L’Agefi dévoile en exclusivité le bilan 2013 de la gestion collective française réalisé par Europerformance

Paul-François Fournier, à la tête de la direction de l’innovation de Bpifrance, va décliner aujourd’hui un plan d’action selon lequel la banque publique consacrera cette année un milliard d’euros de financement innovation, soit 30% de plus que l’année dernière. L’ambition de l’ancien patron du Technocentre d’Orange: «Que les pousses que nous aidons aujourd’hui à innover soient dans trente ans au CAC 40 !»

Selon nos informations, l’Institution interprofessionnelle de Retraites Complémentaires de la Martinique (IRCOM) aurait lancé un appel d’offres pour un fonds diversifié. Le consultant serait Insti7. L’IRCOM est une institution de retraite complémentaire régie par le code de la Sécurité sociale, adhérente de la fédération ARRCO (Association pour le Régime de Retraite Complémentaire des salariés). Créée en 1994, elle a fait suite en Martinique à la CMGRR qui avait été créée en 1974. L’IRCOM recouvre les cotisations de retraite complémentaire obligatoire des salariés du secteur privé, cadres et non cadres, du département de la Martinique (sauf salariés relevant de l’agriculture et des activités du bâtiment et des travaux publics) dont elle reçoit l’affiliation par l’intermédiaire des entreprises martiniquaises.

La croissance de l'économie belge a atteint 0,4% au quatrième trimestre par rapport au trimestre précédent, montre la première estimation officielle du PIB publiée mercredi, sa meilleure performance en près de trois ans. Sur un an, la hausse du PIB a atteint 0,9% sur octobre-décembre. Sur l’ensemble de l’année 2013, le PIB belge a augmenté de 0,2%, après une contraction de 0,1% en 2012.

La Reserve Bank, la banque centrale sud-africaine, a relevé mercredi son taux directeur d’un demi-point, à 5,5%, resserrant sa politique monétaire face à la montée des tensions inflationnistes et à la chute du rand, la monnaie nationale. L’institut a revu à la hausse sa prévision d’inflation 2014, à 6,3% contre 5,7% jusqu'à présent et à la baisse ses prévisions de croissance de l'économie sud-africaine pour cette année et l’an prochain, à 2,8% et 3,3% respectivement contre 3,0% et 3,4% auparavant.

Marqué par l’annonce récente du départ de son directeur général et co-responsable des investissements, Mohamed El-Erian, la société de gestion filiale d’Allianz a nommé quatre directeurs adjoints des investissements. Mark Kiesel, Virginie Maisonneuve (en provenance de Schroders), Scott Mather et Mihir Worah occupent actuellement des postes de directeurs exécutifs.

Jupiter Asset Management, qui commercialise ses fonds en Europe du Nord depuis 2007, vient d’ouvrir un bureau à Stockholm, rapporte Fondbranschen. Parallèlement, la société de gestion britannique a recruté Christoffer Kjellberg Ek comme directeur commercial Europe du Nord. L’intéressé, qui prendra ses fonctions le 3 février, vient de JP Morgan asset Management (Nordic). Il travaillera sous la direction de Kevin Scott, responsable de la couverture clients EMEA (hors Royaume-Uni).

Le fonds Apollo Management, premier actionnaire de Constellium depuis le rachat début 2011 d’Alcan EP auprès de Rio Tinto, a officialisé auprès de la Securities and Exchange Commission (SEC) sa volonté de quitter le capital du groupe, rapporte L’Agefi. Apollo détient encore 35,8% de Constellium, devant les 12,2% de Bpifrance et les 7,6% du fonds de pension Ontario Teachers.

Legg Mason Global Asset Management lance Legg Mason Western Asset Macro Opportunities Bond Fund, un fonds obligataire « total return » géré par sa filiale Western Asset. Les gérants, Kenneth Leech, directeur des investissements au sein de Western Asset, et Prashant Chandran, privilégient trois thématiques : le crédit, l'évolution des taux d’intérêt et les conditions de volatilité. Ils chercheront à exploiter les dislocations de marché et les opportunités de valeur relatives grâce à la gestion active de titres obligataires, de futures, d’options et d’autres produits dérivés, indique un communiqué.Le fonds, créé dans la lignée d’une stratégie opportuniste lancée en 2000, a déjà attiré 200 millions de dollars de souscriptions.

