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20/11/2013

Loomis Sayles and Carmignac Gestion reduce exposure to Irish debt

Loomis Sayles and Camignac Gestion have both reduced their exposure to Irish debt at a time when the economy of the country is recovering. Irish government bonds have earned returns of over 10% this year, and more than 100% since mid-2011. According to Bloomberg, Loomis Sayles held Irish bonds totalling at least EUR659bn at the beginning of the year. Carmignac, for its part, had built up Irish bonds totalling EUR456m as of the end of September.
20/11/2013

Asian hedge funds interest institutionals

Investment in hedge funds by institutionals is expected to remain stable in the next three years, according to a study by Ernst & Young sited by Asian Investor. Only 17% of respondents to the survey (out of 65 institutionals managing a total of USD190bn), have said they expect an increase in their allocation to this asset class, compared with 72% who say they would like to maintain the same level of exposure, and 11% who would like to reduce it. The reasons cited as preventing them from increasing their exposure to hedge funds are largely the costs and the disappointing past performance. In the short term, Asian hedge funds are expected to benefit from a rise in interest in their region on the part of institutional investors who would like to benefit from strong Asian growth, Ernst & Young analyses. The interest is reportedly particularly strong on the part of funds of hedge funds and European family offices, Asian Investor says.
20/11/2013

First ETF in China based on the S&P 500 launched

The S&P Dow Jones Indexes provider on 19 November announced the launch by Bosera Asset Management of the first ETF in China based on the S&P 500. The launch follows the issuing of a license to use the index by S&P Dow Jones Indices. The new product offers a new means of diversification for Chinese investors and provides a new impetus for the ETF market in China. ETFs in continental China (Shanghai and Shenzhen) represent assets of over CNY150bn, or about USD25bn invested in about 80 ETFs.
20/11/2013

Assets in funds on the Swiss market up in October

As of the end of October, assets in funds covered by statistics from Swiss Fund Data and Lipper totalled CHF751.83bn, up by CHF7.05bn compared with their levels on 30 September, despite net outflows of CHF1.97bn, according to the Swiss Funds & Asset Management Association (SFAMA). Of this total as of 31 October, CHF302.6bn correspond to institutional funds.While equity funds posted net inflows of CHF641m last month, bond funds saw net outflows of CHF336.4m, and money market funds faced net redemptions of CHF1.8926bn.UBS remains the top provider on the Swiss market, with CHF170.22bn as of the end of October, compared with CHF167.38bn one month previously. Credit Suisse has also posted an increase in its assets under management, to CHF112.66bn, compared with CHF110.99bn as of 30 September. These two actors alone account for more than one third of the market, since UBS’ share comes to 22.71%, and Credit Suisse has 14.98%.Pictet has seen a slight erosion of its assets to CHF51.65bn as of the end of October, compared with CHF51.67bn one month earlier. That corresponds to a market share of 6.87%.
20/11/2013

Increase in assets in Dutch funds in Q3

According to statistics from the Bank of the Netherlands (DNB), assets in Dutch funds increased 3.9% during third quarter to a record total of EUR627.4bn. Market effects were positive to the tune of 1.6%, compared with a negative effect of 1.9% in April-June, Fonds Nieuws reports.Net subscriptions totalled EUR16.9bn, compared with EUR0.9bn for the previous quarter. This is due to the opening of insurance company portfolios to third-party managers, which has resulted in net inflows of EUR5.2bn for bond funds, EUR0.1bn for equity funds, and EUR1.7bn for other funds.
20/11/2013

Pioneer Italy has new CEO

Cinzia Tagliabue has been promoted to CEO at Pioneer Investment Management SGRpA (Italia), the Italian structure of the asset management firm, a statement released on Tuesday says. Tagliabue is part of the team that combines asset management at UniCredit, and in 2001 became head for Italian institutional clients. In 2008, she was appointed as head of sales and distribution at Pioneer Investments Italy, and since 2010, she had been CEO. In her new role, Tagliabue will also belong to the board at the firm, whose number of members will increase from 5 to 6. In the first 10 months of the year, the Italian structure at Pioneer Investments has posted net inflows of EUR4bn.
20/11/2013

