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07/08/2013

Natixis collecte 6,8 milliards d'euros hors monétaire au premier semestre

L’activité gestion d’actifs au sein du pôle Epargne de Natixis a enregistré une collecte nette hors produits monétaires de 2,4 milliards d’euros au deuxième trimestre 2013 et de 6,8 milliards d’euros pour le premier semestre, selon un communiqué publié le 6 août. Le PNB de la Gestion d’actifs progresse de 12% par rapport au deuxième trimestre 2012 à 458 millions d’euros, porté par les Etats-Unis, alors que le contexte est toujours difficile en France.Au deuxième trimestre 2013, la collecte a été dynamique chez Loomis (+1,8 milliard de dollars, principalement sur des produits obligataires) et chez Harris Associates (+2,5 milliards de dollars, principalement sur des produits actions). La collecte a également été très dynamique en Asie avec 1,5 milliard de dollars pour IDFC au premier semestre.Au 30 juin 2013, les encours sous gestion atteignent 603 milliards d’euros (283 milliards d’euros aux Etats-Unis et 313 milliards d’euros en Europe) comparé à un niveau de 613 milliards d’euros au 31 mars 2013 par l’effet d’une collecte nette hors produits monétaires de 2,4 milliards d’euros, d’une décollecte nette sur les produits monétaires de 4,5 milliards d’euros, d’un effet de change et autres éléments de -4,4 milliards d’euros et d’un effet marché de -3,7 milliards d’euros.Le PNB de la Banque privée est en hausse de 3% à 29 millions d’euros. La collecte nette est positive, notamment avec les réseaux du Groupe BPCE, et totalise 0,4 milliard d’euros au premier semestre. Les encours gérés atteignent 21,4 milliards d’euros au 30 juin 2013.Le PNB du Capital Investissement s’établit à 11 millions d’euros. Les capitaux gérés s’élèvent à 5,2 milliards d’euros, en hausse de 51% par rapport au deuxième trimestre 2012.
07/08/2013

Didier Deleage devient directeur général délégué d’HSBC GAM

Didier Deleage est nommé directeur général délégué de HSBC Global Asset Management (France), où il occupe la fonction de directeur des opérations depuis 2006. Cette nomination, effective depuis le 12 juillet 2013, est soumise à l’approbation des autorités de tutelle.
07/08/2013

UBS cède ses activités de dérivés sur matières premières à JP Morgan

UBS a vendu ses activités de dérivés sur matières premières à l’américaine JPMorgan, selon un communiqué publié le 6 août. Les détails financiers de l’opération n’ont pas été précisés.La transaction ne comprend pas le secteur des métaux précieux et celui des instruments adossés à des indices. Les deux partenaires sont convenus que les risques de marché du portefeuille seront repris par la banque américaine.
07/08/2013

Les grands acteurs de la gestion collectent 100 milliards de francs sur 18 mois

Les cinq chefs de file suisses de la gestion de fortune, à savoir UBS, Credit Suisse, Julius Baer, EFG International et Vontobel, ont enregistré au premier semestre une collecte nette de 44 milliards de francs, soit plus des trois quarts des actifs collectés sur l’ensemble de l’année 2012 (56 milliards, hors UBS Americas), rapporte L’Agefi suisse. Et sur dix-huit mois, c’est un volume de 100 milliards de francs qui a été enregistré par ces établissements en mesure de proposer une diversification géographique et de booking centers qui leur confèrent un certain avantage sur les banques de taille plus réduite, souligne le quotidien.
07/08/2013

ING IM nomme un nouveau CEO à Singapour

ING Investment Management a recruté Shek Chee Seng comme nouveau CEO pour Singapour, rapporte Asian Investor. L’intéressé vient de la CIMB Securities, où il était vice president pour le retail dealing à Singapour.Shek Chee Seng remplace Steven Billiet, qui a quitté ING. Ce changement intervient alors que l’avenir des activités asiatiques d’ING est incertain, commente Asian Investor.
07/08/2013

