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08/04/2014

Allianz GI to offer a small cap fund to British clients

P { margin-bottom: 0.08in; } Allianz Global Investors plans to launch a US small caps fund for UK investors in June, Investment Week reports. The fund, which replicates a strategy available to US investors, will be managed by a team based in San Diego, led by John McCraw. It will be available in a Sicav envelope based in Luxembourg. The fund may be the first in a series which may be offered to UK investors. A UK large cap fund is also rumoured to be in the work, which would rival existing strategies.
08/04/2014

InverCaixa launches a new performance objective fund

P { margin-bottom: 0.08in; } InverCaixa Gestión is adding to its product range on the Spanish market. The asset management firm, an affiliate of the banking group CaixaBank, will this week launch a new non-guaranteed performance objective fund, Funds People reveals. The vehicle, entitled FonCaixa Rentas Abril 2020, will be composed of six sub-funds, and will invest primarily in Spanish public debt, with an investment horizon set for April 2020. On this date, the objective of the fund is to maintain 100% of the initial investment, in addition to which there will be an annual performance objective of 1.5% to 1.85% for each of the six sub-funds. The minimal initial investment varies from EUR600 to EUR150,000 according to the sub-fund.
08/04/2014

Inalytics sets out to train fund managers like athletes

P { margin-bottom: 0.08in; } Shane Sutton, who trained Tour de France winner Sir Bradley Wiggins and Olympic gold medalist Chris Hoy, has teamed up with the investment consultant Inalytics to offer motivational training to client asset management firms, Financial Times fund management reports. The two partners founded the Trading Peaks academy, which seeks to provide fund managers with “the same mentality as athletes, in order to make them able to confront pressure and deliver endurance.” GLG, a division of Man Group, is the first asset management firm to subscribe to the academy.
08/04/2014

Ashcourt Rowan completes acquisition of UK Wealth Management

Ashcourt Rowan has completed its acquisition of UK Wealth Management Limited (UKWM) having obtained Financial Conduct Authority (FCA) approval, according to a press release published on April 7. This increases its assets to over GBP5 billion, of which GBP2.2 billion is discretionary and managed.
08/04/2014

Modest growth in assets at Liontrust in fourth quarter

P { margin-bottom: 0.08in; } It was a smooth end to the year for Liontrust Asset Management. The British asset management firm has posted a very slight increase in its assets under management of 1.2% at the end of its fourth quarter, ending on 31 March, from GBP3.57bn at the end of 2013 to GBP3.61bn as of the end of March 2014. In the past three months, Liontrust has posted a modest GBP16bn in net inflows. This performance has been penalised by outflows of GBP196m from a single client of the Liontrust Global Strategic Bond Fund vehicle. However, the asset management firm can claim to have brought in GBP160bn in net subscriptions from British retail clients and GBP60m in net inflows form institutionals. In the past fiscal year, from 1 April 2013 to 1 March 2014, assets under management have risen by GBP574m (or 18.9%) and net inflows totalled GBP381m, of which GBP293m were from retail clients and GBP109m from institutionals.
08/04/2014

Inflows of USD11bn to ETF/ETPs in March

P { margin-bottom: 0.08in; } The global ETF and ETP sector is still doing well. Inflows to these products totalled USD11bn in March, according to preliminary data released on 7 April by ETFGI. This perfomance, combined with positive market effects, will drive total assets in the industry to a new record total of USD2.45trn as of the end of first quarter 2014. In the month of March, equity ETF/ETPs posted their strongest net inflows, with USD9.9bn, followed by commodity funds (USD876m in net inflows). At the same time, bond ETF/ETPs posted a net outflow of USD1.4bn. For first quarter, net subscriptions totalled USD33bn, significantly below than the USD73.1bn posted at the same time last year. In the first three months of this year, bond ETF/ETPs brought in USD17.8bn in net inflows, followed by equity funds (USD8.4bn in inflows). However, commodities had outflows of USD207m. In the past quarter, the winner for best inflows was Vanguard, with USD14.7bn in net subscriptions, followed by iShares (USD8.6bn) and Nomura AM (USD4.9bn).
08/04/2014

