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18/10/2013

Charles Schwab adds 16 ETFs with no fees to OneSource

The OneSource trading platform, launched in February, and on which Charles Schwab Investment Management offers commission-free ETFs, now lists 121 products. On 16 october, 16 new products were added, including five from Guggenheim Investments, five from SPDR ETF (State Street Global Advisors) and six from Charles Schwab IM. OneSource covers ETFs from six different providers, including the three aforementioned, plus PowerShres, ETF Securities and United States CommodityFunds.The complete list of ETFs available on OneSource is available here.
18/10/2013

WisdomTree releases Germany-focused ETF

With the slogan “take the euro out of Germany,” the US asset management firm WisdomTree on 17 October launched the WisdomTree Germany Hedged Equity Fund (ticker: DXGE), an ETF of German equities which replicates the WisdomTree Germany Hedged Equity index, an index weighted by dividends which also neutralises fluctuations in the euro against the dollar in parallel.The total expense ratio is set at 0.48%.
18/10/2013

Inflows of USD10bn to hedge funds in August

According to estimates by BarclayHedge and Trimtabs of 3,340 products, hedge funds in August posted net subscriptions of USD10bn (or 0.5% of their assets), after USD8.23bn in July. In the first eight months of the year, hedge funds posted net inflows of USD45bn, compared with net outflows of USD3.6bn in the corresponding period of last year. As of 31 August, total assets were USD2trn, with the all-time record of USD2.trn tading from the end of September 2008. Funds of hedge funds, for their part, saw net redemptinos of USD4.2bn (0.9% of their assets) in August, after net outflows of USD4.1bn in July. Funds of hedge funds posted net subscriptions only during the first 24 months.
18/10/2013

Henderson bets on active management for real estate funds

Patrick Summer, head of property equities at Henderson Global Investors (HGI), announced on Thursday during a visit to Paris that the house strategy, in terms of equity and real estate investment, is to maintain an “active share” of at least 60%, which is currently the case, at 61%. The portfolios include 8.8% of equities which are not in the benchmark indices.As of 30 September, HGI has assets of only USD2.7bn in real estate equities, of which USD2bn are in three Luxembourg-registered funds: USD1.3bn for the Henderson Horizon Global Property Equities Fund, EUR358m for the Henderson Horizon Pan European Property Equities Fund, and USD436m for the Henderson Horizon Asia Pacific Property Equities Fund, while the remainder corresponds to mandates, including from a Dutch pension fund and another pension fund from the Asia-Pacific region. Since the beginning of the year, the global fund has attracted a net USD172m, while the pan-European fund posted inflows of EUR17m, and the Asian product posted USD20m in net subscriptions.The portfolio of the global fund includes 67 positions, out of a universe of 306 securities in the index, and 400 securities including homebuilders. The only marked overweight position (3%) is to US equities. In Europe, a region in which it is neutral, HGI is underweight on France (3%) and overweight on Germany, the United Kingdom and Sweden. Asia-Pacific is underweighted by 2%.
18/10/2013

Egerton closes fund to new clients

The alternative asset management firm Egerton Capital has decided to close its long-only fund to new clients, the news agency Reuters reports. As of the end of 2012, Egerton also closed its long/short strategy to new investors. The source of this decision is an exceptional increase in assets under management of about 80% year on year. Assets under management at Egerton now total about USD11.4bn, also distributed between the two strategies, compared with USD6.3bn about one year ago. In the year 2013 to 11 October, the long/short strategy has earned returns of 19%, compared with an average of 9% for an equity hedge fund, according to Hedge Fund Research. The long-only strategy has posted gains of 25%.
18/10/2013

Fidelity acquires Annuity Direct

In an effort to develop its own retirement operation and provide Annuity Direct the means to grow, Fidelity Worldwide Investment is acquiring all equity capital in Annuity Direct and its holding company Retirement Angels, pending permission from the Financial Conduct Authority (FCA).Annuity Direct will retain its status as an independent financial adviser. This firm is a provider of services both to retail investors and to a wide range of intermediaries, and the acquisition will allow Fidelity clients a wider selection of retirement planning solutions.The transaction comes at a time when Fidelity has decided to add to its retirement unit with the recruitment of Richard Parkin (ex UBS Global Asset Management), who will take a position as head of retirement, Head of Proposition, DC and Workplace Savings at the end of this month.
18/10/2013

