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09/08/2013

Ashmore converts four funds to European format

Ashmore Investments has converted four of its funds to UCITS format in order to distribute them more widely in Europe, Citywire reports. The funds concerned are the Ashmore Global Small Cap fund, the Ashmore Latin American Small Cap fund, the Ashmore Middle East fund, and the Ashmore South Asian Stars fund.
09/08/2013

SWF Institute releases annual rankings of the most influential public investors

Which are the most influential public sector investors on the planet? The Sovereign Wealth Fund Institute (SWF Institute) has recently published its 2013 rankings of the 100 most important of these individuals, not only by the volume of assets under management by the firm but also taking into account contributions to particular major trends in the asset management sector. Although size is not determining for firms in the rankings, all the major sovereign funds find themselves in the top 10 or 20 funds in the rankings. The top three are Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority (ADIA), followed by Mark Wiseman, head ot the Canada Pension Plan Investment Board, and Yngve Slyngstad, CEO of the Norwegisn sovereign fund (NBIM). France has two individuals in the rankings: Olivier Rousseau, a board member at the French pension fund, the Fonds de réserve pour les retraites (FRR), in 44th place, and Jean-Pierre Jouyet, CEO of the Groupe Caisse des dépôts, in 52nd place.
09/08/2013

Academics reveal the secret to 14% returns

Investors can outperform major equity market indices simply by analysing public economic data, according to British and US universities cited in Financial Times Fund Management. One strategy which invested in a market index when macroeconomic conditions are improving and which short-sells the market when these conditions are deteriorating would have earned average annual returns of 14% between 1997 and 2011, the academics find. “All macro tells me, the equity markets should already know,” says professor Alessandro Beber of the Cass Business School in London, one of the authors of the study.
09/08/2013

Director of private banking at EFG International resigns

Ludovic Chechin-Laurans is leaving his position as a member of the executive board and director of Private Banking Switzerland at EFG International, the bank has announced in a statement released on 8 August. The departure is for personal reasons. Chechin-Laurans is returning to the Bahamas, where he will develop new activities and collaborate with EFG International on them. He is leaving the firm on good terms, according to the release.
09/08/2013

China plans to create a fifth sovereign fund

According to the South China Morning Post, the Chinese central bank is considering launching a new sovereign fund in order to give a new breath to competition to manage the country’s currency reserves, Les Echos reports. There are already four of them, including the two largest, SAFE and CIC, as well as the National Social Security Fund and the China Africa Development Fund, focused on Africa. Chinese currency reserves (USD3.5trn) are subject to an intense power struggle between the Chinese central bank, which is allied with the SAFE fund, and the finance minister, who supplies the CIC. Currently SAFE is the largest sovereign fund in the world, with about USD750bn, followed by the Norwegian oil fund. CIC has about USD580bn. The rivalry may be due to their performance and some adventurous investments.
09/08/2013

German funds post net inflows of EUR41bn in six months

In first half 2013, German funds posted net inflows of EUR41bn, according to statistics released by the German asset management association (BVI). Of this total, dedicated funds take the lion’s share, with inflows of EUR32.6bn, while open-ended funds post subscriptions of EUR10.6bn. Insurance and retirement companies represented three quarters of inflows to dedicated funds, with a total of GBP25.2bn. Assets in dedicated funds totalled EUR1.004trn, of which 60% come from insurers and retirement institutions. Assets under management in open-ended funds, for their part, total EUR675bn. The professional association points out that inflows increased significantly in first half, while the range of new funds was reduced. Asset management firms reduced only 219 new funds, compared with an average of 330 in the first halves of the years 2007-2012.
09/08/2013

Millennium Management recruits a former Lehman employee

Millennium Management, a US hedge fund with assets of USD18bn, has recruited Kirk Sweeney, formerly of Barlays and Lehman Brothers, Asian Investor reports. He is expected to be appointed as CEO for Asia at the firm, succeeding Kubho Cho, who left Millennium in March.
09/08/2013

Skandia teams up with IFDS

Skandia has formed a strategic alliance with the financial sector service provider International Finance Data Sergvices (IFDS), in order to improve its range of services to financial advisers and their clients in the United Kingdom. Some positions will also be outsourced to IFDS, which will allow Skandia to improve and strengthen its range of products and services.
09/08/2013

Threadneedle appoints a head of wholesale clients

Threadneeedle Investments has appointed Alastair Caw as head of wholesale clients in the United Kingdom, Investment Week reports. He replaces Gary Collins, who has been promoted to head of sales for Europe, the Middle East and Africa.
09/08/2013

