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23/10/2013

La Banque du Canada adopte un ton plus pessimiste

La Bank of Canada (BoC) a abandonné son biais haussier à l’issue de sa réunion de politique monétaire qui a laissé le taux directeur inchangé à 1%. La banque centrale canadienne justifie sa prudence par la révision à la baisse de ses perspectives de croissance, par une inflation toujours inférieure à sa cible, et par le risque de correction du marché immobilier.
23/10/2013
Fonds

Mirabaud AM lance un fonds obligataire flexible et global

Mirabaud AM a lancé en début de mois un fonds obligataire flexible et global, le Global Strategic Bond Fund, avec un encours de plus de 100 millions de dollars.Le produit de 80 à 90 lignes est un fonds à rendement absolu « destiné à saisir toutes les opportunités de l’univers obligataire durant les différents cycles économiques, y compris la phase actuelle de quantative easing », explique un communiqué. Il est géré par Andrew Lake, responsable high yield et spécialiste fixed income, et par Fatima Luis, gérante de portefeuille senior, qui a rejoint récemment la société de gestion. Alexander Lushnikov renforcera cette équipe basée à Londres.« Le principal moteur de performance de ce nouveau fonds sera une gestion active de la duration et de l’exposition au crédit au fil des cycles économiques », précise Andrew Lake, qui a déjà géré un fonds obligataire similaire chez Aviva Investors avant de rejoindre Mirabaud il y a un an. Caractéristiques :ISIN : A cap. USD : LU0963986202 /AH cap. EUR : LU0963986467 / AH cap. GBP : LU0963986624 / AH cap. CHF : LU0963986970 Frais de gestion : 1.20 % (classes A)
Fonds
23/10/2013

GAM cuts back offices in London and Zurich

GAM will be cutting back its offices in London and Zurich, after announcing that its assets are stagnating, due to the falling US dollar, Investment Week reports. The asset management firm will be abandoning its offices at 12 St James’s Place, as well as another office in Zurich.
23/10/2013

Lazard AM voit son bénéfice chuter au Royaume-Uni

L’activité britannique de Lazard Asset Management a vu son bénéfice chuter de 75 % à 2,3 millions de livres en 2012, après une augmentation des rachats et un bond en avant des coûts, rapporte Investment Week. Les rachats se sont montés à 900 millions de livres et les encours sous gestion sont ressortis à 12,6 milliards de livres.
23/10/2013

JPMorgan bets big on tax deductibility of its record fine

The case has made the financial universe hold its breath, and especially rivals of JPMorgan, who may face a precedent in negotiations to come from the agreement now being finalised between the firm and the US authorities. Accoding to Agefi, Reuters reported on Tuesday that, far from being an exemplary showpiece, the agreement may ultimately cost the US bank USD4bn less, or USD9bn, due to tax decuctibility of a large part of the sums due. JPMorgan says that as of the end of September, it has built up USD23bn in provisions for legal risks, of which USD7.2bn were writted down in the past quarter.
23/10/2013

IOSCO publishes a second report on hedge funds

The International Organization of Securities Commissions has published the Report on the Second IOSCO Hedge Fund Survey, which describes the comprehensive and global effort by relevant regulators to better understand the hedge fund industry and its salient features.The aim of the IOSCO survey is to gather data from hedge fund managers and advisers about the markets in which they operate, their trading activities, leverage, funding and counterparty information. It forms part of IOSCO’s efforts to support the G 20 initiative to mitigate risk associated with hedge fund trading and traditional opacity.The hedge survey gathered data on 1,044 qualifying funds. The United States and the United Kingdom are the two predominant regions where hedge fund managers/advisers are located. The funds captured in the survey represented USD1.94 trillion in total net assets under management.These funds are usually domiciled in offshore jurisdictions in order to benefit from more favorable tax and regulatory regimes. The Cayman Islands have been the predominant domicile for these funds.The report indicates that the single most represented strategy among active funds is equity oriented. Macro-oriented and multi-strategy funds are also significant.Finally, the survey indicated that under current market conditions few funds actually need to restrict investor liquidity.
23/10/2013

