Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
11/10/2013

iShares signs an agreement with Italian post

iShares has signed a co-operation agreement with Poste Italiane to allow investors to purchaase iShares ETFs on the online platform BancoPosta, Bluerating reports. In addition, for 6 months, iShares ETFs listed in Milan may be traded without order receiving or sending commissions for acquisitions of at least EUR1,000. “Our agreement with Poste Italiane is strategic in the development of financial education and the promotion of knowledge of ETFs on the part of the retail public,” says Emanuele Mellingeri, head of iShares in Italy.
11/10/2013

AXA IM offers new liability-driven investment solutions in UK

AXA Investment Managers on 10 October announced the launch of a range of pooled funds to meet the specific needs of pension funds, to cover their liabilities. The range of funds, which comes as an addition to the range of liability-driven investment (LDI) solutions, comes in three formulas (nominal, real and inflation only), each of which includes five offers with different maturities, in order to offer pension funds coverage solutions adapted to sensitivity and maturity. Programmes may hedge their sensitivity to interest rates and inflation in an approved, segregated manner, and liabilities may be covered with issues ranging from 10 to 50 years.
11/10/2013

Azimut completes acquisition of Legan in Brazil

The Italian asset management firm Azimut has completed its acquisition of 50% of the Brazilian Legan Administração de Recursos via AZ Brazil Holdings, a Brazilian-registered holding company founded by AZ International Holdings, to acquire strategic stakes in the region. Legan is an asset management firm specialised in low-volatility strategies, which as of 4 October had the equivalent of EUR172m in assets under management, 19% more than as of 6 September, the date that the agreement was announced. The operation will include an acquisition from the founding partners, for about EUR3.3m, and subscription to a capital increase for a value of about EUR2.3m, in order to finance the business plan. The agreement also lays out purchase and sale options, and an engagement as part of the sale by the management of Legan to work with Azimut to make the activity prosper in Brazil over the long term. With the acquisition, the Italian Azimut becomes more international. The independent firm is already present in Luxembourg, Ireland, China, Monaco, Switzerland, Turkey and Taiwan.
11/10/2013

Swedish fund assets set a new record

As of the end of September, assets in funds on sale in Sweden totalled SEK2.324trn (EUR263bn), a level not previously recorded. Of this total, 55% are invested in equity funds. This comes after net inflows of SEK1.3bn (EUR0.15bn) in September. Inflows were driven by diversified and equity funds, which posted SEK4bn (EUR0.45bn) and SEK1.3bn (EUR0.15bn) in inflows, respectively.
11/10/2013

Change of managers at Fidelity

Teera Chanpongsang from Fidelity will be leaving the management of the OEIC Emerging Asia fund on 1 November, in order to take over the OEIC South-East Asia fund (GBP2.1bn), Investment Week reports. The OEIC Emerging Asia fund will now be managed by Dhananjay Phadnis, who manages the Fidelity Funds Indonesia and has been working at the firm since 2004.
11/10/2013

Skandia merges two US funds

Skandia will merge the Old Mutual US Large Cap Value fund, managed by Epoch, with Old Mutual Dividend, Fondbranschen reports. The firm will offer the Skandia USA fund, managed by Goldman Sachs, to investors instead.
11/10/2013
Fonds

Faible collecte en août pour les fonds européens

En août, les fonds commercialisés en Europe ont enregistré des souscriptions nettes de 3,5 milliards d’euros, soit un niveau bien inférieur aux 33,6 milliards d’euros de juillet, selon les dernières statistiques de Lipper.La collecte a été portée par les fonds monétaires en euros, qui ont engrangé 10,2 milliards d’euros. Arrivent ensuite les fonds actions européennes (+3,4 milliards d’euros), les fonds d’allocation d’actifs (3,2 milliards d’euros) et les fonds obligataires à court terme (1,8 milliard d’euros).Pour Lipper, ce mouvement vers les fonds monétaires et les produits à courte duration en euros pourrait signaler une augmentation de l’aversion au risque des investisseurs européens.Les fonds obligataires en revanche ont vu sortir 6,3 milliards d’euros. Ils restent néanmoins la classe d’actifs la plus dynamique depuis le début de l’année, avec des souscriptions nettes estimées à 91,2 milliards d’euros, sur un total de 157,7 milliards d’euros.DeAWM a été la société qui a enregistré la plus forte collecte sur ses fonds long terme (hors monétaires) en août avec 1,2 milliard d’euros, devant JP Morgan (+0,8 milliard d’euros) et BlackRock (0,8 milliard d’euros).
Fonds
11/10/2013
Fonds

