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18/01/2013

Azimut increases its stake in a Turkish business

The Italian asset management firm Azimut has increased its stake in the Turkish firm Global Menkul Değerler from 5% to 10%, through the exercise of options. The firm, listed on the Istanbul stock exchange, will sell new funds recently launched by AZ Global Portföy, the joint venture 60% owned by Azimut and 40% by Global, founded in February 2012, to Turkish clients. The operation coincides with the commercial launch of three families of products by AZ Global: Target, Formula and Trend.
18/01/2013

RBC ITS abandoned by Gemini IM

RBC Investor & Treasury Services (RBC ITS), which belongs to the Royal Bank of Canada group, on 17 January announced that its Investor Services unit has been appointed as global custodian and provider of administration services to Gemini Investment Management. RBS ITS will assist Gemini with the development of its own administration and distribution services. Assets under administration at RBC ITS total about USD2.9trn.
18/01/2013

Netherlands pension fund outsources its management to Kempen

Flexsecurity, the pension fund for the temp agency Randstad Holding, has outsourced all of its assets (EUR258m) to Kempen Capital Management, IPE.com reports. The Dutch asset management firm had already been working with the pension fund.
18/01/2013

Assets up and profits down at BNY Mellon in 2012

As of 31 December, assets under management at BNY Mellon totalled USD1.4trn, up 10% compared with the end of 2011, when they were down by 8%. Assets under custody or administration, for their part, increased by 9% for the year, to USD26.7trn.Net subscriptions to long-term products totalled USD56trn for the year 2012 as a whole, including USD14bn in fourth quarter.Lastly, BNY Mellon has announced that its net profits in 2012 had fallen marginally, to USD2.523bn, from USD2.569bn in 2011.
18/01/2013

Good results for Schwab asset management in 2012

Assets under management at Schwab at the end of 2012 totalled USD431.31bn, compared with USD399.35bn at the end of December 2011, according to figures released by the US bank at a presentation of its fourth quarter results. Management and administration commissions totalled USD2.04bn in 2012, compared with USD1.93bn the previous year, of which USD539m were in fourth quarter, compared with USD458m in fourth quarter 2011.
18/01/2013

NewAlpha AM signs an incubation partnership with LindenGrove Capital

NewAlpha Asset Management, the affiliate of the Ofi group dedicated to manager incubation, on Thursday, 17 January announced that it has signed its 20th partnership with the LindenGrove Capital company. LindenGrove Capital is a specialist in global macro type absolute return strategies. The asset management firm was founded in 2012 by Borut Miklavcic, who in 2009 also founded and until last May led the owners’ equity investmnt activity at Nomura worldwide. He was also responsible for a team of 14 asset managers in three offices. Several members of his team from Nomura have followed Miklavcic to LindenGrove, including two managers, Tom Groves and Ravin Seeneecassen, and Gianluca Squassi, in charge of Risk Management, a statement says. With a first fund launched in mid-December 2012, LindenGrove Capital deploys several absolute return, directional and arbitrage strategies on markets and instruments that are among the most liquid in the world: interest rates, currencies, equity and credit indices, and inflation-linked instruments. The risk monitoring and dynamic asset allocation model is identical to the one used at Nomura.
18/01/2013

Bank of America: record profits for asset management unit

In 2012, and in the fourth quarter of last year, the global wealth & investment management unit at Bank of America has posted record net profits, of USD2.223m and USD578m, respectively, comapred with USD1.718m and USD272m the previous year. Meanwhile, commission reenues have also set new records, at USD6.12bn for 2012 as a whole, and USD1.6bn in October-December.The pre-tax profit margin came to 21%, compared with 16% in 2011.At the end of December, assets under management totalled USD698.1bn, compared with USD635.6bn, with the increase of USD62.5bn due both to rising markets and to net subscriptions to long-term products.Overall, net profits at Bank of America totalled USD4.188bn in 2012, compared with USD1.446bn in 2011.
18/01/2013

