Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
23/04/2013

Stenham AM launches two hedge fund firms

P { margin-bottom: 0.08in; } Stenham Asset Management has launched two funds of hedge funds, Stenham Credit Opportunities and Stenham Healthcare, according to a statement from the firm. Stenham Credit, launched on 1 January with USD21m, has earned 3.44% since the beginning of the year. The fund is aiming for annual returns of 8% to 12%. The fund includes long/short credit, structured credit and distressed debt strategies, which are often not easily available to traditional investors. The fund invests in 6 to 10 conviction managers, and offers quarterly liquidity. The other fund also offered at the same time, Stenham Healthcare, with USD15m, has gained 7.48%. This concentrated fund also targets double-digit annual returns. It has 6 to 10 managers with good track records. It offers monthly liquidity.
23/04/2013

Erste Sparinvest recruits CIO from Macquarie

P { margin-bottom: 0.08in; } Since the beginning of April, the Austrian asset management firm Erste Asset Management has announced, Gerold Permoser has become the group’s chief investment officer, responsible for all asset management activities (Erste AM and Erste Sparinvest) and investment strategy for all investment funds in Austria, Germany, Croatia, Romania, Slovakia, the Czech Republic and Hungary.Permoser was previously CIO at Macquarie Investment Management Austria KAG.He replaces Harald Egger, who has been apppointed as head of equity fund management, an area he will be responsible for developing.
23/04/2013

FTT may cost US MMFs up to USD35bn

P { margin-bottom: 0.08in; } The financial transaction tax proposed by 11 euro zone countries may cost US money market funds up to USD11bn, according to the first quantitative analysis of the impact of this tax on the US fund sector, undertaken by ICI Global.According to the study, the FFT may lead to the disappearance of transactions completed as part of hedged repurchase agreements between US money market funds and French and German banks. As of the end of 2012, these transactions represented about USD1.39bn.On the basis of a renewal of repurchase agreements every seven years, the cost would be at leat USD7bn on the basis of assets of USD139bn. In the event of one-day maturity, the FFT would represent a cost on the order of USD35bn.In this context, Luxembourg on 22 April announced, through its finance minister, Eric Frieden, that it would be supporting the United Kingdom’s appeal against the financial transaction tax.“We are very understanding of the position of the United Kingdom … We will certainly support the case which has been brought before the European Court of Justice,” Frieden said at a banking conference in the City of London, according to reports by the news agency Reuters.
23/04/2013

Assénagon launches fund of solid European equities

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; } The German firm Assénagon Asset Management on 3 April created a Luxembourg-registered fund which offers institutional investors a source of regular income from investment in European equities that pay high dividends, without assuming the entirety of share price risks. The product is the Assénagon Substanz Europa, which aims to distribute 4.5% per year in dividends. The fund is licensed for sale in Luxembourg, Germany and Austria.The portfolio will invest in 50 shares, out of a universe that includes 600. These equities will be equally weighted, and the portfolio will be hedged on an ongoing basis with the use of puts and out-of-the-money calls.CharacteristicsName: Assénagon Substanz EuropaISIN code: LU0819201681Front-end fee: 3%Management commission: 1.5%
23/04/2013

WisdomTree preparing German equity ETF hedged for currency risks

P { margin-bottom: 0.08in; } Index Universe reports that WisdomTree has submitted a new license application to the SEC (following the one of July 2011) for the WisdomTree Germany Hedged Equity Fund, an ETF focused on German equities, which replicates an in-house index weighted by dividends.In order to be included in the index, shares are required to have been issued by a company listed in Germany, but which realises less than 80% of its earnings in Germany. They are also required to have paid at least USD5m in cash dividends in the previous fiscal year, and must have a market capitalisation of over USD1bn.In the index, the shares are weighted according to their cash dividends, with the ones that distribute the highest dividends accorded a greater weight. The allocation limit is set at 25% of the portfolio per sector.
23/04/2013

Fitch updates criteria and ratings scale for AMCs

P { margin-bottom: 0.08in; } Fitch Ratings on 22 April published an update to its criteria and ratings scale for asset management firms.Among the modifications made by the agency are a new five-point descriptive sale, new ratings definitions which explicitly label managers according to the standards practised by institutional investors, with more explicit ratings attributes for each of 30 ratings factors, and an introduction of ratings outlooks, which indicate the direction that a rating may take over a two-year period.The ratings resulting from these modifications will be communicated separately at a later date, Fitch Ratings says, but it does not expect major changes for the 55 asset management firms it rates.
23/04/2013