Hausse record de l'encours des fonds souverains

Les actifs gérés par les fonds souverains dans le monde ont gonflé de 750 milliard d’euros au cours des douze derniers mois, passant de 4.620 milliards de dollars à 5.380 milliards de dollars, selon les données publiés par Preqin. Cette hausse annuelle est la plus importance enregistrée par le fournisseur de données depuis 2007, année de publication de la première étude sur le sujet. Les raisons de cette importante croissance des encours sont d’une part la création de nouveaux fonds souverains au cours des derniers mois et d’autre part l’injection de capitaux frais dans les fonds existants, note Preqin. Depuis 2008, 15 nouveaux fonds souverains ont vu le jour, dont 8 rien qu’au cours des deux dernières années. Dans le détail, ce se sont les fonds souverains asiatiques qui ont enregistré la plus forte hausse de leurs encours depuis 2012, de 19 %, contre une croissance de 6 % pour les fonds souverains du Moyen Orient. Dans le monde, le plus gros fonds souverain demeure le Government Pension Fund – Global norvégien, avec 775,2 milliards de dollars d’encours, en progression de 185 milliards depuis 2012.
Fonds
11/10/2013
Fonds

Les fonds souverains sont moins nombreux à être investis en actifs alternatifs

Au cours des douze derniers mois, les fonds souverains ont réduit leur exposition aux classes d’actifs alternatifs, constate Preqin dans une étude publiée jeudi 10 octobre. Le pourcentage de fonds souverains investis dans le private equity est passé de 57 % en 2012 à 45 % en 2013, celui de fonds investis en hedge funds de 38 % à 31 %. La baisse du nombre de fonds souverains investis dans les actifs alternatifs peut s’expliquer par la hausse du nombre de fonds au cours des derniers mois, les nouveaux n’allouant pas d’encours aux private equity ou aux hedge funds au cours des premières années d’existence, note Preqin. L’appétit des fonds souverains pour l’immobilier et les infrastructure est demeuré stable, avec respectivement 54 % des fonds exposés à l’immobilier, et 57 % dans les infrastructures. L’immobilier non coté attire particulièrement les fonds souverains issus de la région du Moyen Orient/Afrique du Nord (81 % des fonds exposés), d’Amérique du Nord (80%) et d’Asie (75 %).
Fonds
11/10/2013

UBS Global AM change le patron de sa gestion obligataire

Suite à la démission de Rob Gambi, qui devrait rejoindre un concurrent, UBS Global Asset Management a promu John Dugenske global head of fixed income. L’intéressé était déjà jead of North American fixed income.Dans ses nouvelles fonctions, John Dugenske sera directement surbodonné à l’Australien John Fraser, chairman & CEO. Il restera basé à Chicago.
11/10/2013

Azimut boucle l’acquisition de Legan au Brésil

La société de gestion italienne Azimut vient de boucler l’acquisition de 50 % du brésilien Legan Administração de Recursos via AZ Brasil Holdings, une holding de droit brésilien créée par AZ International Holdings pour prendre des participations stratégiques dans la région.Legan est une société de gestion spécialisée dans les stratégies à faible volatilité et qui gérait au 4 octobre l’équivalent de 172 millions d’euros, soit 19 % de plus que le 6 septembre, date de l’annonce de l’accord.L’opération comportera une acquisition auprès des associés fondateurs, pour environ 3,3 millions d’euros, et la souscription à une augmentation de capital pour une contrevaleur d’environ 3,4 millions d’euros afin de financer le business plan. L’accord prévoit aussi des options d’achat et de vente et l’engagement de la direction de Legan à travailler avec Azimut pour faire prospérer l’activité au Brésil sur le moyen-long terme.Avec cette acquisition, l’italien Azimut tisse un peu plus sa toile internationale. La société indépendante est déjà présente au Luxembourg, en Irlande, en Chine, à Monaco, en Suisse, en Turquie et à Taïwan.
11/10/2013

Fidelity to launch ETFs under its own brand

Handelsblatt cites reports in Bloomberg that Abigail Johnson, chairman of Fidelity, has now decided that Fidelity will launch its own ETFs and ETF funds, in cooperation with BlackRock.
11/10/2013

Integration of Roche-Brune into Primonial a success

In nine months, since Roche-Brune was taken over by Primonial as part of a transaction announced a year ago, assets at the equity management firm have increased from EUR50m to EUR120m. About EUR20m of this increase is due to market appreciation, while EUR50m correspond to net subscriptions, half of which have been attracted by the Primonial network, and membership in the group has also helped Roche-Brune to win over 25 new institutional clients, Bruno Fine, founding chairman of Roche-Brune AM, tells Newsmanagers.The integration into the multi-boutique family has been a success since in the area of asset management, Primonial has five recognized expertises: in asset allocation (Primonial AM), equities (Roche-Brune), fixed income, with AltaRocca AM, quantitative, with Quanto, and private equity with Roche Brune (through an alliance with Apicil). This has allowed the emergence of a kind of cluster with 12 talented fund managers, and the companies can draw support from the resources of the Primonial group in sales and support.
11/10/2013

