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23/09/2013

La Corée du Sud veut le libre-échange avec l’Asean

Selon le journal économique qui se réfère à un responsable du ministère de commerce sud-coréen, Séoul cherche à négocier un accord de libre-échange avec l’Indonésie, mais également avec le Vietnam, la Thaïlande et la Malaisie, en considérant que les barrières commerciales restent élevées avec les pays de l’Asean.
23/09/2013

JC Flowers s’intéresse à la filiale TSB de Lloyds

Le fonds d’investissement a contacté Lloyds Banking Group en vue d’une offre sur les activités TSB, que la banque britannique a scindées plus tôt dans le mois, rapporte le journal britannique. Dans le même temps, Paul Pester, nouveau patron de TSB, a déclaré que la société pourrait être rachetée avant une introduction en Bourse normalement prévue en 2014.
20/09/2013

James Bullard fixe un seuil d'inflation minimum pour la Fed

Le président de la Réserve fédérale de St Louis qui deviendra d’ici la fin de l’année un membre votant du comité de politique monétaire de la Fed (FOMC), a indiqué que l’autorité monétaire américaine ne devrait pas commencer à relever ses taux directeurs tant que le taux d’inflation restera inférieur à 1,5%. Un seuil qui permettrait selon lui de «rassurer les marchés» sur le maintien d’une politique monétaire durablement accommodante, et ferait miroir au seuil maximum de 2,5% toléré par la Fed.
20/09/2013

L'incertitude persiste sur les résultats des élections allemandes

L’incertitude persiste en Allemagne à deux jours des élections législatives sur les chances d’Angela Merkel de reconduire la coalition entre son camp conservateur et les libéraux, selon les sondages publiés vendredi. L’alliance entre l’Union chrétienne démocrate (CDU) de la chancelière et l’Union chrétienne sociale (CSU) est créditée de 40% des intentions de vote, en hausse d’un point, selon un sondage Forsa. Les libéraux du FDP, partenaires de la CDU-CSU dans le gouvernement sortant, restent au même niveau, à 5%, le seuil en dessous duquel une formation ne peut pas obtenir d'élus au Bundestag. Le Parti social-démocrate (SPD) est lui aussi en hausse d’un point, à 26%, de même que ses alliés Verts, à 10%. Le parti de gauche Die Linke, avec lequel le SPD exclut toute alliance, recule en revanche d’un point, à 9%. La formation eurosceptique Alternative pour l’Allemagne (AfD) obtiendrait pour sa part 4%.
20/09/2013

La Slovénie reconnaît le manque de confiance dans ses banques

Les banques slovènes sont faibles et le confiance dans le système est limitée, a reconnu vendredi devant le parlement Uros Cufer, ministre des Finances du pays, qui pourrait être le prochain pays membre de la zone euro à solliciter une aide internationale. Les établissements bancaires slovènes, pour la plupart contrôlés par l’Etat, croulent sous 7,5 milliards d’euros de créances douteuses, ce qui représente plus d’un cinquième du produit intérieur brut (PIB) du pays. Des tests de résistance prévu en novembre doivent permettre d'évaluer les besoins de capitaux du secteur.
20/09/2013

L'AMF renforce sa doctrine sur la vente de produits financiers structurés

Après de récentes mises en garde, l’Autorité des marchés financiers renforce sa doctrine sur la commercialisation d’instruments financiers structurés auprès du grand public. Cette nouvelle position porte sur la nécessité d’offrir une garantie, de formule et/ou de capital, pour la vente auprès du public de parts ou d’actions d’OPCVM et de FIA à formule, d’OPCVM et de FIA « garantis », ainsi que de titres de créance présentant des caractéristiques semblables. L’AMF estime que «si la garantie du résultat de la formule ou la garantie du capital – totale et partielle – n’est pas délivrée par une entité autorisée à donner des garanties aux OPCVM et FIA, ces instruments financiers présentent un risque de mauvaise appréhension des risques par le client non professionnel». A l’inverse, si les investisseurs bénéficient d’une garantie de capital et/ou de formule par un établissement ou une entreprise soumis aux règles prudentielles conformes aux exigences françaises, «ces produits peuvent être commercialisés sans avertissement spécifique auprès des clients non professionnels, dans le respect des règles applicables».
Photo : Bloomberg
20/09/2013

Azimut launches a hybrid bond fund

The Italian asset management firm Azimut has launched a UCITS IV fund dedicated entirely to hybrid bonds, Bluerating reports. The fund, entitled AZ Fund Bybrid Bonds, is aimed at private clients able to invest at least EUR25,000.
20/09/2013

