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28/03/2012

Le patron d'Aviva Investors jette l'éponge

Money Marketing rapporte que le patron d’Aviva Investors, John Clougherty, serait sur le point de quitter la société.Le groupe avait annoncé en janvier une réduction de 12% de ses effectifs, pour l’essentiel à Londres. Aviva Investors devrait rester actif dans les secteurs du fixed income, de l’immobilier et de la multi-classe classes d’actifs.
28/03/2012

John Clougherty quitte Aviva Investors

John Clougherty, le directeur général de l’activité de fonds britanniques d’Aviva Investors, a quitté la société, rapporte Investment Week. «Nous procédons à des changements dans l’organisation de notre activité vie au Royaume-Uni. John Clougherty a décidé que le temps était venu de poursuivre d’autres opportunités (…)», selon un porte-parole d’Aviva cité par le site Internet. Fin janvier, le groupe a annoncé la suppression de 160 emplois, rappelle Investment Week.
28/03/2012

Gottex retrouve la rentabilité opérationnelle

La société de gestion alternative Gottex Fund Management a fait état pour l’exercice 2011 d’une perte nette, après minoritaires, de 2,5 millions de dollars, à comparer à une perte de 3 millions de dollars l’année précédente. Toutefois, la société a retrouvé la rentabilité opérationnelle, avec un bénéfice d’exploitation de 0,7 million de dollars contre une perte de 5 millions en 2010.Selon un communiqué publié le 27 mars, les actifs sous gestion s'élevaient à fin décembre 2011 à 7,34 milliards de dollars contre 8,26 milliards de dollars à fin décembre 2010, soit un recul de 11% d’une année sur l’autre. Cette évolution est due pour l’essentiel à la conjugaison de trois facteurs : une décollecte nette de 240 millions de dollars, ainsi que les impacts négatifs du marché (340 millions) et des devises (250 millions). Plus de 90% des actifs sous gestion de Gottex sont d’origine institutionnelle. La société se dit prudemment optimiste pour 2012. Gottex souhaite se développer aux Etats-Unis et en Asie et n’exclut pas de tirer parti des opportunités de croissance non organiques, partenariats ou acquisitions pour augmenter ses actifs sous gestion.
28/03/2012
Fonds

La Commerzbank lance 12 ETN à Francfort

Depuis lundi, la plate-forme électronique Xetra de la Deutsche Börse cote 135 produits sur son segment réservé aux ETN, avec l’introduction de 12 de ces produits (de droit allemand) lancés par la Commerzbank. Il s’agit d’ETN à effet de levier de 3 et 4 en long et en short sur les indices SGX Nikkei 225 Index Future, le Hang Seng Index future et le HSCEI Future (actions H).La liste des nouveaux ETN est disponible en annexe.
Fonds
28/03/2012
Fonds

Lyxor aligne 4 nouveaux ETF de matières premières sur Xetra

Quatre nouveaux ETF luxembourgeois de matières premières ont été admis à la négociation le 26 mars sur le segment XTF de la plate-forme électronique Xetra (Deutsche Börse), dont la cote compte ainsi désormais 952 références. Ces produits sont proposés par Lyxor Asset Management (groupe Société Générale).Caractéristiques :Dénomination : Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Curve Momentum Beta+ TR TMISIN: LU0721447596TFE : 0,35 %Dénomination : Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Optimix TR TMISIN: LU0721447919TFE : 0,35 %Dénomination : Lyxor ETF S&P GSCI Aggregate 3 Months ForwardBenchmark: S&P GSCI 3-Month Forward Capped Sector Equal Weight Composite IndexISIN: LU0721447083TFE : 0,35 %Dénomination : Lyxor ETF S&P GSCI Aggregate Inverse 1 Month ForwardBenchmark: S&P GSCI Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total ReturnISIN: LU0721446606TFE : 0,40 %
Fonds
28/03/2012
Fonds

