La Caisse de Pensions de la République et Canton du Jura (CEC Jura) va sélectionner dans les deux prochains mois des gérants pour la gestion de deux classes d’actifs : les infrastructures et les Insurance-Linked Secutities (ILS), dont les obligations catastrophes (ou cat bonds) font partie. La Caisse va stopper ses investissements dans les fonds alternatifs. Nous nous serons débarrassés de l’intégralité de la poche gestion alternative de notre portefeuille d’ici à la fin avril, a expliqué Christian Affolter, le directeur de la CEC Jura. La Caisse va réinvestir l’intégralité du montant, environ 85 millions d’euros, alloué précédemment aux fonds alternatifs, à parts égales dans les infrastructures et les ILS/Cat Bonds. Nous n’avons pas encore choisi de gérants. Notre consultant, Complementa, a préparé un rapport. La décision sera prise dans les deux mois à venir, a expliqué le directeur de la Caisse. L’allocation consacrée à la gestion alternative était jusque-là gérée par UBP, Dexia Group et Man Group/RMF Investment Management. D’autre part, la CEC Jura s’est séparée de Valiant Privatbank concernant un petit mandat d’obligations internationales. « Nous avons remplacé Valiant par Lombard Odier Darier Hentsch cet automne concernant la gestion semi-passive d’un mandat core, a déclaré Christian Affolter. Valiant a géré de manière active, alors que nous voulions une tracking error plus faible ». La CEC Jura est en outre encore investi dans un fonds immobilier international géré par JP Morgan Asset Management, qui est actuellement en liquidation. Nous allons réinvestir dans un autre fonds international immobilier, idéalement un montant situé aux alentours de 8,5 millions d’euros.

Selon le quotidien qui se réfère à des indicateurs internes à la Fédération des particuliers-employeurs (Fepem), l’emploi à domicile a encore chuté au quatrième trimestre, après avoir globalement reculé sur les neuf premiers mois de 2013. La masse salariale nette versée par l’ensemble des particuliers employeurs a reculé d’environ 3% l’an dernier, après une baisse de 1,8% en 2012 et une stagnation en 2010 et 2011. «La forte dynamique qui caractérisait ce secteur dans les années 2000 est désormais très loin», souligne le journal qui cite l’impact de la crise sur le pouvoir d’achat des ménages employeurs, auquel se sont ajoutées des évolutions législatives et fiscales défavorables.

Après des débuts laborieux, les actifs gérés par des fonds d’arbitrage en Corée du Sud pourraient doubler d’ici à 2015 pour atteindre 5 milliards de dollars, rapporte le site financier, en précisant que le pays compte environ 24 hedge funds gérés par 12 sociétés locales. Ces sociétés tirent parti des fonds de pension et autres investisseurs institutionnels qui diversifient leur allocation dans la gestion alternative.

Suite au protocole d’acquisition signé le 20 décembre 2013 avec les actionnaires de la société, Nexity annonce avoir finalisé aujourd’hui, 1er avril 2014, l’acquisition du capital d’Oralia, 5ème groupe d’administration de biens en France. Fort d’un réseau de 25 agences et de 635 collaborateurs, Oralia gère un portefeuille de de plus de 165.000 lots dont environ 31 000 en gestion locative à fin 2013. Hervé Denize, directeur général délégué de Nexity, prend à compter de ce jour la présidence d’Oralia.

TIAA Henderson Real Estate a annoncé son lancement officiel ce mardi 1er avril 2014. Issue de l’union de TIAA-CREF (60% du capital) et de Henderson Global Investors (40%), la société gère plus de 16,4 milliards d’euros d’actifs détenus via une cinquantaine de fonds et véhicules dédiés et se consacre uniquement à la gestion d’actifs immobiliers. Cette nouvelle plate-forme rassemble les activités immobilières de TIAA-CREF en Europe et celles de Henderson Global Investors en Europe et en Asie-Pacifique.