Banque Reyl loses a head

Thomas H. Dürmüller, who became head of Banque Reyl only two years ago, when the firm opened a Zurich office, has decided to leave the firm, and to start a new company, Solitaire Aquila, the specialist news agency finews reports. Troubled times in French banking and divergences of point of view with heads of the bank may have been the cause of the premature departure of Dürmüller.
20/09/2013

UBS GAM recruits for US equity team

UBS Global Asset Management has recruited the fund manager Dan Neuger to join its US growth large caps team, Citywire reports. Neuger had previously spent 10 years at PineBridge Investments.
20/09/2013

Head of asset allocation from Aviva joins Russell

Mirko Cardinale, head of strategic asset allocation at Aviva Investors, will be joining Russell Investments as head of asset allocation for Europe, the Middle East and Africa, according to Financial News, citing sources familiar with the matter.
20/09/2013

Dexia and New York Life Investments in exclusive negotiations to sell Dexia AM

Dexia has announced that it has entered exclusive negotiations with the asset management firm New York Life Investments over a sale of all shares in Dexia Asset Management, following the submission of a binding offer by New York Life Investments. The negotiations come at a time when the asset management firm FinEx Capital had on Wednesday evening announced that it had issued a bid to buy 100% of capital in Dexia Asset Management from the banking group (see Newsmanagers of 19 September 2013). New York Life Investments, the wholly-owned subsidiary of New York Life Insurance Company, has a total of USd388bn in assets under management as of 31 July 2013. New York Life Investments «ranks among the world’s largest asset managers and through its multiple-boutique investment structure, offers access to an array of fixed income, equities and alternative products for institutional and retail clients,” Dexia says in a statement. The banking group adds that “New York Life Investments represents a solid partner to support the commercial development of Dexia Asset Management.” Dexia feels Life Investments constitutes a solid partner to pursue Dexia Asset Management’s commercial development. Moreover, Dexia is confident in its execution capacities, should an agreement be signed. Any agreement by the parties would be subject to finalization of its key terms and of the employee consultation process in accordance with the applicable legal framework.
20/09/2013

DeAWM builds smart beta unit

The CEO of Assenagon Client Service GmbH and Assenagon GmbH, Martin Weithöfer, has been recruited as head of smart beta by Deutsche Asset & Wealth Management (DeAWM), where he will report to Reinhard Bellet, global head of passive asset management. Weithöfer will be responsible for developing the smart beta unit, particularly with respect to designing solutions and products.
20/09/2013

Fidelity looks to extend its institutional client base in Asia

Fidelity Worldwide Investment will be making “selective” recruitments in the coming months in order to capture a part of the Asian institutional client base, Asian Investor reports. About 70% of Asian and European clients of Fidelity are “retail,” and 30% institutional. But Chris McNickle, its global head of institutional activity, anticipates a more rapid acceperation of the institutional segment. According to estimates by Asian Investor, Asian clients of Fidelity represented USD22.1bn as of the end of 2012, out of total assets of USD305.5bn as of the end of June.
20/09/2013

Retail investors increasingly choose ETFs

Between 2009 and 2013, about 45% of retail investors have chosen ETFs, compared with about 15% previously, in their mid-term asset allocations, according to a study by Create-Research. This is a sharp increase, which can also be observed for opportunity-driven investors.In addition to ETFs, retail investors have favoured two other asset classes in their mid-term asset allocations: actively-managed equity and bond funds (up 4 points between 2009 and 2013) and traditional tracker funds (+6).An asset class whose popularity is diminishing is funds which offer capital protection, which have lost 5 percentage points, both for mid-term allocations and for opportunistic investments.For high net worth investors, five asset classes have been favoured in mid-term allocations: traditional index funds, ETFs, hedge funds, private equity and real estate. ETFs, whose use has risen sharply, is also primarily used for opportunistic investments. Currency and commodity funds have fallen into disgrace, however. Lastly, two asset classes have emerged: multi-aset class funds, and fund with an income bias.
20/09/2013

Two new members of PRI advisory council

The Principles for Responsible Investment Initiative (PRI) has announced that two new members had joined its advisory council following its annual signatory elections.Colin Melvin, CEO, Hermes Equity Ownership Services (Hermes EOS), and Peter Webster, CEO, EIRIS, were elected to the two non-asset owner positions open for election this year. Niels Erik Petersen, CIO, Unipension, was re-elected to the position reserved for a European asset owner, which he has held since the advisory council was assembled in 2011. The new advisory council members replace Ann Byrne, CEO, Australian Council of Superannuation Investors (ACSI), and Melissa Brown, Partner, Daobridge Capital Ltd, who are stepping down after completing their terms. Council members can serve up to three consecutive three-year terms.
20/09/2013

