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04/04/2013

Mouvements au sein de l’activité multi-assets de BlackRock

Colin Graham, le co-responsable des stratégies multi-classes d’actifs mondiales chez BlackRock, quitte son poste, rapporte Investment Week. Les fonds Balanced Growth et Active Managed qu’il gérait seront confiés à Philip Brides, qui les co-gérera avec Andy Warwick. Colin Graham reste néanmoins chez BlackRock où il travaille depuis 16 ans.
04/04/2013

Le Santander a intermédié 14 milliards à des fonds externes

L’encours intermédié par le Santander à des fonds externes a atteint les 14 milliards d’euros, ce qui représente un gonflement de 31 % sur les douze derniers mois, indique José María Martínez-Sanjuán, directeur de l’analyse et de la sélection de fonds de la banque, qui comprend actuellement sept spécialistes.Funds People rapporte que le Santander a établi une «focus list» de 150 fonds externes (sans aucun ETF pour le moment) de 48 sociétés de gestion, liste qui a vocation à augmenter à 170-180 références, en fonction des besoins internes du groupe. Pour figurer sur la liste, il faut que les fonds retenus affichent au moins 100 millions d’euros d’encours.
04/04/2013

Allianz GI tance ses courtiers actions

Dans un courrier révélé par Bloomberg que cite L’Agefi, Allianz Global Investors vient de tancer vertement les banques d’investissement avec lesquelles elle traite. La société de gestion reproche l’agressivité croissante dont font preuve les professionnels des marchés actions (equity capital markets, ECM) lors des placements accélérés de blocs de titres, qui donnent régulièrement lieu à des ratages spectaculaires, indique le quotidien. «Je vous écris pour exprimer notre frustration croissante et notre colère d’investisseur face à la manière dont de nombreux placements d’actions sont gérés, ou plus directement, mal gérés», indique dans sa lettre datée du 1er avril Neil Dwane, le directeur de l’investissement pour l’Europe d’Allianz GI. Ce dernier se plaint d’une concurrence excessive entre banques pour décrocher des mandats et d’un manque de communication avec les investisseurs.
04/04/2013

Barings officialise le recrutement de Lars Albert

Ancien head of sales, Germany & Austria, chez Henderson Global Investors (HGI), Lars Albert a été recruté par Baring Asset Management dans les mêmes fonctions, a confirmé le gestionnaire britannique (lire Newsmanagers du 22 janvier). L’intéressé est désormais subordonné à Oliver Morath, head of European and Middle East sales.Avant de travailler chez HGI, Lars Albert avait exercé des fonctions de direction commerciale chez SEB Asset Management et Fundmatrix, dans les deux cas à Francfort.
04/04/2013
Fonds

Source for Alpha lance un deuxième fonds quantitatif

Le gestionnaire francfortois Source for Alpha (S4A) a confié à KAS Investment Servicing GmbH la gestion du fonds quantitatif de droit allemand S4A Pure Equity lancé le 2 avril, qui utilise un modèle quantitatif exclusif pour investir en actions de toutes capitalisations libellées en euros. Ce produit est similaire au fonds d’actions américaines S4A US Long UI.Le portefeuille se compose d’environ 150 valeurs de la zone euro, équipondérées. Le modèle prend en compte la valorisation, la situation bénéficiaire et le risqué de faillite, les acquisitions et les augmentations de capital. La sélection de l’analyse par l’ordinateur est en permanence soumise à une examen critique de plausibilité par les gérants du portefeuille, qui sélectionnent les actions offrant le plus de chance de hausse.CaractéristiquesDénomination : S4A EU Pure Equity (R)Code Isin : DE000A1JUW44Droit d’entrée : 5 %Commission de gestion : 1,10 %Commission de performance : 20 % de la surperformance par rapport à l’Euro Stoxx EUR Net Return ; au maximum 5 % de l’encours du fonds.
Fonds
04/04/2013
Fonds

