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10/05/2013

HSBC GAM nomme un dirigeant supplémentaire en Autriche

Gerfried Krifka, qui était membre de la direction générale de Matjka & Partner Asset Management chargé de l’allocation d’actifs, de la gestion du risque et du contrôle financier, a été nommé membre de la direction générale de HSBC Global Asset Management (Österreich) GmbH, aux côtés de Jörg Westebbe, qui a été nommé en 2011.Les deux hommes sont responsables du pôle gestion d’actifs et ont pour mission de développer la clientèle institutionnelle et les relations avec les intermédiaires.HSBC Global Asset Management (Österreich) est une filiale à 100 % de HSBC Global Asset Management (Deutschland) GmbH.
10/05/2013

Merrill Lynch réintègre Ashvin Chhabra comme CIO

Ashvin Chhabra, qui a été head of wealth strategies & analytics de Merrill Lynch entre 2001 et 2007, avant de rejoint l’Institute for Advanced Study à Princeton comme CIO, a été réintégré par Merrill Lynch Wealth Management comme CIO, head of investment management & guidance (IMG), annonce un communiqué.L’intéressé coiffera la fourniture de conseils et de stratégies d’investissement aux conseillers financiers et à leurs clients. Il sera en outre responsable du pôle IMG pour la due diligence sur les gérants, l’analyse des investissement et les équipes de conseil en investissement ainsi que du Ultra high net worth investment office.
10/05/2013
Fonds

Gain nul mais capital intact pour deux fonds à formule de BNP Paribas IP

BNP Paribas IP a annoncé sur son site la dissolution début avril de deux fonds à capital garanti Panka et Panka PEA commercialisés du 4 décembre 2007 au 14 mars 2008. Ces fonds arrivés à échéance garantissaient chacun une valeur liquidative égale à la Valeur Liquidative de Référence, majorée de la Performance Finale, liée à l’évolution de trois paniers d’indices internationaux (un dit Classique, un autre dit Croissance et un dernier dit Global). En pratique, la performance moyenne d’un panier est égale à la moyenne arithmétique de ses 20 performances trimestrielles calculées à chacune des 20 dates de constatation trimestrielle depuis l’origine. Si la Performance Finale est négative, elle est considérée comme nulle.Au teme du contrat, les performances de ces indices ont été fortement négatives sur la plupart des dates de constatation, par rapport à leur cours du 18 mars 2008 (cours de référence dans le calcul de la Performance Finale). Par conséquent, les trois paniers ont enregistré chacun une performance moyenne négative. La Performance Finale a donc considérée comme nulle, indique un communiqué.
Fonds
10/05/2013

Lombard Odier IM recrute sa CIO adjointe chez Citi

Carolina Minio-Paluello rejoint Lombard Odier Investment Managers (LOIM, 38 milliards de francs suisses d’encours fin décembre) comme «deputy CIO», à Londres, où elle est subordonnée à Jan Straatman, CIO. Elle était auparavant head of Europe, Middel East & Africa pour les equity & private investor Solutions chez Citigroup après avoir passé onze ans chez Goldman Sachs, en dernier lieu comme managing director for quantitative investment strategies.Elle sera principalement chargée de diriger la construction de portefeuilles institutionnels pilotés par le risque.
10/05/2013

Progression de 38% de la collecte de M&G au premier trimestre

Le britannique M&G Investments a fait état pour le premier trimestre d’une collecte nette de 2,4 milliards de livres, en progression de 38% par rapport au premier trimestre 2012, selon les chiffres communiqués le 7 mai à l’occasion de la publication des résultats du groupe Prudential. Les actifs sous gestion ont ainsi atteint le niveau record de 238,4 milliards de livres dont un peu plus de 119 milliards de livres de fonds externes.Dans le pôle retail, la collecte nette auprès des investisseurs européens s’est élevée au niveau record de 2,9 milliards de livres, soit près du double du montant enregistré au premier trimestre 2012. Cette collecte substantielle a permis de compenser largement la faiblesse de la collecte au Royaume-Uni, liée à la décision prise l'été dernier par M&G de ralentir la collecte dans deux grands fonds d’obligations d’entreprises.Les actifs sous gestion retail ont augmenté de 28% sur un an à 61,4 milliards de livres au 31 mars 2012, dont 18,7 milliards de livres émanant de clients européens contre 10,4 milliards de livres à fin mars 2012. Du côté institutionnel, le trimestre s’est terminé sur une modeste décollecte nette, la perte de mandats court terme cantonnés effaçant l’impact positif de contributions positives liées notamment à l'équipe Alternative Credit de M&G. Les actifs sous gestion émanant d’institutionnels externes représentaient fin mars 57,7 milliards de livres, en progression de 27% sur un an.
10/05/2013
Fonds

