2014

UBS veteran joins Fortress Investment Group

P { margin-bottom: 0.08in; } Rajeev Misra, former co-head of bonds at UBS, is reportedly about to join the US alternative asset management firm Fortress Investment Group, Das Investment reports, referring to information disclosed by Boomberg. Misra, who may join Fortress next month, could be recruited as senior managing director and join the credit unit at the firm. Assets under management at Fortress total about USD62bn.
17/04/2014

American Funds warns against Heartbleed virus

P { margin-bottom: 0.08in; } American Funds, one of the foremost providers of funds worldwide, has become the first financial institution to warn that its clients may be threatened by the Heartbleed virus, the Financial Times reports. Confidential information from investors who used the website between 12 December last year and 14 April this year may have been compromised. These users should therefore change their passwords, their security questions, and delete their Internet histories.
17/04/2014

Former BlackRock ETP guru joins Deutsche Bank

P { margin-bottom: 0.08in; } Dodd Kittsley, global head of ETP research at BlackRock, is joining Deutsche Asset & Wealth Management, the Wall Street Journal reports. He will be managing director and head of the ETP strategy for the Americas, according to a spokesperson. The recruitment marks a win for the German group, which is seeking to increase its presence in the United States.
17/04/2014

Société Générale denies plans to sell Lyxor

P { margin-bottom: 0.08in; } Société Générale is strenuously denying rumours of a potential sale of its asset management affiliate Lyxor. “It is a strategic asset for the group, and as such, it is not for sale,” the bank says when asked by Les Echos. “We are not selling and we are even potentially buying opportunities that present themselves,” another internal source tells the economic newspaper. According to Les Echos, several causes are driving speculation concerning Lyxor. Firstly, Amundi is seeking to make acquisitions to grow its new ETF franchise, an area in which Lyxor is one of the European leaders. Then, Lyxor has been confronted with a cascade of major departures in the space of two years, including that of its chairwoman, Inès de Dinechin, in February.
17/04/2014

BNY Mellon IM recruits a strategist for Asia

P { margin-bottom: 0.08in; } BNY Mellon Investment Management (IM) has appointed Simon Cox as managing director and investment strategist for Asia-Pacific, Asia Asset Management reports. For more than ten years, Cox was a journalist for The Economist magazine, based in London, Delhi and Hong Kong.
17/04/2014

Towry appoints a new CEO

P { margin-bottom: 0.08in; } The British wealth management firm Towry on 16 April announced the departure of its CEO, Andrew Fisher, after 10 years at the group, including eight years as its CEO. He is replaced by Rob Devey, former CEO of Prudential UK and Europe and executive director of Prudential PLC from 2009 to 2013. The announcement comes at a time that Towry has published good annual results. In 2013, its assets under management rose 14.4%, to a total of GBP5.6bn. Its operating results total GBP11.8bn, stable compared with 2012. Last year, Towry completed five acquisitions, including that of Bluefin Personal Consulting.
17/04/2014

Henderson hires a head of emerging market credit

P { margin-bottom: 0.08in; } Henderson Global Investors’ EUR20.77 billion fixed income business has hired Steve Drew as head of emerging market credit. He will work alongside Stephen Thariyan, global head of credit, and Phil Apel, head of fixed income, in building out the emerging market credit team.Most recently Steve Drew was partner and head of global and emerging credit at Thames River Capital and managed in excess of EUR1.8bn, c.EUR900m of which was in emerging market credit. Commenting on the appointment, Stephen Thariyan said, “We will actively seek to apply Steve’s expertise to our existing portfolios for the benefit of our clients as his approach to investing, combining top down macroeconomic perspectives with security selection, fits well with our established method. During 2014 we plan to hire an investment team specialising in emerging market credit to support Steve. This will give us the background to launch products in the area.”
17/04/2014

