Allianz GI supprime les parts CT de deux fonds
Selon Fondsweb, Allianz Global Investors a fermé au 20 février les parts CT des fonds Allianz Asia Pacific Equity (LU0204481138) et Allianz Discovery Europe Strategy (LU0384027578).
27/02/2014
La gestion d’Allianz accuse une décollecte de 12 milliards d’euros en 2013
Le groupe Allianz a publié aujourd’hui des résultats en demi-teinte pour son pôle de gestion d’actifs, représenté par ses deux grandes filiales Pimco et Allianz Global Investors (Allianz GI). De fait, en 2013, auprès de la clientèle externe, le groupe allemand a subi une décollecte nette de 12 milliards d’euros, après avoir enregistré 113,6 milliards d’euros de souscriptions nettes en 2012. La faute en revient principalement à Pimco, dont la décollecte atteint 19,7 milliards d’euros, tandis que Allianz GI et les réseaux tiers ont respectivement collecté en net 4,6 milliards d’euros et 3,1 milliards d’euros. Dans un tel contexte, les actifs sous gestion totaux accusent un repli de 4,4 % sur un an, ressortant à 1.770 milliards d’euros fin décembre 2013, contre 1.852 milliards d’euros fin 2012. Les encours sur la seule clientèle tierce sont, quant à eux, en recul de 5,4%, atteignant 1.361 milliards d’euros fin 2013, contre 1.438 milliards fin 2012. Le tableau est toutefois loin d’être totalement sombre pour la gestion d’actifs d’Allianz. Sur l’ensemble de l’exercice 2013, ses revenus progressent en effet de 5,9 %, à 7,1 milliards d’euros fin 2013 contre 6,7 milliards d’euros fin 2012. De même, son résultat opérationnel enregistre une croissance de 7 % sur un an, ressortant à 3,16 milliards d’euros au 31 décembre 2013 contre 2,95 milliards d’euro au 31 décembre 2012. Surtout, l’ensemble du pôle de gestion d’actifs a dégagé un résultat net de 1,9 milliard d’euros à fin 2013, en progression de 6,4 % par rapport au 1,8 milliard d’euros affiché fin 2012.
Les fonds italiens collectent près de 4 milliards d’euros en janvier
Les fonds ouverts commercialisés en Italie ont enregistré en janvier des souscriptions nettes de 3,9 milliards d’euros, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion d’actifs. 2014 démarre donc en fanfare pour la gestion collective italienne, après une année 2013 record.La collecte a été portée par les fonds flexibles, qui ont engrangé à eux seuls 3,5 milliards d’euros, devant les fonds diversifiés, qui recueillent 1,2 milliard d’euros. Les fonds actions enregistrent quant à eux des souscriptions nettes de 728 millions d’euros.En revanche, les fonds obligataires ont vu sortir 944 millions d’euros, les fonds monétaires 466 millions d’euros et les hedge funds 92 millions d’euros.Côté gestions sous mandat, le bilan est moins flatteur, celles-ci ayant accusé des rachats nets de 5,4 milliards d’euros.En termes de collecte nette sur les fonds et les gestions sous mandat, Generali s’est illustré en janvier, avec des souscriptions nettes de 4,4 milliards d’euros, devant Poste Italiane (1,8 milliard d’euros) et le groupe Intesa Sanpaolo (1,4 milliard). En revanche, les trois plus mauvaises sociétés du mois sont Mediolanum, qui accuse des rachats nets de 13 milliards d’euros, Franklin Templeton (-558 millions d’euros) et Amundi (-117 millions).En ne comptant que la collecte sur les fonds, les meilleures sociétés sont Anima (732 millions d’euros), Banco Popolare (647 millions) et Intesa Sanpaolo (604 millions), tandis que les moins bons sont Franklin Templeton Investments (-558,5 millions), Pioneer Investments (-351 millions) et Amundi (-234 millions).
27/02/2014
NAPF launches its first infrastructure fund
P { margin-bottom: 0.08in; } The National Association of Pension Funds in the United Kingdom has launched its first infrastructure fund, as part of an investment of GBP2bn, Financial News reports. The first fund has raised GBP260m so far, from five founding investors: the pension funds for British Airways, the Pension Protection Fund, the Railways Pension Scheme, the Strathclyde Pension Fund and the West Midlands Pension Fund. It is limited to GBP500m. The fund will be managed by Dalmore Capital.
