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21/03/2013

NYSE Euronext and Vigeo launch range of ESG indices

P { margin-bottom: 0.08in; } The NYSE Euronext group and the socially responsible performance specialist Vigeo on 20 March announced the launch of a series of Environment, Social and Governance (ESG) indices, to promote visibility and assist in the development of Socially Responsible Investment (SRI).The new product range is composed of the Euronext Vigeo World 120, Euronext Vigeo Europe 120, Euronext Vigeo France 20 and Euronext Vigeo United Kingdom 20 indices, and includes the largest caps in Europe, North America, and Asia-Pacific. The composition of the indices is determined on the basis of Vigeo opinions, and will be updated twice per year, in May and November. The series of indices will be complemented at the end of first half 2013 by two more indices, one for the United States, and one for the Benelux area.Businesses included in the Euronext Vigeo index have received top ratings for their control of social responsibility risks and their contribution to sustainable development. Performance is evaluated on the basis of the Equitics® methodology developed by Vigeo. These rankings are established on the basis of 38 criteria, which take into account environmental policy, respect for human rights, and valuation of human resources at businesses, relationships with participants (clients, providers, shareholders, etc.), corporate governance and business ethics, all practices to influence and combat corruption, and preventing social and environmental dumping in the subcontracting supply chain.
21/03/2013

Approval for Axa WF Framlington Global Small Cap fund in Germany

P { margin-bottom: 0.08in; } Axa Investment Managers Paris has announced that the UCITS-compliant fund AXA WF Framlington Global Small Cap (LU0868490979) mau now be sold in Germany. It is managed by Isabelle de Gavoty, head of the European smidcaps team at Axa Framlington, and Bruno Grandsard (see Newsmanagers of 29 January).Front-end fee is a maximum of 2%, and management commission is 0.9%.
21/03/2013

SSgA offers two new funds to Australian clients

P { margin-bottom: 0.08in; } A few days after launching two ETFs for its Australian clients (see Newsmanagers of 13 March), State Street Global Advisors (SSgA) has announced that it is offering an active solution for global equities, aimed at the same investors. This strategy, Global Managed Volatility Alpha (Global MVA), launched four years ago in the United States, “places portfolio construction at the core of the financial objectives of investors, rather than being based on a cap-weighted index.”SSgA states that commissions from the SSgA MVA DSH Trust (0.98%) and the Australian MVA Trust (0.79%) are among the lowest in the market for long-term, actively-managed ETFs. The asset management firm charges no performance fee on the two products.
21/03/2013

ETF Securities lists fund on LSE

P { margin-bottom: 0.08in; } Shortly before introducing its euro version on the Frankfurt exchange on 21 Ma (ETFS EUR Daily Hedged Physical Gold, DE000A1NZLN6/JE00B4RKQV36), ETF Securities on 19 March received notice that the ETFS GBP Daily Hedged Physical Gold fund, a debt security product based on physical gold stored in London, hedged for currency risks in pounds sterling, had been admitted to trading on the London Stock Exchange (LSE).The product, whose ISIN code is JE00B7VG2M16, carries a management commission of 0.39% The hedging fee for the product is 0.26%. It is registered for sale in Austria, Italy, Germany, Finland, France, Portugal, Sweden, Denmark, Spain, the Netherlands, Ireland and Norway, in addition to the UK.The index replicated is the MS Long Gold British Pound Hedged Index.The German version will have fees of 0.39%.
21/03/2013

UBS: Head of wealth management for MENA promoted

P { margin-bottom: 0.08in; } Ali Janoudi, currently head of wealth management for the Middle East and North Africa (MENA) at UBS, will replace Tony Iliya as CEO for the region. Iliya has been in the role since summer 2010. Janoudi will also continue to serve as head of wealth management, finews reports.
21/03/2013

Union Investment acquires 20,000 square metres in Amsterdam

P { margin-bottom: 0.08in; } Hamburg-based Union Investment Real Estate has announced that it has acquired two properties in Amsterdam for undisclosed amounts. They are the Marina Offices building (4,764 square metres), acquired from the largest real estate management firm in the Netherlands, ASR real estate development NV, and the future headquarters of Akzo Nobel (15,216 square metres, slated for completion in third quarter 2015. The first property, completed in December 2012, will be added to the portfolio of the institutional real estate fund DEFO/Immobilienfonds 1, while the second will be added to the open-ended real estate fund UniImmo: Deutschland.
21/03/2013

