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29/05/2013

IndexIQ adds to sales team

P { margin-bottom: 0.08in; } Mutual Fund Wire reports that the ETF specialist firm IndexIQ has recruited for its sales team, for both internal and external positions. The internal positions will be based in New York, while the external posts will be in other regions of the United States.
29/05/2013

Santander makes planned sale of AM operation official

P { margin-bottom: 0.08in; } In a filing with the CNMV on 27 May, Santander announced that,» in connection with news that has recently appeared in the press», it is considering the possibility of allowing investors to acquire a stake in its asset management division.The Spanish group states that no final agreement of this nature has been reached with third-party investors. Santander states that it will notify the market at an appropriate time once an agreement has been reached.According to Expansión, an agreement is already said to have been reached with Warburg Pincus and General Atlantic, whose stake in Santander Asset Management would be “significant, but less than 50%.”In Spain, Santander had EUR22.08bn in assets under management in investment funds as of the end of April.
29/05/2013

Schroders: German investors vote Merkel

P { margin-bottom: 0.08in; } In total, 87% of 1000 Germans who have at least EUR10,000 in investments who participated in the Schroders Global Investment Trends 2013 survey are planning to make investments this year equal to or higher than those in 2012, and 66% feel that Angela Merkel will be re-elected as chancellor after legislative elections in late September. Among these, 66% feel that the re-election will be positive for the Dax and Euro Stoxx 50.Only 17% of Germans surveyed feel that the SPD candidate, Peer Steinbrück, will be elected chancellor, and only 7% think that if he is elected, it will have a positive impact on the Dax and Euro Stoxx 50.The survey also finds that 76% of German investors are planning to take positions this year on equities, which may be a surprising percentage, since Germans are thought to be reticent about equities, and a higher percentage of them than the global average (68%) are preferring this asset class.However, confidence does not rule out caution: 52% of Germans are betting on lower-risk investments, although they are less profitable, while 33% prefer a moderate risk, and less than 16% are prepared to run higher risk in order to achieve higher returns.
29/05/2013

Sal. Oppenheim to lay off 330 out of 870

P { margin-bottom: 0.08in; } The German-Luxembourg private bank Sal. Oppenheim, an affiliate of Deutsche Bank since first quarter 2010, on 28 May announced up to 330 job cuts by the end of 2014, in order to improve its profitability and in order to concentrat on wealth management activities.The management and the business committee have reached an agreement concerning the deployment of a restructuring which will remove some redundant positions at Sal. Oppenheim and Deutsche Bank, the bank says in a statement. The layoffs will primarily affect the IT and order processing departments, the statement says.Sal. Oppenheim hopes to reduce its cost base. “These measures are necessary to allow us to ensure the long-term profitability of our asset management firm in the area of wealth management,” says Wolfgang Leoni, head of the bank, in a statement.The bank, which has a total of 870 employees, about 700 of them in Germany, is planning to concentrate on wealth management for private clients and seelcted institutional clients, and has also announced a regional reorganisation of its activities.
29/05/2013

Investor confidence index up in May

P { margin-bottom: 0.08in; } The State Street investor confidence index for May 2013 rose 1.8 points to 94.8 from April’s revised reading of 93.0.“The primary driver behind this gain was a shift in risk appetite among European institutions with the European ICI rising 5.6 points to 93.3 from the revised April reading of 87.7,” State Street notes.Confidence also increased slightly among Asian institutions with the Asian ICI index ticking up to 86.0 from April’s reading of 85.2. However, after April’s sizable increase, confidence among North American investors consolidated somewhat, and the North America ICI declined by 2.2 points to finish at 102.5 for the month.“Institutional investors continued to augment their allocations to risky assets this month, albeit at a slower pace than we observed in either the first quarter, or the last weeks of April,” State Street concludes, noting that institutional investors have allocated more towards emerging markets since the middle of April.
29/05/2013

Towers Watson to go into fund of hedge funds business

P { margin-bottom: 0.08in; } Towers Watson is planning to enter the fund of hedge funds business, a sector which it has been critical of in the past, Financial News reports, citing two sources familiar with the matter. The consultant will target small institutional investors for whom direct investment in hedge funds may be difficult.
29/05/2013

Morgan Stanley plans large RE fund

P { margin-bottom: 0.08in; } Morgan Stanley Real Estate Funds is planning to raise USD1bn to USD3bn for a new global real estate fund, the Wall Street Journal reports, citing sources familiar with the matter. The directors of the affiliate of the bank have entered negotiations with pension funds and other prospects. They are hoping especially that China Investment Corp, the Chinese sovereign wealth fund which controls 6.4% of Morgan Stanley, will be a key investor.
29/05/2013

