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17/09/2013

Forte baisse des résultats semestriels d'ABC Arbitrage

Le résultat net part du groupe d’ABC Arbitrage s’est inscrit à 3,1 millions d’euros au titre du premier semestre 2013, contre 13 millions d’euros au premier semestre 2012. Ce résultat «intègre la variation de l’écart de valorisation du portefeuille titres entre les normes françaises et les normes IFRS qui, ce semestre, pèse négativement sur le produit d’activité courante consolidé à hauteur de 10,2 millions d’euros ; cet écart technique se résorbera avec la fin des opérations d’arbitrage concernées», précise un communiqué publié le 16 septembre.S’il exclut ces variations, ABC Arbitrage estime que le produit de son activité courante affiche un repli plus modéré, de 10% sur un an, «ce qui constitue une bonne performance dans le contexte de marché.», selon lui.En termes de perspectives, le groupe table sur un rythme d’activité du troisième trimestre «dans la même dynamique» que celui du premier semestre, sous réserve d’un environnement de marché inchangé.Il annonce le versement d’un dividende de 20 cents par action en numéraire. Le détachement est prévu le 9 décembre pour un paiement le 12 décembre.
17/09/2013
Fonds

Bpifrance lance un fonds "ETI 2020" doté de 3 milliards d'euros

Le conseil d’administration de Bpifrance a validé lundi 16 septembre la création du fonds commun de placement «ETI 2020" dont l’objectif est de développer les entreprises de taille intermédiaire qui ne représentent que 3,3% des entreprises, mais participent pour près d’un tiers aux emplois et à la valeur ajoutée. Il sera doté de 3 milliards d’euros et interviendra sur des opérations à partir de 10 millions d’euros en fonds propres, quasi fonds propres, en minoritaire.Les investissements déjà réalisés par le Fonds Stratégique d’Investissement (FSI) seront apportés au «FPCI ETI 2020" qui devrait par ailleurs suivre un rythme d’investissement de 300 à 500 millions d’euros par an.Le fonds a été créé sous la forme d’un FPCI d’une durée de 99 ans qui permet de s’adapter au mieux au développement de long terme des entreprises de taille intermédiaire sans connaître les contraintes de liquidité qui s’appliquent aux fonds classiques. La durée d’investissement du FCPI ETI 2020 sera donc longue, indique un communiqué.
Fonds
17/09/2013
Fonds

Capital Group propose un fonds Ucits dédié aux dividendes

Le gestionnaire américain Capital Group, dont les actifs sous gestion s'élèvent à quelque 1.200 milliards de dollars, vient de lancer World Dividend Growers, un compartiment au sein de la sicav luxembourgeoise Capital International Fund, rapporte Investment Europe.World Dividend Growers investira en priorité dans des sociétés versant des dividendes réguliers et en augmentation. Le fonds, qui disposera d’un capital de départ de 25 millions de dollars, sera géré par Theodore Samuels, Todd James et Gerald Du Manoir.
Fonds
17/09/2013
Fonds

UBS réduit les frais de ses ETF

UBS Global Asset Management a réduit les frais de tous ses ETF classe A, allant jusqu’à 25 points de base, rapporte Investment Week. La baisse de prix la plus importante concerne le UBS MSCI Emerging Markets UCITS ETF, où le TFE a été ramené de 0,7 % à 0,45 %. Le prix du S&P 500 ETF est revenu de 0,25 % à 0,2 %. Ces réductions sont valables depuis le 16 septembre.
Fonds
17/09/2013

