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08/10/2013

iShares dominates European ETP market

In September, European ETPs posted net inflows of USD1.9bn, exactly the amount of net subscriptions from iShares (BlackRock), while SPDR (State Street) and Amundi attracted USD0.5bn and USD0.3bn. However, the BlackRock Institute notes, db x-trackers (Deutsche Asset & Wealth Management) has seen net outflows of USD0.9bn.In the first nine months of the year, iShares has posted net inflows of USD13.5bn, while the entire sector (including iShares) has gained USD9.6bn. ETF Securities has seen the heaviest net outflows, with USD3.4bn, followed by the Cantonal Bank of Zurich (ZKB), with USD2.3bn, Lyxor (Société Générale) with USD2.2bn, and db x-trackers with USD1.4bn.In terms of assets as of the end of September, iShares leads with USD182.1bn, while the next two are db x-trackers, with USD57.4bn, and Lyxor with USD41.1bn.
08/10/2013

GLG Partners to close a fund to new investors

GLG Partners is preparing to close its GLG Market Neutral Fund, managed by Steve Roth, to new investors, when it reaches USD1bn in assets, in order to preserve its performance, Financial News reports. The size of the fund is currently USD870m. It will top USD1bn by the end of the year.
08/10/2013

Fidelity offers two new funds

Fidelity Worldwide Investment has announced that it is extending its Fidelity Active Strategy (FAST) with the launch of the FAST Global long/short equity, a portfolio of 70-110 positions managed by Dmitry Solomakhin. The trial version of FAST Global, created in January 2013, has beaten out 99% of its peers, in terms of both performance and information ratio. The fund is aimed exclusively for professional investors. Its net exposure will range from 90% to 110%, and the manager is able to short-sell up to 30% of assets in unattractive equities.The asset management firm also reports that in September the Undiscovered Talent fund of funds was launched, aimed at high net worth retail clients affiliated to the Fidelity Wealth Service, with a minimal subscription of GBP100,000. The portfolio, managed by Nick Peters and James Bateman, invests in portfolios of managers who are still relatively little known.CharacteristicsName: FAST GlobalManagement commission: 1% (Y share class in pounds sterling)Minimal subscrption: USD1mPerformance commission: 20% of performance exceeding the MSCI AC World (N) fund by over 200 basis points
08/10/2013

Manulife plans to develop in wealth management in Asia

The Canadian Manulife group has appointed Donna Cotter as head of distribution for the wealth management unit in Asia, Asian Investor reports. She will be responsible for developing relationships with private banks and insurers.
08/10/2013

Malaysian sovereign fund acquires nearly 5% of Beijing Water

Khazanah National Bhd, the Malaysian sovereign fund, will acquire a 4.95% stake in Beijing Enterprises Water Group, for a total of USD152m, Opalesque reports. The Malaysian sovereign fund becomes one of the largest shareholders in the Chinese company.
08/10/2013

Russell Investments welcomes new PM

Russell Investments has announced the recruitment of Rob Hall in London as portfolio manager in its multi-asset class management team, which includes 37 people.Hall will be based in London, and will report to Christophe Caspar, chief investment officer for multi-asset.Hall joined the firm from Schroders, where he had been head of manager selection. In particular, he was responsible for the management and selection of internal or external investment strategies to implement Schroders multi-asset products. From 1988 to 2008, Hall previously served as head of portfolio management at Russell Investments for European equity portfolios.
08/10/2013

Nutmeg attacks the competition

The online asset management firm Nutmeg, based in London, on 7 October launched a publicity campaign in the London Underground which is not pleasing the competition, Fund Web reports. Nutmeg presents asset managers as “fat cats” who, it is suggested, have practices with relation to fees which are not always transparent, while Nutmeg offers a top-quality service for a modest fee of 0.3% for GBP500000 up to 1% for GBP1,000.
08/10/2013

Schroders recruits from BlackRock

Ugo Montrucchio, director and portfolio manager in the multi-asset class group at BlackRock, has been recruited as a portfolio manager in the multi-asset class and portfolio solutions unit at Schroders in London, which he will join on 1 January 2014. He will report to Joanna Kyrklund.
08/10/2013

Vontobel plans to acquire a multi-asset class boutique

Vontobel, seduced by the success of GARS, the multi-asset class fund from Standard Life, is sounding the British market to acquire a multi-asset class boutique, Financial Times fund management reports. “However, we are also going to continue our own organic growth projects in terms of investments in multi-asset classes, and we will not be too devastated if no external opportunity emerges,” says Zeno Staub, CEO of Vontobel.
08/10/2013

Neuberger Berman recruits a head for Northern Europe

Mark Oestergaard has joined Neuberger Berman to cover the Northern European market from London, Fondbranschen reports. Oestergaard joins from Gottex, where he had been head of sales to institutional investors in Northern Europe.
08/10/2013

iShares adds to EMEA sales team

Investment Europe reports that Jessica Eistrand (formerly of StormHarbour) and Deri Bainge (formerly of Crédit Agricole CIB) have been apopinted as directors at iShares, the former for bond sales in Nordic countries, and the latter for Germany, Switzerland and Austria. Both will report to Leen Meijaard, head of EMEA sales.
08/10/2013