BNY Mellon launches new services for EMEA region

P { margin-bottom: 0.08in; } BNY Mellon on 22 April announced that it has started trading operations at BNY Mellon Capital Markets EMEA, the new London-based structure which offers capital market services on a wide range of bonds and equities to institutional clients in Europe, the Middle East and Africa.
23/04/2013

AUM at Brooks Macdonald up 7.6% in Q1

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m.Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

OPCI market up 22% in 2012

P { margin-bottom: 0.08in; } According to the annual Philinx-IETF survey undertaken in first quarter, the OPCI fund market represented EUR28bn in gross assets as of the end of 2012, an increase of 22% compared with 2011, and a new record. The survey finds that the OPCI market continues to be dominated by RFA OPCIs, “either as dedicated funds or club deals, which represent EUR27bn in gross assets.” These figures may be compared with the levels of gross assets held by SIICs as of the end of 2012, totalling about EUR85bn, as both are essentially institutional investment vehicles. In the past five years, RFA OPCIs have accounted for most growth in indirect ownership of real estate by institutional investors. IEIF states that this strong growth is due to the dynamism of the 20 asset management firms that are particularly active in the area of these regulated institutional vehicles, including collective management entities such as Amundi Immobilier and La Française REM, asset management firms related to major insurance companies, such as Groupe Crédit Agricole, Groupe Allianz, and pure players such as Viveris REIM. The survey also finds growth in asset management firms affiliated to publicly-traded realty firms such as Foncières des régions and Icade. The year 2012 saw rapid growth for retail OPCIs, whose capitalisation increased by EUR248m, to EUR854m as of the end of the year, in a trend supported by the launch of the Selectiv’immo fund from Axa REIM and the OPCIMMO from Amundi Immobilier. IEIF states that their size remains modest compared with SCPI vehicles, whose capitalisation totalled EUR27bn as of the end of 2012, and which saw net inflows of EUR2.50bn in 2012.
23/04/2013

New lawsuit against Deutsche Bank

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; } On Monday, proceedings will begin in London in a lawsuit filed by Alexander Vik against Deutsche Bank, Handelsblatt reports. Vik is seeking USD2.5bn in damages and interest from the German bank, which he claims liquidated the positions of the Sebastian Holdings fund in 2008, as it was unable to pay USD530m in additional collateral.The bank claims that the lawsuit is baseless, and has filed a countersuit for USD246m in damage claim for abusive rupture of contract.
23/04/2013

British regulator issues license for March Gestión de Fondos

P { margin-bottom: 0.08in; } According to Investment Europe, the British regulator has issued the Spanish firm March Gestión de Fondos (MFG, EUR2.2bn) a license to sell shares denominated in pounds sterling in its flagship funds Vini Catena (EUR100m), Family Business and Torrenova (EUR700m) in the United Kingdom.For the moment, these products will be offered to wealth managers and the major IFA distributors.RDR-compliante shares will be launched subsequently.
23/04/2013

Spanish fund selectors prefer Carmignac, JPMAM and Fidelity

P { margin-bottom: 0.08in; } Bestinver, which held fourteenth place in the 2012 Fund Brand report, ranks tenth in the Fund Brand 2013 rankings. It is the only Spanish firm among the top ten preferred firms for Spanish fund pickers, the top three of which have held their positions, in order: Carmignac, JPMorgan Asset Management and Fidelity, Funds People reports.Pimco makes its first appearance in the rankings, in fourth place, replacing Franklin Templeton, which is in fifth place, ahead of BlackRock, which has also lost one place. However, M&G Investments, in seventh place, has gained six places from the 2012 rankings. The British firm finishes ahead fo Amundi and Deutsche AWM.The next ten, after Bestinver, are Swiss & Global AM, Invesco, Schroders, Pictet, BNY Mellon, BNP Paribas IP, Goldman Sachs AM, Robeco, Pioneer and Morgan Stanley.
23/04/2013

Taiwan pension fund launches a request for proposals

P { margin-bottom: 0.08in; } The Taiwan public employees’ pension fund has launched a request for proposals to manage each of five portfolios of USD168m each for a duration of four years, Asian Investor reports. Interested parties should submit bids by 2 May. Assets under management at the pension fund total about USD17bn, of which 35% have been placed with external managers.
23/04/2013