Evelyn Muth devient sales operation head chez Aquila

Directrice du développement pour l’Allemagne et l’Autriche pendant moins d’un an chez Oddo Asset Management (lire Newsmanagers du 25 mars), Evelyn Muth a rejoint le groupe Aquila (7,5 milliards d’euros) comme sales operation head, un poste nouvellement créé. Evelyn Muth a passé 17 ans chez Fidelity International jusqu'à fin 2011, en dernier lieu comme head of global relations.Elle sera responsable d’Aquila Capital et d’Alceda, en sa qualité de managing director d’AQ Management GmbH, une société qui coiffe ces deux filiales de distribution. A ce titre, elle sera subordonnée à Christian Kiefer et Roland Schulz, directeurs généraux d’Aquila Capital Institutional GmbH, d’une part, et à Michael Sander, président du conseil d’administration du luxembourgeois Alceda Fund Management SA, d’autre part.
17/09/2013
Fonds

Schroders lance un fonds opportuniste sur les actions indiennes

Le britannique Schroders vient de lancer un fonds d’actions indiennes qui se propose de capter la croissance à long terme des sociétés.Le Schroder ISF Indian Opportunities fund adoptera une stratégie non contrainte bottom-up des investissements potentiels sur le marché indien. Il sera géré par l'équipe actions asiatiques de la société de gestion et conseillé par Axis AMC, société indienne dont Schroders a acquis 25 % en septembre 2012. Cette dernière comprend une équipe de sept professionnels. Ce fonds peut aussi être utilisé comme une stratégie complémentaire au fonds existant, le Schroder ISF Indian Equity.
Fonds
17/09/2013

Alliance Trust Investments recrute deux personnes dans son équipe obligataire

Alliance Trust Investments vient de recruter Kenny Watson et Dan Daldry dans son équipe obligataire. Kenny Watson, qui se focalisera sur le crédit et le haut rendement, vient d’Ignis Asset Management où il était responsable des portefeuilles obligataires «sub investment grade». Dan Daldry, qui fournira de la recherche crédit financier, vient de Scottish Widows Investment Partnership (SWIP), où il gérait le SWIP Absolute Return Bond Fund.Les deux nouvelles recrues seront placées sous la direction de Rod Davidson, responsable de l’obligataire chez Alliance Trust Investments.
17/09/2013

Axa Real Estate recruits head of AM in the United States

Axa Real Estate Investment Managers has hired Steve McCarthy as U.S head of asset management and transactions. He will be based in Axa Real Estate’s office in New York and report to Olivier Thoral, Axa Real Estate’s head of North America.Steve McCarthy joins Axa Real Estate from his role as co-founder and principal of MXA Capital, a real estate investment advisory company focused on the acquisition of value-add office properties in the U.S on behalf of institutional investors.He will be responsible for sourcing and executing acquisitions and disposals on behalf of Axa Real Estate’s United States and European based funds or separate accounts, in addition to presenting club and other transaction based deals to institutional investors in accordance with their specific investment requirements. He will also be responsible for overseeing all aspects of asset management in the U.S to ensure client returns are maximised.
17/09/2013

CalPERS adopts investment beliefs to guide investments

The California Public Employees’ Retirement System (CalPERS) Board of Administration adopted a set of 10 «investment beliefs» that will provide a basis for strategic management of the investment portfolio, inform organizational priorities and ensure alignment between the investment office and CalPERS staff, according to a statement.Each investment belief also includes more detailed sub-beliefs that are actionable statements providing insight as to how the investment beliefs will be implemented. CalPERS is the first U.S. pension fund to adopt Investment Beliefs."Having an overarching set of investment beliefs to guide decision-making throughout the organization will be a tremendous asset as we work toward our strategic goals,» said Henry Jones, CalPERS investment committee chair. «The decision-making process was thoughtful and thorough, and leaves us with a firm sense of what is most important."Notable beliefs state that: - Liabilities must influence the asset structure - A long time investment horizon is a responsibility and an advantage - Long-term value creation requires effective management of three forms of capital: financial, physical and human"These beliefs are another important step in the recovery of CalPERS, providing a clear direction and philosophy for investment decisions,» said Joe Dear, CalPERS chief investment officer. «They also will be integrated into the culture of the investment office and help maintain continuity at all levels of staff.»
17/09/2013

