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15/04/2013

Progression de 26% du bénéfice net de la gestion d'actifs de JP Morgan au premier trimestre

Le bénéfice net du pôle gestion d’actifs de JP Morgan s’est inscrit à 487 millions de dollars au premier trimestre, en progression de 101 millions de dollars ou 26% par rapport au trimestre correspondant de 2012, selon des chiffres publiées le 12 avril.Les actifs sous gestion se sont accrus de 101 milliards de dollars soit 7% pour s'établir à 1.500 milliards de dollars, en raison de la collecte nette sur les produits de long terme et d’un effet marché positif. Les autres encours, notamment sous conservation ou administration, ont augmenté de 57 milliards de dollars ou 9% pour s'établir à 688 milliards de dollars.
15/04/2013

Le Santander finalise son dispositif de banque privée

Alberto Ridaura, qui dirigeait l’activité «patrimoines», a été nommé directeur adjoint de la banque privée du Santander, aux côtés d’Eduardo Suárez (lire Newsmanagers du 9 avril) qui a été choisi comme directeur général de ce pôle affichant un encours de 100 milliards d’euros, dont 65 milliards provenant de la division «patrimoines», rapporte Funds People.Par ailleurs, le Santander a nommé les 17 responsables territoriaux de sa banque privée.
15/04/2013

Le Santander prépare la rationalisation de sa gamme de fonds

Selon un document que s’est procuré Funds People, le Santander va profiter de l’absorption de ses filiales Banif et Banesto pour rationaliser sa gamme de fonds d’investissement qui comporte au total 197 produits sous les marques Santander, Banif, Banesto, Citibank et Openbank. D’ici à juin, le groupe va fusionner des fonds obligataires de manière à faire disparaître 12 produits. Les nouveaux fonds se distingueront par plusieurs classes de parts, avec des commissions échelonnées. D’autre part, 9 fonds d’actions disparaîtront par fusion-absorption.En septembre, la vague de rationalisation touchera les fonds profilés, les «Select» du Santander, dont l’encours passera d’un milliard d’euros actuellement à 2,4 milliards. Quant aux fonds de performance absolue, la gamme n’en comprendra plus que deux, avec un encours de 800 millions d’euros.
15/04/2013

Allfunds se dote d’un directeur du développement

La plate-forme Allfunds Bank (Santander et Intesa Sanpaolo) a nommé Jaime Pérez-Maura directeur du développement et de la planification des ventes. Il sera responsable des nouvelles activités en Europe et en Extrême-Orient. De plus, il sera chargé du suivi des grands comptes mondiaux, rapporte Funds People.L’intéressé, subordonné à Gianluca Renzini, le directeur commercial, conservera la responsabilité de la communication et de la market intelligence, mais il abandonnera la direction des solutions d’investissements, où il travaillait depuis 13 ans.
15/04/2013
Fonds

BlackRock prépare deux fonds de dette émergente

Le 17 avril, BlackRock annoncera officiellement en France et dans le restant de l’Europe le lancement des compartiments Emerging Market Corporate Bond Fund et Emerging Market Investment-Grade Bond Fund de la sicav luxembourgeoise BlackRock Global Funds (BGF), ce que le gestionnaire n’est pas habilité à confirmer jusqu'à présent, mais qui a été révélé par Fondsnieuws.Le premier doit être investi à au moins 70 % en obligations d’entreprises catégorie investissement des pays émergents.Ces fonds sont gérés de Londres par une équipe que dirige Sergio Trigo Paz, qui était CIO marchés émergents chez BNP Paribas Investment Partners.
Fonds
15/04/2013
Fonds