Morningstar launches an index to hedge against inflation

Morningstar on 18 January announced the launch of the Morningstar US Real Asset Index, an index consisting of a diversified portfolio of liquid assets, which would provide protection against inflation, including Treasury Inflation-Protected Secuities (TIPS), REITs, commmodities, and commodity futures. The index includes about 40% TIPS, 30% commodity futures, 15% REITs and 15% securities related to commodities, including mining froups and companies involved in the transport of commodities. The index will be revised on a weekly basis.
18/01/2013

2013: SG Private Banking sees a “break in the clouds”

Strategists at Société Générale Private Banking (SGPB, about EUR18bn in French assets, compared with less than EUR17bn as of the end of 2011) on 17 January announced that they are more optimistic for 2013, with “blue sky” peeking through the clouds.The specialists, who have been positive on equities since last summer, now recommend an overweight position on this asset class (55% in a hypothetically 50/50 balanced portfolio), but with a high level of selectivity and European equities expected to outperform the US. SGPB is highly positive about emerging markets, even though the typology of its clients hardly allows them to allocate more than 5% to these securities, says Olivier Paccalin, CIO.In bonds, SGPB is continuing to favour high yield (more European than US), though it is selective (neutral to underweight) in the investment grade, and clearly negative on government bonds. But the time has also come to bet on a recovery in mergers and acquisitions, where “targets must be targeted,” says Ollivier Courcier, fixed income strategist.
18/01/2013

Groupama AM “cautiously optimistic” about the economy in 2013

After a year in 2012 which led it increase its assets by nearly 8%, to over EUR90bn, and to post a sizeable net inflow from external clients, Groupama Asset Management (GAM) has declared that it is confident in the economy and the markets in the next three months. This “cautious optimism” is currently finding expression in a 55% allocation to equities (including European and emerging markets) and 45% for bonds, in a hypothetically 50/50 balanced portfolio. CIO Antoine de Salins on 17 January stated that the firm’s positioning on high-risk assets is more marked in 2013, and that in bonds, GAM is favouring the European periphery and high yield, while it is underweight in German, US and Japanese government bonds. However, the CIO also states that the firm “remains a little behind the curve compared with the ambient optimism” on the markets. Volatility hedging is becoming complex, and GAM will remain cautious so long as the tensions in Europe have not been integrated into prices.
18/01/2013

BlackRock posted USD47bn net sales in 2012

For the year 2012 as a whole, BlackRock, the world’s largest asset manager, has recorded net inflows of USD47bn for its long-term products, compared with USD67bn in 2011. In detail, equity, fixed income and multi-asset class products have posted subscriptions of USD31.2bn, USD12.4bn and USD4.1bn, respectively. Alternative products, however, suffered outflows of USD0.7bn. Net sales, including money market products, amounted to USD60.8bn.Assets as of 31 December 2012 totalled USD3.7916trn, up 8% compared with USD3.5127trn as of the end of 2011. Compared with September 2012, assets are up 3%.As of 10 January 2013, pledges of new subscriptions totalled USD48.7bn, of which USD25.4bn are for index-based institutional mandates.BlackRock has posted net profits for the past year of USD2.46bn, compared with USD2.34bn in 2011, an increase of 5%. In fourth quarter, net profits totalled USD690m, up 24% year on year.
18/01/2013

BNP Paribas to launch a three-year plan to reduce costs

The BNP Paribas group will be launching a vast operational efficiency plan for 2015, Agefi reports. The plan, entitled “Simple & Efficient 2015,” will apply to all activities of the bank worldwide, and will aim to reduce costs, or at least stabilise them. EUR1bn over three years will be dedicated to the reorganization, several sources have told Agefi. Each unit will present plans for its transformation. The bank is planning to pursue several means to achieve its goals: revising management processes in order to simplify them and reduce redundant tasks, lighter decision-making procesures, removing duplicates, mutualising means, etc. BNP Paribas, which is expected to pass the efficiency plan at a presentation of its annual results on 14 February this year, is planning to increase mobility, not only within units, but between various units of the group.
18/01/2013

Success for a hedge fund dedicated to Greece

Dromeus Capital, a hedge fund founded last year to profit from depreciated Greek assets, has made more than 40% in its first three months, the Financial Times reports. Other hedge funds have taken advantage of opportunities in Greece, but Dromeus is the only one to be wholly dedicated to the country.
18/01/2013

