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26/04/2013

Assets under management at Raymond James up 10%

P { margin-bottom: 0.08in; } Assets under management at Raymond James as of the end of March totalled a record USD51bn, up 10% compared with the end of December 2012, and 30% compared with the end of March 2012, according to figures released by the firm. Assets under administration also rose sharply, to USD407bn, up 5% compared with the previous quarter, and 39% year on year.
26/04/2013

AG2R La Mondiale posts inflows of EUR1.7bn in 2012

P { margin-bottom: 0.08in; } The social protection group AG2R La Mondiale has announced net inflows for the 2012 fiscal year of EUR1.7bn, of which EUR1.3bn were for life and retirement insurance, in a market which has seen net outflows (EUR3.4bn, according to FFSA figures) for the first time since the early 1980s, according to a statement released on 25 April.Assets under management were up 13.4%, at EUR76.6bn.Inflows for all activities totalled EUR16.6bn, up 7.5%, with EUR7.8bn for Agirc Arrco complementary retirement contributions, up slightly, and EUR8.5bn (+14.9%) for insurance contributions. Contributions to retirement life insurance were up by more than 35%, to EUR2bn, with contributions to life savings insurance up 12.6% to EUR4bn.
26/04/2013

ETC granted license to release actively-managed ETFs

P { margin-bottom: 0.08in; } Index Universe reports that Exchange Traded Concepts (ETC), a specialist in white-label ETF products based in Oklahoma City, has been issued the necessary licenses to release actively-managed ETFs. The firm estimates that it will be in a position to apply for licenses for actively-managed ETFs within the next few weeks.
26/04/2013

KKR profits from equity gains

P { margin-bottom: 0.08in; } The Wall Street Journal reports that quarterly gains at the private equity investor KKR exceeded Wall Street analysts’ predictions, as equity gains shifted the profitability of the 2006 buy-out fund into a higher gear.Net profits at KKR by GAAP accounting standards in January-March rose to USD193.4m, compared with USD190.4m in the corresponding period of last year, while economic net profits, which include the performance and value of private equity investments, fell by about 9% to USD627.6m, which nonetheless remains higher than analysts’ projections. Proceeds from the sale of shares in companies KKR had previously taken public, as well as an uptick in the fees it collects, helped the firm to generate distributable, or cash, earnings of USD290.6, up 77% yoy.
26/04/2013

Comgest loses a distribution specialist

P { margin-bottom: 0.08in; } Comgest Deutschland, announcing the arrival of Andreas Franz as investor relations manager (see Newsmanagers of 25 April), neglected to mention that Christoph J. Zitt is leaving the same position after eight years, to “take on other professional challenges,” Institutional Money has learned from a farewell letter sent by Zitt.
26/04/2013

SSgA launches an ETF of inflation-linked emerging market bonds

P { margin-bottom: 0.08in; } State Street Global Advisors is launching an ETF on the German stock exchange of emerging market inflation-linked bonds, the SPDR Barclays EM Infation-Linked Local Bond UCITS ETF. It becomes the 1,027th ETF listed on the XTF segment of the Xetra electronic platform from Deutsche Börse. The ETF has a total expense ratio of 55 basis points. It will track an index which measures the performance of inflation-linked government bonds from nine emerging countries denominated in local currencies, with the weight of each country limited to 20%. The countries included in the index are Brazil, South Africa, Mexico, Chile, Turkey, Israel, Korea, Thailand and Poland. ISIN code: IE00B7MXFZ59
26/04/2013

Assets at Santander AM up 5% in Q1

P { margin-bottom: 0.08in; } Assets under management in the asset management unit of the Santander group as of the end of March totalled EUR161.5bn (of which about EUR48bn were for other entities of the group), up 5% compared with December 2012, and 13% year on year, according to figures released at the publication of the group’s quarterly results.In Spain, assets under management at Santander AM (which the group is putting once more on the block) increased 3% compared with the end of December 2012, to a total of EUR52.1bn. In Brazil, assets under management totalled EUR48.1bn, up 6% compared with fourth quarter.Funds managed in the United Kingdom rose 2% to EUR25.5bn, while in Mexico, assets under management totalled EUR11.4bn, up 1%.
26/04/2013

Repsol allows Temasek to join its board of directors

P { margin-bottom: 0.08in; } The board of directors at the Spanish firm Repsol has decided to allow the Singapore sovereign fund Temasek to join it, after the latter bought up a 5.04% stake in the oil group previously held by the business itself (see Newsmanagers of 5 March).In a CNMV filing, Repsol states that the external representative of Temasek who has been appointed as a director is Rene Dahan, formerly of ExxonMobil.
26/04/2013

Taxation: European Commission asks Denmark to change tax rules for foreign investment institutes

