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13/11/2012

Bruxelles assouplit sa taxe carbone pour le secteur aérien

La taxe carbone à laquelle les compagnies aériennes sont assujetties pour les vols à destination et en provenance de l’Union européenne va être suspendue sous condition, a indiqué le Commissaire européen à l’Action pour le climat, Connie Hedegaard. Cette suspension temporaire va permettre à l’Organisation de l’aviation civile internationale de chercher à obtenir un accord mondial avant sa prochaine assemblée générale dans un an.
13/11/2012

La Corée du Sud soutient l’Europe

Choo Heung Sik, responsable de la gestion des réserves de la Banque centrale de Corée, a indiqué que l’autorité était prête à acheter des nouvelles obligations émises par le MES «compte tenu de leur note AAA, de la structure du capital et de leur liquidité».
13/11/2012

FFB unveils an online portfolio construction tool

Shortly after Fidelity Worldwide Investments unveiled its SAM portfolio management software (see Newsmanagers of 9 November), its affiliate FFB (FIL Fondsbank) has announced the launch of an online resource on which SAM is based, the Modellportfolio-Tool. The tool offers an integrated solution available on the website of FFB, which allows IFAs and wealth managers to easily and automatically deploy their own management strategies. With the tool, the portfolios of several clients whose expectations are similar could be administered in a centralised manner.
13/11/2012

Funds dedicated to crèches created

The Frankfurter Allgemeine Zeitung reeports that debt issuers have discovered due to a controversy over a shortage of 220,000 places in crèches throughout Germany that these entities (known as Kitas) could be a theme for investment. Consequently, Aviarent Capital Management has raised GBP50m from institutional investors for the Kita Fonds Kinderwelten I. Habona Invest has also set up a specialised fund, but it has not yet received a license from BaFin.
13/11/2012

Hedge fund dedicated to Greece launched

The alternative management specialist in emerging markets Dromeus Capital Group has launched a hedge fund dedicated to Greece, Hedge Week reports. The fund, entitled Greek Advantage Fund, will concentrate on opportunities related to a massive sale of assets in Greece since the onset of the financial crisis. The size of the fund will be limited to EUR200m, until a significant improvement in the liquidity of Greek debt and the equity markets in the country is observed.The first investors in the fund are European funds of funds, private banks, fund managers and family offices.
13/11/2012

JPMorgan AM plans RDR compatible product range

In first quarter 2013, JP Morgan Asset Management will launch a range of funds of funds and a family of discretionary portfolios to meet demand from IFAs in the United Kingdom in an RDR environment, Investment Week reports.As part of the launch of the JPMorgan Advisor Solutions range in first quarter 2013, the six JPM Elite Potolios (0.6% management commission + 0.5% platform fee) will be “multi-fund” products, covering the whole of the market, which will be actively mnaged, risk-rated and managed on a discretionary basis.The JPM Fusion range will also include five funds of funds which will charge 0.75%, corresponding to specific risk levels. The Fusion products will rely on resources from JP Morgan Private Bank for asset allocation, fund selection and risk controls.
13/11/2012

Fidelity to cut all ties with its research unit

Fidelity Worldwide Investments (FWI), which covers the British market, and which is in the process of cutting its ties with its research unit based in Boston, will be recruiting an in-house team of 17 analysts in the United States in the next few months, Investment Week reports.The development is related to a decision by FWI to become a completely independent arm of Fidelity Management and Research (FMR). The two groups had already cut their ties in 1979, when Fidelity International Liited (FIL), now known as FWI, became a legally independent entity from FMR.According to Investment Week, the two entities would now like to end their remaining business relationships. As a result, managers at FWI will not have access to research by the team based in Boston.
13/11/2012

Impact investing could double among British pension funds

48% of British pension funds are planning to invest in green energies, social real estate, microfinance or infrastructure in the next 12 to 24 months, according to a survey of 47 pension funds wth GBP143bn in assets under management cited by Financial Times Fund Management. This would double the 23% currently placed in such investments, according to Social Finance and Finethic.
13/11/2012

