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24/01/2014

Threadneedle perd son patron des actions américaines

Coup dur pour Threadneedle. La société de gestion, filiale d’Ameriprise Financial, a annoncé la démission de Cormac Weldon, responsable des actions américaines, qui quittera l’entreprise en avril prochain. Il sera remplacé par Diane Sobin. Selon FT Adviser, Cormac Weldon, qui officiait depuis 17 ans chez Threadneedle, rejoindra la société Artemis Investment Management en compagnie de Stephen Moore, un gérant actions qui quitte également Threadneedle.Dans le cadre de cette annonce, Threadneedle a indiqué vouloir renforcer sa collaboration avec les équipes dédiées aux actions américaines de Columbia Management, également filiale d’Ameprise Financial. Les deux entités gèrent 117 milliards de dollars cumulés en actions américaines, avec 56 gérants de portefeuilles et 58 analystes basés à Londres et dans différentes villes aux Etats-Unis.
24/01/2014

A Taiwan pension fund awards mandates to six managers

P { margin-bottom: 0.08in; } The Labor Pension Fund (LFP) in Taiwan has selected six international managers to provide management of several mandates, the website Asia Asset Management reveals. Vontobel, Wellington and MFS were selected to manage “global high dividend yield” mandates, while Bluebay, Loomis and BlackRock will be responsible for “global credit” mandates. The defined contribution programme from LFP will allocate USD400m each to Vontobel, Wellington and MFS. Bluebay Loomis and BlackRock will each receive USD500m as part of a new LFP programme, and USD200m under the old defined contribution retirement programme.
24/01/2014

Aviva Gestión recruits a director of asset management in Spain

P { margin-bottom: 0.08in; } Aviva Gestión has appointed Carlos Gutiérrez as director of equity management for Spain, Funds People reports. He will be responsible for managing assets of over EUR320m. For the past 12 years, Gutiérrez has pursued his professional career at Intermoney Valores.
24/01/2014

Standard Bank fined GBP7.6m

P { margin-bottom: 0.08in; } The British affiliate of the South African financial group Standard Bank has been fined GBP7.6m by the Financial Conduct Authority (FCA) for being too lax in controls against money-laundering. The British authority, which has been working to oversee the way in which banks manage money-laundering risks since 2011, on Thursday announced that it was the first time that it was delivering such a verdict against a commercial bank. “If they (the banks) agree to do business with high-risk clients, they will need to have effective practices, controls and systems, put in place to manage this risk. Standard Bank has clearly failed in this regard,” says Tracey McDermott, director of the financial crime division and responsible for enforcement of regulations at the FCA.
24/01/2014

SEI recruits former Skandia CEO

P { margin-bottom: 0.08in; } CEI has appointed the former CIO of Cofunds and Skandia, Brett Williams, as managing director for its private banking platform, SEI Wealth, Investment Week reports. The firm has also promoted Jim London to chief operating officer.
24/01/2014

Henderson to recruit an emerging market credit team

P { margin-bottom: 0.08in; } Henderson Global Investors is in the process of recruiting a team specialised in emerging market credit, the head of credit at the firm, Stephen Thariyan, has revealed at a press conference about credit funds, Citywire reports. The firm is also planning to appoint two personnel at its US affiliate.
24/01/2014

Threadneedle loses its head of US equities

Threadneedle Investments has announced that its head of US equities, Cormac Weldon, has resigned and will leave the firm in April following full transition of his responsibilities. He will be replaced by Diane Sobin. Cormac Weldon, who has been working at Threadneedle for 17 years, will join Artemis Investment Management. He will join with Stephen Moore, a portfolio manager, who is also leaving Threadneedle.In addition to investing in the London-based team, Threadneedle will increase its collaboration with Columbia Management’s US Equities team. Columbia Management is the US-based asset management subsidiary of Threadneedle’s parent company, Ameriprise Financial. Threadneedle and Columbia manage a combined USD117bn AUM in US equities, with 56 portfolio managers and 58 analysts located in London, Boston, New York, Minneapolis, Portland, Hartford and Stamford, managing a full range of strategies.
24/01/2014

Partners Group and Mizuho Financial form a strategic alliance

P { margin-bottom: 0.08in; } The wealth management firm Partners Group, the Japanese bank Mizuho Financial Group (MFG) and its asset management affiliate Mizuho Trust & Banking (Mizuho Trust), on 23 January announced that they had signed a strategic partnership. The agreement signed on 9 January includes the sale of certain private equity and infrastructure projects to Japanese pension funds, a statement says. The new partners will also examine the possibility of developing products together to better meet the growing demand of Japanese institutional investors for international investment vehicles. “We are pleased with this partnership with one of the best-known financial establishments in Japan, in order to meet the growing demand of Japanese pension funds seeking returns in private equity and infrastructure,” says Steffen Meister, director of the strategic development committee of the board of directors at Partners Group, cited in a statement. Assets under management at Partners Group total over EUR30bn in the private equity, real estate, infrastructure and private debt sectors.
24/01/2014