Les hedge funds ont collecté 11,4 milliards de dollars en février

Selon BarclayHedge et Trimtabs, les 3.434 hedge funds qui ont fourni leurs résultats à fin février ont drainé 11,4 milliards de dollars en net en février soit 0,6 % de leurs encours, après 4,3 milliards en janvier. Pourtant leur performance a été seulement de +0,4 % en février, alors que le S&P 500 a augmenté de 1,1 %. Sur les douze derniers mois sous revue, la performance des hedge funds a été de seulement +5,8 % alors que le S&P 500 affichait une hausse de 10,9 %.Par ailleurs, sur la base des résultats à fin mars de 1.360 fonds, BarclayHedge estime que les hedge funds ont enregistré en moyenne une performance de 1,16 % en mars, ce qui porte le total à 4 % depuis le début de l’année.Seules trois stratégies ont été en perte le mois dernier : equity short bias (- 3,20 %, 5 fonds), marchés émergents (- 0,49 %, 219 fonds) et technologies (-0,39 %, 16 fonds). Les meilleures performances ont été affichées par les 24 fonds biotechnologies et hygiène (3,11 %), les 21 fonds Asie-Pacifique (2,83 %) et les 169 fonds equity long bias (2,24 %).Sur l’ensemble du premier trimestre, la plus forte performance est enregistrée par les actions Asie-Pacifique (8,81 %) et la plus forte perte concerne l’equity short bias (- 9,38 %).
Fonds
15/04/2013
Fonds

Le fonds DEGI International redistribue 10 % de son encours

Le 25 avril, annonce Aberdeen Immobilien KAG, le fonds immobilier offert au public DEGI International distribuera à ses porteurs 3,50 euros par titre, ce qui représentera au total 125,9 millions d’euros ou presque 10 % de l’encours résiduel de 1.277 millions d’euros.Aberdeen précise que, sur le montant de 3,50 euros par titre, 1,7071 euro correspond au dividende 2012 et le reliquat de 1,7929 euro à une redistribution des actifs. En effet, la société de gestion a décidé le 25 octobre 2011 de liquider le fonds d’ici au 15 octobre 2014. A l’époque l’encours était de 1,56 milliard d’euros.La prochaine distribution interviendra en octobre. Son montant sera fonction pour l’essentiel du produit de la vente d’autres actifs.DEGI International : Code Isin : DE0008007998
Fonds
15/04/2013
Fonds

EQT lance un nouveau fonds

EQT, le principal groupe de capital investissement de Suède soutenu par la famille Wallenberg, réorganise ses équipes d’investissement pour lancer un fonds ciblant les petites et moyennes entreprises en Europe du Nord et en Asie, rapporte le Financial Times. La nouvelle équipe, issue de la fusion de deux, sera dirigée par le directeur général adjoint d’EQT et co-fondateur Jan Stahlberg. Elle cherche à lever environ 1 milliard d’euros.
Fonds
15/04/2013

Nouveau responsable de la gestion externe chez AP3

Claudia Stanghellini a été nommée comme nouvelle responsable de la gestion externe du fonds de pension suédois AP3, rapporte realtid.se. Elle succède à Mattias Bylund, qui a été nommé directeur des risques, business support et contrôles.
15/04/2013
Fonds

Standard Life ferme six fonds de fonds

Le britannique standard Life Investments (SLI) a déicide de fermer six fonds de fonds en raison du peu d’intérêt manifesté désormais par les investisseurs pour ces véhicules, rapporte Investment Week.Les six produits concernés sont SLI European Equity Manager of Manager fund, SLI Japanese Equity Manager of Manager fund North American Equity Manager of Manager fund SLI Pacific Basin Equity Manager of Manager fund SLI UK Bond Manager of Manager fund SLI UK Equity Manager of Manager fund. Ces stratégies avaient été lancées en février 2006. Elles étaient gérées par l’américain Wilshire dans le cadre d’un accord d’externalisation. Elles seront fermées en mai.
Fonds
15/04/2013

Henderson recrute chez JP Morgan AM

Henderson vient de recruter Roger Thompson en tant que chief financial officer (CFO) du groupe, rapporte Investment Week. Roger Thompson prend la succession de Shirley Garrood qui doit abandonner ses fonctions à compter du 1er juillet 2013 et qui doit quitter le groupe en mars 2014 après douze années passées dans la société.Roger Thompson était précédemment global CFO chez JP Morgan Asset Management.
15/04/2013

L’hémorragie chez Man Group continue

Man Group continue d’accuser des rachats malgré des tentatives agressives pour endiguer les sorties, revitaliser son activité de gestion quantitative et réduire les coûts, constate le Financial Times Fund Management. Au premier trimestre, la société de hedge funds a enregistré une décollecte nette estimée à 3,6 milliards de dollars, soit la pire performance depuis 2005, selon Peter Lenardos. En 2012, Man avait vu sortir plus de 7 milliards de dollars.
15/04/2013
Fonds

