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18/02/2014
Gestion d'actifs

Agrica Epargne préfère sur-pondérer les actions au détriment des actifs les plus illiquides

Du côté d’Agrica, qui gère 75 % de son portefeuille sous forme d’obligations, la diversification porte sur les obligations d’entreprises. « Rester sur les bonnes signatures souveraines ne nous permettait plus de couvrir nos besoins de rémunération des taux techniques (promesses de rendement pour les contrats d’assurance, NDLR) », explique Jean-Claude Guimiot. Le groupe a commencé en 2007 à investir « de façon opportuniste » dans des obligations d’ entreprises. Cette tendance s’est accélérée ces dernières années lors de la chute du rendement des emprunts d’Etat. Le mouvement a été rapide : « Les corporate représentent aujourd’hui la moitié de notre portefeuille de taux », précise Jean-Claude Guimiot. Chez Agrica, la prudence porte sur les prix des actifs les plus illiquides, comme les prêts aux entreprises ou le financement des infrastructures. « La période actuelle me fait furieusement penser à 2007 quand les investisseurs sont allés chercher du rendement sur des produits de plus en plus « exotiques ». On sait comment cela s’est fini. Aujourd’hui nous sommes encore dans un environnement d'énorme endettement et de politique ultra-accommodante. Tant pis si nous ne participons pas au dernier mouvement de hausse. Le monde obligataire tourne sur lui-même, et je préfère sur-pondérer les actions », explique Jean-Claude Guimiot.
Gestion d'actifs
17/02/2014

A Plus Finance confie à Oddo sa conservation de fonds

Depuis le 1er janvier 2014, les organisme de placement collectif de A Plus Finance, société de gestion indépendante, sont déposés auprès de Oddo & Cie et valorisés par European Fund Administration (EFA), selon un communiqué envoyé lundi. L’activité concerne 42 fonds totalisant près de 500 millions d’euros d’actifs.
17/02/2014

L'OMT a perdu de son importance selon Ewald Nowotny

Le programme d’OMT (opérations monétaires sur titres) de la Banque centrale européenne (BCE) n’est plus d’une importance primordiale parce que les craintes d’un éclatement de la zone euro se sont apaisées, a déclaré lundi Ewald Nowotny, membre du Conseil des gouverneurs de la BCE. Le gouverneur de la banque centrale d’Autriche a également dit qu’un taux des dépôts négatif était une possibilité pour la BCE mais qu’aucune décision n’avait été prise sur ce point.
17/02/2014

La Bundesbank écarte une contagion en provenance des émergents

Les remous subis par les marchés émergents en début d’année ne pourront remettre en cause une reprise de l'économie mondiale susceptible de se renforcer cette année, écrit la Bundesbank. «Même si ceci devrait ralentir la croissance économique des pays concernés, leur faible poids mondial implique qu’il ne faut pas s’attendre à ce que la reprise de l'économie mondiale en soit notablement affectée», écrit la banque centrale allemande dans son rapport de février publié lundi. La Buba observe que la Chine devrait poursuivre sa croissance sans trop de perturbations mais aussi que les banques centrales de certains pays émergents ont relevé leurs taux en réaction aux sorties de capitaux et à la baisse de leurs monnaies.
17/02/2014

L'Elysée promet de la visbilité pour les entreprises étrangères

François Hollande s’est engagé lundi à garantir la visibilité fiscale et à simplifier les démarches des investisseurs étrangers, auprès desquels l’image de la France pâtit de certaines de ses promesses de campagne présidentielle. Parmi les mesures annoncées, les start-ups étrangères disposeront d’un interlocuteur unique pour l’ensemble de leurs démarches et bénéficieront d’une aide financière de 25.000 euros. Les filiales d’entreprises étrangères qui s’installent en France pourront accéder aux financements de la banque publique d’investissement. L’Elysée va aussi créer des «passeports talents» qui offriront une durée de séjour en France de quatre ans pour les jeunes diplômés qualifiés, les chercheurs, les investisseurs, les mandataires sociaux et les travailleurs hautement qualifiés.
17/02/2014

