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07/11/2013

Arderova AM launches long-only fund

Arderova Asset Management, the firm founded by former fund managers from Liontrust, is launching a global long-only equity fund as an addition to its long/short strategy.
07/11/2013

BlackRock tops 5% of capital in Azimut

BlackRock now controls 5.004% of capital in the Italian asset management firm Azimut, as part of its third-party management, Bluerating reports. The capital is controlled via 12 different vehicles.
07/11/2013

Permira acquires majority of Bestinvest

For an undisclosed sum, private equity investor 3i has sold its majority stake in the private client investment group Bestinvest, whose assets total GBP5bn, to funds from Permira. The transaction is expected to be completed in first quarter 2014.Peter Hall, CEO of Bestinvest, says that Permira is willing to support the growth strategy of management, and that the introduction of RDR regulation offers Bestinvest excellent opportunities for both organic and external growth.
07/11/2013

Mark Little leaves Henderson

Mark Little, associate director of the discretionary sales team at Henderson Global Investors, will be leaving the firm at the end of the year, Investment week reports. His clients will be taken over by Matthew Frost and William Hamilton, with the assistance of Simon Hillenbrand. Little had previously been at New Star, a firm which was acquired by Henderson.
07/11/2013

Old Mutual GI posts inflows thanks to Richard Buxton

Old Mutual Global Investors has posted net subscriptions of GBP300m in third quarter, due to strong inflows to Old Mutual UK Alpha funds, managed by the fund star Richard Buxton, Fund Web reports. The firm now has GBP15.2bn in assets under management, an increase of 10% compared with the beginning of the year.
07/11/2013

Departure of international salesperson from Cheyne

Max Nardulli, head of international sales and distribution at Cheyne Capital, one of the oldest hedge funds in London, has left the firm after four years, Financial News has learned. He had been responsible for sales of the Cheyne product range abroad.
07/11/2013

Strong growth in activities at Royal London

The British Royal London group has reported growth in its assets under management of 48% in the first nine months of the year, compared with the end of December 2012, to GBP73.5bn, according to figures released by the firm. This development is related largely to the acquisition in August this year of The Cooperative Asset Management, which represents assets under management of GBP20.4bn. Inflows at Royal London Asset Management, for their part, totalled GBP1.45bn in nine months. Retirement activities also contributed, with growth of 28% in nine months, to GBP2.2bn.
07/11/2013

Double Dividend obtains asset management firm license

The Dutch regulator, the Autoriteit Financiële Markten (AFM), has awarded Double Diviend, an investment consulting firm based in Amsterdam, an extension on its license, which allows it to manage investments, Fonds Nieuws reports.Double Dividend offers a socially responsible investment portfolio in equities, bonds and alternative assets, either directly or via the best funds from external managers, with a maximal commission of 1%, including VAT.In April, the firm also launched a sustainable development equity fund, which has EUR8m in assets, the Double Dividend Equity Fund, managed by Ward Kastrop.
07/11/2013

UBS and Wealth-X publish their first global survey of billionaires

The high net worth specialist Wealth-X and the Swiss group UBS on 6 November published the first edition of its survey of billionaires worldwide, the “Wealth-X and UBS Billionaire Census 2013.” The global population of billoinaires this year (June 2013) reached a record 2,170 people, up by 0.5% compared with 2012 (July). The wealth of Asian billionaires has grown most sharply in 2013, with a leap of nearly 13% for a population which has grown by 3.7% compared with the previous year. At the current growth rates, Asia would overtake the United States in five years, the report finds. Another remarkable development is that since the 2009 financial crisis, there are 810 new billionaires. The wealth of the population of billionaires has more than doubled since the financial crisis, to USD6.5trn, compared with USD3.1trn in 2009. The cumulative wealth of the billionaires has grown 5.3% since 2012.] Europe has the largest number of billionaires (766), but the United States continues to lead in terms of cumulative wealth, with a total of USD2.158trn.
07/11/2013

ING IM suffers redemptions in Q3

ING Investment Management has published stable assets for third quarter, at EUR176.1bn, compared with EUR176bn the previous quarter, but down by EUR3.8bn in one year, according to quarterly results for the ING group. Asset management in third quarter suffered net redemptions in Europe and Asia of EUR0.4bn in total. In detail, assets under retail management totalled EUR46.4bn, compared with EUR45.3bn in the previous quarter, and EUR43.2bn one year ago. Assets under management for institutional clients total EUR56.5bn, compared with EUR56.3bn in second quarter 2013, and EUR61.2bn one year ago.
07/11/2013