High yield fund in difficulty in China

P { margin-bottom: 0.08in; } In the province of Shanxi, 500 km south-west of Beijing, Chinese savings investors yesterday demonstrated in front of a branch of China Construction Bank (CCB), seeking a reimbursement of their investments in a high yield vehicle sold by the bank. The product, entitled Songhuajiang River No. 77, with assets totalling USD156m (about CNY1bn) has excited the defiance of subscribers, who did not receive the level of returns expected, and, still more worrying, who did not get their initial money back. The troubles revives concerns which are currently playing on the Chinese trust industry, which has a total weight of USD1.75trn. In January this year, a product sold by Industrial & Commercial Bank of China Ltd to raise funds to help a troubled mining firm had to be bailed out in order to prevent it from becoming what would then have been the first default of a Chinese trust in over 10 years.
17/04/2014

UBS recruits head of multi-asset from Schroders

P { margin-bottom: 0.08in; } It has been a fine day for UBS, The Swiss bank has recruited Gregor Hirt, former head of multi-asset class activities for continental Europe at Schroders, in the position of chief investment officer for its global investment solutions unit, Citywire reports. Hirt left his position in Schroders in March, after seven and a half years at the group (see Newsmangers of 22 January 2014). In his new role, Hirt will cover Europe and Switzerland. In these two regions he will serve as managing director for multi-asset class management, while serving as global head of core products. He will also manage balanced strategies worldwide, and will contribute to the asset allocation strategy for the investment solutions division of the group worldwide.
17/04/2014

Italian asset management firm Hedge Invest arrives in Spain

P { margin-bottom: 0.08in; } On 28 February, the Italian alternative asset management firm Hedge Invest licensed 12 funds with the CNMV, the Spanish regulator, for sale on the Iberian market, Funds People Italia reports. In addition to Spain, the Italian firm is focusing on Germany, where it has made contact with institutional investors. Hedge Invest offers both funds of hedge funds and alternative management in a UCITS package.
17/04/2014

Erste Sparinvest to manage a fund for Focus AM

P { margin-bottom: 0.08in; } Erste Sparinvest and the Munich-based asset management firm Focus Asset Management will work together. Erste Sparinvest will take over the management of the Ecology Bond fund from Focus AM, according to Fondscheck.de. The fund, founded in 2010 and investing primarily in investment grade bonds, is managed according to very strict ecological and ethical criteria, the website says.
17/04/2014

Hedge fund assets at an all-time peak in first quarter

P { margin-bottom: 0.08in; } Assets in European hedge funds totalled a record USD476.2bn as of the end of March 2014, according to data collected by Reuters from Eurekahedge. The previous record dates from October 2007 (USD473bn). Hedge funds worldwide earned returns of 0.9% in the first three months of the year, compared with 0.6% for the MSCI All Country World Stock index, but 1.3% for the S&P 500 and the FTSEurofirst 300. US hedge funds earned the best results in firt quarter, with returns of 2.3%, followed by European funds (1.3%).
17/04/2014

DeAWM becomes a top player in the physical ETF segment

P { margin-bottom: 0.08in; } A spectacular development: since the end of first quarter 2014, Deutsche Aset & Wealth Management (DeAWM) has made a place for itself as a top player in Europe in the physical ETF segment, after the transformation of 18 db X-trackers equity ETFs based into physical replication-based ETFs, according to a statement released on 16 April. Assets in these products total over EUR10bn. Demand is expected, since as of 14 April, about EUR280m have been invested in physical replication db X-trackers ETFs. Overall, inflows to the 30 physical replication db X-trackers ETFs total EUR500m. DeAWM last December announced plans to develop its physical ETF range due to client demand. In the space of a few weeks, DeAWM has transformed an enormous range of synthetic ETFs into physical ETFs. The largest physical ETFs available are the Euro Stoxx 50 UCITS ETF (DR), with assets of EUR2.4bn, th DAX UCITS ETF (DR), with EUR2.3bn, and the MSCI Europe Index ETF (DR), with EUR1.6bn.
17/04/2014

Hedge funds have had their worst start to the year since 2008

It has been a tough start to the year for hedge funds, which have been through their worst quarter in terms of performance since 2008, according to data published by Preqin.The Preqin All Hedge Fund Strategies index has posted returns of 1.23% for the period to the end of March 2014, comapred with 6.07% in first quarter 2012, and 3.76% in first quarter 2013.This year, the event-driven strategy stands out with average gains of 2.94%, Preqin states. The straetgies which performed best were macro strategies (_0.51% in first quarter). The good performance of event-driven is sustaining increasing interest on the part of institutional investors. 21% wish to invest in funds specialised in this strategy, comapred with 17% in fourth quarter 2013, Preqin notes.The preferred strategy for institutionals remains long/short equity, with 68% of investors showing an interest for it in first quarter 2014.
17/04/2014