Les ministres des finances de la zone euro ont approuvé le déblocage d’une nouvelle tranche d’aide de 8,3 milliards d’euros à la Grèce, mettant fin à la dernière revue de la troïka FMI-UE-BCE qui durait depuis septembre. «Les institutions de la troïka nous ont assuré que le financement de la Grèce était complètement bouclé pour les douze prochains mois», a dit mardi Jeroen Dijsselbloem, le président de l’Eurogroupe. La Grèce espère désormais émettre au printemps sur les marchés obligataires pour la première fois depuis son sauvetage, sans doute sur des maturités de 3 à 5 ans.

Quelque 3,5 milliards d’euros ont été investis en France au premier trimestre 2014, soit une hausse de 13 % par rapport à la même période en 2013 dans la moyenne des volumes investis au cours d’un premier trimestre depuis dix ans, indique Cushman & Wakefield. Le conseil en immobilier relève cependant que cette hausse «s’accompagne d’une très nette diminution du nombre total de transactions», à 53 contre 112 il y a un an. Les opérations d’une valeur inférieure à 50 millions d’euros ont été particulièrement rares (36 contre 88 au premier trimestre 2013). De fait, la hausse des volumes investis en ce début d’année est principalement liée à la signature de grandes transactions, avec 10 opérations supérieures à 100 millions totalisant 2,5 milliards d’euros. Surtout, l’acquisition par le fonds américain Lone Star de l’ensemble Cœur Défense pour 1,3 milliard, comptabilisée sur le trimestre, représente ainsi à elle seule 36 % des montants investis. De quoi inciter à la prudence pour le reste de l’année.

La croissance du secteur manufacturier américain s’est accélérée en mars pour le deuxième mois consécutif grâce à une reprise de la production et malgré un ralentissement des créations d’emplois, montre l’enquête de l’institut ISM publiée lundi. L’indice est ressorti à 53,7 contre 53,2 en février. Les économistes interrogés par Reuters attendaient un indice à 54,0. Il reste inférieur à son pic de 57 atteint en novembre dernier, avant l'épisode de grand froid et de chutes de neige qui ont perturbé l’activité outre-Atlantique.

P { margin-bottom: 0.08in; } The British asset management industry is continuing to advance. As of the end of February 2014, the sector has a total of GBP783bn in assets under management, up 10.3% compared with the end of February 2013, according to figures released on 31 March by the professional association, the Investment Management Association (IMA). This growth has been driven by net inflows totalling nearly GBP2.7bn. This performance is due to the retail credit market, which for the eleventh consecutive month, has posted net subscriptions of over GBP1bn, with GBP1.8bn in February 2014, compared with GBP1.4bn in February 2013. Net inflows to institutionals also stay into positive territory, though down year on year, to GBP921m in February 2014, compared with GBP1.7bn in February 2013. However, the institutional segment did far better than in January, in which month the outflows totalled GBP911m. In terms of asset classes, equity funds are continuing to find favour with retail investors, with a net inflow of GBP681m in February. This puts them ahead of multi-asset classes, with GBP330m in net inflows, and property, with GBP298m in net subscriptions. Lastly, fixed income has posted net inflows of GBP179m (after outflows of GBP229m in January), the best net sales since May 2013.

P { margin-bottom: 0.08in; } The Government of Singapore Investment Corporation (Singapore GIC) obtained an additional Qualified Foreign Institutional Investor (QFII) license from the Chinese authorities on 28 March, for a further USD500m, Asian Investor reports. GIC now has USD1.5bn in QFII quotas, making it now the fifth-largest asset management firm by this measure.

P { margin-bottom: 0.08in; } The sovereign fund Singapore GIC will be providing seed capital for the macro fund which the former chief investment officer (CIO) of GIC, Ng Kok Song, is planning to launch during the year, the SWF Institute reports. The sovereign fund has already assisted former heads to found their own alternative management firms several times. Song has left his position as CIO, but remains as an adviser to the sovereign fund.

