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12/11/2013

Global Prime Partners selects BNY Mellon

Global Prime Partners (GPP), a specialist in emerging market managers, new entrants on the market, has selected BNY Mellon Broker-Dealer Services to provide settlement and custody services.BNY Mellon will begin to initiate the partnership by providing its services to clients of GPP whose trades are processed by Euroclear. Later, the services will be extended to all geographical regions in which GPP provides prime brokerage services to its clients.
12/11/2013

Fortress director plans to found own firm

Adam Levinson, chief investment officer for Asia Macro funds at Fortress Investment Group, is in negotiations with his employer to launch his own firm, Hedge Week reports, citing Bloomberg. No decision has yet been taken, and the spinoff will not take place before early 2015, a source familiar with the matter says. It will be the first time that Fortress (USD58bn in assets) financed the company of one of its employees.
12/11/2013

BPI AM sees fund selector depart

The fund selector Vasco Nuno Jesus has decided to leave the Portuguese group BPI Asset Management, after six years at the firm, Citywire Global reveals. He will leave the group on 11 November and has not yet revealed what he will do after his departure. BPI has assets under management of EUR18bn.
12/11/2013

HFRI hedge fund index up 1.5% in October

The HFRI benchmark index of hedge funds gained 1.5% in October, for its tenth gain in the past 12 months, with positive contributions from all strategies. Since the beginning of the year, the HFRI index has gained 7.2%, the best since 2009 over nine months. The Equity Hedge and Event-Driven strategies have continued to drive performance in the sector, with gains of 1.8% and 1.55%, respectively, on one month, and 11.3% and 10% on nine months. Macro strategies ended five months of losses with gains of 1.1%, bringing performance since the beginning of the year to 0.9%. The HFRI hedge fund index has also done well, with gains of 1.5% in October, bringing performance in the first nine months of the year to 6.6%.
12/11/2013

ProShares offers bond ETF with hedging for interest rates

The alternative ETF provider ProShares on 7 November announced the launch of a new ETF, the ProShares Investment Grade-Interest Rate Hedged, which is presented as the first investment-grade ETF to offer integrated hedging as interest rates rise. The new vehicle aims for a duration of zero via short-selling of Treasury futures. ProShares this year already launched a similar hedging strategy for high yield bonds.
12/11/2013

UBS launches family office operation in Australia

The UBS group has announced the launch of a new family office activity in Australia in order to assist with the needs of high net worth clients in Australia, according to reports in several Australian publications. The initiative will include the merger of investment banking and wealth management activities at UBS in Australia, in order to cover existing clients of the bank and other prospective clients among the 50 most wealthy families in Australia.
12/11/2013

Flossback von Storch scales up distribution

Dirk von Velsen, a board member at the Cologne-based Flossbach von Storch (which had more than EUR12bn in assets under management as of the end of May), has announced the recruitment of three people as additions to its wholesale and institutional distribution. Heike Ahlgrimm has been appointed as director of fund sales and will be responsible for monitoring banks, savings banks, Landesbanken, wealth managers and fund of fund managers for North and North-East Germany. She had previously been director, banks at Invesco Asset Management.Peter Guntermann becomes director, institutional investors, and joins from Sal. Oppenheim, where he has been responsible for senior clients and a senior portfolio manager for institutional clients for 15 years.Lastly, Sebastian Grund, who had been in the department of the institutional key accounts management team at Union Investment Institutional, has also been appointed as director, institutional investors.
12/11/2013

Allianz announces operating profit targets for 2013

The German insurer Allianz on 8 November slightly raised its operating profit targets for 2013, after earning increased net profits in third quarter, due to good performance in its health and damage divisions. “In light of the positive development of the Allianz group in the first nine months of 2013, we are now projecting operating profits for the year as a whole slightly over EUR9.7bn,” Michael Diekmann, head of Allianz, says in a statement. In July to September, the group has seen its net profits rise 6.3% in one year, to EUR1.44bn. It has also reported operating profits in third quarter of EUR2.52bn, down slightly by 0.7% compared with the same period last year. Its operating profits, for their part, have remained generally stable, at EUR25.1bn (-0.2% year on year). “In third quarter, Allianz extended the positive developments in first half, despite negative currency effects,” he says. Asset management activities saw a decline of 7.7% in their operating profits year on year, to EUR1.7bn, due to “volatility on the markets” as well as unfavourable currency effects.
12/11/2013

Vanguard leads for ETP subscriptions YTD

Worldwide, in the first ten months of the year Vanguard was the ETP promoter which posted the most net inflows, totalling USD51.6bn, ETFGI reports. In second place is iShares, with USD51.3bn.These actors are far ahead, as the third-largest promoter by net subscriptions was WisdomTree with USD12.8bn, just ahead of PowerShares, with USD12.6bn. In fifth place is SPDR (State Street Global Advisors) with USD9.5bn.
12/11/2013