Universal sacks head of distribution

Christian Rauner “now no longer works for Universal-Investment (UI),” according to a statement from the German asset management firm, which states that the position of director of distribution has been discontinued as part of a restructuring of the private label product unit, Fonds Professionell states.Rauner had been head of the private label funds & services division of Universal-Investment, and one of the MDs of its affiliate Universal-Vertrieb-Services (UVS) since 2007. The services overseen by Rauner will now be overseen directly by Bernd Vorbeck, chairman of the executive committee at UI.
20/11/2013

versiko changes name to ÖkoLux

At the convocation of an extraordinary general shareholders’ meeting for 20 December, the German sustainable investment advising firm versiko AG says that, due to the notoriety and the size of the turnover at its wholly-owned Luxembourg affiliate ÖkoWorld Lux SA, the supervisory board and the board are proposing to modify the statutes and to change the name of the company to ÖkoWorld AG.
20/11/2013

Rothschild & Cie Gestion recruits country head for Switzerland

Rothschild & Cie Gestion has recruited Gil Platteau as country manager in Switzerland for its Zurich office, a statement from the French asset management firm has announced. Platteau had previously been head of sales in Switzerland for the asset management activities of Barclays since 2010. At Rothschild & Cie Gestion, he will be supported by Valérie Kaliski, head of relationships with distributors in French-speaking Switzerland, and Thibaud Nonotte-Varly, responsible for development serving institutionals in this region. The announcement comes at a time when Rothschild & Cie Gestion has opened a branch in Italy (see Newsmanagers of 19 November 2013). Five funds have also been licensed in the country for sales to Italian institutional investors. France is not being left aside either, as Rothschild & Cie Gestion has also added to its sales team for France. Oivier Le Braz has joined the France institutionals team composed of Lionel Deny, Aurélie Ferrer, Marie-Line Hashatel and Thibaud Nonotte-Varly,with Nonotte-Varly dividing his time between France and French-speaking Switzerland. In distribution the development unit has been reinforced with the arrival of Gregory Maes as co-head of Distribution France. Maes will concentrate on development of relationships with financial adviser networks and IFAs. He will lead a team composed of François L’Henoret, Adrien Rollando and Marion Semblat.
20/11/2013

US funds bet on rebound at European banks

US fund managers have bet several billions of US dollars on a recovery at euro zone banks in the past few months, in the hopes that the timid economic recovery in the region will gather pace, the Financial Times reports. The value of equities held by funds based in the United States in the 10 largest publicly-traded banks in the region has increased by 40% since June 2013, to EUR33bn, according to calculations from the FT based on data from Thomson Reuters. The number of equities held has gained 10% over the period, following major investments by T. Rowe Price, BlackRock and Waddle & Reed, among others.
20/11/2013

Captive asset management firms will have to reinvent themselves

European “captive” asset management firms owned by banks or insurers are facing a major challenge, Financial Times fund management reports. Traditionally, they “owned” retail distribution channels on the continent and they took full advantage of this position of strength. But all that is changing. In 2007, captive asset management firms attracted 67% fo the EUR9.8bn in profits earned by serving European retail investors, or about EUR6.6bn, according to figures which are expected to be released by McKinsey. But the proportion of captive firms has fallen to 53% of a reduced total of EUR6bn last year, which corresponds to profits of only EUR3.2bn.
20/11/2013

Asian institutional AUM top USD10trn

Investible assets at Asian institutionals outside Japan topped USD10trn for the first time in 2012, with an increase of 9.6% year on year, according to a study recently published by Cerulli Associates (“Institutional Asset Management in Asia 2013”).This trend is expected to continue in the next few years and over the 2013-2017 period. Asian institutional assets may total about EUR17trn in 2017, an annual increase of 10.1%. These increases are expected to be particularly significant in South-East Asia, insofar as the institutional sector is relatively underceveloped in the region.Exposure to alternative management remains very modest for most institutionals, with an allocation often lower than 10% of total portfolios, but this exposure is tending to rise very regularly, Cerulli observes.
20/11/2013

