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13/08/2013

Le groupe Hansa rachète la boutique d'investissement SVG IM

Le groupe suisse Hansa Aktiengesellschaft a annoncé le 12 août l’acquisition de la boutique d’investissement SVG Investment Managers.Hansa prend la majorité des actions de la boutique mais un communiqué de Hansa précise que la direction de SVG demeure un actionnaire minoritaire significatif dans la nouvelle configuration.Cette acquisition va permettre à Hansa de porter ses actifs sous gestion à plus 2 milliards de dollars, contre actuellement autour de 1,8 milliard de dollars.Selon le président Hansa, Georg von Opel, Hansa espère ainsi «développer un gestionnaire de fonds de classe mondiale» avec un accent particulier sur la gestion non contrainte et une politique d’engagement constructive.
13/08/2013

Hansa group acquires investment boutique SVG IM

The Swiss group Hansa Aktiengesellschaft on 12 announced that it is acquiring the investment boutique SVG Investment Managers. Hansa is acquiring a majority stake in the capital of the boutique, but a statement from Hansa states that the management at SVG will remain as a significant minority shareholder in the new configuration. The acquisition will bring assets under management at Hansa to about USD2bn, compared with more than USD1.8bn currently. According to the president of Hansa, Georg von Opel, Hansa is hoping to “develop a world class asset management firm,” with a particular emphasis on unconstrained management and a constructive engagement policy.
13/08/2013

CPSS and IOSCO launch a consultation on market infrastructure

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on August 12 published for public comment a consultative report on the Recovery of financial market infrastructures.The report provides guidance to financial market infrastructures such as CCPs on how to develop plans to enable them to recover from threats to their viability and financial strength. Comments on the report are invited from all interested parties and should be sent by 11 October 2013.Separately, CPSS and IOSCO have issued report on progress towards implementing the Principles for financial market infrastructures (PFMI). Finally, they have issued a report on authorities’ access to trade repository data.
13/08/2013

FSB consults on implementation guidance for the key attributes of effective resolution regimes

The FSB on August 12 launched a public consultation on the Application of the key attributes of effective resolution regimes to non-bank financial institutions and on information sharing for resolution purposes. The recommendations, prepared in collaboration with the BIS Committee on payment and settlement systems (CPSS), the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Organisations (IOSCO), include market infrastructure and systemic participants in these infrastructures, such as central securities depositories, insurers and client assets protection in resolution. The consultation will remain open until 15 October.
13/08/2013

Inflows continue to high yield funds in Europe

In the week to 7 August, high yield funds in Europe have posted inflows of USD861m, up 0.5% week on week, according to statistics released by Bank of America Merrill Lynch. Retail inflows into high yield funds have been positive for six weeks in a row. In June, retail investors pulled USD9.7bn out of European highyield funds. Since the beginning of July, USD6.3bn has been ploughed back in. Since the beginning of the year, inflows to high yield funds total USD11.38bn. European equity funds, for their part, have attracted a net USD1.8bn, the 6th straight week of inflows. Since the beginning of the year, inflows to European equity funds are nearing the USD4bn level. USD15.8bn flowed into European money market funds, the best in 26 weeks. Loan funds in Europe had a rare outflow last week (USD7m), only the third weekly outflow in all of 2013.
13/08/2013

CVC to acquire Campbell activities in Europe

The investment firm CVC Capital Partners has entered exclusive final negotiations with the US Campbell Soup Company group to acquire a series of European activities, CVC Capital Partners announced on 12 August in a statement.
13/08/2013

Frank Klausfelder promoted to COO of Alliance GI for Asia-Pacific

Allianz Global Investors (Allianz GI) has promoted Frank Klausfelder to the position of chief operating officer (COO) for the Asia-Pacific region, Asian Investor reports. Klausfelder has been in the new role since the beginning of August. He had previously been head of Greater China and South-East Asia. He now oversees all activities, IT, legal and compliance functions for all entities of the Asia-Pacific region. He reports to the global COO, George McKay, and the CEO for Asia-Pacific, Douglas Eu. Christina Hui will take over the former responsibilities of Klausfelder, while continuing to serve in her current role as head of retail distribution for Greater China and South-East Asia.
13/08/2013

BlackRock launches a new index

BlackRock has announced the launch of a new index, the iShares Dow Jones-UBS Roll Select Commodity Index. The new product offers diversified exposure to commodities, through 22 commodity futures contracts, and aims to minimise costs related to rolling operations.
13/08/2013

