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13/09/2012

Institutional funds continue to attract most inflows

In January-July, German funds and mandates posted net inflows almost three times higher than in the first seven months of 2011, at EUR44.36bn, compared with EUR15.17bn. Of this total, institutional funds (Spezialfonds) attracted EUR36.44bn, while open-ended funds attracted EUR7.99bn (of which EUR2.41bn were for real estate funds), and mandates underwent net outflows of EUR70.5m.As of 31 July, assets totalled EUR1.926trn, of which EUR925bn were in Spezialfonds, EUR701bn in open-ended funds (including EUR82.9bn in real estate funds), and EUR300bn in mandates.The German BVI association of asset management firms states that 57% of assets in institutional funds are managed by external managers, compared with 37% at the end of 2005.
13/09/2012

Metzler cuts commissions on a money market fund

From 1 October, commissions on the money market fund Metzler Geldmarkt (EUR226m) will be reduced, the Börsen-Zeitung reports. Depository banking commission is reduced to 0.025% from 0.05%, and the management commission to 0.05%, from 0.10%.
13/09/2012

ECB to play a key role in supervision of euro zone banks

The European Commission on 12 September laid out its proposals to create a a single supervisory mechanism (SSM) for banks in the euro area. As a part of the new single mechanism, the European Central Bank will be ultimately responsible for specific surveillance activities concerning financial stability of all euro zone banks. The national supervisory authorities will continue to play an important role in ongoing surveillance of banks, as well as developing and applying ECB decisions. The Commission has also proposed that the European banking authority (EBA) should create a Single Supervisory Handbook to preserve the integrity of the single market and to ensure coherent bank surveillance in the 27 EU countries. The Commission calls on the Council and European Parliament to adopt the proposed regulations by the end of 2012, together with the other three components of an integrated «banking union» – the single rulebook in the form of capital requirements, harmonized deposit protection schemes, and a single European recovery and resolution framework.
13/09/2012

EFAMA defends UCITS brand

The European asset management association (EFAMA) claims that a consultation launched in July this year on the proposed UCITS VI directive, which will treat eligibility of asset classes for UCITS fund status, may endanger the UCITS brand, Citywire reports.“We are very closely studying the question of eligibility of our assets. We estimate that UCITS funds are attractive insofar as funds which carry the UCITS label follow the same rules, and this characteristic should me maintained,” the president of EFAMA, Claude Kremer, said at a press conference in London.Comments by the professional association, which claims that the consultation may result in a reduction or increase in UCITS-branded funds, also responds to concerns on the part of some foreign investors, such as the Hong Kong asset managers’ association, which had expressed a desire to see UCITS funds become more transparent and less complex.
13/09/2012

Bond funds post record inflows in July

Bond funds enjoyed inflows of EUR21.7bn in July, the largest one month total in more than ten years, according to Lipper. This takes net sales for the asset class in 2012 over the EUR100bn mark (EUR107bn).Underpinning the broad move into bonds was renewed appetite for high yield and emerging market funds. The former saw record-breaking inflows of EUR7.1bn, while inflows for the latter reached EUR3.5bn (of which local currency funds accounted for EUR1.1bn). The emerging market theme was also reflected on the equity side, with global emerging markets easily the most popular equity sector (EUR550m) this month.While equity funds suffered redemptions for the fourth consecutive month, this total did improve in July, albeit to -EUR4.2bn. As a result long-term fund sales (ie excluding money market funds) reached a 4-month high of EUR14.9bn in Europe. Significant volumes moving out of money market funds (-EUR12.5bn) again looked to have helped long-term funds and suggest the most concerted move out of this asset class since the first half of 2010.The best-selling groups this month were PIMCO (EUR3.2bn), AXA (EUR2bn), BlackRock (EUR1.2bn), Pictet (EUR960m) and Carmignac (EUR910m).
13/09/2012

GSAM launches range of funds replicating GIVI indices

S&P Dow Jones Indices on 12 September announced the launch of a new family of equity indices within the S&P GIVI range. The new product is the S&P GIVI Global Growth Markets tilt Index, which combines growth and value characteristics with a macro-economic factor. It is composed of the base S&P GIVI index and S&P GIVI Weighted indices, which provide lower volatility.Goldman Sachs Asset Management (GSAM), for its part, has launched a range of UCITS-compliant funds based on the GIVI concept, which replicates the performance of the various GIVI sub-indices.The three products registered for sale in Germany are:- Goldman Sachs GIVI Growth & Emerging Markets Equity Portfolio- Goldman Sachs GIVI Europe Equity Portfolio- Goldman Sachs GIVI Global Equity – Growth Markets Tilt Portfolio
13/09/2012

