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01/09/2011

Changement à la tête de la recherche sur les gérants chez Morningstar

La division investment management de Morningstar (250 personnes implantées à Chicago, Londres, Melbourne, Paris, Shenzhen, Sydney, Tokyo et Toronto) a depuis le 31 août un nouveau patron de la recherche sur les gérants, William Harding.L’intéressé, qui sera subordonné à Thomas Idzoreck, CIO et directeur de la recherche pour la division, était depuis 2006 directeur de la recherche chez Morningstar Investment Services (MIS). Dans ses nouvelles fonctions, il sera chargé de promouvoir les meilleures pratiques en matière de recherche sur les gérants ainsi que de sélection de gérants.Peng Chen, president de la division investment management, a souligné que l’une des principales stratégies de croissance pour Morningstar consiste à faire du groupe un leader mondial dans le domaine des fonds de fonds.
01/09/2011
Fonds

L’appétit des Japonais pour les fonds Brésil pourrait diminuer

Ces deux dernières années, les Japonais ont investi un total 8.000 milliards de yens (104,3 milliards de dollars) dans des fonds Brésil, selon Lipper. Mais cette «love story» pourrait bien ne pas durer, estime le Financial Times. Les fonds ont en effet subi un double revers. La récente aversion au risque a conduit les investisseurs à se défaire de leurs actifs émergents. Parallèlement, le yen a bondi tandis que le real brésilien chutait.
Fonds
01/09/2011

La part des contrats en UC chez Swiss Life deux fois plus importante que la moyenne

Swiss Life France souhaite rendre la nature des bénéfices la moins dépendante possible des variations boursières, rapporte L’Agefi. Selon Charles Relecom, son président directeur général, c’est la raison pour laquelle, en assurance vie, la priorité a été donnée aux produits en unité de compte. L’assureur a également exclu de puiser dans sa réserve de participation aux provisions pour excédent [PPE] pour gonfler le rendement de nos produits. En chiffres, la part des contrats en unités de compte (UC) de l'établissement a augmenté de 9 points pour atteindre 31%, contre 15% pour la moyenne du marché.
01/09/2011

Alain Konrad a quitté Swiss Life AM pour rejoindre la SPGP

Directeur général délégué de Swiss Life Asset Management, également responsable de l’activité commerciale et du marketing de la société de gestion, Alain Konrad a démissionné à la mi-juillet pour rejoindre la Société Privée de Gestion de Patrimoine (SPGP) où il occupera des fonctions analogues. L’arrivée d’Alain Konrad coïncide avec la volonté de la SPGP de développer son activité. Avec un milliard d’euros d’actifs sous gestion, essentiellement issus d’investisseurs privés, le nouveau promu – il s’agit d’une création de poste - s’est donné comme objectif d’accroître la part de marché de la société de gestion, principalement auprès des conseillers en gestion de patrimoine indépendants et des investisseurs institutionnels. D’autre part, la SPGP affiche également son intention de commercialiser ses fonds hors de France. Pour cela, Alain Konrad compte s’appuyer sur les services de Third party marketers ainsi que sur son expérience qui lui a permis, au cours des dix années passées chez Swiss Life AM, de porter les encours à 4 milliards d’euros (hors capitaux issus des mandats de gestion Swiss Life) – avec une collecte de 850 millions d’euros pour la seule année 2010. Enfin, selon nos informations, SPGP devrait également enrichir sa gamme d’OPCVM en lançant prochainement un fonds d’obligations innovant.
01/09/2011
Fonds

Axa PE en négociation exclusive avec Astorg Partners pour acheter Photonis

L’Agefi rapporte qu’Axa Private Equity (Axa PE) est entrée en négociation exclusive avec Astorg Partners en vue d’acquérir Photonis, le fabricant de systèmes de photo-détection, une société que la filiale de l’assureur avait elle-même vendue à Astorg en 2008. Le prix est légèrement supérieur à 500 millions d’euros, dont 51% en fonds propres, note le quotidien.
Fonds
01/09/2011

