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22/04/2013
Fonds

Alan Howard en tête du classement des gérants de hedge funds du Sunday Times

Le co-fondateur de la société de gestion alternative Brevan Howard, Alan Howard, a confirmé sa position de numéro un dans le classement des gérants de hedge funds du Sunday Times avec une fortune de 1,5 milliard de livres, en progression de 100 millions de livres par rapport à l’année précédente.Alan Howard a bénéficié d’une progression de 18% par rapport à fin 2011 des actifs sous gestion de Brevan Howard à 40 milliards de dollars. Le Master fund d’Alan Howard, dont les actifs sous gestion s'élèvent à quelque 28 milliards de dollars, affiche par ailleurs une progression de 6% depuis le début de l’année.Autre grand gagnant de l’année 2012, le co-fondateur de BlueCrest Capital, Mike Platt, dont la fortune a fait un bond de près de 50% à 950 millions de livres et qui arrive en troisième position juste derrière Alex Knaster, fondateur de Pamplona Capital, dont la fortune a progressé de près de 25% à 1,1 milliard de livres.Parmi les gagnants de l’année écoulée figure également Michael Hintze, fondateur de CQS, dont la fortune a fait un bond de 55% à 900 millions de livres. Le fonds CQS Directional Opportunities a dégagé l’an dernier une performance de 36%.
Fonds
22/04/2013
Fonds

iShares lance quatre ETF d'obligations corporate

Le fournisseur d’ETF iShares a lancé le 19 avril quatre fonds d’obligations corporate à horizon, rapporte IndexUniverse. Ces fonds sont chargés à 0,10%, contre 0,24% pour les fonds BulletShares de Guggenheim.Les quatre nouveux fonds sontiShares 2016 Investment Grade Corporate Bond ETF (NYSEArca: IBCB)iShares 2018 Investment Grade Corporate Bond ETF (NYSEArca: IBCC)iShares 2020 Investment Grade Corporate Bond ETF (NYSEArca: IBCD)iShares 2023 Investment Grade Corporate Bond ETF (NYSEArca: IBCE)iShares marque ainsi sa volonté d’occuper une niche de la sphère des ETF obligataires encore peu explorée.
Fonds
22/04/2013

March Gestión absorbe trois fonds de Consulnor

Funds People rapporte que March Gestión a fait absorber les OPCVM Consulnor dividendos par le March Europa Bolsa, le Consulnor Renta Fija Corto Plazon par les fonds March Premier Tesorería et le Fonconsul par le Fonmarch. Il est prévu aussi que la société de gestion de Banca March reprenne bientôt les fonds profilés de Consulnor.En juin 2012, Banca March a pris une participation dans le basque Consulnor, avec la perspective d’en acquérir ultérieurement la totalité du capital.Consulnor Gestión gère neuf fonds (dont les trois transférés à March) pour un montant de 134 millions d’euros, tandis que March Gestión aligne 25 fonds pour 1,1 milliard d’euros. Par ailleurs, Consulnor Gestión gère 43 sicav avec 259 millions d’euros et March Gestión en compte 68, avec 874 millions.
22/04/2013

Artemis recrute un ancien gérant de Henderson

Artemis Investment Management a recruté Paul Casson de Henderson pour aider Tim Steer à gérer le fonds UK Growth (504 millions de livres), les mandats institutionnels UK Growth et le hedge funds Artemis UK. Paul Casson vient de Henderson où il travaillait depuis 2005 en tant que directeur des actions paneuropéennes. Artemis a aussi annoncé que Stephen Yiu, qui avait rejoint la société avec Tim Steer en provenance de New Star en 2009, avait démissionné pour retourner à Hong Kong où il est né.
22/04/2013