Assets under management at Tikehau IM up 90% in 2013

P { margin-bottom: 0.08in; } Tikehau IM is scaling up its growth. Its assets under management increased from EUR1.2bn as of the end of 2012, to EUR2.3bn in 2013, an increase of more than 90% year on year, the firm announced on 23 January. For its open-ended fund activity, Tikehau IM has announced that it has posted growth in its assets of more than 140% over the past year.
24/01/2014

Net profits up 12% at Janus Capital in 2013

P { margin-bottom: 0.08in; } Janus Capital Group has had a nice finish to the year in 2013. In fourth quarter, the US asset management firm earned net profits of USD38.3m, compared with USD31.2m in fourth quarter 2012, for growth of nearly 23%. In the last three months of the year, the firm has posted USD226.2m in earnings, up 4.4% year on year. Over the past year as a whole, profits at Janus Capital rose 12%, to a total of USD114.7m, compared with USD102.3m in 2012. Its annual earnings have risen much more modestly, by only 2.8%, to a total of USD873.9m, compared with USD850m in 2012. The US firm, based in Denver, may nonetheless be proud of having significantly increased its assets. At the end of December 2013, its assets under management totalled USD173.9bn, up by 11% compared with the end of December 2012 (USD156.8bn).
24/01/2014

Fullerton Fund Management sets up shop on Japanese market

P { margin-bottom: 0.08in; } Fullerton Fund Management, an affilate of the Singapore sovereign fund Temasek Holdings, is scaling up its footprint on the Asian market. The asset management firm, which is already present in China in Beijing, will now open its first office in Japan. The new firm, entitled Fullerton Fund Management Japan Limited, will be based in Tokyo and will be led by Fumio Izumi, former head of sales at PineBridge Investment As of the end of November 2013, Fullerton Fund Management had about USD9.7bn in assets under management.
24/01/2014

Syz launches a new European fund for Eric Bendahan

P { margin-bottom: 0.08in; } The Swiss group Syz & CO has awarded its European equity specialist Eric Bendahan a new fund focused on family businesses, Citywire Global reports. The fund, entitled Oyster Continental European Selection, will invest in 50 equity positions in European businesses (outside the United Kingdom) with strong potential for growth over five years.
24/01/2014

China Life AMP AM releases its first fund in China

P { margin-bottom: 0.08in; } China Life AMP Asset Management, a joint venture founded last year between AMP Capital and China Life Asset Management, have launched their first common investment fund in China, entitled China Life AMP Money Market Fund, the website Asian Asset Management reveals. The vehicle already raised CNY11.9bn (USD1.89bn) at its listing at the beginning of the month. The minimal investment level is set at CNY1,000. The fund invests primarily in a range of short-term instruments, such as deposit certificates or cash, on the basis of analysis of macroeconomic factors, monetary policy and the credit market. The launch is no coincidence. The Chinese wealth management market is undergoing rapid and strong growth, with USD704bn in assets under management at the end of 2013, according to the Chinese asset management association, which predicts growth of 15% per year, to a total of USD1.408trn by 2017.
24/01/2014

Italian funds post inflows of more than USD50bn in 2013

P { margin-bottom: 0.08in; } In 2013, open-ended funds on sale in Italy recorded net inflows of USD48.7bn, compared with only EUR1.7bn in 2012, the most recent statistics from Assogestioni, the Italian association of asset managers, show. Inflows were driven by flexible funds (EUR28.4bn) and bond funds (EUR12.8bn), but to a lesser extent than last year in the case of the latter category. Equity funds, which saw outflows of EUR7.8bn in 2012, for their part, took in EUR4.6bn. Only money market and hedge funds saw net redemptions in 2013, of EUR1.6bn and EUR1.7bn, respectively. At the end of December, assets in the Italian fund sector totalled EUR559bn, compared with EUR487bn one year previously. With the addition of closed funds and mandates, assets total EUR1.333trn, compared with EUR1.999trn previously.
24/01/2014

NYSE Euronext asks SEC to be allowed to trade “non-transparent” ETFs

P { margin-bottom: 0.08in; } NYSE Euronext on Thursday filed a request with the Securities and Exchange Commission to adopt a new rule that would permit «nontransparent» ETFs to list and trade on its platform, the Wall Street Journal reports. Promoters of ETFs currently have to report the securities held in each portfolio daily. “Non-transparent” ETFs publish this information only on a quarterly basis. The NYSE request comes one day after Precidian Investments submitted the first prospectus laying out the functioning of “non-transparent” ETFs. BlackRock, State Street, Eaton Vance and T. Rowe Price are also militating for the adoption of such ETFs.
24/01/2014

AltaRocca AM launches its first fund

AltaRocca Asset Management, the French asset management boutique founded by the former funds managers from Oddo Asset Management Xavier Hoche and Muriel Blanchier, has launched its first fund. Unsurprisingly, it is a convertible bond product, one of the specialties of the co-founders, with bond return strategies.AltaRocca Convertibles is a long-only fund of convertible bonds denominated in euros. It is managed with a defensive, wealth management approach, independently of benchmark indices. Stock-picking is based on fundamental analysis of businesses.AltaRocca AM was founded last summer by Xavier Hoche and Muriel Blanchier. The firm is backed by the Primonial group, which owns 70% of its capital, within its multi-boutique structure.The firm plans to offer a range of funds based on convertible and return themes, including Investment Grade or High Yield rated corporate bonds. The range will be aimed both at institutional and retail investors.
24/01/2014

