Neuflize OBC enrichit sa gamme de produits. La banque a annoncé, le 28 février, le lancement d’un nouveau fonds immobilier, baptisé Arcange Active Pierre. Il a été conçu dans le cadre d’un partenariat avec Arcange Reim, société de gestion dédiée à l’immobilier agréée sous le régime AIFM. Commercialisé depuis mi-janvier, le fonds Arcange Active Pierre a déjà enregistré 11 millions d’euros de souscriptions au 14 février, date du closing intial. «La période de commercialisation va se poursuivre pendant 1 an», indique Yann Charraire, directeur marketing, produits et services de la banque Neuflize OBC.Concrètement, ce véhicule va se concentrer sur l’acquisition des immeubles de bureaux, de commerce, résidentiels ou mixtes situés majoritairement à Paris et la première couronne et, dans une moindre mesure (de l’ordre de 10 % à 20 %) dans les autres grandes villes françaises sur des secteurs dits «prime». La stratégie de sortie sera, quant à elle, planifiée entre 1 et 5 ans et au plus tard dans les 5 ans (ou 7 ans dans des conditions exceptionnelles de marché) à compter de la clôture de souscription. Le fonds cible des actifs pouvant représenter jusqu’à 30 millions d’euros et, dans une optique de diversification, il investira dans au moins six immeubles. Pour réaliser de telles acquisitions, le fonds pourra recourir à de la dette, le financement par emprunt étant toutefois limité à hauteur de 60 % de la valeur des actifs. Arcange Active Pierre est constitué pour lever 50 millions d’euros auprès des investisseurs, lui conférant ainsi une capacité d’investissement de 125 millions d’euros compte tenu du taux d’endettement de 60%. Sa période d’investissement, prévue pour une durée de 5 ans, peut être prorogée deux fois une année selon les conditions de marché, avec un objectif de liquidité totale à l’issue de cette période pour les investisseurs. Le fonds vise, à sa liquidation, un taux de rendement interne de 9 % par an net de frais de gestion (avant fiscalité et prélèvements sociaux). Il ne distribuera aucun revenu avant sa liquidation.

Le gestionnaire d’actifs Standard Life Investments a annoncé, le 28 février, la nomination de Gerry Rocchi au sein de son conseil d’administration en qualité de directeur non-exécutif à compter du 1er mars 2014. Gerry Rocchi est actuellement directeur général de Green Power Action Inc., une société financière dédiée à l’environnement basée à Toronto qui gère des fonds de crédit carbone au Canada. Il est également directeur de Standard Life Assurance Compagny of Canada. Auparavant, il a notamment officié, de 1997 à 2004, en tant que directeur général de Barclays Global Investors Canada. Depuis son départ de Barclays, il a siégé comme directeur au sein de la Investment Industry Regulatory Association of Canada.

Manulife Asset Management Singapore, la filiale singapourienne de Manulife AM, vient de lancer un fonds obligataire asiatique dont l’allocation d’actifs est orientée vers des obligations «investment grade» de la région Asie-Pacifique, dévoile International Adviser. Baptisé Manulife Asia Pacific Investment Grade Bond Fund, ce nouveau véhicule chercher à maximiser son rendement en investissant en priorité dans un portefeuille diversifié de titres de dettes «investment grade» émis par les gouvernements, les agences publiques ou supra-nationales et les entreprise de cette vaste zone géographique.

Tout juste nommé responsable des ventes internationales de SEB Asset Management, Laurent Misonne explique dans un entretien à Newsmanagers la stratégie de développement de la société de gestion nordique, filiale de la banque éponyme, hors de son marché domestique. La France figure en bonne place dans ces projets, avec de nouveaux accords en vue.

P { margin-bottom: 0.08in; } Norway will debate whether its sovereign fund (USD840bn) should stop to invest in businesses in the oil, gas and coal sectors, the Financial Times reports. The two centre-right parties in power and two of their allies have agreed to set up a group of experts which will study investments by the Norwegian fund in fossil fuels. The debate began when the opposition labour party last autumn proposed that the oil fund might sell off its investments in coal. Three out of the 10 largest positions in the fund are Royal Dutch Shell, BG Group and BP (as of 30 September), the FT notes.

