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15/10/2015

Carlos Pardo quitte l'AFG

Le directeur des études économiques de l’Association française de la gestion financière (AFG) a décidé de donner une nouvelle orientation à sa carrière. Selon nos informations, Carlos Pardo quitte l’association professionnelle après plusieurs années de bons et loyaux services. Carlos Pardo envisagerait de rester dans le secteur de la gestion d’actifs en rejoignant une structure dédiée. A côté de ses nombreux travaux sur l'évolution du secteur de la gestion en France, Carlos Pardo a publié ces dernières années de nombreux articles dans des revues professionnelles. Il a également publié avec Jean-François Boulier une présentation des principaux concepts de la gestion d’actifs («Les 100 mots de la gestion d’actifs»).
15/10/2015

Recul de 53 milliards de dollars des encours dans la gestion de BofA Merrill Lynch

Les actifs sous gestion de la division Global Wealth and Investment Management de BofA Merrill Lynch ont terminé le troisième trimestre à 877 milliards de dollars, contre 930 milliards de dollars à fin juin 2015, soit une baisse de quelque 53 milliards de dollars d’un trimestre sur l’autre. La collecte nette a pourtant été au rendez-vous, avec un montant de 4,4 milliards de dollars. Le groupe a renoué avec les bénéfices au troisième trimestre, en dégageant un bénéfice net de 4,5 milliards de dollars, mais son chiffre d’affaires a encore reculé d’un peu plus de 500 millions de dollars à 20,9 milliards de dollars dans un environnement de taux d’intérêt quasi nuls. Au troisième trimestre 2014, la deuxième banque américaine en termes d’actifs avait accusé une perte nette de 232 millions de dollars, en raison d’une amende record de 16,65 milliards de dollars pour ses pratiques jugées illicites dans les crédits immobiliers à risque «subprime» à l’origine de la crise financière.
15/10/2015

BlackRock enregistre une collecte nette de 50 milliards de dollars au troisième trimestre

BlackRock a fait état pour le troisième trimestre 2015 d’une collecte nette de 50 milliards de dollars. Les entrées nettes de long terme ont totalisé 35 milliards de dollars contre 29 milliards de dollars un an plus tôt et une décollecte de 7,3 milliards de dollars au deuxième trimestre 2015. La collecte nette de long terme s’est élevée à 25,5 milliards de dollars en Amérique du Nord et à 17 milliards de dollars pour la région Europe, Moyen Orient et Afrique (EMOA/EMEA). Dans la région Asie-Pacifique en revanche, les fonds de long terme ont terminé le trimestre sur une décollecte nette de 7,5 milliards de dollars. iShares, l’entité dédiée aux ETF, a terminé le troisième trimestre sur une collecte nette de 23,3 milliards de dollars, dont 18,2 milliards de dollars dans les ETF obligataires. Les actifs sous gestion ont néanmoins terminé le troisième trimestre à 4.505,7 milliards de dollars, en recul de plus de 200 milliards de dollars par rapport à fin juin 2015. L’impact des marchés a représenté un manque à gagner de 234,3 milliards de dollars auquel s’ajoute un impact marché négatif de plus de 31 milliards de dollars. Le bénéfice net du trimestre a reculé de 8% à 843 millions de dollars, contre 917 millions de dollars un an plus tôt.
15/10/2015

Legg Mason plans to develop in Germany

p { margin-bottom: 0.25cm; line-height: 120%; } Teams at Legg Mason based in Frankfurt are leacing the office building FBC to set up on the 21st floor of the Messeturm from Thursday, 15 October, in nearly 300 square meters. After ten years spent in the same offices, the move marks a desire on the part of the US asset management group to provide itself with the means to develop in Germany. Assets under management at Legg Mason, which has recently acquired RARE Infrastructure, OS Investors and Martin Curreie, total USD6721bn as of 30 September 2015.
15/10/2015

