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08/03/2013
Fonds

Infinus confie trois compartiments à DJE Kapital

Le prestataire saxon de services financiers Infinus AG indique avoir sélectionné le munichois DJE Kapital (10 lmilliards d’euros) pour gérer trois compartiments de son fonds Infinus Umbrella, les produits luxembourgeois Infinus Relaxed Fund, Infinus Balanced Fund et Infinus Dynamic Fund représentant environ 60 millions d’euros.Ces produits étaient précédemment gérés par Catus AG, un spécialiste de l’investissement écologique, éthique et social qui conserve la gestion du fonds de développement durable Infinus ecoConsort (12 millions d’euros). Le cinquième compartiment Infinus Terra Premium Fund (2,5 millions d’euros fin septembre), reste également géré par Catus.Ce changement de gérants interviendra au 1er avril 2013.
Fonds
08/03/2013
Fonds

NordLB lance avec DVAM un fonds diversifié

Ensemble, Nord LB Asset Management Deutsche Vorsorge Asset Management (DVAM) ont lancé le 5 mars la commercialisation d’un fonds diversifié défensif spécialement conçu pour des investisseurs institutionnels comme les fonds de pension et les fondations, le Nord LB AM.DVAM.Le portefeuille de ce fonds créé le 7 février sera investi au moins à 80 % en obligations d’Etat et d’entreprises, principalement libellées en euros. Les 20 % restants peuvent se répartir entre les actions, les matières premières et les dérivés.CaractéristiquesDénomination: Nord LB AM/DVAMCode Isin: DE000A1J3WK1Benchmark: 20% MSCI World Net Return Index EUR, 30% iBoxx Euro Overall Total Return Index und 50% iBoxx Euro Sovereigns Germany 1-10 Performance Index.Droit d’entrée: 5 %Commission de gestion : 1 %Souscription minimale: 25.000 euros
Fonds
08/03/2013

La directrice général d’East Capital rejoint Granit Fonder

Linda Hellström, qui était directrice générale d’East Capital Asset Management, a rejoint la petite société de gestion suédoise Granit Fonder où elle occupera le même poste. Elle succède à Anders Alvin qui a quitté la société. Granit Fonder, fondée en 2010, gère 4 fonds, dont deux fonds actions suédoises et un fonds Chine.
08/03/2013

Deutsche Bank recrute chez BlackRock pour les pays nordiques

Deutsche Bank aurait débauché Johan Stackelberg chez BlackRock où il est patron de la distribution retail pour les pays nordiques, rapporte le site suédois Fondbranschen. Il a été recruté pour travailler dans l’activité de gestion d’actifs dans les pays nordiques de la maison allemande.
08/03/2013

Schroders collecte 9,4 milliards de livres en 2012

L’année dernière la société de gestion britannique Schroders a enregistré des souscriptions nettes de 9,4 milliards de livres, soit près de trois fois plus qu’en 2011 (3,2 milliards de livres). La collecte a été positive chaque trimestre, aussi bien sur le segment institutionnel que sur celui des intermédiaires, précise un communiqué de presse. Dans ce contexte, les encours sous gestion ont atteint le niveau record de 212 milliards de livres, contre 187,3 milliards de livres fin 2011.Le bénéfice avant impôts de Schroders est néanmoins en baisse de 12 % à 360 millions de livres. Cela s’explique d’un côté par une baisse des revenus nets liée à une réduction des marges nettes, et de l’autre par une augmentation de 4 % des coûts.
08/03/2013

Raiffeisen CM signe un accord de distribution en Italie

La société de gestion autrichienne Raiffeisen CM a noué un accord de distribution avec le groupe italien Banca Etruria rapporte le site italien Bluerating. Ainsi, le réseau de banquiers privés de l’établissement transalpin commercialisera les 39 fonds de la maison autrichienne enregistrés en Italie (17 fonds actions, 4 diversifiés, 3 de performance absolue, 13 obligataires et 2 monétaires).
08/03/2013

