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15/10/2013
Fonds

Brightgate et Andbank lancent un fonds obligataire à 5 ans

Le fonds d’obligations d’entreprise Astra BrightGate B&H 5 year Tranche I vient d’être lancé par Andbank Asset Management Luxembourg, avec délégation de gestion à BrightGate Capital, rapporte Funds People. Les promoteurs visent pour ce produit à échéance fixe une rentabilité annuelle de 5 %, avec une duration de 5 ans.L’agrément de commercialisation en Espagne a été demandé à la CNMV. Le fonds sera ensuite disponible sur les trois plates-formes Allfunds, Fundlab et Inversis.
Fonds
15/10/2013

Les institutions financières revoient à la hausse leur budget de gestion du risque

La gestion du risque devient de plus en plus importante pour les institutions financières, et de plus en plus coûteuse. C’est ce que révèle la huitième édition de l'étude Global Risk Management Survey publiée par Deloitte, qui évalue les dispositifs de gestion de risque de près de 86 institutions financières à travers le monde, représentant 18 000 milliards de dollars d’actifs. Parmi les principaux enseignements de l'étude, on apprend que 65% des établissements interrogés constatent une hausse des budgets alloués à la gestion des risques. «L’affectation de ces dépenses diffère cependant selon la taille : les établissements d’importance systémique se concentrent d’avantage sur la gouvernance et le reporting des risques, le niveau de fonds propres et le ratio de liquidités, tandis que les établissements dont les actifs sont inférieurs à 10 milliards de dollars se préoccupent de la mise en conformité face aux réglementations qui leur sont désormais applicables», explique l'étude. 58 % des établissements interrogés indiquent prévoir une hausse de leur budget de gestion des risques dans les trois années à venir, et 17 % d’entre eux anticipent des hausses annuelles d’au moins 25 %. La gestion du risque est devenue prioritaire pour les sociétés fournissant des services d’investissements. Dans ce secteur, 90 % des répondants voient la gestion du risque comme important (27 % ayant indiqué «extrêmement important»). Dans l’ensemble, 48% des institutions financières affirment avoir dû réadapter leur offre et activité en lien avec les exigences réglementaires, contre 24% en 2010. En 2012, 89% des institutions ont indiqué avoir un directeur des risques, contre 65% il y a trois ans.
15/10/2013

Eastspring recrute sa deputy CEO chez DeAWM

Michele Bang a été nommée deputy CEO d’Eastspring Investments, la filiale de gestion d’actifs de Prudential Corporation Asia. Elle sera chargée d’animer le développement mondial d’Eastspring dans les domaines de la distribution, des produits et du marketing. La nouvelle arivante sera surbordonné à Guy Strapp, CEO, et rejoindra son nouveau poste à Hong-Kong d’ici à la fin de l’année.Michele Bang était en dernier lieu managing director, head of global client group, North Asia Asset Management chez Deutsche Asset & Wealth Management (DeAWM).Eastspring souligne que ce recrutement intervient au moment où la société de gestion vient d’ouvrir un bureau de vente à Londres, qui sera la plaque tournante pour l’Europe.
15/10/2013
Fonds

City Financial veut lancer un fonds macro asiatique

City Financial envisage de lancer un fonds macro asiatique et a recruté dans cette perspective Geoffrey Barker, rapporte Fund Web. Geoffrey Barker travaillait précédemment chez Ballingal Investment Advisors (BIA) où il a lancé et géré le fonds BIA Pacific Macro.Le fonds, une joint venture entre City et sa filiale City Financial Investment Company (Hong Kong) devrait être lancé dans le courant du premier trimestre 2014
Fonds
15/10/2013

Le coréen Mirae veut doper ses encours en Europe

Rahul Chadha, le directeur des investissements de Mirae, espère qu’une prochaine action de promotion marketing en Europe va aider la société de gestion coréenne à porter ses 1 milliard de dollars d’encours internationaux au niveau des 5 milliards de dollars gérés en dehors de Hong Kong. Dans le cadre de ses projets de croissance à l’international, Mirae a l’intention de recruter du personnel afin de cibler les investisseurs au Moyen-Orient et veut augmenter le nombre d’employés basés à Londres afin de « vendre plus fortement en Europe », a indiqué Rahul Chadha. Le CIO pense aussi qu’il y a des « opportunités massives » pour distribuer la Sicav luxembourgeoise de 13 compartiments dans toute l’Asie, particulièrement dans la banque privée et la gestion de fortune à Hong Kong et Singapour.
15/10/2013

