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13/01/2014

"Nous disposons d’un bon potentiel de croissance en Europe"

Avec 160 milliards de dollars d’encours sous gestion, Nikko Asset Management - qui vient de changer de patron - est l’une des principales sociétés de gestion asiatiques. Depuis plusieurs années, elle tisse sa toile en Europe : elle dispose d’une présence à Londres pour profiter du savoir-faire local, mais aussi pour servir la clientèle européenne. En France, elle négocie actuellement un partenariat avec une société de gestion, confie Charlie Metcalfe, président de Nikko AM Europe, dans un entretien à NewsManagers.
13/01/2014

iShares launches three bond ETFs in Italy

iShares, the ETF platform from BlackRock, is launching three physical replication optimised ETFs on the Milan stock exchange which are appropriate for fixed income management: iShares $ Short Duration High Yield Corporate Bond UCITS ETF, iShares Euro Ultrashort Bond UCITS ETF and iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF. The bond range from iShares in Milan currently includes 40 ETFs out of a total of 131 products.
13/01/2014

Fidelity appoints a new manager for real estate funds in Asia

Fidelity has appointed Akihito Murai has manager for its real estate FCP fund in Asia-Pacific, the FF Asia Pacific Property Fund. Murai also takes charge of managing the activity, which represents USD31bn in assets, replacing Polly Kwan, who was promoted last year to the position of director of the Asian Dividend fund division, launched in August 2013.
13/01/2014

Appointment at Henderson (Switzerland)

The wealth management firm Henderson (Switzerland) has recruited a new head of sales, in the person of Michael Jöhr, formerly actie at J. Safra Sarasin, Agefi Switzerland reports. Jöhr will oversee advising and acquisitions for private and cantonal banks, family offices and wealth managers in Switzerland, Liechtenstein and Austria. Jöhr will report directly to Ariane Dehn, head of sales for Switzerland, Liechtenstein and Austria.
13/01/2014

UBS reportedly nearing a final stage in Madoff case

Two US courts have rejected claims filed by the trustee of the Madoff family empire against UBS, NZZ am Sontag reports. Before the weekend, the highest court in Washington debated whether or not to accept appeals filed by the trustee. If the court reject the appeals, the Madoff trustee will have lost the last chance to get back money from UBS to refund victims of the fraus, according to the Zurich newspaper. The verdict of the high court will be announced on 13 January. According to one observer, the court is expected to reject the trustee’s appeals.
13/01/2014

Fourth consecutive month of gains for hedge funds in December

The hedge fund industry finished the year 2013 on a good note. The sector posted a fourth consecutive month of gains in December, making 2013 the best year of returns since 2010. In fact, according to data from Hedge Fund Research (HFR), the HFRI Weighted Composite Index gained 1.2% in December 2013, bringing returns for the year as a whole to +9.3%. The HFRI Fund of Hedge Funds Index posted returns of +1.2% in Decembr, and +8.7% for the past year as a whole, the best annual returns since 2009. Returns were especially driven by equity hedge and event-driven strategies. The HFRI Equity Hedge Index earned gains of +1.6% in December, and +14.6% for the 2013 fiscal year overall. The HFRI Event-Driven Index earned 1.2% in December, and 12.5% for the year 2013 as a whole. In both cases, this is the best result since 2009.
13/01/2014

Axa RE finalises sale of two industrial real estate portfolios

AXA Real Estate Investment Managers has completed the sale of two industrial portfolios for a combined value of EUR184.1 million on behalf of the European Industrial Partnership (EIP). The transactions mark the successful conclusion of an orderly programme to dispose of all EIP’s property assets, which was commenced in January 2013 ahead of the Fund’s expiry in January 2015. The final two transactions comprised the sale of the Spring portfolio of 10 French assets to Northwood Investors and of the Zander Portfolio of 11 Dutch assets to Rockspring Property Investment Managers.
13/01/2014

Investors return to bond funds

The New Year kicked off with bond funds posting their biggest weekly inflow since early May while equity funds recorded modest net redemptions. One year earlier, during the first days of 2013, emerging market international equity funds, on the contrary, took on weight and suggested that a great rotation could be expected, which never genuinely materialised. According to statistics released by EPFR Global, bond funds took in a net USD5.2 billion in the first week of the year ending on 8 January. Equity funds, however, posted a collective outflow of USD427 million. Commitments to Europe equity funds slipped to an eight week low and US equity funds recorded their biggest outflow since the first week of December. Japan equity funds, which are coming off a year of record-setting inflows, kicked off 2014 by taking over USD1.6 billion during the week under review. Money market funds took in nearly USD23 billion, lifting total inflows over the past three weeks past the USD65 billion mark.
13/01/2014