Credit Suisse sells DLJ Investment Partners

Credit Suisse is selling its DLJ Investment Partners (DLJIP) activity to Portfolio Advisors. The team at DJIP surrounding Igor DaCosta and Charles Harper will also transfer to the new owner, Credit Suisse said in a statement on 6 November. The operation is part of sale plans already announced, and is expected to be completed by the end of 2013. The financial terms of the transaction have not been disclosed. Since its inception in 1995, DLJIP has executed 75 financing transactions for a total of USD3.6bn.
07/11/2013

Switzerland's Gottex grows in China

The Swiss alternative asset management firm Gottex will set up a joint venture with the Chinese asset management firm Vstone Asset Management, the news agency Reuters reports. Vstone will assist Gottex with its planned developments in China. “The objective is to strengthen the capacities of Gottex in China in order to provide investors with access to Chinese onshore markets through equities, bonds and private equity,” the co-founder of Gottex, Max Gottschalk, tells Reuters. As of the end of September, assets under management at Gottex totalled USD5.8bn.
07/11/2013

Cogefi Gestion appoints representative for external sales

Cogefi Gestion has recruited Côme Simon de Tinguy as representative for external distribution. The new recruit, who will aim to strengthen the development of the professional client base, will be more specifically resopnsible for sales of the fund range to private bankers, multi-managers, family offices and online brokers. De Tinguy had since 2008 been head of sales to portfolio management firms at Financière de Champlain.
07/11/2013

New Hampshire RS awards a custody mandate to BNY Mellon

BNY Mellon Asset Servicing has announced that it won a global custody mandate for USD6.5bn from the New Hampshire Retirement System (NHRS). The investor services unit at BNY Mellon will provide custody, accounting, currency, cash management and risk services.NHRS has about 85,000 members, and works for 475 employers, the State of New Hampshire, municipal governments, school districts, counties, etc.
07/11/2013

BBVA kicks off fund war

After the “war of deposits”, here comes the “war of the funds:” Cotizalia reports that BBVA has launched a campaign for November and December in which it offers a 2% bonus for all sums up to EUR10000 transfer from rival funds to one of the 19 funds of the BBVA range. In exchange, the recepient of this bonus will be required to keep the sum transferred (which is unlimited) in the fund for 30 months.
07/11/2013

M&G recruits sales manager for Italy

M&G Investments in early October recruited Nicola Mutinelli for its Italian team as sales manager, Milano Finanza reports. He will report to Matteo Astolfi, director. He had previously worked at Anima SGR as relationship manager. At the same time, Lorna Neri has been promoted to business development manager. As of 30 June, M&G had assets in Italy of EUR6.6bn.
07/11/2013

Asset management participates in good results at Natixis

Natixis, which on Wednesday, 6 November unveiled its results for third quarter, has posted strong growth in revenues for core professions, up 10% compared with third quarter last year, to EUR.597bn. In the Spain unit, asset management has posted record net inflows of EUR11.2bn, driven mostly by the United States, and life insurance activities, which were dynamic.
07/11/2013

Société Générale private bank posts very good results in Q3

The new large clients and investor solutions (GBIS) unit at the Société Générale group, which includes financing and investment banking and the private banking, asset management and investor services unit, has posted growth in its revenues of 7.2% in third quarter. Asstes under management at the private bank total EUR83.9bn as of the end of Sepember, due to net inflows of EUR0l8bn for the quarter, largely driven by France and Asia, a market effect of EUR0.7bn, and a currency effect of EUR0.1bn. However, the sale of activities in Japan on 1 October generated a perimeter effect of -EUR2.2bn. Investor Services activities have seen their assets under custody rise 7.7% to EUR3.609trn compared with the end of September 2012, and their assets under administration are up 11.6% in the same period, to EUR500bn. In finance and investment banking activities, “Lyxor has posted an incrase in its assets under management, thanks to significant inflows in the quarter as part of an extension of its product range.”
07/11/2013