Le groupe suisse Unigestion a obtenu, le 9 janvier dernier, l’agrément AIFM – du nom de la directive sur les gestionnaires de fonds d’investissement alternatifs – de la part de l’Autorité des marchés financiers (AMF) pour sa société de gestion basée en France, Unigestion Asset Management (France) SA. Cet agrément doit lui permettre d’offrir à sa base de clientèle, à savoir les investisseurs institutionnels européens, l’accès à des fonds alternatifs dans ce nouveau cadre réglementaire autorisé. «Nous sommes certains que [cette directive] va nous permettre d’intensifier notre développement dans d’autres Etats membres de l’Union européenne», a déclaré dans un communiqué Gérard Pfauwadel, président d’Unigestion Asset Management (France) SA.

Natixis AM a informé sur son site les porteurs de parts du fonds Gestion Active (*) qu'à compter du 13 mars 2014, la part D de distribution (**) du fonds maître Reactis Modération sera regroupée dans la part C de capitalisation (***). Par ailleurs, les porteurs de parts C (****) du fonds Gestion Active sont concernés par les modifications du fonds Reactis ModérationCode isin: (*) FR0007482484 (**) FR0010216861(***) FR0010216853(****) FR0007482484

Lyxor Asset Management vient de lancer le Lyxor UCITS ETF EUROSTOXX BANKS sur NYSE Euronext Paris. Cet ETF offre une exposition aux principales banques de la zone euro, sélectionnées parmi les composantes de l’indice EURO STOXX conformément à la classification ICB. Il s’agit du seul produit UCITS en Europe qui réplique cet indice Euro Stoxx Banks, indique un communiqué. Caractéristiques :Commissions : 0,30%Code ISIN : FR001164647

Comgest a annoncé aux souscripteurs du fonds Comgest Panda que le produit de droit luxembourgeois avait été absorbé par le fonds de droit irlandais Comgest Growth Asia ex Japan, compartiment de la sicav luxembourgeoise Comgest Growth. Les détenteurs de parts ont bénéficié d’un échange à valeur égale de leurs parts. «La fusion est effective depuis le 10 janvier», a indiqué la société de gestion française, confirmant à Newsmanagers les informations parues dans la presse anglo-saxonne. Géré par Chakara Sisowath et David Raper, Comgest Panda pesait un peu plus de 100 millions d’euros au moment du transfert de ses avoirs vers Comgest Growth Asia ex Japan, piloté par le même duo de gérants. L’ensemble devrait représenter environ 150 millions d’euros. L’intégration de Comgest Panda s’inscrit dans «une stratégie de rationalisation de la gamme», selon la société de gestion. Il s’agit de rendre la commercialisation des fonds plus aisée à l’international. «Notre sicav de droit irlandais est largement utilisée par les investisseurs d’Europe du Nord et anglo-saxons, qui sont plus à l’aise avec ce format qu’avec les fonds de droits luxembourgeois», explique Vincent Strauss, président de Comgest. «C’est également le cas de notre clientèle canadienne qui se développe fortement». Ajoute-t-il

A fin 2013, les encours de Moneta Asset Management ressortent à 2 milliards d’euros, ce qui représente un doublement des avoirs sur un an. Les souscriptions nettes sur l’année passée se sont élevées à 617 millions d’euros. Dans le détail, Moneta Multi Caps a attiré 544 millions d’euros de souscriptions, Moneta Long Short 73 millions d’euros. Le fonds Moneta Micro Entreprises, un fonds actions françaises small caps, est quant à lui fermé aux souscriptions depuis 2009. En 2014, Moneta AM ne compte pas élargir sa gamme. Le renforcement de l'équipe active sur le middle-office est prévu en cours d’année.