BlackRock takes control of MGPA and creates a real estate unit

BlackRock on Monday, 7 October announced that it has finalised its acquisition of MGPA, a real estate private equity asset mangement firm in Asia-Pacific and Europe. The sale price has not been disclosed. The deal is related to the creation of a global real estate platform with USD23.5bn in assets, which collaborates with more than 700 investors.The new platform will have 400 real estate experts on the ground, in 18 offices in 13 countries, and will operate under the BlackRock name. The extended expert unit will offer investors access to the six most important markets in the world, which represent 75% of the investible commercial real estate market. The asset management firm MGPA has complementary expertise in the area of real estate investment solutions to those which exist at BlackRock, with no overlap.Following the acquisition, BlackRock will manage a diversified range of real estate funds, including publicly-traded real estate securities, real estate debt, REIT securities, open-ended or closed funds, and special mandates, to meet the needs and investment objectives of certain clients, a statement says.
08/10/2013

Promotion pour Johannes Hermanns chez Deka

Responsable depuis 2008 pour la région Nord de la gestion chez Deka Immobilien, Johannes Hermanns a été promu au 1er octobre directeur de la gestion immobilière pour l’ensemble de l’Allemagne, annonce DekaBank le 4 octobre. L’intéressé succès à Wolfgang Frisch, qui a manifesté le désir de prendre une retraite anticipée au 31 décembre.Dans ses nouvelles fonctions, Johannes Hermanns sera responsable de plus de 200 actifs figurant dans le portefeuille des fonds Deka.
08/10/2013

Assets up at Reyl

As of 30 June, assets under management at the Reyl group totalled CHF9.3bn, 26% more than six months previously.Consolidated operating revenues in first half are up 64% year on year, to EUR59.1m.
08/10/2013

Odey AM opens an office in Geneva

The alternative asset management firm Odey Asset Management, based in London, has opened an office in Geneva, Agefi Switzerland reports. “We are happy to be opening an office in Geneva,” a partner at the asset management firm Orlando Montagu has said, “since Odey already invests for many institutional and industrial families in continental Europe.” No further comment has been made about the number of employees, but market sources say that the small team being set up will concentrate on marketing. Odey AM has USD9.7bn in assets under management n 18 funds, and has nearly 90 employees.
08/10/2013

UK regulator cracks down on the asset management industry

The British Financial Conduct Authority has met with directors of all of the major asset management firms based in the United Kingdom, Financial Times fund management reports, stating that the regulator is seeking to confront misconducts in the asset management industry. Tracey McDermott, the director of enforcement and financial crime at the FCA, has warned that the authority will take strong measures against business which do not respect these rules. In addition, the regulator has creatd its own asset management surveillance team, composed of over 50 employees.
08/10/2013

DNB and BlackRock are the preferred asset management firms of Scandinavian institutionals

Den Norske Bank has taken first place in a survey by TNS Sifo Prospera to identify the best institutional asset management firms in the countries of Northern Europem realtid.se reports. In second place, SEB and Brummer & Partners are tied. Among international players, BlackRock takes top place, followed by JP Morgan Asset Mangaement and Goldman Sachs. The survey interviewed 108 institutions with over SEK200m in assets under management.
08/10/2013

Axa IM centralises its investment capacities in Hong Kong]

The asset management firm Axa IM has transferred its bond team from Singapore to Hong Kong as pat of a planned grouping of its investment capacities in the special economic zone, Asian Investor reports. The bond team, led by Rob Andrews, will set up in Hong Kong by the end of the year. Recruitments are planned, Asian Investor states. Mark Tinker, who had been based in London, moved to Hong Kong last month as head of Axa Framlington Asia. A portfolio manager will be recruited to assist Tinker.
08/10/2013

HFRX hedge fund index up 0.96% in September

The HFRX Global hedge fun index gained 0.96% in the month of September, while the HFRX Market Directional, for its part, has gained 2.23%, according to statistics from Hedge Fund Research. The Event Driven strategy gained 2.10% in September, due to gains for special situations and actiist exposures. Since the beginning of the year, the HFRX Event Driven index has gained 10.87%.
08/10/2013

Markit lance une nouvelle messagerie instantanée

Markit a annoncé le 7 octobre le lancement d’un système ouvert de messagerie instantanée pour les professionnels des marchés financiers, rejoint par Thomson Reuters et huit grandes banques, dont le Credit Suisse, qui va concurrencer celui de Bloomberg.Ce nouveau système «va permettre à des personnes de l’ensemble du secteur des services financiers de communiquer et de partager des informations sans encombres», souligne le cabinet britannique d’informations financières dans un communiqué.Actuellement, les communications quotidiennes entre les professionnels des marchés financiers passent pour la plupart par la messagerie instantanée présente sur les terminaux Bloomberg, qui dominent le marché. Mais grande différence avec le système de Bloomberg, qui est un atout majeur de son terminal, la messagerie ouverte de Markit va fédérer les messageries existantes des sociétés qui l’utiliseront.Membre fondateur du nouveau système ouvert de Markit, le groupe américano-canadien d’informations financières et professionnelles Thomson Reuters va y fédérer son système Thomson Reuters Eikon Messenger qui dispose de plus de 200.000 membres. Huit grandes banques ont également rejoint le système de Markit: BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase et Morgan Stanley."Jusqu'à présent, la communication entre les acteurs du marché a été entravée par l’absence d’interopérabilité entre les systèmes», estime Markit qui juge que son système «fait tomber les barrières» en fédérant les systèmes internes.
08/10/2013