Ceres and ICCR call for sustainable investment

Two organisations involved in the promotion of sustainable development, Ceres and CCR (Interfaith Center on Corporate Responsibility) have published documents which aim to help investors include sustainable development in their investment decisions. ICCR states that the primary responsibility for controlling greenhouse gas emissions rests with political leaders, but that investors can also influence the strategies of industrial sector firms through activist engagement.
07/08/2013

Hannah Shaw Grove joins the Hedge Fund Association

The Hedge Fund Association announced on August 6 the appointment of global wealth consultant Hannah Shaw Grove to its High-Net-Worth Advisory Board.Hannah Shaw Grove is one of the world’s leading authorities on the high-net-worth population. She is a founder and executive editor of Private Wealth, a publication for high-end service professionals with ultra-affluent clients. She is also the author of 10 books on topics including family offices, hedge funds and wealth management.
07/08/2013

Investors wait and see in July

With estimates of US 2Q13 growth, July’s employment numbers and a Federal Reserve statement looming, investors took their foot off the pedal going into August as they waited for clues about the future of the Fed’s current quantitative easing program.Overall flows into equity funds during the week ending July 31 totaled USD6.6 billion, a four week low, according to the latest EPFR figures. Japan equity funds posted outflows for the first time since early January, with USD383 million redeemed. Although the outlook for corporate earnings remains good investors are starting to focus on the reforms Shinzo Abe’s government may or may not make. Bond and money market funds recorded net outflows of USD1.55 billion and USD10.29 billion respectively. Spanish bond funds absorbed almost USD300 million. It was not, however, enough to offset redemptions from Europe regional, Germany, Switzerland and UK Bond Funds.
07/08/2013

AEW Europe adds to its asset management platform

The Pan-European real estate investment manager AEW Europe has further strengthened its platform with the appointment of Tim Hennes as head of asset management Germany and Central Europe. He will be based in Düsseldorf and will report to Stephan Boenning, head of Germany, who has taken on additional responsibility for Central Europe. His promotion sees him managing a team spread across 5 European countries; Poland, Hungary, Czech Republic, Romania and Germany.Germany and Central Europe are growing and important regions representing more than 16% of the EUR17.6bn of assets that AEW Europe manages across Europe.
07/08/2013

Munich Re aims for returns of 3.3% in 2013

The German reinsurer Munich on 6 August announced at the release of its results for the half that it is aiming for returns on its investment portfolio of 3.3% for the year 2013 as a whole. In first half, annualised returns totalled 3.2%. the portfolio is massively invested in bonds, with 87% of the group’s total investments, totalling EUR189bn. Equities represent 3.5% of the portfolio, compared with 3.4% in 2012, and real estate accounts for 2.4%. This percentage remains unchanged compared with the end of December 2012. In second quarter, Munich Re has posted net profits down 34.5% year on year to EUR529m, largely affected by the cost of the floods in central Europe in June.
07/08/2013

JP Morgan seeking an RQFII license

JP Morgan has recently announced its candidacy for a renminbi qualified foreign institutional investor (RQFII) license in China, Asian Investor reports. The asset management firm also reopened its JP Morgan China Pioneer A-Share fund in June, with USD710m in assets, after receiving a QFII quota for USD150m in May.
07/08/2013

Société Générale fined EUR500,000

The French financial market regulator, the Autorité des marchés financiers (AMF), has fined Société Générale EUR500,000 for shortfalls in its auditing system as part of depository control activities. The French bank had already been fined EUR280,000 a few days ago for its asset management activities. “The difficulties with with the control mission sought to retrace the real number of OPCs whose statutory ratios were effectively controlled serve to confirm the weaknesses of procedures and controls in use by Société Générale,” a verdict released on 5 August states. “In light of the number of asset management firms and OPCs for which it serves as depository, Société Générale does not have the human and material resources required for its depository activity, which must be carried out with diligence, loyalty, equity, and respect for the primacy of the interests of OPCs, investors or shareholders and the market as a whole.”
07/08/2013