Swiss Life Asset Managers collecte plus de 2 milliards d'euros au premier semestre

Lancée en novembre 2012 afin de rassembler toutes les expertises du Groupe Swiss Life en matière de gestion d’actifs pour compte de tiers, Swiss Life Asset Managers a enregistré une collecte de 2,528 milliards de francs suisses soit 2,054 milliards d’euros, réalisée principalement sur des expertises acquises ou renforcées depuis le lancement de la marque: l’immobilier, les taux, le monétaire, et les fonds diversifiés.En France, Swiss Life AM a enregistré une collecte de plus de 700 millions d’euros sur ses fonds monétaires alors que ce segment de marché est en forte décollecte. «Ce savoir-faire historique en matière de gestion monétaire ainsi que les performances des fonds ont permis la fidélisation et la conquête de 16 nouveaux clients institutionnels sur le marché français depuis le début de l’année», précise Swiss Life dans un communiqué.Swiss Life Asset Managers, qui a officialisé en mai dernier l’ouverture d’un bureau de représentation en Suisse romande, à Genève, exclusivement dédié à la distribution, envisage l’an prochain de renforcer sa présence en Allemagne, au Royaume-Uni et en Scandinavie.
15/10/2013

Copernico va distribuer les fonds de M&G

M&G Investments a signé un accord de distribution avec la société italienne d’intermédiation de valeurs mobilières Copernico, rapporte Bluerating. Cette dernière distribuera les fonds de M&G.
15/10/2013

Financière de l’Echiquier ouvre un bureau à Milan

Financière de l’Echiquier va ouvrir le 15 janvier un bureau à Milan, selon des informations de Bluerating. Le nouveau bureau abritera Paolo Francesco Sarno, responsable commercial institutionnels et Alessio Tonato, responsable commercial retail. La Financière de l’Echiquier est présente en Italie depuis 2006 au travers de l’enregistrement de ses fonds.
15/10/2013
Fonds

Meesman propose un ETF d'actions fiscalement optimisé

Avec le Meesman Indexfonds Aandelen Wereldwijd, un ETF chargé à 0,5 %, Meesman Index Investments a lancé aux Pays-Bas le 1er octobre un produit nourricier d’un fonds indiciel institutionnel de Northern Trust qui investit en réplication physique en actions du MSCI World.Du fait que ce nouvel ETF est de droit néerlandais, il peut obtenir le remboursement du prélèvement fiscal sur les dividendes de sociétés étrangères grâce aux accords signés par les Pays-Bas pour éviter la double imposition, ce qui lui confère un surcroît de rendement estimé à 0,4-0,5 % par an.
Fonds
15/10/2013
Fonds

Pioneer commercialise son fonds Dynamic Credit en Espagne

Funds People rapporte que Pioneer Investments a fait enregistrer par la CNMV pour la vente en Espagne les classes de parts A, C et I (capitalisation, en dollars) du compartiment Dynamic Credit de sa sicav Pioneer Funds, un produit géré par Michael Temple head of US Credit et Andrew Feltus, gérant haut rendement US et mondial.Il s’agit du clone d’un fonds de droit américain qui peut investir dans tous les segments obligataires. L’objectif est de capturer entre 75 et 80 % des hausses sur le marché du high yield et de supporter des baisses inférieures de moitié à celles de ce marché. Le fonds vise une surperformance de 200 points de base par rapport au Libor en dollars.
Fonds
15/10/2013

L'AFG prône un PEA-PME avec une fiscalité juste et des caractéristiques simples

L’imposition à 15,5% sur l’intégralité des gains constitués sur les PEA, PEL et certains contrats d’assurance vie depuis 1997 dans un souci d'équité fiscale selon le gouvernement est scandaleux d’un point de vue éthique, et antipédagogique, s’est insurgé Paul-Henri de la Porte du Theil, président de l’AFG, dans le cadre du colloque de PME Finance sur le projet de loi de finances pour 2014. L’Agefi rapporte que le responsable a assuré qu’il fera tout pour combattre cette mesure qui figure dans l’article 8 du projet de loi de financement de la sécurité sociale (PLFSS) pour 2014. Par ailleurs, pour l’AFG, le PEA-PME qui va être crée doit être simple techniquement, en évitant de trop nombreux ratios (actions, obligations...), qui créent des risques de bulle. Pour intégrer le non-coté facilement, Paul-Henri de la Porte du Theil propose d’autoriser les FCPR d’une part, et les fonds ayant les caractéristiques du PEA-PME d’autre part. Mais comme aujourd’hui on ne peut mélanger coté et non-coté dans un fonds de fonds, il faudra que l’AMF y consente. En revanche, l’investissement direct en obligations «aujourd’hui, n’est pas utile et raisonnable», a noté Paul-Henri de la Porte du Theil.
15/10/2013