27/02/2014
Wealth management profits up 3% at Royal Bank of Canada
P { margin-bottom: 0.08in; }A:link { } Net profits in the wealth management unit of the Royal Bank of Canada (RBC) totalled CAD235m in first quarter 2014, which is up by CAD6m, or 3%, compared with the previous quarter, according to a statement released on 26 February. This evolution is largely due to an increase in average assets related to paid services to clients associated with capital appreciation and a high net inflow. Assets under management are up 10% in first quarter, to a total of CAD412bn. For their part, assets under administration are up 8% to CAD675bn.
27/02/2014
iShares preparing two ETFs of Gulf countries
P { margin-bottom: 0.08in; }A:link { } iShares is planning to launch two ETFs dedicated to Gulf countries, one of them Qatar, the other the United Arab Emirates, the website invezz reports. The two new vehicles, the MSCI Qatar Capped ETF and the MSCI UAE Capped ETF, will replicate the MSCI All Qatar Capped for the former and the MSCI All UAE Capped Index for the latter.
27/02/2014
Fullerton Fund Management to set up in London
P { margin-bottom: 0.08in; } Fullerton Fund Management is taking the first step in its international expansion. The asset management firm based in Sinapore, an affiliate of the sovereign fund Temasek Holdings, has made the first moves to establish an office in London and will soon apply for the appropriate licenses from the Financial Conduct Authority (FCA), the British regulator, the British treasury announced on 26 February. This will be the firm’s first location outside Asia. It will allow Fullerton to build new partnerships in the United Kingdom and to grow its client base in Europe. The announcement comes as part of a “financial dialogue” agreement concluded between the British and Singapore authorities, which aims to increase their financial and economic cooperation, while boosting the renminbi markets outside Greater China. The arrival of Fullerton on British soil also follows the launch by the British government of its “Investment Management Strategy” programme, which will aim to improve the competitiveness of the United Kingdom as an asset management centre.
27/02/2014
Merger of River & Mercantile and P-Solve in United Kingdom
River and Mercantile Asset Management, an equity management business, and P-Solve Limited, an investment consultancy and solutions provider, announced on February 26 their agreement to merge, «creating a diversified, client-led investment business», according to a press release. The new business will be known as River and Mercantile Group (R&M Group).The merger is subject to regulatory approval from the FCA.R&M Group will also explore the possibility of an IPO to raise capital for further investment in its growth strategy.R&M now manages assets in excess of GBP2.1bn as of December 2013, including assets in transition. As at 31 December 2013 P-Solve has an estimated GBP31.5bn of assets under advice and GBP8.2bn of assets under management.
27/02/2014
Aviva Investors adopts an integrated commission management system
P { margin-bottom: 0.08in; }A:link { } The British Aviva Investors has launched an integrated multi-broker commission sharing management system, developed by the consultant Commcise, which helps asset managers to adapt to new regulations and evolutions of market practice.
27/02/2014
Elliott controls 11% of F&C
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The New York hedge fund Elliott Management on Wednesday revealed that it holds an 11% stake in F&C, the British asset management firm which is subject to a buyout offer from the Bank of Montreal, the Financial Times reports. Analysts think the hedge fund, which is becoming one of the most prominent activist investors in the United States, will use the GBP80m stake to attract new candidates to the bidding and to get a better price. The Canadian firm’s bid comes in at GBP700m.
27/02/2014
Henderson posts record profits in 2013
Andrew Formica does not conceal his satisfaction. “I am pleased to announce record profits,” the CEO of Henderson announced yesterday at the publication of its annual results. The figures give him cause: Its pre-tax profits total GBP190.1m as of the end of 2013, up by 24.2% compared with the GBP153m posted in 2012. After taxes, profits are up by about 17.8% to GBP125.1m in 2013, compared with GBP106.4m one year previously.Assets under management at the group, for their part, are up by 14.6% to GBP75.2bn as of the end of 2013, compared with GBP65.6bn at the end of 2012. This development has been driven both by a positive market effect, and, above all, a net inflows of GBP2.5bn. However, most subscriptions came in the fourth quarter. After outflows of GBP210m in the first nine months of the year, Henderson has taken in GBP2.7bn in fourth quarter, including GBP2.5bn from retail clients, and GBP197mfrom institutional clients. In total, in the institutional client segment alone, the asset management firm has seen outflows of GBP2bn for the year 2013 overall. These outflows are largely compensated for by net inflows to the retail segment, which total GBP4.4bn.
