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29/10/2013

Hedge funds pay cost of new regulatory requirements

The institutionalisation of the hedge fund industry is continuing, with increased attention to due diligence, risk management and the management of transparency. Meanwhile, the regulatory environment continues to develop, which creates uncertainty, and some significant complexity in pricing, according to a study by KPMG, the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) (“The cost of compliance : 2013 KPMG/AIMA/MFA Global Hedge Fund Survey.”)The study funds that hedge fund managers want to respect the new regulatory requirements, and that they have decided to bear the additional costs rather than passing them on to their clients. Nearly two thirds of respondents (64%) say they are dedicating up to 5% of their total operating expenditures to new regulations, while 21% say they are committing more than 10% of their operating expenditures.Smaller hedge funds appear to be spending more than their large competitors. More than 35% of hedge funds with less than USD250m in assets under management dedicate more than 10% of their operating expenditures to regulations. No hedge fund with more than USD5bn, and only 14% of those with total assets of USD1bn to USD5bn fall into in this category.
29/10/2013

Growth in developed economies expected to favour equities

The major developed global economies are expected to continue their growth in 2014, which will promote “modest” gains on equity markets and a rise in bond returns, according to the most recent quarterly predictions from Russell Investments.Doug Gordon, senior strategist for North America at Russell, expected a certain level of volatility to continue next year, which could be used to increase tactical positions on equities, particularly in multi-asset class portfolios.Strategists continue to give the preference to European equities, to the detriment of US equities, and they claim that emerging market equities offer new opportunities, with growth in profits that may reach double digits in 2014.For the first time since 2010, Russell predicts synchronised growth in the United States, Japan and Europe, says Andrew Pease, global head of investment strategy at Russell.
29/10/2013

Shareholder participation in Swiss AGMs continues to strengthen

Shareholders in Swiss publicly-traded businesses are availing themeselves of their rights more often. For the 20 companies of the Swiss Market Index flagship index, the average number of votes cast at general shareholders’ meetings in 2013 was 58%, up from 53% last year.Participation for companies whose shares are not part of the flagship SMI index is still higher, according to statistics released by the wealth management firm ZCapital. Companies covered by the extended Swiss Performance Index (SPI) in 2013 posted a participation rate equivalent to 63% of votes, compared with 59% in 2012.
29/10/2013

Ferdinand Alexander Leisten resigns from Sal. Oppenheim

A statement from the Cologne-based private bank Sal. Oppenheim has announced that the firm (Deutsche Bank group) has not succeeded in convincing Ferdinand-Alexander Leisten to assist in a reorientation of the business of which he had been a member of the extended general management with responsibiilty for institutional cients. He had also been spokesperson (chairman) of the steering committee at the asset management firm Oppenheim Kapitalanlagegesellschaft.Leisten has expressed a desire to leave Sal. Oppenheim, where he had been working for 20 years, to “take on new professional challenges.”
29/10/2013

AWM profits improve at Deutsche Bank

In third quarter, Deutsche Bank has reported pre-tax profits of EUR283m for its asset and wealth management unit (AWM), compared with EUR82m in April-June and EUR113m in the corresponding period of last year. Operating profits at DeAWM totalled 78%, compared with 92% for the previous quarter, and 90% for July-September 2012, according to a quarterly report released on Tuesday.The improvement is related to a 12% decline in non-interest expenses related to the operational expenditure (OpEx) optimization programme, compensations, and provisions for litigation expenses.Assets were down by EUR9bn in third quarter to a total of EUR934m in September, with the decline due largely to currency effects and outflows of assets from low-profit asset classes, which were partly offset by positive market effects.
29/10/2013

Cooperation in SRI between DPG and oekom research

The Munich-based extra-financial ratings agency oekom research has announced that it has signed a cooperation agreement with the Frankfurt-based Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH (DPG) for analysis of portfolios according to sustainable development criteria.180 clients of DPG, with about 6,000 portfolios, will have access to sustainable development research at oekom out of more than 3000 businesses in 52 countries. Some basic information will be available for free to clients of DPG.
29/10/2013

