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04/03/2013

Warren Buffett wants to make several billions of dollars' worth of acquisitions

P { margin-bottom: 0.08in; } Warren Buffett estimates that he missed several opportunities to buy last year, and hopes to catch up this year with acquisitions totalling several billion dollars, Les Echos reports. “We have gone back out on safari, and we will be hunting elephants,” he writes in his traditional annual letter to investors, published on 1 March. However, he regrets that the value of his assets has not increased as much as the US stock exchange last year, with gains of only 14.4%, compared with 16%. In nearly 50 years of activity, this is only the ninth time that the comparison has not gone in his favour. “We are doing better when the winds are against us,” he admits.
04/03/2013

Institutonals appear to return to equity markets

P { margin-bottom: 0.08in; } Are institutional investors in the process of returning to equity markets? Statistics published by Morningstar suggest that they are. An examination of the most popular investments on Morningstar platforms in 2012 (mutual funds, ETFs and segregated accounts) demonstrate that institutionals are primarily interested in US and international equities. In January 2012, equity mutual funds posted inflows of USD15.5bn, an amount not seen in any month since 2004, and the first time in nearly two years that equity funds have finished a month with positive results.“Institutional investors appear to be showing a preference for US equities in the full spectrum of cap sizes, as well as for international equities. It is also interesting to note that institutional investors who have conducted research in the segregated account segment last year concentrated nearly exclusively on active strategies. The lowest prices negotiated for segregated accounts fro major investors may indicate that investors still have an appetite for active management, but only at competitive prices,” says Paul Justice, director of fund research at Morningstar. Financial advisers and retail investors last year, for their part, were rather in search of return strategies which allow them to reduce risks. “Individual investors and financial advisors have an high aversion to risk, but they appear to make exceptions for emerging market equities, which appears to indicate that the remaining appetite for risk at any level is primarily international,” Justice says.
04/03/2013

EME funds post first outflows since September

P { margin-bottom: 0.08in; } In the final days of February, Italian elections brought fears that the euro zone debt crisis would return to the foreground, to such an extent that investors put the brakes on their equity purchases. In the weeek ending on 27 February, emerging market equity funds underwent redemptions for the first time since the beginning of September, according to estimates from EPFR Global.The research agency has also observed record outflows from gold funds, which are generally a sign of a rise in appetite for risk. However, in light of the scale of the redemptions (about USD4bn), EPFR Global estimates that this is rather a short-selling operation, amid rising volatility, rumours of currency wars, and concerns about the euro zone.Certain asset classes, however, have continued to rise. Global equity funds once again finished the week with gains, and inflows for the past ten weeks of USD38.8bn. Diversified funds have posted additional net inflows of over USD1bn for the seventh time in the eight weeks since the beginning of the year.
04/03/2013

European Parliament wants to facilitate prohibition of dangerous financial products

P { margin-bottom: 0.08in; } Starting today, web surfers can vote at dangerous-finance.eu for the “most dangerous financial product,” Les Echos reports. The initiative is at the impetus of German MP Sven Giegold, of the Green party, who is highly critical of financial regulatory issues, alongside the Belgian Pierre Lamberts (the originator of bonus ceilings) and the French Pascl Canfin, before he left the European parliament to join the French government. “In many areas of economic life, it is possible to forbid dangerous products. This idea needs to be applied in the financial sphere as well,” he explains to Les Echos.
04/03/2013

Sal. Oppenheim changes heads

P { margin-bottom: 0.08in; } Wolfgang Leoni, CIO since 2007, will on 1 April become chairman of the managing board at Sal. Oppenheim. According to a release from the Cologne-based private bank, he will be replacing Wilhelm von Haller, who is returning to “an important position” at Deutsche Bank which ordered him to the private bank when the latter was bailed out in 2009.
04/03/2013