Jupiter recruits an F&C manager

Jupiter has recruited Robert Siddles from F&C to manage US small cap portfolios, Investment Week reports. He previously worked at F&C, and brings his US Small Cap trust fund, with GBP150m.
23/10/2013

Syz registers a fund in Chile

The Swiss banking group SYZ & CO is attacking the Latin American institutilnal markets, with the registration in Chile of the Oyster European Opportunities fund, according to a statement released on 22 October. The target clients are primarily local pension funds, a rapidly-growing category of investors in the Andean region. In the past foue years, the major South American countries have constructed private pension funds through capitalisation, which allow retail investors to save for their retirement and complement public distribution systems. Assets in these pension funds are growing strongly, and are expected to reach USD800bn by the end of 2013, with potential for uSd250bn for international investments. In order to provide distribution of Oyster funds to pension fund administrators, SYZ & CO has signed an agreemnt with HMC, a Chilean specialist in institutional distribution in the Andean markets.
23/10/2013

Union launches two guaranteed funds of international equities

The German firm Union Investment on 22 October announced the launch on 6 December 2013 of the UniGarant: Aktien Welt (2020) and UniGarant95: Aktien Welt (2020) funds, two guaranteed funds of international equities which allow subscribers to profit from the evolution of a risk-optimised index of equities (MSCI World Minimum Volatility Index). Subscriptions have in fact been open since 21 October, and will be closed on 3 December. For the first fund, the guarantee at maturity (25 September 2020) is 100%, while for the second, it will be limited to 95%. The gurantee for the fund will be covered by prmiarily German government bonds denominated in euros. CharacteristicsName: UniGarant: Aktien Welt (2020)ISIN code: LU0944457364 Front-end fee: 4% Management commission: 0.8% from 27 September 2013 to 30 September 2015 0.6% from 1 October 2015 to 30 September 2018 0.4% from 1 October 2018 to 25 September 2020 Penalty for early with drawal: 2% paid to the fund Name: UniGarant95: Aktien Welt (2020)ISIN code: LU0955854772Front-end fee: 4% Management commission: 0.8% from 27 September 2013 to 30 September 2015 0.6% from 1 October 2015 to 30 September 2018 0.4% from 1 October 2018 to 25 September 2020 Early withdrawal penalty: 2% paid to the fund
23/10/2013

ETF: Commerzbank scales up engagement with NYSE Euronext

NYSE Euronext has announced that from 22 October 2013, Commerzbank has taken over the role of liquidity provider for 46 further ETFs from Amundi. The German bank thus becomes the liquidity provider for a total of 230 ETFs on the European mrkets of NYSE Euronext, and one of the three largest operators in this area. Currently, there are 23 liquidity providers for ETFs on European markets of NYSE Euronext.
23/10/2013

Assets up at State Street

In third quarter 2013, State Street has seen an increase in its assets under management of 4.4%, to USD2.241trn. Compared with the previous year, assets are up 8.5%. Asstes under custody, for their part, totalled USD26.033trn, up 1.1% for the quarter and 11.1% for one year.
23/10/2013

SAC Capital closes its London office

The hedge fund firm SAC Capital will close its London office, with 50 employees, by the end of this year, the Financial Times reports, citing statements to employees. The closure reveals that the legal issues dogging the company in the United States are requiring founder Steve Cohen to reduce spending. An internal memo to employees also reveals that six managers in the United States were laid off earlier this week. SAC Capital is currently negotiating a settlement of over USD1bn over accusations of insider trading.
23/10/2013

La Française appoints a head of international real estate development

La Française on Tuesday, 22 October announced the recruitment of Philippe Peirs as head of international real estate development. Peirs worked for 20 years at Société Générale, where his most recent position was managing director and head of the Private Equity Fundraising department. He will be based in London, and will “seek opportunities in the pan-European and Asian regions, as well as the Middle East, and will work in close collaboration with Forum Partners, the global partner of La Française specialised in the management of real estate investments,” a statement says. The appointment of Peirs comes shortly after the acquisition of a stake of nearly 25% in Forum Partners by La Française (see Newsmanagers of 12/09/2013).
23/10/2013

