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20/08/2013

Disparition d'un gérant star chez T. Rowe

Bloomberg a annoncé hier la disparition le 12 août dernier de John H. Laporte, un gestionnaire de fonds qui fut élu au cours de sa carrière gérant de l’année par Morningstar et qui a battu les trois quarts de ses confrères durant les 22 années de gestion du fonds de T. Rowe Price Group Inc «Nouveaux Horizons» . De 1987 à 2010, il était le principal gestionnaire des portefeuilles investis dans des petites capitalisations de croissance et occupait les fonctions de président du Comité consultatif d’investissement du fonds «Nouveaux Horizons». Il s’agit d’un des fonds plus anciens de l’entreprise, créé par le fondateur Thomas Rowe Price Jr. en 1960. Le fonds investit dans des sociétés dont la capitalisation de marché est inférieure à 2,5 milliards de dollars.
20/08/2013

S&P Capital IQ envisage de céder son activité de recherche

Le fournisseur de services S&P Capital IQ envisage de vendre son activité de recherche et étudie toutes les alternatives stratégiques après avoir passé en revue son portefeuille de produits, rapporte FundWeb.Lancée en 1990, l’activité de recherche couvre les fonds retail et institutionnels, y compris les hedge funds, les fonds de performance absolue, les fonds au format Ucits ainsi que les fonds de fonds.
20/08/2013
Fonds

Les gérants devraient s’impliquer financièrement dans la gestion

Les gérants en quête de meilleurs rendements devraient investir leur argent au côté de celui des investisseurs pour améliorer la performance, selon des sociétés de gestion, des fonds de pension et des consultants interrogés par MHP Communications. Près de 60 % d’entre eux estiment que « se mouiller » conduit à de meilleures performances, rapporte le Financial Times fund management.
Fonds
20/08/2013
Fonds

Le nombre de fonds en Europe continue de décliner

Au deuxième trimestre, 425 fonds ont disparu de la circulation en Europe, après 458 sur la période correspondante de l’an dernier, selon les dernières statistiques de Lipper. En effet, 502 fonds ont été fermés entre avril et juin et 355 ont été fusionnés. Dans le même temps, seulement 432 fonds ont été lancés, alors qu’entre 2009 et 2011, les nouveaux produits dépassaient les 700 (pour les deuxièmes trimestres). Seuls les fonds obligataires ont connu une croissance du nombre de fonds au deuxième trimestre, avec 165 fonds lancés, 53 fonds liquidés et 96 fusionnés, ce qui reflète l’intérêt pour la classe d’actifs.Fin juin 2013, 31.877 fonds étaient enregistrés à la vente en Europe, dont 8.515 enregistrés au Luxembourg et 5.035 en France.Les fonds actions dominent le paysage européen, avec 37 % des fonds investis sur cette classe d’actifs. Viennent ensuite les fonds diversifiés (25 %), les fonds obligataires (22 %) et les fonds monétaires (5 %).
Fonds
20/08/2013
Fonds

Baisse des encours d'OPCVM non monétaires en juin

En juin2013, l’encours de titres émis par les OPCVM non monétaires de la zone euro était inférieur de 78 milliards d’euros à celui enregistré un trimestre plus tôt en mars 2013, selon les statistiques communiquées par la Banque centrale européenne. Une évolution qui s’explique par un recul de la valeur des parts lié à la correction des marchés observée en juin, compensé en partie par les émissions nettes.L’encours de titres émis par les OPCVM non monétaires de la zone euro est ressorti en baisse à 6812 milliards d’euros en juin 2013, contre 6890 milliards en mars 2013. Sur la même période, l’encours des titres émis par les OPCVM monétaires de la zone euro a diminué, revenant à 849 milliards, après 910 milliards.Les souscriptions nettes de titres d’OPCVM non monétaires de la zone euro sont ressorties à 92 milliards d’euros au deuxième trimestre 2013, tandis que les rachats nets de titres d’OPCVM monétaires se sont inscrits à 55 milliards.En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des titres émis par les fonds «obligations» est ressorti à 10,1% en juin2013 et les souscriptions nettes se sont élevées à 38 milliards d’euros au deuxième trimestre 2013. Dans le cas des fonds «actions», ce taux s’est inscrit à 3,6% et les transactions ont affiché un solde égal à zéro sur la même période. Pour les fonds «mixtes», le taux de croissance s’est établi à 8,7% et les souscriptions nettes à 34 milliards d’euros.
Fonds
20/08/2013