Lloyds envisage de céder Swip

Le groupe bancaire britannique Lloyds Banking Group envisage de céder son pôle gestion d’actifs, Scottish Widows Investment Partnership (Swip), afin de renforcer ses fonds propres, rapporte l’agence bloomberg.Lloyds a fait appel à Deutsche Bank en tant que banque conseil pour l’accompagner dans cette démarche. Les actifs sous gestion de Swip s'élèvent à 142 milliards de livres.
22/04/2013

La démocratie actionnariale prend un tournant inattendu

Selon Le Temps, les actionnaires se sont montrés toujours plus critiques envers les rémunérations, comme l’attestent les exemples de Julius Baer et d’Actelion. En trois ans, le taux d’approbation lors des votes consultatifs a baissé pour les sociétés du SMI, de 83,6% en 2011 à 71,4% en 2013. Le quotidien souligne que la prédominance des sociétés de conseils aux investisseurs anglo-saxonnes ISS et Glass Lewis soulève des questions, notamment sur les critères qu’elles utilisent pour prendre leurs décisions. Le risque est que certaines sociétés se voient sanctionner lors de votes sur la base de critères formels sans avoir pu justifier leur position. Il serait alors préférable que les investisseurs institutionnels diversifient leurs sources d’informations, estime le quotidien.
22/04/2013

Ethos appelle à voter contre les rémunérations chez Credit Suisse et UBS

La Fondation Ethos a annoncé le 19 avril qu’elle recommande aux actionnaires de s’opposer aux rapports de rémunération lors des assemblées générales Credit Suisse (26 avril) et UBS (2 mai). Malgré les progrès réalisés par les deux banques dans la structure de leurs rémunérations, «les niveaux des rémunérations des instances dirigeantes restent encore largement trop élevés», précise un communiqué.Concernant Credit Suisse, Ethos s’oppose par ailleurs à l’augmentation du capital conditionnel pour les collaborateurs tandis que, chez UBS, la fondation refuse le quitus à l’ensemble des membres du conseil d’administration et de la direction générale (suite au scandale du Libor) et à la réélection d’Ernst & Young en tant que réviseur externe, ce cabinet n’ayant détecté aucun des récents scandales.
22/04/2013
Fonds

Viveris Management lance un FCPI et un FIP

Viveris Management, spécialiste depuis treize ans de la gestion de fonds commun de placement dans l’innovation (FCPI) et de fonds d’investissement de proximité (FIP), a annoncé le 19 avril le lancement de deux nouveaux fonds destinés à la réduction d’ISF et d’Impôt sur le Revenu (IR) : - « Innoveris Ecotechnologie 2013 », FCPI spécialisé dans le développement durable - « Néoveris Santé & Bien Etre 2013 », FIP spécialisé dans le secteur de la santé D’une durée de placement minimum de 6,5 ans, pouvant aller jusqu’à 9 ans, « Innoveris Ecotechnologie 2013 » et « Néoveris Santé & Bien Etre 2013 » offrent le même profil dynamique avec des investissements à hauteur de 90 % dans des PME majoritairement françaises. Au titre de l’année 2013, ils proposent à leurs souscripteurs, soit une réduction d’ISF de 45% (dans la limite d’un avantage fiscal de 18 000 €), soit une réduction d’impôt sur le revenu égale à 18% du montant souscrit (dans la limite de 12 000 € pour une personne seule et de 24 000 € pour un couple marié ou pacsé soumis à une imposition commune). La souscription est ouverte pour l’ISF jusqu’au 17 juin et pour l’IR jusqu’au 27 décembre 2013 auprès de différents intermédiaires financiers, dont les Caisses d’Epargne, ou de la société de gestion.
Fonds
22/04/2013

Nouveau hedge fund en Suède

Des anciens du groupe de immobilier suédois Sanska ont créé leur hedge fund, Crescit, qui a été lancé en avril et a levé 800 millions de couronnes suédoises, principalement venant de fonds de pension, rapporte le site Internet de Dagens Industri. La société est dirigée par Hans Biörck, ancien directeur financier de Skanska. Les gérants Jonas Granholm et Gustav Lundeborg ont tous les deux travaillé comme gérants au sein du fonds de pension du groupe immobilier. Lennart Grebelius, un miliardaire suédois, fait aussi partie des actionnaires. Le fonds se concentre sur les dérivés d’indices actions.
22/04/2013
Fonds