Apollo closes an eighth private equity fund with USD18.3bn

Apollo Global Management at the end of last week announced real spoils of war: at the end of December, it closed its eighth private equity fund, Apollo Investment Fund VIII, with USD17.5bn in commitments from outside investors. With the addition of engagements from affiliated investors, including employees at the firm led by Leon Black, which total about USD880m, a statement says, the fund has firepower of USD18.4bn. The last private equity fund, Fund VII, raied in 2008, have earned internal annual rates of return of a gross 38% and a net 29% since launch on 30 September 2013, Apollo says. Assets under management by the private equity activity at Apollo total about USD43bn as of the end of September 2013. Total assets under management, which also include credit and real estate funds, total about USD113bn.
13/01/2014

Prudential Investments launches a short-duration bond fund

Prudential Investments has launched the Prudential Short Duration Multi-Selector Bond Fund, a bond strategy likely to earn returns in an environment of rising interest rates. Funds invest in a diversified portfolio of bonds, including asset-backed securities (ABS), bank loans, corporate debt securities, commercial mortgage-backed securities (CMBS) collateralized bonds and US and foreign corporate bonds. The average duration is expected to total between 1 and 3 years. The benchmark index is the Barclays US Covernment/Credit 1-3 Year.
13/01/2014

Laurent Dumontell joins Delubac Asset Management

Delubac Asset Management on 10 January announced the arrival of Laurent Dumontell as director of development. He will aim to strengthen relationships with instituional investors, including mutualist organisations, multi-managers, private banks, insurers and mutual fund distribution network. The arrival of Dumonteil comes as part of the development strategy at the firm, initiated more than a year ago, which follows the revent arrival of Timothée Malphettes as head of equity management. Dumonteil, 39, in 2013 served as head of development and partnerships at Mandarine Gestion. He was previously head of development and external distribution for France and Luxembourg at Lombard Odier, and also served as a salesman in the partnerships unit (France & Benelux) at EdRAM.
13/01/2014

"We have a good potential to grow in Europe"

With USD160bn in assets under management, Nikko Asset Management, which has recently changed heads, is one of the largest Asian asset management firms. For several years, it has been making inroads into Europe: it has a presence in London, to take advantage of local expertise, and to serve European clients. In France, it is currently in talks over a partnership with an asset management firm, says Charlie Metcalfe, chairman of Nikko AM Europe, in an interview with NewsManagers.
13/01/2014

Asset management business at BNP Paribas dragged down by outflows

BNP Paribas could have been the least popular firm in Europe for the second consecutive year in 2013, if Scottish Widows Investment Partnership had not stolen the title from it last year, Financial Times fund management reports. But if the EUR6.8bn in redemptions from SWIP may largely be excused by the uncertainty resulting from putting the firm up for sale in April last year, investor aversion for the French bank is difficult to explain, the newspaper remarks. BNP Paribas suffered redemptions of at least EUR5.9bn in Europe, after EUR4.8bn in 2012. The bank cites transfers from retail clients to cash deposits. But FTfm notes that other European banks have not suffered such a phenomenon. Manuel Arrive, an analyst at Fitch, estimates that BNP Paribas urgently needs to reorganise its product range and improve its relationships with consultants. During this time, BNP Paribas hopes that its reorganisation, initiated in October, will allow it to turn the winds.
13/01/2014

Ampega launches a high yield fund

The German asset management firm Ampega, based in Cologne, is planning to launch a fund dedicated to high yield bonds, Citywire reports. The Ampega CrossoverPlus Rentenfonds will be domiciled in Luxembourg and will officially be launched on Monday, 13 January.The strategy will be managed by Christian Hendker, head of fixed income research, and will start out with EUR5m in assets. Ampega is an affiliate of the Talanx AG group, which manages about EUR96.3bn in assets.
13/01/2014