"Nous voulons doubler la part des institutionnels dans nos encours"

Legg Mason fêtera en 2014 son dixième anniversaire de présence sur le marché français. Dans un entretien avec Newsmanagers, Vincent Passa, directeur de la distribution en France, Monaco et Benelux depuis 2007, se félicite de ses résultats commerciaux obtenus en 2013. L'objectif d'un encours de 1 milliard de dollars pour le marché français est à porté de main. En 2014, Legg Mason Paris espère notamment bénéficier de l'intérêt grandissant des institutionnels pour la diversification géographique. Clientèle qui devrait, à terme, représenter un tiers des encours.
17/02/2014

European and Japanese equity funds continue to attract investors

P { margin-bottom: 0.08in; } Investors continued to prefer Europe and Japan equity funds in the second week of February, to the detriment of emerging market equity funds, which, however, had posted much more moderate redemptions than during the previous weeks. Overall, equity funds posted collective net inflows of USD11.5 billion for the week ending February 12 while bond funds took in USD4.72 billion and money market funds USD16.7 billion, according to EPFR. Year-to-date inflows for Japan and Europe equity funds pushed past the USD9 billion and USD17 billion marks respectively during the second week of February as both fund groups maintained their record setting start to 2014. Flows into Europe equity funds again favored funds with broad, regional mandates. But country fund groups dedicated to the so-called PIIGS (Portugal, Italy, Ireland, Greece and Spain) markets continue to lead the way in percent of AUM terms, especially Italy and Spain equity funds. Commodities sector funds, which were pounded in both flows and performance terms last year, extended their current thaw with net inflows of USD492 million for the week ending February 12. That represented their largest inflow and their first back-to-back weekly inflow since late September.
17/02/2014

Mutual funds post USD28.6bn in inflows in January

P { margin-bottom: 0.08in; } With the confidence of investors on the rebound, mutual funds in the month of January posted a net inflow in the United States of USD28.6bn, a level not seen for one year, according to statistics released by Morningstar. Long-term inflows (excluding money market funds) totalled USd39.2bn. Equity funds posted a net inflow of USd28.6bn. Money market funds had outflow of a net USD12.2bn. In line with the monthly flows observed last year, international equity funds attracted USD17.4bn. US equities, for their part, attracted USD8.83bn. Morningstar reveals that actively-managed US equity funds had a dissapointing month in January, and that half of them show losses. Fidelity Growth Company, American Funds Growth Fund of America, et Dodge & Cox Stock all saw heavy outflows. However, JP Morgan, John Hancock, MFS, and Putnam continued to attract inflows to their actively-managed equity straegies. Traditional bond funds posted net inflows of USd3.49bn, but year on year, outflows total nearly USD7bn. Municipal bond funds posted USD227bn in inflows, but over 12 months, outfows total slightly over USD65bn. For alternative mangement, long/short equity and market neutral funds posted inflows of USD2.9bn and USD1bn, respectively. After a monthly inflow of USD1.1bn between January 2009 and May 2013, emerging market bond funds have since been showing outflows at a pace of USD1.4bn per month. Assets in this category peaked at USD86.7bn in April 2013, and have since fallen to USD66.3bn as of the end of January.
17/02/2014

Schroders closes an absolute return currency fund

P { margin-bottom: 0.08in; } Schroders will be closing its Currency Absolute Return fund following a decline in the appetite of investors for the fund, Citywire has learned. The UCITS hedge fund was launched in January 2011 and managed by Clive Dennis and Hardeep Dogra. The strategy represents only slightly over EUR8m in assets.
17/02/2014

