Au premier trimestre 2014, Bank of America (BofA) a vu le montant des actifs gérés par sa division Global Wealth and Investment Management (GWIM), augmenter de 96,6 milliards de dollars pour atteindre 841,8 milliards de dollars soit une hausse de 13% selon les chiffres trimestriels publiés par la banque hier. Cette hausse résulte d’un effet marché mais également d’une collecte nette de 17,4 milliards sur les 3 premiers mois de l’année, selon le communiqué de Bank of America, qui précise qu’il s’agit du 19ème trimestre consécutif de collecte nette dans sa division GWIN qui rassemble les activités de gestion.Par ailleurs, dans sa division Global Markets, Bank of America fait état d’une activité relativement stable au premier trimestre 2014 comparé à 2013. Les activités de marchés de la banque dans leur ensemble ont enregistré un chiffre d’affaire de 4.1 milliards de dollars au premier trimestre. Dans le détail, le chiffre d’affaires généré par les activités sur Fixed Income, devises et matières premières, a reculé de 2% à 3,0 milliards de dollars sur les 3 premiers mois de l’année en glissement annuel. Pour justifier cette baisse, la banque invoque des volumes et un niveau de volatilité en déclin sur les produits de taux et les devises. La banque a maintenu son niveau d’activité inchangé au premier trimestre par rapport à 2013 sur les marchés actions où son chiffre d’affaire s’est maintenu à 1,2 milliard de dollars. Sa part de marché a néanmoins progressé sur cette classe d’actif au cours de la période, précise le communiqué.
Le groupe Primonial a enregistré une collecte de 438 millions d’euros au cours du 1er trimestre 2014 pour le compte de clients particuliers, contre 340 millions pour le 1er trimestre 2013, soit une hausse de 29 %. L’immobilier collectif a drainé, via des SCPI et des OPCI, plus de 250 millions d’euros, indique un communiqué.Compte tenu de la présence dans le giron du groupe de sociétés de gestion ayant des clients institutionnels, 120 millions ont été collectés auprès de ces investisseurs en gestion d’actifs, dont 85 millions pour la jeune société AltaRocca, spécialisée dans les obligations convertibles, et 35 millions pour Roche-Brune AM, la société spécialisée dans la gestion actions, dirigé par Bruno Fine. Les institutionnels ont également investi 40 millions d’euros en immobilier via des OPCI.
Natixis AM vient de lancer Natixis Short Term Global High Income Fund, un compartiment de la SICAV de droit Luxembourgeois Natixis International Funds (Lux)I investi dans des obligations à haut rendement et de court terme dont les émetteurs sont domiciliés dans les pays de l’OCDE et doté d’une sensibilité inférieure à 2 ans. Natixis Short Term Global High Income Fund bénéficie d’une stratégie de gestion active s’affranchissant des contraintes d’un benchmark et de son allocation sectorielle. L'équipe de gestion accorde une attention toute particulière à la liquidité, la solvabilité, la structure de la dette, ainsi qu’au « business model » des émetteurs. En complément du processus de gestion « bottom up », les deux co-gérants Nolwenn Le Roux et Vincent Marioni, SFAF, ont fixé des critères internes de détention maximum par secteur et par émetteur pour assurer une diversification optimale du portefeuille. Ainsi, le portefeuille de Natixis Short Term Global High Income Fund est composé de 90 valeurs internationales au 16 avril 2014.Caractéristiques :Code ISIN : LU0980596109 / LU0980597412 Capitalisation (part HI)LU0980596877/LU0980598147 Distribution (part HR)Souscription minimum initiale : 100.000 euros (I) / 250 euros (R)Frais totaux (par an) : 0.65% / 1.35%Droits d’entrée maximum TTC : 3% / 3%Décimalisation en nombre de parts : Un dix-millième /Un dix-millième
Les actifs des hedge funds européens se sont élevés au niveau record de 476,2 milliards de dollars à fin mars 2014, selon des données recueillies par Reuters auprès d’Eurekahedge. Le précédent record remonte à octobre 2007 (473 milliards de dollars).Les hedge funds au niveau mondial ont dégagé une performance de 0,9% sur les trois premiers mois de l’année, contre 0,6% pour l’indice MSCI All Country World Stock mais 1,3% pour le S&P 500 et le FTSEurofirst 300. Les hedge funds américains ont réalisé les meilleurs résultats au premier trimestre, avec une performance de 2,3%, devant les européens (1,3%).