Charles Beazley leaves Nikko AM

Charles Beazley is stepping down as president and chief executive officer of Nikko Asset Management «for family reasons», and will be returning to the U.K, the Tokyo-based asset manager announced on Friday.David Semaya has been appointed as chairman of Nikko AM. He will join the company as non-executive chairman effective April 1st, 2014, and is expected to become executive chairman on September 1st, 2014. Semaya most recently worked at Barclays Plc, where he served in various executive leadership positions since joining the bank in 2004. He was notably CEO of Europe and Asia for Barclays Global Investors (BGI). Before being based in the U.K., he lived and worked in Japan for more than 15 years and is fluent in Japanese.Meanwhile, Takumi Shibata has been named president and chief executive officer of Nikko AM effective January 10th, 2014. In addition to his new roles, he will continue as executive chairman until Semaya joins the company. Shibata joined Nikko AM as executive chairman in July 2013.Beazley joined Nikko Asset Management in London in 2006 as president of Nikko Asset Management Europe, where he ran the firm’s international business. In 2010, he relocated to Tokyo to head the institutional business in addition to his international responsibilities. In 2012, he was named chairman and chief executive officer, and in 2013 he also became president.Nikko Asset Management is one of the biggest companies in the Asian financial services industry, with over USD160 billion in assets under management as of September 30, 2013.
13/01/2014

Nomura to acquire ING Asset Management business in Taiwan

Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, on Friday announced that it has agreed to acquire ING Group’s interest in ING Securities Investment and Trust Company Limited, Taiwan, the local asset management unit of ING Group.Nomura Asset Management is partnering with an investment group led by Ashwin Mehta, former chief executive officer of ING Securities Investment and Trust Company Limited, Taiwan. The transaction is subject to regulatory approval.Commenting on the announcement, Toshihiro Iwasaki, CEO of Nomura Asset Management, said: “This acquisition is part of our ongoing expansion in Asia and represents a very important opportunity for us to enter the Taiwanese market, one of the leading mutual fund markets in Asia.
13/01/2014

Altamar recrute un nouveau partenaire-associé

La société de gestion alternative espagnole Altamar va accueillir en son sein un nouvel associé en la personne de Miguel Rona, une figure emblématique de la gestion d’actifs en Espagne, croit savoir Funds People. Selon le site d’information, son arrivée témoigne de la volonté de la société de renforcer ses capacités de distribution et de marketing sur le marché. Miguel Rona a effectué l’essentiel de sa carrière chez Invesco, où il a passé quatorze années. Dans ses dernières fonctions, il était co-responsable de la distribution pour l’Europe continentale et l’Amérique latine En 2013, Altamar a augmenté ses actifs sous gestion de 250 millions d’euros, portant à 1,5 milliard d’euros ses encours totaux.
13/01/2014
Fonds

UBS GAM rouvre à la souscription deux fonds de dettes émergentes

Le 28 janvier exclusivement, UBS Global Asset Management (GAM) va rouvrir à de nouvelles souscriptions deux de ses fonds de dettes émergentes, UBS Emerging Markets Bonds 2017 EUR Fund et UBS Emerging Markets Bonds 2017 USD Fund, croit savoir Funds People. Les ordres de souscriptions pourront toutefois être transmis entre le 13 et le 28 janvier mais dans la limite de 100 millions de dollars entre les deux fonds, précise le site d’information espagnol.
Fonds
13/01/2014

Moody's passe son tour sur la note du Portugal

Moody’s Investor Service n’a pas pris de décision sur le Portugal le 10 janvier. La prochaine date pour une action potentielle est le 9 mai, a annoncé l’agence de notation lundi. Les marchés s’attendaient à l’annonce d’une décision vendredi sur la note Ba3 du Portugal, qui est assortie d’une perspective stable, alors que le pays vient tout juste de réussir l'émission d’un emprunt obligataire de 3,25 milliards d’euros à cinq ans et sort cette année de son programme d’aide international.
13/01/2014

Les perspectives de croissance de la zone OCDE s'améliorent

Les perspectives de croissance continuent de s’améliorer dans la plupart des économies avancées, y compris dans la zone euro, a indiqué lundi l’OCDE. L’indicateur composites avancé mensuel de l’organisation, conçu pour anticiper les points de retournement de l’activité, ressort en global à 100,9, en hausse de 0,2 point par rapport au mois précédent. Le seuil de 100 correspondant à la tendance de long terme de l’activité économique. Celui des pays du G7, en hausse de 0,1 point à 101,0, indique une consolidation de la croissance, tandis que celui de la zone euro progresse de 0,2 point à 101,0. L’indicateur pour la France progresse de 0,1 point, à 100,3, signalant une inflexion positive.
13/01/2014