Amaïka AM takes over management of Résilience fund from Invesco AM

P { margin-bottom: 0.08in; } Amaïka Asset Management, an asset management firm founded in 2011 by David Kalfon and Christophe Berger, two former employees of EFG Asset Management, has announced that it has taken over management of the Résilience diversified fund (ISIN code: FR0011101914). The fund, launched in November 2011 at the initiative of the investment advising firm Fundesys, has assets of EUR5m, and had previously been managed by Invesco AM. The French-registered OPCVM fund complies with UCITS IV standards, and is exposed in a discretionary manner to equity, bond, commodity and money markets, via a selection of funds. Investments are made without geographical or sectoral constraint. Exposure to equity markets will remain between 20% and 80% of assets in the portfolio. In practice, management of the fund is also based on the recommendations of Fundesys.
29/05/2013

Oddo AM declares ambitions in Belgium and Luxembourg

P { margin-bottom: 0.08in; } Oddo Asset Management is scaling up its presence in Belgium and Luxembourg, opening four sub-funds of its Luxembourg Sicav, Oddo Funds, based on asset classes with strong potential and for which the firm has recognised expertise, for sale there. high yield bonds, via the sub-fund: Oddo Bonds High Yield Europe European midcap equities, via the feeder funds: Oddo Equity Europe Avenir (master fund: Oddo Avenir Europe) Oddo Equity Euro Avenir (master fund: Oddo Avenir Euro) Convertible funds, via the feeder fund: Oddo Convertible Bonds Euro (master fund: Oddo Convertibles Taux) Shares in euros as well as in US dollars (USD) and Swiss francs (CHF) have been created. Shares in USD and CHF are hedged for currency risks against the euro. Laurent Zouari, who has been a salesperson since 2012 in the international team led by Bertrand Levavasseur, has been appointed as country manager for Belgium and Luxembourg.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April recorded net inflows of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Balanced funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management industry in Italy has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April posted net subscriptionns of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Diversified funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management sector has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

Strong inflows for Franklin Templeton in Italy

P { margin-bottom: 0.08in; } In April, Franklin Templeton recorded net inflows in Italy of EUR1.056bn, putting it in the top 3 asset management firms for inflows last month, after Generali and Intesa, which had a home field advantage, according to figures from Assogestioni, the Italian association of asset managers. The US asset management firm had already stood out in previous months, with inflows of EUR1.041bn in March, EUR786.3m in February, and EUR720.9m in January. As of the end of March, Franklin Temlpeton had EUR27.4bn in assets under management in Italy, according to the most recent available statistics. The asset management firm has also recently opened three offices in Italy, in Rome, Florence, and Padua. These local offices come in addition to the one in Milan.
29/05/2013

Tressis converts a hedge fund into a traditional product

P { margin-bottom: 0.08in; } The CNMV has authorised Tressis Gestión to convert its Spanish-registered multi-strategy hedge fund Adriza Global (EUR5.7m) into a traditional fund, Funds People reports.As a result, minimal subscription will be reduced from EUR50,000 to one share, and fees will be lowered to 1.35% for management and 9% for performance, compared with 1.50% and 20%, respectively. The fund is managed by Jacobo Blanquer.According to Funds People, Tressis (EUR114m) may also convert its other two Spanish hedge funds, Adriza Alfa and Adriza Macro, into traditional funds.
29/05/2013

DeAWM registers DWS fund in Spain

P { margin-bottom: 0.08in; } On 24 May, the CNMV issued a sales license for Spain to the DWS Floating Rate Notes fund from Deutsche Asset & Wealth Management (DeAWM). The portfolio is invested in debt with the best ratings with a duration of under 12 months. According to DeAWM, the product offers investors a “conservative” means to invest in bonds which also runs less risk of being negatively affected by a rise in interest rates.
29/05/2013

Last Spanish hedge fund from BBVA & Partners liquidated

P { margin-bottom: 0.08in; } The BBVA & Partners Retorno Absolut, the last Spanish-registered hedge fund from BBVA & Partners, has been absorbed by the Quality Valor fund from BBVA Asset Management. The fund had EUR5m in assets as of the end of December, Funds People reports.There are now only three surviving funds inherited from BBVA & Partners: they are a part of the Luxembourg Sicav from BBVA AM, Durbana International. These products are Augustus Equity, an equity fund, as well as the Dynamic and European Absolute Return funds, two hedge funds. Overall, these three funds have EUR65m in assets.BBVA AM bought the remaining 30% stake which it does not control n BBVA & Partners (founded in 2002) in late June 2011.
29/05/2013

ADIA earned returns of 7.6% in 2012

P { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority (ADIA), last year earned annualised returns of 7.6% over the past 20 years, compared with 6.(% for 2011, according to figures released in the annual report. According to estimates, assets under management by the sovereign fund total about USD625bn to USD630bn. The annual report by the sovereign fund states that 75% of assets were managed by external managers last year, compared with 80% in 2011.
29/05/2013