Fidelity lance un fonds de dette émergente en monnaie locale

Fidelity crée le compartiment Emerging Market Local Currency Debt fund au sein de sa sicav luxembourgeoise Fidelity Funds, un produit de dette émergente en monnaie locale, a annoncé le gestionnaire américain à Londres. Steve Ellis et Eric Wong seront les gérants du portefeuille, lequel sera investi principalement en obligations souveraines en monnaies locales de pays comme la Russie, le Mexique, l’Afrique du Sud, la Turquie, le Brésil, la Pologne, l’Indonésie et la Thaïlande.Ce produit porte à quatre le nombre de fonds de dette émergente de Fidelity, sachant que Steve Ellis gère déjà plus d’un milliard de dollars en mandats émergents. Il a rejoint Fidelity Worldwide Investment comme gérant de portefeuille en 2012 en provenance de Goldman Sachs Asset Management. Eric Wong a aussi intégré Fidelity l’an dernier en provenance de BlackRock.L’indice de référence du nouveau fonds est le JP Morgan Global Bond Index – EM Global Diversified Index (JPM GBI - EM Global Diversified Index).La souscription minimale est fixée à 2.500 dollars ou 50 dollars mensuels pour les parts A, qui supportent une commission de gestion de 1,20 %, et à 1 million de dollars pour la classe de parts Y, qui est chargée à 0,60 %.
Fonds
15/04/2013

Bank of Japan inflects investor demand

Early April saw investors around the world digesting the implications of the Bank of Japan’s decision to double the country’s monetary base in an effort to banish deflation by 2015. The BOJ’s program has raised hopes for Japan’s economic growth, fueled expectations of stronger Japanese investor demand for asset classes ranging from Eurozone debt to US real estate and rekindled fears that European and emerging Asian exporters will see their export competitiveness eroded by a weaker yen.Flows for EPFR global-tracked funds during the week ending April 10 mirrored these expectations and concerns. Europe bond funds posted their biggest weekly inflow since early December, real estate sector funds took in fresh money for the 13th time in the 15 weeks year-to-date and YTD flows into Japan equity funds climbed over the USD11 billion mark while redemptions from Germany equity funds hit a 49 week high and Asia ex-Japan equity funds recorded outflows for the second time in the past three weeks.Overall, a net USD3.13 billion flowed into equity funds – with half of that total going to dividend equity funds – and bond funds took in USD3.52 billion. Alternative Funds absorbed another USD953 million as they extended their current inflow streak to 14 consecutive weeks.It is also notable that balanced funds continued to attract USD1bn so that inflows since the beginning of the year total over USD21bn.
15/04/2013

Oddo AM opens an office in Geneva

P { margin-bottom: 0.08in; }A:link { } Oddo Asset Management has opened an office in Geneva, Agefi Switzerland reports. “We have had an office in Zurich since 2011, and have recently opened another office in Geneva. Switzerland is a part of our internationalisation strategy. Edouard Vallette Viallard is our country manager, and is responsible for the French and Italian-speaking portions of Switzerland. Two other people have been appointed for the German-speaking part of Switzerland, with independent managers,” Lorenzo Gazzoletti, deputy CEO of Oddo am, tells the newspaper.
15/04/2013

Heavy inflows to currency-hedged ETFs

P { margin-bottom: 0.08in; }A:link { } To prevent their gains on foreign equities being cut off by an unfavorable turn on the currency markets, US investors are increasingly turning to ETFs hedged for currency risks, the Wall Street Journal reports.The largest beneficiary of this trend is the WisdomTree Japan Hedged Equity Fund (ticker: DXJ), whose assets have quintupled since the beginning of this year, to USD6.42bn. The WisdomTree Europe Hedged Equity Fund (HEDJ) has also seen its assets more than quintuple this year, to USD198m, while the db x-trackers MSCI EAFE Hedged Equity Fund (DBEF) has doubled in size in the same period, to USD30m.
15/04/2013

Wells Fargo: record profits in Q1

P { margin-bottom: 0.08in; }A:link { } For January-March, Wells Fargo & Company has posted a record net profit of USD5.2bn, compared with USD5.1bn in October-December, and USD4.2bn in the corresponding period of 2012.Net profits for the wealth management, brokerage and retirement unit totalled USD337bn in first quarter 2013, compared with USD143.4m in the three months from October-December, and USD296m in the corresponding period of last year.
15/04/2013