MSCI offers a new family of indices

The provider of investment assistance tools MSCI has launched MSCI Quality Mix indices, which provide a way for the MSCI Quality, MSCI Value Weighted and MSCI Minimum Volatility indices to be combined in a single index for a given market. The new indices aim to represent the performance of risk premium strategies on quality, value and low volatility in a single index for all markets on the planet. The indices now available in this family are as follows: 1. MSCI ACWI Quality Mix Index 2. MSCI World ex USA Quality Mix Index 3. MSCI Emerging Markets Quality Mix Index 4. MSCI Europe Quality Mix Index 5. MSCI World Quality Mix Index 6. MSCI USA Quality Mix Index 7. MSCI AC Asia ex Japan Quality Mix Index 8. MSCI UK Quality Mix Index 9. MSCI Japan Quality Mix Index
13/08/2013

Affluent clients alter their decision-making

The 2008 financial crisis has changed the way affluent families view their investments and make important decisions, and the change is greatest among those with the greatest wealth, according to a poll of more than 800 individuals representing individuals or families with an average of USD1.2 million in investable assets released by SEI and carried out by independent research firm Phoenix Marketing International. In fact, nearly half of respondents (48 percent) with more than USD5 million in investable assets said that their family makes investment and wealth management decisions more democratically following the financial crisis of 2008. By contrast, only a quarter of respondents in the “mass affluent” market (households with between USD250,000 and USD1 million in investable assets) say their family makes decisions more democratically after the crisis. The results point to a growing divide in the behaviors and investment decision making between different segments of affluent families, according to SEI. The survey also revealed that those with the most wealth are most confident about their family’s level of preparation for the future. More than half of respondents (55 percent) with more than USD5 million in investable assets believe the next generation of their family is adequately prepared to handle the challenges of managing substantial wealth. That number drops to less than half (42 percent) among families in the broader “wealth market” (households with more than a million dollars in investable assets) and less than a quarter (19 percent) among the Mass Affluent. When asked how they measure financial success across generations, more than half of Penta-Millionaires (60 percent) chose absolute returns and total assets.
13/08/2013

Time Equity Partners fund seeking to raise EUR100m

The French investiment firm Time Equity Partners, a specialist in digital technologies, is seeking to raise EUR100m by the end of the year, Les Echos reports. The new fund comes in addition to the first, founded in 2010, with EUR50m in assets. Time Equity Partners has already collected about two thirds of this amount.
13/08/2013

Assets under management at AllianceBernstein up 2.1%

Assets under management at AllianceBernstein as of the end of July total USD444bn, compared with USD435bn as of 30 June 2013, according to the first available estimates. Growth of 2.1% month on month is largely due to market effects. The month of July ended with “modestly negative” net inflows, while instutional net inflows were offset by redemptions to retail and private clients.
13/08/2013

CalPERS appoints a head of strategy

The California Public Employees’ Retirement System (CalPERS) has named Sabrina Stroud as the division chief for the organization’s enterprise strategy and performance division. She will begin her new role at CalPERS on August 19, 2013.Stroud will be responsible for the overall planning, development and monitoring of CalPERS strategic and annual business plans, working with the System’s executive leadership team. She will also oversee the development and monitoring of performance measures for the organization.
13/08/2013

Swedish funds post inflows in July in equities and bonds

In July, funds on sale in Sweden posted net inflows of SEK7.7bn, or EUR0.9bn, according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. Inflows were primarily driven by equity funds, which saw inflows of SEK5.1bn (EUR0.6bn). Bond funds also made a contribution of SEK3.1bn (EUR0.35bn). All other categories of funds have a balance of near zero flows. Since the beginning of the year, the funds on sale in Sweden, recorded net inflows of SEK55.9bn (EUR6.44bn). As of the end of July, assets in funds in Sweden totalled SEK2.299trn (EUR265bn), of which 55% were in equity funds.
13/08/2013

UBS GAM closes a fund

UBS Global Asset Management is closing its European Equity fund in September, due to poor performance and declining assets, Investment Week reports. The group has been restructuring its fund range since last year.
13/08/2013

Assets in UCITS hedge funds top EUR100bn

Alternative UCITS funds have continued the positive trend in the second quarter of 2013, with assets under management growing by 8.3% from EUR96.6 billion in March 2013, to EUR104.6 billion at the end of June, breaking the EUR100 billion barrier for the first time, according to the Alceda Quarterly UCITS Review. Tracking the Absolute Hedge Global UCITS Index, the sector declined 0.53% in the second quarter, with losses concentrated in June, across a range of funds and strategies. The Market Neutral index performed the strongest with 1.45% growth over the quarter. The Credit Index continued to deliver positive returns, with growth in assets of EUR3.4 billion to EUR26.6 billion at the end of Q2 and delivererd 0.13% returns in the quarter. As the best performing strategy index in Q1, Equity Long Short continued its positive run, growing AUM by 12% and registering 0.38% returns in Q2.Managed Futures, despite registering the first positive quarter in over two years in the first quarter, had another challenging quarter in Q2. The strategy index was down 3.79% over the quarter with a 14.3% reduction in AUM, including one fund closure. With many investors looking to UCITS vehicles for improved liquidity, the report by Alceda also reveals daily dealing funds have proved most popular with investors, attracting 83% of assets.
13/08/2013