DeAWM launches an ETF offering exposure to corporate bonds in US dollars

p { margin-bottom: 0.25cm; line-height: 120%; } Deutsche Asset & Wealth Management (Deutsche AWM) on 14 October launched an ETF offering exposure to the corporate bond market denominated in US dollars. The db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) replicates the Barclays USD Liquid Investment Grade Corporate index. The index is composed of nearly 1,500 bonds, of which more than 80% are issued by companies domiciled in the United States. The ETF is listed on Deutsche Börse, and will soon be listed on the London Stock Exchange. The average credit rating awarded to bonds in the index is investment grade (at least Baa3 for Moody’s, BBB for Fitch Ratings or BBB- from Standard & Poor’s), and the performance of the index currently stands at 3.69%. The ETF uses physical replication and has total expense ratio of 0.2% per year.
15/10/2015

BlackRock registers net inflows of USD50bn in third quarter

BlackRock has reported net inflows in third quarter of USD50bn. Long-term net inflows totalled USD35bn, compared with USD29bn one years earlier, and a one-time redemption of USD7.3bn in third-quarter 2015.Long-term net inflows totalled USD25.5bn in North America, and USD17bn for the Europe, Middle East and Africa (EMEA) region. In the Asia-Pacific region, however, long-term funds completed the quarter with a net outflow of USD7.5bn. ishares completed third quarter with net inflows of USD23.3bn, of which USD18.2bn went to bond ETFs, increasingly used by clients as a liquid diversification tool.Assets under management, however, completed third quarter with USD4.5057trn, doen by more than USD200bn compared with the end of June 2015. The impact of the markets represented a shortfall to make up of USD234.3bn, in addition to which there was a negative market impact of over USD31bn.Net profits for the quarter fell 8% to USD843m, compared with USD917m one year earlier.
15/10/2015

AuM at BofA Merrill Lynch down by USD53bn

p { margin-bottom: 0.25cm; line-height: 120%; } Assets under management by the Global Wealth and Investment Management division of BofA Merrill Lynch completed third quarter at USD877bn, compared with USD930bn as of the end of June 2015, a decline of about USD53bn quarter on quarter. Net inflows were observed, totalling USD4.4bn. The group returned to profitaility in third quarter, with net profits of USD4.5bn, but revenues continued to fall by slightly over USD500m to USD20.9bn in an environment of near-zero interst rates .In third quarter 2014, the second-largest US bank in terms of assets saw a net loss of USD232m, due to a record fine of USD16.65bn for its sub-prime real estate lending practices deemed illicit, at the origin of the financial crisis.
15/10/2015

Aviva Investors Real Estate creates a portfolio management company

Following the issuance of a license by the Autorité des Marchés Financiers (AMF), Aviva Investors Real Estate France (AIREF) has announced the launch of Aviva Investors Real Estate France SGP (AIREF SGP) as an “FIA portfolio management company.” The new entity will be dedicated to the management of regulated real estate investment funds.AIREF SGP as of 1 October managed over EUR1bn in assets via its various supports. Funds managed by AIREF SGP are primarily invested in direct real estate, but also invests in SPVs, club deals, participations managed by third parties, securities and publicly-traded realty OPCVM funds.As part of the launch, the new affiliate AIREF SGP has reinforced its teams. Sébastien Jardin is appointed as CEO and portfolio manager of the new entity. Jardin, who arrived at Aviva Investors Real Estate France in 2011, and had the opportunity to structure indirect invesmtent and fund management activities before taking responsibility for the creation of AIREF SGP.Ellen Zwilling also joins AIREF SGP as head of compliance and internal controls. In this role, she will oversee compliance with professional obligations at the asset management firm.
15/10/2015

Degroof Petercam France adds to wealth engineering unit

p { margin-bottom: 0.25cm; line-height: 120%; } Degroof Petercam France has announced the appointment of Thaline Melkonian as head of wealth engineering from 21 September. Melkonian will be based in Paris, and will report to François Wohrer, CEO of Degroof Petercam France. Melkonian will lead a team of four people, and will continue to develop legal and fiscal advising activities, while concentrating particularly on the structuring of professional and personal wealth for clients of the Belgian financial group. In close collaboration with private bankers and business bankers, she will also be responsible for strengthening assistance to coroporate heads and directing shareholders. “The appointment marks a desire on the part of Degroof Petercam France to strengthen the synergies between wealth management activities and those of the business bank,” the group says in a statement. Melkonian, 42, began her career at KPMG in Brussels in 1998, before joining HSBC Private Banking in 2000 as a legal and fiscal engineer. She then joined the engineering team at the Banque Privée de 1818 in 2006, where she had been employed hitherto.
15/10/2015

