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20/04/2012

Assets under management in stagnation at Lombard Odier

Assets under management at the private bank Lombard Odier as of the end of 2011 totalled CHF142bn, compared with CHF140bn as of mid-2011, and CHF143bn as of the beginning of 2011, finews reports. Net inflows last year totalled CHF7.2bn, but the growth of assets was impacted by a negative market effect.
20/04/2012

Global X offers an MLP ETF

On 19 April, the US firm Global X, (USD1.3bn in assets) unveiled its new ETF, the Global X MLP ETF (acronym MPLA), which charges fees of 0.45%. The product recplicates the Solactive MLP Composite Index, which covers the major master limited partnerships (MLPs) in the areas of energy and resources. As of 17 April, the index includes 30 MLPs, with its three largest exposures being to Energy Transfer Partners LP, Enterprise Products Partners and Plains All American Pipeline LP.The fund will distribute dividends on a quarterly basis.
20/04/2012

Nordea releases a fund of safe govies

The former Euro Government Bond Fund sub-fund of the Luxembourg Sicav Nordea 1, renamed on 23 December as Nordea 1- European Low CDS Government Bond Fund, is now on sale in France. It is a UCITS-compliant fund of European government bonds considered the “safest,” as investments are allocated depending on the rising credit risks for markets as observed in CDS spreads. Nordea claims this approach is more realistic than the one based on evaluation by ratings agencies, although this latter formula is currently by far the dominant one.Management commission has been reduced by 30 basis points for the retail share class,a dn 15 basis points for the institutional share class, compared with the initial fund.The portfolio is invested in securities selected on the basis of a rolling 3-month average of their 5-year CDS spreads, as listed on Credit Market Analysis (CMA). The fund is managed by Martti Forsberg, the European government specialist on the international bonds team.CharacteristicsName: Nordea 1- European Low CDS Government Bond FundISIN codes:LU0634509953 (BP share class, retail)LU0637308585 (BI share class, institutional)Front-end fee: 5%Management fees:0.50% (BP share class)0.25% (BI share class)Minimal subscriptionEUR50 (BP share class)EUR75,000 (BI share class)
20/04/2012

Goldman Sachs planning to sell Petershill Fund

Goldman Sachs is reportedly in talks to sell one of its best-known portfolios, Petershill, whose investments in hedge funds have still not been successful, the New York times reports. Asset Management Finance, which buys up stakes in fund managers, may acquire the Petershill Fund, which commenced its activities in 2007 with USD1bn, and which has bought largest stakes in well-known asset management firms such as Winton Capital Management and Capula Investment Management, which have not had problems during the financial crisis. But Petershill has also invested in firms which were obliged to close, such as Level Global Investors and Shumway Capital Partners.
20/04/2012

BNY Mellon AM launches an emerging markets corporate debt fund in France

BNY Mellon AM is launching the BNY Mellon Emerging Markets Corporate Debt Fund in France. It is the second fund of its range managed by Insight Investment Management (Global) Limited, an asset management affiliate of BNY Mellon Asset Management since its acquisition in 2009. The fund, which offers daily liquidity, is a sub-fund of the BNY Mellon Global Funds Plc SICAV, which is domiciled in Dublin and compliant with UCITS. It is managed by the team in charge of emerging market debt at Insight Investment, led by Colm McDonagh.
20/04/2012

Pictet launches a long/short trading fund

Pictet Asset Management has launched the Kronos Fund, a global long/short traiding product which combines a long/short equity strategy with an option trading overlay, to construct convex positions which aim to protect the portfolio against major market movements, and to profit from these, Hedge Week reports.The fund, registered in the Cayman Islands, is available with a minimal subscription of USD100,000. It is managed in Geneva by a team led by Julien Stouff.
20/04/2012

Invesco on track to acquire Asian asset management activities of ING

Invesco is one of the front-runners to acquire the Asian asset management division of ING, according to Investment Week, citing Bloomberg and Reuters. ING has made a short list including Invesco and the Japanese bank Sumitomo Mitsui Financial Group. The Australian Macquarie Group and the Japanese Nikko Asset Management are also reported to have been approached.
20/04/2012

Growth for management activities of Morgan Stanley in first quarter

The wealth management unit of Morgan Stanley (Global Wealth Management Group) in first quarter earned pre-tax profits of USD387m, compared with USd238m in fourth quarter 2011, and USD344m in first quarter 2011. Assets under management as of the end of March totalled USd1.744trn, compared with USd1.637trn at the end of December 2011, and USd1.706bn one year previously. The asset management unit has posted pre-tax profits of USd128m, compared with USD78m one quarter previously, and USD125m in first quarter 2011. Assets under management as of the end of March totalled USD304bn, compared with USD287bn as of the end of December 2011, and USD276bn one year previously. The group nonetheless has published a loss of USD78m, or USD0.05 per share, for first quarter, compared with a profit of USD984m (USD0.51 per share) for first quarter 2011.
20/04/2012