P { margin-bottom: 0.08in; } The Norwegian public pension fund, managed by Norges Bank Investment Management (NBIM), last year earned the second-best returns in its history, the Bank of Norway announced on 28 February. The fund, funded by the country’s oil reserves and invested outside Norway, has earned financial returns of 15.9%, driven by investment in equities (+26.3%), which represent 61.7% of its portfolio today. Investments in bonds (37.3% of the portfolio) have earned flat returns, but investments in real estate in Europe, and since last year in the United States, have earned 11.8%. The real estate portfolio only represents 1% of the portfolio, but the objective is to increase this to 5%. Its value at the end of 2013 came to NOK5.038trn, or about EUR610bn, up by NOK1.2trn compared with the previous year.

P { margin-bottom: 0.08in; } The largest pension fund in Taiwan, the Labour Pension Fund (LPF), has launched a request for proposals for six absolute return mandates for a total of about GBP140m, Asia Asset Management reports. The mandates offered (Taiwan equities, corproate debt, sovereign debt) will run for a total of four years. The request for proposals is open until 13 March.

Hedge funds investing in Latin America and Eastern Europe experienced sharp losses to begin 2014 even as the funds saw strong capital inflows from investors to start the year, according to the latest HFR Emerging Markets Hedge Fund Industry Report, released today by HFR. While the HFRI Emerging Markets (Total) Index gained +7.1 percent in the final four months of 2013, the Index declined by -2.5 percent in January on weakness in Eastern Europe and Latin America. The HFRI EM: Latin America Index posted a decline of -1.7 percent in 4Q, and then fell -6.0 percent in January, the worst monthly decline since September 2011, albeit outperforming sharp declines in Latin American equity markets, as the Argentine peso plunged over 20 percent. Similarly, the HFRI EM: Russia/Eastern Europe Index gained +2.3 percent in 4Q but fell -5.4 percent in January.Hedge fund performance across other Emerging Markets was mixed through both 4Q and early 2014, with the HFRI EM: Asia ex-Japan Index gaining +6.7 percent in 4Q and +10.6 percent in 2013, despite posting a decline of -1.3 percent in January. Hedge funds investing primarily in the Middle East posted gains in 4Q13, FY13 and January2014, with the HFRX MENA Index gaining +5.2, +20.7 and +0.5 percent in each period, respectively.Despite these losses, total hedge fund capital invested in Emerging Markets increased by over $9 billion in 4Q 2013 to over $170 billion with inflows for the quarter of $2.1 billion. For the full year 2013, total hedge fund capital invested in EM increased by nearly $20 billion, on inflows of over $6.4 billion.

P { margin-bottom: 0.08in; } Manulife Asset Management Singapore, the Singapore affiliate of Manulife AM, has launched a new Asian bond fund, whose asset allocation is oriented to investment grade bonds from the Asia-Pacific region, International Adviser reveals. The new vehicle, Manulife Asia Pacific Investment Grade Bond Fund, aims to maximise its returns by investing as a priority in a diversified portfolio of investment grade securities issued by governments, public or supra-national entities and corporate in this vast geographical region.

P { margin-bottom: 0.08in; } Global investment in commercial real estate is expected to increase by more han 55% in 2020 compared with 2012, with a gain of 27% in Europe, according to a PwC study, “Real Estate 2020.” This strong increase is largely due to demographic and economic growth in emerging countries. According to Geoffrey Schmitt, a partner at PwC responsible for real estate activity, “although these trends may appear clear, there is still a tendency to underestimate the scale of the changes expected by 2020. By 2050, the urban population will increase y 75%, with 6.3 billion inhabitants, compared with 3.6 billion in 2010.”