UBP veteran founds a commodity fund

P { margin-bottom: 0.08in; } Eric Schreiber, former head of commodities at the Swiss wealth management firm Union Bancaire Privee (UBP), will be launching a fund specialised in commodities. The EMS Commodity Volatility Fund will be registered in Liechtenstein, and will aim for assets of USD1.5bn, according to Das Investment. Fundraising is currently in progress. The portfolio will be invested in commodity derivatives of all types (energies, precious metals, soft commodities).
08/04/2014

Capital Group recruits in Italy

P { margin-bottom: 0.08in; } Capital Group is putting down roots in Italy. The asset management firm has recruited Cristina Mazzurana and Paola Pallota for the newly-created positions of managers in charge of business development for the Milan office, Funds Europe reports. The two join Vlasta Gregis, who joined Capital Group in May 2012, and who has led the Milan office since its opening last year. Mazzurana joins from Carmignac Gestion, where she served as director of development for the activity, while Pallota most recently worked at HSBC Global Asset Management as sales manager.
08/04/2014

SSgA recruits a former BNY Mellon employee in Italy

P { margin-bottom: 0.08in; } State Street Global Advisors has recruited Desirée Scarabelli in Italy as senior sales manager, Bluerating reports. She joins from BNY Mellon Investment Management, where she had served in the same position. Scarabelli will be based in Milan, and will report to Danilo Vercadanna, head of SSgA in Italy. SSgA has recruited two other people for its Intermediary Business Group team: Steve Muzzlewhite in the United Kingdom, and Elaine Coussement in Benelux.
08/04/2014

EdRAM recruits two new salespeople

P { margin-bottom: 0.08in; } Marie Repiquet and David Zerbib have joined the European sales team at Edmond de Rothschild Asset Management (EdRAM), as sales managers in charge of partners. They will report to Michel Dinet, head of partnerships for France, according to a statement released on 7 April. The two recruitments are a sign “of the desire of Edmond de Rothschild Asset Management to participate in its development and the growth of assets from partner clients,” the statement says. After starting her career at Edmond de Rothschild Luxembourg as a fund analyst, Repiquet moved up in the company to the position of private banker. She now joins Edmond de Rothschild Asset Management, where she will be responsible for assisting independent advisers and platforms in Paris and the North and East regions and entrepreneurial asset management firms, as part of the Distribution Partners team. Zerbib began his career in London in sales of derivative products at UBS and HSBC, and then joined a well-known wealth management firm in Paris. He will be responsible for assisting independent advisers and platforms in Paris, and will also serve Western France and entrepreneurial asset management firms.
08/04/2014

Schroders looks to extend multi-asset class activities in the United States

P { margin-bottom: 0.08in; } Schroders is in talks to increase staff for its multi-asset class team in the United States, as the asset management firm seeks to double the share of its revenues originating from North America, Financial News reports. Multi-asset strategies from Schroders represent over USD9.3bn in assets.
08/04/2014

BNP Paribas IP appoints a new head of external distribution

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners (BNP Paribas IP) on Monday, 7 April announced the appointment of François Hullo has head of external distribution from 31 March 2014. He replaces Andrea Favaloro, who is leaving the group. Hullo was previously head of Fixed Income management at BNPP AM, a statement says, adding that at BNP Paribas, he served in development of alternative and structured management, head of sales for France, and then institutional sales for Southern Europe. He was then head of Alfred Berg, the asset management affiliate for the countries of Northern Europe.
08/04/2014

BlackRock UK increases staff by 14%

P { margin-bottom: 0.08in; } BlackRock Investment Management (UK) has added about 14% to its staff in 2013, and now has 2,331 employees, Ignites Europe reports, citing the firm’s annual report. The entity has arms in Germany, France, Italy, the Netherlands, Poland, Denmark, Sweden, Austria, Belgium, and Korea. In France, there are 19 personnel and income last year totalled GBP19m (out of a total of GBP873.5m).
08/04/2014