Record net subscriptions to European funds in January

P { margin-bottom: 0.08in; } According to Morningstar statistics, whose track record goes back to 2007, Euorpean long-term funds in January earned record net inflows of USD46.657bn in January, bringing the total for twelve months to USD244.155m, and assets to USD4.302bn, equivalent to organic growth of 6.42% over twelve months.All asset classes and nine of the top ten fund providers (BNP Paribas being the tenth) have posted net inflows in January.The strongest net subscriptions for the month were for the Templeton Global Total Return Fund, with USD1.094bn (and USD3.54m over 12 months). For the month, Pimco has attracted USD4.225bn, putting it ahead of Franklin Templeton (USD2.913bn) and Aberdeen (USD2.727bn). Over twelve months, however, Pimco stands out far ahead, with net inflows of USD34.697bn, followed by BlackRock with USD10.199bn.
04/03/2013

Public pension fund deficits rise

P { margin-bottom: 0.08in; } The financing deficit for 109 public pension funds in the United States increased by 20% last year, to USD834.2bn, after two years of decline, according to the Wilshire consultancy, cited by Agefi.
04/03/2013

Morgan Stanley launches CTA with Mesirow

P { margin-bottom: 0.08in; } Morgan Stanley has allied with the Chicago-based financial services firm Mesirow Financial to launch a CTA strategy on its alternative fund platform, Citywire reports.The UCITS-compliant fund, MS Discretionary Plus, is the most recent CTA strategy to be added to the FundLogic Alternative platform from Morgan Stanley. The new strategy replicates the CTA fund from Mesirow Financial, the Mesirow Absolute Return Plus Strategy.The fund aims to have at least 75% exposure to commodities, while identifying two or three macro themes which are then exploited with futures contracts.The manager of the fund will be Mesirow senior strategist Tom Willis.
04/03/2013

LOIM recruits for global macro

P { margin-bottom: 0.08in; } Tim Yetman, a founding partner at the alternative asset management firm Olea Capital Partners, is joining Lombard Odier Investment Managers (LOIM) to create a global macro team in London, Investment Europe reports. He will report to CIO Jan Straatman.
04/03/2013

Strong inflows to Spanish funds in February

P { margin-bottom: 0.08in; } The Inverco association of Spanish asset management firms has reported a net inflow to securities funds of EUR1.195bn in February, the highest level posted since March 2006. The first two months have been positive to the tune of USD2.257bn.
04/03/2013

Lloyds Banking wealth management scores points

P { margin-bottom: 0.08in; } The wealth management division of the British Lloyds banking group has earned underlying profits of GBP358m, up 25% compared with the previous year, according to a statement released by Lloyds Banking on 1 March. Assets under management by the united last year increased by GBP71.bn, to a total of GBP189.1bn. This development is largely due to a positive market effect. Assets under management at Scottish Widows Investment Partnership (SWIP) as of the end of December totalled GBP141.7bn, compared with GBP139.9bn one year earlier, while assets at St James’s Place totalled GBP34.8bn, compared with GBP28.5bn. The group is continuing to restructure and to invest in wealth management, an activity in which it is planning to gain market share, developing a product range aimed at mass affluent and affluent client segments in the United Kingdom.
04/03/2013

BMPS dues two former managers, as well as Nomura and Deutsche Bank

P { margin-bottom: 0.08in; } Banca Monte dei Paschi di Siena (BMPS) has decided to file lawsuits against two of its former managers and Deutsche Bank and Nomura International for their role in complex financial operations which plunged the group into turmoil in January.The lawsuits for liability, filed in a Florence civil court, names the German and Japanese banks, former chairman of the bank Giuseppe Mussari and former CEO Antonio Vigni, BMPS announced in a statement on 1 March.The bank will seek damages and interest for the prejudice caused by the group as part of financial operations begun in 2008 and 2009, which the new heads of BMPS claimed only to have discovered last autumn, and which triggered a scandal in Italy.The bank has since indicated that these transactions could cost it up to EUR730m, which comes on top of a situation where the institution has already been made fragile by the economic crisis, and has borrowed USD4bn from the Italian government.
04/03/2013