Oddo AM funds arrive on an Italian platform

P { margin-bottom: 0.08in; } The 14 funds from Oddo Asset Management which have been licensed for sale in Italy are now available on Online sim, the distribution platform of the Ersel group, Bluerating reports. “The agreement with Online sim represents a further and decisive step in strengthening our presence in the retail segment, where we have great ambitions for fund distribution,” says Jurgen Mahler, head of Oddo AM for Italy.
21/03/2013

ING IM launches a website for IFAs

P { margin-bottom: 0.08in; } ING Investment Management Italy has launched a website dedicated to over 5,000 professionals (private bankers and independent financial advisers) who sell the 64 funds authorised for sale in the country, Bluerating reports. The website offers up-to-date information about products, opinions and commends on the evolution of markets, and legal documentation.
21/03/2013

Kroll ratings agency received ESMA certification

P { margin-bottom: 0.08in; } The European Securities Markets Authority (ESMA) on 20 March announced that it has approved certification for the European Union for Kroll Bond Rating Agency (KBRA). The certification is effective from 20 March 2013. KBRA, based in the United States and supervised by the Securities & Exchange Commission, is the first ratings agency to receive a certification following recognition by the European Union of the principle of equivalence of the regulatory and monitoring framework in place in the United States with the European regulatory standards.
21/03/2013

Aberdeen, M&G and Pictet are the fund pickers' favourites

P { margin-bottom: 0.08in; } Ahead of an annual survey, which, according to information obtained by Newsmanagers, will be released in a few weeks, Diana Mackay, head of Fund Buyer Focus, has told Ignites that a survey of 900 fund selectors (EUR1.430trn in assets) finds that the three favourite asset management firms of this population this time are Aberdeen Asset Management, followed by M&G and Pictet AM. They beat out BlackRock, Pimco, JPMorgan AM, Henderson GI, Carmignac, Threadneedle and DWS.
21/03/2013

If Cyprus is runs off the rails, Pimco will adjust exposure to Italy and Spain

P { margin-bottom: 0.08in; } Andrew Balls, manager of the European portfolio at Pimco, has told the Wall Street Journal that if the bailout of Cyprus runs out of control, the US asset manager will study opportunities to reduce its exposure to euro zone countries such as Spain and Italy, Expansión reports. But, alternatively, Pimco would buy debt from these countries if the ECB manages to reestabllish confidence in the financial markets. The good news is that the second of these alternatives currently appears to be the more likely, and the banking crisis in Cyprus appears to be within reach of control.
21/03/2013

Mirabaud showcases its Dynamic Allocation fund

P { margin-bottom: 0.08in; } On 19 December, Geneva-based Mirabaud launched a new multi-asset class fund, Dynamic Allocatino, with its new CIO, Pierre Pinel. The fund already has assets of EUR25m, with no seed capital, the manager told Newsmanagers on Wednesday.“It is a flexible, top-down, conviction fund, which will not cling to its benchmark (one third equities, one third goies and one third investment grade credit), but which for the moment remains relatively prudent, to give itself time to build up a track record.” The fund is presently only 40% invested in equities, although the statutes would allow it to increase that allocation to up to 80%.“The product is strategic for the Mirabaud bank, insofar as clients will benefit from the attractive and consistent risk/return profile of multi-asset class funds.” In addition, it may be supposed that one of the advantages for the asset manager is due to the fact that clients are generally less quick to redeem a multi-asset class fund than from plain vanilla funds in a single category.The portfolio is composed exclusively of highly liquid vehicles, such as ETFs and futures, “since, in order to be flexible, you have to be liquid,” says Pinel. The asset classes are equities, bonds, and now, commodities (gold and industrial metals). The manager is allowed to take short positions, most often in order to hedge positions. But he may also be net short in an asset class (most likely government bonds) if needed.CharacteristicsName: Mirabaud – Dynamic AllocationISIN codes: LU0862032199 / 20083182 for I share classLU0862031894 / 20083176 for A share classManagement fees:0.6% (I share class)1.2% (A share class)
21/03/2013