Les Italiens retrouvent de l’appétit pour les fonds obligataires

Les fonds obligataires commercialisés en Italie ont enregistré en février des souscriptions nettes de 1,468 milliard d’euros, alors qu’ils avaient subi des rachats nets de 736 millions en janvier et de 8,8 milliards d’euros sur l’ensemble de l’année 2011, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Il s’agit de la seule catégorie de fonds à avoir collecté en février. Les fonds actions accusent en effet notamment des sorties nettes de 679 millions d’euros et les fonds monétaires, de 1,583 milliard d’euros. Au total, les fonds ouverts commercialisés en Italie voient sortir en février des rachats nets de 1,671 milliard d’euros. En ajoutant les fonds dédiés, la gestion collective italienne subit une décollecte nette de 1,703 milliard d’euros. Avec les gestions sous mandat, le solde se creuse encore un peu plus, à -2,729 milliards d’euros. En termes de sociétés de gestion, Poste Italiane affiche la plus forte collecte, avec 7,350 milliards d’euros, tandis que dans le même temps, Credit Suisse voit sortir un total de 7,277 milliards d’euros. Cela s’explique en réalité par le fait que la poste italienne rapatrie en interne la gestion des investissements liés aux assurances de Poste Vita, selon les informations de Il Sole – 24 Ore. Hormis ce transfert, Generali se distingue avec une collecte de 389 millions d’euros. De l’autre côté du spectre, Intesa Sanpaolo voit sortir 1,044 milliard d’euros et Ubi Banca, 918,7 millions.
Fonds
28/03/2012
Fonds

Amundi commercialise ses premiers ETF en Espagne

Le 23 mars, le régulateur espagnol (CNMV) a enregistré les cinq premiers ETF du français Amundi destinés à la commercialisation en Espagne, les Amundi ETF Euro Stoxx 50, MSCI Europe, MSCI Nordic, MSCI Spain et S&P 500 (lire Newsmanagers du 7 février). Laure Peyranne, en poste à Madrid depuis 2008, initialement chez Société Générale Asset Management, puis chez Amundi, prend le titre de Head of ETF Client Relationships, Iberia and LATAM.
Fonds
28/03/2012
Fonds

Edram distribue le fonds Asia Leaders en Espagne

Expansión rapporte qu’Edmond de Rothschild Asset Management (Edram) commercialise en Espagne un fonds de grandes capitalisations asiatiques présentant un bon potentiel pour figurer parmi les leaders sur leurs marchés respectifs à moyen et long termes. Il s’agit du fonds Asia Leaders lancé le 26 octobre 2011 (lire Newsmanagers du 14 novembre). La commission de gestion est fixée à 2 % et le gestionnaire facture 15 % de la surperformance par rapport à l’indice MSCI AC Far East.
Fonds
28/03/2012

German government backs off planned financial transaction tax

Agefi reports that the German government has decided that a proposed tax on financial transactions would not at all be what it had proposed to the European Commission, and which the French government had wanted to institute rapidly. The German finance minister, Wolfgang Schäuble, claims that Germany needs to “try other things,” and will meet with his 26 EU counterparts on Friday in Copenhagen to discuss these. Schäuble would like to combine taxation and regulatory initiatives to meet both financial and prudential objectives.
28/03/2012

LBO funds rediscover IPOs

Agefi reports that Blackstone and Bain Capital are preparing an initial public offering for Michaels Stores, six years after buying the business for USD6bn, relaying reports in several sources. JPMorgan Chase, Goldman Sachs, Barclays Capital and Deutsche bank are already reported to have been mandated to handle the operation, and the IPO documents may be submitted to authorities as soon as next week. The IPO may reawaken the appetites of investors, and also of funds, form whom the stock markets are again becoming a means of exit from private equity investments, Agefi adds.
28/03/2012

Commerzbank releases 12 ETNs in Frankfurt

Since Monday, the Xetra electronic trading platform from Deutsche Börse has listed 135 products in its ETN segment, with the introduction of 12 such products registered in Germany from Commerzbank. These are ETNs with a leverage of 3 or 4 in long and short versions based on the SGX Nikkei 225 Index Future, the Hang Seng Index future and the HSCEI Future (H shares). The list of new ETNs is available as an attachment.
28/03/2012

