Satisfait à la fois du travail de ses gérants et de la résistance de son portefeuille d’actifs cette année, Agéas France ne prévoit pas de changement pour le premier semestre 2014. Cependant, Bertrand Hau, Directeur général délégué et Directeur financier et comptable, dévoile à Instit Invest quelques pistes de réflexion de la société d’assurance française. Agéas France continuera en 2014 d’investir dans les obligations souveraines à la fois sur les Etats Cor et Semi-Cor puisque « dans nos allocations, nous sommes obligés de renouveler et remplacer les lignes « obligations souveraines » qui arrivent à maturité. » Cependant, le groupe a commencé à investir dans des obligations souveraines de plus court terme. « Nous avons essayé de profiter un peu des remontées de spread sur certains pays avec des obligations un peu plus court terme afin d'être capable de se positionner en cas de remontée de taux, dans le but d’avoir un peu plus de levier sur le futur », explique Bertrand Hau. Même si pour le moment, la remontée de taux n’est pas encore suffisamment visible pou avoir des résultats significatifs, Agéas France parlemente avec le groupe pour avoir une flexibilité plus importante pour acheter par exemple des lignes sur les Etats portugais et espagnol, comme ils l’ont déjà fait sur Irlande. « Sur des maturités de deux ans, si les niveaux de spread sont intéressants, on pourrait effectivement prendre quelques tickets de 10, 15 ou 20 millions pour pouvoir avoir la capacité dans les 18 ou 24 prochains mois d’avoir un portefeuille qui permet de mieux accompagner si jamais les taux remontaient. Si les marchés financiers le permettent cette année, Agéas France compte bien augmenter de manière significative de 1 à 2% leur poche actions qui s'élève actuellement à 4% du portefeuille global. « Nous n’avons pas été très actif cette année sur cette poche. Il faut que nous regardons cela de plus près, puisque ça reste un objectif de long terme au niveau tactique sur les marchés », précise Bertrand Hau. L’assureur n’a pas prévu de faire évoluer sa poche immobilier qui avoisinera toujours les 9 à 10%. Même sons de cloches pour le private equity qui, lui, restera anecdotique. « On pourra accompagner, mais avec allocations très très faibles », souligne Bertrand Hau. En revanche, Agéas France continuera de soutenir l'économie en « s’inscrivant dans des fonds de place ou dans des fonds qui prêtent aux entreprises françaises et/ou européennes », ajoute Bertrand Hau. Autre préoccupation du groupe en 2014 : faire évoluer leur partenariat avec Avenir Finance, groupe avec lequel ils ont signé des accords au mois de décembre. « Nous leur transférons notre réseau salarié d’environ 200 personnes au sein de leur structure de commercialisation pour avoir une force de distribution renforcée et qui soit externalisée par rapport à la société d’Agéas France, » développe Bertrand Hau . A noter également qu’Agéas France portera dans les semaines à venir sa participation à 65% dans Sicavonline, filiale d’Avenir Finance. La participation était de 35% jusqu'à présent.

La Financial Conduct Authority a publié aujourd’hui la version finale de ses recommandations mises à jour concernant la rémunération des conseillers en gestion financière. L’autorité entend indiquer clairement que ces conseillers et les fournisseurs de produits partagent la responsabilité de la gestion d’éventuels conflits d’intérêt dans le cadre des accords de partage de commissions. La FCA a tenu à agir en constatant que certains conseillers accordaient à certains gestionnaires un traitement privilégié malgré la réforme du commissionnement (RdR) déjà adoptée par les autorités.

AEW Europe a annoncé la signature d’un contrat de financement pour le compte de Fodis d’un montant de 248 millions d’euros avec BNP Paribas et la Société Générale. Fondis est un véhicule d’investissement spécialisé dans les commerces en France et dispose d’un patrimoine de 400 millions d’euros. Ce contrat permet le refinancement du crédit actuel arrivé à échéance le 31 décembre 2013 et met à disposition une nouvelle ligne de crédit dont la période de tirage est de 3 ans. La capacité d’investissement de Fondis en prenant en compte les fonds propres qu’il peut mobiliser atteindra ainsi 250 millions d’euros.

Après les Etats-Unis en août dernier, c’est Eurostat qui se met aux normes internationales dans ses calculs de PIB, en intégrant notamment les investissements en «recherche et développement» dans la catégorie «formation brute de capital fixe», alors qu’elles sont actuellement logées dans les «dépenses courantes». Un ajustement qui sera effectif en septembre prochain et qui aura pour effet une réévaluation rétrospective du PIB des économies de l’Union européenne à la hausse comprise entre 0 et 5%. Le PIB français sera ainsi relevé entre 2% et 3%.