Italian asset management boutique Ersel AM selects State Street

P { margin-bottom: 0.08in; } State Street Corporation on 22 April announced that it has been selected by the Italian asset management boutique Ersel Asset Management SGR SpA to provide a range of investment services. State Street is currently the custodian for FCP funds from Ersel, and the group will now provide net asset value calculation and centralisation/transfer agency services for the entire fund range, as well as middle office services for FCP funds and hedge funds. According to State Street, the choice is a sign of the growing interest of asset management boutiques in providers able to offer complete fund administration services, covering both middle office and back office. A recent study of asset management boutiques commissioned by State Street found that managers of asset management boutiques are well-positioned, through diversification, to benefit from the “alpha rush” that investors are currently engaged in, but that many of them will need to overcome the limitations of their internal systems. For example, according to 32% of managers of asset management boutiques, their operational IT infrastructure is in need of “some” or “considerable” improvement.
23/04/2013

Assets under management at Brooks Maconald up 7.6% in first quarter

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m. Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

Henderson Global Investors recruits for European small cap equity team

P { margin-bottom: 0.08in; } Henderson Global Investors on 22 April announced that it has appointed Rory Stokes, who joined the European Equity team at the end of March 2013. Stokes comes as an addition to the Small & Mid Cap team, as a small cap equity analyst. He will be based in London, and will report to Ollie Beckett, manager of the Henderson Horizon Pan European Smaller Companies and Henderson Gartmore Pan European Smaller Companies funds. Overall, the European small cap equity team led by Beckett has nearly EUR1bn in assets under management as of 30 March 2013. Stokes has more than 12 years of professional experience in investment. He began his career in 2001 as an analyst at Holt and Credit Suisse, and then joined Liberum Capital in 2007 as a vendor of European small and midcaps.
23/04/2013

RWC recruits from Marathon AM

P { margin-bottom: 0.08in; } Louise Keeling, who spent six years at Marathon Asset Management as a global equity manager, has been recruited by RWC Partners to set up a global equity unit, Citywire reports.RWC states that Keeling uses a stock-picking approach (bottom-up), and that a number of recruitments for Keeling’s team will be announced in the near future.
23/04/2013

Ameriprise in the running to acquire SWIP

P { margin-bottom: 0.08in; } The parent company of Threadneedle Investments, Ameriprise, is reportedly in the running to potentially take over Scottish Widows Investment Partenership (SWIP), the asset management unit of Lloyds Banking Group, the Sunday Times reports. Last week, the British group announced that it was studying the possibility of selling its asset management activities (Newsmanagers of 22 April), and that it had asked Deutsche Bank to assist it with that process. Aberdeen Asset Management, perceived as a potential buyer, has claimed, in the person of its CEO Martin Gilbert, that it is not interested in such an operation, whose risks outweigh the advantages, from his point of view. Assets under management at SWIP total about GBP117bn.
23/04/2013
Fonds

Assénagon lance un fonds d’actions européennes solides

L’allemand Assénagon Asset Management a créé le 3 avril un fonds de droit luxembourgeois proposant aux investisseurs institutionnels des revenus régulier par un investissement en actions européennes à dividende élevé, sans assumer en totalité le risque de cours. Il s’agit du Assénagon Substanz Europa, qui prévoit une distribution régulière de 4,5 % par an. Ce fonds est agréé pour la vente au Luxembourg, en Allemagne et en Autriche.Le portefeuille sera investi en une cinquantaine de valeurs, sur un univers qui en comporte 600. Ces actions seront équipondérées et le portefeuille sera en permanence couvert partiellement par des options de vente (puts) et par la vente d’options d’achat en dehors de la monnaie.CaractéristiquesDénomination: Assénagon Substanz EuropaCode Isin: LU0819201681Droit d’entrée: 3 %Commission de gestion: 1,5 %
Fonds
23/04/2013
Fonds

Progression de 43 milliards d'euros de la collecte nette des OPCVM non monétaires en février

L’encours de titres émis par les OPCVM non monétaires de la zone euro est ressorti en hausse au mois de février, à 6.737 milliards d’euros, contre 6.622 milliards en janvier, selon des statistiques publiées par la Banque centrale européenne.Une progression de 115 milliards d’euros qui s’explique par une augmentation à la fois de la valeur des parts et des émissions nettes. Les souscriptions nettes de titres d’OPCVM non monétaires de la zone euro sont ressorties à 43 milliards d’euros en février 2013.Toujours en février, l’encours des titres émis par les OPCVM monétaires de la zone euro a augmenté, passant à 902 milliards d’euros après 895 milliards. Les souscriptions nettes de titres d’OPCVM monétaires se sont établies à 2 milliards.Le rythme de progression annuel des émissions de titres d’OPCVM non monétaires de la zone euro, calculé sur la base des souscriptions nettes, s’est inscrit à 6,1% en février 2013. S’agissant des OPCVM monétaires, le taux de variation annuel est ressorti à -3,4%.En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des titres émis par les fonds «obligations» est ressorti à 11,7% en février 2013 et les souscriptions nettes se sont élevées à 13 milliards d’euros. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à 1,7% et les souscriptions nettes à 11 milliards. Pour les fonds «mixtes», le taux de croissance s’est établi à 5,2% et les souscriptions nettes à 15 milliards d’euros.
Fonds
23/04/2013