Four Frenchies in the global top 20 asset management firms

Axa, in sixth place with USD1.47457trn in assets, BNP Paribas, in ninth place with USD1.30399trn, Amundi, in 14th place, with USD961.24bn), and Natixis, in 18th, with USD6779.32bn, are cited by Pensions & Investment and Towers Watson in their rankings of the 500 largest asset management firms in the world as of the end of 2012, published on 11 November.The two world leaders remain unchanged compared with the end of 2011: BlackRock, with USD3.79159trn, and Allianz, with USD2.44782trn. But Vanguard, with USD2.21522trn, has stolen third place from State Street, which falls to fourth, with USD2.08622trn.Total assets as of the end of 2012 came to USD68trn, up by 8.2% year on eyar, after a decline of 3% in 2011. They are now near an all-time record of USD69trn as of the end of 2007.The study also finds that since 2002, passively-managed assets have increased by 13% per year, while the market as a whole gained only 6%.
12/11/2013

Macquarie to make cash offer for SWIP

Macquarie Group will make a cash offer of GBP500m for Scottish Widows Investment Partnership in the next two weeks, in order to push the other suitor, Aberdeen Asset Management, out of the running, the Wall Street Journal reports, citing sources familiar with the matter.Aberdeen AM emerged two weeks ago as the favourite for the acquisition of the Lloyds asset management affiliate. But plans by the Scottish firms to issue shares to Lloyds to finance the acquisition reduced the attractiveness of the offer, and the British banking group is continuing talks with Macquarie for a cash offer.Sources familiar with the matter say that Lloyds will take a decision on the sale of SWIP by 22 November.
12/11/2013

Two former Cazenove employees found Sanditon AM

According to reports in Investment Week, Chris Rice, who managed European equity funds at Cazenove, has founded Sanditon Asset Management with his predecessotr Tim Russell, who left Cazenove in July 2011. Pending approval by the FCA, they are planning to launch a long-only fund and a long/short UK equity fund in second quarter 2014, managed by Tim Russell, as well as a long-only fund and a European long/short equity fund managed by Chris Rice.
12/11/2013

Newton veteran joins Quilter Cheviot

Quilter Cheviot has recruited Matthieu Duncan as chief operating officer, Fund Web reports. Duncan had previously been head of strategy at Newton Investment Management and chief investment officer at Cambridge Place Investment Management.
12/11/2013

Oddo AM launches European large caps fund in Italy

Oddo Asset Management has obtained permission to sell the Oddo Equity Large Cap Europe, a fund which invests in European large cap equities, on the Italian market, Bluerating reports. The number of funds from the French asset mangement firm licensed for sale in Italy thus totals 18.
12/11/2013

“Alternative management has not yet won back the trust of investors in France”

Aberdeen AM France has had an equity type alternative multi-management mutual fund under management for five years, and has a similar “global” fund managed in London, but not on sale in France. Despite the interest for these funds by competitors, their assets are low... The deputy CEO of Aberdeen France in charge of investment, Sandra Craignou, analyzes investors' reticence, and the means that the firm is using to win them back.
12/11/2013

Lehman trustee sues Credit Suisse

The team responsible for liquidating the business bank Lehman Brothers has filed a lawsuit in New York bankruptcy court against Credit Suisse, according to the news agency Dow Jones. It accuses the bank of having inflated the losses undergone due to the bankruptcy of the US bank. The trustee is asking for the USD1.2bn sought by Credit Suisse in damages and interest to be lowered by more than USD1bn. He claims that the initial amount is exaggerated and that the claims of Credit Suisse are valid only for about USD75m. He also claims that Credit Suisse owed him CHF150m for international transactions.
12/11/2013

Janet Squitieri joins Van Eck as head of compliance

Janet Squitieri, chief compliance officer and senior vice president for North America at HSBC Global Asset Management from August 2010 to September 2013, has been appointed as vice president, global head of compliance at Van Eck Global.In this role, she succeeds Joseph McBrien, who has been appointed as senior vice president & chief legal counsel.
12/11/2013

Proposals to reform Norwegian fund

A committee appointed by the Norwegian government recommends that decisions by the Norwegisn sovereign fund (USD800bn in assets) to exclude companies or sectors for ethical reasons will be taken by the central bank of the country, the Financial Times reports. It is currently the Norwegian finance minister who takes these decisions, on the advice of an ethical board composed primarily of Norwegian professors. This system has sustained cirticism, since it leads to slow decision-making processes.
12/11/2013

WisdomTree offers Korea ETF hedged for currency risks

Riding on the success of the WisdomTree Japan Hedged Equity Fund (ticker: DXJ), which has USD10.6bn in assets, largely due to USD9bn in inflows since the beginning of this year, Wisdomtree on 7 November launched the WisdomTree Korea Hedged Equity Fund (DXKW).The new ETF replicates the WisdomTree Korea Hedged Equity Growth Index; it invests in quality South Korean equities, but hedges currency risks against the won by shorting with futures contracts.The total expense ratio is 0.58%.
12/11/2013