Lyxor lists 4 new commodities ETFs on Xetra

Four new Luxembourg-registered commodities ETFs were on 26 March admitted to trading on the XTF segment of the Xetra electronic trading platform from Deutsche Börse. The listings now include 952 products. The new products are from Lyxor Asset Management (Société Générale group).CharacteristicsName: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Curve Momentum Beta+ TR TMISIN: LU0721447596TER: 0.35%Name: Lyxor ETF Broad Commodities Optimix TRBenchmark: S&P Commodities Optimix TR TMISIN: LU0721447919TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate 3 Months ForwardBenchmark: S&P GSCI 3-Month Forward Capped Sector Equal Weight Composite IndexISIN: LU0721447083TER: 0.35%Name: Lyxor ETF S&P GSCI Aggregate Inverse 1 Month ForwardBenchmark: S&P GSCI Inverse 1-Month Forward Capped Sector Equal Weight Composite Index Total ReturnISIN: LU0721446606TER: 0.40%
28/03/2012

John Clougherty leaves Aviva Investors

John Clougherty, CEO of the British fund activities of Aviva Investors, is leaving the firm, Investment Week reports. “We are making changes to the organisation of our life insurance activities in the United Kingdom. John Clougherty has decided that the time had come to pursure other opportunities,” a spokesperson for the firm says, cited by the website. At the end of January, Aviva Investors announced that it was laying off 160 employees, Investment Week reports.
28/03/2012

Man Group creates a website for managed accounts

The British Man group on 27 March announced that it has created an online tool for investors in managed accounts. The new system, Clarus, offers investors more transparency for underlying investments. It allows clients to view their exposure to underlying risk factors for their managed accounts, and more generally the overall exposure of their managed accounts within their portfolios. Among the information offered through Clarus are performance, performance breakdown, sources of performance, risk value, with analysis of sensitivity to exchange rates, commodities, equities and interest rates. Assets under management at Man in management accounts currently total USD8bn.
28/03/2012

Head of Aviva Investors reportedly preparing to leave the firm

Money Marketing reports that the head of Aviva Investors, John Clougherty, is about to leave the firm. The group announced in January that it is cutting back its staff by 12%, largely in London. Aviva Investors will remain active in the fixed income sector, real estate and multi-asset classes.
28/03/2012

Gary Shaughnessy leaves Fidelity

Gary Shaughnessy, the head of retail activities at Fidelity, is leaving the firm, Investment Week reports. He becomes CEO of the British life insurance activities of Zurich. He will report to David Sims, CEO of Zurich Global Life for Europe.
28/03/2012

Regulatory approval for ETFs based on CSI 300 index

The Chinese regulator, the CSRC, has granted permission for Harvest and Huatai-PineBridge to list ETFs based on the CSI 300 index in Shenzhen and Shanghai, respectively. Z-Ben Advisors remarks that these are the first cross-market ETFs in China, which will provide investors added ways to conduct arbitrage. After preparing the products for years, and given the support of regulators and the position of the two providers of the new products, Harvest and Huatai-PineBridge are expected to be able to bring in very high inflows in the initial launch period.
28/03/2012

Head of AIJ admits to falsifying fund performance data

Kazuhiko Asakawa, the head of the Japanese asset management firm AIJ Investment Advisors, who is suspected of having lost USD1.3bn of clients’ money, on Tuesday confessed to falsifying the performance figures for his funds in order to conceal losses, the Wall Street Journal reports. However, he denies having wanted to deceive his clients, and adds that no money went into his own pocket.
28/03/2012