Strong inflows to Deka real estate funds in 2012

Net subscriptions to three open-ended real estate funds from Deka totalled EUR800m in January-November, while net inflows to institutional funds totalled EUR500m, says Matthias Danne, a board member responsible for the real estate unit. Overall, assets in the unit increased last year by about EUR1bn.Last year, Deka Immobilien bought 21 properties for EUR2.3bn, and sold 29, for EUR1.4bn.Danne states that two institutional real estate funds were launched in 2012: the Domus-Deutschland, which aims for assets of EUR800m, and the fund of funds Deka-Immobilien StrategieInstitutionell, which invests in funds of the Target-Select range from Deka’s affiliate WestInvest.
18/01/2013

Henderson GI loses its head of distribution for Germany

Das Investment reports that Lars Albert decided to leave in April Henderson Global Investors, where he is head of distribution for Germany. He is more particularly responsible for banks, funds of funds, family offices and wealth managers, and reports to Steven de Vries, head of distribution for Northern Europe.
18/01/2013

Palace coup at Veritas Investment

“Due to divergences in views as to strategic orientation for the future, Markus Kaiser will be leaving the board at Veritas Investment, but will continue to be available to the business until further notice, and is currently in negotiations over a potential continuation of his collaboration with the firm in the area of ETF funds,” a Veritas statement released on 17 January states.In other words, the “strong man” at Veritas will be leaving his role as head of fund management, marketing and distribution.The chairman of the board will continue to be Dirk Schönholz, who joined the firm in August 2012. The two new MDs are Hauke Hess, head of portfolio management, who remains CEO responsible for portfolio management at Pall Mall Investment Management GmbH (PIMM), a sister company of Veritas Investment. The two asset management firms have been cooperating since mid-2012 on a by-project basis, and will intensify their collaboration in the institutional and risk management fields.The third member of the management team is Kerstin Behnke, who will be responsible for distribution and customer service. She had previously been CEO of FIL Investment Services GmbH, responsible for distribution of open-ended funds at Fidelity International in Germany, after spending 16 years at Gartmore Investment Services GmbH. The fund management team, composed of Christian Schuster, Christian Riemann and Marcus Russ, who worked in close cooperation with Kaiser, will continue to provide operational management of the products.
18/01/2013

Vontobel AM recrute deux gérants

Vontobel Asset Management a recruté deux gérants senior, révèle Bluerating. Il s’agit de David Walls et de Stefan Hüsler, qui rejoignent l’équipe d’investissement haut rendement et crédit.
18/01/2013

New CEO for Nordea Fonder

Maria Rengefors has been appointed as CEO of Nordea Fonder in Sweden, and will begin in the role on 1 February, Fondbranschen reports. She succeeds Sasja Beslik, who will be responsible for international socially responsible investments for the group. Rengefors is currently deputy CEO of Nordea Fonder, head of communication.
18/01/2013
Fonds

L'Inde lance un ETF sur les entreprises publiques

Le gouvernement indien envisage de lancer un ETF qui investira dans les entreprises publiques, rapporte IndexUniverse. Selon les premières indications, le portefeuille d’ETF comporterait 15 à 20 sociétés bénéficiaires, a indiqué un représentant du ministère des finances cité par le Wall Street Journal. On ne sait pas toutefois si le gouvernement abandonnerait dans ce cadre son statut d’actionnaire majoritaire dans les sociétés sélectionnées.
Fonds
18/01/2013

ETF Securities recrute un responsable distribution

Spécialiste du négoce sur les dérivés d’actions chez KBC Financial Products, puis en dernier lieu chargé de la vente et du négoce des ETF chez le courtier Peel Hunt, Frank Spiteri a été recruté par ETF Securities (UK) Limited comme responsable de la distribution pour la région Europe/Moyen-Orient/Afrique (EMOA). Il se focalisera sur les ventes d’ETP aux particuliers et sera subordonné à Matt Johnson, responsable de la distribution pour la région EMOA.
18/01/2013