BNP Paribas fusionne ses gammes de fonds à Taïwan

BNP Paribas Investment Partners Taiwan rapproche les gammes de fonds Parvest et BNP Paribas L1, rapporte Asian Investor. Cela va réduire le nombre de fonds de 60 à 43, qui porteront tous le nom de Parvest BNP. Les fonds qui ne sont pas enregistrés à Taïwan seront fermés. Les produits ayant le même thème d’investissement seront fusionnés.
Fonds
22/04/2013

Alan Howard tops Sunday Times rankings of hedge fund managers

P { margin-bottom: 0.08in; } The co-founder of the alternative asset management firm Brevan Howard, Alan Howard, has held onto his top place in the Sunday Times rankings of hedge fund managers, with wealth of GBP1.5bn, up by GBP100m compared with the previous year. Howard benefited from an 18% increase in assets under management at Brevan Howard since the end of 2011, to USD40bn. The Master fund by Howard, whose assets under management total about USD28bn, has also gained 6% since the beginning of the year. Another big winner in 2012 was the co-founder of BlueCrest Capital, Mike Platt, whose wealth rose by nearly 50% to GBP950m, and who places third, just behind Alex Knaster, founder of Pamplona Capital, whose wealth has risen by nearly 25% to GBP1.1bn. Among the big winners out of the past year are also Michael Hintze, founder of CQS, whose wealth rose 55% to GBP900m. The CQS Directional Opportunities fund last year earned returns of 36%.
22/04/2013

“We have not ruled out other acquisitions of asset management firms”

Daniel Roy, who joined La Banque Postale in 2011, is head of the asset management and wealth management banking unit, has completed the creation of a platform dedicated to wealth management clients, and describes its characteristics to Newsmanagers. In terms of asset management, aside from the product ranges from its affiliates LBPAM and Tocqueville Finance, and until products from newly-acquired asset management firms are added, which Daniel Roy has not ruled out, the platform will be operating on the basis of open architecture.
22/04/2013

Pay cut for BlackRock chief

P { margin-bottom: 0.08in; } Agefi reports that Laurence Fink, the head of BlackRock, made USD20.2m in 2012, down 7.5% compared with the previous year. The CEO of the asset management group earned a salary of USD500,000, a cash bonus of USD8.6m, USD10.9m in shares, and USD187,350 of compensation in other forms.
22/04/2013

Nelson Peltz increases stakes in Pepsico and Mendelez

P { margin-bottom: 0.08in; } Trian Fund, the activist hedge fund from Nelson Peltz, has announced that it has purchased additional shares in Pepsico and Mendelez. According to the Wall Street Journal, the fund now holds USD1.4bn of shares in Pepsico and USD1.3bn in shares in Mendelez. According to financial industry sources, Peltz is seeking to impose a merger of Pepsico (Frito-Lay, Tropicana and Quaker Oats) and Mendelez (Oreo and Cadbury).
22/04/2013

State Street AUM up 4.3% in first quarter

P { margin-bottom: 0.08in; } Assets under custody and administration at State Street as of the end of March totalled USD25.422bn, up 4.3% compared with fourth quarter 2012, according to figures released on 19 April.Assets under management by the US firm as of the end of March totalled USD2.176trn, compared with USD2.86bn one quarter previously, up 4.3% quarter on quarter.Commissions for services in first quarter increased 2.2% to USD1.2bn, due to the good performance of equity markets and higher trading volumes.Management commissions totalled USD263m, compared with USD260m in fourth quarter, a limited increase due to falling performance commissions.Net profits in first quarter totalled USD45m, compared with USD468m in fourth quarter 2012, and USD417m in first quarter 2012.
22/04/2013