AUM at UBS group down in third quarter

Asset management activities at the UBS Group have posted good overall performance, particularly due to the good performance of the markets. Assets invested by the group totalled CHF2.339trn as of the end of third quarter, down by CHF9bn compared with the previous quarter.Assets under management in Wealth Management were up by CHF9bn to CHF871bn, due to the positive performance of the markets for CHF17bn, net inflows of CHF5bn, partly offset by negative currency effects of CHF13bn.Assets invested with Wealth Management Americas were down by CHF12bn to CHF831bn. In US dollars, assets invested were up by USD27bn to USD919bn, reflecting a positive evolution of the markets for USD25bn, and positive net inflows.Assets invested by Global Asset Management were down by CHF6bn to CHF580bn as of 30 September 2013, compared with CHF586bn as of 30 June 2013, due to negative currency effects of CHF13bn, and net outflows from funds, partly offset by the good performance of the markets for CHF13bn.
29/10/2013

Kempen CM reduces fees for some Netherlands funds by half

Fonds Nieuws reports that Kempen Capital Management has decided to reduce management commissions for its funds registered in the Netherlands by half, in a move which comes in the regulatory context of a prohibition on commissions in the country from 1 January 2014. In 2015 at the latest, all investment funds on sale in the Netherlands to end clients will have to be free of commissions. Previously, up to half of the management commission was used to pay off distributors.Shares without commissions have been created for Kempen CM funds registered in Luxembourg.
29/10/2013

F&C and Fusion Wealth offer protected shares

For seven funds* from the F&C MM Lifestyle and F&C MM Navigator ranges, F&C Investments and Fusion Wealth have started marketing on the Fusion Wealth Platform new D-class shares, a product launched in January 2013 designed to protect an investor’s original investment against a shortfall of up to GBP150,000 at death. According to F&C, these shares are the first of their kind in the UK.The funds are managed by Rob Burdett and Gary Potter, multi-manager co-heads of F&C Investments. Investors up to the age of 79 are able to buy into the protected share class on a whole of life basis, with no medical underwriting required. The annual management charge for the share class is 0.75 per cent for the Lifestyle range, and 1 per cent for the Distribution (Navigator) Fund, i.e. just 0.25 per cent higher than the corresponding funds’ standard B and C class shares.* F&C Lifestyle Defensive, F&C Lifestyle Cautious, F&C Lifestyle Balanced, F&C Lifestyle Growth, F&C MM Navigator Distribution Inc and Acc, F&C MM Navigator Moderate Acc et F&C MM Navigator Boutiques Acc
29/10/2013

New head for DeAWM France

As its new head of global client group for France, Joseline Hobson is returning to direct sales and distribution teams at the Paris office of Deutsche Asset & Wealth Management (DeAWM).Hobson had been head of institutional clients for France and Iberia at State Street, but she was head of DB Advisors (the institutional management division of Deutsche Bank) from 2009 to 2012.In her new role as managing director, Hobson will be based in Paris, and will report to Peter Roemer, head of global client group for the Europe, Middle East and Africa (EMEA) region.
29/10/2013

AUM at Raymond James up 31% in 2012-2013

Assets under management at Raymond James Financial rose 31% in the fiscal year to the end of September, to a new record total of USD56bn. Assets under administration, for their part, increased 10% to USD425bn.Asset management has posted excellent results in the last quarter of the fiscal year, with growth in pre-tax profits of 28% compared with the previous quarter. Assets under management rose 7% in fourth quarter, due to market effects and subscriptions.
29/10/2013

J.P. Morgan AM targets insurers

For J.P. Morgan Asset Management, the insurance sector is obviously an area for future growth. “We would like to grow our activities in insurance,” Mike O’Brien, global director of the institutional unit at J.P. Morgan Asset Management, tells Newsmanagers at a press seminar held by the US asset management firm in London.“Insurers have USD25trn in reserves. Of this total, only 10% is outsourced,” says O’Brien, who sees strong potential for growth in the market, due to new regulatory constraints which are weighing down insurers, and a lack of internal human resources to invest in all asset classes. Our goal is to meet the needs of insurers who would like to outsource a part of their assets by setting up appropriate solutions with the assistance of all products offered by J.P. Morgan AM,” O’Brien explains, three years and a few days after taking over as head of the institutional unit.The United States remain a major area of activity in the new architecture of the institutional activity, with personnel of more than 100 out of a total of about 400, but this is now part of a larger original assembly.In Europe, 20 people serve the United Kingdom and 30 cover continental Europe. “60% of our revenues come from the United States, 20% from Asia and 20% from Europe, two thirds of that from continental Europe and one third from the United Kingdom,” says O’Brien. As of 30 September 2013, institutional assets worldwide represented USD383.8bn.
29/10/2013