RWC prépare un fonds d’actions mondiales sans contrainte

Le britannique RWC Partners a annoncé le 8 mai son intention de lancer en juin le RWC Global Horizon Fund qui sera confiée à Louise Keeling, recrutée en mars auprès de Marathon Asset Management (lire Newsmanagers du 24 avril) pour créer une équipe de gestion actions mondiales long-only.Le produit sera un fonds contrarian coordonné de droit luxembourgeois long-only et sans contrainte qui prendra place dans une gamme de fonds coordonnés de 2,5 milliards de dollars d’encours, sur les 5,8 milliards que gère.RWC au total.Le Global Horizon Fund sera assorti d’une commission de gestion très faible et d’une commission de performance sur 5 ans glissants.
Fonds
10/05/2013

BNP Paribas IP élague sa gamme luxembourgeoise

Fondsniewus rapporte que BNP Paribas Investment Partners aura réduit début juin sa gamme de fonds luxembourgeois, qui comportait 216 fonds BNPP IP et 79 fonds Parvest il y a un semestre, à 158 unités, dont 54 produits BNPP IP et 104 fonds Parvest, comme l’a annoncé Bart Vemer, directeur de la distribution de BNPP IP pour le Benelux.Les 54 fonds BNPP IP restants seront des fonds profilés commercialisés par la banque elle-même. Certains fonds BNPP IP seront fusionnés avec des fonds similaires de Parvest.
10/05/2013
Fonds

IPConcept prépare un fonds d'actions du Bangladesh

Le luxembourgeois IPConcept a annoncé le lancement pour le 3 juin 2013 du fonds SPI Bangladesh, qui sera disponible en deux classes de parts*, rapporte Fondsweb.Le portefeuille sera investi exclusivement en actions figurant dans le MSCI Bangladesh Investable Market Index TRN, avec un plafond fixé en règle générale à 49 % pour la poche de cash, mais cette proportion pourra être dépassée en cas de besoin.* parts I: LU0756285440, parts R: LU0756283072
Fonds
10/05/2013
Fonds

La Norvège place ses pions dans l’immobilier

Le fonds souverain norvégien a accéléré sensiblement ses investissements dans l’immobilier, indique Le Temps. Parmi les derniers placements en date in trouve près de 450 millions d’euros de bureaux aux Etats-Unis en février. Le fonds disposerait désormais d’environ 5 milliards d’euros d’actifs immobiliers, ce qui ne représente que 0,9% de la totalité du fonds, donc très loin de l’objectif de 5% défini par le Ministère des finances. Mais selon Le Temps, c’est déjà trois fois plus qu’en septembre 2012.
Fonds
10/05/2013

Vanguard lists its first Hong Kong-domiciled ETF

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The US firm Vanguard, whose assets under management total about USD2.4trn, is about to list its first ETF domiciled in Hong Kong, based on the FTSE Asi ex Japan index, Asian Investor reports. The ETF received approval from the Hong Kong supervisory authorities on 24 April.
10/05/2013

Merrill Lynch recruits Ashvin Chhabra as CIO

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Ashvin Chhabra, who was head of wealth strategies & analytics at Merrill Lynch from 2001 to 2007, before joining the Institute for Advanced Study in Princeton as CIO, has been recruited by Merrill Lynch Wealth Management as CIO, head of investment management & guidance (IMG), a statement says. Chhabra will be responsible for providing strategic investment advising to financial advisers and their clients. He will also be responsible at the IMG unit for due diligence on managers, analysis of investments and investment advising teams, and the ultra high net worth investment office.
10/05/2013