Janus faces a challenging future

Janus, which had once been the asset management firm with the best sales of mutual funds in the United States, will have to face a number of problems, Financial Times fund management observes. The group has seen outflows of over USD7bn from its equity funds, and more than USD2bn from its flagship fund (Janus fund) between January and July. The poor performance of the fund and the reduced appetite for growth funds explain that. The redemptions also coincide with the departure of top managers: Brian Shaub, Chad Meade and Ron Sachs. Analysts are being shared over capacity at Janus to recover.
17/09/2013

Temasek recruits a head from Citic

The Singapore sovereign wealth fund, Temasek, has recruited a head from Citic, Wu Yibing, as head for China, Asian Investor reports.Wu, chief executive of Goldstone Investment, the investment arm of Citic Securities, is expected to join Temasek on 1 October this year. Wu succeeds Ding Wei, who becomes advisory senior director, according to Temasek.Temasek has allocated 23% of its assets to China, its second-largest exposure after Singapore (30%).
17/09/2013

Asset management firms need to protect their back-office operations better

Asset management firms do not take adequate measures to protect their back-office operations because they think that the providers to whom they outsource their activities are “too big to fail,” Financial News writes, citing insiders sources in the industry. Many asset management firms outsource their non-strategic functions to third parties such as depository banks. These services include fund administration, fund accounting, valuation, etc.
17/09/2013

Nigerian sovereign fund makes its first investment

The Nigerian sovereign fund has entrusted more than USD200m to UBS, Credit Suisse and Goldman Sachs to manage a bond portfolio, the Financial Times reports, adding that it is the first investment for the fund. Uche Orji, the director general of the Nigerian Sovereign Investment Authority (NSIA), which has USD1bn in assets, tells the FT that the fund awarded USD50m to UBS last week to invest in US Treasury bonds. An additional USD150m was sent last week to Credit Suisse and Goldman Sachs to build a portfolio of US corporate bonds.
17/09/2013

Hedge funds use satellite images

Hedge fund managers are turning to satellite technology, particularly satellite images, to gain a competitive edge, Financial Times fund management reports. They are using it to monitor exposure to risk in the areas surrounding mines, ports, plantations and farmlands. For example, satellite images can show which of two neighbouring mines produce more coal. Hedge funds also use images to monitor occupancy of parking lots surrounding major shopping centres.
17/09/2013

Capital Group offers UCITS fund dedicated to dividends

The US asset management firm Capital Group, whose assets under management total approximately USD1.2trn, has launched World Dividend Growers, a sub-fund of the Luxembourg Sicav Capital International Fund, Investment Europe reports.World Dividend Growers will invest as a top priority in companies which pay regular and rising dividends. The fund, which will have seed capital of USD25m, will be managed by Theodore Samuels, Todd James and Gerald Du Manoir.
17/09/2013

UBS cuts fees for its ETFs

UBS Global Asset Management has slashed the fees for all of its A-class ETFs by up to 25 basis points, Investment Week reports. The largest price reduction is for the UBS MSCI Emerging Markets UCITS ETF, whose TER has been reduced from 0.7% to 0.45%. The price of the S&P 500 ETF has been reduced from 0.25% to 0.2%. The reductions are valid from 16 September.
17/09/2013

“Europe is a major area for development”

The head of Ignis Asset Management, Chris Samual, discusses the results with Newsmangers slightly more than four years after becoming head of the asset management firm. After a profound reorganization, Samual claims the firm has all the advantages to make Ignis a major player in insurance asset management, especially for third parties. From this point of view, Europe, including France, represents a privileged area for development.
17/09/2013

Schroders launches opportunistic Indian equity fund

Schroders has launched the Schroder ISF Indian Opportunities, a complementary offering to the existing Schroder ISF Indian Equity but with a different management style. It takes an unconstrained all cap approach versus a fundamental larger cap approach and is not managed relative to a benchmark. The fund, which launched on 10 September 2013, is managed by Schroders’ Asian equity investment team and advised by Axis AMC, an Indian company in which Schroders bought a 25% stale in September 2012. Axis AMC has a team of seven experienced investment professionals with a long track record in managing Indian equities . The fund will leverage Axis AMC’s on the ground expertise in India to identify the best investment opportunities for capital growth. Investments will primarily be in equity and equity related securities of Indian companies that have substantial business exposure to India.
17/09/2013