Les entreprises britanniques ont séduit les acquéreurs étrangers en 2012

Selon une étude d’Allen & Overy citée par L’Agefi, la valeur des transactions réalisées par des acquéreurs étrangers sur des entreprises britanniques est restée quasiment stable sur un an (+0,4% à 86 milliards), avec un nombre d’opérations en très légère érosion (108 contre 110). Derrière les Etats-Unis, le Royaume-Uni reste la deuxième destination mondiale pour les acquéreurs étrangers «à la faveur d’une économie relativement stable, d’une abondance d’entreprises raisonnablement valorisées et d’un environnement favorable aux opérations», commente le cabinet d’avocats. A contrario, l’appétit des investisseurs transfrontaliers pour les entreprises françaises a considérablement diminué d’une année sur l’autre, comme en témoigne la chute de 58% à 16,4 milliards de dollars de ces opérations dont le nombre est passé de 39 à 31.
18/01/2013

Forte collecte pour les fonds immobiliers de Deka en 2012

Les souscriptions nettes des trois fonds immobiliers offerts au public de Deka ont atteint 800 millions d’euros pour janvier-novembre tandis que les rentrées nettes des fonds institutionnels se situaient à 500 millions d’euros, a indiqué Matthias Danne, membre du directoire responsable du pôle fonds immobiliers. Au total, l’encours de ce pôle s’est accru l’an dernier d’environ 1 milliard d’euros.L’an dernier, Deka Immobilien a acheté 21 actifs pour 2,3 milliards d’euros et en a vendu 29 pour 1,4 milliard.Matthias Danne a indiqué que deux fonds immobiliers institutionnels ont été lancés en 2012 : le Domus-Deutschland, qui vise un encours de 800 millions d’euros et le fonds de fonds Deka-Immobilien StrategieInstitutionell, investi dans les fonds de la gamme Target-Select de la filiale WestInvest.
18/01/2013

Henderson GI perd son directeur de la distribution pour l'Allemagne

Lars Albert a décidé de quitter en avril Henderson Global Investors, où il est directeur de la distribution pour l’Allemagne, rapporte Das Investment. Il suit plus particulièrement la clientèle de banques, fonds de fonds, family offices et gestionnaires de fortune, sous les ordres de Steven de Vries, directeur de la distribution pour l’Europe du Nord.
18/01/2013

Un fonds de pension néerlandais délègue sa gestion à Kempen

Flexsecurity, le fonds de pension de la société de travail intérimaire Randstad Holding, a externalisé la totalité de ses encours (soit 258 millions d’euros) à Kempen Capital Management, rapporte IPE.com. La société de gestion néerlandaise travaillait déjà pour le fonds de pension.
18/01/2013
Fonds

Neuberger Berman lance un fonds multi-classes d'actifs

Le gestionnaire new-yorkais Neuberger Berman Group a annoncé le lancement du Neuberger Berman Dynamic Real Return Fund (acronymes NDRAX, NDRCX, et NDRIX) qui investit dans plusieurs classes d’actifs visant à générer des performances attrayantes ajustées du risque dans différents environnements inflationnistes.Ce produit est géré par Andy Johnson, CIO pour les obligations de catégorie investissement, et Thanos Bardas, global head of sovereigns and interest rates. Le portefeuille pourra être investi en matières premières, en obligations indexées sur l’inflation, en obligations à haut rendement, en leveraged loans, en actions américaines et de pays émergents, en master limited partnerships (MLP) et en immobilier. Les gérants utiliseront un système d’overlay dynamique pour «capitaliser sur les fluctuations de court terme en matière d’attentes inflationnistes», précise un communiqué.
Fonds
18/01/2013

Bons résultats de la gestion d'actifs de Schwab en 2012

Les actifs sous gestion moyens de Schwab s'élevaient fin 2012 à 431,31 milliards de dollars contre 399,35 milliards de dollars à fin décembre 2011, selon les chiffres publiés par la banque américaine à l’occasion de la présentation de ses résultats du quatrième trimestre.Les commissions de gestion et d’administration ont totalisé 2,04 milliards de dollars en 2012, contre 1,93 milliard de dollars l’année précédente dont 539 millions de dollars au quatrième trimestre contre 458 millions de dollars au quatrième trimestre 2011.
18/01/2013
Fonds