The European Commission has formally requested Denmark to change its taxation of dividends distributed to foreign investment institutes with minimum taxation (investeringsinstitutter med minimumsbeskatning). In Denmark, dividends distributed to funds registered as «investment institutes with minimum taxation» are exempted from tax, but only if the institute is Danish. The Commission considers that the Danish tax rules discriminate against «investment institutes with minimum taxation» from other Member States. This breaches the freedom to provide services and the free movement of capital as set out in the EU Treaties. Following the letter of formal notice sent by the Commission on 30 April 2012 (first stage of the infringement), today the Commission is requesting Denmark to change its legislation within two months to bring it in line with EU law (second stage of the infringement). If Denmark does not comply, the Commission may decide to refer the case to the EU’s Court of Justice.
26/04/2013

Strong increase in net subscriptions at St. James's Place

P { margin-bottom: 0.08in; } In first quarter 2013, the British firm St. James’s Place (SJP) has posted net subscriptions of GBP847m, compared with GBP698m in the corresponding period of last year. The retention rate for assets of existing clients has remained at 95%.As of the end of March, assets totalled GBP39bn, which represents an increase of GBP4.2bn compared with 31 December. In twelve months, assets under management rose 26%.David Bellamy, CEO, has also announced that total new investments in Q1 inreased 28% year on year, to GBP1.6bn.
26/04/2013

Schroders recruits two for its LDI team

Schroders has announced two newly created senior appointments to support the continuing growth of its LDI team, based in London.Daniel Morris joins as LDI Solutions Manager; part of his role will be to work closely with new and existing clients and their advisers to understand their requirements and objectives and translate these into effective portfolios and strategies. He joins Schroders with over a decade of actuarial and investment consultancy experience at Towers Watson and AON Hewitt.Lef Sigalos joins Schroders Independent Group Risk team as Investment Risk Manager. In this role he will focus on Multi-Asset Investment and Portfolio Solutions, including LDI. He joins from F&C Asset Management where he undertook a number of senior positions over the past ten years, all with a specific focus on derivative investment risk and LDI. Most recently, Sigalos was Head of Investment Risk for F&C.
26/04/2013

Head of credit leaves SLI

P { margin-bottom: 0.08in; } The head of credit at Standard Life Investments, Andrew Sutherland, will be leaving the firm after a 30-year career, Investment Week reports. He will be replaced by his colleague, Craig MacDonald, currently head of investment-grade credit.
26/04/2013

Net subscriptions to Spanish funds in April

P { margin-bottom: 0.08in; } According to provisional statistics from VDOS, Spanish funds are reported to have taken in net subscriptions from 1 to 19 April of EUR672m, of which EUR624m went to bond products, Funds People reports.With the addition of EUR3.852bn in net inflows in first quarter, the total of EUR4.5bn represents more than half of net outflows in 2012 overall.In addition, in the period from 1 to 19 April, market appreciation brought an extra EUR250m, bringing assets as of 19 April to EUR134.172bn.
26/04/2013

S&P licenses State Street to launch an ETF

P { margin-bottom: 0.08in; } The index provider S&P Dow Jones Indices on 25 April announced that it has granted an operating license for its S&P Pan Asia Dividend Aristocrats Index to State Street Global Advisers, to allow it to launch an ETF based on the index. The S&P Pan Asia Dividend Aristocrats Index measures the performance of components of the S&P Pan Asia Broad Market Index (BMI), which has pursued a policy of annual dividend growth for at least seven years.
26/04/2013

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts etversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective et cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
26/04/2013

Institutionals make progress in combating money laundering

Three quarters of companies targeted in an investor engagement aimed at improving disclosure and understanding of companies’ anti-corruption risk management have significantly improved their transparency in this area, according to the UN PRI. The results of this engagement will enable investors to better assess and manage their exposure to the financial, operational and reputational impacts of corruption risks in their portfolios.The engagement was undertaken by a coalition of 21 signatories to the Principles for Responsible Investment, a global body of investors who believe that environmental, social and corporate governance (ESG) factors affect the long-term performance of investment portfolios. The investor group, led by F&C Asset Management and Hermes Equity Ownership Services, collectively manages more than USD1.7 trillion in assets, and began engaging with 21 companies across 14 countries in March 2010 to encourage them to demonstrate that they had appropriate anti‐corruption controls.The findings were released as a group of 12 investors, collaborating through the PRI, work to launch the next phase of their work to engage with companies on anti-corruption issues. The new engagement will target up to 50 firms across a wider range of sectors and countries to better understand their ability to manage and reduce corruption-related risks and their capacity to improve practices and transparency.  
26/04/2013