Les années se suivent et se ressemblent. A la grande satisfaction des responsables de J.P. Morgan en France. Comme en 2012, J.P. Morgan Asset Management a réalisé l’an dernier dans l’Hexagone une collecte nette de 1,2 milliard de dollars, a indiqué le 28 janvier Karine Szenberg, directeur général de J.P. Morgan Asset Management France, à l’occasion de la dixième édition de sa conférence annuelle. Les actifs sous gestion s’inscrivaient fin 2013 à 6,4 milliards de dollars."La collecte a été équitablement répartie entre institutionnels et retail, ce qui correspond peu ou prou à la répartition de nos encours, à 55% institutionnels, et à 45% retail, c’est-à-dire pour l’essentiel banques privées, réseaux, fonds de fonds», a précisé à Newsmanagers Karine Szenberg."La collecte s’est portée à plus de 80% sur la dette émergente et ses différentes composantes (dette souveraine en devise locale et dette corporate), ainsi que sur la gestion obligataire flexible, les convertibles, les actions américaines et les actions européennes», indique Karine Szenberg.Cela dit, la gestion obligataire traditionnelle représente 20% des actifs sous gestion, les actions pesant un peu plus de 51%, près de 10% en convertibles, le reliquat étant regroupé sous la bannière alternatif avec le long/short equity, les actifs réels ou encore une stratégie dédiée de dette mezzanine réservée aux institutionnels gérée par Highbridge Principal Strategies. En 2014, J.P. Morgan AM va continuer de pousser les feux de la diversification. «Nous allons poursuivre sur la voie de la diversification: obligataire avec la dette émergente, le high yield, le crédit privé et des stratégies obligataires flexibles, ainsi que les solutions d’investissement auprès de notre clientèle retail, avec par exemple des stratégies multi-classes d’actifs avec une thématique de rendement, le tout accompagné du Market Insight Programme animé par Vincent Juvyns», explique Karine Szenberg.Karine Szenberg souligne enfin qu’après deux années de forte activité dans l’Hexagone se pose la question de nouveaux relais de croissance. «Nous réfléchissons à notre futur développement en France, notamment du côté retail», indique Karine Szenberg. Actuellement, J.P.Morgan Asset Management France compte un effectif de 17 professionnels, depuis l’arrivée en novembre dernier de Murielle Didier au poste de commerciale senior sur le segment de la clientèle multigérants et distributeurs.

P { margin-bottom: 0.08in; } The traditional annual State of the Union address was an occasion for Barack Obama to call for the creation of a new retirement savings account supported by the government, and to reassert his support for major real estate financing reforms. The President stated that he had asked the Treasury to create a retirement savings vehicle known as MyRA. Obama did not offer details of the new savings instrument, however. US President Obama also promised to overcome the obstacle of a divided Congress. He warned that he would act on his own initiative as needed to reduce inequality in the United States.

P { margin-bottom: 0.08in; } Top US officials are facing off to determine whether the asset management industry poses risks to the financial sector, and whether it therefore needs to be subject to stricter surveillance, the Wall Street Journal reports. Representatives of the Securities and Exchange Commission, who currently regulates asset management firms, are confronting a powerful but little-known office of the Treasury department which is seeking to lay the foundations for supervision of companies such as Fidelity Investments and BlackRock by the Federal Reserve. The regulatory battle, described by sources close to the situation, may complicate efforts by the US government to control non-banking companies which regulators feel may pose risks to the financial system.

P { margin-bottom: 0.08in; } Comgest has announced to subscribers in the Comgest Panda fund, a Luxembourg product, that the product has been absorbed into the Irish-registered fund Comgest Growth Asia ex Japan, a sub-fund of the Irish Sicav Comgest Growth. Shareholders have received an even exchange of their shares. “The merger is effective from 10 January,” the French asset management firm says, confirming information that has appeared in the English language press to Newsmanagers. Comgest Panda, managed by Chakara Sisowath and David Raper, had slightly over EUR100m in assets when these were transferred to the Comgest Growth Asia ex Japan, managed by the same two managers. The ensemble is expected to have a total of about EUR150m in assets. The integration of Comgest Panda comes as part of a strategy of “rationalisation of the product range,” according to the asset management firm. This will help to make commercialisation of the fund easier internationally. “Our Irish Sicav is largely used by Northern European, British and American investors, who are more comfortable with the format than with Luxembourg-registered funds,” explains Vincent Strauss, chairman of Comgest. “This is also the case for our Canadian clients, who are growing strongly,” he adds.

P { margin-bottom: 0.08in; } Lyxor Asset Management has launched the Lyxor UCITS ETF EUROSTOXX BANKS on NYSE Euronext Paris. The ETF offers exposure to the major euro zone banks, selected from among the components of the EURO STOXX index in line with the ICB classification. It is the only UCITS product in Europe which replicates the Euro Stoxx Banks index, a statement says. Characteristics: Commissions: 0.30% ISIN code: FR001164647

P { margin-bottom: 0.08in; } Neuberger Berman has been selected by SEI to manage a USD200m mandate for its emerging market debt fund, SGMF Emerging Markets Debt. Neuberger Berman, which replaces Ashmore Investment Management in the management of this mandate, joins Investec and Stone Harbor Investment Partners in the management of the fund, with each firm managing a portion of the vehicle.

