JP Morgan Asset Management va liquider le 7 février son fonds Ucits alternatif sur les matières premières, suite à une chute des actifs. Le fonds JPM Highbridge Diversified Commodities a cessé d’accepter de nouvelles souscriptions depuis le 12 décembre. Il avait été lancé en mars 2011 et était géré par le pôle alternative de JPM, Highbridge Capital. Selon les données de Lipper IM, le fonds représente aujourd’hui un encours de 3,2 millions de dollars, alors qu’il avait atteint 35,5 millions de dollars en août 2011.

Close Brothers Asset Management vient de recruter Seton Craven, jusque-là responsable et gérant des portefeuilles multi-assets pour des clients patrimoniaux chez PSigma Investment Management, au poste de directeur des investissements au sein de son équipe «Bespoke Investment Management». A ce titre, Seton Craven rapportera directement à Nancy Curtin, la responsable de ce pôle.Ce recrutement est le troisième pour Close Brothers Asset Management au cours des quatre derniers mois, après l’arrivée de deux directeurs chargés du développement en septembre 2013.

Jorge Amato, le responsable du trading crédit marchés émergents d’ING Investment Management, a quitté la société pour rejoindre début décembre Millennium Management, un hedge fund basé à New York, rapporte Citywire. Il sera désormais gérant de portefeuille dans l’équipe crédit global marchés émergents de Millennium. Jorge Amato avait passé trois ans chez ING IM aux Etats-Unis.

La société de gestion californienne TCW a nommé Alex McCulloch au poste de directeur de la distribution retail et du marketing, rapporte The Mutual Fund Wire. Cette nomination fait suite au départ récent de son directeur général Charles Baldiswieler, devenu président de Angel Oak Capital, qui a contraint la compagnie à redistribuer ses responsabilités en interne. Présent depuis 1995 chez TCW, Alex McCulloch occupait jusque-là le poste de co-responsable des relations clients auprès de la clientèle privée. Selon un porte-parole de TCW, cité par The Mutual Fund Wire, la mission d’Alex McCulloch consistera à «faire croître nos capacités en matière de gestion d’actifs et de fonds communs de placement sur le marché des particuliers».

La division Metco que le groupe Sulzer cherche à vendre intéresse encore deux candidats, à savoir OC Oerlikon du russe Viktor Vekselberg et la société de participation EQT du groupe industriel suédois Wallenberg, rapporte le HandelsZeitung. Le journal relève que le conseiller d’EQT est Ulf Berg, l’ancien patron et président du conseil d’administration de Sulzer. Ulf Berg a quitté Sulzer à l’issue de la bataille d’actionnaires remportée par Viktor Vekselberg, rappelle-t-il. Metco est une division très rentable de Sulzer, active dans le traitement des surfaces. Sa vente devrait rapporter environ 900 millions de francs suisses à Sulzer. Les offres peuvent être déposées jusqu’au 18 janvier.

La division Asset Management du Groupe Picard Angst a enregistré l’an dernier une collecte nette de 280 millions de francs suisse, ce qui lui a permis de porter ses actifs sous gestion à 1,6 milliard de francs suisses, selon un communiqué publié le 3 janvier. En outre, le nombre de produits structurés a pu être accru à plus de 530 (un chiffre à comparer aux 430 répertoriés en 2012), dont un volume de plus de 2,5 milliards est en cours de traitement. Dans le contexte de l’extension de sa gamme, Picard Angst souligne qu’il offre depuis quelques jours un indice maison pour les investissements dans les principales économies des pays émergents. Le Picard Angst Emerging Markets Fund propose ainsi la possibilité de participer au potentiel de croissance des pays émergents d’une façon efficace et transparente en investissant directement dans les marchés boursiers d’une sélection de pays émergents.

Credit Suisse a bouclé la vente des activités de Private Equity Customized Fund Investment Group («CFIG») à la société américaine Grosvenor Capital Management, rapporte L’Agefi suisse. La cession, annoncée en août, s’inscrit dans le cadre des désinvestissements stratégiques de Credit Suisse pour renforcer ses fonds propres. Le montant de la transaction n’a pas été dévoilé. CFIG est l’un des principaux acteurs du capital investissement, avec des fonds de quelque 18 milliards de dollars. Ce rachat permet à Grosvenor, un acteur de premier plan dans la gestion alternative, d’augmenter ses actifs sous gestion à 44 milliards de dollars.