Swiss wealth management facing considerable challenges

The Swiss financial market, and particularly wealth management, is confronting some major challenges, the director of the Swiss federal financial market surveillance authority (FINMA) Patrick Raaflaub, stated on 27 March at the institution’s annual conference. Although wealth management is working to defend its leading international position, the establishment of a strategy based on quality has become necessary, at three levels: financial establishments need to offer quality services, politicians need to work to optimise economic and regulatory conditions, and at the end of the chain, FINMA needs to work to ensure “attentively and integrally” that these requirements are adhered to in its day-to-day surveillance efforts. The surveillance authority aims to ensure the smooth functioning of the Swiss financial market and the protection of clients, says Raaflaub. To this end, FINMA must be able to rely on legal bases that allow it to act adequately at the place and time it deems necessary. Far from an obstacle in the eyes of the director of FINMA, regulations “create the required conditions for the Swiss financial market to be able to continue a strategy focused on quality.” “Switzerland is behind many other countries,” says Raaflaub. “Facilitating or tolerating tax evasion by foreigners is not in any way a sustainable business model. That’s why FINMA is in favour of orienting the financial markets to declared assets and increased exchange of information in the areas of surveillance and taxation.” he says.
28/03/2012

British managers want a less constraining MiFID directive

The British investment management association (IMA) claims that a consultation by the European Securities Markets Authority (ESMA) on the classification of alternative investment funds has needlessly been too constrictive in some areas. The recommendations do not offer enough flexibility to integrate the very wide variety of vehicles covered by the directive. The association points out that the current plans stipulate that an alternative investment fund is not allowed to outsource both its portfolio management and its risk management, even though these practices are commonly undertaken together and cannot easily be separated. Another subject of concern which needs clarification is the ambiguity surrounding the status of alternative investment fund managers: are they allowed to hold a MiFID license, or do they need to abandon their MiFID licenses as soon as they become alternative investment fund managers?
28/03/2012

TCI takes on Indian government in court

The Children’s Investment Fund has started a legal action against the Indian government, which it accuses of breaching international treaties in connection with the fund’s investment in Coal India, the Financial Times reports. This is a further volley in a battle by the activist investor with the board of directors at Coal India, in which it holds a stake of over 2%. The government controls 90% of the firm. The asset management firm accuses the Indian government of ordering Coal India to sell its assets below the market value, and to stand in the way of its development.
28/03/2012

Catella launches three funds

Catella Fonder has filed an application with the Swedish market authority for three new funds which it would manage for ICA Banken, Investment Europe reports. The funds would be managed by Ola Mårtensson.
28/03/2012

Italians return to bond funds

Bond funds on sale in Italy in February posted net subscriptions of EUR1.468bn, where they had seen net redemptions of EUR736m in January and EUR8.8bn in the year 2011 overall, according to the most recent statistics from Assogestioni, the Italian association of asset managers. This is the only category of funds to have posted inflows in January, as equity funds saw net outflows of EUR679m, and money market funds had outflows of EUR1.583bn. Overall, open-ended funds on sale in Italy posted net redemptions in February of EUR1.671bn. With the addition of dedicated funds, Italian collective management has seen net outflows of EUR1.703bn. With mandated management, the total is even lower, with outflows of EUR2.729bn. In terms of asset management firms, Poste Italiane has seen the largest inflows, with EUR7.350bn, while at the same time, Credit Suisse has seen outflows totalling EUR7.277bn, This is actually due to the fact that Poste Italiane has brought the management of investments related to its Poste Vita insurance offerings in-house, according to reports in Il Sole – 24 Ore. Excluding this transfer, Generali stands out with inflows of EUR389m, At the other end of the spectrum, Intesa Sanpaolo has seen outflows of EUR1.0544bn, and Ubi Banca has seen outflows of EUR918.7m.
28/03/2012

IOSCO launches a consultation on management of fund liquidity risks

The technical committee of the international organisation of securities commissions (IOSCO) on 27 March launched a consultation on the management of liquidity risks for collective investment vehicles. The document lays out a series of principles for professionals and regulators, which would provide a way to evaluate the quality of practices on the part of regulators and professionals in the area of liquidity risk management for open-ended funds.
28/03/2012