Old Mutual releases four MM-MA income funds

John Ventre, head of multi-manager at Old Mutual Global Investors, will manage Generation, a new range to include four mluti-manager multi-asset income funds, Fundweb reports.The Generation 3:4, Generation 3:6, Generation 4:4 and Generation 4:6 funds will as a top priority aim to outperform the consumer price index, and as a second priority, will aim for targeted returns. The first figure is the CPI plus figure and the second figure is the yield.Minimal subscription is set at GBP1,000 and annual management commission is 1.25%.
13/11/2012

Germany : asset managers attracted EUR53.4bn as of 30 September

As of the end of September, asset management firms belonging to the German BVI association posted inflows of EUR1.97134trn, due to net inflows of EUR53.36bn, of which EUR4.46bn were in September.Of these total net inflows in the first three quarters of 2012, open-ended funds attracted EUR12.04bn, compared with net outflows of EUR6.38bn in January-September 2011, while institutional funds have posted EUR43.09bn in inflows, compared with EUR21.31bn in the first three quarters of last year. However, mandates managed outside funds have posted net outflows of EUR1.77bn, compared with EUR1.79bn, for assets as of the end of September to EUR315.27bn, which compares with EUR712.26bn for open-ended funds and EUR943.82bn for institutional funds.Net inflows of EUR9.275bn for securities funds in January-September largely contributed to net inflows of EUR17.8bn for Allianz Global Investors (including EUR14.4bn for Pimco), and EUR2.68bn for Union Investment (co-operative banks). Howeve, Deka and the Deutsche Bank group have seen net outflows of EUR4.76bn and EUR2.43bn, respectively.It is also of note that in the first three quarters of 2012, ETF providers have seen net outflows, with the exception fo ETFlab investment (Deka), which attracted EUR277m. However, BlackRock and its iShares brand ETFs have seen net outflows of EUR1.18bn, while ComStage (Commerzbank) has seen outflows of EUR787m. For its part, db x-trackers (Deutsche Bank) has seen net redemptions of EUR587m.
13/11/2012

Founder of Reserve Primary cleared of fraud charges

Bruce Bent, the founder of the Reserve Primary money market fund that «broke the buck» during the financial crisis, was cleared of charges of fraud, which claimed that he misled investors about the financial health of the fund in order to avoid a wave of redemptions, the Financial Times reports. The jury found that Bent’s son, also named Bruce, was liable of negligence for misleading investors about the family’s plans to cover losses from the fund triggered by the Lehman bankruptcy. The Securities and Exchange Commission, which filed the case, is seeking fines for Bent Jr. and the firm, Reserve Management, which was also found liable.
13/11/2012

Promotion at Newfleet AM

David L. Albrycht, who had been CIO, multi-sector strategies since June 2011, has been promoted to the position of president & CIO of Newfleet Asset Management (formerly SCM Advisors), an affiliate of Virtus Investment Partners. He will continue to report to George R. Aylward, president & CEO of Virtus Investment Partners. Albrycht had previously been managing director and senior portfolio manager at Goodwin Capital Advisers, a former management firm of the Virtus group.Assets at Newfleet have practically doubled in one year, to USD10bn, while assets under management at the Virtus group as of the end of September totalled USD41.8bn.
13/11/2012

Vanguard penalised by change of indices

Inflows to the largest ETF from Vanguard evaporated in the wake of the decision in early October to drop MSCI as an index provider in favour of the less costly FTSE, Financial Times Fund Management reports. In October, the Vanguard MSCI Emerging Markets ETF posted net inflows of USD1m in October, compared with a monthly average of USD1.3bn from January to September, the ETF Industry Association says. The decline is not due to a sudden loss of interest in emerging market ETFs. It would appear that some investors were upset by the change of indices.
13/11/2012

BMO Global AM recruits for institutional sales

The team led by Jennifer Pedigo, managing director and head of institutional sales at BMO Global Asset Management (USD105bn as of 31 July), has been strengthened with the recruitment of four people.They are:Lisa Doi - Relationship Manager, Institutional SalesHolly Garteiz - Relationship Manager, Consultant Relations, Central and Western RegionsMark Osterkamp - Relationship Manager, Institutional Sales, Western RegionDavid Preiner - Relationship Manager, Institutional Sales
13/11/2012