Axa IM et Credit Suisse commercialisent des fonds en Allemagne

Axa Investment Managers et Credit Suisse ont annoncé le 3 avril avoir obtenu l’agrément de commercialisation en Allemagne pour leurs compartiments luxembourgeois Equity Volatility de la sicav Axa WF (lire Newsmanagers du 5 mars) et Liquid Alternative Beta Fund de la sicav Credit Suisse One (lire Newsmanagers du 19 mars).
Fonds
04/04/2013
Fonds

UBS lance deux fonds émergents

UBS Asset Management propose deux nouveaux fonds dédiés aux actions émergentes, la priorité étant donnée aux grandes entreprises avec des activités sur les marchés émergents en croissance, rapporte Citywire.Le fonds UBS Western Winners Equity, géré par Nick Irish, investira dans une quarantaine de sociétés cotées sur les marchés développés mais qui réalisent au moins 40% de leur chiffre d’affaires sur les marchés émergents. L’autre fonds, UBS Solid Consumer Brands, géré par Alexander Galbiati, s’intéresse en priorité aux sociétés disposant d’une forte part de marché et de marques connues. Les deux fonds sont domiciliés au Luxembourg et sont actuellement enregistrés à la vente en Belgique, Allemagne, Finlande, France, Autriche et Espagne.
Fonds
04/04/2013

Une nouvelle action de groupe vise RBS

Selon L’Agefi, environ 12.000 actionnaires de Royal Bank of Scotland ont lancé devant un tribunal londonien une action de groupe, a annoncé leur représentant,le RBOS Shareholder Action Group. Ils réclament jusqu'à 4 milliards de livres de dédommagement, accusant RBS de les avoir trompés sur la santé de la banque lors d’une augmentation de capital en 2008, quelques mois avant la nationalisation du groupe. Des institutionnels ont déposé une première«class action»le 28 mars pour le même motif, ajoute le quotidien.
04/04/2013

Russian public servants will be required to repatriate their assets from abroad

P { margin-bottom: 0.08in; } Under the terms of a presidential decree, employees of the Russian government have three months to close their accounts abroad and repatriate any capital held there. Those who fail to comply with this ukase will be fired. However, finews notes, relaying reports in the Financial Times, the bill has loopholes, particularly concerning assets held by companies that are controlled by a member of the family, which are not affected by the rule. However, foreign banks with many Russian clients are under pressure, such as the Swiss bank Julius Bär, which has recently recruited two ultra-high net worth specialists from Sberbank, Rufat Askerov and Alexei Dolgikh.
04/04/2013

Russell Investments launches a fund in Italy

P { margin-bottom: 0.08in; } Russell Investments is launching a defensive equity fund in Italy, the Russell Global Defensive Equity, Bluerating reports. The product is a mandate fund.
04/04/2013

ETP activities on NYSE Euronext Europe down in March

P { margin-bottom: 0.08in; } In March, the average daily on-book trading volume for ETPs on the European markets of NYSE Euronext fell by 1.73% compared with February 2013, and 1.37% compared with March 2012, to EUR248m, while total volume, at EUR4.96bn, was down 1.73% compared with the previous month, and 10.34% compared with the corresponding period of last year.However, the block trade volume in March came to EUR1.16bn, 4.37% higher than in February.The median spread in the month under review has fallen to 23.5 basis points, from 24.4 in February, and 25.1 in January. This is one fifth lower than its level as of March 2012.
04/04/2013

UCITS-compliant hedge funds returned 0.4% in March

P { margin-bottom: 0.08in; } The UCITS Alternative index by the Swiss firm Alix Capital in March shows a gain of 0.41%, compared with 0.14% in February, and 1.03% in January, while UCITS-compliant hedge funds have posted returns for first quarter as a whole of 1.59%, compared with 1.75% for the corresponding period of 2012, while March brought a loss of 0.49%.Four strategies out of twelve show losses in March 2013: commodities (-0.75%), emerging markets (-0.17%), equity market neutral (-0.11%) and volatility (-0.4%). The strongest gains, however, was for CTA (+1.12%).Total assets in single UCITS-compliant hedge funds as of the end of March came to EUR147bn, compared with EUR143bn one month earlier, and EUR141bn as of the end of January.
04/04/2013

