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12/02/2014

Strong inflows to long-term funds in 2013

Over the course of the year 2013, the European fund industry enjoyed net inflows of EUR277.4bn into long term mutual funds, according to Lipper. These flows were driven by net inflows into bond funds (+EUR96.4bn), equity funds (+EUR92.4bn) and mixed asset funds (+EUR85.1bn). Money market funds showed outflows of EUR93.9bn.For December, the European mutual fund industry enjoyed overall net inflows of EUR16.9bn for long-term mutual funds. BlackRock, with net sales of EUR2.2bn, was the best selling group of long-term funds for December, ahead of Nordea AB (+EUR1.3bn) and Vanguard Group (+EUR1.2bn).
12/02/2014

iShares lists an ETF on Euronext Amsterdam

P { margin-bottom: 0.08in; } iShares on 11 February listed the iShares Euro Stoxx 50 ex-Financials Ucits ETF on Euronext Amsterdam, according to a statement released by Euronext. The product, which charges 0.20%, and whose underlying index is the Euro Stoxx 50 ex Fins, is the first ETF in continental Europe to use an international transaction settlement structure, specifically Euroclear Bank, an international central securities depository (ICSD), which substitutes for traditional national central securities depositories (CSD). Euronext now has 661 listings of 571 ETFs listed on European markets.
12/02/2014

Spain: assets in funds expected to rise 13.5% in 2014

P { margin-bottom: 0.08in; } The asset management market in Spain is promising a bright future. According to estimates published on 10 February by Inverco, the Spanish asset management association, unveiled by Funds People, assets under management in funds on sale in the Iberian peninsula are expected to rise by 13.5% in 2014 to EUR284.5bn, compared with EUR250.74bn at the end of 2013. Foreign funds on sale in Spain alone are expected to grow by 15.4% of their assets, to a total of EUR75bn, while domestic funds may see their assets increase by 14.3% to a total of EUR180bn, Lastly, Inverco is anticipating growth of 3.3% in assets under management in pension funds in 2014, increasing from EUR92.4bn to EUR95.5bn.
12/02/2014

BNY Mellon launches two Japan equity funds in France

P { margin-bottom: 0.08in; } The product range from BNY Mellon Asset Management (AM) in Japanese equities is winning out on the French market. The two funds investing in Japanese equities, the BNY Mellon Japan All Cap Equity and the BNY Mellon Japan Small Cap Equity Focus, which are already available in most major European countries (see Newsmanagers of 3 February 2014), have received a license from the Autorité des marchés financiers (AMF) for sale in France. The two vehicles, domiciled in Dublin, are sub-funds of BNY Mellon Global Funds plc. They are managed directly by BNY Mellon Japan, the local affiliate of the US group based in Tokyo. The structure was created last year following the recruitment of a team of 5 people from ING in April 2013, who report to Miyuki Kashima, head of Japanese equity management at BNY Mellon AM Japan. While the BNY Mellon Japan All Cap Equity Fund invests in a diversified portfolio of equities in all sectors of the Tokyo Stock Price (TOPIX) index, the BNY Mellon Japan Small Cap Equity Focus Fund, for its part, is primarily exposed to securities, whose market capitalisation is less than GBP3bn (JPY500bn).
12/02/2014

Appointment at Bi-Sam

P { margin-bottom: 0.08in; } The asset management sector service provider Bi-Sam has appointed Richard Irons as executive director for Europe. In his new role, Irons will direct the development of the activities of the firm in Europe. Irons previously worked at Nyse Euronext, where he was director of sales for Nyse Technologies.
12/02/2014

ESMA consults on ratings agency technical standards

The European Securities and Markets Authority (ESMA) on February 11 published a consultation paper setting out the draft Regulatory Technical Standards (RTS) required for the implementation of the CRA3 Regulation (Regulation).The draft RTS, which complements the existing regulatory framework for credit rating agencies (CRAs), cover: disclosure requirements on structured finance instruments (SFIs); the European Rating Platform (ERP); and the periodic reporting on fees charged by CRAs.
12/02/2014

Nikko AM recruits a head of marketing for EMEA

Nikko Asset Management has hired Alex Shaw in London as head of Europe, Middle East and Africa (EMEA) sales and marketing, a newly created position. Alex Shaw was most recently at Cambridge Strategy, and previously was managing director EMEA at Arden Asset Management. Prior to that, he held senior positions at firms such as GAM and Mercury Asset Management.The creation of this new role “is in line with Nikko AM’s ambition to expand its presence across the EMEA region, and is intended to capitalize on the growing interest toward investment opportunities in Japan and Asia”, according to a press statement.
12/02/2014