Swedish boutique Tundra Fonder plans to grow

P { margin-bottom: 0.08in; } The in the wake of two insurance firms buying stakes in its capital, the Swidish asset management boutique Tundra Fonder, founded in 2011, is planning to add to its fund range and to recruit new managers, Investment Europe reports. The asset management firm specialised in emerging markets has recently raised capital through the entry of the Finnish insurers Alandia-Bolagen and Ålands Ömsesidiga Försäkringsbolag in its capital, with a 9% stake each. Tundra Fonder is planning to increase its range of funds from three currently to seven, with the introduction of US dollar and euro-denominated versions of all sub-funds and strategies. By this summer, the firm is hoping to launch three new funds, including one fund dedicated to frontier markets, Frontier Opportunities, which may be made available in mid-March. A fourth fund ia planned for this autumn. At the end of its first full year of activity, Tundra Fonder as of the end of December had EUR46m in assets under management in three funds (pakistan, Russia and Agri & Food).
04/03/2013

Head of Asia-Pacific resigns from Pimco

P { margin-bottom: 0.08in; } The head for the Asia-Pacific region at Pimco, Ki Myung Hong, has decided to leave his position from 28 February, Asian Investor reports.Until a successor for him can be found, his responsibilities will be taken over by the chief operating officer, Douglas Hodge, for the interim.Ki joined Pimco in July 2010.
04/03/2013

Tobam launches RDR share classes

P { margin-bottom: 0.08in; } The asset management firm Tobam, a quantitative management specialist which focuses on seeking ways to maximise diversification of investments, on Friday, 1 March announced that it is luanching a series of share classes in its Anti-Benchmark range which comply with the Retail Distribution Review in the United Kingdom, a statement says.Three new share classes in sterling are now available to UK retail investors, mostly with a minimal investment of one share (net asset value of GBP100):Tobam Anti-Benchmark UK Equity (R units ISIN: FR0011412618)Tobam Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634)Tobam Anti-Benchmark World Equity (R units ISIN: FR0011412626)The asset management firm has also reported net inflows of USD631m in 2012, down 14.84% compared with 2011 (USD741m). However, due to market appreciation, assets under management at Tobam rose 52% in 2012, compared with 44% in 2011. Since 31 January 2013, the asset mangement firm has over USD3bn in assets under management. 95% of this total comes from foreign investors.
04/03/2013

Bradesco preparing a Latin American equity fund

P { margin-bottom: 0.08in; } The Brazilian asset management firm Bradesco (BRAM) is planning to launch a fund dedicated to Latin American equities by the end of 2013, Citywire reports.The Luxembourg-domiciled fund comes as an addition to the Bradesco Sicav range, which now has five UCITS funds.The initiative comes as part of a desire on the part of the Brazilian firm to increase its presence in Europe, and in major worldwide markets.
04/03/2013

Armstrong IM adds to teams

P { margin-bottom: 0.08in; } The British asset management firm Armstrong Investment Managers, specialised in multiple asset classes, has announced on its website that it has recruited Vincent Tournant from Newedge Prime Brokerage as COO, a newly-created position. Meanwhile, the firm has recruited Philip Riris (ex Avalon Capital Markets) as analyst, and Andy Hutcheon (formerly of Barclays Wealth) as sales manager.
04/03/2013

FTSE launches a series of indices based on implied volatility

P { margin-bottom: 0.08in; } With the FTSE Implied Volatility Index Services (IVI) range, FTSE Group is launching end-of-day indices which measure the implied volatility of the FTSE 100 and FTSE MIB indices. For each market, implicit volatility estimates for 30, 60, 90 and 180 days will be available, and there will even be a 360-day IVI for the FTSE 100.
04/03/2013

Bradesco prépare un fonds d'actions latino-américaines

La société de gestion brésilienne Bradesco (BRAM) envisage de lancer un fonds dédié aux actions latino-américaines d’ici à la fin de l’année 2013, rapporte Citywire.Le fonds domicilié au Luxembourg viendrait renforcer la gamme de sicav de Bradesco, qui compte actuellement cinq fonds Ucits. Cette initiative s’inscrit dans la volonté de la société brésilienne d’accroître sa présence en Europe et sur les grands marchés dans le monde.
04/03/2013
Fonds