Source on March 31 announced the launch of the Source Russell Europe SMID 300 UCITS ETF. The fund provides exposure to the Russell Europe SMID 300 Net TR index («SMID»), which is designed to offer liquid exposure to Europe’s small- and mid-cap equity markets. The ETF offers access to a segment of the market which is gaining increasing investor interest; there are currently EUR 9 billion assets in the ETF small and mid-cap space in Europe, up from EUR 1.8 billion in 2012.The index contains 300 highly liquid constituents. Constituents are selected from the Russell Global Index comprised of approximately 10 000 stocks. This is reduced to European small and mid-cap stocks, defined as those companies falling between the 75th and 95th percentile by market capitalisation of the Russell Global Index. Stocks with an average daily trading volume lower than EUR 2million are then excluded. The remaining eligible stocks are ranked by ‘speed to trade’ defined as those with the lowest free float market capitalisation relative to their average daily trading volume. The 300 highest-ranked stocks are selected and then weighted by free float-adjusted market capitalisation. The index is reviewed and rebalanced annually.This approach allows for both higher investment capacity and the inclusion of stocks from across the capitalisation range, without compromising liquidity. Russell Europe SMID 300 Net TR index comprises stocks like Baratt Developments Plc, easyJet Plc and Hargreaves Lansdown Plc.In 2013, small and midcap out performed large cap across developed markets. In Europe, the Russell Europe SMID 300 Net TR index outperformed the Euro Stoxx 50 TR index by 7.50%and in the US, the Russell 2000 index, outperformed the S&P 500 TR index by 6.70% over the year.According to the Morningstar fund database, when SMID is compared to other active and index fund peers, SMID performed strongly over a 5 year period vs. both small and mid-cap funds.

P { margin-bottom: 0.08in; } Oddo Asset Management has received a final sentence which will require it to pay back all the money invested by a professional client in the fund Oddo Cash Arbitrage, for fraudulent presentation of the composition of the fund, and the transfer into the fund of assets invested in sub-prime, Agefi Actifs reports in its 31 March edition. The fund was liquidated in early July 2007, following the liquidity crisis on the financial markets. The fund was split into two distinct parts, one of which with immediate liquidity, and one with long liquidity, while invetors who did not specify a choice saw their assets immediately transferred to the immediate liquidity fund, which had a significant risk of loss. In this case, a professional client who never replied lost 53% of his investment. The appeals court noted that “information materials provided to shareholders in the Oddo Cash Arbitrages fund, whether or not they were institutional, included real distortions of information of a nature to erroneously induce risk errors in the investment made, and the firm Oddo & Compagnie, and consequently its affiliate Oddo Asset Management, knew already in early March 2007 of the increased securitisation risks presented by products related to the US real estate market, at the point of deciding between 5 March and 5 July 2007, to transfer them from its traditional money market fund (FCP Premium Oddo Cash) to its dynamic money market funds, including the FCP Oddo Cash Arbitrages, against the interests of shareholders in these funds.”

P { margin-bottom: 0.08in; } Old Mutual Global Innvestors (Old Mutual GI) has recruited Michael Sullivan from Investec Asset Management as fixed income specialist, Fundweb reports. Sullivan will be responsible for product promotion and investment views for fixed income at the asset management firm. The team, led by Steward Cowley and Christine Johnson, manages about GBP2bn in assets. Before joining Old Mutual GI, Sullivan worked for 20 years as a fixed income product specialist and portfolio manager.

P { margin-bottom: 0.08in; } Hervé Hanoune, head of global aggregate management since July 2008 at Amundi in London, left his position on Friday, 28 March, a spokesperson from the asset management firm has told Newsmanagers, confirming reports in Citywire. Hanoune, who joined Crédit Agricole Asset Management, which later became Amundi, in 1999, and spent most of his career at the French group. Laurent Crosnier, currently chief investment officer at Amundi London, will take over the role previously occupied by Hanoune.