Aristotle Capital Management launches an international equity fund

P { margin-bottom: 0.08in; } The US asset management firm Aristotle Capital Management has announced the launch of an international equity fund, the Aristotle International Equity, which will invest at least 80% of its net assets in publicly-traded firms, or deposit certificates from companies whose headquarters are outside the United States, or a substantial proportion of whose activities are carried out outside the United States. The strategy is aimed at institutional clients, and will be managed by Geoffrey S Stewart and Sean M Thorpe, whose investment decisions will be taken collectively. The fund will use a bottom-up approach to seek out quality companies from the point of view of market undervaluation. The managers will then use a series of filters such as share price/earnings ratios, free cash flow ratios, and liquid assets to determine the fair value of a business.
08/04/2014

Gazprombank AM launches two new UCITS funds

P { margin-bottom: 0.08in; } Gazprombank Asset Management is adding to its product range. After launching its first UCITS fund in January (see Newsmanagers of 21 January 2014), the Russian asset management firm is stepping up its presence on the market with the launch of two new UCITS vehicles focused on Russia, Citywire Global reports. The two funds, domiciled in Luxembuorg, cover both equities and bonds in the region, and were launched with seed capital of USD45bn each. The first fund, GBP Russia Equities, is concentrated on sectors of activity outside commodities in Russia and the Community of Independent States (CIS), using the MSCI Russia 10/40 Net TR USD index as a benchmark. The second, the GBP Russia Fixed Income Fund, invests primarily in government and corporate bonds denominated in US dollars, rubles, and other currencies. Its benchmark is the Euro-CBonds IG 3Y.
08/04/2014

Waterton raises over USD1bn for a precious metals fund

P { margin-bottom: 0.08in; } The private equity firm Waterton Global Resource Management has raised USD1.06bn for its latest fund dedicated to precious metals, the news agency Reuters reports. The Waterton Precious Metals Fund II will concentrate on projects at advanced stages in politically stable jurisdictions, primarily in North America. The acquisitions planned will be priced between USD25m and USD200m.
08/04/2014

ING IM notes strong interest in senior bank loans on the part of institutionals

P { margin-bottom: 0.08in; } Senior bank loans are increasingly of interest to institutionals, according to a recent study by ING Investment Management of 84 pension funds, surveyed in March 2014. 42% say that institutional investors have increased their exposure to credit awarded to non-investment grade businesses. “These are private issues negotiated directly between banks and institutional investors on a private secondary market and not the stock market,” the manager says. According to ING IM, demand for this asset class is expected to increase. 40% expect institutional investors to increase their exposure in the next 12 months, while 8% feel that the exposure will fall “slightly.” When asked about the main advantages of investments in senior bank loans, 29% of pension funds cite diversification of bond portfolios, while 19% cite risk-adjusted returns. 14% mention the low risk of payment defaults. ING IM states that assets under management by senior bank loan strategies were up 46% in the past 12 months, from USD13bn to USD19bn. “The potential for this asset class in the asset management sector is enormous, since comprehension of this product by some institutional investors is still very slight. That is what one pension fund out of four said when asked what they felt was the largest challenge for senior bank loans as an asset class,” says Dan Norman, managing director and gorup head of the senior bank loans team at ING IM.
08/04/2014

TOM offers best execution in ETFs

Netherlands’ TOM has launched best execution in exchange traded funds (ETFs). The product scope now consists of equities, options and ETFs. «Offering best execution in these products is a unique approach in Europe. Clients can benefit from using a single TOM connection to trade a wide range of products while receiving best execution in all those financial instruments according to MiFID requirements,» according to a press release.
08/04/2014

Sovereign fund gives itself time to consider investing in new asset classes

P { margin-bottom: 0.08in; } The Norwegian sovereign fund, whose assets under management total about USD860bn, is not yet ready to commit to new asset classes, and is taking a year to study opportunities to invest in infrastructure or non-publicly traded assets, finance minister Siv Jansen told a group of journalists on 7 April, the news agency Reuters reports. The fund will first have to evaluate its allocation to real estate, which is still very modest, but which is rising steadily. “We are in a period of apprenticeship with our allocation to real estate, and we are currently discussing an extension into non-publicly traded,” says Jensen. But the sovereign fund clearly has no intention of extending its investment spectrum this year, as some specialists had supposed. 2014 will be primarily a time to think. “If we extend our active portfolio, it will be logical to discuss infrastructure as well as other categories... We will discuss the topic again next year,” says Jansen.
08/04/2014