Menaces sur le marché des IPO en Chine

Alors que les autorités chinoises ont à nouveau fin décembre ouvert le marché des introductions en Bourse en Chine continentale après quinze mois de gel, faisant vœu de laisser les forces de marché jouer un rôle décisif, cinq sociétés ont annoncé hier le report de leur projet de cotation suite à un communique des autorités laissant craindre un certain interventionnisme.
13/01/2014

Nomura rachète la gestion d'ING à Taiwan

La banque japonaise Nomura a annoncé le rachat de la filiale de gestion d’actifs à Taiwan, en association avec des investisseurs locaux, dont l’ex-directeur général de la structure; Le montant de la transaction n’a pas été dévoilé. ING gérait dans le pays 7 milliards de dollars à la date du 31 octobre 2013. Nomura devient le premier gérant d’actifs d’origine japonaise à entrer sur ce marché.
13/01/2014

Les chiffres de l'emploi américain déçoivent

L'économie américaine a créé en décembre 74.000 emplois seulement, la plus faible statistique publiée en trois ans. Les économistes interrogés par Reuters prévoyaient en moyenne 196.000 créations de postes. Le taux de chômage a reculé de 0,3 point en un mois, à 6,7%, revenant ainsi à son niveau le plus faible depuis octobre 2008. Le faible chiffre de créations d’emplois semble cependant incohérent avec d’autres indicateurs, relevaient vendredi certains économistes, et il pourrait être ultérieurement révisé à la hausse.
13/01/2014

La Fed allège le fardeau de la dette publique américaine

La Réserve fédérale américaine (Fed) a versé 77,7 milliards de dollars (56,9 milliards d’euros) au Trésor l’an dernier, principalement en lui restituant des intérêts payés par l’Etat fédéral sur des obligations détenues par la banque centrale. Ce chiffre publié vendredi montre que le soutien exceptionnel apporté depuis plusieurs années par la Fed à l'économie américaine a aussi pour effet d’alléger le fardeau de la dette publique. Le bilan de l’institution atteint désormais près de 4.000 milliards de dollars, celle-ci ayant acheté en masse des obligations pour faire baisser les taux d’intérêt et soutenir la reprise économique. La Fed détient pour environ 2.200 milliards de dollars de dette du Trésor, soit plus de 10% de l’encours de la dette américaine qui avoisine 17.300 milliards. Elle a encaissé en 2013 un total de 90,4 milliards de dollars d’intérêt sur les titres composant son portefeuille (emprunts du Trésor et prêts immobiliers titrisés).
13/01/2014

Stanley Fischer deviendra vice-président de la Fed

Le président Barack Obama a nommé vendredi l’ex-gouverneur de la Banque d’Israël Stanley Fischer à la vice-présidence de la Réserve fédérale américaine (Fed). Stanley Fischer, qui a également été chef économiste de la Banque mondiale, puis numéro deux du Fonds monétaire international (FMI) entre 1994 et 2001, devrait succéder à Janet Yellen, dont le Sénat américain a récemment approuvé la nomination à la tête de la banque centrale.
13/01/2014

Les forces américaines coûteront plus cher à Séoul

La Corée du Sud a annoncé hier qu’elle participera à hauteur de 920 milliards de wons (environ 630 millions d’euros) au financement de la présence militaire américaine dans le pays en 2014, ce qui représente une hausse de 5,8% sur un an. Techniquement en guerre contre la Corée du Nord, Séoul participe depuis 1991 au coût du maintien des troupes américaines basées sur son territoire, en y contribuant actuellement à hauteur d’environ 40%.
13/01/2014

La Consob enquête sur BlackRock concernant Saipem

Selon Bloomberg, le régulateur boursier italien a ouvert une enquête contre l’un des gérants de BlackRock qui aurait utilisé des informations privilégiées pour vendre en janvier 2013 des actions de la société d’hydrocarbures. Ceci aurait permis au fonds d’investissement, qui conteste tout délit d’initié, d’éviter une perte d’environ 115 millions d’euros.

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