Italian asset management firm Anima studying an IPO

The board of directors has begun to officially study the possibility of an initial public offering, Bluerating reports, citing the news agency Radiocor. So far, this is only an examination, which has not ruled out other options. The asset management firm, which has over EUR40bn in assets under management, has Asset Management Holding, a company owned by Clessidra (37%), Banca Popolare di Milano (35.3%) and Monte dei Paschi (22.7%), as its sole shareholder.
08/10/2013

Bats Chi-X entre sur le marché des ETF

Bats Chi-X Europe, qui revendique une part de marché de 23% sur le trading d’actions européennes, lancera en novembre son activité de cotation primaire. Les ETF d’IShares (BlackRock) ouvriront le bal: le iShares MSCI Emerging Markets Ucits ETF et le iShares MSCI World Minimum Volatility Ucits ETF seront listés le mois prochain, dans le cadre d’un listing secondaire.
08/10/2013

L'EBA n'a pas discuté d'une prise en compte des LTRO dans ses prochains tests

Dans un bref communiqué publié en réponse à un article du Financial Times, l’Autorité bancaire européenne indique ne pas avoir discuté du traitement des LTRO utilisés par les banques dans le cadre de ses futurs stress tests, prévus pour 2014. Elle rappelle que la méthodologie de ces tests est toujours en cours d'élaboration et fait l’objet de relations de travail proches avec la Banque centrale européenne.
08/10/2013

Les pays de la Coopération économique pour l'Asie-Pacifique veulent se relancer

Les 21 pays de la Coopération économique pour l’Asie-Pacifique (Apec) se sont engagés à prendre des mesures macro-économiques afin de compenser un ralentissement de la croissance mondiale et une faiblesse persistante du commerce international. «Nous mettrons en oeuvre des mesures macro-économiques de façon prudente et responsable, afin de garantir que la croissance nous renforce mutuellement, de maintenir la stabilité économique et financière de la région et d'éviter les retombées négatives», indiquent-ils.
08/10/2013

Le MES ouvre les livres de son émission à 5 ans

Le Mécanisme européen de stabilité a lancé mardi sa première émission à moyen et long terme, d’une maturité de 5 ans. Alors que le livre d’ordre atteignait 15 milliards d’euros en début de matinée, la taille de la transaction inaugurale devrait être fixée à 7 milliards. La marge, initialement annoncée à +1 pb au-dessus des mid-swaps, a été resserrée à -1 pb.
08/10/2013

Record pour les émissions souveraines en Afrique

Les émissions de dettes souveraines de pays africains ont atteint un montant record de 8 milliards de dollars depuis le début de l’année, selon Moody’s. Le précédent record était de 7,2 milliards pour l’ensemble de l’année 2010. L’agence estime en outre qu’il existe un «potentiel important» à moyen terme, seulement 14 des 54 pays africains ayant eu recours à des émissions libellées en devises étrangères sur les marchés internationaux. La croissance économique moyenne sur le continent devrait atteindre entre 5% et 6% sur les cinq prochaines années.
08/10/2013

Les fonds monétaires américains encore plus exposés à l'Europe

Les money market funds (MMF) américains ont encore accru en septembre et octobre leur exposition aux contreparties européennes, selon une note de Moody’s. La hausse atteint 16%, soit 27 milliards de dollars, tirée par l’exposition aux banques suédoises (+40%) et françaises (+22%).
08/10/2013

Le MES mandate les banques de son émission à 5 ans

Le Mécanisme européen de stabilité, noté par Aa1 par Moody’s et AAA par Fitch, a indiqué avoir mandaté HSBC, JPMorgan et SG CIB en tant qu’arrangeurs de son émission obligataire inaugurale à 5 ans en euro. L’émission est attendue ce mardi, en fonction des conditions de marché.
08/10/2013

BlackRock finalise l’acquisition de MGPA

Le numéro un mondial de la gestion d’actifs a fait part de la finalisation de l’acquisition du gérant immobilier MGPA, spécialiste de l’Asie-Pacifique et de l’Europe continentale. La transaction, dévoilée en mai, permet à BlackRock de doubler le montant de ses actifs sur le secteur à 23,5 milliards de dollars à fin juin.
08/10/2013

La CCR renouvelle son contrat avec BP2S

La Caisse centrale de réassurance a confié à nouveau à BNP Paribas Securities Services la conservation globale de ses actifs. BP2S assure depuis 12 ans la conservation de la CCR. Celle-ci gérait 7,8 milliards d’euros d’actifs à fin 2012.

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