Aquila conclut un partenariat avec le slovène Numerica Partners

Le hambourgeois Aquila Capital (4,2 milliards d’euros d’encours) annonce avoir conclu un partenariat stratégique avec le gestionnaire slovène Numerica Partners, spécialiste de la gestion alternative pour les investisseurs institutionnels et les particuliers haut de gamme. Numerica va distribuer les produits Aquila dans l’Europe du Sud-Est, notamment en Slovénie et en Croatie.
08/03/2013

Nomination chez RBC Investor & Treasury Solutions

RBC Investor & Tresury Services, une entité de Royal Bank of Canada, a annoncé le 7 mars la nomination d’Andrew Gordon en qualité de responsable des services aux investisseurs à Hong Kong et en Asie du Nord.Présent depuis près d’une vingtaine d’années à Hong Kong et à Tokyo, Andrew Gordon travaillait précédemment chez BNY Mellon où il était executive vice president, responsable des services aux gérants alternatifs et aux broker dealers.
08/03/2013

Progression de 16% des actifs sous gestion de Standard Life Investments

Les actifs sous gestion intermédiés de Standard Life Investments, la filiale de gestion de Standard Life, ont progressé l’an dernier de 16% ou 11,2 milliards de livres pour s'établir à 83 milliards de dollars, a indiqué le groupe d’assurances le 7 mars à l’occasion de la publication de ses résultats annuels.La collecte nette s’est élevée à 6,1 milliards de livres, en hausse de 8% d’une année sur l’autre. La clientèle internationale a représenté 62% de la collecte nette, dont 1,8 milliard de livres en provenance des Etats-Unis. Les revenus liés aux commissions se sont élevés l’an dernier à 408 millions de livres contre 368 millions de livres en 2011. Le résultat d’exploitation avant impôts s’est inscrit à 145 millions de livres contre 125 millions l’année précédente. Standard Life indique par ailleurs que les actifs du groupe sous administration ont atteint l’an dernier le niveau record de 218,1 milliards de livres contre 198,4 milliards de livres en 2011. Le groupe précise en outre que les coûts de restructuration et réglementaires (RDR et Solvabilité II) se sont élevés l’an dernier à 109 millions de livres contre 70 million de livres en 2011. Malgré cette hausse, le groupe a fait état d’un bénéfice d’exploitation avant impôts de 900 millions de livres, en progression de 65% d’une année sur l’autre, en raison notamment d’une amélioration des résultats au Royaume-Uni et de la poursuite de la croissance de Standard Life Investments.
08/03/2013

Aquila signs partnership with Slovenian Numerica Partners

P { margin-bottom: 0.08in; } The Hamburg-based Aquila Capital (EUR4.2bn in assets) has announced that it has signed a strategic partnership with the Slovenian asset management firm Numerica Partners, a specialist in alternative management for institutional investors and high net worth private clients. Numerica will distribute Aquila products in South-Eastern Europe, mainly in Slovenia and Croatia.
08/03/2013

Raiffeisen CM signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen CM has signed a distribution agreement with the Italian Banca Etruria group, the Italian website Bluerating reports. The private banking network at the Italian firm will sell 39 funds from the Austrian asset management firm registered for sale in Italy (17 equity funds, 4 diversified funds, 3 absolute return funds, 13 bond funds and 2 money market funds).
08/03/2013

Nordea adds US asset manager to its stable

P { margin-bottom: 0.08in; } On 7 March, Nordea France presented a new addition to its circle of outsourced asset managers to its clients: Eagle Asset Management, an independent affiliate of Raymond James Financial, with assets of USD25.3bn as of the end of December. The occasion was the release for sale in France of the North American All Cap fund, a sub-fund of the Nordea 1 Sicav, launched on 30 May 2012, with USD400m in assets already. It is a UCITS-compliant, European clone of a mandate with slightly under USD100m, managed in the United States by Eagle.The portfolio of the fund is highly concentrated, with 40 to 50 positions (41 currently) and a low turnover rate, which has ranged from 13% to 36% over the past ten years. “As a general rule, we pick stocks with potential to gain 15%-20% in the next 18 to 24 months,” says manager John Pandtle, while the contribution to returns comes primarily from stock-picking, and the maximal weight for a sector is set at 25%. Currently, stock-picking favours financials, energy, IT and industrials. Each position has a ceiling of 5% of the portfolio.CharacteristicsName: Nordea 1 – North American All Cap FundISIN codes: LU0772958525 (retail share class)LU0772957808 (institutional share class)Front-end fee: Maximum 5%Management commission: 1.5% (retail)0.85% (institutional)
08/03/2013