Towers Watson appoints a global head of investment

P { margin-bottom: 0.08in; } Towers Watson is overhauling its teams. The firm, which has over 14,000 employees worldwide, on 10 February appointed Chris Ford as global head of its investment business. He replaces Carl Hess, who is promoted to the executive board for the group as managing director for the Americas region. Ford, who has been present at Watson for 23 years, was previously in charge of the investment business for Europe, the Middle East and Africa. In his new role, he will oversee an activity from London which will have over 800 employees worldwide, and which has over USD2trn in assets advised, and nearly USD60bn in assets under management.
12/02/2014

Loss of GBP19m from Wealth division at Barclays

P { margin-bottom: 0.08in; } A cold front is moving in at Barclays. The Wealth and Investment Management division at the British banking group has seen a pre-tax loss of GBP19m in 2013, after a pre-tax profit of GBP274m in 2012. This severe loss is primarily due to the costs of transformation and restructuring, which totalled GBP158m last year. At the same time, earnings have remained stable year on year, at GBP1.83bn in 2013, compared with GBP1.82bn in 2012. The only bright spot is that client assets increased 10% in 2013, to GBP204.3bn, and client savings increased 18%, to GBP63.4bn. For the year 2013 as a whole, the banking group has posted a pre-tax profit of GBP5.16bn, down 32% due to the negative impact of its transformation plan, while earnings fell 4% to GBP28.15bn.
12/02/2014

Old Mutual GI recruits a head of governance

P { margin-bottom: 0.08in; } Paul Emerton has joined Old Mutual Global Investors as head of UK stewardship and governance, where he joins his old colleague from Schroders, Richard Buxton. He will work with the UK equity team to improve corporate governance. Emerton was previously head of governance for the United Kingdom at Schroders. At OMGI, he will report to Buxton, head of British equities.
12/02/2014

Gad Amar promoted to new role at BlackRock

P { margin-bottom: 0.08in; } Gad Amar is taking a new step at BlackRock. At a client conference held on 11 February, the head of retail in Paris announced that he is moving to London, where he will in March take over as head of product development for the Europe, Middle East and Africa (EMEA) region at BlackRock. Amar joined BlackRock Paris in September 2010. He previously worked at JPMorgan Asset Management in Paris.
12/02/2014

Jupiter appoints a new head of distribution

P { margin-bottom: 0.08in; } The British asset management firm Jupiter has appionted Simon Hynes as global head of distribution, replacing Maarten Slendebroek, who will succeed Edward Bonham Carter as CEO of the company. Hynes, who has been at Jupiter since 2002, had previously served as head of client coverage for the United Kingdom, overseeing sales to retail, institutional and wealth management clients.
12/02/2014

Lyxor sees increase in assets of EUR5bn in 2013

P { margin-bottom: 0.08in; }Lyxor recorded an increase in its assets under management of EUR +5 billion in 2013, to EUR 80 billion, according to Societe Generale’s annual results. This was due to « a positive inflow, underpinned by the extension of its product range in 2013, and a positive performance effect ». Lyxor’s revenues were up +8.6% at EUR 214 million in 2013, representing an increase in the gross margin to 28 basis points vs. 26 basis points in 2012. Amundi’s contribution to Group net income came to EUR 106 million in 2013 vs. EUR 115 million in 2012 and EUR 31 million in Q4 13 vs. EUR 28 million in Q4 12.The Asset and Wealth Management business line’s contribution to Group net income of EUR 271 million in 2013 was higher than in 2012, which incurred a EUR -200 million goodwill write-down in respect of TCW in Q2 12. Revenues totalled EUR 1,100 million, up +16.1% year-on-year, driven by Private Banking and Lyxor. Operating expenses of EUR -858 million increased +12.2% vs. 2012. They included EUR -30 million in respect of the transformation plan. The cost to income ratio improved by +5 points vs. 2012, to 78%. Gross operating income of EUR 242 million was higher year-on-year (EUR 218 million in 2012).
12/02/2014