Le directeur commercial d'UFG-LFP part pour l’Union Financière George V

Selon le site H24 Finance, David Edmond a quitté son poste de directeur commercial chez UFG-LFP mercredi 31 août pour rejoindre l’Union Financière George V rachetée l’an dernier par Crystal Finance. L’Union Financière George V conçoit et distribue des produits financiers à plus de 400 conseillers en gestion de patrimoine indépendants.
01/09/2011

Japanese appetite for Brazil funds may drop off

In the past two years, Japanese clients have invested a total of JPY8trn (USD104.3bn) in Brazil funds, Lipper reports. But this love story may not last, the Financial Times predicts. Brazil funds have suffered a double setback. Investors’ recent aversion to risk has led them to pull back from emerging markets; and meanwhile, the Japanese yen has risen while the Brazilian real has fallen.
01/09/2011

Mirae hires a head for Scandinavia

The Korean management firm Mirae Asset Global Investments Group has hired Karl Waltré as its head of the Nordic region, as part of its expansion strategy in Europe. Waltré will handle existing clients of the firm and will aim to develop wholesale and retail activities. He will report to Elliot Berman, and will be based in London. Waltré had previously been director of development at Aviva Investors, where he was in charge of clients in the Nordic and Baltic countries.
01/09/2011

Sanlam Fund Solutions recruits director of Titan Fund Management

Fundweb reports that, as part of its “ambitious growth plans” following the acquisition of Border Asset Management this year, Sanlam Fund Solutions (Principal Investment Management group) has recruited Barry Cowen, who had been director of Titan Fund Management (Mauritius), after also serving at SocGen Investment Management and George Pech International. Cowen will be in charge of management and development of the retail product range for the British market.
01/09/2011

Wealth management advisers continue to dominate British market

In the United Kingdom, wealth management advisers (independent financial advisers, or IFAs, and multi-tied advisers) maintained their market share in the year 2011 to the end of March at 43%, according to a study published on 31 August by the FSA.However, banks and building societies increased their market share from 22% to 29% in the year 2011 to the end of March, while the market share for insurers held stable at about 13%.The FSA points out that these statistics do not take into account sales via platforms, which are widely used by advisers, and whose market share is thus probably above 43%.Retirement policies were the best-selling product in the year under review, representing 36% of total sales. Advisers sold 58% of these retirement products.
01/09/2011

F&C recruits for UK institutional sales team

F&C has added to its UK institutional sales team, according to reports in the British press. Simon Bentley has been hired as client director, and Simon Mooney has been hired as institutional sales director. Lydia Puricelli has also joined the firm as marketing manager in charge of UK institutional marketing, from Jupiter Asset Management. Bentley joins from UBS Global Asset Management, while Mooney was at P-Solve Asset Solutions.
01/09/2011

Argonaut hires a COO

The asset management boutique Argonaut Capital Partners has appointed Edward James as chief operating officer, as previously announced. The move comes as the firm becomes independent of Ignis (see Newsmanagers of 25 August 2011). Edward James joins from Octopus Investments, where he was chief operating officer. He has 15 years of experience in the sector, and has also worked at Euroclear and Gerard Asset Management.
01/09/2011

A good start for Citic Securities hedge fund, launched in June

The CSI RMB Fund, launched in mid-June by Citic Securities International Investment Management (CSIM), has already attracted assets of USD50m, Asian Investor reports. Craig Lindsay, managing director and COO of CSIIM, hopes that the fund will take in at least USD100m in the first year, and up to USD1bn eventually. The fund, domiciled in the Cayman islands, has posted positive returns, though this is only in the two months since its launch. On the basis of a projected 5% to 7% per year appreciation for the Chinese renminbi, the fund is expected to earn returns of 15% to 20% per year.
01/09/2011

Permal offers fund shares denominated in Chinese renminbi

The London-based fund of hedge funds Permal (which was acquired by Legg Mason in 2005) is now offering shares denominated in Chinese renminbi for two of its funds of funds, Permal Fixed Income Holdings (USD5.7bn) and Permal Macro Holdings (USD6bn). Renminbi shares in the Permal Fixed Income Holdings fund will be launched at the end of September, with a launch of shares in the second fund to follow soon after. Permal has recently intensified its focus on the Chinese market, with the recruitment in June of a China expert, Zhiwu Chen, professor of finance at Yale, as chief advisor.
01/09/2011