Amundi announced on March 31 the acquisition of the fixed income business of KAF Fund Management through Amundi Malaysia, its wholly owned subsidiary in Kuala Lumpur. The Kuala Lumpur based-KAF Fund Management, a subsidiary of the KAF Group, with more than USD1.2 billion in assets under management is an institutional fixed income specialist as well as a retail fund manager. «The purchase of the expertise and investment capabilities in fixed income will significantly strengthen Amundi’s range of product offerings and its positioning as a leading foreign asset manager in Malaysia,» according to a press release. Following the acquisition, Amundi Malaysia will be managing more than USD4.3 billion of assets and become the top foreign asset management firm in the country. “The acquisition of KAF Fund Management’s fixed income business is further evidence of Amundi’s commitment to Malaysia and Southeast Asia. It will enhance the range and the quality of our fixed income offerings to our clients globally,” said Pascal Blanqué, deputy chief executive officer and chief investment officer of Amundi.Following the acquisition, Roslina Abdul Rahman, managing director of Amundi Malaysia, will take on the role of managing director of the enlarged company. Roslina Abdul Rahman reports to Jenny Sofian, chief executive officer of Amundi in Southeast Asia and Australia. Thariq Ahmad, former chief executive officer of KAF Fund Management, will become senior advisor and head of fixed income strategies of Amundi Malaysia.

P { margin-bottom: 0.08in; } The Brazilian asset management firm Victoire Brasil Investimentos has received approval from the regulator to launch an asset management activity in Hong Kong, Asian Investor reports. The new entity, Victoire Asia Investments, is directed by Aquico Wen. Wen has recruited two people to provide development at the affiliate. Young Chow has been appointed as a senior analyst, while Josephine Lam takes over as head of operations. Both previously worked with Wen at Legg Mason. Another investment specialist is expected to join the firm soon, but Victoire Asia Investments refused to disclose its identity, the Asian website adds. Victoire Asia Investments is 50% controlled by the team members based in Hong Kong and 50% by Victoire Brasil Investimentos. Victoire Asia Investments targets professional investors with a strategy that aims to invest in undervalued small and mid-sized businesses (SMB) with an exposure to growth in South-East Asia. Unsurprisingly, Victoire Asia Investments will target fast-growing economies in the region, such as China, India, the Asean region and “frontier” markets. So far, the firm invests primarily in China, India, Indonesia, Philippines and Thailand.

P { margin-bottom: 0.08in; } Banco Caminos is continuing its shopping spree. One week afer acquiring Bancofar (see Newsmanagers of 26 March), the Spanish bank has signed an agreement to acquire 75.53% of capital in the asset management firm Arcogest, which has EUR40m in assets under management or advised, Funds People reports. As a result of the operation, Banco Caminos gives a new dimension to his asset management and capital markets business, which now has USD800m in assets advised or managed.

P { margin-bottom: 0.08in; } The Financial Conduct Authority in the United Kingdom is planning to examine pay scales and bonus clawbacks for all regulated companies, including the 2,100 fund management firms supervised by the authority, Financial Times fund management reports. As a result, employees of asset management firms who have behaved reprehensibly are at risk of having to pay back their bonuses years after they earned them. Speialists in the sector think that asset management firms will be subject to the same rules as banks, for which the Bank of England has proposed restitution of bonuses up to six years later in cases of misconduct, shortfalls in risk management or heavy financial losses.

P { margin-bottom: 0.08in; } The Swedish asset management firm Odin has merged the Odin Europa SMB fund (SEK2.7bn) into the Odin Europa fund (SEK1.7bn), Fondbranschen reports. The two funds are managed by Alexandra Morris.

P { margin-bottom: 0.08in; } The current head of treasury at Julius Baer, Jean-François Alarie, has decided to leave the firm, according to an internal memo which finews has obtained. This is an unexpected departure, which will take effect from July 2014. Alarie had served in the position since February 2011. His successor has not yet been appointed.

P { margin-bottom: 0.08in; } Stéphane Vidal has been promoted to CEO of the Primonial group from 31 March 2014, it was reported the same day. Since 2012, Vidal had served as deputy CEO of the French asset management firm, in charge of development. Before joining the group, Vidal took over as CEO of Iselection, an affiliate of the Nexity group, in 2008.

P { margin-bottom: 0.08in; } Carlo Roncalli has left Janus Capital International, where he had been director of sales in the Italian sales team since April 2012, Bluerating has learned. The former employee of JPMorgan Asset Management has decided to take a sabbatical leave.