Axiom AI wants to play in the big leagues

P { margin-bottom: 0.08in; } By opening an office in London, Axiom Alternative is hoping to kill two birds with one stone. Firstly, its presence in the European capital of finance permits direct confrontation with the heavyweights in the sector. “We wanted to play in the big leagues. But we needed to reach a certain size,” David Benamou, managing partner at Axiom AI, on 11 February told Newsmanagers at a debate and conference about the banking sector. With assets under management that now well exceed EUR500m, the firm claims that it has reached critical mass to envision a new step in its growth. That is another reason to set up in London. After massive changes in the past few years, in the City there is now a rich supply of talent that can be drawn on to build solid and well-performing teams. The London office may have four or five people by the end of the year. In addition to Benamou, who will direct the London office, the team may also include an analyst and a salesperson. There may also be some research activity in London, such that the team of 12 people in Paris may reach a total size of 17 to 18 employees by the end of 2014. The United Kingdom may be home to the firm’s largest foreign outpost, but it is not the only one. Axiom AI also has a large client base in Luxembourg, Belgium, Switzerland, and to a lesser extent in Southern Europe, in Spain and Italy. Axiom AI is planning to set up a sales office in Italy. Last but not least, the firm is also working to add to its product range, with the forthcoming launch of a strategy dedicated to banking sector equities. This is an asset class that the firm does not offer yet, but a sector which it knows well due to its specialisation in subordinate banking sector debt.
12/02/2014

La Française builds presence in alternative multi-management and international

P { margin-bottom: 0.08in; } La Française on Tuesday, 11 February announced that it is signing a strategic partnership with Tages Capital in the area of alternative multi-management. La Française will be acquiring 40% of capital in the asset management arm of the Tages group (USD2.1bn in assets). Pascale Auclair, CEO at La Française des Placements, and two other heads from La Française will be appointed to the executive board at Tages Capital, whose assets total about USD1bn. Two managers from La Française will also join Tages Capital in London to create a new team, which will be managing the range of funds of hedge funds from La Française, and will also provide services to French clients. In France, La Française will be the exclusive distributor of alternative management funds from La Française and Tages. Outside the borders of France, the two groups will collaborate with the support of their own distribution networks. This new participation follows a series of partnerships signed in France and internationally by the La Française group in the past year, including one with Inflection Capital Management (IPCM) in equity management. As of the end of December, the La Française group had assets of EUR41.9bn, up 12.5% year on year, for gross long-term inflows of over EUR5.7bn, driven by real estate inflows of EUR1.8bn and a strong contribution from international, totalling over EUR1bn. Net inflows totalled EUR1.5bn. International ambitions are strong. “International is expected to account for more than the current 9% in the next few months. International inflows are expected to be brought up to EUR1.5bn for 2014,” predicts Xavier Lépine, chairman of the board at La Française.
12/02/2014

US asset management firms move away from salesforce channelization

Asset managers in the United States are shifting away from salesforce channelization, according to new research from Cerulli Associates. More than 50% of asset managers have reported moving away from organizing their salesforce by channel, compared to more than 30% in 2011. «For two decades, firms were organizing their salesforces by segmenting the industry into distribution channels, and assigning territories to wholesalers based on a combination of geographic factors and channel attributes,» Pamela DeBolt, associate director at Cerulli, explains. «Industry consolidation, technology, and the rise of fee-based platforms have created a new landscape in which firms are trending away from a channelized view of distribution.» «Firms are no longer able to rely on the classification of their clients into neat groups of channels that share similar characteristics,» DeBolt continues. «Firms are organizing their sales efforts around their key accounts and most promising client relationships, with key account managers playing an increasingly important role and wholesalers relying on them more.»
12/02/2014

J.P. Morgan AM adds to team in Asia-Pacific

P { margin-bottom: 0.08in; } J.P. Morgan Asset Management (AM) has appointed Paula Stibbe in the position of head of global liquidity sales in Asia-Pacific, replacing Travis Spence, who has recently taken the position of head of global strategic relationships for the group in the region (excluding Japan), Asia Asset Management reveals. Stibbe had previously served in New York as senior client portfolio manager in the global short-term fixed-income group of the company. She will now be based in Hong Kong, where she will be in charge of sales and services of short-term fixed-income solutions along with development across the Asia-Pacific region.
12/02/2014

Hermes recruits a new head for Northern Europe

P { margin-bottom: 0.08in; } Hermes Fund Managers has hired Johan Strömberg as head of development for Northern Europe, Fondbranschen reports. Strömberg previously worked for the hedge fund firm Prosperity Capital. He replaces Jakob Nilsson, who is appointed as head of sales for Asia.
12/02/2014

Good start to the year for Swedish funds

P { margin-bottom: 0.08in; } In January, funds on sale in Sweden enjoyed net inflows of SEK11.1bn, or EUR1.25bn, the latest statistics from the Swedish investment fond association, Fondbolagens Förening, show. Inflows were primarily driven by money market funds, which took in SEK4.9bn. Bond, equity and balanced funds posted respective inflows of SEK2.8bn, SEK2bn and SEK1.6bn. In equity funds, inflows were primarily driven by global equity funds, with nearly SEK4bn. European and Swedish equity funds also posted inflows, while other geographical regions show outflows. At the end of January, assets in Swedish funds totalled SEK2.442bn, or EUR276.55bn, of which 55% are in equity funds.
12/02/2014