Strong growth in profits at WisdomTree in Q3

The ETF sponsor and manager WisdomTree has reported net profits for third quarter 2013 of USD15m, or 0.11 cent per share, comapred with USD12.2m in second quarter 2013, and USD4.5m in third quarter last year, according to figures released on 28 October.Assets under management as of the end of September totalled USD31.4bn, compared with USD16.8bn as of 30 September 2012, an increase of more than 86% year on year. Assets under management are up 8.2% compared with 30 June 2013 (USD29bn). Net inflows in the quarter totalled USD1.2bn, copared with USD5bn in second quarter 2013, and USD1bn in third quarter 2012.WisdomTree has also decided to change its back-office provider. The new service provider, State Street, which replaces BNY Mellon, will allow for savings of USD1.5m per quarter.
29/10/2013

Diamant Bleu opens office in Montreal

Hugues Le Maire, co-founder with Christian Jimenez of Diamant Bleu Gestion (EUR180m) in 2009, will continue to manage the FCP Diamant Bleu Monde LFP (EUR20m) from the French firm’s new office in Montreal.Initially, the «light» license obtained from the Canadian authorities allows Le Maire to continue to manage the fund as close to the market as possible, isolating the noise coming from Europe, “where most managers share the same information and the same investment strategies,” Le Maire tells Newsmanagers. The Monde fund has large allocations to US and Canadian equities as well as Brazilian bonds, and is bathed an in environment of concerns which is highly different from those of the European microcosm.“Montreal has several advantages: language, being a genuine hub for the entire North American continent, and being regulated by a local authority which is ultimately very similar to the French AMF,” Le Maire says.In a second phase, if the experience is positive, it will be time to request licenses not only to manage but also to sell funds in Canada, the manager says. But the offices of Diamant Bleu Gestion (in which La Francaise AM controls a 15% stake via NExtAM) will remain in Paris, where six people currently work.
29/10/2013

Santander AM manages more under mandates than in funds

As of 30 September, assets at Santander Asset Management in the form of managed portfolios and mandates totalled EUR23.057m, topping the volume in investment funds, which totalled EUR22.275m, Funds People reports.In total, assets at Santander AM as of the end of September came to EUR152.8bn, of which 89% were in Spain, Brazil, the United Kingdom and Mexico, with Spain accounting for 39% of the total, Brazil for 27%, the United Kingdom for 16%, and Mexico 7%.
29/10/2013

Azimut concludes acquisition of 55% of a company based in Singapore

The Italian asset management firm Azimut has finalised the acquisition of 55% of the Singapore-based Thenaeum, which managed the equivalent of USD22.4m as of 30 September.The operation will be subject to subscriptions to a capital increase of EUR1.5m to finance the business plan. The agreement also allows for buy and sell options and engagements by the current management of Athenaeum to cooperate with Azimut to grow activities in Singapore.
29/10/2013

Qatar fund goes into impact investing

The Qatari sovereign fund (USD100bn in assets) is seeking to soften its image as an aggressive buyer of trophy assets, by investing in projects with social or environmental objectives, the Financial Times reports. Sources familiar with the matter say that the Qatar Investment Authority has begun to explore impact investing, which seeks to combine returns from private equity investment and measurable improvements in social and environmental areas. A month ago, Qatar Holding made an initial investment of about USD400,000 to improve the agricultural supply chain in East Africa.
29/10/2013

Sparinvest offers HY target date fund

The Danish asset management firm Sparinvest is initially opening subscriptions to the Sparinvest – High Yield Value Bonds Short Duration 2017 fund (ISIN code: LU0975253583) until 14 November. The bond fund has a set maturity date, designed to generate returns of about 6.5%, to 7.5% per year over the next four years.For this product, the asset management team led by Klaus Blaabjerg will use the Sparinvest value strategy to build a portfolio of about 70 positions. “The fund also counts among its advantages a short duration of only two years,” the firm says.
29/10/2013