March Gestión, an asset management affiliate of the Spanish Banca March group, has recruited Antonio López Silvestre as equity manager and head of selection for Spanish and European businesses. He will also join the asset management team responsible for the flagship funds from the firm, such as March Valores, March Vini Catena and the Family Business Fund. Before joining March Gestión, Silvestre was an equity analyst and chief investment officer for mid-sized businesses at Exane BNP Paribas from 2010 to 2013.

Skandia is adding to its teams in the United Kingdom. The affiliate of the Old Mutual group has recruited Scott Goodsir as head of distribution for the British market. He will join Skandia in March. Goodsir had previously been responsible for the wholesale division for the United Kingdom at BNY Mellon, a firm at which he spent 15 years.

The British asset management firm Hermes Fund Managers is adding to its team dedicated to emerging markets, with the appointment of Diego Mauro as director and senior analyst in charge of Asia. Mauro had previously worked in London at Legg Mason International Equities, in charge of analysis of emerging markets worldwide, but already specialised in Asia.

It has been a good year in 2013 for Jupiter Fund Management. Last year, the British asset management firm, which will be preparing to sell its private asset management activity (see Newsmanagers of 14 January 2014), has posted growth of 20% in its assets under management, to GBP31.7bn in total assets, the group announced on 15 January. This performance was supported by a cumulative net inflow to mutual funds of GBP1.2bn in 2013, of which GBP458m are incoming flows in the final quarter of the year.

iShares, the exchange-traded fund (ETF) platform from BlackRock Inc., is adding to its range of bond ETFs domiciled in Switzerland, with the launch of the iShares CHF Corporate Bond (CH) ETF, according to a statement released on 15 January. The product becomes the most recent from the Swiss ETF platform at iShares, just six months after finalising its acquisition of the tracker fund activity of Credit Suisse. The fund, now listed on SIX Swiss Exchange, includes investment grade corporate bonds issued in Swiss francs by Swiss and international companies. It is a physical replication fund, whose management commission is 0.15%. According to Tom Fekete, head fo product development for the EMEA region at iShares, “this first bond ETF domiciled in Switzerland offers efficient and profitable exposure to this class of assets via a single transaction, and allows investors to profit from the difference in returns compared with bonds issued by the Swiss Confederation.” For his part, Christian Gast, director of iShares Switzerland, states that “demand for products denominated in Swiss francs remains strong, as our clients are seeking exposure in their national currency. At a time when Swiss investors previously had not had access to this asset class except through isolated bonds, this new fund allows them to acquire exposure to corporate bonds as part of a diversified, liquid portfolio.”

East Capital, the Swedish asset manager specialised in emerging and frontier markets, has launched the East Capital China A-Shares Fund. The East Capital China A-Shares Fund, which invests in Renminbi-denominated A-shares listed on China’s mainland stock exchanges in Shanghai and Shenzhen, is registered in Luxembourg and already fully subscribed.East Capital is the first fund management firm domiciled in the Nordic region to receive a quota approval from the State Administration of Foreign Exchange (SAFE) under the Qualified Foreign Institutional Investor (QFII) programme, according to a press statement.

The Swiss private equity specialist Partners Group has reported a record year in 2013, both in terms of demand and investment. The group has raised EUR5.1bn, and meanwhile invested EUR7.7bn for its clients, according to a statement released on 15 January. The group states that it has invested throughout the spectrum of private equity, real estate, infrastructure and private debt. As of the end of December 2013, assets under management totalled EUR31.6bn. In the year 2014, Partners Group is planning to raise between EUR4.5bn and EUR6.5bn. In this context of strong growth, the group has announced several promotions on its teams. Juri Jenkner, co-head of private debt, has been promoted to partner. Gilbert de la Ferrière, head of investment solutions for France and head of the Paris office, has been promoted to managing director. Two other partners have been promoted at the same time: Gonzalo Fernandez Castro, head of private equity for Latin America and head of the Sao Paulo office, and Benjamin Haan, head of private infrastructure in Asia-Pacific, based in Sydney.