East Capital ferme son bureau de Shanghai

La société de gestion suédoise East Capital ferme son bureau de Shanghai et regroupe l’ensemble de ses activités asiatiques à Hong Kong. Parallèlement, Gustav Rhenman, gérant des fonds East Capital (Lux) China East Asia Fund et East Capital (Lux) China Fund, quitte la société le 31 août « pour poursuivre d’autres activités », indique un communiqué.Ce bureau chinois avait été monté en août 2010 par Karine Hirn, associé-fondateur d’East Capital, à l’occasion du rachat d’Asia Growth Investors, une petite société de gestion suédoise spécialisée sur l’Asie fondée en 2004 par... Gustav Rhenman. L’objectif de la dirigeante était alors d'étudier le marché chinois et à terme de renforcer les équipes d’investissement d’AGI.« La création d’une base initiale pour l’équipe asiatique à Shanghai il y a trois ans était une étape très importante pour East Capital en vue de mieux comprendre la réalité de la Grande Chine et de bâtir un réseau de contact solide que nous allons conserver et développer », explique aujourd’hui Karine Hirn par voie de communiqué.Les forces asiatiques d’East Capital, spécialiste des marchés émergents avec 3,7 milliards d’euros d’encours, seront désormais installées à Hong Kong, où la société dispose d’un bureau depuis 2006. Cette équipe se compose de trois personnes (Dmitriy Vlasov et Adrian Pop, tous deux conseillers senior, et Karine Hirn), tandis que trois autres personnes couvrent le marché asiatique depuis Stockholm (Peter Elam Håkansson, CIO, Kristina Sandklef, économiste macro Asie et Huizi Zeng, analyste).
20/08/2013

Sean Taylor quitte Pioneer pour rejoindre Deutsche Asset & WM

Deutsche Asset & Wealth Management a annoncé le 19 août le recrutement de Sean Taylor au poste de responsable des actions émergentes. Sean Taylor, qui travaillait précédemment chez Pioneer Investments en tant que responsable des actions GEM (Global Emergeing Markets), sera ainsi responsable de l’ensemble des stratégies, produits et équipes dédiés aux actions émergentes.Le cadre qui sera basé à Londres, est rattaché à Randy Brown et Asoka Wöhrmann, co-chief investment officers chez DeAWM.Les actifs investis en actions émergentes s'élevaient à 7,5 milliards d’euros à fin juillet.
20/08/2013

Investors less interested in emerging market equities

Investors’ interest in emerging market equities appears to be on the decline, although flows remain positive. The growth of assets dedicated to emerging market equities is much less rapid than in the years 2010, 2011 nd 2012, according to the eVestment database dedicated to institutional investment, IPE reports. In second quarter 2013, the growth rate for these assets still totalled 16%, or 1.8% less than in the first quarter of the year. But between fourth quarter 2008 and first quarter 2012, the growth rate for emerging market equities has always remained above 20%, peaking at 30.9% in first quarter 2009. Last year, the growth rates in second, third and fourth quarters came to 18%, 20% and 19.5%, respectively. The database also reveals that manager replacement activity began to increase in 2011, and remained high throughout 2012. This is a classic phenomenon when an asset class reaches a certain level of maturity, eVestment comments. In this environment, net inflows are increasingly modest, and have been overtaken by assets related to manager substitutions. In second quarter 2013, only 53.5% of the growth in emerging market equities was due to net inflows, comapred with 59.6% in second quarter 2012, and 65.8% in second quarter 2011.
20/08/2013

Vanguard ranks first for global sales

In first quarter, Vanguard has taken the top three places in the rankings for the best-selling funds in the world, according to Strategic Insight, cited by Financial Times Fund Management. The Total Stock Market Index fund has attracted a net USD13.2bn, while the Vanguard 500 Index fund has attracted USD4.2bn. USD12.4bn have been invested in the Vanguard Total Bond Market II Index fund, and USD11.7bn in the Vanguard Total International Stock Index fund.
20/08/2013

Sean Taylor leaves Pioneer to join Deutsche Asset & WM

Deutsche Asset & Wealth Management on 19 August announced the appointment of Sean Taylor as head of emerging market equities. Taylor, who had previously worked at Pioneer Investments as head of Global Emerging Markets (GEM) equities, will be responsible for all strategies, products and teams dedicated to emerging markets. Taylor, who will be based in London, will report to Randy Brown and Asoka Wöhrmann, co-chief investment officers at DeAWM.
20/08/2013