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) has appointed Helene Veltman as senior strategist in charge of solutions in its investment solutions unit, covering Europe, the Middle East and Africa, IPE.com reveals. She will be based in London, and will be responsible for Netherlands-based clients and prospects clients. Before joining SSgA, Veltman served at Axa Investment Managers as director of fiduciary management and liability-driven investment. She previously worked in risk management for equity derivatives and solutions for insurer clients and pension funds from Société Générale. She also worked at HSBC and Commerzbank.

After two consecutive weeks of declines, redemptions from emerging markets equity funds accelerated during the fourth week of February against a backdrop that included the political crisis in the Ukraine and China’s renminbi joined the ranks of depreciating emerging market currencies, according to EPFR.Investors pumped USD15.9 billion into developed markets equity and bond funds while pulling USD4.8 billion out of emerging markets equity and bond funds. Year-to-date they have committed just shy of USD90 billion to the former while pulling USD41 billion from the latter.Overall, equity funds absorbed a net USD8.2 billion in the seven days ending February 26 while bond funds pulled in USD2.9 billion. Money market funds posted inflows of USD14.7 billion despite redemptions from Europe money market funds hitting a nine week high.Japan Equity Funds saw commitments drop off sharply during the fourth week of February, from over USD1 billion the week ending Feb. 19 to USD5 million, as yen-denominated flows turned negative for the first time since mid-December. On the horizon is a 3% increase in the national sales tax, taking it from 5% to 8%, that is due to go into effect April 1.

P { margin-bottom: 0.08in; } The emerging market specialist Renaissance AM is preparing to launch an equity fund dedicated to the Nigerian market, Citywire reports. The strategy, which is awaiting the approval of the regulatory authorities, may be launched in spring. The fund would be one of the only ones in UCITS format to concentrate on the Nigerian market.

P { margin-bottom: 0.08in; } Arthur Caye, a partner at the private bank Lombard Odier, will be leaving the firm on 1st May, Le Temps has announced in its 28 February issue. He will be returning to his former employer Capital Group. The newspaper cites an internal memo which explains that “this decision was dictated by a desire to refocus fully on its original passion: investment, more precisely research and portfolio management.” Caye had been a partner at Lombard Odier for two years. “This is a life choise, due to my professional career spent largely at Capital”, says Caye, cited by the newspaper. He adds that he will remain “personally close” to Lombard odier and “fully confident in its future.” After his departure, there will be eight partners at Lombard Odier, as Hugo Bänziger will join on 1 April.

P { margin-bottom: 0.08in; } The Financial Conduct Authority is investigating the US parent company of the British Invesco Perpetual group about compliance with regulations between May 2008 and November 2012, Investment Week reports. The information was revealed by Invesco in its 2013 annual report.

P { margin-bottom: 0.08in; } JPMorgan is planning to launch its first ETFs in Europe since the last quarter of this year, Ignites Europe reports. The asset management firm, better known for its actively-managed equity funds, is planning to release a range of actively-managed ETFs. They will also be released in the United States.

P { margin-bottom: 0.08in; } Tony Fenner-Leitão, CEO of Winton Capital, the fourth-largest hedge fund in Europe in terms of assets under management (USD25bn), has resigned from his position, the website of the Wall Street Journal reported on 28 February. He will be replaced by David Harding, executive chairman and founder of the firm. Fenner-Leitão, former executive director of Goldman Sachs, joined Winton Capital in 2008, where he became deputy to Anthony Daniell in 2012 before succeeding him as CEO in January 2013. According to a statement from Winton Capital, Fenner-Leitão is reported to have decided to return to the United States for family reasons. The departure does not appear to cast plans for development at the asset management firm into doubt. Harding has announced plans in a statement to launch five new funds and to open new offices in New York, Tokyo and Sydney.

P { margin-bottom: 0.08in; } ING Investment Management has recruited Massimo Corneo and Matteo La Tassa for its Italian sales team led by Simona Merzagora, Bluerating reports. Corneo, previously at BlackRock, has been appointed as director of distribution. La Tassa, who joins from Dexia AM, will be senior relationship manager & institutional business development.