Lombard Odier promotes risk parity equity fund in France

P { margin-bottom: 0.08in; } The Luxembourg-registered fund LOF Emerging Equity Risk Parity, launched on 30 September 2010, has assets of EUR200m, largely from Swiss pension funds, and its total net returns from launch until 31 January 2013 have totalled 9.21% for the Emerging Equity Risk Parity fund, compared with 5% for the MSCI EM TR, Jérôme Teiletche, global head, solutions group, at Lombard Odier Investment Managers (LOIM) has told Newsmanagers.The time has thus come to prospect the French market for the product, which is exciting interest on the part of institutional as well as retail clients, as it is a base portfolio solution. The turnover rate is low, about 50% per year each way, and the tracking error is limited to 3%, while the information ratio stands at 0.45.The LOF Emerging Equity Risk Parity fund charges 0.75% for I and P share classes, in addition to which there is a distribution commission of 0.75% for P shares.
08/03/2013

NordLB launches a diversified fund with DVAM

P { margin-bottom: 0.08in; } NordLB Asset Management and Deutsche Vorsoge Asset Management (DVAM) on 5 March together launched a defensive diversified fund designed especially for institutional investors such as pension funds and charities, etitled Nord LB AM.DVAM.The portfolio of the fund, created on 7 February, will be 80% invested in corporate and government bonds, primarily denominated in euros. The remaining 20% will be distributed between equities, commodities and derivatives.CharacteristicsName: Nor LB AM/DVAMISIN code: DE000A1J3WK1Benchmark index: 20% MSCI World Net Return Index EUR, 30% iBoxx Euro Overall Total Return Index and 50% iBoxx Euro Sovereigns Germany 1-10 Performance Index.Front-end fee: 5%Management commission: 1%Minimal subscription: EUR25,000
08/03/2013

Infinus retains DJE Kapital to manage three sub-funds

P { margin-bottom: 0.08in; } The Saxon financial services provider Infinus AG (of Dresden) has announced that it has selected the Munich-based DJE Kapital (EUR10bn) to manage three sub-funds of its Infinus Umbrella fund, he Luxembourg-registered products Infinus Relaxed Fund, Infinus Balanced Fund and Infinus Dynamic Fund, which have about EUR60m in assets. The products had previously been managed by Catus AG, a specialist in ecological, ethical and social investments, which retains management of the sustainable development fund Infinus ecoConsort (EUR12m). The fifth sub-fund, Infinus Terra Premium Fund (EUR2.5m as of the end of September) will also continue to be managed by Catus.The change of managers will take place on 1 April 2013.
08/03/2013

Lyxor hedge fund index up 0.15% in February

P { margin-bottom: 0.08in; } The Lyxor hedge fund index in February gained 0.15%, bringing its gains in the first two months of the year to 1.73%, according to Lyxor Flash on 7 March. Of the 14 sub-indices that compose the index, 8 finished in positive territory, including the Fixed Income Arbitrage (2.06%), L/S Equity Market Neutral (1.65%), and L/S Equity Variable Bias (1.59%). In the first twelve months of the year, the Lyxor L/S Equity Market Neutral Index has posted gains of 6.81%, while the Lyxor L/S Equity Long Bias has gained 4.68%. However, the Lyxor CTA Short Term index is down 0.45% in two months.
08/03/2013

DNCA posts inflows since beginning of year

P { margin-bottom: 0.08in; } DNCA has posted inflows of EUR160m-EUR170m in the first two months of the year, says Enrico Tarassinelli, managing director of the French asset maangement firm, in an interview with the Italian website Bluerating. The firm will highlight two funds this year: the flexible equity fund DNCA Invest Europe, and the convertible bond fund DNCA Invest Convertibles. Lastly, DNCA plans to launch a flexible bond fund.
08/03/2013