FactSet integrates Market Vectors ETF from Van Eck

The financial data provider FactSet has announced that it has joined the Market Vectors ETF platform from Van Eck. Market Vectors ETFs and indices will be available on SPAR (Style Performance and Risk) and FactSheet Portfolio Analysis, a tool which allows portfolio managers to study the performance, composition and characteristics of a portfolio on an absolute basis or compared with an index. In an initial phase, bond ETFs from Van Eck covering international credit, investment grade, and high yield, will be integrated, as well as municipal bonds. Equity ETFs will be taken next.
12/11/2013

Global X launches next emerging and frontier equity ETF

On 7 November, Global X Funds listed the Global X Next Emerging 7 frontier ETF (ticker: EMFM) for trading on the NYSE Arca platform, with fees of 0.58%. It replicates the Solactive Next Emerging & Frontier Index from the German firm Solactive AG (basis of 100 for 22 October 2013).“Next emerging markets” exclude the BRIC countries, as well as the most developed emerging countries, which currently include South Korea and Taiwan. The index includes 21 frontier and 14 emerging countries.The underlying is composed of equities, ordinary shares, either ADR and GDR, from a selection of businesses worldwide which are domiciled in these countries, or which have their primary listing or derive more than 50% of their revenues from these countries. The equities selected have been chosen from among the largest caps on the basis of publicly-traded capital, and their weighting is then a function of liquidity.
12/11/2013

Latin American fund of fund and pension fund sector growing

The Latin American region’s mutual fund industry has seen a 21.3% five-year compound annual growth rate between 2008 and 2012, ending 2012 with USD 1.1 trillion in assets under management, according to new research from Cerulli Associates covering Brazil, Mexico, Chile, Colombia, Peru, and Argentina.On the pension side, the region has seen a 15.1% increase in assets under management between 2011 and 2012. Similar growth has been seen in each of the major markets in this region, according to Cerulli. In Brazil, mutual fund assets grew 15.6% from 2011 to 2012, and the Mexican mutual fund industry closed 2012 with a 13.9% increase over 2011. In Colombia, the mutual fund industry has averaged growth of more than 20% annually for the last five years, as has the pension fund industry, while the Chilean compulsory and voluntary pensions’ assets under management rose 10% year-over-year. Ninca Czarnowski, senior analyst at Cerulli, says that there are thriving opportunities for global managers wishing to expand into the region, as both mutual funds and pension funds have been increasing allocations to cross-border vehicles, in particular to ETFs.
12/11/2013

Le pouvoir chinois veut donner un rôle "décisif" aux marchés

Le Parti communiste chinois (PCC) a décidé d’accroître la place laissée aux marchés pour réguler l'économie, dans le programme de réformes pour la décennie à venir adopté mardi à l’issue de quatre jours de réunions à huis clos. Les marchés vont jouer un rôle «décisif», rapporte l’agence Chine nouvelle dans son compte rendu du troisième plénum du 18e comité central du PCC. Auparavant, le parti décrivait plutôt les marchés comme devant jouer un rôle «de base», précise l’agence de presse officielle. Il s’agit, précise le PCC, de parvenir à des «résultats décisifs» d’ici 2020, le changement économique étant le point central de réformes qui se veulent «globales».
12/11/2013

La Banque de France espère un rebond de la croissance fin 2013

La Banque de France prévoit une accélération de la croissance de l'économie française au quatrième trimestre de cette année (+0,4%), qui ferait suite à un ralentissement au troisième. La BdF avait abaissé début octobre sa prévision pour le troisième trimestre, à 0,1% contre 0,2% auparavant. L’Insee doit publier jeudi les chiffres de la croissance pour le troisième trimestre, qui feront suite à une hausse de 0,5% au deuxième.
Photo: PHB
12/11/2013

L'inflation ralentit plus fortement que prévu au Royaume-Uni

L’inflation au Royaume-Uni a reculé plus qu’attendu en octobre, à 2,2% sur un an, un plus bas depuis septembre 2012, grâce notamment à la baisse des prix du pétrole et des coûts de transport, selon les chiffres de l’office national des statistiques. Les économistes interrogés par Reuters prévoyaient en moyenne un ralentissement inférieur, à 2,5% en rythme annuel. L’inflation est bien inférieure à la prévision de la Banque d’Angleterre qui tablait en août sur hausse des prix supérieur à 2,8% pour le reste de l’année.
12/11/2013

L'Union européenne trouve un accord sur son budget

Les négociateurs de l’Union européenne sont parvenus à un accord sur le budget de l’UE pour 2014, en baisse de 6% à 135,5 milliards d’euros, avec un accent mis sur la lutte contre le chômage des jeunes. Cet accord est le premier à s’inscrire dans le nouveau cadre défini en février par les dirigeants de l’UE pour les budgets de la période 2014-2020. Dans ce cadre, les fonds inscrits dans un budget mais non dépensés pourront être transférés sur le budget de l’année suivante avec l’accord des gouvernements de l’UE. Environ deux tiers des dépenses de l’UE iront dans les subventions agricoles et des investissements tels que le développement des infrastructures routières dans les pays du centre et de l’est du continent. Cet accord doit encore être avalisé par le Conseil européen et le Parlement européen réuni en séance plénière.

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