L’autorité des marchés financiers (AMF) a agréé Cathay Capital en qualité de société de gestion «AIFM». «L’obtention de cet agrément marque une étape supplémentaire dans l’histoire de Cathay Capital, après son agrément par l’AMF en 2006 en tant que première société d’investissement franco-chinoise indépendante, et sa désignation en 2012 pour gérer le fonds franco-chinois pour les PME», souligne un communiqué publié le 12 mars. La demande d’agrément est une démarche volontaire de Cathay Capital, qui dispose aujourd’hui de 420 millions d’euros sous gestion, pour accompagner sa montée en puissance et traduire la maturité de son organisation, précise le communiqué.

Western Asset Management Company, l’une des filiales de Legg Mason, a promu Chia-Liang Lian au poste de co-responsible de l’équipe dette émergente, sous la direction de S. Kenneth Leech, co-directeur des investissements de la structure.Chia-Liang Lian travaillera aux côtés de Keith Gardner, qui a l’intention de prendre sa retraite en avril 2016 après avoir passé près de 22 ans au sein de la société américaine. Cet arrangement « permet de créer un plan de succession de deux ans pour l’équipe dette émergente », commente Western Asset dans un communiqué.La nomination de Chia-Liang Lian, spécialisé sur les marchés obligataires asiatiques, prendra effet en avril 2014.L’intéressé partagera son temps entre Pasadena, le siège de Western AM, et son bureau de Singapour jusqu’en 2015, date à laquelle il s’installera à Pasadena. Western Asset a aussi promu Desmond Soon, l’un des membres de l’équipe d’investissement de Singapour, au poste de co-responsable des investissements en Asie.Chia-Liang Lian est arrivé chez Western Asset en 2011, après avoir passé six ans chez Pimco en tant que responsable des portefeuilles Asie émergente. Desmond Soon, de son côté, a rejoint Western Asset en 2012, en provenance de ST Asset Management.

Anima vise une introduction en Bourse sur les six premiers mois de cette année, a déclaré l’administrateur délégué de la société, Marco Carreri. La date dépend de la Bourse de Milan et de la Consob, le régulateur, rapporte Bluerating.

P { margin-bottom: 0.08in; } Multi-asset class strategies have the full favour of British pension funds. According to a survey of 64 public or private pension fund managers by Baring Asset Management, 83% of respondents are now exposed to mutli-asset class investment strategy. This figure represents a very strong increase compared with the previous surveys: only 70% said so six months ago, and 65% had such an exposure one year ago. Meanwhile, the study finds an increasing preoccupation on the part of pension funds for the themes of volatility and risk. Among managers who recently modified the asset allocations for their funds, 60% did so to reduce volatility, while 40% of them modified their asset allocation in order to better make their assets correspond to their liabilities. However, 33% of managers made these changes to get better returns from their funds.

P { margin-bottom: 0.08in; } JP Morgan Asset Management (AM) is extending its presence in Australia, where it has been present since 2010, with the launch of a wholesale activity aimed at local investors, including new funds, such as the JPMorgan Global Strategic Bond Fund and JPMorgan Emerging Markets Opportunities Fund, TheAsset.com reveals. The US asset management firm estimates that the wholesale market represents about USD448m. The JPMorgan Global Strategic Bond Fund is an unconstrained strategy which concentrates on the best investment ideas from a variety of diverse opportunities on global currency and bond markets. For its part, JPMorgan Emerging Markets Opportunities aims to outperform the MSCI Emerging Markets index, adopting a concentrated portfolio strategy based on strong conviction and the creation of value.

P { margin-bottom: 0.08in; } The German index provider Solactive on 12 March announced the launch of the Solactive Green Bond Index, the first index on the market to offer exposure to green equities, on the basis of data provided by Climate Bonds Initiative, a nonprofit body which works to mobilize the bond market over climate change issues. A green bond is a bond issued in the form of debt on the market which aims to finance projects which generate environmental or social benefits, and which can therefore involve areas as diverse as renewable energy, energy efficiency, social housing, education, etc. The concept was developed in 2007 by the World Bank and the European Investment Bank.