Rendement en baisse pour l’émission espagnole

Le Trésor espagnol a placé mardi pour 3,01 milliards d’euros de bons à trois et neuf mois, deux opérations marquées par une baisse du rendement, tombés à un plus bas depuis au moins 2009 dans un contexte d’anticipation de baisse des taux d’intérêt de la Banque centrale européenne (BCE). Madrid avait prévu d'émettre entre deux et trois milliards d’euros de titres de dette à court terme. Pour le trois mois, Madrid a émis 0,86 milliard d’euros, le rendement revenant de 0,285% à 0,120%. Le Trésor espagnol a également émis pour 2,16 milliards d’euros de bons à neuf mois, avec un rendement en baisse à 0,787% contre 1,007%.
23/04/2013

La zone euro reste ancrée dans la récession

La contraction du secteur privé de la zone euro ne s’est pas aggravée en avril, le secteur des services connaissant même un léger mieux, mais cela ne veut pas dire pour autant que la fin de la récession est en vue. Selon les premières estimations de l’enquête mensuelle de Markit, l’indice des services est remonté à 46,6 en avril, contre 46,4 en mars. Mais le secteur privé allemand s’est, contre toute attente, contracté pour la première fois en cinq mois en avril, à 48,8 contre 50,6 en mars, ce qui pourrait vouloir dire que la première économie de la zone euro enregistrera une baisse de son produit intérieur brut (PIB) au deuxième trimestre après une hausse attendue au premier. En France, l’activité dans le secteur privé s’est contractée à un rythme moins prononcé que prévu en avril grâce à une amélioration dans le secteur des services. L’indice PMI composite flash, qui combine l’industrie et les services, est remonté à 44,2 après avoir touché en mars un plus bas de quatre ans à 41,9. Selon les données de l’Insee, l’environnement économique s’est dégradé au mois d’avril en France, faisant peser le risque d’une récession qui se prolongerait sur le deuxième trimestre. L’indicateur du climat des affaires, calculé d’après une enquête menée auprès des chefs d’entreprise, s’est ainsi replié de deux points pour retomber à 84, son plus bas niveau depuis août 2009. Pour les services, l’indicateur s’inscrit à 83, contre 84 en mars, et accuse un recul de sept points depuis janvier.
Photo: PHB
23/04/2013

Le déblocage de l'épargne salariale se précise

Une proposition de loi, débattue aujourd’hui en commission parlementaire, élargit à l’intéressement les propositions de François Hollande sur la libération de l'épargne salariale sans pénalité fiscale. Seule concession aux opposants, le Perco et les fonds solidaires en sont exclus.
23/04/2013

La CFTC fustige le Libor

Gary Gensler, président de la Commodity Futures Trading Commission, estime dans le journal que l’utilisation du taux Libor est «insoutenable» et qu’il doit être remplacé au plus vite afin de «restaurer l’intégrité des marchés et promouvoir la stabilité financière». Il ajoute cependant qu’il n’est pas envisageable de mettre le Libor à l'écart sans alternative crédible.
23/04/2013

Les banques doivent personnaliser les services offerts

51% des clients interrogés dans le cadre de l’étude mondiale menée par Capgemini et l’Efma (World Retail Banking) «envisagent de quitter leur banque pour une autre dans les six prochains mois», selon le quotidien. Alors que les Français «se situ(e)nt dans le groupe des plus insatisfaits», les clients les plus heureux sont les Américains, les Canadiens et les Australiens.
23/04/2013

Risque imminent sur la dette des collectivités chinoises

Les véhicules de financement parallèles des collectivités locales chinoises (LGV) vont devoir rembourser des tombées d’échéances d’emprunts de quelque 3.490 milliards de yuans (433 milliards d’euros) sur les trois prochaines années, estime le journal qui cite Shang Fulin, président de l’autorité de régulation bancaire chinoise. Un montant qui représente 37,5% des prêts totaux accordés aux collectivités.

Sujets d'actualité

Tous les sujets