Axa IM and Credit Suisse release funds in Germany

P { margin-bottom: 0.08in; } On the same day, 3 April, Axa Investment Managers and Credit Suisse announced that they have received licenses to release the Equity Volatility sub-fund of the Luxembourg Sicav Axa WF (see Newsmanagers of 5 March), and the Liquid Alternative Beta Fund, a sub-fund of the Luxembourg-based Credit Suisse One Sicav (see Newsmanagers of 19 March), in Germany.
04/04/2013

Source for Alpha launches second quant fund

P { margin-bottom: 0.08in; } The Frankfurt-based asset management firm Source for Alpha (S4A) has retained KAS Investment Servicing GmbH to manage the German-registered quantitative fund S4A Pure Equity, launched on 2 April, which uses an exclusive quantitative model to invest in equities of all cap sizes denominated in euros. The product is similar to the US equity fund S4A US Long UI.The portfolio includes about 150 equally weighted euro zone equities. The model takes into account valuation, the profit situation and risk of bankruptcy, acquisitions and capital increases. Computerised selection and analysis is subject on an ongoing basis to critical examination for plausibility by portfolio managers, who select equities that have the best chances of gains.CharacteristicsName: S4A EU Pure Equity (R)ISIN code: DE000A1JUW44Front-end fee: 5%Management commission: 1.10%Performance commission: 205 of performance exceeding the Euro Stoxx EUR Net Return; maximum 5% of assets in the fund.
04/04/2013

IMA proposes means to clarify funds costs

P { margin-bottom: 0.08in; }A:link { } In his blog, Daniel Godfrey, CEO of the Investment Management Association (IMA), on 3 April proposed a method to determine the actual costs of funds. The method would essentially divide the number of shares issued each day of the year under review, with their net asset value, by the charges (management commission, administrative fees, transaction fees, stamp duty, currency exchange commissions, etc.).Godfrey admits that the method may appear simplistic, but that anomalies could be resolved by consensus as they appear.The head of the IMA also concedes that the method does not include front-end and withdrawal fees, but these are already known precisely, and should not represent an obstacle.The method also does not take into account advice or platform costs. But when an adviser or platform is in the circuit, it may could be their responsibility to include the numbers and to add their own costs to the statement. «But again, these costs will be known and can easily be expressed and included», Godfrey says.
04/04/2013

Assets under management in UK top GBP700bn

P { margin-bottom: 0.08in; } Assets under management in the United Kingdom for the first time have topped GBP700bn, at a total of GBP706bn as of the end of February, up 14% compared with February 2012, according to statistics from the British Investment Management Association (IMA). Net inflows totalled GBP1.3bn, their highest level since April 2012. Inflows to equity funds in February totalled GBP940m, their highest level since April 2011. Global equity funds posted inflows of nearly GBP300m, while European equity funds attracted GBP258m, and British equity funds attracted GBP190m. However, bond funds saw redemptions for the second consecutive month, totalling GBP163m in February, a level not seen since July 2008 (GBP190m). Diversified funds have posted a net inflow of GBP377m.
04/04/2013

Global X launches Nigeria and Mongolia ETFs

P { margin-bottom: 0.08in; } The Global X Funds company, based in New York, which is well-known for its niche strategies, is offering two ETFs dedicated to frontier markets, which will provide investors with privileged access to Nigeria and to Mongolia and Central Asia. The Global X Nigeria Index ETF (NYSE Arca: NGE), with fees of 0.68% per year, is the first US ETF to focus exclusively on the most populous African country. The fund offers direct exposure to about 25 Nigerian companies, in a manner similar to funds such as the iShares MSCI Frontier 100 Index Fund, which is diluted by an allocation of 13.5% to Nigeria. The other fund, the Global X Central Asia & Mongolia Index ETF (NYSE Arca: AZIA), with fees of 0.69% per year, invests in about 25 companies of Mongolia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
04/04/2013