Desmond Lee, who had previously worked at the Canadian Manulife group, has joined the Monetary Authority of Singapore (MAS) as head portfolio manager, Citywire Asia reports. Lee, who had been head of research at Manulife Asia Wealth Management, will join a team of 10 people in the external fund management division, in the department responsible for the management of Singapore’s currency reserves. As of the end of November 2013, Singapore’s currency reserved totalled about USD271bn.

Pioneer Investments has launched a British version of its Absolute Return Bond fund, managed by Tanguy Le Saout and Cosimo Marasciulo, Investment Week reports. This is the first time that the group has dedicated a bond product to investors in the United Kingdom.

M&G Investments has registered the M&G Income Allocation Fund for sale in Sweden, Fondbranschen reports. The fund is managed by Steven Andrew.

GLG is cutting back. The alternative management firm has decided to close one of its bond funds focused on emerging markets, entitled Emerging Markets Currency & Fixed Income Alternative Fund, Citywire reveals. The vehicle is far from having the success expected for it. In fact, it lost 1.92% in first half 2013, after modest gains of 0.69% in 2012, and a loss of 1.27% in 2011. Meanwhile, the fund has melted away like snow in the sunlight, shrinking from about GBP30bn (EUR36.1m) at the beginning of 2013, to less than GBP5m (EUR6m) at the time of its closing on 31 December 2013. The website reports that GLG had already closed an emerging market fund in August last year.

NExT AM, an affiliate dedicated to group stakes at La Française, will buy a minority stake of 25% in Euryale Asset Management. The two firms have formed a distribution partnership which reserves sales of the Pierval Santé fund to retail clients and IFAs exclusively at La Française.

Asset management and wealth management (GWIM) at Bank of America earned exceptional profits in the fourth quarter of its fiscal year. Net profits for the GWIM division rose 35% year on year, to USD777m, while earnings rose 7%, to USD4.5bn. Commission earnings alone rose 15%, to USD1.8bn. Assets under management as of the end of December totalled USD821.4bn, compared with USD698.1bn as of the end of December 2012. Long-term inflows rose USD9.4bn in the quarter to the end of December. For the year as a whole, inflows from long-term assets total a record USD47.8bn, up by USD21.4bn, or 81%, compared with the previous year. Profits for the group in fourth quarter totalled USD3.18bn, or 29 cents per share, compared with USD367m, or 3 cents, one year earlier, while pre-tax profits were affected by USD5bn in charges related to real estate credit.

The wealth management, brokerage and retirement unit of Wells Fargo in fourth quarter 2013 at the end of December had earned a net profit og USD490m, up 9% compared with third quarter 2013, and 40% up compared with fourth quarter 2012. Asstes of wealth management clients increased 4% to USD218bn, while assets in institutional retirement plans were up 3%, to USD298bn. Assets in individual retirement accounts (IRA), for their part, have posted a 5% increased, to USD341bn.

The hedge fund firm Pacific Alternative Asset Management Company (PAAMCO), which has USD15.6bn in assets under management, has promoted Ronan Cosgrave, Putri Pascualy, Anne-Gaelle Pouille and Jeffrey Williardson as partners, Hedge Week reports.

Net sales of UCITS remained relatively steady in November attracting EUR 20 billion of net new cash, compared to EUR 21 billion in October, according to the European Fund and Asset Management Association (EFAMA).Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR 22 billion, compared to EUR 26 billion in October. Equity funds attracted net inflows of EUR 11 billion, down from EUR 15 billion in October, while bond funds registered net inflows of EUR 7 billion, compared to break-even point a month earlier. Net sales of balanced funds amounted to EUR 9 billion, compared to EUR 7 billion in October. Money market funds registered reduced net outflows in November of EUR 3 billion, down from EUR 5 billion in October. Total non-UCITS recorded net sales of EUR 12 billion in November, compared to EUR 19 billion in October. This decrease in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR 8 billion, down from EUR 18 billion in October. Total net assets of UCITS stood at EUR 6,923 billion at end November 2013, representing a 0.9 percent increase during the month. Total net assets of non-UCITS increased by 0.4 percent to stand at EUR 2,789 billion at month end.

QFS Asset Management is closing its currency hedge fund, and has refunded nearly USD1bn to its clients, the Wall Street Journal reports. The strategy lost 8.7% in 2013, and 8.6% in 2012. This is the first time in 20 years that the QFS has lost money two years running.