Progression de 0,93% du patrimoine des OPC luxembourgeois en janvier

Le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé au 31 janvier 2013 à 2.405,928 milliards d’euros contre 2.383,826 milliards d’euros au 31 décembre 2012, soit une augmentation de 0,93% sur un mois, selon les chiffres communiqués le 1er mars par la Commission de surveillance du secteur financier (CSSF). Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 11,54%.L’industrie des OPC luxembourgeois a donc enregistré au mois de janvier une variation positive se chiffrant à 22,102 milliards. Cette augmentation représente le solde des émissions nettes positives à concurrence de 26,675 milliards d’euros (+1,12%) et de l’évolution défavorable des marchés financiers à concurrence de -4,573 milliards d’euros (-0,19%).
Fonds
04/03/2013
Fonds

SG Mid Cap va monter un fonds de prêts avec Amundi

Face à Bâle 3 qui pénalise les prêts classiques, «nous sommes en train de signer un accord sous forme de [fonds de] prêts avec Amundi», annonce à l’Agefi Vincent Tricon, directeur de SG Mid Cap, la coentreprise de la banque de détail et de la BFI. Filiale à 25% de la Société Générale, Amundi a monté un fonds de loans multioriginateur et multi-investisseur, avec une première tranche de 475 millions d’euros. L’an dernier déjà, SG Midcaps avait créé un fonds commun de placement pour le compte d’Axa, en conservant 20 % des créances originées à son bilan. Avec Amundi, le pourcentage devrait être inférieur mais les entreprises éligibles auront un chiffre d’affaires supérieur à 500 millions d’euros, contre 250 millions avec Axa.
Fonds
04/03/2013

Tobam a collecté 631 millions de dollars en 2012

A l’occasion de l’annonce du lancement de parts RDR en livres sterling pour les investisseurs britanniques (*), Tobam a indique que ses rentrées nettes ont diminué en 2012 à 631 millions de dollars contre 741 millions en 2011 et que ses encours ont gonflé de 52 % l’an dernier et de 44 % en 2011.Au 31 janvier, les actifs gérés ont franchi la barre des 3 milliards de dollars, soit le niveau atteint en juin 2011 en ajoutant à l’encours des fonds le montant des mandats attribués mais non encore libérés (lire Newsmanagers du 10/10/2011).(*)TOBAM Anti-Benchmark UK Equity (R units ISIN: FR0011412618),TOBAM Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634) et TOBAM Anti-Benchmark World Equity (R units ISIN: FR0011412626)
04/03/2013
Fonds

SSgA envisage de lancer un ETF sur les dividendes globaux

State Street Global Advisors envisage de lancer un quatrième ETF dédié aux dividendes, avec cette fois une attention particulière aux marchés globaux afin de diversifier l’exposition aux titres offrant des dividendes élevés dans un contexte persistant de rendements obligataires très bas, rapporte IndexUniverse.Le SPDR S&P Global Dividend ETF sélectionnera des participations dans un vivier de sociétés des pays développés et émergentes tels que Australie, Canada, Chine, France, Allemagne, Hong Kong, Italie, Jamon, Pays-Bas, Russie, Espagne, Suède, Suisse, Royaume-Uni et Etats-Unis. Le fonds, qui s’inspirera du S&P Global Dividend Aristocrats Index, rejoint les trois ETF disponibles dédiés aux dividendes, à savoir le SPDR S&P Dividend (NYSEArca: SDY), the SPDR S&P Emerging Markets Dividend ETF (NYSEArca: EDIV) and the SPDR S&P International Dividend ETF (NYSEArca: DWX).
Fonds
04/03/2013
Fonds

Morgan Stanley lance un fonds CTA avec Mesirow

Morgan Stanley a fait alliance avec la société de services financiers basée à Chicago, Mesirow Financial, pour lancer une stratégie CTA sur sa plateforme de fonds alternatifs, rapporte Citywire.Le fonds au format Ucits MS Discretionary Plus est la dernière stratégie CTA qui vient enrichir la plateforme FundLogic Alternative de Morgan Stanley. La nouvelle stratégie réplique le fonds CTA de Mesirow Financial, le Mesirow Absolute Return Plus Strategy. Le fonds cherche à avoir une exposition d’au moins 75% aux matières premières tout en identifiant deux ou trois thèmes macro qui sont ensuite exploités avec des contrats de futures. Le gérant du fonds sera le stratégiste senior de Mesirow, Tom Willis.
Fonds
04/03/2013
Fonds