UBS pays USD50m to settle SEC dispute

The US Securities and Exchange Commission (SEC) has fined UBS approximately USD50m for failing to comply with legislation concerning the structuring and sale of collateralized debt obligations (CDO), the SEC announced in a statement on Tuesday. UBS did not disclose rebates of USD23.6m at the time the credit default swaps (CDS) which were used as collateral for the securities were purchased, the SEC explains. Instead of transferring the rebate to the CDOs, the bank held onto the money, deceiving investors with respect to the cost of buying the CDS, the SEC says. The sum to be paid by UBS consists of the USD23.6m amount plus taxes of USD10.8m, interest of USD9.7m, and a fine of USD5.7m.
07/08/2013

SEC and Department of Justice file suit against Bank of America

The US Department of Justice and the Securities and Exchange Commission (SEC) have announced in parallel on Tuesday, 6 August, that they have filed civil suits against Bank of America (BofA), which they accuse of “failing to reveal determining risks” related to residential mortgage-backed securities (RMBS), and of “misrepresenting the mortgages” on which they were based. “Bank of America structured, offered and sold” financial securities backed by mortgages which had been issued to insolvent borrowers, bot presented to investors as “safe” investments, the Department of Justice claims. The total volume of sales was USD855m. BofA is accused of having “lied to investors about the risks to which real estate lending was exposed,” the structure of the securities it was selling, “of making false statements after having intentionally not carried out the necessary research with respect the quality of the loans, of placing disproportionate amounts of high-risk loans issued by third parties into these structured products,” the Department of Justice states. Losses for investors due to the mortgage derivative products concerned “are estimated to exceed USD100m,” according to the Department of Justice. The SEC cites a figure of USD120m in total.
07/08/2013

Credit Suisse completes sale of J O Hambro

J O Hambro Investment Management (JOHIM) on August 5 announced the completion of its acquisition by Bermuda National Limited (BNL) and management, following approval from the FCA. JOHIM was previously owned by the Credit Suisse Group. JOHIM is a London-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of specialist managed investment funds. As at June 30th 2013 JOHIM had assets under management of approximately GBP 3.9 billion. Hugh Grootenhuis, CEO of JOHIM, said “To reflect the change in ownership, we are currently in the process of developing new branding, details of which we will announce shortly. There are no plans to change our people, business model or investment process.”
07/08/2013

Appointment at Cantab Capital

The global macro systematic manager Cantab Capital has recruited Adam Glinsman as managing partner, Investment Europe reoprts. Glinsman will begin in his new role in September. He has worked at Lansdowne Partners, where he was COO and a partner.
07/08/2013

Aviva Investors recruits a head of engagement

Aviva Investors has hired Abigail Herron as head of engagement in the global responsible investment team, a newly created position. She joins Aviva Investors from Co-operative Asset Management where she headed the corporate governance function, leading engagement, analysis and policy across environmental, social and governance issues including remuneration, gender and diversity, the governance of sustainability, finance and the built environment. She also oversaw the sustainability aspects of the CIS external property fund portfolio. She sits on the UKSIF Leadership Committee, the FTSE4Good Banking Sector Working Group, the Travis Perkins Non-Executive Environmental Advisory Forum and the 30% Club Investor Group.In her role at Aviva Investors, Abigail will develop strategy for the firm’s engagement covering all relevant asset classes across equity, fixed income, sovereign debt, property, private equity and multi manager portfolios. She will lead and support Aviva Investors fund manager engagement with senior management across all holdings and asset classes. She reports to Steve Waygood, chief responsible investment officer.
07/08/2013