P { margin-bottom: 0.08in; } Dai-ichi Life is opening new horizons. The Japanese insurer has obtained permission from the local regulator to open an asset management division in Vietnam, entitled Dai-ichi Life Vietnam Fund Management, Asia Asset Management reports. The new structure will aim to provide asset management to the local insurer of the Japanese group, Dai-Ichi Life Insurance Company of Vietnam. The newly-founded asset management firm has USD1.6m in seed capital (JPY120m), and a team of 10 people placed under the responsibility of Takashi Fiju, chairman of Dai-Ichi Life Insurance of Vietnam, who oversees the new entity.

P { margin-bottom: 0.08in; } Alquity is entering the British retail market. The asset management firm, specialised in ethical investment, has launched three new funds in the United Kingdom via different platforms, FTAdviser reports. For three years, the firm has managed a fund dedicated to African equities, largely supported by Asian and South American investors. Alquity will now invest in the United Kingdom with these new products, launched on 2 April and manage by Mike Sell, formerly of F&C Investments, and Roberto Lampl, former head of emerging market equities at Barings. Sell will be responsible for the Indian Subcontinent and Alquity Asia funds, while Lampl will manage the Alquity Latin America fund. The three funds are products which comply with UCITS regulations and are domiciled in Luxembourg, the British website days. They will be available on several distribution platforms, including Skandia, Cofunds, Transact and Axa Elevate.

P { margin-bottom: 0.08in; } BlackRock, Henderson Global Investors, Aberdeen Asset Management and Axa Wealth have teamed up with an investment consulting firm, Redington, to help to provide financial education to students at British schools, Financial Times fund management reports. In the United Kingdom, financial education will be introduced as part of the national programme from September, for children from 11 years of age and up. Paul Cribb, director of BlackRock, explains that as part of the agreement, the asset management firm provides offices, food and arranges for employees to be available to help teach subjects such as savings, borrowing, retirement, debt, and the functioning of stocks and bonds.

P { margin-bottom: 0.08in; } The British financial solutions firm River & Mercantile at the end of March announced the appointment of Paul Bradshaw as chairman. From his 40-year career, Bradshaw is largely known as the founder, managing director and chairman of Skandia Life. During his professional career, he has also served as CEO of Abbey Insurance (now Santander) and non-executive director for Sanlam in the United Kingdom and South Africa. The appointment comes at a time when the merger between River & Mercantile and P-Solve had recently been finalised.

P { margin-bottom: 0.08in; } HSBC Global Asset Management has recruited five people for its equity product team, Fund Web reports. Nacho Font joins from DIAM International to represent the smart beta range from the asset management firm to internal and external clients. Stephen Tong will be made responsible for global equities. He joins from Vontobel AM. Lastly, Emmanuelle Harboun and Yasmina Slimani have joined the British equity team, and Apiramy Jeyarajah has occupied the newly-created position of senior head of product development to develop the passive product range.

P { margin-bottom: 0.08in; } The British firm Hargreaves Lansdown has decided to set up an equity research team, according to Investment Week. The new team may offer clients of Hargreaves analyst ratings for equities, as well as the perspective of the firm. For the first time in its history, Hargreaves will publish buy/sell recommendations for British equities. The new team, which will be based in Bristol, will be managed by a new head of equity research, who is in the process of being recruited. The new unit comes as an addition to the “execution-only” brokerage activity at Hargreaves, which has progressed strongly in the past few months, due to a growing number of clients and IPOs for top firms such as Royal Mail and Direct Line. Assets under management or administration at Hargreaves Lansdown totalled GBP43.4bn as of the end of 2013, including GBP40.9bn for the Vintage platform.

P { margin-bottom: 0.08in; } At the end of June, Schroders will be soft-closing its US equity long/short fund, after a strong acceleration in inflows, Citywire Global reports. The Schroder GAIA Sirios US Equity fund is managed by John Brennan, from the Boston-based boutique Sirios.