InverCaixa catching up with BBVA AM

Expansión reports that before the crisis, Santander AM and BBVA AM shared 40% of the Spanish market, but that they now control only 30%. The duopoly of these two actors is threatened byInverCaixa, whose assets as of the end of Octobrr totalled EUR20.75bn, just behind the EUR20.89bn at BBVA AM. In the past two months, Santander AM, now oriented to equities, has posted net inflows of EUR1.44bn, while BBVA AM, a specialist in bonds and guaranteed funds, had attracted only EUR502m. At the same time, InverCaixa attracted EUR667m.
20/11/2013

DeAWM releases institutional smart beta fund

With the DB Platinum IV Equity Risk Premia, Deutsche Asset & Wealth Management (DeAWM) is offering institutional investors and qualified retail investors a highly diversified equity portfolio. The smart beta product is based on research by Spyros Mesomeris, global head of quantitative investment solutions at Deutsche Bank, and seeks to benefit from five different risk premia, while retaining a market neutral stance. In practice, the fund extracts its performance exclusively from risk premia, independently of any potential gains on the equity markets.Each risk premium is reproduced passively and transparently in a portfolio which is weighted according to rule-based strategies. In other words, the investor can invest with this fund in the equity market without exposure to the traditional risk of this market, says Sandra Niethen head of systematic funds at DeAWM for Europe and Asia.The asset management firm plans to offer retail share classes very soon in this fund, which already has a sales license for Luxembourg, Germany and the United Kingdom.CharacteristicsName: DB Platinum IV Equity Risk PremiaAsset management firm: DB Platinum AdvisorsISIN codesLU0902964005 (1 C-E shares)LU0902964344 (2 C-E shares)Front-end fee: 0 %Management commission: 0.50 % (1 C-E)0.40 % (2 C-E)Custody fee 0.15%Taxe d’abonnement: 0.01%Total expense ratio:0.66% (1 C-E shares)0.56% (2 C-E shares)Minimal initial subscription:EUR10,000 (1 C-E shares)EUR7.5m (2 C-E shares)
20/11/2013

Norwegian funds post inflows in October

Funds on sale in Norway in October posted net subscriptions of NOK3.1bn (or EUR377m), with a contribution from institutional investors of NOK1.7bn, according to figures from the Norwegian fund association. Market effects, for their part, represented NOK18bn, or EUR2.2bn. Assets totalled NOK652bn, or EUR79.3bn, which represents an increase of 17% compared with the beginning of the year.
20/11/2013

Russell takes over network of financial advisers

Russell on Tuesday announced the acquisition of On-Line Partnership Group Limited (OLPG), the parent company of the British financial adviser networks In-Partnership and Whitechurch, representing a total of 600 independent financial advisers. The operation will allow advisers from OLPG to rely on the expertise of Russell in asset management and to make use of its training, technological and compliance support resources.
20/11/2013

British affiliate to manage Santander profiled funds

The CNMV has received a notification from the Santander group that the management of its Santander Select Prudente, Moderato and Decidido profiled funds (totalling EUR1.258bn, of which EUR405m were net inflows this year), hitherto managed in Spain, will be transferred to Santander AM UK, Funds People reports.The global multimanager team led by Tom Caddick in London (fund management) and José María Martinez San Juan in Madrid (fund selection) are taking responsibility for the funds, after having done likewise with other similar poducts from local asset mangaement firms of the Santander gorup in Chile, Germany and Mexico.
20/11/2013

Head of global resources leaves Martin Currie

Duncan Goodwin will be leaving Martin Currie at the end of the year, after eight years at the firm, Citywire reports. Goodwin had been head of global resources, and manager of the Martin Currie GF Global Resources fund since he joined Martin Currie in 2005.
20/11/2013