Le M&G Dividend va doubler de taille

Prudential va fusionner son trust Equity Income (563 millions de livres) dans le fonds M&G Dividend (497 millions) dans le cadre d’une réorganisation de sa gamme de fonds, créant ainsi un portefeuille de 1 milliard de livres, rapporte Investment Week. Le gérant du fonds sera Alex Odd.
01/09/2011

Prudential merges several M&G funds of funds

Prudential is to merge its Equity Income trust into the M&G Dividend fund, as part of a series of consolidations aiming to improve performance and lower costs, Investment Week reports. The merger of the Income trust, whose assets under management total GBP563m, and the M&G Dividend fund (GBP497m) will create a fund with assets of over GBP1bn. Several other mergers are planned, including that of the Prudential International Growth trust (GBP96m) with the Global Growth fund, managed by Greg Aldridge, which has about GBP855m. The operations are subject to the approval of shareholders in September, to go into effect in October.
01/09/2011

ETFs in Europe: Lyxor loses second place to db x-trackers

Total assets under management by European ETFs as of the end of July totalled USD324.4bn, 1% more than one month earlier (321.2bn), and up from 31 December 2010 by 14.2%, or USD40.4bn, of which USD27.1bn were net subscriptions, according to the BlackRock Investment Institute.In this environment, iShares has continued to lead the pack by far: the BlackRock affiliate, whose assets under management as of the end of July totalled USD119.2bn, a market share of 36.2%, took in USD5.2bn in net subscriptions in July, out of a total of USD7.9bn, and USD14.6bn out of a total of USD27.1bn in the first seven months of the year.A change has, however, taken place in the top three: as of the end of June, Lyxor Asset Management (Société Générale) remained in second place, with assets of USD53.5bn, and a 16.7% share of the European market, followed by db x-trackers (Deutsche Bank), with USD51bn and 15.9% of the market. As of the end of July, second place goes to db x-trackers, with USD52.1bn and a market share of 16.1%, while Lyxor falls back to third place with USD50.1bn and 15.4% of the market.Lyxor’s decline is partly due to the fact that the asset management firm has seen as heavy outflows in July (USD1.1bn) as in the first seven months of the year (USD3.6bn).However, db x-trackers has seen net subscriptions of USD2bnin July, and of USD2.5bn in January-July.Second place in the rankings for net subscriptions in the first seven months of the year goes to UBS Global Asset Management, with USD4.2bn, and assets as of the end of July of USD11.7bn, which puts the management firm in sixth place in Europe, after the leading three and Credit Suisse Asset Management (USD18.9bn and USD2.1bn in net subscriptions in January-July), and Zurich Cantobank (USD14.6bn and USD0.5bn).
01/09/2011

Private equity investments up

In first half 2011, private equity investors made more than EUR3.13bn in investments in German businesses, compared with EUR2.32bn in each of the two previous six-month periods, the German BVK private equity association states.The increase was sustained over the period under review, as investments totalled EUR1.84bn in April-June, compared with EUR1.29bn in January-March.
01/09/2011

Slight increase in ETF assets in July

As of the end of July, assets under management in ETFs worldwide totalled USD1.4448trn, compared with USD1.4427trn as of the end of June, an increase of 0.1% in one month, according to statistics from the BlackRock Investment Institute. Total assets were up 10.2% compared with USD1.3113trn as of the end of December.In total, as of 31 July BlackRock counted 2,487 ETFs listed 6,370 times on 51 stock markets, from 148 issuers. The number of ETFs in preparation totalled 1,051, compared with 1,037 as of the end of June, and 970 one year previously.Year to date, the number of ETFs has increased 15.7%, with 419 funds launched, 12 withdrawn from trading, and 20 merged.The top three providers remain unchanged: iShares (BlackRock) as of the end of July had 475 ETFs, up from 474 as of the end of June, with total assets of USD618.1bn, compared with USD620.7bn, and a market share of 42.8%, compared with 43%. State Street Global Advisors (SSgA) remains in second place, with an unchanged number of ETFs (137), assets under management of USD204bn, compared with USD204.2bn one month previously, and a market share of 14.2%, compared with 14.1%. In third place, Vanguard still has 69 funds, but its assets have fallen by USD1bn, to USD174.5bn, and its market share now stands at 12.1% compared with 12.2%.
01/09/2011