ProShares releases "noble" ETF

ProShares, based in Bethesda, Maryland, on 10 October announcd the launch of the S&P 500 Aristocrats ETF, whose ticker on NYSE Arca is NOBL. According to the ETF provider, the fund invests in equities in highly “select” companies of the S&P 500 which have increased their dividends over at least 25 consecutive years. It is based on the S&P 500 Dividend Aristocrats, which was launched in 2005, and which has since then outperformed the S&P 500 with lower volatility.The index is equally weighted, and currently covers 54 firms. The fund charges 0.35%.
11/10/2013

Hedge fund FX Concepts shuts down

FX Concepts, a hedge fund specialised in currencies, has announced that it will be winding down in the face of an environment if no longer understands, Les Echos reports. It has lost about 10% this year, after holding stable in 2012. It lost 19% the previous year. The hedge fund, founded in 1981, had over USD13bn in assets under management before the 2007 crisis. Since that peak, its assets have fallen off due to repeated negative performance of the hedge fund, which was largely based on models, and which now has 10 employees, down from 60 at its peak. The coffers of the fund are virtually empty, with barely USD600m. The firm may be acquired by another fund or a more generalist hedge fund.
11/10/2013

Pictet recruits for Portugal and Brazil

Tiago Forte Vaz, vice president responsible for advising at Espiritu Santo Bank Advisors (an affiliate of Espiritu Santo Bank Miami), has been recruited by Pictet Asset Management, according to Funds People.He becomes head of commercial development for the private banking unit at Pictet for Portugal and Brazil. He will report to Gonzalo Rengifo, CEO of Pictet AM for the Iberian peninsula and Latin America.Among his missions, Forte will be responsible for developing asset management for institutional investors, pension funds, banking networks, private banks, family offices, insurers and platforms.He replaces Amancio Pérez, who has been appointed as head of commercial development at the private bank for Brazil.
11/10/2013

US asset management firms combat toughening regulations

The largest asset management firms in the world are preparing a lobbying action in order to forestall tougher capital rules in the US and increased surveillance of their activities in the name of market stability, the Financial Times reports. They are particularly opposed to a report by the Office of Financial Research, which suggests that asset management firms with trillions of dollars in assets under management may be considered “too big to fail.”
11/10/2013

Fewer SWFs are invested in alternative assets

In the past 12 months, sovereign funds have reduced their exposure to alternative asset classes, Preqin notes in a study released on 10 October. The percentage of funds which are invested in private equity has decreased from 57% in 2012 to 45% in 2013, while funds investing in hedge funds have decreased from 38% to 31%. This decline in the percentage of sovereign funds investing in alternative assets is due to a rise in the number of funds in the past few months, as the new ones do not yet allocate assets to private equity or hedge funds in their first years of existence, Preqin notes. The appetite of sovereign funds for real estate and infrastructure remain stable, with 54% of funds exposed to real estate, and 57% to infrastructure. Private real estate has particularly attracted sovereign funds from the Middle East and North Africa region (81% of funds exposed), North America (80%) and Asia (75%).
11/10/2013

Four PE investors in the running for Altamira

According to Expansión, there are only four candidates remaining to acquire the real estate affiliate of Santander, Altamira. The vendor has opened the data room to the private equity invetors Cerberus, Apollo, Centerbridge and Starwood.
11/10/2013

Regulations may cost European asset managers USD500m p.a.

The asset management sector in Europe may be facing total costs of EUR300m to EUR500m, or EUR220m to EUR360m per year, in the next three years, to meet new regulatory requirements, according to a study by BNY Mellon, in association with Ernst & Young.These additional costs will in the next three to five years result in a “conservative” increase of 3% in operating costs and a 2% increase in total expense ratio (TER), on the basis of a stabilisation of profits at their current levels.The study, entitled “The Impending Profitability Challenge for European fund Managers,” emphasizes the growing pressure on asset management firms which are facing rising costs of compliance and investors who are demanding ever less costly products.
11/10/2013