Goldman Sachs IP launches an Asian hedge fund

Goldman Sachs Investment Partners is in the process of raising funds for a new Asian hedge fund to be known as Oryza Capital, the news agency Bloomberg reports. The fund, which will invest in the entire Asian region, including Australia and Japan, and whose inflow objectives have not yet been set, will be managed by a team led by Hideki Kinhuata in Tokyo, and Ryan Hall in Hong Kong. Assets in hedge funds dedicated to Asia totalled USD98.4bn as of the end of June 2013, their highest level since 2007, according to statistics from Hedge Fund Research.
20/09/2013

Syz highlights its Oyster Emerging Opportunities fund

At a time when the fashion is clearly for emerging market funds, the various providers have been highlighting the particularities of their product ranges in their presentations in the past few weeks. For example, the originality of the Luxembourg-registered Oyster Emerging Opportunities fund, relaunched on 17 August 2012, is that it uses an proprietary index developed by Katia Coudray Cornu and her team of eight people. It is an equally-weighted, contrarian index, which is geographically diversified, and in which the various smaller countries are weighted according to a liquidity factor.The other source of outperformance for the fund is related to the fact that Syz has contracted out the fund to a manager which is complementary to itself, which focuses on stock-picking and which cannot diverge from the index by more than 2.5% in either direction. The Swiss group has retained the Boston-based Acadian Asset Management, an affiliate of Old Mutual, which has USD55.7bn in AUM, of which USD16.6bn are on emerging markets, primarily in equities.This solution has allowed the fund (USD111m) to post net inflows of USD54m (USD73m since the change of strategy) and to earn returns of 3.5% in slightly over one year, compared with a loss of 1.8% for the MSCI Emerging Markets.
20/09/2013

Delubac AM preparing FoF dedicated to EM equities

Delubac Asset Management has announced in a statement released on 19 September that the emerging market equity fund of funds Delubac Global Emergents is in the process of being created. The fund will be managed by Sébastien Legoff.Delubac has also announced that it has re-centred its mutual fund range, which is now composed of three multi-managed funds, (in addition to Delubac Global Emergents, Delubac Patrimoine and Delubac PEA) and a range of direct management products, with a fund centred on corporate bonds, and the Delubac Pricing Power fund, dedicated to European equities.The recreation of the fund range comes as part of a planned global development of Delubac AM, initiated by the new management team in late 2011, which will include reinforcing the bank and Delubac AM’s presence serving IFAs. Delubac & Cie will also his year for the first time participate in Patrimonia.“Our desire to develop serving IFAs is a natural step for Delubac AM,” says Franck Lepetit, Chairman of the board. “We an affiliate of an independent French bank, we share the same values as IFAs, of entrepreneurship, risk measurement, the search for sustainable performance and valuation of wealth. Our range of funds has been re-thought since late 2012 with this in mind, in orde to better meet the expectations of IFAs.”
20/09/2013

Aviva Investors to launch a short-term credit fund hedged for currency risks

Aviva Investors France (EUR93m in assets under management as of 30 June 2013) has obtained a license from the AMF for a short-term credit fund hedged for interest rate risks, according to a statement released on 19 September. The management process for the fund will be similar to that of the Aviva Investors Euro Credit Bond 1-3 fund, plus a flexible mechanism to hedge against interest rate risks. The firm has already set up this hedging strategy successfully for several insurance mandates, and would now like to offer this exposure as part of its collective management. Denis Lehman, head of mutual fund management at Aviva Investors France, says that “in the current context, the Aviva Investors Euro Credit Bonds 1-3 HD fund will allow investors to diversify their exposure to credit, with exposure to assets with shorter maturity, while confronting the risk of rising interest rates.”
20/09/2013

GSAM launches asset allocation AR fund

Samantha Davidson, Raymond Chan and Chris Lvoff, of the global portfolio solutions team, have been made responsible by Goldman Sachs Asset Management for managing the new multi-asset class, absolute return fund Goldman Sachs Multi-Asset Real Return Fund, whose prospectus was released on 30 August.The product (acronym for A shares: GHRAX) is exposed to asset classes which are sensitive to inflation, including opportunistic bonds, commodities, and a selected equity sectors.For the A share class, the front-end fee is 5.50%, and the total expense ratio is capped to 1.27%.

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