Ethical funds do not cost more than others

Are ethics a luxury in finance? Not necessarily. A study by the department of economic and business sciences at the University of Padua, cited by Plus, finds that there is no significant difference between the total expense ratio (TER) of ethical and non-ethical funds. In practice, companies which offer funds of this type try to maintain “ethical” behaviour towards their clients, and thus avoid profiting from the strong motivation that typically characterises investors who are sensitive to social responsibility in the use of their money. The study covered more than 500 funds, of which about 300 were compared to similar “non-ethical” funds. “If a consumer buys an ecological product, they pay more. In the case of an ethical fund, they do not pay more,” concludes Alberto Alnzavecchia, one of the authors of the study.
17/09/2013

Alliance Trust Investments recruits two for its bond team

Alliance Trust Investments has hired Kenny Watson and Dan Daldry for its fixed income team. Both will report into Rod Davidson, head of fixed income at Alliance Trust Investments.Kenny Watson will focus on credit and high yield, whilst Dan Daldry will provide the portfolios with financial credit analysis.Prior to joining Alliance Trust Investments, Kenny Watson worked for Ignis Asset Management for 15 years, specialising first in UK smaller companies, before moving to the fixed income team in 2004 where he was responsible for the sub investment grade bond portfolios including the High Income Bond Fund. Prior to focusing on sub investment grade bonds, he was part of the team managing the investment grade life company mandates. Dan Daldry has spent the last five years working at Scottish Widows Investment Partnership (SWIP), ultimately as a portfolio manager on the SWIP Absolute Return Bond Fund. He joined SWIP as a member of its graduate training scheme in 2008, going on to specialise in financials credit analysis.
17/09/2013

Aberdeen plans frontier markets strategy in continental Europe

Aberdeen AM is planning to launch a pre-existing strategy dedicated to frontier marketsi n continental Europe. The launch of the new strategy outside the United Kingdom, which would be offered to French investors among others, is said to be in response to strong demand from clients.
17/09/2013

Lazard Frères Gestion adds to offerings in Scandinavia

Lazard Frères Gestion on 16 September announced the launch of Norden Small, a new Sicav which will invest in small and midcaps. Norden Small will cover precisely four countries: Norway, Denmark, Sweden and Finland. The fund is aimed at all subscribers inerested in the Scandinavian region.The Norden Small Sicav benefits from the managemennt expertise both of the Small and Mid Caps Europe unit and of the Scandinavian equitis unit at Lazard Frères Gestion. Lazard Frères Gestion thus adds to its “Scandinavian equities” product range, which has previously been concentrated on large caps with Nordea (EUR600m in aseets uder management).The portfolio is composed of 40 positions selected from a universe of over 300 shares. The Sicav will target Scandinavian firms with market caps of EUR100m to EUR3bn, selected according to criteria including return on capital employed, growth and valuation.Characteristics of Norden SmallISIN code: FR0011474980Benchmark index: MSCI Nordic Small Cap net dividends reinvested in eurosRecommended investment duration: 5 yearsManagement fee: 2% of net assets, including all taxesMaximum front-end fee: 4%, including all assets, negotiable
17/09/2013

