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28/11/2013

BNY Mellon AM collecte fortement en Israël

Présent en Israël depuis août 2012, BNY Mellon Asset Management a collecté dans ce pays 180 millions de dollars depuis le début de cette année, ce qui porte son encours local à 400 millions de dollars. La directrice-pays du gestionnaire américain est Anne-Laure Frischlander, qui est principalement directrice générale du bureau de Paris.
28/11/2013

Partners Group sort d'Asset Management Partners

Le gestionnaire helvétique Partners Group (30 milliards d’euros) a annoncé officiellement la cession du reliquat de sa participation dans Asset Management Partners (environ 750 millions d’euros d’encours au 30 juin) à l'équipe de direction de cette filiale, comme cela avait été pré-annoncé il y a deux mois (lire Newsmanagers du 19 septembre). Asset Management Partners (AMP) est focalisée sur la gestion d’actifs traditionnelle, alors que Partners Group met l’accent sur les actifs non cotés.Le montant de la transaction n’a pas été divulgué.
28/11/2013

Italian funds continue to post strong inflows

In October, open-ended funds on sale in Italy recorded net inflows of EUR1.635bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Since the beginning of the year, these funds have attracted EUR41.724bn, while over 2012 as a whole they took in only EUR1.7bn. Inflows in October were driven by flexible funds (EUR1.789bn), equity funds (USD980m) and balanced funds (EUR542m). However, money market funds and bond funds posted net outflows (EUR912m and EUR652m). Total assets in open-ended funds total EUR550bn. With the addition of closed funds and management under mandate, the asset maangement sector in October had net sales of EUR3.6bn. Since the beginning of the year, overall inflows total EUR60.6bn, the best result of the past 10 years. Total assets for the first time exceed EUR1.321bn, Assogestioni notes. Intesa Sanpaolo is the group which posted the strongest inflows in October, with slightly over EUR1bn. Poste Italiane and Kairos Partners come next with EUR899bn and EUR388bn, respectively. However, Generali has seen outflows of EUR768m, followed by Ubi Banca (EUR205m) and Amundi (EUR96m).
28/11/2013

Partners Group pulls out of Asset Management Partners

The Swiss asset management firm Partners Group (EUR30bn) has officially announced the sale of the remainder of its stake in Asset Management Partners (about EUR750m in assets as of 30 June) to the management team of the affiliate, as was announced in advance two months ago (see Newsmanagers of 19 September).Asset Management Partners (AMP) is focused on traditional asset management, while Partners Group puts the emphasis on private assets.The sale price has not been disclosed.
28/11/2013

Reinsurance increasingly interests asset management

According to the auditing and consulting firm Ernst & Young, a growing number of asset management firms may launch their own reinsurance activities, the specialist website Artemis reports. Hedge funds in particular have been present in the reinsurance universe for several years. They have invested directly in reinsurance companies and also were among the first investors in certain innovative products, such as catastrophe bonds and insurance-linked securities (ILS). However, several of these sophisticated asset management firms claim that the reinsurance sector could let them construct new ongoing sources of capital through the creation of their own reinsurance vehicles. As a typical example, a hedge fund founds its own reinsurance company. The asset management firm can raise capital to finance the reinsurance entity, which allows it to increase its assets under management; it can then subscribe to low-volatility reinsurance products, while the asset management firm invests the premiums in alternative strategies. This strategy has already been pursued and proven by several hedge funds, such as Greenlight Capital, Third Point, SAC Capital and Paulson. Others are expected to follow, according to Ernst & Young.
28/11/2013

Demand remains strong for European speculative debt

Despite spectacular growth in European high yield debt issues in 2013 and declining returns, appetite for products of this type remains very real, according to S&P Capital IQ in a study published on 27 November (“High Yield Debt: Rising Demand in a Suppressed Yield Environment.”) “Despite ongoing growth in issues, demand from invetors for high yield debt does not appear to have reached the saturation point,” says Claudia Holm, director at S&P Capital IQ.From the beginning of the year to 11 October, European high yield debt issues have totalled EUR56.2bn, a record total, which is up 98% year on year. This strong activity is largely due to refinancing needs, which represented 52.7% of total high yield isues, S&P Capital IQ says. All sectors have participated in the high yield sector activity, with the foremost contributors being services and leasing for 16.1%, and automotive for 13.1%.This development contrasts with that observed in the United States, where high yield debt issues were down 5% since the beginning of the year compared with the levels registered the previous year, at USD196.3bn.
28/11/2013

Morningstar IM Europe appoints MD

Morningstar Investment Management has appointed Simon Ewan as managing director for the United Kingdom, Europe, the Middle East and Africa, Fund Web reports. His responsibilities include management of client relationships, marketing and development for management activities and advising at Morningstar.
28/11/2013