Nicolas Bouët leaves Invesco France as part of a management reshuffle

The recent announcement on the website H24 Finance of a possible departure of Nicolas Bouët from Invesco France, where he had been deputy CEO, was confirmed yesterday by the Paris-based asset management firm. Bouët has also told Newsmanagers that he is to become head of a newly-created organisation. The position previously held by Bouët will be divided into two. A part is dedicated entirely to commercial actiity at the firm, while another part includes all management of the business and the role of interlocutor with professional organisations such as the AFG. As a part of the changes, Invesco France has promoted Olivier Brouwers to the position of head of sales for France. In addition to this new responsibility, the insider, who joined the firm in 1998, already serves as head of sales and customer service for Benelux and the Scandinavian countries. Sergio Trezzis ie head of sales and customer service teams for continental Europe. Invesco has also appointed France Matthieu Grosclaude, who has recently joined the firm, as director of retail activities for continental Europe. Before joining Invesco, Grosclaude worked at McKinsey & Company, where he was a consultant specialised in asset management and asset servicing.
20/08/2013

Asset management net inflows lag over six months

Out of a total volume of assets of about CHF1.2trn in asset management at the five largest companies in the field (UBS AM, CS AM, GAM, Vontobel AM and Partners Group) listed n Zurich, net inflows in first half 2013 totalled about CHF12bn, Agefi Switzerland reports. Inflows totalled slightly under CHF20bn in 18 months. This is a sign of the effort which remains to be made to allow asset management to become a driver of growth for the Swiss financial sector. By comparison, the five largest groups in private or wealth management (UBS, CS, Julius Baer, EFG Int, Vontobel) attracted about CHF44bn in new funds in first quarter 2013, and nearly CHF100bn over 18 months.
20/08/2013

East Capital shuts Shanghai office

The Swedish asset management firm East Capital will be closing its Shanghai office, and concentrate its Asian operations in Hong Kong. Meanwhile, Gustav Rhenman, manager of the East Capital (Lux) China East Asia Fund and East Capital (Lux) China Fund, will be leaving the firm on 31 August “to pursue other interests,” a statement says. The Chinese office was founded in August 2010 by Karine Hirn, partner and co-founder at East Capital, when Asia Growth Investors, a small Swedish asset management firm specialised in Asia, founded in 2004 by Rhenman, was acquired. The objective for the director then was to study the Chinese market, and eventually to reinforce investment teams at AGI. “Establishing an initial base for the Asia team in Shanghai three years ago was a very important step for East Capital towards gaining an understanding of the reality of mainland China and to build a strong contact network that we will maintain and further develop,” Hirn explains in a statement today. The Asian teams at East Capital, a speicalist in emerging markets with EUR3.7bn in assets, will now be moved to Hong Kong, where the firm has had an office since 2006. This team will include three people (Dmitriy Vlasov and Adrian Pop, both senior advisers, and Hirn), while three other people will cover the Asian market from Stockholm (Peter Elam Håkansson, CIO, Kristina Sandklef, Asia macro economist, and Huizi Zeng, analyst).
20/08/2013

Number of funds in Europe continues to decline

The total number of funds showed a decrease of 425 products for second quarter 2013, according to statistics from Lipper. For second quarter 2012 the net decrease had been slightly higher, with 458 products. 502 funds were liquidated between April and June, and 355 were merged. At the same time, only 432 funds were launched, while between 2009 and 2011, there were more than 700 new products (in the second quarters of each year). Bond funds were the only product segment that showed a growing number of products during Q2 2013. The high number of newly launched bond funds reflects the demand of investors for new products within this sector, mainly driven by the chase for yield. As of the end of June 2013, there were 31,877 mutual funds registered for sale in Europe. Luxembourg continued to dominate the fund market in Europe, hosting 8,515 funds, followed by France, where 5,035 funds were domiciled.
20/08/2013

Non-money market mutual fund assets down in June

In June 2013, assets in securities issued by non-money market mutual funds in the euro zone came to less than EUR78bn than they did one quarter previously, in March 2013, according to statistics from the European Central Bank. This development is partly due to a decline in the value of securities related to a market correction observed in June, partly compensated by net issues. Assets in shares issued by non-money market mutual funds in the euro zone were down to EUR6.812trn as of June 2013, compared with EUR6.890trn in March 2013. In the same period, assets in securities issued by money market mutual funds in the euro zone were down to EUR849bn, after EUR910bn. Net subscriptions to non-money market mutual funds in the euro zone totalled EUR92bn in second quarter 2013, while net redemptions from money market mutual funds totalled EUR55bn. In terms of ventilation by investment strategy, the annual rate of growth in securities issued by bond funds totalled 10.1% in June 2013, and net subscriptions totalled EUR38bn in second quarter 2013. In the case of equity funds, the growth rate came to 8.7%, and net subscriptions to EUR34bn.
20/08/2013