Three Italian bond ETFs listed in Frankfurt

db x-trackers (Deutsche Bank) on 12 September listed three new Luxembourg-registered ETFs on the XTF segment of the Xetra electronic platform (Deutsche Börse). All three are products which replicate MTS indices of Italian bonds denominated in euros.With these three additions, the number of ETFs listed in Frankfurt now comes to 1,003, down from 1,004 on 22 August.CharacteristicsName: db x-trackers II MTS Ex-Bank of Italy BTP ETFISIN code: LU0613540185Benchmark index: MTS Italy BTP - Ex-Bank of Italy IndexTER: 0.20%Name: db x-trackers II MTS Ex-Bank of Italy BOT ETFISIN code: LU0613540268Benchmark index: MTS Italy BOT – Ex-Bank of Italy IndexTER: 0.15%Name: db x-trackers II MTS Ex-Bank of Italy Aggregate ETFISIN code: LU0613540698Benchmark index: MTS Italy Aggregate - Ex-Bank of Italy IndexTER: 0.20%
13/09/2012

BBVA AM outsources management of a fund to Bancomer

BBVA Asset Management has registered the bond fund BBVA Bonos Internacional Flexible, which will be managed by BBVA Bancomer Gestión, in Spain. This is the first time that the Spanish asset management firm has outsourced the management of a fund to its Mexican affiliate, Funds People says.The portfolio will be invested directly in equities, or in shares in mutual funds which will in turn invest 80% in global debt and 20% in Latin American bonds. This allocation in particular will be managed by Bancomer Gestión (EUR28.7bn in assets, 73 funds), including Bancomer’s Renta Fija Latam fund, which is already registered for sale in Luxembourg.The new product will charge a direct management commission of 1%, and a commission of 15% over the benchmark index. Minimal subscription is EUR600. Indirect commissions are 2% for management and 17% on outperformance.
13/09/2012

Bankinter offers guaranteed fund which pays more than 4%

On 7 September, the CNMV registered a new guaranteed bond fund from Bankinter, the Bankinter Renta Fija Ambar Garantizado which promises a redemption at maturity (23 May 2016) of 115.45% of the initial net asset value as of 9 October 2012. That corresponds to an effective annual return of 4.05% over less than four years. The portfolio will be primarily composed of Spanish government debt, acquired a few weeks ago.CharacteristicsName: Bankinter Renta Fija Ambar GarantizadoISIN code: ES0130356001Front-end fee: 5% from 9 October, or assets of EUR30mManagement commission: 0.3% until 9 October0.9% after 9 OctoberPenalty for early withdrawal: 3%
13/09/2012

Prudential Real Estate Investors recruits a co-manager

Prudential Real Estate Investors has recruited Michael Gallagher as co-manager of real estate investment strategies in the United Kingdom and Europe. He will be based in London. Before joining PREI, Gllagher was assistant fund manager at Aviva Investors.
13/09/2012

Old Mutual Asset Managers (UK) recruits head of credit research

Old Mutual Asset Managers (UK) has recruited Tim Barker to the newly-created position of head of credit research in its fixed income and macro team, Fundweb reports. Barker had previously been head of European credit research at Société Générale.
13/09/2012

Slight decline in profits for UK's Ashmore

The British asset management firm Ashmore, a specialist in emerging markets, has reported pre-tax profits for the fiacal year to 30 June of GBP243.2m, a slight decline compared with the GBP245.9m posted for the previous fiscal year. Management commissions were up 21%, o GBP302.6m, but performance commissions fell from GBP85.4 tp GBP25.4m. Assets under management were down 3% in the period under review, from GBP65.8bn to GBP63.7bn.
13/09/2012

Janus hires a head of international marketing

Janus Capital International Limited has announced the appointment of Karen Bennett as head of marketing and communications for its non-US business. Her responsibilities cover Janus Capital’s European, Middle Eastern and Asia Pacific businesses.Effective immediately, Karen Bennett is based out of Janus Capital’s London office and reports to Nigel Austin, the firm’s Chief Operating Officer, EMEA and Gigi Chan, Chief Operating Officer, Asia Pacific.Karen Bennett joins Janus from Aegon Asset Management where she was head of corporate communications globally. Prior to that, she had led the marketing and communications functions for ING Asia/Pacific.
13/09/2012

Hugh Mullan becomes interim head of FundsNetwork

Fidelity Worldwide has announced that David White, who is resigning, has been replaced by Hugh Mullan as CEO of FundsNetwork, Money Marketing reports. Mullan will serve in this position alongside his position as director of Fidelity’s defined contribution and UK retail activities.Paul Richards, head of sales at FundsNetwork, becomes deputy head of FundsNetwork, in addition to his current position.Mullan and Richards will serve in these roles until a permanent successor to White is appointed.
13/09/2012

Julius Baer head prepared for challenge of Merrill integration

“At Julius Baer we have a proven record on managing costs,” Boris Collardi, CEO of the Swiss bank, says, talking about the challenges of the integration of the non-US wealth management assets of Merrill Lynch for Julius Baer. With a cost-income ratio of 105 per cent, the Merrill unit is not profitable, and margins are lower in Asia, the Financial Times observes. The cost side of the equation will be improved by merging offices, joint-purchasing and also through job cuts.
13/09/2012