Gary Smith joins MassMutual

Baring Asset Management, Babson Capital and OFI Global Asset Management, the asset management firms of the Massachusetts Mutual Life Insurance (MassMutual) group, on 27 November announced the appointment of Gary Smith as head of sovereign funds and official institutions (institutionals, central banks), effective immediately. Smith, who will be based in London, will work in all distribution networks at companies affiliated with Barings, Babson and OFI Global Asset Management. Smith previously worked at BNP Paribas Investment Partners, where he most recently served as Global Head of Official Institutions.
28/11/2013

UCITS-compliant fund inflows total EUR34bn in third quarter

UCITS recorded increased net inflows of EUR 34 billion in the third quarter of 2013, up from EUR 12 billion in the second quarter of the year, according to the European Fund and Asset Management Association (Efama). This increase in net sales can be attributed to the upturn in net sales of equity funds and decreased net outflows from money market funds. Long-term UCITS, i.e. UCITS excluding money market funds, registered net inflows of EUR 43 billion in the third quarter, compared to EUR 65 billion in the previous quarter. Bond funds registered quarterly net outflows for the first time since 2011 amounting to EUR 12 billion. Net sales of equity funds returned to positive territory with inflows of EUR 30 billion, compared to net outflows of EUR 9 billion in the second quarter. Money market funds recorded reduced net outflows of EUR 9 billion in the third quarter, down from EUR 53 billion recorded in the second quarter. Total net assets of UCITS increased by 3.0 percent during the third quarter to stand at EUR 6,690 billion at end September 2013. Net assets of equity funds experienced the highest asset increase (7.8%). Bond funds experienced an increase in net assets of 1.0 percent.Total net assets of non-UCITS increased by 3.5 percent in the third quarter to stand at EUR 2,841 billion at end September 2013. Assets of special funds reserved to institutional investors grew by 3.8 percent during the quarter, thanks to continued net inflows (EUR 40 billion, compared to EUR 29 billion during the second quarter).
28/11/2013

Goldman Sachs AM launches first closed fund

Goldman Sachs Asset Management (GSAM) has launched the Goldman Sachs MLP Income Opportunities Fund, the first closed fund ever offered by GSAM. The fund has already raised USD826.3m, not counting the greenshoe option, which may bring the total amount raised to USD950.1m. “The development of our mutual fund platform in the closed fund sector is an important strategic initiative for GSAM, and we are very happy with the successful launch of this product,” says James McNamara, chairman of Goldman Sachs Funds at GSAM, who currently manages over USD208bn ni US mutual funds. The new fund will invest as a priority in master limited partnerships (MLPs), a low-tax structure aimed at companies specialised in energy, particularly to assist with schist gas extraction projects. The fund will be managed by the energy and infrastructures team, which as of the end of September had about USD6.4bn in assets under management in MLPs and other investments in the energy sector.
28/11/2013

Oddo AM to add to expand convertible range

Oddo Asset Management is expected to extend its range of convertibles in the next few weeks with the launch of a global convertible fund, which will be part of its Luxembourg Sicav, according to Luc Varenne, head of convertible management at Oddo AM.The fund would have a dynamic profile, such as the Oddo Convertibles Europe fund, and may typically be constructed with 40% US convertibles, 10% Asia ex Japan convertibles, 5% to 7% Japan convertibles, and the remainder invested in Europe.Varenne, who along with Frédéric Hertault recently left Neuflize OBC Investissements to join Oddo, says that the new team is a continuation of the previous one, but with a desire for stronger systematisation of management, which will include the creation of formal guidelines.Assets in open-ended convertible funds at Oddo currently total about EUR1bn. At Neuflize, assets in convertibles were not much under EUR1bn, after a peak of EUR1.2bn in autumn 2007.
28/11/2013

Testimony claims SAC manager sought inside information

Michael Steinberg, a former portfolio manager at SAC Capital, asked his analyst, Jon Horvath, to obtain exclusive and confidential information about companies he could make a profit on, Horvath has testified in an insider trading trial, the Financial Times reports.Horvath claims that in summer 2007, after a series of losing bets, Steinberg took him aside and gave him new instructions. “You need to talk you all your contacts” about companies, banks, consulting firms and networks of analysts, in order to “get me this information,” Steinberg said, according to Horvath. Horvath claims that he knew that what was being asked of him was not good, but he was afraid of being fired.
28/11/2013

Hines Italia launches logistic RE fund

Hines Italia has launched a real estate fund dedicated to the logistic sector, Italian logistics, Il Sole – 24 Ore reports. The fund, which is reserved for institutional investors, has recently completed its first round of fundraising (EUR60m) and has already invested in the Amazon logistical centre in Italy. It will also have the CD5 building at Interporto Bologna in its portfolio, which is leased to Geodis and used by Yoox. The fund will aim for assets of EUR150m in one or two years. It will have a total duration of 15 years. The expected returns will be approximately 8% per year.
28/11/2013