Forte collecte en février pour les fonds espagnols

L’association Inverco des sociétés de gestion espagnole fait état pour les fonds de valeurs mobilières d’une collecte nette de 1.195 millions d’euros en février, le niveau le plus élevé enregistré depuis mars 2006. De la sorte, le premier bimestre est positif à hauteur de 2.257 millions d’euros.
Fonds
04/03/2013

Progression de 3% des actifs sous gestion d'Old Mutual

Les actifs sous gestion du groupe sud-africain Old Mutual ont progressé l’an dernier de 3% pour s'établir à 262,2 milliards de livres, selon un communiqué publié le 1er mars.La collecte nette, qui s’est élevée à 5 milliards de livres et un effet marché positif de 26,9 milliards de livres ont été en partie effacés par une réduction des actifs sous gestion de 27 milliards de livres liée à la cession de sociétés affiliées d’USAM et à la vente des activités d’Old Mutual Wealth en Finlande. Au Royaume-Uni, la collecte nette de la plate-forme d’Old Mutual Wealth s’est élevée à 2,2 milliards de livres si bien que les actifs sous gestion s’inscrivaient fin 2012 à 22,6 milliards de livres. Aux Etats-Unis, les actifs sous gestion ont terminé l’année à 128,4 milliards de livres, en progression de 14% par rapport à fin 2011. La collecte nette s’est élevée à 0,9 milliard de livres alors que l’exercice 2011 s'était soldé par une décollecte de 3 milliards de livres.
04/03/2013

Sal. Oppenheim change de patron

Wolgang Leoni, CIO depuis 2007, prendra au 1er avril le poste de président du directoire de Sal. Oppenheim. Selon un communiqué de la banque privée colonaise, il remplace Wilhelm von Haller, qui retourne "à un poste important» à la Deutsche Bank qui l’avait détaché à ce poste lors du sauvetage de la banque privée en 2009.
04/03/2013

Tobam lance des parts RDR pour les investisseurs britanniques

La société de gestion Tobam, spécialiste de la gestion quantitative basée sur la recherche de maximisation de la diversification des investissements a annoncé, vendredi 1er mars, le lancement, au sein de sa gamme «Anti-Benchmark», d’une série de parts conforme avec la Retail Distribution Review au Royaume Uni, indique un communiqué. Trois nouvelles parts en livres sterling sont désormais disponibles pour les investisseurs UK « retail » principalement avec un minimum d’investissement d’une part (valeur liquidative initiale de 100 livres) :Tobam Anti-Benchmark UK Equity (R units ISIN: FR0011412618)Tobam Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634)Tobam Anti-Benchmark World Equity (R units ISIN: FR0011412626)Par ailleurs, la société de gestion a fait part d’une collecte nette de 631 millions de dollars en 2012, en baisse de 14,84 % par rapport à 2011 (741 millions de dollars). En revanche, grâce à un effet marché, les encours sous gestion de Tobam ont augmenté de 52 % en 2012 contre 44% en 2011. Depuis le 31 janvier 2013, la maison a passé la barre des 3 milliards de dollars sous gestion. Pour 95 % de ce montant, les encours proviennent d’investisseurs étrangers.
04/03/2013

La gestion de fortune de Lloyds Banking marque des points

La division gestion de fortune du groupe bancaire britannique Lloyds a dégagé un bénéfice sous-jacent de 358 millions de livres, en progression de 25% par rapport à l’année précédente, selon un communiqué publié le 1er mars par Lloyds Banking.Les actifs sous gestion du pôle se sont accrus l’an dernier de 7,1 milliards de livres pour s'établir à 189,1 milliards de livres. Une évolution due pour l’essentiel à un effet marché positif. Les actifs sous gestion de Scottish Widows Investment Partnership (SWIP) s’inscrivaient fin décembre à 141,7 milliards de livres contre 139,9 milliards un an plus tôt, ceux de St James’s Place à 34,8 milliards contre 28,5 milliards de livres. Le groupe continue de restructurer et d’investir dans la division gestion de fortune, une activité dans laquelle il compte bien gagner des parts de marché. Notamment en développant l’offre à destination des segments de clientèle «mass affluent» et «affluent» au Royaume-Uni.

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