OMGI reshuffles its fund range

P { margin-bottom: 0.08in; } Old Mutual Global Investors (OMGI) has restructured its Dublin-based fund range, one year after merging its two asset management firms, Investment Week reports. The firm has merged four funds of its offshore Skandia Global Funds range. The Skandia US All Cap Value and Skandia US Value funds have been merged into the Old Mutual US Dividend. Skandia European Equity and Skandia European Opportunities have been merged, and renamed Old Mutual European Equity. At the same time, Stewart Cowley, head of fixed income, has been placed in charge of the Old Mutual Global Bond fund, after its merger with the Skandia Global Bond Fund. Ian Heslop will manage the Old Mutual Japanese Equity fund, after its merger with Skandia Global Equity.
26/04/2013

Henderson adds two funds to its Core Muli-Asset Solutions range

P { margin-bottom: 0.08in; } On 10 May, Henderson Global Investors (HGI0 will add the Core 4 Income Fund (low medium risk) and Core 6 Income & Growth Fund (high medium risk) to its Core Multi-Asset Solutions risk objective fund range. The products will be managed by the multi-asset class team, led by Bill McQuaker. The funds are targeted to specific risk parameters provided by Distribution Technology, a leading specialist in the area of risk profiles.Like the Core 3 Income and Core 5 Income funds, the new portfolios will be invested in a vast range of underlying actively- and passively-managed underlying assets.The Core 3, 4 and 5 income funds will pay out monthly distributions while the Core 6 will make quarterly payments.On the basis of the model portfolios, the two new funds will have estimated initial returns of 4.3% for the Core 4 Income, and 3.5% for the Core 6 Income & Growth.As of the end of December, the multi-asset class team at HGI had GBP4.5bn in assets under management.
26/04/2013

Deka acquires an office property in London

P { margin-bottom: 0.08in; } The German firm Deka Immobilien has acquired the 95 Gresham Street office building in London (10,100 square metres) from Standard Life. The property, which is wholly leased except for one floor, will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is reserved for institutional investors.
26/04/2013

Repsol fait entrer Temasek dans son conseil d’administration

Le conseil d’administration de l’espagnol Repsol a décidé de s’ouvrir au fonds souverain singapourien Temasek, qui a acheté 5,04 % du capital pris sur l’autocontrôle du groupe pétrolier (lire Newsmanagers du 5 mars). Dans une notification à la CNMV, Repsol précise que le représentant externe de Temasek nommé administrateur est Rene Dahan, un ancien d’ExxonMobil
26/04/2013
Fonds

SSgA lance un ETF sur les obligations émergentes indexées sur l’inflation

State Street Global Advisors lance sur la Bourse allemande un ETF sur les obligations indexées sur l’inflation des marchés émergents, le SPDR Barclays EM Inflation-Linked Local Bond UCITS ETF. C’est le 1.027ème ETF coté sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse.Cet ETF affiche un taux de frais sur encours de 55 points de base. Il suivra un indice qui mesure la performance des obligations souveraines indexées sur l’inflation de neuf pays émergents en devises locales et plafonne le poids de chaque pays à 20 %.Les pays inclus dans l’indice sont le Brésil, l’Afrique du Sud, le Mexique, le Chili, la Turquie, Israël, la Corée, la Thaïlande et la Pologne.Code ISIN : IE00B7MXFZ59
Fonds
26/04/2013
Fonds

Permira a du mal à collecter pour son cinquième fonds

Permira, le gérant européen de LBO, n’aurait pour l’instant réuni que 2,2 milliards d’euros d’engagements pour son cinquième fonds, au terme d’une campagne de 19 mois. Un délai important pour une première étape (ou closing). L’objectif final pour Permira V, qui devra être atteint dans les 12 mois qui viennent, est de collecter entre 4 et 5 milliards d’euros, un montant déjà inférieur de près d’un tiers aux espoirs initiaux de l'équipe. Afin de convaincre des investisseurs récalcitrants, les gérants auraient dû mettre 200 millions de leur propre poche - soit 9% du montant déjà levé, une proportion élevée.
Fonds
26/04/2013
Fonds

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts traversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective. Cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
Fonds
26/04/2013

Franklin Templeton absorbe le mexicain Heyman y Asociados

Le gestionnaire institutionnel indépendant mexicain Heyman y Asociados SC va entrer dans le giron de Franklin Templeton Investments Mexique, mais le montant de la transaction et ses détails n’ont pas été divulgués.Heyman y Asociados gère ou conseille des encours d’environ 1,1 milliard de dollars (au 31 mars 2013). L'équipe est dirigée par Timothy Heyman, qui a passé plus de trente ans au Mexique et qui a été président d’ING Baring Grupo Financiero (México), S.A. de C.V., ainsi que de la maison de courtage Baring, S.A. de C.V. Casa de Bolsa. Il sera le CEO de la nouvelle filiale Franklin Templeton Servicios de Asesoría Mexico, S. de R.L. de C. V (“FTSAM”) et president/member du board de Franklin Templeton Asset Management Mexico, S. A. de C.V. (“FTAM”), une société locale de gestion de mutual funds.
26/04/2013