Hedge funds avoid AIFM

Hedge funds are avoiding the new European framework contained in the Alternative Investment Fund Managers directive, which aims to improve the protection of investors in hedge funds, due to the costs and compliance problems these involve, Financial Times fund management reports. Only 11 asset management firms have signed up for the new regime in the United Kingdom, a country which represents 74% of assets in European hedge funds, since it came into effect in July. Luxembourg and Ireland each have three asset management firms registered under the new framework.
15/10/2013

AIFM: France and Germany have higher requirements for private investments

Investors in France and Germany will have less choice than in other countries for private investments due to additional rules imposed by local regulators, according to a study by the Alternative Investment Management Association (AIMA) in partnership with the firm Ernst & Young. According to the study, 17 countries are planning to authorise private investment, but on the basis of highy varied regimes, while France and Germany impose additional terms, which will have the effect of limiting the range on offer to investors compared with other countries. The study emphasizes that the French market appears highly restrictive in this area, while other countries, such as the United Kingdom, Ireland, Sweden, and Luxembourg, only require alternative investors to respect minimal terms included in the AIFM directive. A study by Deutsche Bank of 44 European and American hedge fund managers finds that hedge funds are adopting a wait-and-see attitude to complying with the AIFM directive, with 82% of European managers planning to delay registration until 2014. More than 40% of managers surveyed indicate that they have recruited more than one full-time employee to prepare and manage new regulatory requirements.
15/10/2013

US mutual funds record net sales for September

After net outflows of USD7.92bn in August, compared with net sales of USD15.9bn in July, US long-term mutual funds in September posted net subscriptions of USD2.48bn, according to Morningstar. That brings net inflows since the beginning of the year to USD228.45bn.For their part, money market funds have attracted USd43.33bn in September, compared with USd22.09bn in August. Arithmetically, net outflows in the first nine months of the year come to USD16.52bn.Among the top six asset management firms by asset volumes, only Vanguard has done well in September, with net inflows of nearly USD3.25bn, and USD54bn in the first nine months of the year.The second, Fidelity Investments, has seen net outflows of USD1.55bn in September, but has posted inflows of USD5.68bn in January-September. American Funds suffered outflows of USD2.16bn in September, and USD13.74bn in the first nine months of the year, while Pimco has had to confront net redemptions of USD6.45bn in September, and USD8.23bn in the first three quarters.
15/10/2013

Legg Mason launches a senior loan fund

Legg Mason Global Asset Management has launched a senior loan fund domiciled in Dublin via its affiliate Western Asset Management, Investment Week reports. The Legg Mason Western Asset Senior Loan fund will be managed by TJ Settel, and will be structured as an open-ended fund aimed at qualified investors. The fund will invest in the international senior debt market, with a preference for the particularly liquid US market.
15/10/2013

Deka sells properties in the United States and invests in Madrid

Frankfurt-based Deka Immobilien GmbH has announced that it has sold two commercial properties located in San Francisco to the US real estate group Ashkenazy Acquisition Corp. for EUR117m. The properties had since 1999 been in the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The transaction comes as part of Deka’s strategy to reduce the proportion of non-European assets in the portfolios of the fund, while profiting from the positive evolution of the markets to earn capital gains.Meanwhile, for its WestInvest TargetSelect Shopping fund, reserved for institutional investors, Deka Immobilien has acquired the Adolfo Dominguez shop (2,500 square metres) in Madrid from a real estate firm for EUR18m. The transaction corresponds to an “anticyclical opportunity” to add a well-located property to the portfolio.
15/10/2013

Korea's Mirae to boost assets in Europe

Rahul Chadha, chief investment officer at Mirae, hopes that a forthcoming marketing push in Europe will help the Korean asset management firm to increase its USD1bn in international assets to the level of USD5bn managed outside Hong Kong. As part of its international growth plans, Mirae is planning to recruit staff in order to target investors in the Middle East, and is hoping to increase the number of employees based in London, in order to “sell more strongly in Europe,” says Chadha. The CIO also thinks that there are “massive opportunities” to sell the Luxembourg Sicav with 13 sub-funds throughout Asia, particularly in private banking and wealth management in Hong Kong and Singapore.
15/10/2013