Poste Italiane brings life insurance management in-house

Poste Italiane is in the process of bringing the management of investments related to Poste Vita life insurance policies in-house, Il Sole – 24 Ore reports. In February, the firm brought on board more than EUR7bn in assets, reducing a mandate to Credit Suisse. This strategy will be continued, and will affect other asset management firms. The objective is to increase assets with the goal of an IPO for Posta Italiana or a part of the group.
28/03/2012

La Française AM acquires 20% stake in Trecento AM

La Française Asset Management has acquired a 20% stake in the capital of the entrepreneurial asset management firm Trecento Asset Management. La Française AM is investing EUR15m in the young firm. The stake has been acquired via the La Française affiliate “Nouvelles Expertises et Talents (NEXT),” which is specialised in incubation and seed capital, and is led by Nicolas Duban.The range of funds from Trecento AM currently includes two funds: Trecento Market Neutral, an equities arbitrage fund, and Trecento European Equities, a European equities fund. The asset management firm was founded in late 2011.The firm is led by Alice Lhabouz, former equity manager at Turgot Asset Management, who previously spend several years as private manager at Meeschaert. Julien Jérémie, former deputy CEO of the business bank Croissance Partenaires, is its CEO.
28/03/2012

State Street confidence index up in March

Globally, the State Street Investor Confidence Index for March 2012 rose to 91.6, up 5.0 points from February’s revised level of 86.6. The increase was driven by North American investors, whose confidence rose 8.7 points to 89.5. The outlook of European investors was similarly improved, rising 5.4 points to 100.6 from a revised February reading of 95.2. Among Asian institutional investors, sentiment declined slightly, down 2.2 points from a revised February reading of 96.7 to end at 94.5.“This month we saw a significant curtailment of the selling that institutional investors have been engaged in since late 2011,” commented Harvard University professor Kenneth Froot, who developed the index. “Indeed we observed net buying of equities by real money investors in the week ended March 19th. As mentioned in past commentaries, institutions have been content to play the role of liquidity provider over much of the recent rally, taking the other side of non-institutional trades. This month they have engaged in more liquidity-taking behavior, adding further to core equity positions.”
28/03/2012

Investors in DebiSelect fund have lost their money

A notice from the German fund manager DebiSelect has confirmed investors’ fears: the value of their shares, initially EUR115m, has fallen 90%, Handelsblatt reports. There will be no payments of interest or capital redemptions for the next four and a half years.DebiSelect admits that instead of investing in a diversified portfolio, concentrated its investments on the low-cost energy provider TelDaFax, which has gone bankrupt. It will be years until TelDaFax’s renewable energy projects are completed, and this is only if buyers are found to take over the business.The CEO of DebiSelect, Josef Geltinger, has recently resigned, and left the management of the firm to the lawyer Werner Klumpe, who says he has found no signs of the potential buyer claimed to exist by his predecessor, nor any trace of the payments that the buyer was said to have made.
28/03/2012

Philippe Lecomte joins La Française AM

La Française AM on Tuesday confirmed the arrival of Philippe Lecomte as a member of its teams. Newsmanagers anticipated this news following the announcement of his departure from Schroders Investment Management, where he had been CEO. He joins the firm as CEO of La Française AM Finance Services and La Française AM International, in charge of institutional clients and international development. Lecomte will be based in Paris, and will join the firm in April 2012, and will be a member of the executive board at La Française AM.The arrival coincides with a development in the organisation of the French asset management firm. “We have decided to put the direction of institutional activities in France and international development under the same managerial responsibility. Philippe’s experience serving French and international institutional clients fully meets our objectives,” says Patrick Rivière, CEO of La Française AM.Meanwhile, La Française AM has also confirmed that it will be appointing Nicolas Duban, who had previously handled development of institutional activities in France at La Française AM, as president of NexT AM, New Expertise and Talent, its affiliate specialised in acquiring stakes in small businesses, in an announcement which Newsmanagers had also anticipated.

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