British government plans to compensate whistleblowers

The British authorities are planning to offer financial incentives to whistleblowers, Les Echos reports. The Home Office revealed that it is considering the move as it launches the National Crome Agency (NCA) this month. The Financial Conduct Authority (FCA), for its part, will launch a consultation in 2014. Under the Dodd-Frank law passed after the crisis, the US legislator has extended the practice, which is common in North America: it claims that some whistleblowers may get 10% to 30% of the sums recuperated by the Securities and Exchange Commission (SEC).
11/10/2013

French Riviera attracts ultra-high net worth individuals

According to the Candy GPS Report (see attachment), published on 10 October by Deutsche Asset & Wealth Management (DeAWM), Svills World Research and Candy & Candy, ultra-high net worth retail investors tend to choose the French Riviera as a priority for luxury homes. It is also in this region that five-bedroom villas are most expensive, with an average of USD28.5m. This type of property is worth USD24m in Monaco, and USD23m in Barbados.The CPS Report (for Global Prime Sector) finds that the increase in the number of ultra-high net worth individuals (UNHWI), which was 34% between 2009 and 2012, has driven up prices in luxury “enclaves,” and that a particuarly large number of Russian and Middle Eastern individuals are taking positions in this niche.
11/10/2013

S&P-DJ founds MOAN bond indices and sukuks

On 10 October, S&P Dow Jones Indices announced the launch of the S&P MENA Bond & Sukuk Index, and its two sub-indices, S&P MENA Bond Index and S&P MENA Sukuk Index. The indices are subject to filtering for Sharia compliance. The main index includes a universe of bonds denominated in US dollars, to replicate the performance of bonds and Islamic fixed-income securities (sukuks) in the Middle East and North Africa (MENA), issued by companies based in Algeria, Bahrain, Egypt Iran, Iraq, Jordan, Kuweit, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia, the United Arab Emirates, and Yemen.
11/10/2013

ABN Amro organise sa multigestion

La sicav luxembourgeoise ABN Amro Mutli-Manager Funds compte désormais 45 fonds, qui sont surtout des fonds de mandats et de fonds de fonds dont la sélection est assurée par AAAdvisors, une filiale établie à Paris et Amsterdam, et la gestion par le français Neuflize OBC investissements, rapporte Fonds Nieuws.Les fonds concernés, dont certains (des ex Fortis et ABN Amro AM) sont encore officiellement sous la coupe de BNP Paribas, comportent des produits actions et obligations, de performance absolue, diversifiés, à horizon et profilés pour des contrats d’assurances.
11/10/2013

Optimix prend les rênes d'Add Value Fund Management

Le gestionnaire néerlandais Optimix, dont l’encours se situe à environ 1,6 milliard d’euros, a acquis pour un montant non divulgué 45 % d’Add Value Fund Management auprès de Keijser Capital Asset Management, filiale de Keijser Capital, rapporte Fonds Nieuws.L’acquéreur possède une option pour acheter 35 % supplémentaires d’Add Value FM d’ici à deux ans. Le fonds Add Value, dont l’encours est remonté à 62 millions d’euros après avoir atteint un pic de 100 millions puis chuté considérablement, restera géré par Hilco Wiersma et Willem Burgers, qui détiendront chacun 10 % d’Add Value FM.
11/10/2013

L'AFT adjugera de la dette indexée le 17 octobre

L’Agence France Trésor annonce vendredi l’adjudication, le jeudi 17 octobre, d’un montant compris entre 6,0 et 7,0 milliards d’euros d’obligations assimilables du Trésor (OAT) de maturité moyenne (ex-BTAN). Elle adjugera le même jour entre 1,0 et 1,5 milliard d’euros d’obligations indexées sur l’inflation française (OATi) et sur l’inflation de la zone euro (OATei), une opération qui portera sur les lignes OATi 2,10% juillet 2023, OATei 1,85% juillet 2027 et OATei 1,80% juillet 2040.
11/10/2013

La Grèce révise en hausse son déficit 2012

Le déficit budgétaire de la Grèce a finalement représenté 6,2% du produit intérieur brut en 2012, une proportion supérieure aux 6% estimés initialement, a annoncé vendredi l’agence statistique du pays, Elstat. Ce taux ne prend pas en compte l’aide publique apportée au banques à la suite de la restructuration de la dette grecque. Malgré cette révision à la hausse, le déficit reste inférieur aux 6,6% visés l’année dernière par le gouvernement.
11/10/2013

Commerzbank vend ses premières covered bonds

Commerzbank, qui a placé jeudi 500 millions d’euros de covered bonds inaugurales à 7 ans, a vendu 59% des titres auprès d’investisseurs domestiques. Deutsche Bank, Natixis et UniCredit ont dirigé l’opération aux côtés de la deuxième banque allemande.

Sujets d'actualité

Tous les sujets