P { margin-bottom: 0.08in; } In the film “The Truman Show,” the eponymous hero lives in a world which appears charming, but slowly he notices that something is fishy. He is in fact trapped inside a film controlled by hidden directors, and discovers with horror that he is the star of a reality TV spectacle. The question that several large hedge funds are beginning to ask themselves is whether investors will also wake up and realize that they are living in a Truman Show market, where the highly accommodating monetary policy of central bankers has created a false reality that will come to an end, the Financial Times observes. Seth Klarman, manager of the hedge fund Baupost Group, says investors have developed a false sense of security which creates even greater risk of sudden correction.

P { margin-bottom: 0.08in; } To what extend is your manager active, and what chance does he really have of beating the market, asks the Financial Times? These questions are related. A measurement of the deviation of managers from their benchmark indices can help to predict which funds will outperform. The measurement is called “active share” - the part of the portfolio of a fund which differs from its benchmark index. A well-managed tracker fund will have an active share of 0, and an esoteric fund which will contain no shares from the index will have an active share of 100. The concept was popularised by university professors Martijn Cremers and Antti Petajisto, who have made two important discoveries. Firstly, closet indexing, in which funds limit underperformance risk by staying close to the index, has become widespread in the United States. Secondly, the larger the active share of a fund is, the more chance it has of beating its index. Funds which charge active management fees but which barely stray from the index have difficulty justifying these fees. Due to the implications this may have, the fund management industry in the United States and Europe is seeking to discredit the concept.

Western Asset Management Company, a wholly-owned subsidiary of Legg Mason, has promoted Chia-Liang Lian to co-head of the emerging markets debt team, reporting to S. Kenneth Leech, co-chief Investment officer of Western Asset. He will serve as co-head alongside Keith Gardner, who intends to retire in April of 2016, after nearly 22 years with Western Asset. “The appointment will create a two-year succession plan for the emerging markets debt investment effort”, according to Western Asset. The appointment is effective in April of 2014. Western Asset also promoted Desmond Soon, one of the Singapore investment team members, to co-head of investment management, Asia, also effective April 2014. Chia-Liang Lian joined Western Asset in 2011. Prior to joining Western Asset, he spent approximately six years with Pacific Investment Management Company (PIMCO), where he served as head of emerging Asia portfolio management. Desmond Soon joined Western Asset in 2012 from ST Asset Management, where he was a portfolio manager.

P { margin-bottom: 0.08in; } The French Autorité des marchés financiers (AMF) has licensed Cathay Capital as an AIFM asset management firm. “The issuance of this license marks a further step in the hisotry of Cathay Cpaital, after its licensing by the AMF in 2006 as the first independent French-Chinese investment company, and in 2012, its appointment to manage the French-Chinese fund for SMBs,” a statement released on 12 March states. The license application is a voluntary move on the part of Cathay Capital, which now has EUR420m in assets under mangemnt, to assist in its growth and express the maturity of its organization, the statement says.

P { margin-bottom: 0.08in; } Vanguard is planning to launch ETF versions of its actively-managed funds, Ignites reports. The US asset management firm submitted an application to the Securities and Exchange Commission last week which would allow it to launch actively-managed ETFs as a share class of existing funds.

P { margin-bottom: 0.08in; } Bankinter Gestión de Activos has informed the Spanish regulator, CNMV, of the merger by absorption of its equity fund Bankinter Emergentes into Bankinter Indice Japon for operational reasons and so as to be able to maintain an adequate management level, Funds People reports. The fund did not have critical size to be maintained in the portfolio, as its assets were barely over EUR300,000, according to data from Inverco, the Spanish asset management association.

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has launched a Sicav version of its European Equity Income fund, managed by Will James, with assets under management that total about EUR2.16bn, Citywire reports. The SLI Glo SICAV Continental European Equity Income fund was formally launched on 11 March. It uses the same startegy is the UK domiciled fund managed by James since april 2009. It invests in European equities to the exclusion of British equities. The British version of the fund invests as a priority on the Swiss market (17%), France (16%) and Sweden (11.9%). The fund earned returns of 36.4% in the three years to the end of January 2014, compared with growth of 23.86% for the benchmark index (FTSE World Europe ex UK TR EUR) in the same period.