Departure of China manager from Threadneedle

Gigi Chan, manager of the Threadneedle China Opportunities fund, has left the firm to take a break in her career, Investment Week reveals. Her fund will be taken over by Vanessa Donegan, head of the Asian equities team at Threadneedle in London.
18/10/2013

Polar Capital closes UK equities desk

The UK equity team at Polar Capital has been dissolved due to the departure of manager Philip Hardy, Investment Week reports. The closure will result in redemptions of USD293m for the December quarter. Although a direct replacement will not be recruited, the firm indicates that there is room for other teams to join the firm if an occasion presents itself.
18/10/2013

Man Group: GLG compensates for difficulties at AHL

In third quarter 2013, Man Group has recorded net inflows of USD0.7bn, as inflows to GLG Alternatives and long-only funds compensated for redemptions from funds at AHL and FRM. The AHL Diversified programme lost 6.6% for the quarter, which was the principal reason for redemptions of USD0.5bn in Quant strategies. The performance of FRM was negative all over, which reduced assets by USD0.3bn for the quarter. As of the end of September, assets under management at Man Group totalled USD52.5bn, compared with USD52bn as of the end of June.
18/10/2013

BNY Mellon AM recruits new COO

BNY Mellon has appointed Heneg Parthenay as chief operating officer of BNY Mellon Asset Management International Limited. Based in London, Parthenay reports to PeterPaul Pardi, CEO of BNY Mellon Asset Management International and global head of distribution for BNY Mellon Investment Management.Parthenay spent the last eight years at Aviva, latterly on the executive team of their global asset management arm, Aviva Investors Limited.
18/10/2013

Net inflows to Jupiter in Q2

In second quarter 2013, Jupiter recorded net inflows of GBP271m, after GBP209m in second quarter 2013 and GBP579m in third quarter 2012. These inflows and positive market effects allowed the UK asset management firm to slightly increase its assets from GBP29bn to GBP29.9bn for the quarter. Inflows to funds totalled GBP278m, with positive contributions both from British and international distribution channels. Assets in funds totalled GBP23.3bn as of 30 September. Since the beginning of the year, Jupiter has posted inflows of GBP689m.
18/10/2013

MSCI ESG Research launches MSCI ESG DataMetrics

With its new tool MSCI ESG DataMetrics, MSCI has launched a service which will provide its clients with a complete set of ratings, indicators and raw environmental, social and governance (ESG) data to facilitate quantitative analysis, the development of exclusive ESG models, ESG reporting and analysis of the ESG footprint for portfolios.MSCI ESG DataMetrics offers 174 metrics on eight ESG issues for all companies on the MSCI World Index, such as Carbon Emissions, Water Stress, Labor Management, and Corporate Governance. These metrics include four years of raw data, including water use and lost-time injury rates; indicators on business and geographic risk exposure; policies, systems, and targets; and seven years of historical data on ESG ratings and scores. With comprehensive cross-industry metrics, users can identify trends and select ESG data that is most relevant to their views and those of their clients.In addition to cross-industry metrics on eight ESG issues, MSCI ESG DataMetrics also offers over 350 industry-specific metrics that inform the key issues of MSCI ESG Research’s rating model, MSCI ESG IVA.
18/10/2013

Investors concerned that global economic recovery could falter

Investor optimism over the global economic recovery and corporate profits has been dented as the tail risk associated with the U.S. economy has escalated, though sentiment towards Europe has improved, according to the BofA Merrill Lynch Fund Manager Survey, taken from October 4 to October 10, of a sample totalling USD643bn. Expectations for a recovery in corporate profits have fallen. Last month, a net 41 percent said they expected corporate profits worldwide would improve in the following 12 months – that figure has tumbled to a net 28 percent in October. A net 18 percent believes that corporate profit margins will decrease in the coming year, up from a net 11 percent a month ago. As a corollary of this lesser optimism, asset allocators have scaled back their equity holdings. A net 49 percent of global asset allocators are overweight equities, down from a net 60 percent in September. In another significant development, investors and asset allocators have increased allocations towards global emerging market equities and have indicated in October’s survey that they see value in the region. The signals towards global emerging markets are not universally positive, however, says BofA Merrill Lynch. Nonetheless, a net 38 percent of the global respondents say that emerging markets equities are the most undervalued of all the regions - in contrast, a net 63 percent says the U.S. is the most overvalued region.
18/10/2013