La Liechtensteinische Landesbank (LLB) a annoncé le 3 janvier la fermeture de sa filiale helvétique LLB (Suisse) ainsi que le bouclage de la vente de la succursale de Lugano au tessinois PKB Privatbank. Ces opérations s’inscrivent dans le cadre de la nouvelle stratégie du groupe de Vaduz et pèsent sur les entrées de liquidités."La fermeture de LLB (Suisse) et la vente de la filiale de Lugano marquent une étape importante dans la mise en place de la stratégie de rencentrage de ses activités Focus 2015", a estimé le directeur général (CEO) Roland Matt, cité dans un communiqué. La clôture des activités bancaires de la filiale de LLB en Suisse, annoncée en mars, a été effectuée fin 2013, précise le groupe. Une société spéciale, LLB Verwaltung (Suisse), a été créée pour finaliser la fermeture de la banque.Avec la cession de la filiale de Lugano à PKB, LLB va transférer un volume d’affaires de 2 milliards de francs suisses et 26 employés à l'établissement tessinois. Ces deux opérations ont conduit à une décollecte nette de 2,5 milliards de francs suisses en 2013.Le programme «Focus 2015" prévoit de réduire le nombre d’employés à 840 personnes, contre 1.030 à la mi-mars 2013. LLB a également annoncé en octobre la vente de Jura Trust à la direction de la fiduciaire. La déconsolidation de l’activité pèsera à hauteur de 8 millions de francs suisses sur les résultats 2013 du groupe liechtensteinois.

The average size of private real estate vehicles which held final closes in 2013 was USD511mn, the highest ever recorded by Preqin. This comes at a time when fundraising levels are at a five-year high, with the capital raised by private real estate funds in 2013 amounting to USD77bn, 17% up on 2012. Although capital raised in 2013 has surpassed 2012 levels, the number of funds reaching a final close has fallen from 223 in 2012 to 162 in 2013, with capital increasingly concentrated among fewer managers, Preqin reports.

Hedge funds earned less good returns than equities in 2013, according to statistics from Hedge Fund Research published by Handelsblatt. Last year, hedge funds posted average returns of 8.2%, while the MSCI World index gained 21%, the German newspaper notes. Since 2009, the performance of hedge funds has been 39.6%, while global equities has been 75%.

The Spanish asset management industry has had a strong year in 2013. Assets in Spanish funds have reach EUR157.3bn, the level of June 2010, according to Funds People, on the basis of provisional data from Ahorro Corporacion. In the past year, assets under management rose by EUR30.18bn, growth of 23.7%. This performance is largely due to a net inflow of EUR23.2bn, responsible for 77% of growth in assets under management in 2013. Last year, Spanish funds earned average returns of 5.68%, a figure higher than the 4.53% in 2012.

The most recent monthly results for 2013 for the amLeague mandates give the advantage of Invesco, particularly to the team of Martin Kolrep and Manuela von Ditfurth for Europe mandates, which comes out top in Decemer, with returns of 2.76%, followed by Swiss Life Asset Managers and Roche-Brune (2.52% and 2.08%, respectively). For the year overall, however, French asset management firms do well. In European equities, BNP Paribas IP, with Theam, tops the rankings, with returns of 28.06%, followed by Invesco, AllianceBernstein And Roche-Brune, which have similar returns (27.78% to 27.74%). In euro zone equity mandates, Invesco tops the rankings for the year, with returns of 38.70%, just ahead of the French Roche-Brune, where the team of Bruno Fine and Grégoire Laverne earned 31.40%, and which did better than AllianceBernstein (29.67%). Considering results for the past year overll, for Europe, ten out of 22 companies did better than the benchmark, the Stoxx 600 Net Return, which has gained 20.79%. For the euro zone mandate, eight companies out of 28 beat the Eurostoxx Net Return index, which gained 23.74%.

The Metco division of the Sulzer group, which is up for sale, has attracted two interested candidates, OC Oerlikon, led by the Russian Viktor Vekselberg, and the EQT holding company of the Swedish Wallenberg investment group, HandelsZeitung reports. The newspaper reveals that the adviser to EQT is Ulf Berg, formerly head and chairman of the board of director at Sulzer. Berg left Sulzer after a shareholder battle which was won by Vekselberg, it says. Metco is a very profitable division of Sulzer, active in the treatment of surfaces. Its sale is expected to bring in about CHF900m for Sulzer. Bids may be submitted until 18 January.

The fund associated with George Soros has purchased a 3.1% stake in the Spanish construction group FCC from the largest shareholder in FCC, Esther Koplowitz, the Financial Times reports. Soros becomes the second international investor in the Spanish group, following Microsoft co-founder Bill Gates, who controls a 6% stake. Shares in the FCC group, which has decided to reduce its debt by selling off non-strategic assets, and which has strengthened its position internationally, has gained more than 125% in the past six months.