HSBC GAM appoints another director for Austria

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Gerfried Krifka, who had been a member of the board of directors at Matjka & Partner Asset Management, responsible for asset allocation, risk management and financial controlling, has been appointed as a director of the general management at HSBC Global Asset Management (Österreich) GmbH, alongside Jörg Westebbe, who was appointed in 2011. The two men are responsible for the asset management unit, and work to develop the institutional client base and relationships with wholesalers. HSBC Global Asset Management (Österreich) is a wholly-owned subsidiary of HSBC Global Asset Management (Deutschland) GmbH.
10/05/2013

Assets under management at Cantonal Bank of Lucerne up

P { margin-bottom: 0.08in; } Assets under management by the Cantonal Bank of Lucerne as of the end of March totalled CHF27.6bn, compared with CHF26.8bn as of the end of December 2012, according to a statement released on 7 May. Gross profits for the bank totalled CHF59.8m, up 4.2%.
10/05/2013

Swiss private bank Frey plans to open office in US

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Swiss private bank Frey is planning to submit a license application in the United States to assist its US clients from offices in the US, the Reuters news agency reports on the basis of information from sources in Switzerland. The United States operation would allow the bank to avoid potential lawsuits by US authorities who suspect Frey of assisting US clients to evade US taxes. The bank says that it is prepared to help US authorities with its investigations, as well as being prepared to open a United States arm of the busines.s Assets under management at Frey total slightly over CHF2bn.
10/05/2013

Assets in hedge funds dedicated to Asia up by 7.6%

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Assets at hedge funds specialised in Asia rose by 7.6% in first quarter to a total of nearly USD95bn, its highest level since its peak in 2007, according to statistics released by HFR in its most recent HFR Asian Hedge Fund Industry Report. Net inflows for the quarter totalled over USD1.3bn, their highest level since third quarter 2011. The HFRX Japan index posted gains of 11.7% in first quarter, their highest level since fourth quarter 2005, which is nonetheless less than 19% gains for the Nikkei 225. HFR estimates that out of a total of about 1,150 funds, nearly 370 hedge funds invest in the Japanese market as a primary priority, in equities, bonds and currencies, while about 270 investment funds invest elsewhere in Asian developed and emerging markets, and more than 500 funds invest solely in emerging Asian markets. HFR states that more than 70% of assets under management in Asian hedge funds are dedicated to Equity Hedge strategies, compared with only 27% for the hedge fund sector worldwide. Only 5% of Asian hedge funds rely on macro strategies.
10/05/2013

UCITS hedge funds: returns fall to 0.2% in April

P { margin-bottom: 0.08in; } After 1.03% in January, 0.14% in February and a fall to 0.41% in March, the average returns for UCITS-compliant hedge funds in April fell to 0.21%, according to the UCITS Alternative index calculated by the Swiss firm Alix Capital. Since the beginning of the year, the average gains totalled 1.80%. Four strategies out of twelve, as in March, showed losses in the month under review. Three are the same as in the previous month: commodities (-1.05%), equity market neutral (-0.28%) and volatility (-0.77%), while fourth place this time was currencies (FX), with a loss of 1.23%. The strongest gains were for CTA funds, with gains of 1.81%. Total assets in UCITS-compliant single hedge funds as of the end of April totalled EUR160bn, compared with EUR147bn as of the end of March, EUR143bn as of the end of February, and EUR141bn as of the end of January.
10/05/2013

Naisccent Capital publishes its latest guide to UCITS hedge funds

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Due to a lack of financing, the Swiss firm Naisscent Cpaital has published what will be the final edition of its Alternative UCITS Performance Guide. It lists 963 UCITS-compliant single hedge funds and 108 UCITS-compliant funds of hedge funds in 175 pages, with summary statistics. Luxembourg its the European country in which the largest number of UCITS-compliant hedge funds are domiciled, with 51.3% of the total, followed by 20.6% for Ireland and 10.8% in France. The strategies with the largest number of products are equity long/short, with 198 funds, and bonds, with 180 funds, far ahead of multi-strategy funds of funds (73) and multi-asset class (69).
10/05/2013