Speculation about a potential sale of Bestinver

P { margin-bottom: 0.08in; } Bestinver may soon be changing hands. According to several sources in the Spanish media, its largest shareholder, Acciona, is disposed to consider potential bids for its asset management affiliate. For good reason. The Spanish firm, specialised in infrastructure and services, has a lot of debt and is suffering the brunt of the most recent electricity reforms, which require the Entrecanales family, a shareholder in Acciona, to look at various options to unload non-strategic assets, including the asset management firm Bestinver. The challenge is far from easy: Acciona needs to unload several assets or affiliates to make up the gap of EUR350m related to recent regulatory changes in Spain. Although Acciona refuses all comment, several sources close to the Entrecanales family, cited by El Confidencial, confirm that the sale, as well as the real estate management firm, would be part of a restructuring plan announced in mid-2013, which aimed for EUR500m to EUR1bn in divestment. Bestinver, whose assets under management total EUR9bn, could be valued at EUR250m to EUR530m on the basis of an operating profit of EUR75m, according to El Confidencial. According to market sources cited by other Spanish media sources, the potential buyer of Bestinver could be a foreign private equity fund. Regardless of the valuation of the asset management firm and its potential buyer, the operation will have to be approved by the current managers and directors of Bestinver, key agents in the success of the asset management firm.
12/02/2014

Les fonds d'actions et les fonds diversifiés ont été très demandés en décembre

Les fonds de long terme (c’est-à-dire hors fonds monétaires) commercialisés en Europe ont enregistré en décembre une collecte nette de 16,9 milliards d’euros, ce qui porte la collecte sur l’ensemble de l’année à 274,8 milliards d’euros, selon des statistiques communiquées par Lipper.Les fonds d’actions et les fonds diversifiés ont mené la danse en décembre, avec des collectes nettes de 10,2 milliards d’euros et 6,2 milliards d’euros respectivement. les premières estimations pour janvier montrent que les fonds d’actions ont continué de fortement collecter, relève Lipper. Les fonds obligataires ont attiré en décembre 2,4 milliards d’euros alors que les fonds monétaires subissaient une décollecte nette de 8,3 milliards d’euros.L’examen par pays montre un tableau contrasté, avec des collectes en décembre de 3,3 milliards d’euros en Italie, de 3,1 milliards d’euros au Royaume-Uni et de 2,4 milliards d’euros en Suède. En revanche, la Belgique affiche une décollecte nette de 2,6 milliards d’euros, devant la Suisse (-2,2 milliards d’euros) et la France (-2,1 milliards d’euros).BlackRock arrive en tête des collecteurs de fonds en décembre, avec des souscriptions de 2,2 milliards d’euros, devant Nordea AB (1,3 milliard d’euros) et Vanguard Group (1,2 milliard d’euros).Sur l’ensemble de l’année, les fonds obligataires ont collecté 96,4 milliards d’euros, les fonds d’actions 92,4 milliards d’euros et les fonds diversifiés 85,1 milliards d’euros. Les fonds monétaires ont en revanche terminé l’année sur une décollecte nette de 93,9 milliards d’euros.
12/02/2014

Brevan Howard closes an emerging market fund

P { margin-bottom: 0.08in; } The shift bell is ringing at Brevan Howard Capital Management. The hedge fund management firm has decided to close a fund oriented to emerging markets with assets of USD2.3bn, effective immediately, due to its weak performance related to the purchase of bond assets and other securities, according to a source familiar with the matter cited by Reuters. The vehicle concerned, entitled Emerging Markets Strategies Fund, lost 15% last year, and another 1.6% since the beginning of 2014. The manager of the portfolio, Geraldine Sundstrom, is also expected to leave the firm, according to the same anonymous source.
12/02/2014

Schroders launches a global long/short equity fund

Schroders launched on 7th February a new fund, Schroder ISF QEP Global Value Plus. This long/short global equity fund is managed by the QEP Investment Team, for Quantitative Equity Products, and represents the new vehicle for investors wishing to access its QEP Global Value Extension strategy, launched in 2008. With the flexibility to invest up to 150% long value stocks and up to 50% short low quality stocks, the strategy targets +5% vs. benchmark. With existing clients transferring to the new fund, Schroder ISF QEP Global Value Plus opened with over USD500 million of assets under management. The QEP Investment Team was established in 1996 and currently manages in excess of USD35 billion.
12/02/2014