P { margin-bottom: 0.08in; } RobecoSAM is creating a new position for Sustainability Investing Client Specialists, Finews reports. The asset management firm, which is dedicated exclusively to investment focused on sustainability, has appointed Lucas van Berkestijn and Cécile Churet to the role. They will handle the liasion between the research and product development teams and institutional investors. The two new recruits will offer investors investment solutions which are appropriate after analysis of their needs.

P { margin-bottom: 0.08in; } Asian real esate has positive momentum. Despite less favourable economic outlooks in the region, investors at the beginning of this year are choosing investment in Asian private real estate, Preqin finds in a recent study. European investors are the most enthusiastic for Asian real estate, with 41% wishing to invest in early 2014, compared with 18% last year. 17% of North American investors were taking aim at private real estate in Asia at the end of February 2014, compared with 9% in July 2013. In Asia, 71% of investors are preferring local private real estate compared with 57% previously. This appetite for the asset class has sustained fundraising forAsian private real estate specialist funds. Funds which had a final closing in 2013 raised a total of USD10.5bn, compared with USD7.9bn in 2012 and USD5.4bn in 2011, according to Preqin.

P { margin-bottom: 0.08in; } Anima is planning an IPO in the first six moths of this year, the deputy director of the firm, Marco Carreri, has announced. The date depends on the Milan Stock Exchange and Consob, the regulator, Bluerating reports.

Pioneer Investments’ assets under management are planned to increase from EUR174 billion as of December 2013 to EUR263 billion at year-end 2018, according to the new five-year strategic plan from its parent company UniCredit.In 2013, the Italian asset management firm recorded net inflows of EUR9.6bn, after redemptions of EUR5.8bn in 2012. In the fourth quarter alone, inflows totalled EUR2bn, of which EUR1.7bn were from external clients.EUR86.8bn of current assets are managed for Italian clients, EUR35.3bn for US clients and EUR16.8bn for German clients. Captive assets represent 53% of assets and external clients represent the remaining 47%, a level which has remained stable for the past three years.

P { margin-bottom: 0.08in; } Christian Delaire has been appointed as CEO of Generali Real Estate, Bluerating reports. He will serve in the role from April 2014. Since 2009, Delaire had been general manager at AEW Europe.

P { margin-bottom: 0.08in; } As part of a recent research project undertaken in collaboration with the Ecole Polytechnique Fédérale de Lausanne (EPFL), Unigestion, which has about EUR10.9bn in assets under management, has developed a new method for evaluationg private equity risks. The innovative approach has two essential specificities: on the one hand, it is based on real cash flows from private equity funds and not, as often, on their intermediary valuations; on the other, it defines risk as the difference between the real level and the expected level of cash flows, both in terms of horizons and amounts. In other words, it evaluates risk the risk that private equity fund distribution presents to investors as lower or later than expected. Unigestion has thus set up a risk measurement known as Expected Cumulative Downside Absolute Deviation (ECDAD), which is based on fund cash flows.

The European funds industry enjoyed net inflows of EUR23.7 bn to long-term mutual funds in January 2014, according to Lipper.The net inflows into long-term mutual funds were mainly driven by flows into equity funds (+EUR12.9bn) and mixed-asset funds (+EUR7bn). In addition, bond funds saw net inflows of EUR5bn. On the other side of the table, commodity funds (-EUR0.6bn) showed moderate net outflows.Single fund market flows for long-term funds showed a mixed picture for January, with Norway (+EUR3.8 bn), France (+EUR2.9 bn), and Spain (+EUR2.0 bn) leading the table. Meanwhile, the United Kingdom (-EUR0.8 bn), the Netherlands (-EUR0.7 bn), and Denmark (-EUR0.6 bn) stood on the other side.Money market – with estimated net inflows of EUR24.0 bn – was the best selling asset class overall for January.Den Norske Bank (DNB), with net sales of EUR5.7 bn, was the best-selling group of long-term funds for January, ahead of BlackRock (+EUR3.0 bn) and Deutsche Asset & Wealth Management (+EUR1.9 bn).

