Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
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

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

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

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

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

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

ABN Amro organizes multi-management

The Luxembourg Sicav ABN Amro Mutli-Manager Funds now includes 45 subfunds, which are primarily funds of mandates and funds of funds selected by AAAdvisors, an affiliate based in Paris and Amsterdam, and managed by the French firm Neuflize OBC Investissements, Fonds Nieuws reports.The funds concerned, some of which (formerly from Fortis and ABN Amro AM) are still officially run by BNP Paribas, include equity and bond, absolute return, diversified, target date and profiled products for insurance policies.
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

S&P Dow Jones Indices launches Islamic bond indices

The index provider S&P Dow Jones Indices on 10 Octoebr announced the launch of the S&P Mena Bond & Sukuk Index as ell as the two sub-indices, S&P Mena Bond Index and S&P Mena Sukuk Index. With the exception of the S&P Mena Bond Index, each index on offer is Sharia-compliant. The S&P Mena Bond & Sukuk Index covers a range of bonds which are denominated in US dollars, which aim to measure the performance of Islamic bonds (sukuks) in the Middle East and North Africa (MENA). The index measures the performance of companies based in the following countries: Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Tunisia, United Arab Emirates and Yemen.
11/10/2013

Prudential Retirement adds 12 external funds to its platform

The manager of managers platform at Prudential Retirement (Prudential Financial group) now includes 78 institutional funds, sub-advised by external managers, including real estate products, which is a novelty.The firm has admitted the following 12 funds to its platform dedicated to promoters of retirement savings funds:- Large Cap Value / Becker Capital Fund (Becker Capital) - Large Cap Value / Ceredex Value Advisors Fund (Ceredex Value Advisors) - Large Cap Value / Nuveen Asset Management Fund (Nuveen Asset Management, LLC) - Large Cap Growth / Brown Fund (Brown Advisory) - Large Cap Growth / Fayez Sarofim Fund (Fayez Sarofim & Co.) - Mid Cap Value / Invesco Fund (Invesco Advisers, Inc.) - Mid Cap Value / WEDGE Fund (WEDGE Capital Management LLP) - Mid Cap Growth / American Century Fund (American Century Investment Management, Inc.) - Small Cap Growth / Palisade Capital Management Fund (Palisade Capital Management, LLC) - Real Estate / American Century Fund (American Century Investment Management, Inc.) - Real Estate / Cohen & Steers (Cohen & Steers) - International Blend / Neuberger Berman Fund (Neuberger Berman)
11/10/2013

Axiom AI sets on an integrated sales department

In order to strengthen its commercial policy, Axiom AI has announced the creation of its integrated Sales Department, to distribute its funds to client Independent Financial Adivisers, Family Offices, portfolio mangement companies and private banks, according to a statement released on 10 October. To this end, it is creating a team of experts, and appointing Bertrand Wojciechowski as Direcror, and Alexis Jarnoux as Head of Sales. Wojciechowski had previously been at Label Finance, a third-party marketer (TPM), in charge of sales and marketing development, from 2010 to 2013. He was responsbile for assisting independent asset management firms (Banque Transatlantique, Axiom-AI) to access the network of independent financial advisers (IFAs), banking-insurance platforms and mult-managers (private banking, family office, etc.) Jarnoux had previously been at Label Ifnance from February 2011 to August 2013, as representative in charge fo sale of funds form Transatlantique Gestion and Axiom AI to IFAs, family offices, portfolio management firms and private bankers.
11/10/2013

Legg Mason planning external growth in Asia

The US firm Legg Mason is planning to develop in Asia through external growth operations, Asian Investor reports. The head of Legg Mason, Joseph Sullivan, who recently completed the integration of Fauchier Partners into its affiliate Permal, is planning other transactions of this type in Asia, where in particular he hopes to increase the firm’s presence in China. Sullivan also says that he would not like to launch ETFs, except perhaps in the active ETF segment.
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