Vers une normalisation du marché du crédit en Chine

Les défauts intervenus sur le marché des obligations d’entreprises à hauts rendements et parmi les banques locales témoignent de la volonté des autorités d’assainir le crédit, estime Philippe Uzan, directeur des gestions chez Edmond de Rothschild AM.
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17/04/2014

Le taux de chômage britannique passe sous les 7%

Le taux de chômage sur trois mois à fin février a diminué à 6,9% en Grande-Bretagne, son plus bas niveau depuis cinq ans, contre 7,2% pour les trois mois à fin janvier. Les économistes attendaient une diminution plus faible, à 7,1%. Il passe ainsi sous la barre de 7% qu’avait fixée dans un premier temps la banque d’Angleterre pour envisager un relèvement de ses taux d’intérêt. La BoE a depuis ajusté sa «guidance».
17/04/2014

L'inflation en zone euro est confirmée à 0,5% en mars

L’inflation annuelle a atteint en mars son plus bas niveau depuis novembre 2009, à 0,5% contre 0,7% en février, selon les chiffres définitifs. Elle se maintient donc bien en dessous de 1%, dans ce que le président de la BCE, Mario Draghi, appelle la «zone dangereuse». Un chiffre qui plaide en faveur de mesures d’assouplissement pour contrer la menace d’une déflation.
17/04/2014

L'économie russe souffre de la situation en Ukraine

Le ministre russe de l’Economie a souligné hier l’impact des tensions géopolitiques avec l’Ukraine sur la fuite des capitaux. Selon Alexeï Oulioukaïev, l’activité économique s’est contractée de 0,5% au premier trimestre par rapport aux trois derniers mois de 2013 (+0,8% en glissement annuel). Cette contraction est le reflet d’une «diminution sensible de l’investissement en capital» (-4,8% comparé au premier trimestre 2013).
17/04/2014

La chute d'activité menace les réformes en Chine

A 7,4% au 1er trimestre, la hausse du PIB chinois reste en ligne avec l’objectif annuel de 7,5% affiché par Pékin, mais revient sur ses plus bas de 2009 et 2012. Des mesures ciblées de relance sont attendues, mais pas de plan massif qui irait à l’encontre des réformes en cours.
17/04/2014

Martin Schulz réclame une réforme du pacte de stabilité

Selon le président du Parlement européen, les règles sur les déficits devraient faire la distinction entre «les dépenses de consommation de certains Etats et des investissements dans l’avenir d’une économie». Martin Schulz déclare par ailleurs au quotidien allemand que le rachat d’obligations souveraines par la Banque centrale européenne peut faire sens.
17/04/2014
Gestion d'actifs

Le fonds de pension Kudelski double sa poche de liquidité

Le Fonds de prévoyance Kudelski et ses structures s??urs à l’international ont plus que doublé la part de leur poche liquidité au cours de l’année 2013, elle représente maintenant 18,1% du portefeuille global. Les liquidités sont passées de 13,2 millions d’euros à 19,8 millions d’euros. Le fonds de pension a diminué dans le même temps toutes les autres classes d’actifs de son allocation, notamment les produits structurés, dont la part a diminué de 6% à 2,7%. Les obligations suisses passent de 27,3%, l’année passée, à 24,6%. Les actions, en dépit d’une bonne tenue durant l’année 2013, sont à 17,3% (pour les actions en Suisse) et 16,7% (pour l’international). Les poches obligations internationales et immobilier ont diminué en valeur relative, mais ont toutefois augmenté en valeur nominale. Portefeuille du Fonds de pension Kudelski à fin 2013 : 18,1% cash 24,6% obligations suisses 7,7% obligations internationales 17,3% actions suisses 16,7% actions internationales 12,9% immobilier 2,7% produits structurés
Gestion d'actifs

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