Asset management net profits up 26% at JP Morgan in first quarter

P { margin-bottom: 0.08in; }A:link { } Net profits at the asset management unit of JP Morgan totalled USD487m in first quarter, up by USD101m, or 26%, compared with the corresponding quarter of 2012, according to figures released on 12 April. Assets under management increased by USD101bn, or 7%, to a total of USD1.5trn, due to a net inflow to long-term products and a positive market effect. Other assets, including assets under custody or administration, increased by USD57bn, or 9%, to a total of USD688bn, due to positive market effect and net inflows.
15/04/2013

Volume of transactions at Amundi Immobilier tops EUR1.5bn in 2012

P { margin-bottom: 0.08in; }A:link { } The volume of trades engaged in by Amundi Immobilier in France and internationally in the year 2012 totalled EUR1.5bn, which brings total assets under management to EUR7bn, up 10%. According to the asset management firm, Opcimmo, its most recent collective real estate investment organism contributed to this result, as the product received investments from the group’s networks (regional savings banks, LCL and CA Assurances), giving it 75% market share in terms of inflows, the firm says. In 2013, Amundi Immobilier will diversify its international investments to offer its clients a wider range of access to the European market.
15/04/2013

Invesco sells Atlantic Trust PWM to CIBC

P { margin-bottom: 0.08in; } The Chinese firm CIBC has announced that it has acquired Atlantic Trust Private Wealth Management (USD20bn in assets) from Invesco for USD210m in cash, equivalent to 1.05% of assets under management. Atlantic Trust PWM provides integrated wealth management solutions to high net worth retail clients, familiies, and foundations. The firm has 235 employees.
15/04/2013

Santander finalises its private banking line-up

P { margin-bottom: 0.08in; }A:link { } Alberto Ridaura, who had been head of wealth management activities, has been appointed as deputy director of the Santander private bank, alongside Eduardo Suárez (see Newsmanagers of 9 April), who has been selected as CEO of the unit, which has assets of EUR100bn, of which EUR65bn come from the wealth management division, Funds People reports.Santander has also appointed the 17 territorial heads in its private bank.
15/04/2013

Santander preparing to rationalise its fund range

P { margin-bottom: 0.08in; }A:link { } According to a document obtained by Funds People, Santander will be taking the occasion of the absorption of its affiliates Banif and Banesto to rationalise its investment fund ranges, which include a total of 197 products under the Santander, Banif, Banesto, Citibank and Openbank brand names. By June, the group will be merging bond funds so as to eliminate 12 products. The new funds will be divided into several share classes, with varied commission levels. Nine equity funds will also be eliminated through merger-absorption.In September, the wave of rationalisation will be extended to profiled funds, the Santander “Select” range, whose assets will increase from EUR1bn currently to EUR2.4bn. The absolute return range will include only two funds, with assets of EUR800m.
15/04/2013

Allfunds gets head of development

P { margin-bottom: 0.08in; }A:link { } The Allfunds Bank platform (Santander and Intesa Sanpaolo) has appointed Jaime Pérez-Maura as head of development and planning of sales. He will be responsible for new activities in Europe and Asia. In addition, he will be responsible for overseeing key global accounts, Funds People reports.Pérez-Maura, who will report to Gianluca Renzini, head of sales, will retain responsibility for communications and market intelligence, but he will abandon direction of investment solutions, a position he had held for 13 years.
15/04/2013

Hedge funds post inflows of USD11.4bn in February

P { margin-bottom: 0.08in; }A:link { } According to BarclayHedge and TrimTabs, the 3,434 hedge funds which had reported results up to the end of February had attracted a net USD11.4bn in February, or 0.6% of their assets, after inflows of USD4.3bn in January. However, their returns were only 0.4% in February, while the S&P 500 gained 1.1%. In the twelve months under review, the performance of hedge funds has been only 5.8%, at a time when the S&P 500 has gained 10.9%.On the basis of results for 1,360 funds as of the end of March, BarclayHedge estimates that hedge funds have posted average returns of 1.16% in March, bringing the total since the beginning of the year to 4%.Only three strategies showed losses last year: equity short bias (-3.20%, 5 funds), emerging markets (-0.49%, 219 funds), and tehnologies (-0.39%, 16 funds).The best performance was for the 24 biotechnology and healthcare funds (3.11%), the 21 Pacific Ri funds (2.83%) and the 169 equity long bias funds (2.24%).For first quarter as a whole, the strongest performance has been for Pacific Rim equities (8.81%), while the heaviest loss has been for equity short bias (-9.38%).
15/04/2013