Syz extends its investment offering to private equity

In order to respond to changes in the needs of its private and institutional clients, the Swiss banking group Syz is extending its range of available asset classes by offering investments in private equity to its clients, in partnership with the global private equity group ACE & Company, which will identify and manage these investments.In the current environment marked by very low interest rates - or even negative in the case of the Swiss franc - and high equity volatility, Syz already offers investors a series of high-added value investment solutions that are generally less correlated with conventional markets, such as multi-asset strategies, absolute return, credit and multi-management products. To extend the range of solutions offered, Syz has entered into a partnership with ACE & Company, a recognised global private equity group. “A modern private bank has to continuously meet the needs of its clients and offer them viable and high-performing solutions. Thanks to its high potential returns and low correlation with the main markets, private equity is an attractive asset class that has its place in diversified portfolios of sophisticated clients, but which requires specific expertise.” said Eric Syz, CEO of Syz. ACE & Company will present private equity investment opportunities to a Syz ad hoc investment committee, which will assess them based on rigorous selection criteria. These products will then be offered to institutional or private clients of the Syz Group.Founded in 2005, ACE & Company is a global private equity group specialised in co-investments with 32 employees in 5 offices worldwide. The group is able to invest across the entire range of private equity investments, from business angel to buyout, including growth capital and special situations.
15/10/2015

FRR launches a request for proposals

p { margin-bottom: 0.25cm; line-height: 120%; } The Fonds de réserve pour les retraites (FRR) has launched a request for proposals for communication supports. The mission of the service provider will be to design various written communication supports relative to the FRR, and, where applicable, to involve the Fund in the composition of texts.
15/10/2015

Nippon Life increases stake in capital of Reliance Capital Asset Management

p { margin-bottom: 0.25cm; line-height: 120%; } The Japanese life insurance company Nippon Life Insurance Company on 13 October announced that it has signed an agreement with the Indian company Reliance Capital Limited, to increase its stake in the capital of Realiance Capital Asset Management, the asset management affiliate of the Reliance group. Under the agreement signed, the stake in Nippon Life will increase from 35% to 49%. The price of the operation, which is for 14% of capital, is JPY22bn, or about USD184m, After the transaction, which has yet to receive permission from regulators, the asset management firm will be renamed Reliance Nippon Life Asset Management Limited.
15/10/2015

Hargreaves Lansdown posts inflows of GBP1.43bn in first quarter

p { margin-bottom: 0.25cm; line-height: 120%; } At the end of its first fiscal quarter, ending on 30 September 2015, the British asset management firm Hargreaves Lansdown reported net inflows fo GBP1.43bn, compared with GBP970m one year earlier, an increase of 47% year on year. This performance is partly related to an inflow of GBP14.8bn following the acquisition of the activities of JPMorgan Asset Management. However, in a context fo high turbulence on the financial marktes, assets under administration fell 1%, or GBP500m, quarter on quarter. Assets totalled GBP54.7bn as of 30 Setpember GBP55.2bn as of 30 June 2015. This was due to a negative market effect of GBP1.8bn in the past quarter, the asset management firm has said in a statement. Despite these headwinds, Hargreaves Lansdown has posted growth of 11% to its net income, for a total of GBP78.5m as of the end of September 2015, compared with GBP70.8m one year previously.
15/10/2015

Further decline in assets in Finnish funds in September

p { margin-bottom: 0.25cm; line-height: 120%; } Assets under management in open-ended funds domiciled in Finland posted a delcine of EUR1.6bn in September, for a total of EUR92.6bn, according to data releasd by Investment Research Finland. Assets had already fallen by EUR4.5bn in August. The decline in assets is largely due to the negative impact of the markets. Net outflows totalled only EUR117m. Funds dedicated to equities attracted EUR240m, but short-term bond funds saw outflows totalling EUR184m.
15/10/2015
Fonds