La Société Générale monte au créneau pour démentir les rumeurs d’une éventuelle cession de sa filiale de gestion Lyxor. « C’est un actif stratégique pour le groupe, à ce titre, il n’est pas à vendre », assure la banque interrogée par Les Echos. « On n’est pas vendeur et on serait même plutôt potentiellement acheteur si des opportunités se présentaient », confie une autre source interne au quotidien économique.Selon Les Echos, plusieurs raisons alimentent les spéculations concernant Lyxor. D’abord la volonté d’Amundi de réaliser des acquisitions pour faire grandir sa nouvelle franchise dans les ETF, domaine dans lequel Lyxor est un des leaders européens. Ensuite, Lyxor a été confronté à une cascade de départs majeurs en l’espace de deux ans dont, en février celui d’Inès de Dinechin, sa présidente.
P { margin-bottom: 0.08in; } A spectacular development: since the end of first quarter 2014, Deutsche Aset & Wealth Management (DeAWM) has made a place for itself as a top player in Europe in the physical ETF segment, after the transformation of 18 db X-trackers equity ETFs based into physical replication-based ETFs, according to a statement released on 16 April. Assets in these products total over EUR10bn. Demand is expected, since as of 14 April, about EUR280m have been invested in physical replication db X-trackers ETFs. Overall, inflows to the 30 physical replication db X-trackers ETFs total EUR500m. DeAWM last December announced plans to develop its physical ETF range due to client demand. In the space of a few weeks, DeAWM has transformed an enormous range of synthetic ETFs into physical ETFs. The largest physical ETFs available are the Euro Stoxx 50 UCITS ETF (DR), with assets of EUR2.4bn, th DAX UCITS ETF (DR), with EUR2.3bn, and the MSCI Europe Index ETF (DR), with EUR1.6bn.
P { margin-bottom: 0.08in; } Natixis AM has launched the Natixis Short Term Global High Income Fund, a sub-fund of the Luxembourg-registered SICAV Natixis International Funds (Lux), which invests in high yield and short term bonds whose issuers are domiciled in OECD countries, and which have a sensitivity of under 2 years. The Natixis Short Term Global High Income Fund uses an active strategy subject to the constraints of a benchmark and its sectoral allocation. The management team pays particular attention to liquidity, solvency, the structure of debt, and the business model of issuers. As a complement to a bottom-up management process, the two co-managers, Nolwenn Le Roux and Vincent Marioni, SFAF, have set internal maximal holding criteria for each sector and issuer, in order to ensure optimal diversification of the portfolio. The portfolio of the Natixis Short Term Global High Income Fund is composed of 90 international stocks as of 16 April 2014.
P { margin-bottom: 0.08in; } The Swiss asset management firm Pictet Asset Management has been selected by the US firm Aston Asset Management to create the ASTON/Pictet International Fund. The fund, aimed at US clients, will invest primarily in companies based in the developed markets of Europe, Australia, Asia and the Far East. The lead manager of the fund is Fabio Paolini, head of equities for Europe, Australia, Asia and the Far East, and developed market equities at Pictet AM, who will work with Swee-Kheng Lee, Benjamin Beneche and Charlie Price. Aston AM, based in Chicao, as of 31 March had assets under management of USD15.9bn.
P { margin-bottom: 0.08in; } Spanish investment funds posted inflows of EUR10.54bn in first quarter 2014, according to data released by Inverco, the Spanish professional asset management association. “Since fourth quarter 1998, investment funds had not posted such a volume of net subscriptions in a single quarter,” the professional association says. In the month of March alone, net inflows totalled nearly EUR3.5bn. Due to this positive dynamic, assets in investment funds totalled EUR166.24bn as of the end of March, an increase of 8.1% compared with the end of December 2013. “In the past 15 months, assets under management in investment funds increased by EUR43.92bn, growth of 35.9% compared with December 2012,” Inverco observes.
P { margin-bottom: 0.08in; } Franklin Templeton on 16 April announced that it has recruited Guillaume Gerry for its France team as head of sales for independent financial advisers (IFAs). Gerry will report to Ariane Hober, director of sales for Franklin Templeton in France. Hober graduated from the EM Lyon Business School, and began his career in 2009 at BNP Paribas CIB as a sales assistant for derivative products.