Martin Currie merges two funds dedicated to Japan

P { margin-bottom: 0.08in; } Martin Currie is proposing to merge the Martin Currie Japan fund, managed by John Millar, with the Japan Alpha fund, managed by John-Paul Temperley and Claire Marwick, Investment Week reports. The Martin Currie Japan fund, whose assets under management total GBP46m, has a strategy smilar to that of the Japan Alpha fund, whose assets total GBP63m. Over the year, the two funds show similar returns, but over a long period, the differences are more marked. The Japan fund shows returns of 26.5%, compared with an average of 37.3% for the sector, and a return of 55.6% for the Alpha Japan fund.
17/02/2014

Schroders restrucures Cazenove range

P { margin-bottom: 0.08in; } Schroders has changed the domicile of five funds registered in the Cayman Islands to its Luxemburg range, and merged three of the products as part of the integration of Cazenove Capital Management, Money Marketing reports. The funds concerned by the transfer are: Cazenove UK Dynamic Absolute Return, Cazenove European Alpha Absolute Return, Cazenove European Equity Absolute Return, Cazenove UK Equity Absolute Return and Cazenove Leveraged UK Equity Absolute Return. Cazenove European Equity Absolute Return, Cazenove UK Equity Absolute Return and Cazenove Leveraged UK Equity Absolute Return have been merged, and become Schroder ISF European Equity Absolute Return.
17/02/2014

Assets under management at Lombard Odier top CHF200bn

P { margin-bottom: 0.08in; } In their last year as indefinitely liable bankers, the partners at Lombard Odier welcomed the news of a good fiscal year. “Our total assets rose 10% to a total of CHF207bn as of 31 December 2013, compared with USD189bn one year previously,” Thierry Lombard has told the newspaper Le Temps. Concerning the profitability of the Geneva-based bank, Lombard says that it is “in line with the previous fiscal year.” More details will become available on 30 June 2014, when the bank will for the first time be required to publish its financial results. The only detail released at this stage is that the increase in assets under management is largely due to institutional and international private cliens. Institutional clients now represent one quarter of assets under management, or about CHF45bn.
17/02/2014

Bordier plans to grow in Africa

P { margin-bottom: 0.08in; } Khalil Marcos, head of the Africa desk at the Geneva-based private bank Bordier & Cie, is planning to add to its African base, the news agency Bloomberg reports. Assets under management for African clients now total CHF300m. The head, a former commodity trader at Glencore who then worked for Credit Suisse before joining Bordier, would like to double this amount in the next two years, adding to its teams and concentrating on the sub-Saharan African market, and small businesses in the region.
17/02/2014

Asset managers rejoice at return of volatility

P { margin-bottom: 0.08in; } 2014 is expected to be the year of stock-pickers, the Financial Times writes. Volatility is expected to increase, providing asset managers with better opportunities to beat the benchmark indices. According to Morningstar, actively-managed funds have outperformed passive funds in Europe and the United States in 2007, 2009 and 2010, while volatility was relatively high, which tends to support this theory. The exception was 2008. But it is important to remember that volatility is not everything.
17/02/2014

New CEO for CB AM

P { margin-bottom: 0.08in; } Alexander Jansson has been appointed as CEO of the Swedish asset management firm CB Asset Management. Jansson has been a fund manager at the firm since 2009. CB AM states that the appointment does not involve a change in the investment team of the company. Carl Bernadotte, managing partner, remains fund manager, with Jansson and Mercus Grimfors. On the management side, Jan Malmgren remains president. CB AM, founded in 1994, manages three funds: CN Hedge, European Quality Fund and Save Earth Fund, representing about EUR74m in assets.
17/02/2014

DeAWM recruits for its Edinburgh office

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) is adding to its staff in Scotland. The asset management firm, an affiliate of the Deutsche Bank group, has recruited John James and Mike Gore as senior investment managers at its Edinburgh office, Citywire reveals. The two new recruits join Charles Mullin, head of this location. Before joining DeAWM, Gore was senior investment manager and managing partner at Adam & Company Investment Management, while John James served at Blackadders. The two recruitments follow a series of departures last year from the Edinburgh office at DeAWM, including Grant Milne, former head of the office.
17/02/2014