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

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

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.
11/10/2013

Fédéris GA crée un pôle solutions

Fédéris Gestion d’Actifs annonce la création d’un pôle «solutions» pour mieux répondre aux attentes propres à chaque investisseur institutionnel. Ce pôle réunit l’analyse extra-financière, fil directeur de l’offre de la société, l’analyse quantitative dédiée à l’élaboration de solutions d’allocations et de gestion du risque, et l’analyse de marché. Adossé à Malakoff Médéric, Fédéris affichait 27 milliards d’euros d’encours au 30 juin.
11/10/2013

La Banque d'Angleterre maintient le statu quo

A l’issue de sa réunion de politique monétaire, la BoE a maintenu son taux directeur à 0,5% et laissé inchangé son programme de rachats d’actifs, à 375 milliards de livres, comme attendu par les économistes. La Banque d’Angleterre n’a diffusé aucun communiqué.
11/10/2013

Le PIB chinois tient l'objectif officiel

Le Premier ministre chinois Li Keqiang a déclaré que la croissance du PIB du pays devrait être supérieure à 7,5% sur les 9 premiers mois de l’année. Pékin doit publier vendredi 18 octobre les chiffres de son économie au troisième trimestre. Les analystes anticipent un PIB en hausse de 7,8% en rythme annuel.
11/10/2013

Les enchères sur CDS de Codere livrent leur verdict

Lors des enchères CDS sur le groupe espagnol de jeux Codere, le taux de récupération pour les vendeurs de protection de credit default swaps est ressorti à 45,5%. Codere, qui était inclus dans plusieurs versions de l’indice iTraxx, a fait défaut mi-septembre sur le paiement d’un coupon.
11/10/2013

Nyse Euronext et ICE fixent leur union au 4 novembre

Sous réserve d’avoir obtenu d’ici-là l’aval des autorités nationales et des organismes de régulation dans chacun des territoires européens concernés et après avoir reçu l’approbation du Comité des présidents des régulateurs d’Euronext, Nyse Euronext et IntercontinentalExchange ont fixé la date de la finalisation de leur rapprochement au 4 novembre, selon un communiqué diffusé hier. Les actionnaires de Nyse Euronext ont par ailleurs jusqu’au 31 décembre pour choisir l’option en titres et/ou l’option en numéraire. Le rachat de Nyse Euronext par ICE est actuellement valorisé à quelque 10 milliards de dollars. La future entité sera le troisième marché boursier mondial derrière Hong Kong Exchanges and Clearing et CME Group. Euronext, l’opérateur des Bourses de Paris, Bruxelles, Amsterdam et Lisbonne doit être scindé une fois l’opération terminée, et son introduction en Bourse est envisagée au premier semestre 2014.
11/10/2013

Grève contre l'austérité en Grèce le 6 novembre

Les syndicats ont appelé jeudi à une grève de 24 heures le 6 novembre prochain en Grèce pour protester contre la politique d’austérité du gouvernement et les coupes claires dans le secteur public exigées par les bailleurs de fonds du pays. Le gouvernement a annoncé lundi que la Grèce devrait émerger l’an prochain de six ans de récession.
11/10/2013

La Société de la Tour Eiffel cède trois actifs en province

La SIIC vient de finaliser la cession de trois actifs «non core» à Lyon, Mérignac et Grenoble pour un total de 64 millions d’euros. Depuis le début de l’année, la société a réalisé, dans le cadre de son recentrage stratégique, un total de cessions (à leur valeur d’expertise) atteignant près de 160 millions d’euros.
11/10/2013

James Bullard juge une action du FOMC peu probable en octobre

Une réduction du programme d’assouplissement quantitatif (QE) de la Réserve fédérale ce mois-ci est moins probable compte tenu de la fermeture des administrations centrales, de l’absence de statistiques gouvernementales qui en résulte et du débat en cours sur le relèvement du plafond de la dette, a déclaré jeudi James Bullard, président de la Fed de St. Louis. Les problèmes budgétaires à Washington ont «changé la donne», a-t-il expliqué.

Sujets d'actualité

Tous les sujets