P { margin-bottom: 0.08in; } Luca De Biasi, fund of fund manager and head of multi-management at the Swiss bank BSI, an affiliate of the insurer Generali, will be leaving the firm to join the Italian affiliate of the consulting firm Mercer from 3 March, Citywire Global reports. At Mercer Italia, he will serve as head of investment consulting.

Janus Capital Group on February 28 announced the launch of the Janus Multi-Sector Income Fund that seeks to identify income-generating opportunities across fixed income sectors. The fund will be managed by Janus Capital Management LLC.Janus Multi-Sector Income Fund employs an active management approach that balances a focus on high current income with risk considerations at the security and portfolio level. The fund will typically hold between 35% and 65% below investment grade bonds and has wide flexibility to invest across all sectors of the global fixed income market.Janus Multi-Sector Income Fund will be managed by Seth Meyer, portfolio manager; John Kerschner, global head of securitized products and portfolio manager; and John Lloyd, global head of credit research and portfolio manager.

P { margin-bottom: 0.08in; } Artino Janssen, executive vice president, co-head of Investment Solutions & Research and CIO Global Allocation, is leaving Robeco, according to fondsnieuws. Janssen, who had been responsible for the management of about EUR20bn, will be replaced by Lukas Daalder, who since November 2011 had been manager of a senior portfolio on the Global Allocation team.

P { margin-bottom: 0.08in; } The South African Old Mutual group has reported growth in its assets under management of 19% in 2013, to about GBP294bn, according to provisional estimaes released on 28 February. Net inflows totalled GBP15.5bn groupwide, of which more than GBP10bn were in the United States, where 2012 ended with outflows of GBP200m. Inflows to emerging markets totalled GBP1.6bn (including GBP1bn for South Africa) compared with GBP1.2bn the previous year. The British platform drew GBP2.4bn, compared with GBP2.2bn the previous year. Adjusted operating profits totalled GBP1.6bn, up 15% at constant rates, and stabled expressed in pounds. In this context, the group states that it has progressed in achieving its strategic objectives. In addition to simplifying structures, Old Mutual is continuing with its plans to become the top financial services provider in Africa, with acquisition in the east and west of the continent from regional centres in Lagos and Nairobi. The group is also planning to float a minority stake in its US activitie (USAM, US Asset Management) on the stock exchange, depending on market conditions.

P { margin-bottom: 0.08in; } Assets under management at the sustainable development specialist Triodos Investment Management last year rose 15% to a total of EUR2.5bn, according to a statement released on 28 February. Assets in the Triodos Fair Share and Triodos Microfinance funds posted gains of 32% to EUR202.3m and 33% to EUR164.4m, respectively. After absorption of the investment portfolio from BNP Paribas Groen Fonds, assets under management at Triodos Green Fund last year rose 31%, to EUR656m.

P { margin-bottom: 0.08in; } The Japanese government pension fund (GPIF) on 28 February announced the launch of an investment programme for infrastructure, as part of a co-investment agreement with the Development Bank of Japan (DBJ) and the Ontario Municipal Employees Retirement System (OMERS). Allocation to infrastructure will be housed in a unit trust, managed by Nissay Asset Management with Mercer Investments acting as investment adviser. Investment in infrastructure will be graduated over five years up to USD2.7bn, or 0.2% of assets under management by the Japanese pension fund. A statement from GPIF reveals that the Canadian pension fund earned annual returns of 11% on its infrastructure investments between 2009 and 2013. The Japanese pension fund states that it earned returns of 4.73% in third quarter to the end of December of its fiscal year to the end of March. Returns totalled 0.18% of Japanese bonds, 9.19% for Japanese equities, 8.16% for international bonds, and 16.23% for international equities. Assets under management as of the end of December 2013 totalled JPY128.579bn (over EUR924bn), up 4% compared with the previous quarter.

Laurent Misonne, freshly appointed as head of international sales at SEB Asset Management, explains the development strategy of the Scandinavian asset management firm, an affiliate of the eponymous bank, outside its domestic market. Germany, France and Italy are the high-priority markets.