Janus acquires nearly all remaining shares in Perkins

P { margin-bottom: 0.08in; } Pension & Investments reports that the founders of Perkins Investment Management on 1 February sold virtually all of the shares they still owned in the asset management firm to Janus Capital Group, which acquired 30% of capital in 2004, and then a further 50% in 2008.As of 31 December, the Perkins shares not held by Janus represented USD3.5m, but the fair value of the shares will be set on 1 August, according to a firmula which takes into account performance and earnings.The transaction will not change anything in the operational relationship betwee Perkins and Janus, and is a simple generational change, a spokesperson for Perkins says.Of the three founders, Thomas McDonnell, Robert Perkins and Greg Wolf, only Robert Perkins is still active at the firm as a portfolio manager, Peter Q. Thomson, CEO, says.
08/03/2013

Alger recruits a team from Allanz GI

P { margin-bottom: 0.08in; } The New York-based Fred Alger Management (USD16bn in assets as of the end of 2012) has announced that it has added to its international equity team with the recruitment of Pedro Marcal as senior vice president and portfolio manager, as well as Ajoy Reddi and Warren Zhang as vice presidents and analysts.The three join from Allianz Global Investors (AGI), where the first previously worked for Nicholas Applegate, an asset management firm acquired by AGI, while the other two come from William Blair and Morgan Stanley Investment Management, respectively.The international equity team has seven members, and reports to Dan Chung, CEO and CIO.
08/03/2013

Schroders posts GBP9.4bn in inflows for 2012

P { margin-bottom: 0.08in; } Last year, the British asset management firm Schroders recorded net inflows of GBP9.4bn, nearly three times more than in 2011 (GBP3.2bn).In this environment, assets under management have set a record at GBP212bn, compared with GBP187.3bn as of the end of 2011.Pre-tax profits at Schroders were down 12%, to GBP360m. This is partly due to a decline in net revenues due to a reduction in net margins from revenues, and partly to a 4% increase in costs.
08/03/2013

Appointment at RBC Investor & Treasury Solutions

P { margin-bottom: 0.08in; } RBC Investor & Treasury Services, an entity of the Royal Bank of Canada, on 7 March announced the appointment of Andrew Gordon as head of investor services in Hong Kong and Northern Asia. Gordon, who has been present in Hong Kong and Tokyo for nearly 20 years, previously worked for BNY Mellon, where he was executive vice president, in charge of services to alternative managers and broker-dealers.
08/03/2013

Assets under management at Standard Life Investments up 16%

P { margin-bottom: 0.08in; } Third party assets under management at Standard Life Investments, the asset management affiliate of Standard Life, last year rose 16%, or GBP11.2bn, to a total of USD83bn, the insurance group announced on 7 March at a publication of its annual results. Net inflows totalled GBP6.1bn, up 8% year on year. International clients represented 62% of net inflows, of which GBP1.8bn came from the United States.Earnings from commissions last year totalled GBP408m, compared with GBP368m in 2011. Pre-tax oeprating profits totalled GBP145m, comapred with GBP125m the previous year.Standard Life also states that assets under administration by the group last year reached a record GBP281.1bn, compared with GBP198.4bn in 2011.The group also states that restructuring and regulatory costs (RDR and Solvency II) last year totalled GBP109m, compared with GBP70m in 2011. Despite that increase, the group has reported a pre-tax operating profit of GBP900m, up 65% year on year, largely due to an improvement in results in the United Kingdom and continued growth at Standard Life Investments.
08/03/2013

Deutsche Bank recruits a head for Scandinavian countries from BlackRock

P { margin-bottom: 0.08in; } Deutsche Bank is reported to have recruited Johan Stackelberg from BlackRock, where he had been head of retail for Scandinavia, the Swedish website Fondbranschen reports. He has been recruited to work in the asset management activity in the Scandinavian countries for the German bank.
08/03/2013

CEO of East Capital joins Granit Fonder

P { margin-bottom: 0.08in; } Linda Hellström, who had been CEO of East Capital Asset Management, is joining the small Swedish asset management firm Granit Fonder, where she will serve in the same position. She succeeds Anders Alvin, who left the firm. Granit Fonder, founded in 2010, manages four funds, two of which are Swedish equities funds, and one invests in China.
08/03/2013