Assets under management and profits up at Henderson GI

Assets under management at the asset management firm Henderson Global Investors as of the end of June totalled GBP67.9bn, compared with GBP65.6bn as of the end of December 2012, the firm announced as of 8 August, 2013. In fist half, Henderson posted net inflows of GBP0,6bn to the retail segment, but on the institutional side, the half brought net redemptions totalling GBP2bn, largely due to the defection of a former Gartmore client. Market effects and currency movements generated an increase in assets of GBP3.7bn. The group in first half earned pre-tax profits of GBP101.1m, compared with GBP82.8m in first half 2012. Performance commissions increased to GP57.5m, compared with GBP22.2m.
09/08/2013

Aviva Investors has to further increase its profitability

In first half, operating profit generated by Aviva Investors was GBP31m, an increase of GBP17m compared with the prior year. This improvement was driven by higher revenues, reflecting positive market movements and performance fees, and lower costs as a result of the cost saving initiatives undertaken over the last year. Overall operating expenses have fallen by GBP4 million compared with the first half of 2012, with reductions in staff and recruitment expenditure. However, Aviva Investors continues to be viewed within the group as a “turnaround” business, according to the first half report released on Thursday. “Aviva Investors has underperformed from a shareholder perspective and we expect it to play a more prominent role in the group going forward. We have recently appointed Euan Munro who will play a pivotal role helping Aviva Investors, a core part of the Group, improve its profitability and contribution to Aviva,” the financial document says. In the first six months of the year, the asset management firm has seen net outflows of EUR2.333bn. Its assets have nonetheless increased by GBP8.5bn, to GBP344.7bn.
09/08/2013

Standard Life posts record external net inflows of over GBP7bn

The asset management firm Standard Life Investments in first half posted record external net inflows of GBP7.1bn, compared with GBP0.6bn in first half 2012, the Standard Life group announced on 8 August in a statement. The firm adds that 51% (GBP3.6bn) of these inflows came from outside the United Kingdom. External assets under management as of the end of June totalled GBP93.4bn, compared with GBP83bn as of the end of December. Pre-tax operating profits at Standard Live Investments rose 37%, to GBP93m. Assets under administration by the group increased 7% in first half, to GBP232.8bn.
09/08/2013

Schroders posts outflows in second quarter, but remains in positive territory for the half

After strong inflows of GBP5.6bn in first quarter, Schroders in second quarter 2013 posted net outflows totalling GBP1.1bn, the British asset management firm has announced at a publication of its interim results. The outflows were concentrated in the month of June. According to an article in Investment Week, this could be partly due to the departure of manager Richard Buxton, the head of UK equities. Overall, in first half, Schroders nonetheless posts a positive balance of GBP4.5bn in inflows, which remains well above the total recorded in the corresponding period of 2012 (GBP2.7bn). Assets also increased 21% year on year, to GBP225.7bn, including GBP6.6bn from STW, a US asset management firm whose acquisition was completed in April. Profits before tax and exceptional items rose 29%, to GBP228m, and profits before tax increased to GBP221.7m.
09/08/2013

Investors doubt the efficiency of the European banking union

In the opinion of most European investors, the banking union act currently being debated in Brussels would not reduce the default risk for euro zone banks, according to a study of investors managing a total of EUR5.6trn in assets carried out in July, and published on 8 August by the financial ratings agency Fitch Ratings. More than one third of them (39%) claim that the risk will not be reduced, since the three pillars of reform (single supervision, resolution mechanism and a guarantee for deposits) will not be applied in full. One quarter of invetors surveyed (27%) also think that the establishment of a non-public resolution mechanism suggests that the banks would have less chance of being bailed out in the case of bankruptcy. According to the study, only 28% of investors feel that the changes to European legislation would permit default risks ot be reduced, a sentiment which has however, improved since the publication on 10 July this year of a draft resolution mechanism for banking crises. The ratings agency Fitch estimates that the first area of banking union, single supervision, will bring coherence and will allow for the risk levels at varius euro zone banks to be compared, which would allow for bankruptcy risks ot be reduced. However, the resolution mechanism makes a public solution for banks less likely, according to Fitch, which could lead investors to favour establishments which are considered safer. The study also finds that investors are increasingly trusting the banking sector in general, as reflected in their portfolios and their recommendations.
09/08/2013

Pioneer teams up with a Japanese firm

Pioneer Investments has selected the Japanese asset management firm Mitsubishi UFJ Asset Management to manage the Pioneer Funds – Japanese Euqity fund, Citywire reports. The objective for the partnership is to increase expertise at Pioneer in the Japanese market.
09/08/2013