Specialists have a growing presence in North America

As the complexity of investment products increase and new requirements affect sales supports, distributors of mutual funds and other asset managers are increasingly turning to product specialists to fill gaps in expertise, according to a report published by Cerulli, MutualFundWire reports.A survey by Cerulli finds that half of managers surveyed will recruit a specialist in the next twelve months.
13/11/2012

Yves Maillot appointed head of European equity expertise unit at Natixis AM

Natixis Asset Management has announced the appointment of Yves Maillot at director of the European equity expertise unit. The former head of equity allocation and management and chief investment officer at Robeco Gestions will report to Emmanuel Bourdeix, co-chief investment officer (volatility and structured product management, European equity management, global emerging market management, investment and client solutions). Bourdeix had previously been responsible for European equity expertise.Maillot began his career in 1986 at Crédit Commercial de France as a manager of equities, derivative products and diversified portfolios. In 1992, he joined Barclays France as a manager of institutional funds and employee savings (equity and diversified portfolio management).
13/11/2012

A new credit manager joins La Banque Postale AM

La Banque Postale AM has announced the arrival of Arnaud Colombel, a credit manager in its fixed income, euro & credit management unit, on 3 September.Colombel joins the credit & convertibles team, led by Samir Bederr, and is responsible for contributing to the development of activities for this unit, and for participating in the issuer analysis framework, a statement says.Colombel, 30, began his career at CPR Asset Management as a Quant Credit Research engineer. In 2007, he was appointed as a Fixed Income/Credit portfolio manager, and was responsible for the management of fixed income/credit mandates dedicated to an insurer in particular, as well as the design, launch and management of three dedicated and two open indexed Credit funds.
13/11/2012

Swedish funds post record assets

In October, funds on sale in Sweden reached record assets of SEK1.97trn (EUR230bn), the highest level ever recorded by the Swedish fund association (Fondbolagens Förening), which nonetheless states that this record level was reached once previously, in May 2011. In October, funds posted net subscriptions of SEK6.6bn. Inflows were driven by balanced funds (SEK2.9bn), bond funds (SEK3.4bn) and money market funds (SEK3.4bn). However, equity funds have seen outflows of SEK2.9bn. Funds invested in Swedish equities have primarily suffered from these outflows (SEK3bn). Since the beginning of this year, funds on sale in Sweden have posted net inflows of SEK17.7bn, largely driven by bond funds (SEK16.1bn), and to a lesser extent by balanced funds (SEK8.9bn).
13/11/2012

Money market funds adjust their geographical allocation

In the past two years, money market funds have adjusted their geographical allocations by 20%, which represents a total of about EUR100bn, according to a study which has recently been published by the financial ratings agency Fitch Ratings. Money market funds have steered clear of peripheral countries of Europe, the United States, and the United Kingdom, in favour of Europe, Scandinavia, and to a lesser extent, Asian and Middle Eastern issuers. Money market funds are, however, maintaining significant exposure to European issuers, with the average portfolio 75% exposed to Europe.
13/11/2012

Italian banks sell funds again

Italian banks have rededicated themsleves to sales of funds, particularly bond funds, according to Plus, the Il Sole – 24 Ore supplement, which adds that bank branches represent the major distribution channel for funds in Italy (67% of assets). This partly goes to explain why funds on sale in Italy have seen a positive balance between subscriptions and redemptions in third quarter (EUR2.4bn), after months of outflows. Since the beginning of the year, inflows to bond funds have totalled EUR15.3bn, of which EUR8.4bn were sold by banks. The asset management firms which benefited most in third quarter are: Banco Popolare (EUR1.1bn), Ubi Banca (EUR816m), and Invesco (EUR554m). Pioneer, after months of redemptions, has returned to positive inflows. The other foreign firms which have posted strong inflows are Morgan Stanley, Deutsche Bank and Franklin Templeton.
13/11/2012
Fonds

Lancement d'un hedge fund dédié à la Grèce

Le spécialiste de la gestion alternative sur les marchés émergents Dromeus Capital Group vient de lancer un hedge fund dédié à la Grèce, rapporte Hedge Week.Le fonds dénommé Greek Advantage Fund se concentrera sur les opportunités liées à la vente massive d’actifs en Grèce depuis l'éclatement de la crise financières. La taille du fonds sera limitée à 200 millions d’euros jusqu'à ce qu’on observe une amélioration significative de la liquidité sur la dette grecque et sur les marchés d’actions du pays. Les premiers investisseurs dans le fonds sont des fonds de fonds européens, des banques privées, des gestionnaires de fonds et des family offices.
Fonds
13/11/2012

