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14/08/2013

Invesco converts two funds

Invesco has renamed and transformed two quantitative funds into low-volatility funds. The Invesco U.S. Quantitative Core Fund and the Invesco Global Quantitative Core Fund have become the Invesco Low Volatility Equity Yield Fund and the Invesco Global Low Volatility Equity Yield Fund, respectively The two funds will continue to be managed by the quantitative teams at Invesco. They come in addition to the low volatility range from the firm, which already includes ETF, and represents USD5bn.
14/08/2013

Fidelity adds to retail alternative range

Fidelity has invested about USD1bn in the first Blackstone mutual fund, Blackstone Alternative Multi-Management Fund, which was launched last week, and which will invest in 11 hedge fund firms. It is the second liquid hedge fund which Fidelity is supporting, via its Fidelity Portfolio Advisory Services, dedicated to clients with a minimum of USD50,000 in assets to invest.
14/08/2013

Vanguard adds a manager to its Explorer fund

Vanguard has selected Stephens Investment Management Group, a small US asset management firm with USD1.5bn, to manage a part of its multi-managed Vanguard Explorer fund. This brings the number of asset management firms managing for the fund to seven. Stephens Investment Management Group will contribute expertise in small caps.
14/08/2013

French mutual funds continue post outflows

In July, French-registered mutual funds have posted growth in their assets of EUR10.3bn, to EUR754bn, according to statistics from EuroPerformance – a Six Company, cited by Agefi. This increase does not totally offset outflows in June, marked by a decline of EUR43.5bn in assets under management. It also conceals the fact that outflows from French asset management have continued, with nearly EUR1bn in redemptions (after EUR29bn in June). Net outlfows have affected virtually all asset classes, excepting money market funds (+EUR1.5bn).
14/08/2013

Malaysian pension fund seeks to double international exposure

The Malaysian public pension fund KWAP is seeking to double the exposure of its portfolio to international investments, which are set to increase from 10% currently to 20% in the next few years, Asian Investor reports. With this in mind, the pension fund, whose assets under management total about USD40bn, has scaled up its expertise in some areas, such as portfolio hedging, while outsourcing some mandates to external asset management firms. The pension fund states that it plans to develop its capacities on emerging markets, outsourcing some mandates and creating an internal team dedicated to emerging markets.
14/08/2013

Legg Mason increases its assets in July

As of the end of July, assets under management at Legg Mason totalled USD656.4bn, compared with USD644.5bn as of the end of June, an increase of 1.8%. However, assets are down compared with the end of March, when they stood at USD664.6bn. Of this total, USD352.5bn are managed in bonds, and USD170.1bn in equities.
14/08/2013

William Ackman resigns

J. C. Penney announced in a statement on 13 August that William Ackman, head of the investment fund Pershing Square Capital Management, had resigned from the board of directors, effective immediately. Ackman, a shareholder in the US retail group with a stake of about 18%, sent a letter to the media last week in which he called for the departure of the current CEO of the firm, Myron Ullman. The board of directors at JC Penney has co-opted Ronald Tysoe, who for 16 years served as vice-president of Federated Stores, now Macy’s. The board has stated that it plans to appoint another “highly qualified” person to join the firm in the near future.
14/08/2013

Lyxor hedge fund index up 1.32% in July

The Lyxor Hedge Fund Index posted a positive performance of +1.32% in July, according to the latest Alternative investment industry barometer published by Lyxor. Year to date, the index gains 3.19%.Eleven Lyxor Strategy Indices out of 14 ended the month of July in positive territory, led by the L/S Equity - Long Bias (+3.08%) and the Event Driven - Special Situation Index (+2.63% and +7.20% YTD).
14/08/2013

Carl Icahn s'invite au capital d'Apple

L’investisseur activiste Carl Icahn, également actionnaire de Dell, a annoncé le 13 août sur son compte Twitter détenir une « importante » participation dans le capital du groupe américain Apple, rapporte Les Echos. « Nous pensons que l’entreprise est extrêmement sous-évaluée », a-t-il déclaré. Il souhaite une augmentation du programme de rachats d’actions qui porte déjà sur 60 milliards de dollars. L’action a terminé en hausse de 4,75 % à la Bourse de New York.
14/08/2013

Groupama sells off stake in Société Générale

Groupama on 13 August announced that it had sold off its stake in Société Générale for about EUR517m, as part of a private placement to institutional investors. A statement says that the insurer placed 14,881.016 shares, representing about 1.9% of capital in the bank. “This operation continues asset portfolio rebalancing at Groupama announced in late 2011, as market conditions allow, and does not in any way reflect a negative appreciation of the strategy or management of Société Générale,” Groupama says in a statement.
14/08/2013

SAC Capital closes a hedge fund

The alternative management firm SAC Capital Advisors has closed one of its hedge funds, Parameter Capital Management, which had managed assets for the group since 2010, the news agency Reuters reports. A flood of lawsuits against SAC Capital has doubtless contributed to this development, although Parameter’s performance is otherwise satisfactory, with gains of over 10% since the beginning of the year, according to sources cited by the agency. One of the heads of the team at Parameter, Anil Stevens, will create his own fund, and plans to recruit a considerable part of the team which had worked with him.
14/08/2013