BNP Paribas offers hedge funds an accounting data service

In November, BNP Paribas Securities Services will launch a new service to offer hedge fund managers direct access, in electronic format and in real time, to accounting data for their funds, which will allow them to more rapidly respond to requests from their investors or administrators, while facilitating decision-making, Funds People reports.The system will be commpatible with the major accounting and administrative platforms used by clients of the bank, and will be inegrated into the NeoLink information portal for customers of BNP Paribas Securities Services.
18/10/2013

Légère accélération de la croissance chinoise

La croissance de l’économie chinoise a accéléré à un rythme de 7,8% au troisième trimestre, après être tombée à 7,5% au trimestre précédent soit son plus faible niveau depuis 23 ans.Sur les neuf premiers mois de l’année, la croissance atteint 7,7%, ce qui devrait permettre au gouvernement d’atteindre son objectif annuel de 7,5%, selon JP Morgan. Pékin a mis en place une «mini-relance» visant l’investissement en infrastructures, le soutien à la construction et une baisse de la pression fiscale sur les petites entreprises.
18/10/2013

L'AMF transige avec Hottinguer & Cie Gestion Privée

L’Autorité des marchés financiers (AMF) a signé le 11 juillet un accord de composition administrative avec Hottinguer & Cie Gestion Privée, publié le 18 octobre sur son site internet. La société de gestion a accepté de verser 180.000 euros dans le cadre de cette transaction. Elle s’engage à interdire que des investisseurs d’une Sicav ne s’immiscent dans les décisions de gestion de cette Sicav - l’un des deux griefs soulevés par l’AMF - et à améliorer son contrôle des risques.
18/10/2013

Polar Capital ferme son desk actions britanniques

L’équipe actions britanniques de Polar Capital a été dissoute en raison du départ du gérant Philip Hardy, rapporte le magazine spécialisé de sources internes, la société de gestion précisant qu’aucun recrutement n’est prévu pour le remplacer. Cette fermeture va se traduire par des rachats de 293 millions de dollars sur le trimestre finissant en décembre.
18/10/2013

Paris pencherait en faveur d’un allègement de la TTF

Alors qu’il était monté en première ligne pour inciter ses partenaires européens à mettre en place une taxe sur les transactions financières (TTF), le gouvernement français pencherait désormais pour un allègement du périmètre de cette taxe afin de préserver la compétitivité de la place financière parisienne, rapporte le journal de sources proches du dossier. Paris souhaiterait de cette façon persuader les grandes banques françaises comme BNP Paribas, la Société Générale ou le Crédit Agricole de continuer à investir dans Euronext, qui redeviendra indépendante après le rachat de Nyse Euronext par IntercontinentalExchange, ajoute le quotidien.
18/10/2013

Les gérants regrettent l'incohérence fiscale

Selon l’AFG, le «violent alourdissement» des prélèvements sociaux sur l’épargne entrave les bonnes dispositions du projet de loi de Finances 2014, dont le PEA-PME est le symbole. Les actifs gérés pour compte de tiers ont crû à un niveau record sur les huit premiers mois de l’année.
18/10/2013

Une « grande modération » sur le marché américain

Le graphique ci-contre montre le nombre de jours par an où les pertes et gains quotidiens de l’indice S&P 500 ont été d’au moins 1%. Les variations supérieures / inférieures à +/- 2% et +/- 3% sont également distinguées.
18/10/2013

Un alpha qui se tient toujours

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds actions américaines et actions françaises au cours du mois de septembre 2013.
18/10/2013

Les instituts allemands abaissent leurs prévisions 2013 et 2014

Les grands instituts allemands de conjoncture ont divisé par deux leur projection de croissance de l’Allemagne pour 2013, à 0,4%, évoquant un net retournement à la baisse de la production industrielle cet hiver. Ils ont également revu hier en légère baisse leur estimation de croissance pour l’an prochain, à 1,8%, alors qu’ils prévoyaient 1,9% en avril.
18/10/2013

La dette de l'Espagne dépassera 100% du PIB en 2015

Dans des documents envoyés à l’Union européenne dans le cadre des nouvelles règles sur le contrôle du budget des pays membres, Madrid précise que son ratio d’endettement serait de 101,13% à la fin 2015 puis de 101,09% à fin 2016. Le gouvernement espagnol espère terminer l’année 2013 avec un endettement représentant 94,2% du PIB contre 85,9% fin 2012.

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