La société de gestion américaine Janus Capital Group a annoncé le 28 février le lancement du Janus Multi-Sector Income Fund qui cherche à identifier les opportunités génératrices de revenus dans les différents secteurs obligataires. Le fonds sera géré par Janus Capital Management.Le fonds mettra en œuvre une approche de gestion active qui tentera de trouver l'équilibre entre risque et rendement. Le fonds sera investi dans une fourchette de 35% à 65% dans des obligations notées en catégorie d’investissement avec une grande flexibilité pour investir dans tous les secteurs de l’obligataire dans le monde.La stratégie sera pilotée par Seth Meyer, gérant de portefeuille, John Kerschner, responsable mondial des produits titrisés et gérant de portefeuille, et John Lloyd, responsable mondial de la recherche crédit et gérant de portefeuille.A fin décembre 2013, les actifs sous gestion de Janus Capital Group s'élevaient à environ 173,9 milliards de dollars, dont un peu plus de 30 milliards de dollars au sein du pôle Janus Fixed Income.

Warren Buffett, PDG de Berkshire Hathaway, n’a pas réussi à battre le S&P 500 sur les cinq dernières années, rapporte L’Agefi. Une première. La valeur de l’actif net comptable par action, l’indicateur préféré de Warren Buffett, a progressé de 18,2% sur l’ensemble de l’exercice, contre un gain brut de 32% pour le S&P 500 (dividendes inclus). «(...) La valeur de l’actif net comptable et la valeur intrinsèque surperformeront le S&P 500 dans les années où le marché est baissier ou modérément haussier», prévient Warren Buffett dans sa traditionnelle lettre aux actionnaires. Sur la période fin 2008-fin 2013, ce même indicateur a grimpé de 91%, contre 128% pour l’indice boursier de référence.

Winton Capital, la quatrième société de hedge funds en Europe, prévoit de recruter une centaine d’employés cette année, dans le cadre d’un projet de développement qui inclut le lancement de cinq fonds et l’ouverture de bureaux à New York, Tokyo et Sydney, rapporte le Wall Street Journal, qui a interrogé le fondateur de la société, David Harding. Les bureaux à l’étranger seront ouverts d’ici à la fin de cette année et seront composés de commerciaux et d’analystes. Parmi les fonds qui seront lancés, deux cibleront les investisseurs européens et deux les américains. Ils proposeront les stratégies actions long-only de Winton.

Tony Fenner-Leitão, directeur général de Winton Capital, le quatrième plus grand hedge fund en Europe en termes d’actifs sous gestion (25 milliards de dollars), a démissionné de ses fonctions, révèle le site internet du Wall Street Journal le 28 février. Il est remplacé par David Harding, président exécutif et fondateur de la société. Ancien directeur exécutif de Goldman Sachs, Tony Fenner-Leitão avait rejoint Winton Capital en 2008, devenant l’adjoint d’Anthony Daniell en 2012 avant de lui succéder au poste de directeur général en janvier 2013. D’après un communiqué de Winton Capital, Tony Fenner-Leitão aurait décidé de retourner aux Etats-Unis pour des raisons familiales. Ce départ ne semble pas remettre en cause les projets de développement de la société de gestion. David Harding a en effet annoncé, dans un communiqué, son intention de lancer cinq nouveaux fonds et d’ouvrir de nouveaux bureaux à New York, Tokyo et Sydney.

Schroders va consacrer des ressources à des équipes qui créeront des algorithmes afin de remplacer les informations autrefois obtenues auprès d’analystes sell-side, suivant ainsi l’exemple de BlackRock et d’autres dans le secteur des hedge funds, rapporte Financial News. Schroders va recruter des équipes mais aussi recourir à des sociétés spécialisées. Ces équipes auront pour mission d’interpréter la masse d’informations désormais disponible en ligne provenant des médias sociaux, des sites d’informations locaux et professionnels, des communiqués d’entreprises, des retranscriptions de conférences téléphoniques et des dossiers déposés auprès des autorités.