Vanguard extrade Hansberger d’un de ses fonds

Le 14 janvier, Vanguard a annoncé que le mandat de Hansberger Global Investors comme conseiller du fonds d’actions étrangères Vanguard International Value Fund (6,8 milliards de dollars) n’est pas renouvelé. Hansberger était chargé de 17 % du fonds. Sa poche est réallouée à deux des autres délégataires, Lazard Asset Management et Edinburgh Partners Limited. La part du premier passe à 39 % et celle du second à 34 %. Le dernier gestionnaire par délégation est Arga Investment Management, avec 24 %, le reliquat représentant la poche de numéraire.
Fonds
18/01/2013
Fonds

KKR va conduire des activités de financement de sociétés moyennes

La société de private-equity KKR s’est alliée avec un fonds de pension canadien pour conduire des activités de financement des sociétés moyennes, rapporte L’Agefi. Dans le cadre de l’accord, le fonds de pension canadien apportera 2 milliards de dollars pour les transactions effectuées par MerchCap Solutions, une plateforme créée l'été dernier conjointement par KKR et Stone Point Capital et dont le capital est de 300 millions de dollars.
Fonds
18/01/2013

Infrastructures : Natixis et Agéas signent une troisième opération

Acteur majeur dans le financement de projets d’infrastructures, Natixis a signé récemment une troisième opération dans le cadre de son partenariat avec l’assureur belgo-néerlandais Agéas signé le 2 août dernier. Au total, l’enveloppe globale de financements réalisés par Agéas s'élève désormais à 134 millions d’euros. L’objectif de Natixis est de poursuivre le financement d’infrastructures, tout en permettant aux investisseurs institutionnels de participer à ces opérations d’investissements à long terme qui offrent des rendements intéressants en phase avec leurs attentes. Dès l'été dernier, l’assureur a fait preuve de son intérêt pour ce qui constitue une classe d’actifs à part entière, en annonçant son intention d’investir deux milliards d’euros dans les infrastructures européennes et ce, dans les trois années à venir. Dans le détail, à la différence de ce qui se pratique chez d’autres investisseurs qui ont recruté des équipes ou confié des mandats à des fonds spécialisés, Natixis assure ici le rôle de d’originateur, de structureur et d’administrateur des crédits tandis qu’Agéas reste décisionnaire de ses choix d’investissement en s’appuyant sur le savoir-faire de la banque. Quoi qu’il en soit, Natixis conserve également à son bilan une partie du risque des opérations que la banque partage avec ses investisseurs partenaires. Enfin, en pratique, le partage des actifs se fait au travers d’un véhicule financier dédié – un fonds commun de titrisation en l’occurrence- dont EuroTitrisation assure la gestion.
18/01/2013
Fonds

La collecte des mutual funds a plus que triplé en 2012

Les mutual funds de long terme ont enregistré l’an dernier des souscriptions nettes de 243,2 milliards de dollars contre 74,8 milliards en 2011 tandis que les rentrées nettes des fonds monétaires ressortaient à 76,84 milliards contre 10,1 milliards, selon les estimations de Morningstar. Les fonds d’actions américaines ont continué de subir des sorties nettes (120 milliards de dollars contre 87,19 milliards).Vanguard et Pimco ont capté 61 % des souscriptions nettes totales en 2012 contre 30 % en 2011 et 46 % en 2010, avec respectivement 86,11 milliards et 62,68 milliards. Deux autres maisons ont collecté plus de 20 milliards l’an dernier: JPMorgan, avec 25,57 milliards de dollars et DoubleLine, avec 21,8 milliards.Le fonds ayant attiré les plus fortes souscriptions nettes est le DoubleLine Total Return Fund, avec 19,6 milliards de dollars, battant ainsi le Pimco Total Return (18 milliards). Cependant, si l’on ajoute à ce dernier son avatar en ETF et ses 3,8 milliards, les fonds de Bill Gross seraient en tête, souligne Morningstar.
Fonds

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