UBS WM appoints a head of emerging market ultra-high net worth clients

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Caroline Kuhnert, head of Central 7 Eastern Europe & Turkey at UBS Wealth management, has been promoted to head of Emerging Markets UHNW from 1 June, and will now be responsible for maintaining relationships with ultra-high net worth clients in emerging markets, finews.ch reports. Kuhnert will be base din Zurich, and will report to Jow stadler, global head of UHNW, and Paul Raphael, head wealth management global emerging markets.
10/05/2013

Mirae Asset Management to internationalise outlets for its ETFs

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Mirae Asset Management is planning to make its ETFs available internationally, more precisely on US, Latin American and South Asian markets, Asian Investor reports. So far, 130 house ETFs are available in several countries, of which 75 are available on the Toronto market. Mirae AM is planning to enter the US market with niche products, and will aim primarily at institutionals.
10/05/2013

Faros founds a family office for institutional clients

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The German consulting firm Faros Pension & Asset Advisory has announced that it has created a wealth management structure dedicated to institutional invetors, Faros Fiduciary Management, based in Frankfurt, Das Investment reports. It is a sort of family office open to businesses, churches, charities and pension funds. Faros will handle the investment process for its clients, from strategic asset allocation to the selection of indices and managers, including risk management and financial controlling. Faros is planning to extend its range of services for insurers in 2014.
10/05/2013

Jupiter appoints Peter Swarbreck as head of Asia-Pacific

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm Jupiter Asset Management has officially appointed Peter Swarbreck as head of Asia-Pacific Business (see Newsmanagers of 19 April). He had been head of the Hong Kong office of BlackRock, with additional responsibility for the largest clients of the US firm in Asia. Swarbreck is based in Hong Kong in the new Jupiter offices, and will work with Tony Yu, who joined Jupiter as sales director (Hong Kong) in January, and David Conway, sales director in Singapore since 2009.
10/05/2013

RWC preparing an unconstrained global equity fund

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm RWC Partners on 8 May announced plans to launch the RWC Global Horizon Fund in June, managed by Louise Keeling, who was recruited in March from Marathon Asset Management (see Newsmanagers of 24 April), to found a long-only global equity management team. The product will be a UCITS-compliant, Luxembourg-registered contrarian long-only fund with no constraints, which will be part of a range of UCITS-compliant funds with USD2.5bn in assets, out of USD5.8bn managed by RWC overall. The Global Horizon Fund will chage a very low management commission, and a performance commission over a rolling 5-year period.
10/05/2013

Inflows at M&G up 38% in first quarter

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm M&G Investments has reported net inflows for first quarter of GBP2.4bn, up 38% compared with first quarter 2012, according to statistics released on 7 May at a publication of resuls for the Prudential group. Assets under management totalled a record GBP238.4bn, of which slightly over GBP119bn were in external funds. In the retail unti, net inflows from European investors totalled a record GBP2.9bn, nearly double the total for first quarter 2012. This substantial inflow was more than enough to offset weak inflows in the United Kingdom, related to a decision by M&G last summer to slow inflows to its tow large corporate bond funds. Retail assets under management increased 28% year on year to GBP61.4bn, as of 31 March 2012, of which GBP18.7bn were from European clients compared with GBP10.4bn as of the end of March 2012. On the institutional side, the quarter finished with a modest net outflow, as the loss of short-term segregated mandates wiped out the positive impact of contributions from the Alternative Credit team at M&G. Assets under management from external institutional clients as of the end of March totalled GBP57.7bn, up 27% year on year.
10/05/2013

Spain refuses to extradite Hervé Falciani to Switzerland

P { margin-bottom: 0.08in; } The Spanish courts on 8 May refused to extradite the Swiss former HSBC bank IT employee Hervé Falciani, claiming that the deeds he is accused of would not be subject to prosecution in Spain, the National Audience court in Madrid has declared. Falciani, who was arrested in Barcelona in 2012, and who holds French and Italian citizenship, is accused by Switzerland of theft of banking data which made it possible to identify thousands of tax evaders. Switzerland, which issued an international arrest warrant for him, had requested his extradition froM Spain for theft and disclosure of industrial or commercial secrets and banking confidentiality. In its verdict, the National Audience claims that the deeds cited by Switzerland would not be subject ot prosecution in Spain, as in the latter country there is not “a specific penal protection of banking confidentiality as such.”
10/05/2013

