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03/03/2014

Assets under management at Triodos IM up 15% last year

P { margin-bottom: 0.08in; } Assets under management at the sustainable development specialist Triodos Investment Management last year rose 15% to a total of EUR2.5bn, according to a statement released on 28 February. Assets in the Triodos Fair Share and Triodos Microfinance funds posted gains of 32% to EUR202.3m and 33% to EUR164.4m, respectively. After absorption of the investment portfolio from BNP Paribas Groen Fonds, assets under management at Triodos Green Fund last year rose 31%, to EUR656m.
03/03/2014

Schroders to use analysis of internet data

P { margin-bottom: 0.08in; } Schroders will dedicate resources to teams which will create algorithms to replace the information previously obtained from sell-side analysts, following the example of BlackRock and the hedge fund sector, Financial News reports. Schroders will recruit teams, and also rely on specialist firms. The teams will aim to interpret the mass of information now available online coming from social media, local and professional websites, corporate press releases, transcripts of conference calls, and statements to regulatory authorities.
03/03/2014

Standard Life Investments adds to its board of directors

Standard Life Investments has announced the appointment of Gerry Rocchi as a non-executive director to the board of Standard Life Investments (Holdings) Limited. The appointment is effective from 1st March 2014.Gerry Rocchi is currently CEO of Green Power Action Inc., an environmental finance firm based in Toronto that manages Canada’s first carbon-offset credit fund. Since leaving Barclays Global Investors Canada in 2005, where he was CEO from 1997 to 2004 and thereafter led several strategic initiatives for the iShares global business line, Gerry has had a number of industry and regulatory roles. These include directorship, and chair of the board, of the Investment Industry Regulatory Association of Canada (IIROC), and directorship, and chair of the Finance and Audit Committee of Market Regulation Services, a predecessor of IIROC.
03/03/2014

JPMorgan to launch ETFs in Europe

P { margin-bottom: 0.08in; } JPMorgan is planning to launch its first ETFs in Europe since the last quarter of this year, Ignites Europe reports. The asset management firm, better known for its actively-managed equity funds, is planning to release a range of actively-managed ETFs. They will also be released in the United States.
03/03/2014

Head of Winton Capital resigns

P { margin-bottom: 0.08in; } Tony Fenner-Leitão, CEO of Winton Capital, the fourth-largest hedge fund in Europe in terms of assets under management (USD25bn), has resigned from his position, the website of the Wall Street Journal reported on 28 February. He will be replaced by David Harding, executive chairman and founder of the firm. Fenner-Leitão, former executive director of Goldman Sachs, joined Winton Capital in 2008, where he became deputy to Anthony Daniell in 2012 before succeeding him as CEO in January 2013. According to a statement from Winton Capital, Fenner-Leitão is reported to have decided to return to the United States for family reasons. The departure does not appear to cast plans for development at the asset management firm into doubt. Harding has announced plans in a statement to launch five new funds and to open new offices in New York, Tokyo and Sydney.
03/03/2014

ING IM recruits two for its Italian team

P { margin-bottom: 0.08in; } ING Investment Management has recruited Massimo Corneo and Matteo La Tassa for its Italian sales team led by Simona Merzagora, Bluerating reports. Corneo, previously at BlackRock, has been appointed as director of distribution. La Tassa, who joins from Dexia AM, will be senior relationship manager & institutional business development.
03/03/2014

BSI loses its head of multi-management

P { margin-bottom: 0.08in; } Luca De Biasi, fund of fund manager and head of multi-management at the Swiss bank BSI, an affiliate of the insurer Generali, will be leaving the firm to join the Italian affiliate of the consulting firm Mercer from 3 March, Citywire Global reports. At Mercer Italia, he will serve as head of investment consulting.
03/03/2014

Investors avoid emerging markets

After two consecutive weeks of declines, redemptions from emerging markets equity funds accelerated during the fourth week of February against a backdrop that included the political crisis in the Ukraine and China’s renminbi joined the ranks of depreciating emerging market currencies, according to EPFR.Investors pumped USD15.9 billion into developed markets equity and bond funds while pulling USD4.8 billion out of emerging markets equity and bond funds. Year-to-date they have committed just shy of USD90 billion to the former while pulling USD41 billion from the latter.Overall, equity funds absorbed a net USD8.2 billion in the seven days ending February 26 while bond funds pulled in USD2.9 billion. Money market funds posted inflows of USD14.7 billion despite redemptions from Europe money market funds hitting a nine week high.Japan Equity Funds saw commitments drop off sharply during the fourth week of February, from over USD1 billion the week ending Feb. 19 to USD5 million, as yen-denominated flows turned negative for the first time since mid-December. On the horizon is a 3% increase in the national sales tax, taking it from 5% to 8%, that is due to go into effect April 1.
03/03/2014