As part of its development strategy in Asia, Amundi has submitted an application for a licence to open its first branch in Thailand by the end of first half 2014, Pascal Blanqué, chief investment officer at the French asset management firm, tells the website Asian Investor. It will be the firm’s eighth sales office in Asia-Pacific, after Beijing, Brunei, Hong Kong, Kuala Lumpur, Singapore, Sydney and Taipei, the website reports. Amundi would meanwhile like to strengthen its local sales teams in 2014 with 15 to 20 recruitments, largely for its activities serving instituitonal and third-party clients, Blanqué tells Asian Investor.

Swedbank Robur, one of the largest Swedish asset management firms, owned by Swedbank, has decided to bring its Luxembourg-registered funds back to Sweden. The firm thinks that there is no longer any fiscal advantage to remain in Luxembourg. The move follows the introduction in 2012 of a new tax regime for funds in Sweden. Additionally, new European rules make fund mergers easier. The transfer began with the merger of the Luxembourg-registered equity funds Global High Dividend Sub Fond into its Swedish equivalent, Global High Dividend. “Our plan is to repatriate all our funds domiciled in Luxembourg to Sweden. Now, there is no fiscal advantage to keeping them there. It is also less expensive for us and for savers when funds are in Sweden,” Pär Bäckman, head of information at Swedbank Robur, explains to the Swedish press.

The organisation responsible for the United Nations Principles for Responsible Investment (PRI) is planning to appoint an external independent adviser to help it review the governance of the PRI, IPE.com reports. The decision follows the departure of eight signatories from the PRI organisation due to governance concerns.

Carlyle, the US-based private equity firm, has submitted the necessary documents to the SEC to launch its first two mutual funds aimed at retail cients, Agefi reports. One of these funds will be oriented to commodiie, the other to a more diversified universe of equities, debt, real estate, commodities and currencies, largely via excchange-traded funds (ETF). An article in the Financial Times describes this project and plans by Fortress to list its infrastructure fund Worldwide Transportation and Infrastructure on the NYSE. The British newspaper states that the two firms plan to open to retail investors.

A year that saw most emerging markets equity and bond funds struggle despite rising risk appetite ended with China equity funds absorbing over USD1.5 billion during the 10 days ending December 30 while developed markets equity funds added to their already record setting inflow totals and bond funds overall recorded modest outflows, according to EPFR.Based on monthly and daily data, preliminary numbers for 2013 show all four of the major developed markets equity fund groups – US, Europe, Japan and global equity Funds – setting inflow records. “Bar the possibility of another fight over the US debt ceiling and the impact of the hike in Japan’s sales tax in 2Q14, there isn’t too much on the immediate horizon that is likely to shake fund flows out of their current pattern,” observed EPFR global research director Cameron Brandt.The strong flows into frontier markets funds are an illustration of the enduring yield hunger and rising risk appetite evident in 2013 which saw investors pour record setting amounts into Spain equity and bond funds. Since the beginning of April Spain bond funds only posted outflows three of the 39 weeks to year end as they absorbed a net USD6.4 billion, thereby accounting for over 80% of the net flows into all Europe bond funds. Among retail investors risk appetite fell off sharply during the final two months of the year when they pulled over USD19 billion from both bond and equity funds, observes EPFR. The final days of 2013 saw flows follow a general pattern that has by and large been in place since the late summer. Investors again pulled money from emerging markets, US Long Term, municipal, mortgage backed, inflation protected and Asia Pacific bond funds and committed fresh money to Europe, floating rate, convertible and short term bond funds and balanced funds.

Boost ETP, an independent issuer of ETPs, has appointed Antionio Sidoti and Marlene Rodriguez as senior sales executives for the Italian market, Bluerating reports. Sidoti join from Ecomunicare, while Rodriguez, who had already been at Boost since 2012, previously worked at BNP Paribas and Axa Investment Managers.

DWS Investment has launched a new fund of funds. According to Fondscheck.de, the asset management firm has since 17 December been offering the DWS Multi Opportunities LD (ISIN LU0989117667), in which at least 51% of assets are invested in equity funds. The remainder may be invested in equities, certificates, etc. The asset management team will pay particular attention to geographical diversification, the website says.

The Total Return fund, the flagship fund from Pimco, whose assets under management total about USD244bn, has seen its first annual loss since 1999, Investment Week reports. The fund, managed by the co-CIO of Pimco, Bill Gross, lost 2% last year, according to data from Morningstar. In the month of December along, the fund lost 1%, in the wake of a decision by the Federal Reserve to end its quantitative easing policy. The fund has posted its worst result since 1994, when it had a negative performance of 3.6%. US Treasury bonds, which according to Reuters represent about 37% of the portfolio, have seen a difficult second half following indications by the Federal Reserve in May last year that it planned to end its quantitative easing policy.