Amundi posts inflows of EUR1.1bn YTD

In the first nine months of 2013, Amundi has recorded net inflows of EUR1.1bn, according to financial results published this Thursday by its shareholder Crédit Agricole, which will soon increase its stake to 80% from 75% currently. The stake will be sold by Societe Generale for EUR337.5m. Over the first nine months, new inflows were pushed up by distributors, institutional and corporate customers (+7.5 billion euros), the international branch networks (+2.3 billion euros) and employee savings management (+0.9 billion euros)., the bank says in a statement. However, French networks have seen redemptions of EUR9.6bn. Amundi also notes that long term inflows total EUR5.7bn, indicating that net redemptions from money markets were high (EUR4.6bn).Including 100% of the joint ventures in Asia and Smith Breeden, recently acquired (impact: +4.7 billion euros), assets under management amounted to 759 billion euros at end-September 2013 (up 2.6% on end-December 2012). They benefited from a favourable market effect of +13.5 billion euros. Average assets under management were 756 billion euros, up 9% year-on-year in the first nine months of 2013. Amundi delivered a 1.3% increase in gross operating income in the first nine months of 2013 by comparison with 2012. Revenues rose by 1.8% year-on-year over the first nine months and by 0.5% over the third quarter of 2013, due to resilient commissions and fee income. Operating expenses increased by 1.4% year-on-year over the first nine months of 2013 excluding the impact of tax measures. The cost/income ratio stabilised at 55.3% at 30 September 2013. Amundi’s net income Group share came to 233 million euros for the first nine months of 2013, up 4.6% year-on- year, and to 73 million euros for the third quarter.
07/11/2013

CEO resigns from Korean SWF

Choi Chong-suk, chairman and CEO of the Korean sovereign wealth fund, the Korea Investment Corporation (KIC), has resigned from his position for personal reasons, Asian Investor reports. The chief investment officer, Lee Donk-ik, will replace him for the interim. A replacement for Choi, who had been in office since July 2011, will be found by the end of the year, Asian Investor predicts. As of 31 March, the sovereign wealth fund had assets of USD61.6bn.
07/11/2013

Dexia AM to transition to AIFM mode in early 2014

Fabrice Cuchet, a member of the executive board and head of alternative management at Dexia Asset Management, on 6 November announced that the asset management firm “has chosen a double UCITS/AIFM license for its asset management firms based in France, Belgium and Luxembourg, and will submit AIFM applications to this effect in the first few months of 2014.” The decision is being taken for practical reasons, since moving to AIFM now would require reporting from early next year, which would represent a disproportionate workload.For Dexia AM, there will be about 200 UCITS funds and 100 AIFM funds. Clearing partners will have to be selected by second half next year and existing ISDA contracts will have to be updated with 15 counterparties.The conclusion of the transaction by which New York Life acquires Dexia AM is expected to come by the end of the year, and the European asset management firm will change names.Cuchet also says that net subscriptions totalled about EUR300m for alternative management at Dexia AM since the beginning of the year, with acceleration once news of the sale got out. Inflows were primarily concentrated on long/short credit, global macro and CTA strategies. Alternative assets as of the end of October totalled about EUR4.5bn.
07/11/2013

La Banque d'Angleterre maintient sa politique monétaire

La Banque d’Angleterre (BoE) a laissé sa politique monétaire inchangée, s’en tenant ainsi à son engagement de maintenir ses taux à un niveau très bas jusqu'à que la reprise économique du pays soit plus solidement ancrée. L’institut d'émission a maintenu son taux directeur à 0,5%, son plus bas niveau historique, un niveau auquel il est fixé depuis mars 2009.
07/11/2013

La BCE baisse d'un quart de point ses taux directeurs

La Banque centrale européenne abaisse ses taux directeurs. Le taux d’intérêt des opérations principales de refinancement de l’Eurosystème est abaissé de 25 points de base, à 0,25%. Le taux d’intérêt de la facilité de prêt marginal est réduit de 25 points de base, à 0,75%. Le taux d’intérêt de la facilité de dépôt demeure inchangé, à 0,00%.
Photo: Bloomberg
07/11/2013

L'Italie bat un record d'émission de dette indexée

L’Italie a levé un montant record de 22,3 milliards d’euros dans le cadre d’une émission, bouclée mercredi, d’obligations souveraines à quatre ans indexées sur l’inflation. Ces titres étaient destinés aux particuliers mais les institutionnels y ont répondu en masse, conduisant le Trésor à interrompre prématurément le placement au bout d’un jour et demi. L’Italie avait établi le précédent record voici un an lors d’une émission de BTP Italia du même type. Le pays a désormais couvert 95% de son programme d'émission à moyen long terme pour 2013. Les analystes s’attendent maintenant à ce que Rome annule ses émissions de dette souveraine prévues à la mi-décembre. Sur le marché secondaire, les cours des obligations italiennes ont progressé à la suite de cette émission record. Le rendement de l’obligation souveraine à 10 ans a ainsi baissé de trois points de base juste après l’annonce, à 4,15%.
07/11/2013

Carlyle vise haut pour son nouveau fonds

Le co-directeur général de la société de private equity, David Rubinstein, a assuré que le fonds en préparation Carlyle Partners VI avait été intégralement souscrit et que son actif ne serait pas inférieur à 12,9 milliards de dollars. Carlyle a fait part d’un résultat net économique en repli de 11% à 195 millions au troisième trimestre sur fonds de moindres gains issus des cessions d’actifs.

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