Manulife AM launches an Asia-Pacific bond fund

P { margin-bottom: 0.08in; } Manulife Asset Management Singapore, the Singapore affiliate of Manulife AM, has launched a new Asian bond fund, whose asset allocation is oriented to investment grade bonds from the Asia-Pacific region, International Adviser reveals. The new vehicle, Manulife Asia Pacific Investment Grade Bond Fund, aims to maximise its returns by investing as a priority in a diversified portfolio of investment grade securities issued by governments, public or supra-national entities and corporate in this vast geographical region.
03/03/2014

Investment in commercial real estate up sharply worldwide

P { margin-bottom: 0.08in; } Global investment in commercial real estate is expected to increase by more han 55% in 2020 compared with 2012, with a gain of 27% in Europe, according to a PwC study, “Real Estate 2020.” This strong increase is largely due to demographic and economic growth in emerging countries. According to Geoffrey Schmitt, a partner at PwC responsible for real estate activity, “although these trends may appear clear, there is still a tendency to underestimate the scale of the changes expected by 2020. By 2050, the urban population will increase y 75%, with 6.3 billion inhabitants, compared with 3.6 billion in 2010.”
03/03/2014

State Street GA adds to solutions unit for the EMEA region

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) has appointed Helene Veltman as senior strategist in charge of solutions in its investment solutions unit, covering Europe, the Middle East and Africa, IPE.com reveals. She will be based in London, and will be responsible for Netherlands-based clients and prospects clients. Before joining SSgA, Veltman served at Axa Investment Managers as director of fiduciary management and liability-driven investment. She previously worked in risk management for equity derivatives and solutions for insurer clients and pension funds from Société Générale. She also worked at HSBC and Commerzbank.
03/03/2014

“Our key international markets are Germany, France and Italy”

Laurent Misonne, freshly appointed as head of international sales at SEB Asset Management, explains the development strategy of the Scandinavian asset management firm, an affiliate of the eponymous bank, outside its domestic market. Germany, France and Italy are the high-priority markets.
03/03/2014

Janus Capital Group launches a multi-sectoral bond fund

Janus Capital Group on February 28 announced the launch of the Janus Multi-Sector Income Fund that seeks to identify income-generating opportunities across fixed income sectors. The fund will be managed by Janus Capital Management LLC.Janus Multi-Sector Income Fund employs an active management approach that balances a focus on high current income with risk considerations at the security and portfolio level. The fund will typically hold between 35% and 65% below investment grade bonds and has wide flexibility to invest across all sectors of the global fixed income market.Janus Multi-Sector Income Fund will be managed by Seth Meyer, portfolio manager; John Kerschner, global head of securitized products and portfolio manager; and John Lloyd, global head of credit research and portfolio manager.
03/03/2014

Renaissance AM preparing a fund dedicated to Nigeria

P { margin-bottom: 0.08in; } The emerging market specialist Renaissance AM is preparing to launch an equity fund dedicated to the Nigerian market, Citywire reports. The strategy, which is awaiting the approval of the regulatory authorities, may be launched in spring. The fund would be one of the only ones in UCITS format to concentrate on the Nigerian market.
03/03/2014

Lombard Odier loses a partner

P { margin-bottom: 0.08in; } Arthur Caye, a partner at the private bank Lombard Odier, will be leaving the firm on 1st May, Le Temps has announced in its 28 February issue. He will be returning to his former employer Capital Group. The newspaper cites an internal memo which explains that “this decision was dictated by a desire to refocus fully on its original passion: investment, more precisely research and portfolio management.” Caye had been a partner at Lombard Odier for two years. “This is a life choise, due to my professional career spent largely at Capital”, says Caye, cited by the newspaper. He adds that he will remain “personally close” to Lombard odier and “fully confident in its future.” After his departure, there will be eight partners at Lombard Odier, as Hugo Bänziger will join on 1 April.
03/03/2014

Taiwan LPF launches a request for proposals

P { margin-bottom: 0.08in; } The largest pension fund in Taiwan, the Labour Pension Fund (LPF), has launched a request for proposals for six absolute return mandates for a total of about GBP140m, Asia Asset Management reports. The mandates offered (Taiwan equities, corproate debt, sovereign debt) will run for a total of four years. The request for proposals is open until 13 March.
03/03/2014