Satisfactory results for first half at Raiffeisen group

Assets under management at the Raiffeisen co-operative group in first half increased by 1.8% compared with the end of 2012, to a total of CHF176.3bn, according to a statement released on 14 August. Assets under management at the Notenstein bank, acquired by the group last year, have remained stable. Its revenues have fallen at the same time, largely due to a “market environment that remains difficult,” a statement says.
14/08/2013

GAM undergoes net outflows of CHF0.6bn in first half

The wealth management firm GAM has reported a net outflow of CHF0.6bn in first half 2013, though in first half 2012 they showed net subscriptions of CHF0.9bn, according to a statement published on 13 August. The market correction in June has also wiped out gains from previous months, so that first half brought a negative market effect of CHF0.6bn. However, movements on currency markets resulted in a positive impact of CHF1.6bn. Assets under management by the group as of the end of June totalled CHF116.6bn, compared with CHF116.2bn as of the end of December 2012. The group earned net profits of CHF111.7bn in first half, up 58% compared with the first six months of 2012.
14/08/2013

Latin American real estate has momentum

A growing number of real estate funds are taking an interest in Latin America. A record number of 14 real estate funds dedicated to the Latin America are currently on the market. These funds are seeking to place about USd3.8bn, according to data from Preqin. Brazil is the country most often targeted by real estate managers. Of the USD9.3bn raised by funds dedicated to Latin America in the period 2009-2013, a total of USD6.4bn has been raised by the 17 funds dedicated to Brazil.
14/08/2013

Ed Moisson of Lipper joins Barings

Ed Moisson has joined Baring Asset Management as business development analyst, a new role, effective immediately. He joins from Lipper where he held a number of senior research roles. Most recently he was head of UK and Cross-Border Research,responsible for providing analysis of UK and pan-European activities, specialising in research into flows and general industry trends. At Barings, Ed Moisson will have global responsibility for working with the sales teams to identify trends and opportunities in the market, along with providing general market analysis and insight on the mutual fund and institutional business. He is based in London and reports to David Stevenson, head of product and business development.
14/08/2013

Skandia hires a head of marketing

Skandia has recruited Alistair Campbell as head of investment marketing, Money Marketing reports. He had previously been head of marketing of regional clients at Standard Life Investments.
14/08/2013

Piquant Technologies becomes first UK hedge fund to comply with AIFM directive

The quantitative hedge fund Piquant Technologies, a newcomer to the UK market, has become the first British hedge fund to comply with the AIFM directive, which came into force on 22 July, Investment Europe reports. Kinetic Partners, which assisted the hedge fund in the effort, says that the process of seeking a license from the British FCA took only three weeks.
14/08/2013

Martin Currie posts its first loss in 132 years

The asset management firm Martin Currie Investment Management, based in Edinurgh, has reported pre-tax losses for 2012 of GBP9.3m, its first loss since its inception in 1881, after profits of GBP7.7m in 2011, the news agency Bloomberg reports. The loss comes as the result of the closure of a Chinese hedge fund managed by Martin Currie last year, which was fined USD14m by US and British regulators over conflicts of interest. Martin Currie has lost clients, and its assets under management as of the end of July totalled GBP5.5bn, compared with GBP10.1bn as of summer 2011. Martin Currie returned to profitability in first half, according to its CEO, Willie Watt, and inflows have begun to rise.
14/08/2013

Neuberger recruits a manager from JP Morgan AM

Neuberger Berman has recruited Jon Jonsson as a senior portfolio manager for global bond strategies, Fund Web reports. Jonsson had recently been head of aggregate strategies at JP Morgan Asset Management, where he had worked for 15 years.
14/08/2013

Aviva Investors recruits a Barings high yield manager

Aviva Investors has recruited the bond manager Sunita Kara from Barings, Citywire reports. She will have an senior role in the European high yield fund team, in London. Her recruitment comes as part of an effort at Aviva Investors to add to its European high yield team.
14/08/2013

Fideuram launches a balanced fund

Fideuram Gestions, an asset management firm of the Intesa Sanpaolo group, has launched a balanced fund to seize opportunities in high yield equities and debt, Citywire reports. The Fonditalia Global Income fund will be part of the group’s Luxembourg range. It has no geographical constraints.
14/08/2013

Résultats semestriels satisfaisants pour le groupe Raiffeisen

Les actifs sous gestion du groupe ccopératif Raiffeisen ont progressé au premier semestre de 1,8% par rapport à fin 2012 pour s'établir à 176,3 milliards de francs suisses, selon un communiqué publié le 14 août.Les actifs gérés par la banque privée Notenstein, acquise l’an dernier par le groupe, sont restés stables. Ses revenus ont dans le même temps baissé en raison notamment d’un «environnement de marché toujours difficile», relève le communiqué.Le bénéfice semestriel du groupe a progressé de 11% à 369 millions de francs.
14/08/2013