Pension funds invest in hedge funds in large numbers

P { margin-bottom: 0.08in; } Pension funds are the largest and most generous investors in the hedge fund sector, according to a study performed by the Prime Brokerage division of J.P. Morgan, the website ValueWalk reports. As of the end of September 2013, total assets invested by defined contribution programmes in hedge funds had risen more quickly than any other category, the study finds. The 200 largest pension funds in the United States last year had a total of USD150bn in direct investment in hedge funds and funds of hedge funds, an increase of slightly over 10% compared with the previous year.
08/04/2014

AMP Capital launches a UCITS platform in Luxembourg

Australia’s AMP Capital has launched a Luxembourg-domiciled UCITS platform, which will offer UCITS versions of its Global Listed Infrastructure Fund and Global Real Estate Securities Fund to UK and European institutional investors, according to a press release published on April 7. The platform has been launched with USD156 million in assets under management, which will be split equally between the two strategies. Both funds will be available to investors in the UK, the Netherlands and Luxembourg initially, «with plans to expand into other jurisdictions in Europe and Asia,» according to the press release. «The establishment of a UCITS platform is a key step in our continued commitment to further develop AMP Capital’s offering in Europe,» said Anthony Fasso, CEO international and head of global clients at AMP Capital. The AMP Capital Global Listed Infrastructure Fund and the AMP Capital Global Listed Real Estate Securities Fund both provide investors with access to a global portfolio of securities that are diversified across regions and sectors. The infrastructure fund has USD897 million in funds under management and the real estate fund has USD5.9 billion in funds under management (as at 31 March 2014).
08/04/2014

AMP Capital lance une plateforme Ucits au Luxembourg

AMP Capital se renforce sur le marché européen. Le groupe financier australien vient d’annoncer, le 7 avril, le lancement d’une plateforme Ucits domiciliée au Luxembourg qui offrira aux investisseurs institutionnels britanniques et européens un accès à la version Ucits de ses fonds infrastructure et immobilier. Dans le détail, cette nouvelle plateforme est ouverte à deux stratégies d’investissement: le fonds Global Listed Infrastructure et le fonds Global Real Estate Securities.Cette plateforme a été lancée avec 156 millions de dollars d’actifs sous gestion, divisés à parts égales entre les deux stratégies concernées. Les deux fonds seront accessibles initialement aux investisseurs du Royaume-Uni, des Pays-Bas et du Luxembourg, «avec l’objectif de se déployer dans d’autres juridictions en Europe et en Asie», précise AMP Capital dans un communiqué. «Le lancement de cette plateforme Ucits constitue une étape clé dans notre engagement continu de développer davantage l’offre d’AMP Capital en Europe», a commenté Anthony Fasso, directeur général en charge de l’international et responsable des clients mondiaux chez AMP Capital.Les fonds Global Listed Infrastructure et Global Real Estate Securities offrent tous les deux aux investisseurs l’accès à un portefeuille mondial de valeurs diversifiées en termes de zones géographiques et de secteurs d’activités. Le fonds infrastructure affiche 897 millions de dollars d’actifs sous gestion à fin mars 2014 tandis que le véhicule immobilier affiche 5,9 milliards de dollars d’encours.
08/04/2014

SsgA recrute une ex-BNY Mellon en Italie

State Street Global Advisors vient de recruter Desirée Scarabelli en Italie, en tant que senior sales manager, rapporte Bluerating. Elle vient de BNY Mellon Investment Management, où elle occupait le même poste. Basée à Milan, Desirée Scarabelli travaillera sous la direction de Danilo Verdacanna, responsable de SSgA en Italie. SSgA a recruté deux autres personnes dans son équipe Intermediary Business Group : Steve Muzzlewhite au Royaume-Uni et Elaine Coussement au Benelux.
08/04/2014

Crédit Mutuel Arkéa accompagne le développement d’Armor

Crédit Mutuel Arkéa investit 30 millions d’euros, via sa filiale Arkéa Capital Partenaire, dans Armor, spécialiste de la chimie des encres et des technologies d’impression. Armor, implanté à Nantes depuis sa création en 1920, a réalisé en 2013 un chiffre d‘affaires de 217 millions d’euros et un résultat net de 11 millions d’euros. Cet investissement permet à Arkéa Capital Partenaire d’entrer au capital d’Armor en tant que « financier leader », précise la banque dans un communiqué.
08/04/2014