Inflows of EUR6.8bn excluding money markets for Natixis in first half

Asset management activities in the Savings arm of Natixis posted a net inflow excluding money markets of EUR2.4bn in second quarter 2013, and EUR6.8bn in first half, according to a statement released on 6 August. Net banking proceeds from asset management are up 12% comapred with second quarter 2012, to EUR458m, driven by the United States, at a time when the context remains difficult in France. In second quarter 2013, inflows were dynamic at Loomis (+USD1.8bn, largely to bond products), and at Harris Associates (+USD2.5bn, largely to equity products). Inflows were also highly dynamic in Asia, with USD1.5bn for IDFC in first half. As of 30 June 2013, assets under management total EUR603bn (EUR283bn in the United States and EUR313bn in Europe), compared with a level of EUR613bn as of 31 March 2013 due to a net inflow excluding money market proceeds of EUR2.4bn, a net outflow from money market products of EUR4.5bn, currency and other effects of -EUR4.4bn, and a market effect of -EUR3.7bn. Net banking proceeds from private banking are up 3% to EUR29m. Net inflows are positive, particularly with net BPCE group networks, and totalled EUR0.4bn in first half. Assets under management totalled EUR21.4bn as of 30 June 2013. Net banking proceeds for Capital Investment total EUR11m. Capital under management totals EUR5.2bn, up 51% compared with fourth quarter 2012.
07/08/2013

Didier Deleage becomes deputy CEO of HSBC GAM

Didier Deleage has been appointed as deputy CEO of HSBC Global Asset Management (France), where he has served as director of operations since 2006. The appointment, which is effective since 12 July 2013, is subject to approval by the supervisory authorities.
07/08/2013

UBS sells its commodity derivative activities to JP Morgan

UBS has sold its commodity derivative activities to the US firm JPMorgan, according to a statement released on 6 August. The transaction does not include the precious metals sector, nor that for instruments backed by indices. The two partners have agreed that the portfolio market risks will be borne by the US bank.
07/08/2013

ING IM recruits a new CEO in Singapore

ING Investment Management has recruited Shek Chee Seng as its new CEO for Singapore, Asian Investor reports. Shek joins from CIMB Securities, where he had been vice president for retail dealing in Singapore. Shek replaces Steven Billiet, who has left ING. The change comes at a time when the future of the Asian activities of ING is uncertain, Asian Investor comments.
07/08/2013

Institutional asset managers struggle to meet the needs of their clients

Managers of institutional funds are having a lot of trouble satisfying the needs of their clients who are seeking stable and high returns. According to a study which has recently been published by the consulting firm Cerulli (European Institutional Investor 2013), the average return objectives set by asset management firms for institutional client, typically from 3% to 5%, seem to be highly inadequate to allow for a good proportion of their clients to meet their liabilities, or even survive. The Cerulli study estimates that German insurers will need to be bailed out and that Netherlands pension funds will continue to reduce their pay-outs. “Managers of institutional funds have been severely put to the test on several fronts, and in the course of the next few years, the pressure on clients, competitors ad regulators will separate those who have the agility and character to survive, and those who do not,” says David Walker, author of the study and a senior analyst at Cerulli. The study finds profound disagreements as to the fiduciary sector in Europe, which weighs in at about EUR1trn. According to the Cerulli survey, more than one third (38%) of participants feel that fiduciary management is negative or very negative for institutionals who take investment decisions, while slightly over one quarter (27%) feel that it is positive. The study also considers the increasing use of separate accounts since the financial crisis, as both traditional and alternative allocators would like their funds to be managed separately, and are requiring increasing transparency in order to meet the future requirement of Solvency II regulations. Less than one tenth of asset management firms refuse separate accounts, the study finds.
07/08/2013

SSgA appoints a new global head of relations with official institutions

State Street Global Advisors (SSgA) on August 6 announced the hiring of Louis de Montpellier as global head of SSgA’s official institutions group (OIG). De Montpellier joins from the Bank for International Settlements in Switzerland, where he has been deputy head of the banking department since 2005. He will join SSgA at the end of September.De Montpellier succeeds John Nugée who will retire at the end of October. Nugée will remain in an advisory capacity as a strategic consultant for SSgA’s OIG business and will continue to provide research and participate in select client events.
07/08/2013