Intech launches emerging market strategies

P { margin-bottom: 0.08in; } The Florida-based asset management firm Intech Investment Management on 3 April announced that it is launching a new range of strategies dedicated to emerging markets, including Emerging Markets Managed Volatility, Emerging Markets Low Volatility and Emerging Markets Core, in order to respond to rising demand from institutional investors for products of this type. The products, all of which are based on the MSCI Emerging Markets Index, are diversification vehicles aimed at institutionals. Assets under management at Intech, an affiliate of the US firm Janus Capital Group, as of the end of December 2012 totalled USD40.2bn.
04/04/2013

UBS launches two emerging market funds

P { margin-bottom: 0.08in; } UBS Asset Management is offering two new funds dedicated to emerging market equities, with the priority given to large businesses with activities in growing emerging markets, Citywire reports.The UBS Western Winners Equity fund, managed by Nick Irish, will invest in 40 publicly-traded funds listed in developed markets, but which earn at least 40% of their revenues in emerging markets.The other fund, UBS Solid Consumer Brands, managed by Alexander Galbiati, focuses primarily on companies with a strong market share and well-known brands.The two funds are domiciled in Luxembourg, and are currently registered for sale in Belgium, Germany, Finland, France, Austria and Spain.
04/04/2013

Barings confirms recruitment of Lars Albert

P { margin-bottom: 0.08in; } Lars Albert, the former head of sales for Germany & Austria at Henderson Global Investors (HGI), has been recruited by Baring Asset Management for the same role, the British asset management firm has confirmed (see Newsmanagers of 22 January). Albert will now report to Oliver Morath, head of European and Middle East sales.Before working at HGI, Albert served as head of sales at SEB Asset Management and Fundmatrix, both in Frankfurt.
04/04/2013

Santander intermediated EUR14bn in external funds

P { margin-bottom: 0.08in; } Assets indermediated by Santander in external funds have reached EUR14bn, which represents an increase of 31% in the past twelve months, says José María Martínez-Sanjuán, director of analysis and fund selection at the bank, which currently has seven specialists.Funds People reports that Santander has made a “focus list” of 150 external funds (currently not including any ETFs), from 48 asset management firms, and this list is expected to grow to include 170-180 products, according to the needs of the group. In order to be included on the list, funds are required to have at least EUR100m in assets.
04/04/2013

Stéphane Wathier appointed as deputy director of SG Private Banking Belgium

P { margin-bottom: 0.08in; } Stéphane Wathier has been appointed as deputy director and director of sales at Société Générale Private Banking Belgium, from 2 April 2013, according to a statement released on 3 April by Société Générale Private Banking.Wathier will assist Jan De Coninck, director of private banking in Belgium, to manage and develop activities at the affiliate and its branches in the region. He will also be responsible for commercial strategy, direction of marketing actions and supervision of private banking teams.Société Générale Private Banking has 11 branches in Belgium, in Ghent, Brussels, Anvers, Alost, Bruges, Courtrai, Hasselt, Knokke-Heist, Louvain, Tournai and Campine. It has direct access to all international expertise of the private bank in consulting for wealth management and investment solutions for clients.Wathier in 2009 became director of portfolio management at Société Générale Private Banking in Paris, where he was responsible for coordinating and promoting the range of products and services to the international network of the private bank. In 2011, he extended his responsibilities to also supervise strategy teams at the private bank.
04/04/2013