BNP Paribas IP nomme un nouveau responsable de la distribution externe

BNP Paribas Investment Partners (BNP Paribas IP) a annoncé, lundi 7 avril, la nomination de François Hullo au poste de responsable de la distribution externe à compter du 31 mars 2014. Il remplace Andrea Favaloro qui quitte le groupe. François Hullo était auparavant responsable des gestions fixed income de BNPP AM, indique un communiqué, qui précise qu’au sein de BNP Paribas, il a exercé notamment les fonctions de développement des gestions alternatives et structurées, de responsable des ventes France puis des ventes institutionnelles Europe du Sud. Il a été par la suite responsable d’Alfred Berg, filiale de gestion d’actifs dans les pays d’Europe du nord.
08/04/2014

Schroders veut agrandir son activité multi-classes d’actifs aux Etats-Unis

Schroders est en négociations pour accroître les effectifs de son équipe multi-classes d’actifs aux Etats-Unis, la société de gestion souhaitant doubler la part de ses revenus outre-Atlantique, rapporte Financial News. Les stratégies multi-asset de Schroders représentent plus de 9,3 milliards de dollars d’encours.
08/04/2014

Blackstone rachète l'équipementier Gates

Le groupe de capital investissement Blackstone a conclu un accord définitif pour l’acquisition de Pinafore Holdings, la société mère de l'équipementier automobile Gates Corporation, selon un communiqué de Blackstone.La transaction est valorisée à environ 5,4 milliards de dollars. Les vendeurs sont des sociétés affiliées à Onex Corporation et Canada Pension Plan Investment Board.
08/04/2014

Ashcourt Rowan boucle l'acquisition de UK Wealth Management

Le groupe britannique Ashcourt Rowan a bouclé l’acquisition de l’entité de gestion de fortune UK Wealth Management Limited (UKWM) auprès de Duke Street General Partners, selon un communiqué publié le 7 avril. Le coût de l’opération s'élèverait à environ 14 millions de livres.L’acquisition permet au groupe de porter ses actifs à plus de 5 milliards de livres, dont 2,2 milliards de livres d’actifs discrétionnaires sous gestion.
08/04/2014

Modeste croissance des encours de Liontrust au dernier trimestre

Fin d’année en douceur pour Liontrust Asset Management. La société de gestion britannique a enregistré une très légère hausse de 1,2 % de ses actifs sous gestion à l’issue de son dernier trimestre fiscal clos au 31 mars, passant ainsi de 3,57 milliards de livres fin 2013 à 3,61 milliards de livres fin mars 2014.Au cours des trois mois écoulés, Liontrust a engrangé modestement 16 millions de livres de collecte nette. Une performance pénalisée par une décollecte de 196 millions de livres de la part d’un client du véhicule Liontrust Global Strategic Bond Fund. A contrario, la société de gestion peut s’enorgueillir d’avoir capté 160 millions de livres de souscriptions nettes auprès de la clientèle britannique «retail» et 60 millions de livres de collecte nette auprès des institutionnels.Sur l’année fiscale écoulée – à savoir du 1er avril 2013 au 31 mars 2014 –, ses actifs sous gestion ont progressé de 574 millions de livres (ou 18,9%) et sa collecte nette s’est établie à 381 millions de livres dont 293 millions auprès des clients particuliers et 109 millions auprès des institutionnels.
08/04/2014
Fonds

Allianz GI va proposer un fonds "small-cap" à la clientèle britannique

Allianz Global Investors (Allianz GI) envisage de lancer un fonds de petites capitalisations américaines pour les investisseurs britanniques dans le courant du mois de juin, rapporte Investment Week.Le fonds, qui réplique une stratégie disponible pour les investisseurs américains, sera piloté par une équipe basée à San Diego et dirigée par John McCraw. Il sera proposé dans une enveloppe sicav et domicilié au Luxembourg. Ce fonds pourrait être le premier d’une série qui pourrait être proposée aux investisseurs britanniques. Serait notamment envisagé un fonds de grandes capitalisations britanniques qui viendrait rivaliser avec les stratégies existantes.
Fonds

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