La banque privée Sal. Oppenheim va réduire d'un tiers ses effectifs

La banque privée germano-luxembourgeoise Sal. Oppenheim, filiale de Deutsche Bank depuis le premier trimestre 2010, a annoncé le 28 mai la suppression de quelque 330 postes au maximum d’ici à fin 2014 en vue d’améliorer sa rentabilité et son souhait de se concentrer sur ses activités de gestion de patrimoine. La direction et le comité d’entreprise ont abouti à un accord concernant la mise en oeuvre d’une restructuration qui va permettre de supprimer certaines fonctions redondantes chez Sal. Oppenheim et Deutsche Bank, précise la banque dans un communiqué. Les suppressions toucheront principalement les services informatiques et de traitement des ordres, selon le communiqué. Sal. Oppenheim espère ainsi réduire sa base de coûts. «Ces mesures sont nécessaires pour nous permettre d’assurer la rentabilité à long terme de notre maison dans le domaine de la gestion de patrimoine», a déclaré Wolfgang Leoni, patron de la banque, cité dans le communiqué.La banque, qui emploie au total 870 salariés dont environ 700 en Allemagne, entend se concentrer sur la gestion de patrimoine pour des clients privés et pour des clients institutionnels choisis et a également annoncé une réorganisation régionale de ses activités.
29/05/2013

L'OCDE revoit la croissance mondiale à la baisse en 2013

L’OCDE n’anticipe plus dans ses perspectives de printemps qu’une hausse du produit intérieur brut (PIB) global de 3,1% en 2013 et de 4% en 2014, soit respectivement 0,3 et 0,2 point de moins que dans ses prévisions de l’automne dernier. Toutefois, les Etats-Unis mèneraient la reprise des autres économies avancées avec un PIB en hausse de 1,9% cette année puis, en 2014, de 2,8%, le chiffre le plus élevé depuis 2005. L’organisation n’escompte plus qu’une hausse de 7,8% en 2013 du PIB chinois contre 8,5%. La zone euro connaîtrait en 2013 une contraction de son économie revue à 0,6% contre 0,1% précédemment, avant de renouer avec une croissance de 1,1% l’an prochain. L’OCDE se dit préoccupée par le risque de voir les Européens tentés de baisser la garde après des années d’austérité alors qu’ils ne sont pas encore tirés d’affaires. A noter que l'économie française connaîtra une légère récession en 2013 et ne devrait se redresser que lentement en 2014, avec pour conséquence un taux de chômage qui progresserait à 10,7% cette année puis de 11,1% en moyenne en 2014, avec un pic à 11,5% à la fin de l’an prochain. Le taux d’inflation demeurerait autour de 1% en 2014.
Devant le siège de l'OCDE. Photo: PHB
29/05/2013

L'excès de cash diminue en zone euro

L’excédent de liquidité dans le système bancaire reflue rapidement vers le seuil des 200 milliards d’euros à partir duquel le taux Eonia pourrait remonter.
29/05/2013

Morgan Stanley prépare un grand fonds immobilier

Morgan Stanley Real Estate Funds, la filiale d’investissements immobiliers de la banque américaine, prévoit de lever entre 1 et 3 milliards de dollars pour son nouveau fonds immobilier mondial, indique le journal citant des sources proches. Les dirigeants de Morgan Stanley auraient ainsi entamé des discussions avec des investisseurs potentiels, tels que des fonds de retraite, et espèrent même que le fonds souverain China Investment Corp (CIC) devienne un investisseur de référence de ce fonds. D’ailleurs, CIC détient une participation de 6,4% dans Morgan Stanley. Les fonds de retraite se montraient néanmoins réticents à ce type de fonds.
29/05/2013

VTB séduit le fonds souverain norvégien

Norges Bank Investment Management, le fonds souverain norvégien, est désormais selon le quotidien le deuxième actionnaire au capital de VTB derrière l’Etat russe. A l’occasion de la cession de titres par ce dernier (de 75 à 61% du capital), le fonds norvégien a acquis une part de 3,74% pour 700 millions de dollars. Des fonds souverains du Qatar et d’Azerbaïdjan ont consacré chacun 500 millions à l’opération.
29/05/2013

Bruxelles lâche du lest sur l’austérité

Dans son rapport budgétaire sur les 27 pays membres de l’Union qui sera publié aujourd’hui, la Commission européenne prévoit d’accorder des concessions sur l’objectif de réduction des déficits budgétaires à 3% pour la France, l’Espagne, les Pays-Bas et l’Italie, selon le journal. Une concession qui serait néanmoins conditionnée à une réforme en profondeur du marché du travail.
29/05/2013

Reprise imminente des IPO en Chine

Les autorités chinoises devraient reprendre dès le mois d’août le processus d’introduction en Bourse, le régulateur souhaitant passer en revue les comptes de sociétés du premier semestre avant de leur accorder le droit d’entrer en Bourse, indique le 21st Century Business Herald. Les autorités devraient également annoncé une série de mesures pour encadrer les IPO avant leur reprise.
29/05/2013

L’Esma enquête au Luxembourg

L’Autorité européenne des marchés financiers aurait lancé une enquête suite à des plaintes provenant d’un groupe d’investisseurs qui estiment que la Commission de Surveillance du Secteur Financier (CSSF) luxembourgeoise ne leur aurait pas apporté le soutien nécessaire face à un fonds obligataire détenu par le courtier belge Petercam qui aurait violé les règles locales d’investissement, indique le journal.

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