Aviva Investors loses chief investment officer

P { margin-bottom: 0.08in; } Changes are afoot at Aviva Investors. According to NewsManagers, Jean-François Boulier, chairman of the board at Aviva Investors France and CEO of Aviva Investors Europe, has been appointed in december as chief investment officer in charge of global fixed income. His role will be tasked with the development of the global fixed income team and he is already working with two people based in London. At this stage, the name of the chief investment officer in charge of equities has not been unveiled. This appointment follows the departure of Shahid Ikram, chief investment officer (CIO) at Aviva Investors, who left the asset management firm in December. Ikram had already been serving in this position for two years, after serving as head of sovereign debt and absolute return between January 2007 and March 2012. He had previously served as head of government debt and absolute return at Morley Fund Management, a brand which has since disappeared.
17/02/2014

Changes in management of Asia Pacific fund from First State

P { margin-bottom: 0.08in; } Alistair Thompson is leaving his position as manager of the First State Asia Pacific Leaders fund, whose assets under management total EUR7.6bn, Citywire reports. The fund will now be managed by Angus Tulloch as principal manager, with the assistance of Richard Jones as co-manager. The strategy of the fund remains unchanged. These changes are a frequent practice at First State, which says that Thompson remains a full member of the First State team. The First State Asia Pacific Leaders fund has earned returns of 16% in the three years to the end of December 2013, compared with gains of 7.55% for the MSCI AC Asia Pacific ex Japan TR USD index.
17/02/2014

Creation of funds increasing sharply in China

P { margin-bottom: 0.08in; } The Chinese market regulatory commission (CSRC), which has recently accelerated its licensing procedure for mutual funds, on 45 January issued permission to launch new products, an increase of 50% compared with January 2013, Asia Asset Management reports. Slightly over 62% of products approved in January are hybrid funds, sectoral ETF funds and money market funds. This is a highly marked evolution compared with the first half of last year, when 8-% of funds approved were bond products. Among the funds licensed in January are eight ETFs, including four managed by China Southern Asset Management.
17/02/2014

Lombard Odier launches a risk-based approach for its private clients

P { margin-bottom: 0.08in; } Lombard Odier has launched an investment approach which applies the experience developed in pension funds for its employees. The multi-strategy approach aims to offer private clients high and diversifeid returns over a market cycle. Lombard Odier is now offering its private clients two strategies: LO Selection Vantage 1500, and LO Selection Vantage 3000. The methodology constructs portfolios designed to optimize diversification via risk factors, in order to deliver better risk-adjusted performance throughout the market cycle. Instead of asking clients what their expectations in terms of returns are, the approach at Lombard Odier based on risk determins their tolerance to potential risk (drawdown). From there, the bank constructs a risk budget based on average losses that a portfolio might sustain in the worst case, over a 20-year period. Lombard Odier constructs portfolios which combine external and internal strategies, on the basis of transparency, track record and liquidity, which offer exposure to developed and emerging market equities, government bonds, corporate bonds and commodities. The strategies from Lombard Odier, LO Selection Vantage 1500 and LO Selection Vantage 3000, are registered in the Netherlands, Spain, France, Belgium, the United Kingdom and Luxembourg. They are in the process of being registered in Switzerland.
17/02/2014

US advisers increasingly using ETFs

New research from Cerulli Associates finds exchange-traded fund (ETF) use among registered investment advisors (RIAs) has grown nearly 27% annually over the past 5 years, and Cerulli anticipates this growth to continue."The allocation to ETFs among RIAs grew 48% from 2011 to 2012,» comments Kenton Shirk, associate director at Cerulli. «The RIA channel is an extremely attractive opportunity for asset managers.""RIAs believe ETFs will become a larger portion of portfolios,» Shirk continues.

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