Strong growth expected for ETFs in Northern Europe

The Nordic countries are expected to lead the boom in European exchange-traded fund (ETF) sales, as they are coming from a low base, with a growth of 40% forecast over the next three to five years, according to Cerulli. Capitalizing on the trend, Nordea and Deutsche Asset & Wealth Management have lately launched a series of ETFs targeting the Nordic bloc.According to reports in Veckans Affärer earlier this year, the Swedish ETF market, and the Scandinavian market more broadly, is dominated by the local player Xact, controlled by Handelsbanken. 85% of assets under management in ETFs in Scandinavian countries is at Xact. Xact has about SEK20bn under management in 25 ETFs.In Europe, 5-7% of assets under management are invested in ETFs, compared with only 1% in Scandinavian countries, Veckans Affärer notes.
23/10/2013

Italy's Fonchim awards a mandate to Natixis AM

The Italian pension fund Fonchim has awarded Natixis Management a contract to manage a EUR330m mandate as part of its “stability” sub-fund, Bluerating reports. The active mandate covers short-term government bonds with a BofA Merrill Lynch Pan Europe Governments Total Return Index 1-4 year hedged in euros as its benchmark. It will be managed by Olivier De Larouzière, head of the fixed income team at Natixis AM.
23/10/2013

First Trust preparing a “tactical” commodities ETF

On 23 October, First Trust Advisors (USD76bn) will launch the First Trust Global Tactical Commodity Strategy Fund Fund (ticker: FTGC) on Nasdaq, an actively-managed ETF which will provide exposure to commodities while aiming for a relatively stable risk profile, by investing a maximum of 25% of its assets in futures contracts on commodities and publicly-traded commodity-based instruments via a wholly-owned subsidiary. The remaining assets will primarily be invested in short-term investment grade bonds, money market instruments, ETFs and other funds, as well as in cash. The fund will be managed on a day-to-day bases by Rob Guttschow, senior portfolio manager, and John Gambla, who will report to an investment committee with six members.
23/10/2013

Mirabaud launches a flexible and global bond fund

Mirabaud at the beginning of this month launched a flexible and global bond fund, the Global Strategic Bond Fund, which assets of over USD100m. The product is an absolute return fund “which aims to seize all opportunities in the bond universe during various economic cycles, including the current phase of quantitative easing,” a statement explains. It is managed by Andrew Lake, head of high yield and a fixed income specialist, and Fatima Luis, senior portfolio manager, who recently joined the asset management firm. Alexander Lushnikov will reinforce this team based in London. “The primary driver of performance for the new fund will be active management of duration and exposure to credit over economic cycles,” says Lake, who already managed a similar bond fund at Aviva Investors before joining Mirabaud a year ago. Characteristics Management fees: 1.2% (A class) ISIN A cap. USD LU0963986202 AH cap. EUR LU0963986467 AH cap. GBP LU0963986624 AH cap. CHF LU0963986970
23/10/2013

A Frenchwoman joins ESMA

The European Securities Markets Authority (ESMA) has appointed Sophie Vuarlot-Dignac to head its legal, cooperation and convergence unit, one of its largest divisions, Financial News reveals. Vuarlot-Dignac, who began at ESMA last week, has served in various roles at the French prudential and resolution control authority.
23/10/2013