Foreign firms gain Spanish fund market share

P { margin-bottom: 0.08in; }A:link { } According to the latest quarterly CNMV bulletin, assets in Spanish funds had fallen as of 31 December by 6.3% year on year, to EUR124.0399bn, compared with EUR132.3688bn, with net redemptions totalling EUR11.4954bn.However, assets in foreign funds increased by 26.8% to a total of EUR38bn, while the number of such funds rose 2% to 754. Assets under managed did total over EUR36.69bn as of the end of 2010 (before a fall to EUR29.97bn as of the end of 2011), but they remain far below the EUR44bn recorded at the end of 2006 or the EUR37.09bn of the end of 2007.
15/04/2013

Aberdeen's DEGI International distributes 10% of its assets

P { margin-bottom: 0.08in; }A:link { } On 25 April, Aberdeen Immobilien KAG announced, the open-ended real estate fund DEGI International (ISIN code: DE0008007998) will distribute EUR3.500 per share to its shareholders, which will represent a total of EUR125.9m, or nearly 10% of remaining assets of EUR1.277bn.Aberdeen states that, of this total of EUR3.500 per share, EUR1.7071 corresponds to dividends for 2012, and the remaining EUR1.7929 is a redistribution of assets. The asset management firm on 25 October 2011 decided to liquidate the fund by 15 October 2014. At the time, assets totalled EUR1.56bn.The next distribution will take place in October. Its amount will largely depend on the proceeds from sales of other assets.
15/04/2013

Standard Life closes down six funds of funds

P { margin-bottom: 0.08in; } The British firm Standard Life Investments (SLI0 has decided to close six funds of funds due to insufficient interest on the part of investors for these vehicles, Investment Week reports. The six products concerned are: SLI European Equity Manager of Manager fund, SLI Japanese Equity Manager of Manager fund North American Equity Manager of Manager fund SLI Pacific Basin Equity Manager of Manager fund SLI UK Bond Manager of Manager fund SLI UK Equity Manager of Manager fund. These strategies were launched in February 2006. They were managed by the US firm Wilshire under an outsourcing agreement. They will be closed in May.
15/04/2013

Fidelity launches local currency EMD fund

P { margin-bottom: 0.08in; }A:link { } Steve Ellis and Eric Wong will be the managers of the new Emerging Market Local Currency Debt Fund, a sub-fund of the Luxembourg Sicav Fidelity Funds, the US asset management firm has announced in London. The portfolio will be invested primarily in government bonds denominated in local currencies from countries such as Russia, Mexico, South Africa, Turkey, Brazil, Poland, Indonesia and Thailand.The product brings the number of emerging market debt funds available from Fidelity to four, while Steve Ellis already manages USD1bn in emerging market mandates. He joined Fidelity Worldwide Investment as a portfolio manager in 2012, from Goldman Sachs Asset Management. Wong also joined Fidelity last year, from BlackRock.The benchmark for the new fund is the JP Morgan Global Bond Index – EM Global Diversified Index (JPM GBI – EM Global Diversified Index).The minimal subscription is set at USD2,500 or USD50 per month for A class shares, which carry a management commission of 1.20%, and of USD1m for the Y share class, which charges 0.60%.
15/04/2013

BlackRock prepares two emerging market debt funds

P { margin-bottom: 0.08in; }A:link { } On 17 April, BlackRock will officially announce the launch of the Emerging Market Corporate Bond Fund and Emerging Market Investment-Grade Bond fund sub-funds of its Luxembourg Sicav BlackRock Global Funds (BGF) in France and the rest of Europe, which the asset management firm is not yet able to confirm, but which has been reported by Fondsnieuws.The first of these products will invest at least 70% in emerging market investment grade corporate bonds.The funds are managed in London by a team led by Sergio Trigo Paz, who had been CIO for emerging markets at BNP Paribas Investment Partners.

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