OFI launches fixed income allocation strategy

OFI Asset Management on 16 September announced that it is launching a new fixed income allocation strategy aimed at institutional investors, with discretionary and flexible risk-constrained bond management.Flexible allocation, discretionary management, management of sensitivity (from 0 to 7) and risk management are drivers of the performance of the new fund, whose investment universe includes all types of bonds issued within the OECD, with the objective of earning higher returns than the benchmark index (40% government bonds, +40% corporate Investment Grade +20% corporate High Yield).The management team, composed of François Caulry and Clément Iseli, define allocation in advance for the various bond segments, according to the decisions of a pre-allocation committee in which the fixed income teams at OFI Asset Management participate.Allocation is then approved, in partnership with Active Asset Allocation, on the basis of a statistical model with a maximum loss constraint of 5%. Allocation is reviewed on a monthly basis with the same constraint. Selection of securities is carried out by 20 analyst-managers specialised in the bond segment, with the support of an independent team of 6 credit analysts.Primary characteristics of the fundLegal format: French-registered SICAV• Currency: €• ISIN code: FR0000011066• Valuation: daily• Benchmark index: 40% Euro MTS Global Index + 40% iBoxx Liquid Corporates + 20% Bank of America Merrill Lynch Euro Non-Financial Fixed & Floating rate High Yield Index• Management fees – I share class: 0.65% including taxes• Performance commission: 15% of performance exceeding the benchmark
17/09/2013

Guillaume Rambourg preparing a European fund

The former Gartmore manager Guillaume Rambourg, via his company Verazzano Capital, is seeking seed capital to launch a European long-only fund according to reports in Investment Week. The Paris-based company manages a European long-only mandate for a client, and is now seeking to offer the strategy via a fund. The Verrazzano European Advantage fund would be managed by Rambourg and his team of six people. It will be a concentrated best ideas fund of 40 continental European stocks.
17/09/2013

Net outflows from US mutual funds in August

After net inflows of USD15.9bn in July, US long-term mutual funds in August saw net redemptions of USD7.92bn, which reduces total net subscriptions in the first eight months of the year to USD224.38bn, according to Morningstar. The agency says that “investors in bonds were not expecting it when the music stopped,” with net outflows of USD27.3bn from taxable and municipal bonds.For their part, money market funds saw net inflows of USD20.09bn in August, after USD27.7bn. As a result, net outflows in the first eight months of the year are reduced to USD59.85bn, compared with USD78.47bn as of the end of July.Of the top ten asset management firms by asset volumes, Vanguard, the top firm, stands out with net inflows of USD552bnin August, and USD50.75bn in the first eight months of the year.The following five firms all show outflows in August; USD802m from Fidelity, USD1.89bn from American Funds, USD11.01bn from Pimco, USD1.75bn from Franklin Templeton, and USD1.45bn from T. Rowe Price.JPMorgan, Dimensional, OppenheimerFunds and BlackRock attracted USD1.86bn, USd1.66bn, USD1.03bn and USD530m, respectively, in August.In the first eight months of the year, the heaviest net outflows were from American Funds (USD11.58bn).
17/09/2013

Carmignac adds to Spanish sales team

According to reports in Funds People, Carmignac Gestion has recruited Borja Fernández-Galiano for its sales team in Spain. He will work in Madrid, and will report to Yon Elósegui. Fernández-Galiano was recruited by Lazard Frères Gestion in early 2012 from Oyster (see Newsmanagers of 18 January 2012).
17/09/2013

Aberdeen AM to open an office in Madrid

The asset management firm Aberdeen Asset Management will soon open an office in Madrid. The opening of the new office, which has been delayed several times, is expected to finally take place next month. The Spanish market, which has hitherto been served from London, represents only EUR300m to EUR400m in assets under management, but a presence on the market meets growing demand from local investors.
17/09/2013

German institutionals bet on alternative assets

According to the first survey carried out by the BAI alternative investment association (BAI Investor Survey), 60% of German institutional investors say they are planning to significantly increase their alternative investments in the next 12 months. This propensity is due both to considerations of diversification and higher-than-average performance, says Frank Dornseifer, CEO of BAI.Nearly 50% of respondents report that they have been investing in alternative assets for more than 10 years, and that the experience has been positive. Additionally, alternative investments, particularly private equity, hedge funds and infrastructure, profit from the fact that other asset classes have considerably lost attractiveness in a context of low interest rates.

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