Asian ambitions threaten the European UCITS brand

The future development of an Asia-wide fund passporting solution is considered as a threat to Ucits for 90.4% of the 59 managers surveyed by Cerulli in July. In addition, the China-Hong Kong mutual recognition is viewed as a threat by 78.7% of managers.Regulators in Asia are considering ways of facilitating cross-border distribution in the region, either by creating a regional alternative to UCITS (Undertakings for Collective Investment in Transferable Securities) or via bilateral agreements between countries. As Asia is currently the main importer of UCITS outside of Europe, industry practitioners are understandably concerned that these initiatives will one day become a reality. An immediate concern is negotiations between China and Hong Kong for the mutual recognition of mutual funds and unit trusts in each other’s jurisdiction. However, bilateral agreements might not necessarily work against UCITS. «There is nothing to stop China extending its offer to other domiciles such as Taiwan, Singapore, and even countries beyond Asia, such as Luxembourg,» noted Angelos Gousios, senior analyst at Cerulli Associates. «Chinese managers are keen to expand their presence in Europe. For that to happen, regulators in Europe would have to insist that UCITS is part of the deal and that providers be allowed access to China.» Barbara Wall, a Cerulli director, added, «Managers should not lose sight of the fact that Europe is still by far the largest market for UCITS, representing three-quarters of total cross-border UCITS assets. Asia-Pacific is the second-largest market but the region had only 15% marketshare at the end of 2012, a modest two percentage point increase since 2009."*The Cerulli Edge - European Monthly Product Trends Edition, October 2013 Issue.
23/10/2013

New manager for a Tokio Marine AM fund

Tokio Marine Asset Management has appointed Hiroyasu Sato as the new lead manager of the Japanese Equity Focus fund, replacing Akira Sato, Citywire Global reports. Sato will remain at the Japanese group in a position in which he will supervise the investment team.
23/10/2013

Jupiter recrute un gérant de F&C

Jupiter a recruté Robert Siddles de F&C pour gérer des portefeuilles petites capitalisations américaines, rapporte Investment Week. Il travaillait auparavant chez F&C et il apporte son trust US Small Cap de 150 millions de livres.
23/10/2013

Lazard AM voit son bénéfice chuter au Royaume-Uni

L’activité britannique de Lazard Asset Management a vu son bénéfice chuter de 75 % à 2,3 millions de livres en 2012, après une augmentation des rachats et un bond en avant des coûts, rapporte Investment Week. Les rachats se sont montés à 900 millions de livres et les encours sous gestion sont ressortis à 12,6 milliards de livres.
23/10/2013
Fonds

TCI prend poste chez Royal Mail

Le fonds alternatif activiste TCI (The Children’s Investment Fund) est selon des documents réglementaires entré à hauteur de 5% au capital de l’opérateur postal britannique, devenant le plus important actionnaire en dehors du gouvernement local, rapporte L’Agefi qui note que le fonds n’a pas souhaité commenter cette prise de participation, qui pourrait ne pas donner lieu à un comportement activiste.
Fonds
23/10/2013
Fonds

Union lance deux fonds garantis d'actions internationales

L’allemand Union Investment a annoncé le 22 octobre le lancement le 6 décembre 2013 des fonds UniGarant: Aktien Welt (2020) et UniGarant95: Aktien Welt (2020) deux fonds garantis d’actions internationales permettant aux souscripteurs de profiter de l'évolution d’un indice d’actions optimisé en fonction du risque (MSCI World Minimum Volatility Index).La souscription est en fait ouverte depuis le 21 octobre et sera close le 3 décembre. Pour le premier, la garantie à échéance (25 septembre 2020) est de 100 % tandis que pour le second, elle se limite à 95 %.La garantie du fonds sera couverte par des obligations d’Etat libellées en euros, principalement allemandes.CaractéristiquesDénomination : UniGarant: Aktien Welt (2020)Code Isin : LU0944457364Droit d’entrée : 4 %Commission de gestion : 0,8 % du 27 septembre 2013 eu 30 septembre 20150,6 % du 1er octobre 2015 au 30 septembre 20180,4 % du 1er octobre 2018 au 25 septembre 2020Pénalité de sortie anticipée : 2 % acquise au fondsDénomination : UniGarant95: Aktien Welt (2020)Code Isin : LU0955854772Droit d’entrée : 4 %Commission de gestion :0,8 % du 27 septembre 2013 eu 30 septembre 20150,6 % du 1er octobre 2015 au 30 septembre 20180,4 % du 1er octobre 2018 au 25 septembre 2020Pénalité de sortie anticipée : 2 % acquise au fonds
Fonds
23/10/2013
Fonds