BlackRock lance un fonds d’impact investing

BlackRock a lancé un fonds investi dans des entreprises internationales ayant un impact social mesurable positif, rapporte Investment Week. Le BlackRock Strategic Fund Impact World Equity sera géré par l’équipe Scientific Active Equity, et piloté par son co-responsable Jeff Shen, et le responsable mondial de l’impact investing, Deborah Winshel. L’équipe derrière le fonds étudiera plus de 8.000 entreprises chaque jour sous trois angles sociaux : santé, environnement et citoyenneté de l’entreprise. Certaines entreprises ou secteurs seront exclus : l’alcool, le tabac et les fabricants d’armes.
Fonds
15/10/2015

L'AIMA et la MFA mettent en place un comité directeur mondial

Les deux associations professionnelles Alternative Investment Management Association (AIMA) and la Managed Funds Association (MFA) ont annoncé la constitution d’un comité directeur commun mondial qui aura pour mission de coordonner les politiques et la communication des deux grandes instances. Le comité directeur comprendra pour l’AIMA, Andrew Bastow (AQR Capital Management), Stuart Fiertz (Cheyne Capital Management), Ryan Taylor (Brevan Howard Asset Management) et Karl Wachter (Magnetar Capital). Les membres de la MFA qui vont rejoindre le comité directeur sont Darcy Badbury (D.E. Shaw group), Adam Cooper (Citadel), Duncan Ford (Marshall Wace), David Haley (HBK Capital Management) et Michael Harris (Campbell et Company).
15/10/2015

Legg Mason veut se développer en Allemagne

Les équipes de Legg Mason basées à Francfort quittent l’immeuble de bureaux FBC pour s’installer à compter de ce jeudi 15 octobre au 21ème étage de la Messeturm, sur près de 300 m2. Après dix années passées dans les mêmes bureaux, ce déménagement marque la volonté du groupe de gestion américain de se donner les moyens de son développement en Allemagne. Les actifs sous gestion de Legg Mason, qui a ces derniers temps racheté RARE Infrastructure, QS Investors et Martin Currie, s'élèvent à 672,1 milliards de dollars à la date du 30 septembre 2015.
15/10/2015

Ashmore pâtit des turbulences sur les marchés émergents

Le gestionnaire d’actifs britannique Ashmore, spécialiste des pays émergents, a connu une décollecte de 4 milliards de dollars au troisième trimestre en raison des turbulences ayant affecté la Chine, le Brésil et les autres marchés dits émergents. Couplées à l’effet marché négatif, ces sorties nettes ont provoqué une chute de 7,8 milliards des encours, à 51,1 milliards de dollars fin septembre. La baisse des encours n’avait été que de 2,2 milliards le trimestre précédent.
15/10/2015

Le gérant Man Group enregistre une collecte nette positive

Man Group, le premier hedge fund coté du monde, a fait état d’une collecte nette de 1,4 milliard de dollars au troisième trimestre, les flux entrants de 5,7 milliards ayant dépassé les sorties de 4,3 milliards. Le groupe britannique avait connu une décollecte de 2,6 milliards au premier semestre. L’effet marché défavorable et l’effet change ont cependant entraîné une baisse des encours de 2 milliards sur le trimestre, à 76,8 milliards fin septembre. Man Group avait publié des perspectives «prudentes» au mois d’août, alors que les marchés boursiers mondiaux étaient secoués par les craintes entourant l’économie chinoise. L’action Man gagnait plus de 4% à Londres après ces résultats jugés encourageants.
15/10/2015
Gestion d'actifs

Carlos Pardo quitte l'AFG

Le directeur des études économiques de l'Association française de la gestion financière (AFG) a décidé de donner une nouvelle orientation à sa carrière. Selon Newsmanagers, Carlos Pardo quitte l'association professionnelle après plusieurs années de bons et loyaux services.
Gestion d'actifs

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