DWS Concept Kaldemorgen tops EUR500m in assets

Deutsche Asset & Wealth Management (DeAWM) on 27 November announced that its only fund to bear the name of a manager, the DWS Concept Kaldemorgen (LU0599946893), on sale since 7 June 2011, has now topped EUR500m in assets. The product, which had a hesitant start, has since launch posted returns of over 18%.Klaus Kaldemorgen is adopting a total return approach for the fund. The allocation fund, primarily invested in equities, and also invested in convertible bonds, corporate bonds, gold, currencies and derivatives for hedging, aims to capture two thirds of gains on bull equity markets and to expose itself only one third to this asset class in bear periods.
28/11/2013

Global X lists first three foreign ETFs in Colombia

The New York-based asset management firm Global X Funds (USD2.5bn) has announced that it has listed the first three foreign ETFs on the Colombian stock exchange, Bolsa de Valores de Colombia. They are the Global X FTSE Colombia 20 ETF (ticker on NYSE Arca : GXG), Global X Guru Index ETF (GURU, USD300m) and Global X SuperDividend ETF (SDIV, USD800m).The local agent is the Colombian broker-dealer Serfinco, while Deutsche Bank New York acts as foreign depository.
28/11/2013

ETF assets up by nearly 5% in October

ETF assets grew at 4.8% in October to USD1.6 trillion while attracting an additional USD24.8 billion in net flows for the month, according to Cerulli. Similar to mutual funds, ETF investors targeted equity funds.
28/11/2013

UK asset managers concerned about management of regulatory risks

About 20% of British asset management firms are not certain to have the adequate resources to manage the regulatory risk, according to a survey carried out by PwC. Although 80% of heads of compliance are working 11 to 12 hours per dat, 15% of them say they are sceptical about the effectiveness of their management of regulatory risks.According to Amanda Rowland, a partner at PwC responsible for regulations in asset management, the situation may drive asset managers to outsource their compliance, since “asset management firms simply don’t have enough experienced personnel to handle increasingly invasive regulations.”
28/11/2013

Ontario Teachers seeks to increase international exposure

The Ontario Teachers’ Pension Plan (OTPP) is planning to increase its international exposure, particularly in Asia and emerging markets, Asian Investor reports. Exposure to emerging markets is currently limited to 14% of total assets, but this limit may be increased, says Neil Petroff, chief investment officer at OTPP. OTPP, which has recently opened an office in Hong Kong, its first location in Asia, states, however, that emerging market debt is not among its priorities. With the prospect of an increased exposure to emerging markets, the pension fund is planning to set up shop in Brazil. Assets under management at the Canadian pension fund total CAD127.3bn, or about USD128bn.
28/11/2013

Carlyle announces acquisition of Canada's DGAM

The Carlyle Group has announced that it is acquiring the Canadian firm Diversified Global Asset Management (DGAM), a Toronto-based hedge fund management firm with assets under management or advisory representing USD6.7bn, from its balance sheet. The transaction (see Newsmanagers of 26 November) will be completed in February 2014.DGAM will become the fund of hedge fund platform for the Carlyle group. George Main and Warren Wright, two founders of the firm, retain their positions as CEO and CIO, respectively. They will continue to provide day-to-day management of the business, which will be part of the “solutions” unit of Carlyle, whose assets represent about USD48.4bn, and which also includes AlpInvest, where private equity fund of fund activities are housed, as well as Metropolitan Real Estate, acquired on 1 November.
28/11/2013

BNY Mellon AM posts strong inflows in Israel

BNY Mellon Asset Management, which has been present in Israel since August 2012, has posted inflows of USD180m in the country since the beginning of this year, bringing its local assets to USD400m. The local country head at the US asset management firm is Anne-Laure Frischlander, who is primarily CEO of the Paris office.
28/11/2013

Carlyle annonce l’acquisition du canadien DGAM

The Carlyle Group a indiqué qu’il acquiert sur ses fonds propres le canadien Diversified Global Asset Management (DGAM), un gestionnaire alternatif de Toronto dont l’encours sous gestion ou sous conseil représente environ 6,7 milliards de dollars. La transaction (lire Newsmanagers du 26 novembre) sera bouclée en février 2014.DGAM deviendra la plate-forme de fonds de hedge funds du groupe Carlyle. Georg Main et WarrenWright, deux des fondateurs de la société, conserveront leurs prérogatives de CEO et de CIO, respectivement. Ils continueront donc à assumer la direction et la gestion de l’entreprise qui fera partie du pôle «solutions» de Carlyle dont l’encours représente environ 48,4 milliards de dollars et qui couvre également AlpInvest, où est logée l’activité de fonds de fonds de private equity, ainsi que Metropolitan Real Estate, acquise au 1er novembre.
28/11/2013