Syz enregistre un fonds au Chili

Le groupe bancaire suisse Syz & Co s’attaque aux marchés institutionnels latino-américains avec l’enregistrement au Chili du fonds Oyster European Opportunities, selon un communiqué publié le 22 octobre. La clientèle visée est principalement celle des fonds de pension locaux, une catégorie d’investisseurs en fort développement dans la région andine. En effet, les principaux pays sud-américains se sont dotés depuis quelques années de fonds de pension privés par capitalisation, qui permettent aux particuliers de cotiser pour leur retraite en complément des systèmes publics de répartition.Les actifs de ces fonds de pension connaissent une forte croissance et devraient atteindre 800 milliards de dollars à fin 2013, avec un potentiel de 250 milliards de dollars pour les investissements internationaux.Pour assurer la distribution des fonds Oyster auprès des administrateurs de fonds de pension, Syz & Co a conclu un accord avec HMC, un spécialiste chilien de la distribution institutionnelle dans les marchés andins.
Fonds
23/10/2013

GAM réduit ses bureaux de Londres et Zurich

GAM va réduire ses bureaux à Londres et Zurich après avoir annoncé une stagnation de ses encours, due à la chute du dollar, rapporte Investment Week. La société de gestion va ainsi abandonner son espace au 12 St James’s Place ainsi qu’un autre bureau à Zurich.
23/10/2013
Fonds

Nouveau gérant pour un fonds de Tokio Marine AM

Tokio Marine Asset Management a nommé Hiroyasu Sato comme nouveau gérant principal du fonds Japanese Equity Focus, en remplacement d’Akira Sato, rapporte Citywire Global. Ce dernier reste dans le groupe japonais à un poste où il supervisera l’équipe d’investissement.
Fonds
23/10/2013
Fonds

Forte croissance pour les ETF attendue en Europe du Nord

Les pays d’Europe du Nord devraient occuper la tête de l’essor des ventes d’ETF en Europe parce qu’ils affichent encore des encours faibles, avec une croissance estimée à 40 % sur les trois à cinq ans, selon Cerulli. Pour profiter de cette tendance, Nordea et Deutsche Asset & Wealth Management ont dernièrement lancé une série d’ETF ciblant les blocs nordiques.Une étude de l’hebdomadaire suédois Veckans Affärer réalisée en mars indiquait que 85 % des encours d’ETF gérés dans les pays nordiques revenaient à Xact, lequel affiche dans ce domaine des actifs de 20 milliards de couronnes (soit un peu plus de 2 milliards d’euros). Le journal ajoutait qu’en Europe, 5-6 % des encours sous gestion sont investis dans des ETF, contre seulement 1 % dans les pays nordiques.
Fonds
23/10/2013
Fonds

First Trust prépare un ETF "tactique" sur les matières premières

Le 23 octobre, First Trust Advisors (76 milliards de dollars) lancera sur le Nasdaq le First Trust Global Tactical Commodity Strategy Fund (code mnémonique : FTGC), un ETF à gestion active qui fournira une exposition aux matières premières tout en visant un profil de risqué relativement stable en investissant au maximum 25 % de son encours en contrats à terme sur les matières premières et en instruments cotés sur les matières premières au travers d’une filiale à 100 %.Le restant des actifs sera principalement investi en obligations à court terme de qualité investissement, en instruments du marché monétaire, en ETF et autres fonds ainsi qu’en liquidités.Le fonds sera géré de manière tactique au jour le jour par Rob Guttschow, gérant de portefeuille senior, ainsi que par John Gambla, sous la direction d’un comité d’investissement de six personnes.
Fonds
23/10/2013

Hausse des encours de State Street

Au troisième trimestre 2013, State Street a vu ses encours sous gestion augmenter de 4,4 % à 2.241 milliards de dollars. Par rapport à l’année précédente, les encours sont en hausse de 8,5 %. Les encours sous conversation sont quant à eux ressortis à 26.033 milliards de dollars, en progression de 1,1 % sur le trimestre et de 11,1 % sur un an.

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