Le Trésor et le Budget changent de patron

A l’aube des réflexions sur la remise à plat de la fiscalité, Matignon fait tourner les têtes à Bercy. Ramon Fernandez, directeur du Trésor, et Julien Dubertret, directeur du Budget, nommés par la précédente majorité, devraient quitter leurs fonctions d’ici à début décembre, a révélé mercredi Le Canard enchaîné. En revanche, une source proche a démenti à L’Agefi le remplacement de Ramon Fernandez par François Villeroy de Galhau, l’actuel directeur général délégué de BNP Paribas. Denis Morin, actuel directeur de cabinet de Marisol Touraine, serait quant à lui pressenti pour remplacer Julien Dubertret. Les nominations pourraient être officialisées en conseil des ministres fin novembre ou début décembre.
Le ministère des Finances vu depuis la BnF. Photo: PHB
20/11/2013

Le FRR désigne trois sociétés de gestion pour ses opérations de transition

Les sociétés de gestion Blackrock, Goldman Sachs et Russell Investments ont été retenues pour gérer les mandats dédiés du FRR pour la prestation de ses services de gestion de transition en France. Le Fonds de réserve pour les retraites avait lancé son appel d’offre en septembre 2012. Les mandats sont attribués pour une durée de trois ans, renouvelable 1 an. Le Fonds de réserve pour les retraites avait déjà sélectionné Russell et Goldman Sachs en janvier 2010 pour cette mission.
20/11/2013

La reprise de l'économie britannique est durable selon la Banque d'Angleterre

L'économie britannique est engagée dans une reprise durable sans qu’il y ait pour autant de risque inflationniste majeur, révèlent les minutes de la réunion de novembre de la banque centrale. Les neuf membres du comité de politique monétaire de la BoE ont voté à l’unanimité le maintien de son taux directeur à 0,5% - un niveau auquel il est fixé depuis mars 2009 - et de laisser inchangé, à 375 milliards de livres, le montant de son dispositif d’assouplissement quantitatif (QE) investi dans l’achat d’obligations d’Etat. Le comité a minimisé une récente hausse des prévisions d’inflation.
20/11/2013

Les grands pays émergents pèsent sur la croissance mondiale

L’OCDE a revu en baisse de 0,4 point à 3,6% sa prévision de croissance de l’économie mondiale pour 2014 (contre 2,7% prévu pour 2013). Le ralentissement en cours dans plusieurs pays émergents pèse sur la croissance mondiale, que les grandes économies avancées convalescentes n’ont pas la capacité d’entretenir à elles seules, indique l’organisation dans ses prévisions économiques d’automne.
20/11/2013

Credit Suisse met l’accent sur la banque privée grâce au crédit

La banque helvétique souhaite voir les actifs de ses clients fortunés (disposant de plus de 50 millions de dollars) contribuer à hauteur de la moitié de ses actifs sous gestion contre 44% aujourd’hui. C’est ce qu’ont confié à Reuters les codirigeants de la banque privée de Credit Suisse, Robert Shafir et Hans-Ulrich Meister. La banque y voit un moyen de compenser la baisse de rentabilité de sa banque d’investissement. Les dirigeants misent notamment sur une progression des crédits accordés aux clients fortunés.
20/11/2013

Les émissions d’obligations chinoises sous tension

Le resserrement du crédit en Chine aurait pesé sur l’émission obligataire réalisée par China Development Bank, qui n’aurait été servie qu’à hauteur de 40% de son objectif initial de 24 milliards de yuans et pour un rendement de 5,5%, selon le quotidien. Agricultural Development Bank of China aurait par ailleurs dû repousser son émission, à l’instar de China Railway Corporation, BYD et Baidu, suite à une hausse de 100 points de base des rendements d’Etat à 10 ans.
20/11/2013

La réforme des entreprises publiques en Chine bientôt dévoilée

Pékin devrait annoncer les lignes directrices de son projet de réforme des entreprises publiques, accompagnées d’un calendrier de déploiement des mesures, dès le début de l’an prochain, selon l’Economic Information Daily qui se réfère à une source proche du dossier.

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