FRR announces returns of 10.5% in 2012

P { margin-bottom: 0.08in; } The French public pension fund, the Fonds de réserve pour les retraites (FRR), last year earned returns of 10.5%, after management fees, according to a statement by the FRR published on 20 March.As of 31 December 2012, net assets in the Fonds de Réserve pour les Retraites totalled EUR36.6bn. As this amount had totalled EUR35.1bn as of 31 December 2011, the FRR has recorded a net increase in the value of its investments of EUR1.5bn, after the payment of EUR2.1bn due to CADES, in the year 2012.Performance in the past year is due to two factors: on the one hand, the good performance of the performance asset class allocation, with +12.7% in 2012, and on the other hand, to a decline for government bond interest rates, and premiums for non-sovereign issuers, which has allowed the coverage allocation to post gains of 10.1%.The annualised performance of the FRR since its debut totals 3.5%. The financing ratio, which measures the capacity of the FRR to deliver on its liabilities (net assets / value of liabilities) stands at 135%, near the initial level for the new allocation (138% as of 10 December 2010).Due to market developments, the coverage allocation as of 31 December accounted for 58.6% of total assets, while the performance allocation accounted for 41.4% on that date.
21/03/2013

PowerShares preparing a short-term ETF of junk bonds

P { margin-bottom: 0.08in; } According to Index Universe, Invesco PowerShares has applied for a sales license for a global short-term ETF investing primarily in high yield credit. The product is expected to replicate the DB Global Short Term High Yield Bond Index. No positions of the fund may exceed 3 years of residual time to maturity.The provider has so far not set an acronym or TER level for the product, which is expected to be listed on the NYSE Arca electronic platform.
21/03/2013

AdvisorShares lists now bond ETF

P { margin-bottom: 0.08in; } AdvisorShares, a specialist in actively-managed ETFs, on 19 March admitted the AdvisorShares Newfleet Multi-Sector Income ETF fund (acronym MINC) to trading on the NYSE Arca electronic platform.The portfolio will invest primarily in investment-grade bonds (govies, corporate bonds), and may also enter the emerging market and high yield debt markets. The average duration for bonds will be 1 to 3 years.The total expense ratio for the MINC will be 0.75%. Management is provided by Newfleet Asset Management, an affiliate of Virtus Investment Partners.
21/03/2013

F&C closes a Thames River fund

P { margin-bottom: 0.08in; } F&C Investments is planning to close the Thames River Global Credit fund by Simon Holmes and Amy Xie Patrick, due to low asset levels, Money Marketing reports. The fund has only EUR15.3m in assets.
21/03/2013

SEB IM selects BNY Mellon to administer 150 funds

P { margin-bottom: 0.08in; } BNY Mellon Asset Servicing has been selected by the Swedish firm SEB Investment Management as administrator for more than 150 funds, with total assets of approximately USD40bn. The funds are domiciled in Sweden, Luxembourg and Finland, and include funds of hedge funds and private equity funds. BNY Mellon Asset Servicing will also serve as transfer agent for funds domiciled in Luxembourg.
21/03/2013

DJ Credit Suisse hedge fund index up 0.24% in February

P { margin-bottom: 0.08in; } The Dow Jones Credit Suisse hedge fund index finished the month of February with gains of 0.24%. Six of the strategies in the index finished the month with gains. Net inflows to the sector in February totalled about USD3.4bn, bringing total assets under management to about USD1.8trn. The most popular strategies were fixed income arbitrage and emerging markets, with respective inflows of 1.86% and 1.21% to assets in January 2013.
21/03/2013