Norwegian sovereign fund raises questions about fossil fuels

P { margin-bottom: 0.08in; } Norway will debate whether its sovereign fund (USD840bn) should stop to invest in businesses in the oil, gas and coal sectors, the Financial Times reports. The two centre-right parties in power and two of their allies have agreed to set up a group of experts which will study investments by the Norwegian fund in fossil fuels. The debate began when the opposition labour party last autumn proposed that the oil fund might sell off its investments in coal. Three out of the 10 largest positions in the fund are Royal Dutch Shell, BG Group and BP (as of 30 September), the FT notes.
03/03/2014

Norwegian pension fund earns returns of nearly 16% in 2013

P { margin-bottom: 0.08in; } The Norwegian public pension fund, managed by Norges Bank Investment Management (NBIM), last year earned the second-best returns in its history, the Bank of Norway announced on 28 February. The fund, funded by the country’s oil reserves and invested outside Norway, has earned financial returns of 15.9%, driven by investment in equities (+26.3%), which represent 61.7% of its portfolio today. Investments in bonds (37.3% of the portfolio) have earned flat returns, but investments in real estate in Europe, and since last year in the United States, have earned 11.8%. The real estate portfolio only represents 1% of the portfolio, but the objective is to increase this to 5%. Its value at the end of 2013 came to NOK5.038trn, or about EUR610bn, up by NOK1.2trn compared with the previous year.
03/03/2014

Emerging market hedge fund index down 2.5% in January

Hedge funds investing in Latin America and Eastern Europe experienced sharp losses to begin 2014 even as the funds saw strong capital inflows from investors to start the year, according to the latest HFR Emerging Markets Hedge Fund Industry Report, released today by HFR. While the HFRI Emerging Markets (Total) Index gained +7.1 percent in the final four months of 2013, the Index declined by -2.5 percent in January on weakness in Eastern Europe and Latin America. The HFRI EM: Latin America Index posted a decline of -1.7 percent in 4Q, and then fell -6.0 percent in January, the worst monthly decline since September 2011, albeit outperforming sharp declines in Latin American equity markets, as the Argentine peso plunged over 20 percent. Similarly, the HFRI EM: Russia/Eastern Europe Index gained +2.3 percent in 4Q but fell -5.4 percent in January.Hedge fund performance across other Emerging Markets was mixed through both 4Q and early 2014, with the HFRI EM: Asia ex-Japan Index gaining +6.7 percent in 4Q and +10.6 percent in 2013, despite posting a decline of -1.3 percent in January. Hedge funds investing primarily in the Middle East posted gains in 4Q13, FY13 and January2014, with the HFRX MENA Index gaining +5.2, +20.7 and +0.5 percent in each period, respectively.Despite these losses, total hedge fund capital invested in Emerging Markets increased by over $9 billion in 4Q 2013 to over $170 billion with inflows for the quarter of $2.1 billion. For the full year 2013, total hedge fund capital invested in EM increased by nearly $20 billion, on inflows of over $6.4 billion.
03/03/2014

Markit révise le PMI manufacturier de la France à la hausse

L’activité dans le secteur manufacturier en France a ralenti nettement moins qu’indiqué initialement en février et entrevoit même une stabilisation après deux années de contraction, selon les résultats définitifs de l’enquête PMI publiés lundi par Markit. L’indice global du secteur est ressorti à 49,7, son plus haut niveau depuis cinq mois, pour revenir juste sous la barre des 50 qui sépare contraction et croissance de l’activité. Il avait été annoncé en première estimation flash à 48,5, en retrait par rapport à son niveau de janvier (49,3).
03/03/2014

Le crédit immobilier se porte de mieux en mieux outre Manche

Quelque 76.900 crédits hypothécaires ont été octroyés en janvier au Royaume-Uni, une hausse de 42% sur un an. Il s’agit du niveau le plus élevé depuis fin 2007, même si ce nombre reste en-deçà des chiffres observés durant la période 1995-2007, où la moyenne mensuelle atteignait les 100.000 crédits accordés, rappellent les économistes de Citigroup. Le taux moyen des nouveaux crédits immobiliers a encore reculé de 5 points de base le mois dernier à 3,01%, portant la baisse à 52 pb en un an.
03/03/2014