Managers expected to make a financial investment in management

Managers seeking better returns should invest their money alongside that of investors to improve performance, according to asset management firms, pension funds, and consultants surveyed by MHP Communications. Nearly 60% of them estimate that when managers “get their feet wet,” it leads to better performance, Financial Times fund management reports.
20/08/2013

RBC Wealth recruits for its credit team in London

The asset management firm RBC Wealth Management, an affiliate of the Royal Bank of Canada, has announced the recruitment of two specialists for its credit team in London, to serve in newly-created positions and to develop innovative credit solutions. Victoria Riding has been appointed as director in charge of credit solutions for ultra high net worth (UHNW) clients. She had previously worked at Bank of America Merrill Lynch, where she had been director in charge of credit structuring for continental Europe. Sarah Hunter, who had previously worked as legal counsel at HMV Group, has been appointed as director, credit products and services, and will be responsible for legal aspects of structuring. She will also be involved in regulatory projects.
20/08/2013

Calamos recruits two specialists from Aviva Investors

The asset management firm Calamos Investments, based in Chicago, has recruited two high yield bond specialists, Chris Langs and Jeremy Hughes, who had previously worked at Aviva Investors. The two new recruits come as additions to the team specialised in bonds and high yield, led by the eponymous CEO of Calamos.
20/08/2013

S&P Capital IQ plans to sell its research activities

The service provider S&P Capital IQ is planning to sell its research activity, and is studying all strategic alternatives, after a review of its product portfolio, FundWeb reports. The research activity, launched in 1990, covers retail and institutional funds, including hedge funds, absolute return funds, UCITS format funds, and funds of funds.
20/08/2013

Malaysian sovereign funds open their first offices outside Asia

The Malaysian sovereign fund, Khaszanah Nasional, is reportedly about to open its first offices outside Asia, in Istanbul, Turkey, and in San Francisco in the United States, Asian Investor reports. Khaszanah Nasional, whose assets under management total about USD40bn, would like to accentuate its exposure to Turkey and to the US tech sector. Despite recent political turbulence, Turkey appears increasingly attractive to investors, such as Temasek, which in early June sent a delegation of 45 people to study investment opportunities in the country. The Turkish office of BNP Paribas IP, for its part, has noted increasing interest in Turkey on the part of Japanese investors.
20/08/2013

US authorities launch further investigations of JP Morgan Chase

The US Attorney General is launching a new investigation to determine whether JPMorgan Chase bank manipulated energy prices, according to the Wall Street Journal. The Attorney general has decided to launch an investigation in the past few weeks, at a time when JPMorgan Chase was finalising an out-of-court settlement with another government agency, the energy regulator FERC, the financial newspaper explains, citing sources familiar with the matter. The US authorities also suspect the US bank of recruiting the children of influential Chinese leaders in order to win contracts in the country, the New York Times reports. An investigation has been initiated by the anti-corruption unit at the Securities and Exchange Commission (SEC) to verify the allegations, the newspaper states, citing a confidential US government document.
20/08/2013

Hedge fund manager admits wrongdoing

The hedge fund manager Philip Facone has admitted wrongdoing as part of a settlement with regulators, the Wall Street Journal reports. Falcone and his hedge fund firm, Harbinger Capital Partners, will pay over USD18m, and Falcone will no longer be permitted to operate in the securities industry for at least five years. This is the first time that an individual or company has admitted fault in a settlement with the SEC. The settlement puts an end to two SEC lawsuits claiming that Falcone and his company deceived investors on the subject of a personal loan of USD113m which Falcone issued himself from a fund in order to pay his own taxes, at a time when other investors were not allowed to withdraw their money.
20/08/2013

Activist investors improve the fate of businesses

The economic profitability of businesses improves after funds make an incursion into their capital, according to several pieces of research into the effects of hedge fund activism, Les Echos reports. This is particularly true of hostile operations which are subject to strong opposition and great resistance by the management of the businesses, which represent one out of five activist operations on average. Contrary to conventional wisdom, activism increases neither the vulnerability nor the fragility of businesses. Firms which were targeted by activist investors before the 2008 crisis had fewer problems (profits, bankruptcy, etc.) than other businesses thereafter.
20/08/2013

Mediobanca appoints a head for its Alternative Asset Management unit

Paolo Cuniberti has been appointed as head of Mediobanca Alternative Asset Management, the new platform launched by the Italian firm to profit from a reduction in banking intermediation and the growing role of institutional investors, Advisor Online.it reports. Cuniberti, who has been working at the bank since 2007, is the head of Mediobanca Securities in London. He will assemble teams in private equity, private debt and non-performing loans.
20/08/2013