The Global State Street Investor Confidence Index (ICI) rose to 114.4 in January, up 18.6 points from December’s revised reading of 95.8. The reading was the largest in over four years and was driven by a sharp increase in North American sentiment from 92.1 to 113.6 along with increases in both European and Asian sentiment. European sentiment rose to 112.6 from December’s revised reading of 107.5. Sentiment in Asia rose to 103.5 from 97.7.“Policy uncertainty was reduced in the US and confidence was boosted by optimism over the Fed’s policy of forward guidance, which may help anchor low interest rates going forward,” commented Jessica Donohue, senior managing director and head of research and advisory services, State Street Global Exchange. “In Europe, stronger economic fundamentals and looser monetary policy led to improved sentiment,” added professor Ken Froot. “Easier financing conditions for peripheral European sovereigns and speculation for more unconventional measures by the ECB, given below target inflation, has led to broader optimism among institutional investors.”

P { margin-bottom: 0.08in; } John Duffield has recruited his former colleague Mark Skinner as adviser to develop the retail activities of Brompton Asset Management, Investment Week reports. Skinner was the former director of retail sales and marketing at New Star before the collapse of the firm, then led by Duffield. The firm was then taken over by Henderson.

P { margin-bottom: 0.08in; } The Swiss group Unigestion on 9 January this year received an AIFM, or alternative investment fund management, license from the Autorité des marchés financiers (AMF) for its asset management firm based in France, Unigestion Asset Management (France) SA. The license will allow it to offer its client base of European institutional investors with access to hedge funds under the new regulatory framework. “We are certain that [this directive] will allow us to intensify our development in other member states of the European Union,” a statement from Gérard Pfauwadel, chairman of Unigestion Asset Management (France) SA, says.

P { margin-bottom: 0.08in; } Pimco and Source on 28 January announced that a distributive share class in their ETF PIMCO AM Advantage Local Bond Index Source is now available in US follars on the London Stock Exchange (ticker: EMLI LN). The ETF thus far has USD213m in assets under management. The PIMCO EM Advantage Local Bond Index Source ETF offers exposure to sovereign debt from emerging countries via the PIMCO EM Advantage Local Currency Bond index, an index weighte by GDP, which allows exposure to 15 emerging markets. The ETF provides a means to gain exposure to key emerging markets which are not represented in traditional indies (for example, China and India). As of the end of December 2013, the effective returns on the index were 7.4% for a 3-year duration. “By providing exposure to emerging markets through several local currencies, this ETF offers investors an alternative to traditional exposure to emerging markets, with lower duration and volatility,” says Fabrizio Palmucci, director at Source. In 2013, the EM Advantage index outperformed the J.P. Morgan GBI-EM Global Diversified Index by 3.1%. Management fees for fhe fund domiciled in Ireland total 0.60% per year.

P { margin-bottom: 0.08in; } Itau Asset Management, the asset management firm specialised in Latin America affiliated to the Itau Unibanco group, has recruited Ken Casey as head of its British office in London, according to sources familiar with the matter cited by eFinancial News. Casey had previously been senior director of the Itau Asset Management office in Dubai, according to his LinkedIn profile. He will replace Griffith Williams, former head of the institutional activity in Europe, who has left the firm.

P { margin-bottom: 0.08in; } The UK asset management firm F&C on Tuesday morning announced that it had agreed an offer of acquisition by the Canadian firm BMO Asset Management (Europe), 100% owned by the Bank of Montreal, for a total of GBP708m. The previous day, the London-based firm had confirmed that talks were in progress (see Newsmanagers of 28 January 2014). Under the terms of the acquisition, each shareholder will receive 120 pence in cash per share. Additionally, a dividend of 2 pence per share will be paid. The price of 122 pence represents a premium of 30.5% over the F&C share price as of 24 January, a statement says. Yesterday, shares rose over 120 pence. The acquisition will allow BMO, whose asset management activity has a total of GBP80bn as of 31 December, to double its assets under management. F&C, which also published annual results on Tuesday morning, has assets of GBP82bn as of the end of 2013, down from GBP95bn recorded one year earlier, after net outflows of nearly GBP19bn over the year. F&C will represent the centerpiece of European activities for BMO Global Asset Management, the statement says. The British firm will use the distribution platforms of the Canadian group in North America and Asia, while the latter firm will be able to sell its products in the United Kingdom and the rest of Europe. For the moment, BMO Global Asset Management owns several multidisciplinary management centres in Canada and the United States, and a few specialist boutiques in the United Kingdom and elsewhere.