US mutual funds last year posted inflows of USD265.8bn, which propelled assets under management in long-term funds to a record USD10.9trn, according to statistics released by Morningstar. The data provider points out that the preference of investors for bond funds to the detriment of equity funds, which has been observed for several years, ended last year. Inflows to equity funds did total USD218.6bn, the highest level since 2000, but compared with total assets, the net growth was only 3%, far lower than the double-digit growth of the mid-1990s. Bond funds posted net inflows of only USD21bn last year, after USD268.1bn in 2012, meaning that for the first time since 2004, traditional bond funds and municipal bond funds have finished the year with outflows. Among the various categories of bond funds, intermediate maturity funds last year posted net outflows of USD78.9bn, the highest in any category. However, loand funds and international diversified bond funds, which have shorter durations, posted respective inflows of USD61,3bn and USD58.1bn. Among the major actors, Vanguard wins the prize for inflows, with a total of USD74.6bn, and gains a percentage point in terms of market share.

UBS ETF on 15 January listed a new ETF for trading on Xetra, the dedicated platform from Deutsche Börse. UBS ETF MSCI USA hdg to EUR (ISIN IE00BD4TYG73) allows for exposure to the evolution of the MSCI USA index, while providing protection against currency risks, Deutsche Börse notes. The Xetra range includes 1,039 ETFs.

After a year in 2013 that appears to have been marked by a recovery in the European securitisation market, with increasing diversification of asset classes, countries and participants, 2014 may continue in this direction, the ratings agency Standard & Poor’s states, as it publishes projections for the various segments of structured finance, including RMBS, ABS, CMBS and structured credit. The ratings agency aims to be prudent, however, and is revising its European securitisations upward slightly this year, with a risk of downturn that has been called “significant,” largely due to several regulatory initiatives now in progress that may threaten the viability of this activity.

High yield issues by European corporates last year reached a record USd103bn, up 50% compared with the previous year, according to the January edition of a Moody’s publication (“High Yield Interest – European Edition”). The average quality of credit has continued to stabilize, with a ratio of falling/rising scores of 1.4 over second half, Moody’s reports. “The failures at some European companies at the end of the year were not unexpected, and do not fundamentally change the trend towards a stabilisation of credit,” says Chetan Modi, managing director in the “European leveraged finance” team at Moody’s. Germany has remained the largest European issuer in the high yield segment, which is dominated by the automotive sector. Germany may lose its top spot, however, due to the potential for many German companies to be upgraded to investment grade.

Santander Asset Management is adding to its bond unit, with the appointment of Adam Harnetty as head of credit research, in charge of European bonds. He will report to Adam Cordery, who was recruited in April 2013 from Schroders, to become head of European bonds, and will lead a team of four analysts. Harnetty, who has been present in the asset management sector for 25 years, previously worked as a fund manager at Schroders, Invesco, BNP Paribas Investment Partners, Kleinwort Benson and Ernst & Young.

The board of directors at Anima Management Holding, which controls the Italian asset management firm Anima Sgr, has decided to announce plans to hold an IPO in Milan. According to sources close to the firm, reported by Bluerating, the offering may take place in spring 2014, or in July at the latest.

Deutsche Bank has suspended “at least one” trader suspected of manipulations of the currency markets, the German newspaper “Die Welt” reports, citing sources close to the case. The employee named in the case was based in New York, and made currency trades on the Argentine peso, the newspaper writes, adding that other traders at the bank are also suspected of manipulation.

Desmond Lee, qui travaillait précédemment pour le groupe canadien Manulife, vient de rejoindre l’Autorité monétaire de Singapour (MAS) en qualité de gérant de portefeuille en chef, rapporte Citywire Asia.Desmond Lee, qui était directeur de la recherche au sein de Manulife Asia Wealth Management, va intégrer une équipe d’une dizaine de personnes au sein de la division de gestion des fonds externes du département chargé de la gestion des réserves de change de Singapour.A fin novembre 2013, les réserves de change de Singapour s'établissaient à environ 271 milliards de dollars américains.

March Gestión, filiale de gestion d’actifs du groupe espagnol Banca March, vient de recruter Antonio López Silvestre au poste de gérant actions et responsable de la sélection des entreprises espagnoles et européennes. Il intègre ainsi l’équipe de gestion en charge des fonds phares de la société, comme March Valores, March Vini Catena et The Family Business Fund. Avant de rejoindre March Gestión, Antonio López Silvestre était analyste actions et responsable de l’investissement dans les compagnies de moyenne capitalisation chez Exane BNP Paribas de 2010 à 2013. Auparavant, il était responsable de la recherche et de la recherche actions chez Fortis Bank en Espagne.