BlackRock appoints a new head for Singapore

BlackRock has appointed Kevin Hardy as country head for Singapore, Citywire reports. Hardy is currently head of beta strategies for Asia-Pacific at the US asset management firm. He replaces Alasdair Riach, who will focus on his role as head of institutionals for Singapore and South-East Asia.
13/08/2013

Old Mutual focuses on Asia and emerging markets

Old Mutual Global Investors is planning to relaunch several funds of its range, including global equity funds, Asia and emerging markets, Investment Week reports. The firm, which has a strong presence in British equties, strategic bonds and multi-asset classes, is seeking to diversify.
13/08/2013

Wealth managers targeting high net worth Americans in the United Kingdom again

A new generation of wealth managers is emerging in the United Kingdom, to serve the thousands of rich American expatriates whose tax issues have become too difficult for the major banks to manage following new FATCA legislation, the Financial Times observes. Kristopher Heck, who recently launched Tanger Wealth Management, one of these new firms, estimates that there are tens of thousands of US citizens resident in the United Kingdom who have at least USD50,000 in assets which could be invested.
13/08/2013

Schroders rules out further acquisitions

Schroders has ruled out any new acquisitions, after those of STW and Cazenove Capital. “We achieved what we needed in bonds with our acquisition of STW in the United States, and Cazenove Capital in the United Kingdom. We have what we wanted and we are going to focus on that,” the CEO of Schroders, Michael Dobson, has told FTfm.
13/08/2013

Retail inflows to M&G in continental Europe total GBP5.6bn in first half

M&G, the asset management unit of the insurer Prudential, recorded net inflows in first half of GBP5.6bn in continental Europe on the retail market, or more than double the subscrptions in first half 2012 (GBP2.2bn), Prudential announced on August 12, at the publication of its interim results.In the UK, however, retail activities, which have been dragged down by RDR regulations, resulted in net outflows of GBP1.2bn, compared with GBP2.8bn in first half 2012. However, due to good results in continental Europe, retail assets under management at M&G were up 30% year on year, to GBP62.7bn. On the institutional side, GBP900m were pulled out, largely the result of the loss of a large low-margin mandate for GBP7.6bn. Overall, rising equity and bond markets favoured a 15% rise in assets under management at M&G, to GBP234.3bn. Profits at M&G rose 16% to a record total of GBP195m. The insurance group, however, reports a 59% decline in its net profits, to GBP365m, due to “negative short-term fluctuations in returns on investment.” Operating profits, calculated on the basis of returns on more long-term investments, however, are up 22% to GBP1.41bn.
13/08/2013

Series of resignations at Sarasin bank

More than 40 employees of J. Safra Sarasin bank are currently in the process of joining the Notenstein private bank, the Swiss Sunday newspapers report. This number has been confirmed by the Notenstein bank. Among those transferring from Sarasin are Aris Prepoudis, who becomes director of institutional clients, and Andreas Knörzer, who becomes head of asset management. These moves come at a time when Notenstein, an affiliate of Raiffeisen, does not conceal its development ambitions. For its part, J. Safra Sarasin states that it has already replaced about three quarters of the personnel who have left for the competition.
13/08/2013
Gestion d'actifs

La Fondation de Prévoyance Manpower a ajouté 15% de placements alternatifs dans son portefeuille