27/02/2014
Aberdeen AM acquires an Indonesian asset management firm
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Aberdeen Asset Management is accelerating its development in the Asia-Pacific region. The Scottish asset mangement firm on 26 February announced the acquisition of 80% of capital in the Indonesian firm PT NISP Asset Management (NISPAM), an affiliate of the financial group PT NSIM Sekuritas, Asia Asset Management reveals. The price of the acquisition, carried out through the regional affiliate of Aberdeen AM in Asia, has not been revealed.
27/02/2014
Pimco will launch new equity strategies
P { margin-bottom: 0.08in; } Virginie Maisonneuve, who has freshly arrived as deputy chief investment officer at Pimco, is planning to launch a new equity strategy which will include a differentiation of investment regions and will use more hedging techniques against extreme risks, Financial News reports. ‘Nothing is written in stone, but we are planning to carefully add new equity pillars as additions to those which we already have that may include ways of exploiting market inefficiencies.”
27/02/2014
Elliot raises its bid for Riverbed
P { margin-bottom: 0.08in; }A:link { } The alternative asset management firm Elliott Management has raised its bid fro Riverbed Technology by 9% to USD3.36bn, the news agency Reuters reports. On 15 January, Riverbed rejected a bid by Elliott which valued the firm at USD3.08bn. Elliott, which owns a 10.5% stake in the capital of Riverbed, is now offering USD21 per share, a premium of 5.8% over the closing share price on Monday, 24 February, and says it may raise its bid further in order to have access to the company’s books and to initiate a due diligence.
27/02/2014
Allianz shareholders worried about Pimco
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Shareholders in Allianz are calling on the insurer to take measures concerning Pimco, out of concern for its health following the shock departure of its CEO, Mohamed El-Erian, following friction with the chief investment officer, Bill Gross, the Financial Times reports. Investors are asking whether the personnel problems may slow the capacity of Pimco to confront an increasingly difficult environment for bonds. Some feel that Allianz may intervene to control Pimco more in the wake of the departure of El-Erian. Pimco contributes 30% to the operating profits of Allianz.
27/02/2014
AllianceBernstein recruits for fund of funds business
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } AllianceBernstein, managing USD445 billion in assets under management, announced on February 26 that Michael H. Conn has joined the firm as Managing Director - Strategy, Operations and Development, supporting the firm’s growing fund of funds business. He will be based in Los Angeles and report to Marc Gamsin, Head of AllianceBernstein’s Alternative Investment Management Group. In this newly created role, Conn will work closely with Gamsin to develop the business strategy and new products for the group, as well as support existing and potential clients. He will also collaborate with the broader alternatives team to enhance the firm’s diverse product offerings and help clients better understand the role alternatives can play in their portfolio. Today, AllianceBernstein manages approximately USD16 billion in alternative assets and offers a range of strategies and capabilities that span asset classes and liquidity profiles.Conn joins AllianceBernstein from The TCW Group, Inc., where he was most recently Managing Director, Head of Corporate Strategy and Development for both traditional and alternative investments globally.
27/02/2014
Italian funds post inflows of nearly EUR4bn in January
P { margin-bottom: 0.08in; }A:link { } Open-ended funds on sale in Italy in January posted net inflows of EUR3.9bn, according to the most recent statistics from Assogestioni, the Italian association of asset management professionals. 2014 is starting out with a fanfare for Italian collective management, after a record year in 2013. Inflows were driven by flexible funds, which alone took in EUR3.5bn, followed by balanced funds, which have taken on EUR1.2bn. Equity funds, for their part, have posted net subscriptions of EUR728m. However, bond funds have seen outflows of EUR944m, money market funds EUR466m, and hedge funds EUR92m. In mandated asset management, the results are less flattering, with net redemptions of EUR5.4bn.