Hervé Falciani se dit prêt à coopérer avec la Suisse

Par crainte de la prison, l’ex-informaticien de la filiale genevoise de HSBC, Hervé Falciani, indique être prêt à négocier avec la Suisse pour trouver un accord. Interviewé conjointement par la chaîne suisse et TV5 Monde, le Franco-Italien entend néanmoins avoir la garantie d’un statut de protection. Il aurait livré des fichiers portant sur plus de 127.000 comptes d'évadés fiscaux présumés à la France en 2009.
29/10/2013

Bill Fleckenstein prépare un nouveau fonds short-only

Le gérant de fonds alternatifs basé à Seattle prévoit de lancer en début d’année prochaine un nouveau fonds actions dédié aux positions courtes (short-only). Il espère ainsi constituer un socle d’investissement de 200 millions de dollars. Dans un entretien accordé à Moneybeat, Bill Fleckenstein dit observer «des valorisations vraiment stupides d’activités qui pourraient très bien en être ou ne pas en être», en se référant notamment à Twitter.
29/10/2013

Le «tapering» de la Fed ne fait plus recette

Avec des taux futures eurodollars revenus à leur plus bas de mai, les marchés de taux ont totalement revu leurs anticipations d’une baisse des rachats d’actifs de la Fed, qu’ils n’attendent pas avant mars 2014. Ils seront sensibles à une inflexion du ton du communiqué publié mercredi.
29/10/2013

IEX fait valoir sa spécificité

Ouverte depuis vendredi, la plate-forme de trading américaine se targue d’être la toute première ATS (Alternative trading system) détenue par les gestionnaires à savoir le «buy-side». IEX n’entrerait ainsi pas en concurrence avec les courtiers et permettrait de mettre en œuvre des services réellement pertinents pour les gestionnaires, selon son directeur général Brad Katsuyama dans un entretien à Reuters.
29/10/2013

La BoE veut prendre son temps sur les taux

David Miles, membre du Comité de politique monétaire de la Banque d’Angleterre, a assuré qu’une hausse trop rapide des taux serait «catastrophique». Il ne convient pas d’agir à chaque bonne nouvelle sur le front économique, mais d’attendre que le taux de chômage ait baissé de façon significative, a indiqué le banquier central à la BBC.
29/10/2013

Les finances de Detroit jugées dans un état désastreux

Au quatrième jour d’une audience qui doit décider de l'éligibilité de la ville de Detroit au régime des faillites, l’administrateur d’urgence, Kevyn Orr, a estimé que les finances locales étaient dans un état choquant lorsqu’il a pris son poste. Le gouverneur du Michigan Rick Snyder a également été invité à s’exprimer.
29/10/2013
Gestion d'actifs

Unéo intégre des stock-pickers en portefeuille depuis le début de l'année

Pascal Pigot, Directeur général adjoint d’Unéo, à la rédaction de www.institinvest.com : Depuis le début de l’année, nous avons cherché à intégrer des stock-pickers en portefeuille. Nous avons ainsi investi dans le fonds AAA actions agroalimentaire de Natixis AM mais aussi dans un fonds de EDRAM et dans un troisième géré par Pastel & Associés ». Le portefeuille d’Unéo qui s'élève à 372 millions d’euros d’encours, est composé à 65% de produits de taux, plus précisément à 50% de mandats gestion assurantielle composés pour moitié d’obligations corporate et pour moitié d’emprunts d’Etat, et par ailleurs, 15% d’OPCVM présents sur la dette monde, la dette émergente et les taux variables. Il comprend également 11% d’actions (large cap zone euro et internationales), 4% de private equity (logés dans la poche actions), mais aussi 14% d’actifs de diversification (obligations convertibles, gestion alternative, infrastructures et comptes à terme) et enfin 6% d’immobilier.
Gestion d'actifs
28/10/2013

IEX fait valoir sa spécificité

Ouverte depuis vendredi, la plateforme de trading américaine se targue d’être la toute première ATS (Alternative trading system) détenue par les gestionnaires à savoir le «buy-side». IEX n’entrerait ainsi pas en concurrence avec les courtiers et permettrait de mettre en œuvre des services réellement pertinents pour les gestionnaires, selon son directeur général Brad Katsuyama dans un entretien à Reuters.

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