MSCI offers new momentum indices

P { margin-bottom: 0.08in; } As additions to its MSCI Risk Premia indices, MSCI has launched the MSCI Momentum Indices, which aim to replicate the performance of a momentum equities strategy by overweighting equities with high price momentum. These products may be used by investors to diversify a portfolio of premium risk strategies. BlackRock has already acquired a license to provide a new iShares ETF based on the new indices.The range currently consists of the MSCI ACWI Momentum Index and the MSCI USA Momentum Index. It is expected to grow this year. Each index calculates a momentum score for the risk-adjusted share price of each share in the parent MSCI indices (MSCI ACWI Index or MSCI USA Index), and identifies shares with the best momentum scores. Eligible shares are weighted according to the volume of their float and their momentum.
21/03/2013
Fonds

SSgA propose deux nouveaux fonds aux Australiens

Quelques jours après avoir lancé deux ETF destinés à ses clients australiens (lire Newsmanagers du 13 mars), State Street Global Advisors (SSgA) annonce qu’il propose une solution active sur les actions mondiales destinée à ces mêmes clients. Cette stratégie, Global Managed Volatility Alpha (Global MVA), lancée il y a quatre ans aux Etats-Unis, «met au centre de la construction de portefeuille les objectifs financiers des investisseurs, plutôt que de se fonder sur un indice traditionnel capi-pondéré».SSgA précise que les commissions du SSgA Global MVA DSH Trust (0,98 %) et du Australian MVA Trust (0,79 %) figurent parmi les plus basses du marché dans l’univers des actions gérées activement sur le long terme. Le gestionnaire ne prélève pas de commission de performance pour ces deux produits.
Fonds
21/03/2013
Fonds

ETF Securities fait coter un fonds or sur le LSE

Peu avant de le faire introduire à Francfort le 21 mars dans sa version euro (ETFS EUR Daily Hedged Physical Gold (DE000A1NZLN6/JE00B4RKQV36), ETF Securities a obtenu le 19 mars l’admission à la négociation sur le London Stock Exchange (LSE) du ETFS GBP Daily Hedged Physical Gold, un produit de dette (debt security) sur l’or physique (stocké à Londres) couvert du risqué de change en livres sterling.Ce produit, dont le code Isin est JE00B7VG2M16, est assorti d’une commission de gestion de 0,39 %. Le «hedging fee» ressort à 0,26 %. Il est enregistré pour l’Autriche, l’Italie, l’Allemagne, la Finlande, la France, le Portugal, la Suède, le Danemark, l’Espagne, les Pays-Bas, l’Irlande et la Norvège, en plus du Royaume-Uni. L’indice répliqué est le MS Long Gold British Pound Hedged Index.La version allemande sera chargée à 0,39 %.
Fonds
21/03/2013
Fonds

F&C ferme un fonds de Thames River

F&C Investments prévoit de fermer le fonds Thames River Global Credit de Simon Holmes et Amy Xie Patrick, en raison de la faiblesse des encours, rapporte Money Marketing. Le fonds ne représente que 15,3 millions d’euros.
Fonds
21/03/2013
Fonds

Feu vert pour le AXA WF Framlington Global Small Cap en Allemagne

Axa Investment Managers Paris a annoncé que le fonds coordonné AXA WF Framlington Global Small Cap (LU0868490979) peut désormais être commercialisé en Allemagne. Il est géré par Isabelle de Gavoty, qui dirige l'équipe smidcaps Europe chez Axa Framlington, et Bruno Grandsard (lire Newsmanagers du 29 janvier).Le droit d’entrée est de 2 % maximum et la commission de gestion ressort à 0,9 %.
Fonds
21/03/2013

La Deutsche Bank revoit en baisse ses résultats 2012

Le groupe Deutsche Bank a annoncé le 20 mars avoir révisé à la baisse ses résultats financiers de 2012 en raison d’un relèvement important de ses provisions pour risques juridiques. «Depuis la publication de chiffres annuels préliminaires le 31 janvier sont apparus de nouveaux développements concernant des litiges juridiques en cours» et selon les normes comptables IFRS, le groupe est «obligé de tenir compte de ces informations dans son bilan 2012", explique-t-il dans un communiqué.Son bénéfice net annuel s’est établi à 291 millions d’euros contre 611 millions d’euros annoncés initialement fin janvier, en raison de provisions pour risques juridiques rehaussés à 2,4 milliards d’euros contre 1,8 milliard d’euros précédemment, selon le communiqué.Par conséquent, son niveau de fonds propres durs (Core Tier One) au 31 décembre 2012 a également été révisé à la baisse à 7,8% contre 8% annoncé précédemment. La banque a toutefois toujours l’intention de parvenir à un niveau de 8,5% au 31 mars 2013.Deutsche Bank fait face à de nombreux litiges juridiques et enquêtes judiciaires, que ce soit aux Etats-Unis pour ses anciennes activités dans les crédits hypothécaires à risque (subprime) ou en Europe sur l’implication de certains de ses salariés dans la manipulation des taux interbancaires du Libor ou encore dans un scandale de fraude fiscale via les droits d'émission de CO2.
21/03/2013