Assets under management at Banca Mediolanum up in first half

Assets under management at Banca Mediolanum totalled EUR53.5bn at the end of first half, up 4% compared with the beginning of the year, and 9% compared with the end of June 2012. Banca Mediolanum in ist half posted net inflows of EUR1.23bn, with subscriptions to collective investment funds totalling a net EUR2.58bn. The group has earned net prpfits of EUR199.5m, down 8% compared with the corresponding period of 2012.
09/08/2013

Blackstone to sell Hilton and La Quinta groups

The Blackstone fund will return the Hilton hotel group to public trading in first half 2014, six years after taking it private for over USD26bn, Hilton Worldwide has engaged Deutsche Bank, Goldman Sachs, Bank of America and Morgan Stanley, to carry out an operation which will require refinancing in advance of the large levels of debt the hotel group has – about USD13bn. Blackstone, which also hopes to make a profit on improvement in the hotel industry, is also planning to sell off other hotel assets, including the La Quinta china, also by the end of the year if possible, through a sale or IPO.
09/08/2013

Legg Mason closes a boutique

Legg Mason is closing Esemplia Emerging Markets, one of its boutiques specialised in emerging market equities, due to low asset levels (USD500m), Financial News reports. 25 people will be laid off.
09/08/2013

Appointment at Nuveen AM

Nuveen Asset Management has appointed Ron Perry as senior vice president and portfolio manager on its team specialised in separated managed accounts (SMA). Perry, who will be based in New York, previously worked at Western Asset Management, where he was already a specialist in SMA accounts.
09/08/2013

Project Investment retains Caceis as depositary in Germany

Project Investment, a specialist in investment and real estate, has taken a further step in its compliance with the AIFM directive, selecting the Caceis group as its depositary. Caceis will provide complete depositary banking services to the asset management firm, a leader in Germany for real estate and equity funds. According to the German regulator KAGB, hedge fund managers (AIFM) will be required to appoint a depository for each hedge fund (AIF) intended for sale in the European Union. The depositary is responsible for monitoring assets in the fund as well as its cash levels. Project Investments has selected Caceis in Germany as a provider of Asset Servicing, a specialist in alternative and real estate management for open-ended and dedicated funds.
09/08/2013

Norwegian sovereign fund creates a governance board

The Norwegian oil fund, which has USD760bn in assets under management, wants to create a corporate governance advisory board, the Financial Times reports. After quadrupling its assets in the past 8 years, the sovereign fund is seeking to play a larger role in the selection of directors at major businesses in its portfolio. The committee will include three British governance and finance experts: Peter Montagnon, John Kay and Tony Watson.
09/08/2013

Alceda to develop internationally

The specialist in traditional and alternative structuring solutions Alceda Fund Management has announced that it has applied for an AIFM license for its native jurisdiction, Luxembourg, as well as for its activities in Germany, part of Alceda Asset Management. The move is related to the introduction of the AIFM directive on 22 July this year, as well as to a desire on the part of Alceda to develop its activities internationally. Once it has received approval from the authorities, Alceda may offer distribution, administration, and risk and portfolio management services. “We are convinced that the funds regulated by the AIFM directive will in the near future achieve the same status as a ‘gold standard’ for funds as the UCITS format,” says Michael Sanders, chairman of the board at Alceda Fund Management, cited in a statement.
09/08/2013

Bon début d'été pour les hedge funds actions

Après avoir trébuché en juin, les fonds arbitragistes se sont repris en juillet: l’indice composite Hedge Fund Research affiche une performance positive de 1,36%, qui porte son gain depuis le début de l’année à 4,73%. Portées par des résultats trimestriels prometteurs, les stratégies consacrées aux actions sont les plus performantes.
09/08/2013

Pékin agit sur son marché monétaire

La Banque Populaire de Chine a injecté 27 milliards de yuans (3,3 milliards d’euros) hier sur le marché monétaire par le biais d’opérations de reverse repos, en fixant le taux moyen à des niveaux en baisse de 40 points de base par rapport à sa précédente intervention la semaine dernière.
09/08/2013

Fannie Mae double son bénéfice trimestriel

L’agence de refinancement hypothécaire a fait savoir hier que son bénéfice du deuxième trimestre avait presque doublé en glissement annuel pour atteindre 10,1 milliards de dollars, ce qui lui permettra de verser un dividende de 10,2 milliards de dollars au Trésor américain en septembre. Après ce paiement, Fannie Mae aura ainsi versé quelque 105 milliards de dollars de dividendes au Trésor, soit quasiment 90% de l’aide publique perçue.

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