L'Erafp attribue trois mandats de gestion d'un fonds de petites capitalisations

L’Etablissement de retraite additionnelle de la fonction publique (Erafp) a attribué un mandat actif de gestion d’un fonds d’actions de petites capitalisations françaises à Sycomore Asset Management. Amiral Gestion et Moneta Asset Management sont les gérants suppléants. Le portefeuille sera principalement investi dans des actions de petites capitalisations françaises dans une optique de détention à long terme, avec un objectif de surperformance par rapport à l’indice MSCI France small cap. A titre indicatif, les montants investis à un horizon de trois ans pourraient être de l’ordre de 150 millions d’euros.
28/11/2013

La Banque d'Angleterre débranche son soutien à l'immobilier

La Banque d’Angleterre a annoncé par surprise, jeudi matin, un recentrage de son programme de Funding for Lending Scheme (FLS) qui permet aux banques de trouver un financement bon marché auprès de la banque centrale pour la production de nouveaux crédits. Durant la deuxième phase du FLS, de février 2014 à janvier 2015, seuls seront éligibles au programme les nouveaux prêts aux PME, une banque pouvant tirer jusqu'à 5 livres de financement pour chaque livre de crédit accordé. Les prêts aux particuliers seront donc exclus du dispositif en 2014, une mesure que la BoE justifie par la reprise du marché immobilier outre-Manche. Les mesures de soutien de la banque centrale mais aussi du gouvernement (programme Help-to-Buy) sont accusées d’entretenir la flambée des prix, qui pourrait atteindre 10% l’an prochain selon certains prévisionnistes.
Photo: Bloomberg
28/11/2013

La baisse des prix de l'immobilier ancien se poursuit en France

Les prix des logements anciens ont diminué de 0,2% en France au troisième trimestre, après avoir déjà baissé de 0,3% au premier comme au deuxième trimestres, selon les chiffres provisoires corrigés des variations saisonnières publiés jeudi par l’Insee. Sur un an, les prix accusent un recul de 1,4% (-1,6% pour les maisons et -1,2% pour les appartements). S’agissant de Paris seul, les prix des appartements ont reculé de 0,5% sur le trimestre et de 2,1% sur un an.
28/11/2013

Le crédit au secteur privé en zone euro poursuit sa contraction

Les prêts au secteur privé ont diminué de 2,1% sur un an en octobre, après une baisse de 2% en septembre, alors que le consensus Reuters des économistes les donnait en repli moins marqué de 1,8%, selon les statistique de la BCE. La croissance de la masse monétaire M3 de la zone euro est dès lors revenue à 1,4% en rythme annuel en octobre, après 2,0% en septembre, largement sous le consensus des économistes, qui prévoyaient en moyenne une hausse de 1,9%.
28/11/2013

François Hollande salue l'accord de coalition en Allemagne

L’accord gouvernemental de coalition en Allemagne «va dans la bonne direction», celle d’un accord politique au Conseil européen de décembre sur la finalisation de l’union bancaire, a estimé mercredi François Hollande. Un accord sur le volet dit de «résolution» de l’union bancaire «permettra une baisse des taux d’intérêts» à laquelle l’Espagne est attentive, a déclaré le président français lors d’une conférence de presse à Madrid.
28/11/2013

Vitor Constancio très prudent sur un taux de dépôt négatif

«Nous ne sommes vraiment pas près d’une décision sur le sujet (du taux de dépôt négatif). C’est quelque chose que nous avons regardé comme le président (Mario Draghi) l’a indiqué. Mais c’est une mesure totalement nouvelle, sans précédent pour une si grande zone. Toute décision devrait donc être prise avec une grande prudence, assurément, et seulement dans des situations plutôt extrêmes», a déclaré Vitor Constancio, vice-président de la BCE.
28/11/2013

Rome réévalue les dépôts des banques italiennes

Le gouvernement italien a adopté mercredi un décret réévaluant dépôts des banques italiennes auprès de la Banque d’Italie, une mesure censée améliorer la situation de leurs fonds propres. La dernière réévaluation de ces réserves remontait aux années 1930. Ce décret annule par ailleurs le dernier versement de la taxe d’habitation sur la résidence principale et les bâtiments agricoles.
28/11/2013

Bruxelles ne suspendra pas l'accord Swift

L’Union européenne a fait savoir mercredi qu’elle renonçait à la suspension de l’accord Swift signé avec les Etats-Unis sur le partage des données financières, envisagée en réaction aux activités d’espionnage attribuées à Washington en Europe. Cecilia Malmström, commissaire européenne aux Affaires intérieures, a indiqué avoir reçu des «assurances écrites» de la part des autorités américaines.

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