Good quarterly results for asset management at Bank of America

The Global Wealth and Investment Management unit at Bank of America in first quarter earned net profits of USD547m, the second-best results for the group since the acquisition of Merrill Lynch. Assets under management increased by USD28bn in first quarter compared with the first three months of 2011, to a total of USD693bn as of the end of March. Long-term assets in particular increased by USD7.8bn in the period under review. The group has also reported net profits attributable to Bank of America of USD328m in first quarter, one fifth of the results from first quarter last year due to a one-time charge of USD4.8bn to adjust the portfolio to market values.
20/04/2012

Changes at Guggenheim Investments

Guggenheim Investments, which is currently negotiating to take over the US asset management unit of Deutsche Bank, including DWS Investments, has lost all three of its directors, MutualFundWire reports. The chief operating officer, Rich Goldman, and the heads of distribution and marketing, Marc Zeituoun and Keith Fletcher, are all leaving the firm. Meanwhile, Guggenheim has announced the appointment of Doug Mangini as head of products and distribution, and of Chris Parisi for intermediated distribution.
20/04/2012

Pershing Square wants to list a USD4bn fund

The Financial Times reports that the alternative asset management firm Pershing Square Capital (USD11bn), led by Bill Ackman, is planning to offer the hedge fund Pershing Square Holdings, a USD4bn vehicle, on the stock market in January 2013. The listing reportedly may be on the London Stock Exchange, but Pershing has not yet ruled out the possibility of NYSE Euronext Amsterdam.
20/04/2012

Deka Immobilien makes a major investment in London

The developer Parabola Land Ltd has sold the Kings Place office property in London (31,500 square metres) to the German asset management firm Deka Immobilien for EUR285m.The property, the headquarters of the Guardian Media group, will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect, which left the London market six years ago. The proportion of the United Kingdom in the portfolio of the fund increases with the acquisition from 0 to 5%.The objective for the management team of the InterSelect fund is to diversify the portfolio and reduce the proportion dedicated to Germany, and to add youger properties to the holdings..
20/04/2012

Allianz Global Investors preparing a range of risk-rated funds

Allianz Global Investors is planning to launch a range of risk-rated multi-asset class funds, to meet growing demand from investors for solutions that take into account their level of appetite for risk. The funds, which will be launched in the coming months, will be actively managed. AGI will unveil the workings of the new range of funds next month.
20/04/2012

Retail investors avoid emerging markets

A survey undertaken in March 2012 by the GfK institute on behalf of JPMorgan Asset Management, and covering 2,000 Germans, has found that 60.8% of respondents to not even know the term “emerging markets,” while 23.7% “have heard” of them, and only 15.5% say they know the concept well.More severe, says Jean-Guido Servais, head of marketing at JPMAM for the German-speaking countries, is the fact that only 2.5% of respondents say they have invested in emerging market products, mostly equity funds. Only 3.1% of respondents are planning to invest in emerging markets in the next six months.
20/04/2012

SLI recrute l’ex-patron dette émergente de Threadneedle

Standard Life Investments va monter une équipe obligations marchés émergents qui sera placée sous la responsabilité de Richard House, l’ancien responsable de la dette émergente de Threadneedle, selon les informations de Citywire. L’intéressé arrive chez SLI avec deux autres personnes de Threadneedle : Mark Baker et Nicholas Jaquier.
20/04/2012

Good first quarter for Jupiter AM

The British asset management firm Jupiter Fund Management finished first quarter with an increase in its assets under management to GBP24.17bn as of 31 March, compared with GBP22.80bn as of the end of December 2011, Jupiter announced on 19 April in its interim report for first quarter 2012.This development is largely due to a positive market effect of GBP1.48bn. Jupiter has also undergone net redemptions totalling GBP113m. Mutual funds, whose assets under management have increased from GBP17.21bn as of the end of 2011 to GBP18.35bn as of the end of March 2012, have posted inflows of GBP55m, but dedicated mandates finished the quarter with outflows of GBP102m.
20/04/2012

SLI recruits three Threadneedle veterans

Standard Life Investments has recruited three former employees of Threadneedle Asset Management, including the former head of emerging market debt, Richard House, to create an emerging markets bond team. House will head the new team, which will also include Mark Baker and Nicolas Jacquier, who are appointed as investment directors, global emerging market bonds.
20/04/2012