Outre-Rhin, la gestion d'actifs a drainé 53,4 milliards d'euros en 2012

A fin septembre, les sociétés de gestion adhérentes de l’association allemande BVI affichaient un encours de 1.971,34 milliards d’euros, grâce à une collecte nette de 53,36 milliards d’euros, dont 4,46 milliards pour septembre.Sur le total des rentrées nettes des trois premiers trimestres de 2012, les fonds offerts au public ont drainé 12,04 milliards d’euros contre des sorties nettes de 6,38 milliards d’euros pour janvier-septembre 2011, alors que les fonds institutionnels ont engrangé 43,09 milliards d’euros contre 21,31 milliards sur les trois premiers trimestres de l’an dernier. En revanche, les mandats gérés hors des fonds ont subi des sorties nettes de 1,77 milliard d’euros contre 1,79 milliard, pour un encours fin septembre de 315,27 milliards d’euros, ce qui se compare à 712,26 milliards pour les fonds offerts au public et 943,82 milliards pour les fonds institutionnels.La collecte nette de 9.275 millions d’euros pour les fonds de valeurs mobilières en janvier-septembre a beaucoup profité des rentrées nettes de 17,8 milliards d’euros d’Allianz Asset Management (14,4 milliards pour Pimco) et des 2,68 milliards d’Union Investment (banques populaires). En revanche, Deka et le groupe Deutsche Bank ont subi des sorties nettes respectives de 4,76 milliards et de 2,43 milliards d’euros.On remarque aussi que, pour les trois premiers trimestres de 2012, les promoteurs d’ETF subissent des sorties nettes, à l’exception d’ETFlab Investment (Deka), qui a drainé 277 millions d’euros. En revanche, BlackRock et ses ETF de la marque iShares a subi des sorties nettes de 1,18 milliard d’euros, tandis que ComStage (Commerzbank) accusait des sorties de 787 millions d’euros. De son côté, db x-trackers (Deutsche Bank) a accusé des remboursements nets de 587 millions d’euros.
13/11/2012
Fonds

Old Mutual propose quatre nouveaux fonds de rendement

John Ventre, head of multi-manager chez Old Mutual Global Investors, sera le gérant de Generation, une nouvelle gamme comportant quatre fonds de rendement multi-classes d’actifs en multigestion, rapporte Fundweb.Les fonds Generation 3:4, Generation 3:6, Generation 4:4 et Generation 4:6 affichent en premier la surperformance visée par rapport à l’indice des prix à la consommation et en second le rendement visé.La souscription minimale est fixée à 1.000 livres et la commission de gestion annuelle ressort à 1,25 %.
Fonds
13/11/2012

JPMorgan AM met en place une offre compatible RDR

Au premier trimestre 2013, JP Morgan Asset Management lancera une gamme de fonds de fonds et une famille de portefeuilles discrétionnaires pour satisfaire la demande des CGPI au Royaume-Uni dans un environnement RDR rapporte Investment Week.Dans le cadre du lancement de JPMorgan Advisor Solutions au premier trimestre 2013, les six JPM Elite Portfolios (0,6 % de commission de gestion + 0,5 % de commission de plate-forme) seront des produits «multi-fonds» couvrant l’ensemble du marché et gérés activement, notés en fonction du risque et gérés de manière discrétionnaire.D’autre part, la gamme JPM Fusion comprendra cinq fonds de fonds chargés à 0,75 % correspondant à des niveaux de risque spécifiques. Les produits Fusion utiliseront les ressources de JP Morgan Private Bank en matière d’allocation d’actifs, de sélection de fonds et de contrôle du risque.
13/11/2012