Swiss Life Asset Managers posts over EUR2bn in inflows in first half

Swiss Life Asset Managers, launched in November 2012 to unite all expertise of the Swiss Life group in asset management for third parties, has postd inflows of CHF2.528trn, or EUR2.054trn, largely from expertise acquired and reinforced since the launch of the real estate, fixed incoe, money market and diversified fund ranges. In France, Swiss Life AM has posted inflows of over EUR700m to money market funds, at a time when this market segment shows strong outflows. “This historic expertise in the area of money market management and the performance of funds has allowed for 16 new institutional clients to be conquered and made loyal on the French market since the beginning of the year,” Swiss Life says in a statement. Swiss Life Asset Managers, which in May oversaw the opening of a representative office in French-speaking Switzerland, in Geneva, dedicated exclusively to distribution, is next year planning to scale up its presence in Germany, the United Kingdom and Scandinavia.
15/10/2013

US regulators debate supervision of the asset management industry

The fact that the Securities and Exchange Commission has launched a consultation to see if asset management firms pose a risk to the financial system is raising the eyebrows of other regulators, and may provoke a turf war for control of the industry, the Financial Times reports, citing sources familiar with the matter. The move follows the publication of a report by the Financial Research Office into asset management firms. If they are considered to present a systemic risk, their supervision would be transferred from the SEC to the Federal Reserve. This potential turf war could favour the asset management industry, which does not wish to be viewed as presenting a systemic risk.
15/10/2013

Neuberger Berman preparing a UCITS-compliant fund of hedge funds

In the face of rising demand on the part of discretionary fund managers, Neuberger Berman is planning to launch a UCITS-compliant version of its fund of hedge funds Neuberger Berman Absolute Return Multi-Strategy fund (ARMS), Investment Week reports. It will be an event-driven fund (long/short, event-driven, relative value credit), whose performance objective is 500 basis points over cash.It will be the second absolute return fund from the US asset mangaement firm to also be offered in the United Kingdom, after the Neuberger Berman Global Bond Absolute Return fund, which aims for returns 400 basis points over cash.
15/10/2013

Barings to launch a European small cap fund

Barings asset management will launch a European small cap fund for manager Nicholas Williams and his co-manager, Colin Riddles, Citywire Global reports. The Baring European Opportunities Fund, domiciled in Dublin, will be released in the next few weeks.
15/10/2013

Pioneer releases Dynamic Credit fund in Spain

Funds People reports that Pioneer Investments has registered A, C and I share classes (accumulation, in US dollars) in the Dynamic Credit sub-fund of its Sicav Pioneer Funds, a product managed by Michael Temple, head of US credit, and Andrew Feltus, US and global high yield manager, with the CNMV for sale in Spain.The product is a clone of a US-registered fund which may invest in all fixed income segments. The objective is to capture 75% to 80% of increases on the high yield market, and to undergo declines less than half those of the market. The fund aims for outperformance 200 basis points over Libor in US dollars.
15/10/2013

Meesman offers a tax-optimised equity ETF

With the Meesman Indexfonds Aandelen Wereldwijd, an ETF with fees of 0.5%, Meesman Index Investments on 1 October in the Netherlands launched a feeder product of an institutional index-based fund from Northern Trust, which invests in physical replication of equities of the MSCI World index.Since the new ETF is registered in the Netherlands, it can claim reimbursement of the withholding tax on dividends from foreign companies through agreements signed by the Netherlands, in order to avoid double taxation, which brings it additional returns of 0.4% to 0.5% per year.
15/10/2013

New head of multi-management at Federal Finance

Hervé Fournial will become the new head of multi-management at Federal Finance, Newsmanagers has learned. He will succeed Sylvain Serrandour, who will take charge of the development of an analysis team at the Brest-based asset management firm, including credit analysis and socially responsible investment. Fournial had previously been a manager in the multi-management team, which represents about EUR1bn in assets under management. His position will be replaced in order to maintain personnel at the same level. These movements come as part of a reshuffle of management teams and an overhaul of the product range, Stéphane Müller, chairman of the board at Federal Finance, tells Newsmanagers. The reshuffle of the product range, begun this summer, will result in a reduction in the number of funds from 40 to 27. “We want to have a more legible and concentrated product range for retail investors,” Müller explains. The rationalisation will initially concern equity and diversified funds, in early 2014, and then bond funds, at the end of first half. Some funds will disappear, as a result of low asset levels and outmoded themes, while others will be merged. Among the funds which will disappear are Federal Planète Bleue, for example. In terms of teams, Müller promises that no staff cuts are planned. Considerations are also taking in the institutional strategy, but the firm will provide more information about this at a later date.
15/10/2013