Eaton Vance recruits for its institutional sales team

Eaton Vance Management has announced the recruitment of Michael B. Kotarski and Joseph L. Furey as co-directors of sales to institutionals. Kotarski and Furey join from Mellon Capital Management and Eaton Vance United States, respectively, a statement from the firm says.
01/09/2011

Convictions AM prefers stock-picking

The situation on the markets remains extremely tense on both sides of the Atlantic, largely due to a stalemate on sovereign debt, but it is no longer certain that the worst is yet to come. “The market has already taken into account many elements, and the dark scenario of another crisis is not the most likely one,” Philippe Delienne, president of Convictions Asset Management, said on 31 August. In the current market environment, which remains highly vexed, Convictions AM estimates that it is a time to privilege stock-picking, particularly since equities now offer higher returns than bonds, and valuations have never been so attractive. However, due to the chronic volatility of the markets, re-exposure to equities may only be progressive. Convictions AM is focused on emerging equities markets, and more recently, on US equities. In sectoral terms, tech stocks, media, energies, brands, and health are the best bets, along with companies which need a limited amount of capital, as access to bank financing is likely to become more difficult for some time. Convictions AM is also positive on corporate bonds rated investment grade or better, bonds with a AAA rating, and emerging market currencies.
01/09/2011

Alain Konrad joins Société Privée de Gestion de Patrimoine

Alain Konrad, deputy CEO of Swiss Life Asset Management, who is also head of sales and marketing activities at the management firm, resigned in mid-July in order to join the Société Privée de Gestion de Patrimoine (SPGP), where he will have identical responsibilities.The arrival of Konrad coincides with an ambition on the part of SPGP to develop its activities. At the firm with EUR1bn in assets under management, largely from private investors, Konrad, who occupies a newly-created position, has been assigned the objective of increasing the market share for the management firm, largely in the IFA, independent wealth manager, and institutional investor segments. Meanwhile, SPGP has also declared its intention to release its funds outside France.In order to achieve that, Konrad will rely on the services of third party marketers and, where possible, on his own experience, gained during ten years at Swiss Life AM, where he helped to increase assets to EUR4bn (excluding capital associated with management mandates from Swiss Life), with inflows fo EUR850m in the year 2010 alone. According to information obtained by Newsmanagers, SPGP is also planning to add to its range of mutual funds, with the launch of an innovative bond fund in the near future.
01/09/2011

William Harding promoted to head of manager research at Morningstar

The investment management division of Morningstar (250 employees in Chicago, London, Melbourne, Paris, Shenzhen, Syney, Tokyo, and Toronto) has a new head of manager research as of 31 August: William Harding.Harding, who will report to Thomas Idzoreck, CIO and head of research for the division, had been head of research at Morningstar Investment Services (MIS) since 2006. In his new role, he will be in charge of promoting best practices in the area of manager research and manager selection.Peng Chen, president of the investment management division, says that one of the main growth strategies for Morningstar is to make the group a global leader in the area of funds of funds.
01/09/2011

Pimco late to the game in equities

In 2009, Pimco (Allianz Global Investors group) recruited Neel Kashkari, formerly of the US Treasury Department and Goldman Sachs, to transform the major global bond manager into a front-runner in equities, the Wall Street Journal recalls. Since then, Pimco has launched only two equities funds, which account for only slightly over 0.1% of the USD1.3trn in assets at the management firm, and the team led by Kashkari has only 20 investment professionals.The performance of the funds also lacks lustre: the Pathfinder fund (USD1.5bn), managed by two former Franklin Templeton managers, Anne Gudefin and Charles Lahr, had earned only 0.4% since the beginning of the year as of 30 August, compared with 0.89% for its benchmark index, the MSCI World. The emerging markets equities fund (USD376.1bn), launched in March, had lost 10% as of 30 August, compared with 8.04% for the MSCI emerging markets index.
01/09/2011