P { margin-bottom: 0.08in; } The Établissement de Retraite Additionnelle de la Fonction Publique (ERAFP) has updated the guidelines of its voting policy for general shareholders’ meetings. In 2014, “the voting policy of the Établissement now explicitly covers environmental and social challenges,” says the ERAFP. There is also “detailed and exhaustive” publication of extra-financial reporting, and the addition of a principle to analyse resolutions of an environmental or social character. Concerning aspects related to governance, the ERAFP has decided to align its recommendations to increase the number of women on board with those of the European Commissioner for Justice, Viviane Reding, who is seeking 30% women by 2015 and 40% in 2020, with a 25% stage in 2014. It also includes a new reference to define the maximal socially acceptable pay levels, corresponding to 50 times the median salary at the business. Lastly, the Établissement will continue to “promote the notion of responsible dividends,” putting the evolution of dividends into perspective with the self-financing capacity of the business and the evolution of pay scales.

P { margin-bottom: 0.08in; } As of the end of 2013, assets at Moneta Asset Management totalled EUR2bn, which represents a doubling of assets in one year. Net subscriptions totalled EUR617m. In detail, Moneta Multi Caps attracted EUR544m in subscriptions, and Moneta Long Short EUR73m. The Moneta Micro Entreprises fund, a French small cap equity fund, has been closed to subscriptions since 2009. In 2014, Moneta AM has no plans to add to its product range. Recruitment for the team active in the middle office is planned during the year.

P { margin-bottom: 0.08in; } The years resemble one another as they pass, to the great satisfaction fo the heads of J.P. Morgan in France. As in 2012, J.P. Morgan Asset Management in France last year made net inflows of USD1.2bn, Karine Szenberg, CEO of J.P. Morgan Asset Management France, announced on 28 January, at its tenth annual congress. Assets under management as of the end of December 2013 totalled USD6.4bn. “Inflows were evenly distributed between institutional and retail, which more or less corresponds to our assets, with 55% instutional, and 45% retail, meaning mostly private banks, networks, and funds of funds,” Szenberg tells Newsmangers. “More than 80% of inflows went to emerging market debt and its various components (sovereign debt denominated in local currencies and corporate debt), as well as flexible bond management, convertibles, US equities and European equities,” says Szenberg. Nonetheless, traditional bond management represents 20% of assets under management, with equities accounting for slightly over 51%, nearly 10% in convertibles, and the remainder in the alternative category, with long/short equity, real estate assets and a strategy dedicated to mezzanine debt reserved for institutionals, managed by Highbridge Principal Strategies. In 2014, J.P. Morgan AM will continue to push for diversification. “We will continue on the path of diversification: bonds with emerging market debt, high yield, private credit and flexible bond strategies, as well as investment solutions serving retail clients, for example, with multi-asset class strategies with a return theme, all assisted by the Market Insight Programme led by Vincent Juvyns,” Szenberg explains. Szenberg adds that after two years of strong activity in France, the question of new areas for growth is coming up. “We are considering our future development in France, particularly in retail,” says Szenberg. Currently, J.P. Morgan Asset Management France has 17 staff, since the arrival fo Murielle Didier in November last year as senior salesperson for the multi-manager and distributor client segment.

P { margin-bottom: 0.08in; } State Street is accelerating its expansion in Chinese territory. The US group has announced that it is opening a new office in Shanghai, which will aim to offer services and solutions in the area of alternative investments. The objective is to assist hedge fund clients with their development strategy in China. For State Street, this will mean accelerating the growth of its Alternative Investment Solutions (AID) activity in China, particularly in private equity and real estate. The State Street team based in Shanghai will report directly to Eric Chow, head of management of client relationships for the activities of AIS in Asia-Pacific. AIS offers a wide range of services to more than 750 clients, largely institutional investors and hedge fund managers, private equity funds and real estate funds.