Steve Cohen obliged to sell paintings

In the past few months, with an increase in legal costs to defend himself against accusations against him, the billionaire Steve Cohen has had to part with part of his private art collectoin, Bluerating reports. Via Sotheby’s, he is selling two Andy Warhol paintings and a canvas by Gerhard Richter. One of the Warhol paintings depicts Elizabeth Taylor, and is estimated at USD20m to USD30m. The artworks were shown last week in Qatar.
15/10/2013

L'AFG fait de la promotion de l'ISR une priorité

L’Association Française de la Gestion financière (AFG) a souligné, dans un communiqué publié à l’occasion de la semaine de l’ISR, l’importance de la promotion de l’investissement socialement responsable (ISR), notamment auprès des particuliers. L’AFG a rappelé les initiatives prises au cours des derniers mois : mise à jour du Code de Transparence pour les fonds ISR ouverts au grand public commun à l’AFG et au FIR (Forum pour l’Investissement Responsable) février 2013, précision en juillet de la définition de l’ISR afin de faciliter la compréhension par les épargnants de ce mode d’investissement, et enfin la création d’un label ISR «unique et enrichi». Cette «forte implication de l’AFG dans l’ISR se situe dans le cadre plus global de son action de promotion de l’épargne longue» et de «la qualité des actifs, leviers du bon financement del’économie et d’une protection efficace des intérêts des épargnants», souligne l’AFG.
15/10/2013

Dominique Lamiot appointed as chairman of ERAFP

By a decree of the French president published in the official journal on 2 October 2013, Mr. Dominique Lamiot is appointed for a term of three years as chairman of the Etablissement de Retraite additionnelle de la Fonction publique (ERAFP). He succeeds Jean-François Rocchi, who in June this year announced his decision to quit the board on 1 July 2013. Rocchi was elected to the presidency on 8 November 2011. Since 1 July, the position had been occupied in the interim by Philippe Soubirous, vice-chairman of the board. Lamiot, an unrivalled civil administrator, is a graduate of ENA (1987), and since 2008 had served as secretary general at Bercy. Lamiot was appointed in April 2008 as secretary general of the economic and finance ministries. On 6 May 2010, he was confirmed in his position following the creation of an enlarged office of the secretary general, combining the functions previously served by three offices (SG, DPAEP and Sircom).
15/10/2013

Norwegian sovereign wealth fund pulls out of five companies

The Norwegian public pension fund, the largest sovereign wealth fund in the world, has pulled out of five companies responsible for environmental misconduct or use of child labour, the finance ministry announced in a statement on Monday.The groups which the fund has pulled out of for environmental reasons are the Malaysian forestry companies WTK Holdings Berhad and Ta Ann Holdings Berhad, the Chinese mining company Zijin Mining Group and the Peruvian Volcan Compania Minera. A fifth business, India’s Zuari Agro Chemicals, has also had a wanring, and is accused to employing children, the finance minister says in a statement.Two oil companies, the British-Dutch Shell and the Italian Eni, have also been placed “under observation.” The Norwegian central bank, which manages the fund, will use shareholder activism to incite them to improve their practices in the Niger delta, where oil spills are frequent. In the event of a lack of progress, the fund may add two major companies to its blacklist of companies in which investments are banned for ethical reasons.Lastly, another business, the South African mining company AngloGold Ashanti, which is also accused of environmental misconduct, will be closely monitored, the ministry says, adding that its practices have recently been reviewed.
15/10/2013

Man Group recruits former BlueCrest CEO

Man Group has hired Neil Mason, who was CEO of BlueCrest, as senior managing director and lead portfolio manager of the Man GLG multi-strategy portfolios, reporting to Luke Ellis, president of Man Group.Mason joins Man from Harvard Management Company, where he was chief risk officer. Prior to this, he was CIO at FRM Capital Advisors. Before joining FCA, Neil was CEO of BlueCrest.As part of the move, David Kingsley, portfolio manager on the multi-strategy portfolios, will report to Neil Mason and continue in his current role.

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