P { margin-bottom: 0.08in; }Deutsche Asset & Wealth Management(DeAWM) on 12 March announced the launch of four new share classes,hedged against interest rates, for its bond ETFs. The range includesa hedged version of its ETF which offers exposure to euro zoneinvestment grade government bonds which offer high returns, includingItaly, Spain, Belgium, Ireland and Slovakia.The new share classes, listed onDeutsche Börse, are the following:db X-trackers II iBoxx SovereignsEurozone Yield Plus UCITS ETF – 2C Interest Rate Hedged -db X-trackers II iBoxx EUR Liquid Corporate UCITS ETF – 2CInterest Rate Hedged- db X-trackers II iBoxx EUR LiquidCorporate Non-Financials UCITS ETF – 2C Interest Rate Hedged-db X-trackers II iBoxx EUR Liquid Corporate Financials UCITS ETF –2C Interest Rate Hedged.In a statement, DeAWM states that thedb X-trackers II iBoxx Sovereigns Eurozone Yield Plus UCITS ETFproduct now has a total of EUR1.35bn in its non-hedged version.

P { margin-bottom: 0.08in; } Neuberger Berman has launched a UCITS format long/short fund dedicated to US equities, which will participate in the renaissance of the US manufacturing sector and opportunities related to the exit from the Federal Reserve’s accommodating monetary policy. The new vehicle brings the number of funds on the platform domiciled in Dublin, with USD18bn, to 20. The NB US Long Short Equity Fund will be managed by Charles Kantor, who already has over USD2bn in assets under management in long/short strategies.

P { margin-bottom: 0.08in; } UBS Global Asset Management is strenghtening its links with Banca Generali with the launch of two bond funds in the Sicav BG Sicav, distributed by the Italian institution, Bluerating reports. The funds, managed by UBS, are the BG Sicav - UBS Dynamic Credit High Yield and BG Sicav - UBS Global Income Alpha. UBS GAM has also recently been selected by Banca Generali as one of five asset management firms to be included in the new insurance policy BG Stile Libero.

P { margin-bottom: 0.08in; } Templeton Emerging Markets Group, an affiliate of Franklin Templeton, has announced the final closure to investors of its fourth private equity fund, the Templeton Strategic Emerging Marketing Fund IV, after receiving more than USD220m in engagements, Investment Europe reports. The vehicle, founded in 2012, is managed by a team at Templeton Asset Management, led by Mark Mobius, executive chairman of Templeton Emerging Markets Group. The Templeton Strategic Emerging Marketing Fund IV has already made three investments totalling USD59m, the website notes.

P { margin-bottom: 0.08in; } Kempen Capital Management is extending its range of funds in France. The Netherlands-based asset managemnt firm on 11 March announced that it has achieved a license from the Autorité des marchés financiers (AMF) for two new bond funds which will now be available for sale in France. The funds, entitled Kempen (Lux) Euro Sustainable Credit Fund (classe J aimed at institutional investors) and Kempen (Lux) Euro Credit Fund Plus (classes I and ID aimed at institutional investors), offer “an opportunity for French investors to access niche products in the bond segment,” Kempen Capital Management explains in a statement.

En 2013, M&G, la filiale de gestion d’actifs de l’assureur britannique Prudential, a enregistré des souscriptions nettes de 9,5 milliards de livres, en repli par rapport aux 16,9 milliards de livres en 2012. La société a néanmoins vu son bénéfice d’exploitation augmenter de 23 % à 395 millions de livres, un nouveau record.Le recul de la collecte est attribuable à l’activité institutionnelle, dont les souscriptions ont chuté de 9 milliards de livres en 2012 à 2,1 milliards de livres en 2013. M&G explique néanmoins que le niveau record de 2012 incluait un mandat à faible marge de 7,6 milliards de livres. Le pôle institutionnel a vu malgré tout ses encours légèrement augmenter de 3 % à 58,8 milliards de livres.Côté retail, M&G souligne que les souscriptions nettes de ses fonds en Europe continentale ont atteint un niveau record de 7,6 milliards de livres, soit une amélioration de 46 % par rapport à l’année précédente. Les encours sous gestion des fonds retail européens représentent désormais 23,7 milliards de livres, soit 35 % des encours des fonds retail, contre 26 % fin 2012. Au Royaume-Uni, en revanche, l’activité de M&G a ralenti et la société a accusé des rachats nets de 0,7 milliard de livres. Les encours sous gestion de l’activité retail se sont élevés à 67,2 milliards de livres au 31 décembre, soit 22 % de plus qu’un an auparavant.Au total, les encours sous gestion de M&G, en incluant l’activité captive, sont ressortis à 244 milliards de livres à fin décembre, soit 7 % de plus qu’en 2012. Les encours des clients externes ont augmenté de 13 % à 126 milliards de livres, soit trois fois le niveau de 2008, souligne M&G, et ils représentent 52 % du total.Par ailleurs, Eastspring Investments, la société de gestion asiatique du groupe Prudential, a enregistré en 2013 des souscriptions nettes de 1,6 milliard de livres auprès de la clientèle externe. Ses encours sous gestion (incluant les fonds monétaires) ont augmenté de 3 % par rapport à l’année précédente.