Schroders plans to develop in Switzerland

P { margin-bottom: 0.08in; } The British Schroders group is planning to build its presence in significant proportions on the Swiss market, where it already has more than 250 employees, the head of Schroders, Michael Dobson, has told the newspaper NZZ. The development of activities in Switzerland is already a consequence of the acquisition of Cazenove in July 2013, as the administrative services from Cazenove will now all be executed in Switzerland. Dobson has also emphasized that unlike what is being done in many other countries, Schroder Investment Management in Switzerland has not only a distribution team, but also eight investment desks, from which it is possible to manage funds.
12/02/2014

IMA wants feedback from rest of world on commissions paid by asset management firms

P { margin-bottom: 0.08in; } The Investment Management Association, the association of asset management professionals in the United Kingdom, will launch a global call to review the way in which asset management firms pay for financial research, Financial News predicts. The move comes at a time when the association is concerned that the United Kingdom may be isolated by plans by the Financial Conduct Authority to shake up the research sector in the country. The recommendation will be part of a report on commissions paid for financial research which the IMA is expected to publish in the coming weeks.
12/02/2014

La Banque d'Angleterre élargit sa «forward guidance»

Dans son rapport trimestriel sur l’inflation, la Banque d’Angleterre (BoE) laisse entendre qu’une première hausse des taux pourrait intervenir en 2015. Elle souligne que le relèvement des taux sera progressif. La BoE en a profité pour élargir le champ de sa politique de guidage des anticipations, qui reposait jusqu'à présent sur un taux de chômage à 7%. La banque centrale évoque désormais une réduction de l’output gap. Par ailleurs, pour 2014, la BoE a relevé à 3,4% sa prévision de croissance contre 2,8% anticipés en novembre. Elle prévoit 2,7% de croissance en 2015 (2,3% en novembre) et 2,8% en 2016 (2,5%).
12/02/2014

Le Portugal signe son deuxième emprunt de l'année

Le Trésor portugais a fixé hier à 3 milliards d’euros la taille de l'émission obligataire pour laquelle il avait mandaté des banques la veille. Le pays est allé abonder une souche à 10 ans de maturité février 2024. Le spread à l'émission ressort à 320 points de base au-dessus des swaps (contre 400 pb pour la dernière opération à 10 ans en mai dernier). Barclays, Banco Espirito Santo, CA CIB, Citi, RBS et SG CIB ont dirigé ce placement. Le pays espère sortir au deuxième semestre du plan d’aide internationale.
12/02/2014

La Cour des comptes doute de l'objectif de baisse du déficit public

Il pourrait manquer jusqu'à 6 milliards d’euros de recettes fiscales cette année, soit 0,3 point de PIB, pour atteindre l’objectif de réduction du déficit public du gouvernement français, selon le Premier président de la Cour des comptes, Didier Migaud, lors de la présentation de son rapport annuel. Selon celui-ci, le déficit de 2013 pourrait dépasser le niveau de 4,1% du PIB prévu jusqu'à présent par le gouvernement ce qui fragiliserait encore plus l’objectif de ramener le déficit à 3,6% du PIB fin 2014 et le retour sous la barre des 3% en 2015 promis par la France à ses partenaires européens. Le montant du déficit public 2013, qui agrège les comptes de l’Etat, des administrations de Sécurité sociale et des collectivités locales, sera connu fin mars. Pour 2014, «les hypothèses de niveau d’emploi et de progression de la masse salariale du secteur privé apparaissent fragiles, tout comme celles relatives à l'élasticité des recettes», a indiqué Didier Migaud.
12/02/2014

La BoE défend son attitude dans le dossier des changes

La Banque d’Angleterre a dit qu’elle n’avait rien trouvé à l’appui des affirmations des médias voulant qu’elle ait fermé les yeux sur des informations de manipulation des taux de référence du marché des changes. La banque centrale a discuté, le 23 avril 2012, soit plus d’un an avant l’ouverture d’une enquête internationale, avec des cambistes londoniens qui auraient alors révélé qu’ils échangeaient des informations sur les positions de leurs clients par l’intermédiaire de «chatrooms».
12/02/2014

Les géants bancaires italiens discutent bien avec KKR

Confirmant une information relayée la semaine passée par plusieurs sources, le patron d’UniCredit Federico Ghizzoni a reconnu que sa banque était en discussions conjointement avec sa rivale Intesa Sanpaolo et KKR en vue du montage par ce dernier d’un fonds de prêts à risques détenus par les deux banques. Une décision doit être prise d’ici cet été.

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