Santander Consumer sells a credit portfolio to Elliott

P { margin-bottom: 0.08in; } Cinco Días reports that the Spanish firm Santander Consumer Finance has sold a portfolio of EUR300m in unrecoverable consumer credit to the vulture fund Elliott Management (USD21bn in assets), at a discount of 96%, meaning that the portfolio was sold for about EUR12m. The portfolio includes 87.000 loans.The hedge fund management firm founded by Paul Singer views the investment as a bridgehead to other acquisitions in Spain. Elliott estimates that there is good money to be made in the Spanish financial sector.
08/03/2013

Salaries continue to rise in Asian asset management industry

P { margin-bottom: 0.08in; } Salaries for asset management professionals are expected to continue to rise in Asia, with an increase in investment flows to the region. Pay sclaes for equity and fixed income specialists increased in similar proportions in 2011, as figures for last year are not yet available, according to an annual buy-side survey by Greenwich Associates. Asian equity professionals, from the chief investment officer to the traders, have seen an average increase in their repmuneration of 1.2% in 2011, to USD337,000, compared with an increase of 1.3% for fixed income specialists, to USD316,000. By comparison, pay scales for managers and advisers specialised in equities in the United States fell 1.4% to USD690,000, while the pay scales for fixed income specialists rose 16% in the same period to USD490,000. In other words, Asian equity professionals earned an average of 49% of the pay of their US colleagues, while fixed income specialists earned 65%. The Greenwich Associates survey also finds that in the United States (the survey does not cover Asian hedge funds) remuneration for equity hedge fund managers rose 83% in 2011 to USD1.28m, while pay in fixed income fell 14.3%, to USD890,000.
08/03/2013

Absolute return sector changes names in the UK

P { margin-bottom: 0.08in; } The British Investment Management Association (IMA) has announced a decision to change the name of the absolute return sector, which will now be known as the “targeted absolute return” sector in order to leave no doubt about strategy, meaning that positive returns are an objective and not a guarantee. The association, which in recent months has undertaken an extensive review of the sector, says that funds in the sector must have the objective of earning positive returns in all market conditions, but that returns are not guaranteed. Funds in the sector also need to state the horizon for the targeted returns, and this horizon should be no more than three years. The name change is expected to take effect from 1 June. In the meanwhile, funds in the sector will be required to indicate by 20 May if they confirm their membership in the sector, or if they would like to be reclassified.
08/03/2013

Chinese government considerably liberalizes RQFII regime

P { margin-bottom: 0.08in; } On 6 March, the Chinese regulator CSRC announced two major changes to the regulatory framework applicable to renminbi qualified foreign institutional investors (RQFII), Z-Ben Advisors reports.The first is an extension of the regime to Hong Kong affiliates of commercial banks and Chinese insurance companies, as well as to foreign financial establishments registered in Hong Kong. Previously, the possibility to place liquidity in offshore yuan in continental Chinese capital markets was limited only to the Hong Kong affiliates of asset management firms and brokerage firms from continental China.The second change concerns the investment universe open to RQFII license holders. These organizations are now allowed to invest in securities, bonds and warrants traded on continental Chinese markets, as well as in fixed income products traded on the inter-bank bond market, index futures, and other instruments permitted by the CSRC. Previously, RQFII products needed to be at least invested at 80% in bonds, or to be structured in the form of ETFs.
08/03/2013

Three new members join AFG

P { margin-bottom: 0.08in; } The French financial management association (AFG) has three new members, 38X Investment Partners, BDK Capital and Union Investment Real Estate France, the professional association has announced in the most recent issue of Gestion Info (February 2013, no. 8).
08/03/2013

Invesco RE hires head of asset management

P { margin-bottom: 0.08in; } Xavier de Saqui de Sannes, partner and administrative and financial director at the media firm KYD, is joining Invesco Real Estate (EUR38.6bn as of the end of 2012, of which EUR4.6bn are in Europe), a division of Invesco AM, as director of asset management for France and Belgium. He has previously been senior asset manager at DTZ Asset Management Europe, from 2005 to 2010.

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