Gemalto va être coté à Amsterdam

Gemalto a annoncé le 21 mars la cotation de ses actions à la Bourse d’Amsterdam à partir du 3 avril et son retrait du SRD sur le marché parisien. Dans un communiqué, le spécialiste des cartes à puces précise qu’il ne présentera pas d’offre ni n'émettra d’actions dans le cadre de sa cotation à Amsterdam. Le groupe restera coté à Paris mais son marché de référence va être transféré de Nyse Euronext Paris à Nyse Euronext Amsterdam à partir du 30 avril. En conséquence, le titre Gemalto ne sera plus éligible au SRD (service à règlements différés) à partir du 25 avril.
21/03/2013

Résultats 2012 : Eurazeo pénalisé par des éléments non récurrents

La société d’investissement Eurazeo, qui présentait hier ses résultats pour 2012, a fait état d’une contribution positive des sociétés du portefeuille nette du coût de l’endettement de 238 millions d’euros (contre 138 millions proforma 2011). Le chiffre d’affaires économique ressort à 8,327 milliards d’euros, en progression de 9,4 % à données publiées (+2,9 % à données retraitées). Enfin, le coût de l’endettement financier des sociétés consolidées en intégration globale a diminué de près de 9 %.Le résultat net part du groupe ressort néanmoins en baisse de 198 millions d’euros, «du fait de l’impact d’éléments non récurrents tels que la cession de Motel 6 par Accor, le refinancement d’Europcar ou la cession de l’immobilier par ANF Immobilier», indique un communiqué. Un dividende à 1,20 euros par action a été proposé.
21/03/2013
Fonds

L'indice DJ Credit Suisse des hedge funds a progressé de 0,24% en février

L’indice Dow Jones Credit Suisse des hedge funds a terminé le mois de février sur une hausse de 0,24%. Six des dix stratégies de l’indice ont terminé dans le vert.La collecte nette du secteur s’est élevée en février à environ 3,4 milliards de dollars, ce qui a porté le montant total des actifs sous gestion à quelque 1.800 milliards de dollars. Les stratégies les plus demandées ont été le fixed income arbitrage et les marchés émergents, avec des collectes représentant respectivement 1,86% et 1,21% des encours de janvier 2013.
Fonds
21/03/2013

UBS : le patron de la gestion de fortune Mena prend du galon

Ali Janoudi, actuellement patron de la gestion de fortune pour la région Moyen-Orient Afrique du Nord (Mena) d’UBS va remplacer Tony Iliya au poste de CEO pour la région. Ce dernier occupe cette fonction depuis l'été 2010. Ali Janoudi demeure à la tête de la gestion de fortune, précise finews.
21/03/2013
Fonds

Progression de 18% des actifs sous gestion de PensExpert

Le spécialiste de la prévoyance professionnelle PensExpert a vu ses actifs sous gestion augmenter de 18% en 2012, à 2,25 milliards de francs, rapporte L’Agefi suisse. La hausse provient pour 95% de la collecte nette et pour 5% de la performance des placements.
Fonds
21/03/2013

Eric Syz quitte son poste de CEO chez Altin

La société de gestion alternative suisse Altin a nommé Tony Morrongiello au poste de CEO. Il remplace dans cette fonction Eric Syz, qui demeure au conseil d’administration de la société, précise finews. Le nouvel arrivant est le fondateur de Caliburn Capital Partners et possède plus de 15 ans d’expérience dans la gestion de fonds de fonds alternatifs.

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