ETPs return to inflows in July

ETPs have returned to net inflows in July, with slightly over USD44bn worldwide, according to BlackRock and ETFGI, who both published statistics on the sector on Tuesday. In June, these products suffered net redemptions of USD5.2bn. July also becomes the most important month in terms of inflows since September 2012, BlackRock observes. Equity ETPs were the category which attracted the most money, with USD39.3bn counted by BlackRock and USD41.62bn according to ETFGI. However, gold ETPs continued to post outflows, of -USD2.6bn in July, BlackRock points out. Since the beginning of the year, redemptions have totalled USD30.9bn from these gold products, at a time when ETPs overall posted net subscriptions of USD143.3bn. In July, SPDR ETFs takes the top spot in terms of net subscriptions, with USD17.8bn, according to ETFGI. But since the beginning of the year, Vanguard stands out, with USD36.17bn. iShares (BlackRock group) is in second place, both in July and since the beginning of the year, with USD10.9bn and USD32.47bn, respectively. As of the end of July, assets in ETPs totalled about USD2.160trn.
07/08/2013

Head of sales leaves Jupiter

Chris Crawford, head of sales and marketing at Jupiter, will be leaving the firm at the end of September, after seven years there, Investment Week reports. He will be returning to Australia.
07/08/2013

M&G Investments offers distribution shares in 14 funds

M&G Investments on Tuesday announced that its distribution shares will now be available to retail investors in France for 14 funds (see list below). The funds concerned are (for a more detailed list, see the attached statement): Equities: M&G Global Basics FundM&G Global Dividend FundM&G Global Real Estate Securities FundM&G Pan European Dividend FundBonds:M&G European Corporate Bond FundM&G European High Yield FundM&G Emerging Markets Bond FundM&G Global Macro Bond Fund – Euro AM&G Global Macro Bond Fund – Euro A-HM&G High Yield Corporate Bond FundM&G Optimal Income FundMulti-assets :M&G Dynamic Allocation FundConvertibles:M&G Global Convertibles Fund - Euro AM&G Global Convertibles Fund - Euro A-H
07/08/2013

Brown Advisory releases a US small caps fund

The independent asset management firm Brown Advisory has announced the launch of a fund dedicated to US small caps, the US Small-Cap Blend Fund. The new fund will be integrated into the product range in UCITS format domiciled in Dublin. The fund provides investors with access to a very wide range of US businesses, combining growth and value strategies from Brown Advisory dedicated to small caps.
07/08/2013

Pimco launches an Asian bond fund

Pimco in June launched a fund which invests in bonds denominated in Asian local currencies via its Sicav domiciled in Dublin, Money Marketing reports. The Pimco Asia Local Bond is managed by Ramin Toloui and Roland Mieth.
07/08/2013

BaFin investigates suspected manipulation of ISDAfix

The German financial market authority, BaFin, is investigating suspected manipulation of the benchmark index for swaps and interest rates, the ISDAfix, a spokesperson for BaFin announced on 6 August, confirming reports in the German press. Comnenting that the investigation has not completed, the agency did not wish to indicate which German banks were affected by the investigation, nor whether BaFin is cooperating with the US derivative market regulatory agency, the CFTC, in the matter. According to the news agency Bloomberg, the CFTC has found proof of manipulation of the index, and has begun investigations at 15 banks, including the largest German bank, Deutsche Bank. Among the other banks cited by Boomberg are Barclays, Citigroup and the interbank brokerage Icap. In April, Icap disclosed that it is cooperating with the US regulator in its investigation of manipulation of ISDAfix, adding that it is not one of the banks that submits information to set its value. The CFTC investigation comes at a time when several banks, including Barclays, RBS and UBS, have been sentenced to large fines for their participation in manipulation of inter-bank lending rates, including the British Libor rate.
07/08/2013
Fonds

Pimco lance un fonds obligataire asiatique

Pimco a lancé en juin un fonds investi sur des obligations libellées en devises asiatiques locales via sa Sicav domiciliée à Dublin, rapporte Money Marketing. Le Pimco Asia Local Bond est géré par Ramin Toloui et Roland Mieth.
Fonds

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