JP Morgan Asset Management will on 7 February liquidate its UCITS commodity hedge fund, following a fall in its assets. The JPM Highbridge Diversified Commodities fund ceased to accept new subscriptions on 12 Decembr. It was launched in March 2011, and was managed by the alternative branch of JPM, Highbridge Capital. According to data from Lipper IM, the fund now has assets of USD3.2m, after a peak at USD25.5m in August 2011.

The Marlborough UK Leading Companies fund, whose assets under management total slightly over GBP86m, has been renamed as the Marlborough UK Multi-Cap Growth fund from 1 January, Fundweb reports. The change aims to better reflect the approach of manager Richard Hallet, who will be responsible for all cap sizes as part of his long-term strategy.

According to statistics compiled by IndexUniverse, exchange-traded funds (ETF) listed in the United States have posted record inflows of USD188.54bn in 2013, slightly overtaking the previous record of USD188.36bn in net inflows in 2012. This performance is more notable due to the fact that the largest ETF in the world, dedicated to gold (SPDR Gold Shares, or GLD) has seen outflows of USD25bn for the past year overall. Including redemptions and falling gold prices, assets in GLD have fallen by 57% to a total of USD37bn as of the end of 2013, compared with USD72bn one year earlier. Overall, total assets in ETFs listed in the United States have reached a record USD1.701trn on the last trading day of 2013, for growth of 26% in assets compared with the end of 2012, and growth of 8.6% compared with third quarter, according to figures from Index Universe. The most popular fund in 2013 was SPDR S&P 500 ETF (SPY), the largest ETF in the world, with a total of USD175bn in assets, or 10% of all ETFs listed in the United States.

Jorge Amato, head of emerging market credit trading at ING Investment Management, has left the firm to join Millennium Management, a hedge fund based in New York, at the end of December, Citywire reports. He will now be a portfolio manager in the global emerging market credit team at Millennium. Amato spent three years at ING IM in the United States.

The California-based asset management firm TCW has appointed Alex McCulloch as head of retail distribution and marketing, Mutual Fund Wire reports. The appointment follows the recent departure of its CEO Charles Baldiswieler, who has become chairman of Angel Oak Capital, which has required the company to redistribute its responsibilities internally. McCulloch, who has been present at TCW since 1995, previously served as co-head of client relationships with private clients. According to a TCW spokesperson cited by Mutual Fund Wire, McCulloch’s mission will be to “grow our capacities in asset management with common investment funds on the retail market.”

For the first time in four decades, the holding company of Warren Buffett, Berkshire Hathaway, probably did not succeed last year in beating the S&P 500 index, Investment Week reports. In the past five years, the S&P 500 has earned 128%, according to statistics from Bloomberg, at a time when, according to available figures, the value of A shares in Berkshare rose 80% between the end of 2008 and 30 Septemebr 2013. According to analysts, it is unlikely that Buffett could have reduced the gap in significant proportions in the last three months of 2013.

UFF and Aviva on Thursday, 2 January announced the signature of a sales agreement to integrate the portfolios of clients and employees of the Aviva Epargne & Conseils (AEC) network into the Groupe Union Financière de France (UFF). After a period of harmonisation of tools and practices, the merger will result in a total operational merger of the networks. The total acquisition price is EUR8m. Due to the liabilities taken on board by UFF, which has achieved a price reduction, the price paid to Aviva is EUR7.2m, a statement says. The Aviva Epargne & Conseils network is specialised in life and retirement insurance advising. It has about 250 employees, and the portfolios of its 75,000 clients represent over EUR2.5bn in assets under management. The acquisition allows UFF to have a network of 1,100 employees dedicated to advising, assets of EUR10bn under management, and a portfolio of 200,000 clients.

Le gouvernement chinois a adopté un projet de durcissement des règles encadrant les activités de «shadow banking», selon des sources concordantes. Les nouvelles règles introduisent des restrictions sur la coopération entre banques classiques et sociétés d’investissement, sociétés de courtage et autres intermédiaires. Elles visent également le financement par le biais d’internet, les pratiques de microcrédits ou les prêts informels consentis par des proches. Si le texte adopté par le Conseil d’Etat souligne que le système bancaire parallèle est une conséquence «bénéfique» et «inévitable» du développement de la finance de marché, Pékin s’inquiète des risques induits par la flambée de la dette, qui atteint 218% du PIB selon Fitch, contre 131% en 2008. En outre, l’audit national a révélé que 43% de la dette totale de 17.900 milliards de yuans des collectivités locales chinoises provenait de sources non bancaires.