La Fondation de Prévoyance Manpower a commencé à investir dans le high yield et les fonds alternatifs l’année dernière, à la suite d’une refonte de sa stratégie d’investissement. Le fonds a retenu Credit Suisse et Scor (Insurance-linked strategies), ainsi que quatre gestionnaires de hedge funds. Aucun conseiller externe n’a été mandaté. Willy Mumenthaler, responsable des investissements, a indiqué que le Fonds a ajouté 15% de placements alternatifs dans son portefeuille. La Fondation a sélectionné l’année dernière Credit Suisse et SCOR pour gérer les placements en high yield. La Fondation de Prévoyance Manpower a investi dans quatre fonds de gestion alternative : Caxton Mondial géré par Caxton Associates, le Fonds d’Investissement Tewksbury, le Fonds Cassiopée géré par Dominicé & Co et Cumulus Energy géré par City Financial Investment Company. Chaque fonds détenait un portefeuille allant de 0.3 % à 0.5 % de la totalité du montant des actifs. La poche de gestion alternative comprend également du private equity, géré par Adveq. La Fondation de Prévoyance Manpower a opté pour une augmentation de sa poche actions - ajoutant 5% d’actions Suisse et international au portefeuille - et une réduction de la part des obligations. La part des obligations en francs suisse est en effet passée de 30% à 20 %, et les obligations émises sous d’autres devises de 10% à 5%. Enfin, les 5% de liquidités du portefeuille ont été abandonnés. Le portefeuille : 20% obligations en francs suisse 5% obligations de monnaies étrangères 15% actions suisse 15% actions internationaux 30% immobilier 15% alternatifs (environ 75 % d’ILS, le reste étant principalement dans des hedge funds ainsi que dans des investissements privés qui arrivent à terme).
Gestion d'actifs
13/08/2013

Athènes vend ses paris sportifs

Athènes a finalisé la vente d’une participation de 33% dans le monopole des jeux Opap au fonds d’investissement gréco-tchèque Emma Delta, dans le cadre du programme de privatisations réclamé par les créanciers internationaux du pays. Cette vente avait été annoncée en mai pour la somme de 652 millions d’euros, mais un désaccord sur le versement de commissions en avait retardé l’exécution. La cession permettra à Athènes de se rapprocher de son objectif de lever 1,6 milliard d’euros par des privatisations.
13/08/2013

Le Portugal confirme les coupes budgétaires

Le ministre portugais du Développement régional, Miguel Poiares, a réfuté hier les informations rapportées par l’hebdomadaire Expresso selon lesquelles le gouvernement envisagerait de ramener le montant des coupes budgétaires à 2 milliards d’euros, en indiquant que le Portugal reste pleinement déterminé à atteindre 4,7 milliards d’euros de coupes budgétaires d’ici à 2014, comme convenu avec les bailleurs de fonds internationaux.
13/08/2013

Changement de cap pour la réforme des auto-entrepreneurs

Le projet de réforme du régime des auto-entrepreneurs ne prévoit plus de fixer un seuil maximum de 19.000 euros de chiffre d’affaires annuel, contre 32.600 actuellement, pour bénéficier de ce statut, comme l’avait annoncé le gouvernement français, indique Les Echos. Le journal précise que le niveau du seuil sera fixé ultérieurement par décret et qu’il ne sera plus le principal marqueur de la réforme.
13/08/2013

Berlin temporise sur la Grèce

«Le dernier rapport de la Troïka montre que la Grèce fait d’importants progrès du point de vue des réformes. Comme vous le savez, le programme actuel (d’aide) court jusqu’en 2014, donc je ne vois pas comment on peut spéculer aujourd’hui sur ce qui adviendra en 2014», a précisé Martin Kotthaus, porte-parole du ministère des Finances, suite à un article de presse selon lequel Athènes aurait besoin d’un nouveau plan d’aide dès le début de 2014.
13/08/2013

La Hongrie a remboursé sa dette au FMI

Le ministère de l’Economie hongrois a indiqué hier que le pays avait remboursé par anticipation la dernière tranche de sa dette, soit 2,15 milliards d’euros, sur un prêt de 20 milliards d’euros octroyé par le FMI en 2008 qui lui avait permis d’éviter la faillite. Le remboursement de la dernière tranche d’aide était initialement prévu au troisième trimestre 2014, et ce remboursement anticipé permettait au pays d'économiser 11,8 millions d’euros en intérêts.
13/08/2013

La hausse de la CSG à l’étude

Le gouvernement réfléchit à réaliser une hausse «a minima» du taux de contribution sociale généralisée, de 0,2 à 0,3 point, uniquement consacrée à la réforme des retraites, selon Les Echos. Mais il envisage également une hausse allant jusqu'à 0,5 point, une partie allant à l’assurance maladie et à la branche famille de la sécurité sociale, dont le déficit devrait encore dépasser 10 milliards d’euros cette année.
13/08/2013

Réduction du déficit courant français

Le déficit des transactions courantes de la France s’est réduit en juin à 1,4 milliard d’euros, après 3,5 milliards d’euros en mai, a annoncé hier la Banque de France. Une baisse «principalement sous l’effet d’une réduction du déficit des échanges de biens (-3,9 milliards après -5,9 milliards)», alors que «les investissements directs sont à l’origine, comme les mois précédents, de faibles entrées nettes de capitaux», a expliqué l’autorité.

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