Fidelity veut couper tous ses liens avec son pôle de recherche

Fidelity Worldwide Investments (FWI), qui couvre le marché britannique et qui est en train de couper les liens avec son pôle de recherche basé à Boston, va recruter une équipe maison de 17 analystes sur les Etats-Unis au cours des prochains mois, rapporte Investment Week.Cette évolution est liée à la décision de FWI de devenir une entité complètement indépendante de Fidelity Management and Research (FMR). Les deux groupes avaient déjà coupé les liens en 1979 lorsque Fideliy International Limited (FIL), désormais connue sous l’appellation FWI, est devenue une entité juridique indépendante de FMR. Selon Investment Week, les deux entités souhaitent désormais mettre fin aux relations d’affaires encore existantes. En conséquence, les gérants de FWI n’auront plus accès à la recherche de l'équipe basée à Boston.
13/11/2012
Fonds

Les banques italiennes se remettent à vendre des fonds

Les banques italiennes se sont remises à vendre des fonds, notamment obligataires, rapporte Plus, le supplément de Il Sole – 24 Ore, qui précise que les agences bancaires constituent le principal canal de distribution de fonds en Italie (67 % des encours). Cela explique en partie pourquoi les fonds commercialisés en Italie ont renoué avec un solde positif entre rachats et souscriptions au troisième trimestre (2,4 milliards d’euros) après des mois de décollecte. Depuis le début de l’année, la collecte des fonds obligataires a été de 15,3 milliards d’euros, dont 8,4 milliards vendus par des établissements de crédit. Les sociétés de gestion qui en profitent le plus au troisième trimestre sont : Banco Popolare (1,1 milliard d’euros), Ubi Banca (816 millions) et Invesco (554 millions). A noter que Pioneer, après des mois de rachats, renoue avec les souscriptions. Les autres sociétés étrangères qui collectent bien sont Morgan Stanley, Deutsche Bank et Franklin Templeton.
Fonds
13/11/2012
Fonds

Advent dépasse largement son objectif de levée de fonds

Le dernier fonds d’investissement d’Advent International vient de dépasser son objectif initial et de lever 8,5 milliards d’euros contre sept milliards prévus initialement, rapporte L’Agefi. Elément notable, le processus de levée de ce véhicule de septième génération n’aura duré que huit mois, soit une période bien inférieure à la moyenne du secteur. Le fonds investit des tickets compris entre 100 et 500 millions d’euros, principalement en Europe et aux Etats-Unis et de façon sélective sur les autres continents.
Fonds
13/11/2012

Generali prévoit de vendre la banque privée BSI

Le groupe Generali a confirmé pour la première fois officiellement son intention de vendre sa filiale de banque privée suisse BSI, rapporte finews.ch. Alberto Minali, directeur financier du groupe italien, a confirmé que le processus de vente est engagé, même si les acquéreurs potentiels ne sont pas encore connus.
13/11/2012
Fonds

Advent lève 8,5 milliards d'euros pour son nouveau fonds

Le capital-investisseur Advent vient de boucler la plus importante levée de fonds depuis la crise financière de 2008, à 8,5 milliards d’euros, soit près de 2 milliards de plus que son fonds précédent. Le fonds, lancé en mars dernier, a été bouclé en un peu plus de huit mois.Le fonds Advent GPE VII investira principalement en Europe et en Amérique du Nord et de façon sélective sur les autres continents, précise Advent dans un communiqué publié le 12 novembre.
Fonds
13/11/2012
Fonds

A Plus Finance lance trois fonds IR 2012

Le français A Plus Finance (400 millions d’euros d’encours) a annoncé le lancement de deux fonds d’investissement de proximité (FIP), A Plus Transmission 12 et A Plus Rendement 2012, et d’un fonds commun de placement dans l’innovation (FCPI), A Plus E-Business 12, ouvrant droit à une réduction d’impôt sur le revenu de 18 % du montant investi. Ces trois produits ont une durée de vie de 5 ans prorogeable deux fois un an.De fait, le A Plus Transmission 12 afiche déjà un encours de 12 millions d’euros. Ce produit est destiné à soutenir des sociétés en phase de transmission, en accompagnant la reprise par des managers expérimentés de sociétés à un stade de maturité avancé. Ce produit est investi à 100% en actifs de PME, principalement en obligations convertibles. Le A Plus Rendement 2012 a vocation à investir jusqu’à 60% en obligations convertibles ou bons de souscription en actions, émis par des entreprises mûres, sans biais sectoriel.Le A Plus E-Business 12 est investi à 100% en actions de PME ou titres obligataires.
Fonds

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