27/02/2014
KBL Gestion finds 2014 a good time to show off its strengths
P { margin-bottom: 0.08in; }A:link { } In 2013, KBL Richelieu Gestion, an affiliate of KBL Richelieu Banque Privée, saw net outflows of EUR103m. Money market funds alone are responsible for net redemptions representing EUR92m. KBL Richelieu Gestion is tempted to move on to other things, and has spent its first weeks in 2014 building up its total assets by about 9%, or nearly EUR80m, for a total of EUR940m. “This increase is the result of both market effects and an inflow effect,” says Nathalie Martin-Pelras, head of investments at KBL Richelieu Gestion and manager of the KBL Richelieu Spécial fund, without specifying their respective weights. The head plans to seize the occasion this year for several promising themes which the asset management firm considers to have high legitimacy. These include, firstly, a catch-up phenomenon which is expected to continue to profit small and midcaps. In France, the appearance of the new PEA-PME is expected to contribute to the outperformance of small and midcaps. For this reason, KBL Richelieu is preparing to launch a fund eligible for investment from PEA retirement savings accounts by the end of February, dedicated to PEA PME-ETI: KBL Richelieu Medium Companies. In another area, Martin-Pelras plans to take 2014 as the occasion for a theme focused on returning cash to the shareholder. Despite its optimism and hopes, the asset management firm has no plans in the short term to add to its personnel.
27/02/2014
Lazard launches an Irish version of its Global Equity Income fund
P { margin-bottom: 0.08in; } Lazard Asset Management is adding to its product range. The asset management firm has launched a Dublin-domiciled version of its Global Equity Income fund, managed by Pat Ryan, with share classes in pounds sterling and US dollars, FT Adviser reports. Tony Maddox, head of third-party distribution at Lazard, has explained that the launch was driven by client demand.
27/02/2014
Morningstar Credit Ratings recruits a chief credit officer
P { margin-bottom: 0.08in; }A:link { } Morningstar Credit Ratings has announced the recruitments of Calvin Wong as chief credit officer, particularly as head of imrovement of internal ratings controls. Calvin Wong, who had previously worked at Standard & Poor’s, where he had been responsible for ratings of structured finance, will be based in New York, where he will report to Vickie Tillman, chairman of Morningstar Credit Ratings.
27/02/2014
Analysts opt out of surveys of asset management firms
P { margin-bottom: 0.08in; }A:link { } Goldman Sachs, Barclays, JPMorgan Chase and Citigroup are among the 18 brokerage firms which have signed an agreement with the attorney general of New York, Eric Schneiderman, to cease participating in surveys of analysts which appear to give certain asset management firms advance warning of changes to recommendations on their shares, the Financial Times reports. The agreement, which comes less than two months after the one signed with BlackRock, cover all research into equities listed on US stock markets. Schneiderman says that the behaviour of firms, which he calls “insider trading 2.0,” helped “a certain elite, clients who are sophisticated from a technological point of view, at the expense of others.”
27/02/2014
French regulator finalises transposition of AIFM directive
P { margin-bottom: 0.08in; }A:link { } As part of its finalisation of the transposition of the AIFM directive, the French Autorité des marchés financiers (AMF) has modified its general regulations concerning collective savings providers and products, according to a statement from the AMF. The minister of economics and finance passed the new ruled by a decree dated 11 December 2013 published in the official journal for 20 December 2013, and a decree dated 11 February 2014, published in the Official Journal for 20 February 2014.
27/02/2014
BlackRock stops subscriptions to an Asian fund
P { margin-bottom: 0.08in; } The US asset management firm BlackRock has decided to close shares in its Asia Extension fund, managed by Jeff Shen, its head of emerging markets, to all new susbcriptions from investors, Citywire reports. The firm “closed” the fund, launched in February 2012 and domiciled in Luxembourg, as of 20 December 2013, at a time when its assets totalled USD193m. The vehicle invests in equities of the Asia-Pacific region ex Japan.