Oriol Delman promoted as president and CEO of CatalunyaCaixa Inversió

Oriol Delman, the former deputy CEO of Caixa Manresa and most recently CEO of CatalunyaCaixa Inversió, who oversaw the merger of the management firms of the Caixa Catalunya group, Caixa Tarragona et Caixa Manresa, has been appointed as president and CEO of the new entity, Funds People reports. The product range from the three management firms has been rationalised, and reduced from a total of 40 products to 17 traditional funds.
01/09/2011

Robeco aims for 60% institutional assets by 2014

Global Pensions reports that as of the end of June, total assets at Robeco were down slightly, to EUR149.3bn from EUR149.6bn twelve months previously, due to a heavy depreciation of the US dollar and falling markets. CEO Robert Munsters says that in first half, net subscriptions from institutionals represented 47% of total net inflows (see Newsmanagers of 31 August), which totalled EUR4.9bn, following institutional net outflows of EUR4.9bn in January-June 2010. Robeco’s objective is to increase the proportion of assets managed for institutional investors from 50% to 60% by 2014.
01/09/2011

Pimco launches a "go anywhere" bond fund

Pimco is seeking to win over investors with a new bond fund which is intended to earn positive returns in all market environments, by relying on a wide range of bond strategies, the Wall Street Journal reports. The Pimco Credit Absolute Return Fund, launched on Wednesday, may use hedge fund strategies such as short positions. It will be managed by Mark Kiesel, head of corporate bond portfolios at Pimco.
01/09/2011

S&P launches a new Latin American index

The index provider S&P Indices has launched the first in a series of indices designed to measure the performance of the MILA (Mercado Integrado Latino Americano) Integrated Market platform, a trading vehicle which combines the stock markets of Chile, Colombia and Peru. The S&P MILA 40 measures the performance of the largest and most liquid caps on the MILA platform.
01/09/2011

SEC opens a consultation on use of derivatives by mutual funds

The Wall Street Journal reports that on 31 August, the SEC launched a market consultation to gather the opinions of the public about the use of derivatives by mutual funds, an element which obviously had not been provided for in the law of 1940. The consultation will remain open for 60 days.The question is largely, on the one hand, of how leverage should be calculated for derivatives used by funds, and on the other hand, to determine whether the SEC should issue rules governing the way in which funds are to value derivatives in their portfolios. The SEC currently forbids the use of derivatives by ETFs as a precaution.
01/09/2011

Julius Baer publishes its first report on Asian high net worth individuals

In cooperation with the independent brokerage firm CLSA, the Swiss firm Julius Baer on 31 August published its first “Julius Baer Wealth Report,” focusing on themarket for high net worth individuals (HNWI) in Asia.At the time of the survey’s release, the Swiss group also launched the new Julius Baer Lifestyle Index, which tracks consumer prices in the Asia-Pacific region, and the rate of inflation particular to them. It takes into account a basket of 20 luxury goods and services representative of the consumer spending of HNWI, from high-end shops and businesses located in Hong Kong, Shanghai, Singapore and Mumbai. In the twelve months to the end of April, the index has risen 11.7%, while the conventional consumer price indices have risen only 5.1% at the same time. This shows that the cost of living for HNWI in Asia is becoming more expensive much more rapidly than the average.According to the report’s predictions, the number of HNWI in Asia is expected to reach 2.82 million in 2015, with total wealth of USD15.81trn. Their total number in 2010 was 1.16 million, with USD5.6trn in assets. However, Julius Baer points out that the appreciation of Asian currencies may generate as many as 600,000 dollar millionaires by 2015.In the baseline scenario, China alone would have about 1.4 million HNWI by 2015, with wealth of USD8.76trn.

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