Netherlands-based clients of Lehman will get USD3.9bn

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Fondsnieuws reports that investors who bought structured bonds from the Netherlands-based Lehman Brothers Treasury BV, will receive a redemptoin of USD3.9bn. It is a first instalment, says Frédéric Verhoeven, of the law firm Houthoff Buruma. The Netherlands affiliate has a loan of USD34.5bn from its parent company, the US firm Lehman Brothers Holdings. Due to the anticipated recovery rate of 32%, Netherlands-based creditors may receive about USD6bn.
10/05/2013

US pension fund accuses banks of manipulating CDS market

P { margin-bottom: 0.08in; } According to Agefi, the Sheet Metal Workers Local 33 Cleveland District Pension Plan has filed a class action lawsuit against 12 banks, accusing them of distorting competition on the CDS market, as these derivatives carry an entitlemens to compensation in the event of default of the underlying asset. The banks being sued are BNP Paribas, Bank of America, Barclays, HSBC, UBS, RBS, Credit Suisse, JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup and Deutsche Bank. The fund, cited by Reuters, claims that banks boycotted a CDS trading platform initiated by the Chicago stock exchange, CME, and the hedge fund Citadel in 2008. It also supports financial establishments which took advantage of their presence on the boards and committees of the market data provider Markit and the industry lobby, the International Swaps and Derivatives Association (ISDA), to prevent competition from emerging.
10/05/2013

ING IM redeploys its emerging market debt team

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } After the departure of 19 members of the emerging market debt team to Neuberger Berman (see Newsmanagers of 3 May), ING Investment Managers is planning to increase personnel in the unit to 28 people, Hans Stoter, CIO since February, has told Citywire. The reconstruction of the team will be based on transfers from other bond teams and the elimination of redundancies, limiting the position of co-head of department to a single position. Some repsonsibilities in the area of emerging market bonds have been transferred to the multi-asset class team. However, ING IM has already begun to recruit for fund management, with the arrival of Marco Ruijer (see Newsmanagers of 9 April). Stoter declined to state how much assets have been lost since the departure of the team to Neuberger Berman. At the beginning of the year, ING IM had USD16bn under management in emerging markets.
10/05/2013

Luis Moreno becomes head of private banking, asset management and insurance at Santander

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } As Javier Marín has been promoted to deputy director of Santander, the group has appointed the director of marketing, the private banking division, asset management and insurance, Luis Moreno García, to replace him as head of the unit, Funds People reports. García will be replaced by Maria Dolores Pescador Castrillo. Two other changes will be made in the division: José Salgado Fuertes de Villavicencio becomes global head of private banking, while Óscar Villoslada becomes head of the insurance arm, which had previously been the responsibility of Jorge Morán. Juan Alcaraz remains as head of asset management.
10/05/2013

French firm Oaks Field Partners starts up in Spain

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The French independent asset management firm Oaks Field Partners has received a license from the NCMV to release its first fund in Spain, OFP 400, an absolute return product with daily liquidity, Funds People reports. There are also plans to register the OFP 150 fund. The OFP 400, launched in 2009, aims for outperformance of 400 basis points above the Eonia, with total volatility of 4% to 6%. It is managed by Emeric Challier, Abbas Benboubker, Joséphine Hicter and Sébastien Le Berre. OFP is the third foreign asset management firm to start up in Spain since the beginning of this year, after J. Chahine Capital and Ellipsis AM.
10/05/2013

Net outflows for ING IM in January-March

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } According to quarterly reports from ING, the asset management firm ING Investment Management (ING IM) in first quarter underwent net redemptions in Europe and Asia totalling EUR0.4bn for retail and EUR2.8bn for institutional. Assets as of the end of March totalled EUR45.7bn for retail and EUR61bn for institutional, Fondsnieuws reports. In the United States, retail at ING IM also saw net outflows of EUR0.4bn in January-March, but institutional generated net inflows of EUR1.1bn.

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