Progression de 2,2% des actifs de la Banque cantonale de Genève

Les actifs gérés et administrés de la Banque Cantonale de Genève se sont accrus au premier semestre de 2,2% pour s'établir à 19,1 milliards de francs suisses, selon un communiqué publié le 13 août. Les actifs sous gestion des fonds maison s’inscrivaient fin juin à 892 millions de francs contre 756 millions de francs fin 2012.La banque a dégagé au premier semestre un bénéfice net de 36,75 millions de francs, en hausse de 0,8% d’une année sur l’autre.
14/08/2013

GAM subit des rachats de 0,6 milliard de francs au premier semestre

Le gestionnaire de fortune GAM a fait état pour le premier semestre 2013 d’une décollecte nette de 0,6 milliard de francs suisses alors qu’il avait enregistré au premier semestre 2012 des souscriptions pour un montant net de 0,9 milliard de francs suisses, selon un communiqué publié le 13 août.La correction boursière du mois de juin a par ailleurs effacé les gains des mois précédents si bien que le premier semestre se solde par un effet marché négatif de 0,6 milliard de francs. En revanche, les mouvements sur les devises se sont traduits par un impact positif de 1,6 milliard de francs. Les actifs sous gestion du groupe s’inscrivaient fin juin à 116,6 milliards de francs suisses contre 116,2 milliards de francs à fin décembre 2012.Le groupe a dégagé un bénéfice net de 111,7 millions de francs au premier semestre, en hausse de 58% par rapport aux six premiers mois de 2012.
14/08/2013
Fonds

Fideuram lance un fonds diversifié

Fideuram Gestions, société de gestion du groupe Intesa Sanpaolo, a lancé un fonds diversifiés destiné à saisir des opportunités dans les actions et la dette haut rendement, rapporte Citywire. Le Fonditalia Global Income fait partie de la gamme luxembourgeoise du groupe. Il n’a pas de contrainte géographique.
Fonds
14/08/2013

Martin Currie enregistre sa première perte en 132 ans

Le gestionnaire d’actifs Martin Currie Investment Management, basé à Edimbourg, a fait état pour 2012 d’une perte avant impôt de 9,3 millions de livres, la première depuis sa création en 1881, après avoir dégagé un bénéfice de 7,7 millions de livres en 2011, rapporte l’agence Bloomberg.Cette perte est liée à la fermeture l’an dernier d’un hedge fund chinois géré par Martin Currie qui avait écopé, pour conflit d’intérêts, des amendes des régulateurs américain et britannique pour un montant de 14 millions de dollars. Martin Currie a ainsi perdu des clients et ses actifs sous gestion s’inscrivaient fin juillet à 5,5 milliards de livres contre 10,1 milliards de livres à l'été 2011.Marin Currie est redevenu bénéficiaire au premier semestre, selon son directeur général, Willie Watt, et la collecte est repartie à la hausse.
14/08/2013
Fonds

La part de la collecte des fonds asiatiques diminue à l’échelle mondiale

Les fonds domiciliés en Asie ont enregistré au premier semestre des souscriptions nettes de 52,6 milliards de dollars, mais leur contribution à la collecte nette mondiale a pratiquement été divisée par deux à 11 % par rapport à la période correspondante de 2012, rapporte Asian Investor, citant Strategic Insight. Les forts rachats sur les fonds monétaires en Chine et en Inde ont pesé sur le secteur. Les encours des fonds domiciliés en Asie sont ressortis à 1.900 milliards de dollars fin juin.
Fonds
14/08/2013

Legg Mason augmente ses encours en juillet

Fin juillet, les encours sous gestion de Legg Mason sont ressortis à 656,4 milliards de dollars, contre 644,5 milliards de dollars fin juin, soit une hausse de 1,8 %. En revanche, les encours sont en repli par rapport à fin mars, où ils étaient de 664,6 milliards de dollars.Sur le total, 352,5 milliards de dollars sont gérés en obligations et 170,1 milliards de dollars en actions.
14/08/2013
Fonds

Les OPCVM français continuent de décollecter

En juillet, les OPCVM de droit français ont enregistré une progression de leurs encours de 10,3 milliards d’euros à 754 milliards, selon les statistiques d’EuroPerformance - a Six Company citées par L’Agefi. Une hausse qui ne compense pas totalement l’hémorragie de juin, marquée par un recul de 43,5 milliards d’euros des actifs sous gestion. Elle masque aussi la poursuite de la décollecte pour la gestion française avec encore près d’un milliard d’euros de rachats (après 29 milliards en juin). Des retraits nets touchant la quasi-totalité des classes d’actifs à l’exception des fonds monétaires (+1,5 milliard d’euros).
Fonds
14/08/2013
Fonds

Citigroup poursuit la réduction de ses activité alternatives

Citigroup a annoncé qu’elle ne procéderait plus à des investissements dans les infrastructures pour le compte de son fonds de 3,4 milliards de dollars, selon une note envoyée aux investisseurs et lue par le Wall Street Journal. Le fonds a été levé en 2007 avec 500 millions de dollars de capitaux propres. La banque va continuer à gérer les actifs existants du fonds, mais envisage aussi de les transférer à une autre société de gestion. Cette décision s’inscrit dans le cadre de la stratégie de la banque qui vise à sortir des activités de hedge funds et de private equity.
Fonds

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