Two Legg Mason managers get large golden parachutes

P { margin-bottom: 0.08in; } Ronald Dewhurst, senior executive vice president, and Thomas Lemke, executive vice president and general counsel at Legg Mason, have been let go (see Newsmanagers of 3 April). According to an SEC filing relayed by Mutual Fund Wire, they will receive a total of USD8.5m in severance pay, of which USD5.4m will be in cash, and the remainder in shares and stock options.In exchange, the two men have agreed not to incite any of their former colleagues or clients to leave Legg Mason for one year, and not to exploit or reveal confidential information about the company in future.
04/04/2013

Carnegie veteran joins Swedbank

P { margin-bottom: 0.08in; } The head of strategy at Carnegie, Daniel Ljungström, has left the financial firm to join Swedbank, Realtid reports, noting that transfers between the two Swedish firms are increasing. Johan Mörner, who had worked at Carnegie, has also joined Swedbank as head of private banking. The new head of private banking at Carnegie, Karin Söderqvist Lindoff, had previously been a head at Swedbank.
04/04/2013

Generali places a stake in Banca Generali

Assicurazioni Generali announces the launch of a placement of up to 13,666,593 ordinary shares in Banca Generali, representing approximately 12% of the bank’s share capital. The operation is part of the strategy announced by the Group and will enable Generali to optimise its capital allocation with an improvement of its Solvency I ratio. Upon completion of the placement, Generali - which currently holds 63.5% of Banca Generali - will continue to retain the controlling shareholding in the bank and benefit from a strategic distribution channel. In connection with the transaction and in line with market practice, Generali has agreed to a 6- month lockup period with respect to sales of additional shares of Banca Generali.
04/04/2013

Banca Generali posts strong inflows in March

P { margin-bottom: 0.08in; } Banca Generali has posted a net inflows of EUR210m in March, of which EUR121m are via the Banca Generali network, and EUR89m from Banca Generali Private Banking, Investment Europe reports. Actively-managed products accounted for the lion’s share in March, with net inflows of slightly over EUR225m. In the first three months of the year, inflows to these products totalled EUR586m, 95% of the quarterly total.
04/04/2013

Change of managers for multi-asset activity at BlackRock

P { margin-bottom: 0.08in; } Colin Graham, co-head of global multi-asset class strategies at BlackRock, is leaving his job, Investment Week reports. The Balanced Growth and Active Managed funds which he had managed will now be entrusted to Philip Brides, who will co-manage them with Andy Warwick. Graham will remain at BlackRock, where he has worked for 16 years.
04/04/2013

LCH.Clearnet réduit les marges sur la dette française, espagnole

La chambre de compensation LCH.Clearnet a annoncé qu’elle allait réduire le coût de l’utilisation des obligations d’Etat françaises et espagnoles comme collatéral pour lever des fonds. Pour la dette française, cette décision concerne les titres dont la maturité s'échelonne de neuf mois à 15 ans, a précisé LCH.Clearnet. Pour les titres espagnols, elle porte sur les titres de zéro à 1,25 an et de 4,75 à 15 ans.
04/04/2013

La France emprunte à moins de 2% à 10 ans

En pleine tourmente politique liée à l’affaire Cahuzac, l’exécutif peut au moins trouver un motif de consolation: jamais la France ne s’est financée si peu cher. L’Agence France Trésor a adjugé jeudi matin 2 milliards d’euros d’OAT à 10 ans à un taux moyen de 1,94%, empruntant ainsi pour la première fois sous les 2% sur cette maturité. L’AFT a aussi adjugé des OAT 2020 et 2021 à des rendements respectifs de 1,26% et 1,54%. Au total, la France a emprunté 6,97 milliards d’euros.
04/04/2013

Le Trésor espagnol adjuge pour 4,31 milliards d'obligations

Le Trésor espagnol a adjugé jeudi pour 4,31 milliards d’emprunts à des échéances allant de trois à huit ans avec un rendement en hausse pour la maturité la plus courte. Le montant émis est supérieur à la fourchette prévue, qui allait de trois à quatre milliards. La demande pour une nouvelle ligne à trois ans a été 1,9 fois supérieure à l’offre, contre 2 fois lors d’une opération comparable en janvier.

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