Ramius recruits expertise in quantitative management

Eric Greenhut has joined Ramius, the alternative management unit of Cowen Group, as managing director and head of quantitative trading, Hedgeweek reports. In this newly-created position, Greenhut, who has previously worked for BNP Paribas/Cooper Neff, will be responsible for the management and development of quantitative trading, including the recruitment of traders, researchers and programmers.
20/04/2012

Alain Dromer leaves Aviva Investors

Alain Dromer will be leaving Aviva Investors, where he had been CEO since September 2007, according to a statement from the Aviva group released on Thursday, announcing a reorganisation. Pat Regan, the group’s CFO, will take over at Aviva Investors, while retaining his current responsibilities. A successor to Dromer will be recruited, Aviva adds. This replacement will report to Regan, and will be responsible for “leading the next step in the development of Aviva Investors.” The reorganisation announced by Aviva will aim to “simplify” the business. As a part of that reorganisation, two other people have left the group (Igal Mayer and Richard Hoskins), while the CEOs of the three major entities of the group have been invited to join the executive committee of the group ; They are David Barral (CEO UK&Life Insurance), David McMillan (CEO UK&General Insurance) and Philippe Maso (CEO France).
20/04/2012

Argonaut recruits a team from Neptune

The former head of strategic partnerships at Neptune, John Lester, and his team, will join the British asset management firm Argonaut, Money Marketing reports. In early April, Neptune announced that Lester and two of his partners would be leaving the asset management firm to found their own boutique. Assets under management at Argonaut, which is 60% owned by Argonaut Capital Partners and 40% by Ignis Capital Management, total GBP1.1bn.
20/04/2012

NGAM preparing an Indian equity fund with IDFC AM

Pierre Servant, CEO of Natixis Global Asset Management (NGAM), has told Newsmanagers and L’Agefi Hebdo that a Luxembourg-registered Indian equity fund is expected to be launched next month. The Natixis IDFC India Equity fund has already been licensed by the CSSF, but is still awaiting approval by the Indian regulator (SEBI).The product will be managed by the Indian firm IDFC Asset Management Company (IDFC AMC, USD5.5bn in assets as of the end of March), in which the French group has acquired a stake of 25% (see Newsmanagers of 20 December 2010 and 9 December 2011).Naval Bir Kumar, CEO of the Indian firm, on a visit to Paris, states that the new fund will be a “core India” product, whose benchmark index will be the MSCI India, but which will be allowed to invest up to 35% of its assets outside this index. “It will have a pure alpha straegy, and will replicate the dummy portfolio which we have been working with for a year, and which would have outperformed the MSCI India index by 350 basis points if it had been operational. There is no capacity constraint, as the fund is 70% composed of large caps (the average cap size of companies in the portfolio is between USD4bn and USD5bn). And it is a conviction-based fund, with only 40 holdings. I add that currency risks will not be hedged in the standard share class, but we may create custom hedging via a special share class,” the manager says.
20/04/2012
Gestion d'actifs

La Sham poursuit une politique d'investissement de proximité sur l'immobilier et le non coté

Depuis 2006, environ 40 M€ ont ainsi été investis ou engagés dans 16 sociétés innovantes du secteur de la santé, pour la plupart non cotées en bourse. Sham a notamment participé récemment à une levée de fonds pour Cytoo, société développant des outils pour la biologie cellulaire et a par ailleurs participé à hauteur de 2 M€ à l’augmentation de capital du fonds d’amorçage Inserm Transfert Initiative. Elle soutient également Lyonbiopôle, pôle de compétitivité mondial. Enraciné dans son territoire, Sham s’impose comme un acteur clé du marché immobilier lyonnais, avec un patrimoine (résidentiel et tertiaire) de près de 150 millions d’euros. Elle vise un portefeuille de plus de 200 M€ d’ici 5 ans. Après la livraison de l’Atrium dans le quartier de Gerland pour un investissement de 35 M€, son prochain projet concerne un programme d’envergure : près de 12 000 mètres carrés en bureaux (commerces et banques) sur la ZAC de La Buire dans le quartier de la Part-Dieu. Cet investissement de près de 37 M€ est en cours de commercialisation pour une livraison début 2013.
Gestion d'actifs
20/04/2012
Gestion d'actifs

Le GIE Agirc-Arrco prévoit d'investir 10 milliards d'euros en 2013 sur la strate moyen terme