Increase of nearly 4% in assets at OFI in first quarter

P { margin-bottom: 0.08in; } Vincent Ribuot, head of marketing and strategy, on 19 April announced that Ofi as of the end of March reached assets of EUR55.620bn, which represents an increase of EUR2.087bn, or 3.9%, compared with EUR53.533bn as of the end of December. One third of this increase comes from market appreciation, and two thirds from net subscriptions, of which 50% are to core products and 50% of less traditional products such as infrastructure.Three high yield horizon funds have been launched recently, one dedicated 2018 fund, one retail 2018 fund and one institutional fund, which have attracted EUR220m since their launch, and which still have good potential for short-term inflows.Ribuot also stated that about one quarter of total assets are subject to environmental, social and governance (ESG) criteria, and that assets in SRI-labelled investment total EUR5.6bn.Jean-Marie Mercadal, deputy CEO in charge of investment management, recommends investments in the current situation in equities (including European equities), high yield, convertibles, and for those who are inclined to take risks, government bonds from peripheral European countries.In the area of emerging market debt, Mercadal and Ribuot have announced that Ofi has recently launched a dedicated fund which invests in government and corporate bonds denominated in hard and local currencies, both investment grade or non-investment grade. The product is 50% managed internally, and the remaining 50% are outsourced to external specialist manageers who know internal local markets well.
22/04/2013

Muzinich recruits for Paris office

P { margin-bottom: 0.08in; } After more than ten years as part of the Edmond de Rothschild group, Sophie Debert-Pérat, who had most recently been head of sales for Switzerland and Belgium at the Edmond de Rothschild Paris group (Edrim) for fixed income and credit manafgement, structured management, absolute return management, long-only multi-management and alternative multi-management, is joining the Paris office of Muzinich & Co as director of institutional clients. Debert-Pérat will be more particularly responsible for developing relationships with Swiss and Belgian clients. The Paris office, led by Eric Pictet, now has 5 employees.
22/04/2013

Victoire Brasil Investimentos arrives in France

P { margin-bottom: 0.08in; } The Brazilian independent portfolio management firm Victoire Brasil Investimentos has retained Amadé Global Partners, a French TPM, to provide commercial development in France.The Latin American firm, founded in 2001, is known for its expertise on Brazilian equity markets, with nearly USD1bn in assets under management.It is now developing sales of its fund range to European institutional and private investors.It is not the first Brazilian asset management firm to enter the French market. Bradesco Asset Management, an affiliate of a major Brazilian bank, also began courting French investors a few months ago.
22/04/2013

March Gestión absorbs three funds fron Consulnor

P { margin-bottom: 0.08in; } Funds People reports that March Gestión has absorbed the Consulnor dividendos fund into the March Europa Bolsa, the Consulnor Renta Fija Corto Plazo into the March Premier Tesorería, and the Fonconsul into the Fonmarch. There are also plans for the asset management firm for Banca March to take over the profiled funds from Consulnor in the near future.In June 2012, Banca March bought a stake in the Basque firm Consulnor, with plans to subsequently acquire all capital in the firm. Consulnor Gestión manages nine funds (including three transferred in March) for a total of EUR134m, while March Gestión has 25 funds, with EUR1.1bn. Consulnor Gestión manages 43 Sicavs with EUR259m in assets, while March Gestión has 68, with EUR874m.
22/04/2013

New hedge fund in Sweden

P { margin-bottom: 0.08in; } Former members of the Swedish real estate group Sanska have founded their own hedge fund, Crescit, which was launched in April, and raised SEK800m, largely from pension funds, the website Dagens Industri reports. The firm is led by Hans Biörck, former CFO of Skanska. The managers Jonas Granholm and Gustav Lundeborg both worked at managers of the real estate group’s pension fund. Lennart Grebelius, a Swedish billionaire, is also a shareholder. The fund will be concentrated on equity index derivatives.
22/04/2013