P { margin-bottom: 0.08in; } Rajeev Misra, former co-head of bonds at UBS, is reportedly about to join the US alternative asset management firm Fortress Investment Group, Das Investment reports, referring to information disclosed by Boomberg. Misra, who may join Fortress next month, could be recruited as senior managing director and join the credit unit at the firm. Assets under management at Fortress total about USD62bn.
P { margin-bottom: 0.08in; } American Funds, one of the foremost providers of funds worldwide, has become the first financial institution to warn that its clients may be threatened by the Heartbleed virus, the Financial Times reports. Confidential information from investors who used the website between 12 December last year and 14 April this year may have been compromised. These users should therefore change their passwords, their security questions, and delete their Internet histories.
P { margin-bottom: 0.08in; } Dodd Kittsley, global head of ETP research at BlackRock, is joining Deutsche Asset & Wealth Management, the Wall Street Journal reports. He will be managing director and head of the ETP strategy for the Americas, according to a spokesperson. The recruitment marks a win for the German group, which is seeking to increase its presence in the United States.
P { margin-bottom: 0.08in; } Société Générale is strenuously denying rumours of a potential sale of its asset management affiliate Lyxor. “It is a strategic asset for the group, and as such, it is not for sale,” the bank says when asked by Les Echos. “We are not selling and we are even potentially buying opportunities that present themselves,” another internal source tells the economic newspaper. According to Les Echos, several causes are driving speculation concerning Lyxor. Firstly, Amundi is seeking to make acquisitions to grow its new ETF franchise, an area in which Lyxor is one of the European leaders. Then, Lyxor has been confronted with a cascade of major departures in the space of two years, including that of its chairwoman, Inès de Dinechin, in February.
P { margin-bottom: 0.08in; } Assets in European hedge funds totalled a record USD476.2bn as of the end of March 2014, according to data collected by Reuters from Eurekahedge. The previous record dates from October 2007 (USD473bn). Hedge funds worldwide earned returns of 0.9% in the first three months of the year, compared with 0.6% for the MSCI All Country World Stock index, but 1.3% for the S&P 500 and the FTSEurofirst 300. US hedge funds earned the best results in firt quarter, with returns of 2.3%, followed by European funds (1.3%).
It has been a tough start to the year for hedge funds, which have been through their worst quarter in terms of performance since 2008, according to data published by Preqin.The Preqin All Hedge Fund Strategies index has posted returns of 1.23% for the period to the end of March 2014, comapred with 6.07% in first quarter 2012, and 3.76% in first quarter 2013.This year, the event-driven strategy stands out with average gains of 2.94%, Preqin states. The straetgies which performed best were macro strategies (_0.51% in first quarter). The good performance of event-driven is sustaining increasing interest on the part of institutional investors. 21% wish to invest in funds specialised in this strategy, comapred with 17% in fourth quarter 2013, Preqin notes.The preferred strategy for institutionals remains long/short equity, with 68% of investors showing an interest for it in first quarter 2014.
P { margin-bottom: 0.08in; } BNY Mellon Investment Management (IM) has appointed Simon Cox as managing director and investment strategist for Asia-Pacific, Asia Asset Management reports. For more than ten years, Cox was a journalist for The Economist magazine, based in London, Delhi and Hong Kong.
P { margin-bottom: 0.08in; } Erste Sparinvest and the Munich-based asset management firm Focus Asset Management will work together. Erste Sparinvest will take over the management of the Ecology Bond fund from Focus AM, according to Fondscheck.de. The fund, founded in 2010 and investing primarily in investment grade bonds, is managed according to very strict ecological and ethical criteria, the website says.
P { margin-bottom: 0.08in; } On 28 February, the Italian alternative asset management firm Hedge Invest licensed 12 funds with the CNMV, the Spanish regulator, for sale on the Iberian market, Funds People Italia reports. In addition to Spain, the Italian firm is focusing on Germany, where it has made contact with institutional investors. Hedge Invest offers both funds of hedge funds and alternative management in a UCITS package.
P { margin-bottom: 0.08in; } It has been a fine day for UBS, The Swiss bank has recruited Gregor Hirt, former head of multi-asset class activities for continental Europe at Schroders, in the position of chief investment officer for its global investment solutions unit, Citywire reports. Hirt left his position in Schroders in March, after seven and a half years at the group (see Newsmangers of 22 January 2014). In his new role, Hirt will cover Europe and Switzerland. In these two regions he will serve as managing director for multi-asset class management, while serving as global head of core products. He will also manage balanced strategies worldwide, and will contribute to the asset allocation strategy for the investment solutions division of the group worldwide.