Au cours d’une conférence organisée par Aberdeen AM, Philippe Goubeault, directeur financier du GIE Agirc-Arrco a précisé que le régime avait modifié la fréquence de versement des prestations, en passant à une mise en paiement mensuelle (au lieu de trimestrielle), ce qui va réduire le besoin en fonds de roulement. Il en résultera des flux de 10 milliards d’euros qui seront investis en 2013, dans une strate moyen terme (3 ans). Il a rappellé que la recherche d’une meilleure diversification avec l’intégration plus large des obligations corporates et des convertibles notamment, sera à l’ordre du jour de la prochaine commission de juin, qui devra statuer sur une évolution du réglement financier. En revanche, il n’est pas prévu de faire une place aux obligations High Yield.
Gestion d'actifs
20/04/2012

Le fonds souverain thaïlandais regarde vers l’Europe

Avec 17,5 milliards de dollars d’actifs sous gestion, le fonds souverain de Thaïlande (Government Pension Fund) prévoit ses premiers investissements dans l’immobilier commercial en Europe et aux Etats-Unis où il juge les prix attractifs en raison d’un environnement économique morose. 250 millions de dollars seront consacrés à cet objectif dès cette année, a indiqué à Bloomberg le secrétaire général du fonds.
20/04/2012

La SEC poursuit Egan-Jones

L’agence de notation a confirmé que l’autorité américaine des marchés a décidé d’engager des poursuites à son encontre concernant des irrégularités au sein de dossiers de demandes d’agrément en 2008. Egan-Jones sollicitait alors un agrément pour la notation des dettes souveraines et des titrisations. L’agence aurait intentionnellement enregistré des documents comportant des erreurs quant à son expérience dans la notation, à sa gestion des conflits d’intérêt ou aurait omis de soumettre certains documents comptables et administratifs. Dans un entretien accordé à CNBC, le cofondateur de l’agence, Sean Egan, a assuré avoir transmis en 2008 un dossier à ses yeux irréprochable. Egan-Jones se dit victime des efforts de la SEC pour maintenir la suprématie des trois principales agences de notation S&P, Moody’s et Fitch. Selon des documents consultés par Reuters, l’agence se lamente auprès de la SEC de devoir assurer le rôle de David contre Goliath.
20/04/2012

La Fed précise les modalités d’application de la règle Volcker

La Réserve fédérale américaine, au nom de plusieurs agences de régulation, a apporté jeudi des clarifications sur l’entrée en vigueur de la règle Volcker, destinée à limiter les activités spéculatives des banques. Ces dernières auront jusqu’au 21 juillet 2014 pour se conformer pleinement à cette règle. Cette période pourrait être prolongée. Les régulateurs américains ont déjà indiqué qu’ils ne pourraient pas respecter la date limite du 21 juillet 2012 pour finaliser la règle Volcker. Les établissements bancaires se sont inquiétés du fait que si le texte n’est pas prêt d’ici le 12 juillet, lorsque les restrictions controversées de trading entreront dans tous les cas en vigueur dans le cadre de la loi Dodd-Frank, des perturbations pourraient affecter le marché en raison d’un manque de clarté sur la manière de se conformer à cette règle, dont la paternité revient à l’ancien président de la Fed Paul Volcker.
20/04/2012

La décollecte se poursuit pour l’assurance vie

La collecte nette des produits d’assurance vie en France a été négative de deux milliards d’euros pour le premier trimestre 2012, selon la Fédération française des sociétés d’assurance (FFSA). A l’approche de l’élection présidentielle, porteuse d’incertitude fiscale, les sociétés d’assurance ont collecté 31,4 milliards d’euros sur cette période auprès de leurs clients mais leur ont versé 33,4 milliards, selon des estimations établies avec le concours du GEMA, le groupement des entreprises mutuelles d’assurances.
20/04/2012

La manipulation du marché du pétrole mise à mal

Le régulateur américain des marchés à terme, la CFTC, a gagné une bataille dans sa lutte pour mettre un terme aux manipulations du marché du pétrole. En l’occurrence, la société de trading à haute-fréquence néerlandaise Optiver a accepté de verser 14 millions de dollars pour mettre un terme aux poursuites des autorités relatives à des soupçons de manipulations en 2007.
20/04/2012

Les places financières chinoise et parisienne veulent coopérer

La Nafmii, association chinoise qui promeut le développement des marchés de gré à gré, et Paris Europlace ont signé un protocole d’accord pour développer leurs échanges et pousser les marchés obligataires chinois et français. Membre de la banque centrale chinoise, Liu Kai a plaidé pour que la Chine développe un marché de gré à gré plus tourné vers les institutionnels et limite les contraintes administratives.
20/04/2012

François Hollande propose de recourir à l’épargne pour financer la dette

Invité sur le plateau du Grand Journal de Canal+, le candidat socialiste à l’élection présidentielle a proposé de mobiliser l’épargne des Français, «qui est à un niveau très élevé», pour la dette. François Hollande indique toutefois que cela ne devra pas se faire à n’importe quelle condition.

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