Cazenove plans to enter wealth management in Hong Kong

P { margin-bottom: 0.08in; } Cazenove Capital Management has asked the Hong Kong Securities and Futures Commission for licenses to launch investment advisory and asset management activities in the territory, Asian Investor reports.Cazenove is the subject of a takeover bid from Schroders.
22/04/2013

BlackRock recruits CM head in Asia

P { margin-bottom: 0.08in; } BlackRock has recruited Scott Greenberg from Morgan Stanley has its first head of global capital markets for Asia-Pacific, Asian Investor reports. Greenberg began in Hong Kong on 15 April, and reports to Steve Sterling.
22/04/2013

BNP Paribas merges fund ranges in Taiwan

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners Taiwan is merging the Parvest and BNP Paribas L1 product ranges, Asian Investor reports. This will reduce the number of funds from 60 to 43, all under the name Parvest BNP. The funds which are not registered in Taiwan will be closed down. Products with the same investment theme will be merged.
22/04/2013

Lloyds may sell SWIP

P { margin-bottom: 0.08in; } Lloyds Banking Group is studying the possibility of selling its asset management affiliate Scottish Widows Investment Partnership, according to Financial News, citing a source familiar with the matter. The asset management firm has assets of GBP141.7bn.
22/04/2013

Schroders opens its Global Multi-Asset Income fund to retail investors

P { margin-bottom: 0.08in; } Schroders has added a share class in pounds sterling for retail investors to its offshore fund Global Multi-Asset Income, Investment Week reports. It is the first time that the firm has opened the fund to retail clients. The product has a one-year track record, and has received USD1bn in investment since its launch. It is managed by Aymeric Forest and Iain Cunningham.
22/04/2013

Former UBS WM manager joins Azimut

P { margin-bottom: 0.08in; } Andrea Greco has left UBS Wealth Management in Italy to join Azimut Wealth Management, Bluerating reports. Previously, Greco had worked at Banca Mediolanum and Banca Cremonese.
22/04/2013

Assets in Asian funds to approach USD2trn

P { margin-bottom: 0.08in; } Assets in Asia ex Japan funds are expected to increase by 67% to a total of USD1.9trn by 2017, Asian Investor reports, citing figures from Cerulli Associates. Last year, assets rose 20% to USD1.140trn, a record.
22/04/2013

Unigestion signs UN-PRI

P { margin-bottom: 0.08in; } The Swiss firm Unigestion (EUR10.7bn in assets as of 31 March), on 19 April announced that it has signed the United Nations Principles for Responsible Investment (UN-PRI).“By becoming a signatory to the PRI, the firm assigns the greatest importance to the role that ESG analysis plays in investment processes throughout its product range. Unigestion will also dedicate more time to monitoring the responsible behaviour of the managers it invests with, and will encourage them to make necessary improvements where necessary,” a statement says.
22/04/2013

Japan and China in investors' sights

P { margin-bottom: 0.08in; } Quantitative easing in Japan, which will be likely to boost the world’s third-largest economy, and the most recent Chinese statistics suggesting more moderate growth in the next few years, of less than 8%, played a central role in investment decisions in mid-April.Japanese equity funds posted net inflows of over USD3bn in the week ending on 17 April, while Chinese equity funds saw further redemptions totalling approximately USD480m, according to statistics released by EPFR Global.Developed market equity funds finished the week with gains due to subscriptions to Japanese and US equity funds, but investors continued to avoid European funds due to very mediocre growth outlooks. German equity funds saw outflows of over USD400m in the week ending on 17 April, and since the beginning of the month of March, European equity funds overall have seen net redemptions totalling over USD6bn.Overall, equity funds have posted net inflows in the week to 17 April of USD4.63bn, while bond funds, for their part, have attracted USD3.47bn. Money market funds have seen one of the largest weekly outflows since the beginning of the year, due to redemptions of about USD30bn from US money market funds.

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