La crise en Ukraine fait dévisser les actifs à risque

L’escalade politique et militaire en Ukraine, où la Crimée est passée sous le contrôle de la Russie, fait reculer lundi matin l’ensemble des classes d’actifs à risques. Les indices CAC 40 et Euro Stoxx 50 abandonnent plus de 2% vers midi. Sur le marchés des changes, le yen et le franc suisse, monnaies refuges, s’inscrivent en hausse. L’or bénéficie également de ce regain d’aversion pour le risque, de même que les emprunts d’Etat allemands (-7 pb, à 1,55%) ou français (-6 pb à 2,14%)
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03/03/2014

La dette publique de l'Italie atteint un nouveau record

Le déficit budgétaire de l’Italie a atteint 3% du produit intérieur brut (PIB) l’an dernier, soit précisément la limite fixée par l’Union européenne, pour la deuxième année consécutive, montrent les statistiques officielles publiées lundi. La troisième économie de la zone euro s’est contractée de 1,9% en 2013, un peu plus que prévu par le gouvernement (-1,8%) après une contraction de 2,4% en 2012. La dette publique italienne a inscrit un nouveau record à 132,6% du PIB en 2013, précise l’institut national de la statistique Istat, après 127,0% en 2012.
03/03/2014

Le FMI évalue le risque de déflation à 15-20% en zone euro

«Nous observons actuellement une inflation basse et si cela se prolonge pendant une période étendue, cela pourrait potentiellement ‘désancrer’ les anticipations des consommateurs sur l'évolution à long terme de l’inflation», a expliqué Christine Lagarde, directrice générale du FMI, lors d’une conférence à Bilbao, en Espagne. «Nous disons que le risque potentiel existe. Nous l'évaluons à 15-20%, et c’est la raison pour laquelle nous recommandons que les banquiers centraux soient vigilants et gardent à leur disposition les outils de politique monétaire susceptibles de répondre à cette situation», a-t-elle ajouté.
03/03/2014

Julius Baer envisage un retour de capital aux actionnaires

La banque privée se retrouve avec un excédent de capital de 150 à 250 millions de francs suisses, a indiqué son directeur général Boris Collardi à Bloomberg TV. Un excédent lié a une levée plus importante que nécessaire pour le rachat des activités de banque privée non américaines de BoA Merrill Lynch.
03/03/2014

Le gouvernement s'oriente vers le maintien du Cice

«C’est ce vers quoi les choses sont en train de converger», déclare Jean-Marc Ayrault dans le Parisien dimanche à propos d’un maintien du crédit d’impôt compétitivité emploi (Cice). Le Premier ministre rappelle que les premiers chèques au titre du Cice seront envoyés en mai et souhaite que l’usage de ces sommes soit discuté dans les sociétés, par exemple en comité d’entreprise.
03/03/2014

Décélération de la croissance manufacturière chinoise

La croissance a encore ralenti en février dans l’industrie en Chine, montre l’enquête PMI officielle, avec un indice revenu à son plus bas niveau en huit mois à 50,2, contre 50,5 le mois précédent. Cette évolution est légèrement moins marquée que prévu, puisque les analystes attendaient l’indice à 50,1. La composante nouvelles commandes est également tombé à un creux de huit mois à 50,5, tout comme celle des commandes à l’exportation, à 48,2.
03/03/2014

Le Portugal voit ses perspectives économiques s'améliorer

Le Portugal, tout juste sorti de sa pire récession depuis les années 1970, devrait connaître cette année une croissance de 1,2%, a précisé vendredi le gouvernement, qui tablait auparavant sur un PIB en hausse de 0,8%. Sur l’ensemble de 2013, le PIB portugais s’est contracté de 1,4%, un recul moins marqué que celui de 1,8% prévu par le gouvernement.
03/03/2014

La Banque mondiale accorde un prêt à la Tunisie

L’institution basée à Washington a accordé un prêt de 1,2 milliard de dollars à la Tunisie pour l’aider à mener à bien sa transition démocratique. Il s’agit du montant le plus important qui lui ait été alloué depuis la «révolution de Jasmin» et le départ en exil du président Zine ben Ali. Le FMI avait donné son feu vert le 29 janvier au versement d’une première tranche d’aide de 507 millions de dollars.
03/03/2014

Moody's relève à stable sa perspective sur l'Allemagne

Citant une diminution des risques de voir l’Allemagne fournir un effort supplémentaire aux autres pays de la zone euro, l’agence de notation a relevé de «négative» à «stable» la perspective attachée à sa note de crédit «Aaa». Moody’s a pris une décision identique concernant le Luxembourg et l’Autriche, qui sont également notés «triple A».

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