P { margin-bottom: 0.08in; } In the province of Shanxi, 500 km south-west of Beijing, Chinese savings investors yesterday demonstrated in front of a branch of China Construction Bank (CCB), seeking a reimbursement of their investments in a high yield vehicle sold by the bank. The product, entitled Songhuajiang River No. 77, with assets totalling USD156m (about CNY1bn) has excited the defiance of subscribers, who did not receive the level of returns expected, and, still more worrying, who did not get their initial money back. The troubles revives concerns which are currently playing on the Chinese trust industry, which has a total weight of USD1.75trn. In January this year, a product sold by Industrial & Commercial Bank of China Ltd to raise funds to help a troubled mining firm had to be bailed out in order to prevent it from becoming what would then have been the first default of a Chinese trust in over 10 years.
P { margin-bottom: 0.08in; } The British wealth management firm Towry on 16 April announced the departure of its CEO, Andrew Fisher, after 10 years at the group, including eight years as its CEO. He is replaced by Rob Devey, former CEO of Prudential UK and Europe and executive director of Prudential PLC from 2009 to 2013. The announcement comes at a time that Towry has published good annual results. In 2013, its assets under management rose 14.4%, to a total of GBP5.6bn. Its operating results total GBP11.8bn, stable compared with 2012. Last year, Towry completed five acquisitions, including that of Bluefin Personal Consulting.
P { margin-bottom: 0.08in; } Henderson Global Investors’ EUR20.77 billion fixed income business has hired Steve Drew as head of emerging market credit. He will work alongside Stephen Thariyan, global head of credit, and Phil Apel, head of fixed income, in building out the emerging market credit team.Most recently Steve Drew was partner and head of global and emerging credit at Thames River Capital and managed in excess of EUR1.8bn, c.EUR900m of which was in emerging market credit. Commenting on the appointment, Stephen Thariyan said, “We will actively seek to apply Steve’s expertise to our existing portfolios for the benefit of our clients as his approach to investing, combining top down macroeconomic perspectives with security selection, fits well with our established method. During 2014 we plan to hire an investment team specialising in emerging market credit to support Steve. This will give us the background to launch products in the area.”
Interrogé sur RTL, Michel Sapin, ministre des finances, a indiqué que "le rythme lui-même est modifié (...) nous avons un rythme un peu moins rapide de diminution des déficits que prévu".
Les défauts intervenus sur le marché des obligations d’entreprises à hauts rendements et parmi les banques locales témoignent de la volonté des autorités d’assainir le crédit, estime Philippe Uzan, directeur des gestions chez Edmond de Rothschild AM.
Le taux de chômage sur trois mois à fin février a diminué à 6,9% en Grande-Bretagne, son plus bas niveau depuis cinq ans, contre 7,2% pour les trois mois à fin janvier. Les économistes attendaient une diminution plus faible, à 7,1%. Il passe ainsi sous la barre de 7% qu’avait fixée dans un premier temps la banque d’Angleterre pour envisager un relèvement de ses taux d’intérêt. La BoE a depuis ajusté sa «guidance».
L’inflation annuelle a atteint en mars son plus bas niveau depuis novembre 2009, à 0,5% contre 0,7% en février, selon les chiffres définitifs. Elle se maintient donc bien en dessous de 1%, dans ce que le président de la BCE, Mario Draghi, appelle la «zone dangereuse». Un chiffre qui plaide en faveur de mesures d’assouplissement pour contrer la menace d’une déflation.
La banque centrale canadienne a maintenu à 1% son principal directeur, niveau inchangé depuis trois ans et demi. Elle continue toutefois de surveiller le faible niveau d’inflation et les risques associés pour l'économie du pays.
Le ministre russe de l’Economie a souligné hier l’impact des tensions géopolitiques avec l’Ukraine sur la fuite des capitaux. Selon Alexeï Oulioukaïev, l’activité économique s’est contractée de 0,5% au premier trimestre par rapport aux trois derniers mois de 2013 (+0,8% en glissement annuel). Cette contraction est le reflet d’une «diminution sensible de l’investissement en capital» (-4,8% comparé au premier trimestre 2013).