Russian capital continues to flow to tax havens

In first quarter 2013, Russian companies placed sums exceeding 50% of everything they sent in the entire previous year abroad, eqivalent to USD67.8bn, according to statistics from the Russian central bank, Le Temps reports. In first quarter 2012, capita outflows totalled only USD11.4bn. The Cypriot crisis had a major impact on Russian habits, and capital has been crossing the Atlantic to the British Virgin Islands, which have posted unprecedented inflows, with nearly half of all inflows USD31.7bn), eight times more than in 2012. Luxembourg is the second favourite destination for Russians (USD14bn), followed by the United Kingdom (USD11bn). Switzerland places far behind, with USD157m. Russian economists state that factors which stimulate tax evasion to offshore tax havens are a feeling of vulnerability on the part of business people with respect to the bureaucracy, and corruption. Two short-term factors which have been observed in the past few months come in addition to these: slowing economic growth and an unexpected end to the privatisation programme.
20/08/2013

Norway's Skagen to sell funds in Belgium

The Norwegian asset manager Skagen has received permission from the Belgian Financial Services and Markets Authority (FSMA) to market three funds in Belgium. They include the Norwegian-domiciled funds Skagen Global, Skagen Kon-Tiki and Skagen Vekst.The decision to expand operations into Belgium was based on a growing interest and demand from Belgian investors, Skagen explains. The asset manager plans to develop its footprint in Belgium “in a controlled and measured manner” and will service Belgium remotely from its International office based in Stavanger, Norway.In addition to its home markets in the Nordic countries, Skagen Funds currently markets its funds in Luxembourg, the Netherlands, the UK and Switzerland.
20/08/2013

Fidelity launches a fund dedicated to Asian dividends

Fidelity Worldwide Investment has launched a fund dedicated to Asian dividends, which will be managed by Polly Kwan, FundWeb reports. The Fidelity Asian Dividend fund will invest 60% to 80% of its assets in companies in the Pacific ex Japan region, with a preference for businesses which generate high cash flow and which have quality management teams. The fund will distribute quarterly dividends. Management fees total 1.5% for A class equities.
20/08/2013

British wealth management firm launches its first retail fund

The British boutique Cerno Capital Partners, a specialist in wealth management, will on 4 September launch its first retail fund, the Cerno Select fund, with starting capital of GBP30m, Investment Week reports. The multi-asset class fund will be domiciled in Dublin, and will join the “Mixed Investment 40-85%” equities sector of the IMA. The fund will invest about 70% of its assets in equities, with the ability to vary the exposure from 40% to 85%. The firm, whose assets under administration total GBP420m, has previously created a similar strategy, the Cerno Global fund.
20/08/2013

Standard Life Investments closes a bond fund

Standard Life Investments has decided to close its bond fund dedicated to the euro zone, the SLI Glo SICAV Euro Government Bond fund, whose assets under management have declined significantly, Citywire reports. Assets in the fund, domiciled in Luxembourg, as of the end of May totalled EUR1.9bn, and according to Lipper, had fallen below EUR100,000 just prior to its closure. The fund was launched in early 2005.
20/08/2013
Gestion d'actifs

Curalia réduit ses investissements dans les obligations high yield

Curalia a réduit de 3/4 ses investissements dans les obligations high yield. Curalia, qui gère 550 millions d’euros d’encours, détenait 2% d’obligations high yield, cette poche ne représente désormais que 0,5%. En raison de la hausse des taux d’intérêt, les obligations high yield sont devenues très coûteuses, a expliqué Bart De Coster, gestionnaire de portefeuilles pour Curalia. « De plus, les obligations high yield sont à la base de la pyramide des risques, alors que les investissements dans les senior loans sont au sommet. Curalia a sélectionné M&G Investments au détriment de Invesco Asset Management comme second gestionnaire du fonds en ce qui concerne son récent investissement de 8,6 M € dans les senior loans. Répartition du portefeuille : 30% obligations d’Etat 20% obligations corporate 0,5% obligations high yield 3,5% dette émergente 5% convertibles 3% obligations indexées sur l’inflation 13% actions 20% immobilier 5% liquidités Les partenaires de gestion de Curalia sont les suivants : Capital International pour les actions des marchés émergents Pictet Asset Management pour les obligations des marchés émergents Degroof Institutional Asset Management et Econowealth les actions européennes Petercam pour les obligations à haut rendement LODH pour les titres à revenus fixes Oaktree Capital Management et Treetop Asset Management pour les convertibles BNP Paribas Asset Management et M&G Investments pour les senior loans
Gestion d'actifs

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