Millenium Management, le hedge fund fondé par Izzy Englander qui gère 21,8 milliards de dollars, vient de recruter James Ter Haar au sein de son équipe crédit à Londres, révèle eFinancial News citant une source proche du dossier. L’intéressé était précédemment gérant de portefeuille crédit au sein de Lucidus Capital Partners, un hedge fund qu’il a quitté le mois dernier après cinq années de collaboration. James Ter Haar devrait recruter trois ou quatre personnes et il gérera un portefeuille crédit de 350 à 450 millions de dollars.

Standard Life Investments (SLI) vient de lancer une version au format sicav de son fonds European Equity Income, géré par Will James et dont les actifs sous gestion s'élèvent à quelque 2,16 milliards d’euros, rapporte Citywire.Le SLI Glo SICAV Continental European Equity Income fund a été formellement lancé le 11 mars. Il met en œuvre la même stratégie que le fonds domicilié au Royaume-Uni et géré par Will James depuis avril 2009. Il investit dans actions européennes à l’exclusion des actions britanniques.La version britannique du fonds est investie en priorité sur le marché suisse (17%), la France (16%) et la Suède (11,9%). Le fonds a dégagé une performance de 36,4% sur les trois ans à fin janvier 2014 contre une progression de 23,86% de l’indice de référence (le FTSE World Europe ex UK TR EUR) sur la même période.

Début d’année sur les chapeaux de roue pour Brooks Macdonald. A l’issue de son premier semestre fiscal clos le 31 décembre, le gérant d’actifs et de fortune britannique a annoncé avoir dégagé un bénéfice avant impôt de 4,93 millions de livres, en hausse de 16 % par rapport au premier semestre 2012. Sur la même période, ses revenus ont augmenté modestement de 1%, à 6,16 millions de livres. Au 31 décembre 2013, ses actifs sous gestion ont fait un bond de 23 % pour s’établir à 5,68 milliards de livres, contre 4,62 milliards de livres au premier semestre 2012. Sur les seuls six derniers mois, ses encours ont progressé de 570 millions de livres grâce en partie à 315 millions de livres d’affaires nouvelles. La compagnie britannique a également indiqué que le nombre de sociétés avec lesquelles elle travaille a dépassé le seuil des 620, soit un doublement au cours des deux dernières années.Fort de ses bonnes performances, Brooks Macdonald a annoncé une hausse de 8 % à 7 pence de son dividende intermédiaire.

Lyxor va lancer au moins 20 nouveaux ETF cette année et n’exclut pas de réduire davantage ses tarifs, rapporte Ignites Europe, qui a interviewé Arnaud Llinas, le responsable des ETF et de la gestion indicielle. Malgré le départ de plusieurs dirigeants, il estime que sa société peut dépasser db x-trackers et devenir le deuxième fournisseur d’ETF en Europe. En janvier, Lyxor a enregistré des souscriptions nettes de 860 millions d’euros en Europe. S’agissant des nouveaux lancements, Lyxor compte se focaliser sur les pays émergents individuels et l’obligataire. D’ici à la fin de l’année, Arnaud Llinas table sur 200 produits.