27/02/2014
Allianz : third-party net outflows of 12 billion euros in 2013
Capital market volatility and swings in interest rates in the second half of 2013 impacted the Asset Management business of German group Allianz. However, due to a strong first six months, revenues in the segment increased overall by 5.9 percent to 7.1 billion euros for 2013 from 6.7 billion euros the previous year, . Adjusted for foreign currency exchange effects, internal growth reached 8.8 percent. The improvement came from higher management and loading fees which more than offset lower performance fees.Operating profit rose 7.0 percent to 3.2 billion euros for the year from 3.0 billion euros in 2012. The cost-income ratio improved to 55.9 percent in 2013 from 56.5 percent the year before.Total assets under management reached 1,770 billion euros as of December 31, 2013, declining 4.4 percent from 1,852 billion euros at the end of 2012. Third-party assets under management declined over the same period to 1,361 billion euros from 1,438 billion euros. The decrease of 64 billion euros resulted mainly from negative foreign currency exchange effects of the weak US-dollar. Adjusted for these effects, the decline amounted to one percent. Asset Management saw third-party net outflows of 12.0 billion euros in 2013, compared to net inflows of 113.6 billion euros in the previous year."Our Asset Management has further diversified its products and geographic base. Thus, even though growth in assets under management went through a lull in 2013, I am optimistic about the continued strength of the segment,» said Dieter Wemmer.
27/02/2014
Appetite for risk up strongly in 2014
P { margin-bottom: 0.08in; } Investors have this year shown a much more marked appetite for risk, according to the most recent annual study of the major investment trends worldwide performed by Schroders in January, and covering more than 15,700 investors in 23 countries, unveiled on 26 February in London. Nearly 70% of participants estimate that equities will be the best-performing asset class this year, at a time when commodities are looking more atrophied. For 39% of participants, the Asia-Pacitic region may be the best-performing region in the world, compared with less than noe third for the United States and 27% for Europe. The results of the study of the French market will be the subject of a special presentation in Paris next week.
27/02/2014
Nikko AM launches a passive DAX index strategy
P { margin-bottom: 0.08in; }A:link { } The asset management firm Nikko Asset Management has obtained a license from Deutsche Börse to use the DAX benchmark index, according to a statement released on 25 February. Nikko AM will launch a passive strategy on 10 March which replicates the index of the main German shares. “In light of the launch of tax-fee savings accounts (ISA) last month, cross-border investment, largely through index-based funds, have returned to the limelight in Japan,” says Kunihiro Asai, global head of products at Nikko AM.
27/02/2014
Fund governance targeted by central bank
P { margin-bottom: 0.08in; } The central bank of Ireland has published its priorities for 2014. Among them is governance of investment funds and fund management firms. Assets under administration in Ireland total about EUR2.5trn, double the level observed in 2009. In addition, a growing number of funds is domiciled in Ireland, which poses the question of their effectiv surveillance, according to a Reuters study published last year. Legislation requires that a fund domiciled in Ireland be sponsored by two local residents. The number of funds these can be responsible for is unlimited but a code of conduct developed in 2012 stipulates that it is possible to renounce responsibilities in order to limit the number of mandates.
27/02/2014
ETF market prepares for rebound
Reports of the death of the European exchange-traded fund (ETF) market are greatly exaggerated, following a dramatic fall in growth in 2013. Last year, net new flows to European ETFs slumped 25% to EUR13.8 billion, down from the EUR19 billion seen in 2012. It was a far cry from the heady days of 2008 when inflows hit more than EUR52 billion. «Those predicting the European ETF market’s demise say it only prospered as a result of the financial crisis as investors fled derivatives and sought the relative safety of ETFs as a fast and effective way of gaining exposure to an index,» noted Barbara Wall, Cerulli’s Europe research director. «They say ETFs are proving less attractive now that the markets are on a firmer footing. However, enthusiasts of European ETFs point to an inflow of €1 billion in January 2014, bucking the worldwide trend of outflows for that month, and suggesting a better year ahead.» Angelos Gousios, a senior analyst at Cerulli Associates, believes cost and transparency are material considerations for the ETF sector. «Total expense ratios have even been as low as 0% for ETFs, with providers being able to generate income by enhancements such as dividend optimization,» he noted. «However, the industry needs to promote simplicity and transparency in a market that has grown too complex.»
27/02/2014
Allianz GI closes two funds
P { margin-bottom: 0.08in; }A:link { } Allianz Global Investors on 20 February closed two funds, according to Fondsweb. They are the Allianz Asia Pacific Equity (LU0204481138) and Allianz Discovery Europe Strategy (LU0384027578).
27/02/2014
db x-trackers renames an ETF
P { margin-bottom: 0.08in; }A:link { } According to Fondsweb, db x-trackers has changed the name of one of its ETFs. The db x-trackers MSCI Pan-Euro Index UCITS ETF (LU0412624271) has been renamed as db x-trackers MSCI PAN-EURO INDEX UCITS ETF ACCU-EUR.