Le rouble accentue sa chute libre

Le rouble continue de plonger. Il a dépassé le seuil de 47 roubles pour un euro pour la première fois depuis 2009 et se rapproche de son plus bas historique. Le président russe Vladimir Poutine a réfuté mercredi une possible dévaluation et défendu la politique de la Banque centrale de Russie.
24/01/2014

Tikehau IM a quasiment doublé ses encours en 2013

Les actifs gérés par Tikehau IM ont significativement augmenté, passant de 1,2 milliard d’euros fin 2012 à 2,3 milliards d’euros en 2013, soit une progression de plus de 90% sur l’année, indique un communiqué du spécialiste de la gestion crédit. La société a notamment été sélectionnée l’an dernier pour gérer Novo 2, le fonds de place destiné au financement des PME-ETI.
24/01/2014

Le chef économiste du FMI voit une croissance chinoise à 6%

La croissance de l'économie chinoise semble vouée à ralentir à 6% l’an à l’avenir avec le rééquilibrage amorcé par les autorités en faveur de la consommation et des services au détriment de l’investissement, a déclaré jeudi Olivier Blanchard, l'économiste en chef du FMI. Pour cette année, le Fonds table sur une progression du PIB chinois de 7,5%.
24/01/2014

Rome attend 8 à 10 milliards d'euros de ses privatisations

L’Etat italien pourrait dégager entre huit et dix milliards d’euros de la cession de ses participations dans des entreprises publiques au cours des deux prochaines années, a estimé jeudi le ministre de l’Economie. Fabrizio Saccomanni a précisé à Davos que l’un des joyaux de ce programme, la cession prévue d’une participation de 40% dans Poste Italiane, devrait se solder pour l’Etat par un produit allant de 4 à 5 milliards d’euros.
24/01/2014

Washington envisage des sanctions contre l'Ukraine

Les Etats-Unis envisagent des sanctions contre l’Ukraine en réponse à la répression des manifestations antigouvernementales à Kiev, a déclaré jeudi la Maison blanche. Pour le porte-parole de la présidence américaine, Jay Carney, les tensions actuelles dans la capitale ukrainienne sont la conséquence directe de l’attitude du gouvernement qui refuse de répondre aux revendications «légitimes» de la population.
24/01/2014

Un promoteur londonien décroche un crédit «peer-to-peer» record

Misant sur l’attrait du marché immobilier londonien pour des investisseurs, un promoteur a réussi à obtenir un financement peer-to-peer de 4 millions de livres via la plate-forme LendInvest. Il s’agit du plus gros prêt de ce type jamais contracté. Des centaines de prêteurs ont afflué en échange de la promesse d’un taux d’intérêt annualisé de 12%.
24/01/2014
Gestion d'actifs

L'UFF sélectionne un gérant pour un nouveau fonds PEA-PME

L’Union Financière de France (UFF) vient d’annoncer le lancement d’un fonds PEA PME, UFF Tremplin PME. Le fonds est investi en actions européennes est éligible au PEA PME, au PEA classique et à l’assurance vie. La gestion du fonds a été déléguée à Financière de l’Echiquier. En principe, le fonds investit 75% de son actif (soit 30 à 40 valeurs) dans des petites et moyennes entreprises européennes cotées ou non (représentant moins de 5 000 salariés et représentant un chiffre d’affaires inférieur à 1,5 Mds € annuel ou un bilan inférieur à 2 Mds €), et le solde dans des grandes entreprises européennes ayant pour objet d’assurer notamment la liquidité du fonds.
Gestion d'actifs
23/01/2014

L'économie espagnole se redresse, le chômage aussi

L'économie espagnole a progressé de 0,3% au quatrième trimestre en rythme annuel, a annoncé jeudi la Banque d’Espagne. Il s’agit du deuxième trimestre d’expansion consécutif après deux années de récession. Sur l’ensemble de l’exercice 2013, le produit intérieur brut s’est contracté de 1,2%. En revanche, le taux de chômage s’inscrit aussi en très légère hausse, à 26% au dernier trimestre, mais la population active a diminué de 268.000 personnes, reflétant un phénomène d'émigration des Espagnols en quête de travail.
23/01/2014

Tikehau IM a quasiment doublé ses encours en 2013

Les actifs gérés par Tikehau IM ont significativement augmenté passant de 1,2 milliard d’euros fin 2012 à 2,3 milliards d’euros en 2013, soit une progression de plus de 90% sur l’année, indique un communiqué du spécialiste de la gestion crédit. La société a notamment été sélectionnée l’an dernier pour gérer Novo 2, le fonds de place destiné au financement des PME-ETI.

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