Forte hausse des souscriptions nettes pour St. James’s Place

Pour le premier trimestre 2013, le britannique St. James’s Place (SJP) affiche des souscriptions nettes de 847 millions de livres contre 698 millions pour la période correspondante de l’an dernier. Le taux de fidélisation des actifs de la clientèle existante s’est maintenu à 85 %.A fin mars, l’encours se montait à 39 milliards de livres, ce qui représente un gonflement de 4,2 milliards de livres par rapport au 31 décembre. Sur douze mois, les actifs gérés ont bondi de 26 %.David Bellamy, le CEO, a aussi indiqué que le total des nouveaux investissements s’est accru de 28 % en glissement annuel, à 1,6 milliard de livres.
26/04/2013
Fonds

Henderson GI ajoute deux fonds à sa gamme Core Multi-Asset Solutions

Le 10 mai, Henderson Global Investors (HGI) intégrera les Core 4 Income Fund (low medium risk) et Core 6 Income & Growth Fund (high medium risk) à sa gamme Core Multi-Asset Solutions de fonds à objectif de risque. Ces produits seront gérés par l’équipe multiclasses d’actifs que dirige Bill McQuaker. Ces fonds visent des paramètres de risque spécifiques fournis par Distribution Technology, un spécialiste leader dans le domaine de l’établissement de profils de risque.Comme les fonds Core 3 Income et Core 5 Income, les nouveaux portefeuilles seront investis dans une vaste gamme de sous-jacents actifs et passifs.Les fonds de revenu Core 3, 4 et 5 procéderont à des distributions mensuelles, tandis que le Core 6 opérera des versements trimestriels.Sur la base des portefeuilles modèles, les deux nouveaux fonds auront des rendements initiaux estimiés à 4,3 % pour le Core 4 Income et à 3,5 % pour le Core 6 Income & Growth.A fin décembre, l’équipe multiclasses d’actifs de HGI gerait 4,5 milliards de livres.
Fonds
26/04/2013

Schroders recrute deux personnes dans son équipe LDI

Schroders vient de recruter deux personnes à Londres pour son équipe de gestion sous contrainte de passif (liability driven investments ou LDI).Daniel Morris est ainsi embauché en tant que LDI solutions manager. Son rôle consistera entre autres à travailler en étroite coopération avec les clients nouveaux et existants et leurs conseillers pour comprendre leurs besoins et objectifs et les traduire en stratégies et portefeuilles. L’intéressé a passé dix ans chez Towers Watson et AON Hewitt en tant qu’actuaire et consultant.De même, Lef Sigalos rejoint l’équipe Schroders Indpendent Group Risk en tant qu’investment risk manager. Il se focalisera sur les investissements et les portefeuilles multi-classes d’actifs, y compris le LDI. Il vient de F&C Asset Management, où il était, dernièrement, responsable des risques investissements.
26/04/2013

KKR profite de la hausse des actions

The Wall Street Journal rapporte que le bénéfice trimestriel du capital-investisseur KKR a dépassé les attentes des analystes de Wall Street, la hausse des actions ayant fait passer la profitabilité du fonds de buy-out de 2006 à une vitesse supérieure.Le bénéfice net de KKR aux normes GAAP pour janvier-mars a progressé à 193,4 millions de dollars contre 190,4 millions pour la période correspondante de l’an dernier tandis que le bénéfice net économique, qui comptabilise la performance et la valeur des investissements en private equity, a baissé d’environ 9 % à 627,6 millions de dollars, ce qui est néanmoins supérieur aux prévisions des analystes.Quant au bénéfice distribuable compte tenu de la recette sur les actions de sociétés que KKR a introduites en Bourse et de la hausse des commissions, il a opéré un bond en avant de 77 % à 290,6 millions de dollars.
26/04/2013
Fonds

ACE Management reprend trois filiales au groupe Slicom International

La société de gestion de portefeuille privée ACE Management a annoncé, via son fonds Aerofund II, la reprise auprès du groupe Slicom International, de ses filiales Slicom Aéronautique, Auvergne Aéronautique Slicom et Casablanca Aéronautique, désormais réunies au sein d’Auvergne Aéronautique Groupe, la nouvelle dénomination de la holding tête du groupe.
Fonds
26/04/2013

Soros prend une participation de 8% dans JC Penney

Soros Fund Management a pris une participation de 7,9% dans l’américain JC Penney dont le gérant de hedge funds Bill Ackman est le premier actionnaire avec près de 18% du capital, rapporte le Financial Times.

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