Carmignac hires two people for its Swiss sales team

Katja Wiechers and Alexander Bischoff joined the Swiss sales team of Carmignac Gestion to strengthen the relationship with Swiss clients. They will focus on the distribution of Carmignac Gestion’s investment funds through independent financial advisors, family offices, banks, insurance companies and other third party channels. They will report to Marco Fiorini, head of professional clients in Switzerland. Katja Wiechers brings more than 8 years of experience in the fund management industry including 4 years at BNP Paribas Asset Management in Vienna as senior sales director. She started her career at Fortis Investments in Brussels, gradually taking on the role of Head of Global Fund Promotion.Before joining Carmignac Gestion, Alexander Bischoff built up his 4-year sales experience at Fisch Asset Management in Zurich as deputy head Swiss clients and at Falcon Private Bank where he started his career as junior relationship manager.
13/09/2012

Gottex posts losses in first half

The hedge fund investment specialist Gottex Fund Management has posted losses of USD5.5m in first half 2012. Last year at the same time, it showed slight gains of USD0.4m. Management commissions were down 24% to USD19.7m, whereas performance commissions continued to represent more than 25% of commissions in first half 2011, at a total of USD0.8bn. Assets under management as of the end of June totalled USD7.41bn, up 2.1% compared with the end of March.
13/09/2012

Private equity: Investors increase engagements in Latin America

Three quarters of private equity investors with an exposure to Latin American private equity claim that the region’s potential in terms of economic growth and dealflow are attractive, compared with emerging private equity markets, according to the first annual survey by Coller Capital/LAVCA of the evolution of private equity in Latin America (“Latin American Private Equity Survey.”) The survey fins that 3% of private equity investors are planning to increase their engagements in the next twelve months, while 49% say they will maintain their engagements at current levels. Three quarters of private equity investors in Latin America (local or international) predict annual profits on their investments of 16%, both for Latin America ex Brazil and Brazilian funds.
13/09/2012

Precision Capital acquires KBL epb

Following the finalisation of its acquisition of KBL epb, the private banking network from Precision Capital, a Luxembourg-based entity representing the interests of an investor in Qatar, the new shareholder has announced in a statement that it will support the firm “in the deployment of a large recruitment campaign, which will strengthen the high level of customer service.” In addition, Precision Capital states that it can ensure the organic growth of KBL epb, but that it is also prepared to seize strategic external growth opportunities in Europe. Ties between Precision Capital and the Middle East will accelerate the expansion of KBL epb in this new region. Lastly, Vitis Life, the life insurance affiliate, will also benefit from these opportunities, both on markets where the company is already active, and on markets where it is planning to explore and develop, such as the Middle East and Asia.
13/09/2012

Sparinvest and Haitong International cooperate for commercial development

The asset management firms Sparinvest and Hai Tong Asset Managment (HK) have signed an agreement to develop a joint product range in Europe, Hong Kong, Macau and continental China. The agreement is for an indefinite duration, and does not entail an exchange of capital between the two firms.The two businesses will continue to concentrate on their core activities in asset management, but will dedicate their research capacities to the search for and exploitation of better means to provide a joint product range in Europe, Hong Kong, Macau and continental China, a statement says.Haitong International has been listed on the Hong Kong Stock Exchange since 1996. The group is known for providing quality corporate finance, asset management and brokerage services to international and local clients composed of institutionals, businesses and retail investors.As of the end of June 2012, Sparinvest had EUR9bn in assets under management for private and institutional investors.
13/09/2012

Prudential Real Estate Investors recrute un co-gérant

Prudential Real Estate Investors a recruté Michael Gallagher au poste de co-gérant des stratégies d’investissement en valeur immobilières au Royaume-Uni et Europe. L’intéressé sera basé à Londres. Avant de rejoindre PREI, Michael Gallagher était assistant fund manager chez Aviva Investors.
13/09/2012

Nomination chez M&G Investments

Le britannique M&G Investments a nommé David Halfacre au poste de responsable du développement des partenariats, rapporte Fund Web.Il travaillait précédemment chez JP Morgan Asset Management où il était vice président, responsable du développement des partenariats stratégiques.
13/09/2012

Mirabaud change de CIO

Pierre Pinel, directeur de la gestion institutionnelle chez Paribas Asset Management en Suisse, a été nommé au 1er septembre CIO pour les mandats balancés et les fonds d’allocation d’actifs auprès de la division gestion d’actifs de Mirabaud. En parallèle, il occupe le poste de chef stratégiste du pôle gestion privée.Le nouvel arrivant remplace Edouard Crespin-Billet, qui s’est mis à son compte à Genève.
13/09/2012

Deux responsables de plus chez Carmignac Gestion en Suisse

Carmignac Gestion a annoncé le recutement à compter du 3 septembre de Katja Wiechers et Alexander Bischoff en tant que responsables des ventes au sein de son équipe de vente suisse. Ils seront placés sous la responsabilité de Marco Fiorini, directeur du Développement en Suisse.Ils auront pour objectif de renforcer les relations avec la clientèle helvétique en étant chargés de la distribution des fonds de Carmignac Gestion auprès des conseillers financiers indépendants, des « family offices », des banques, des compagnies d’assurance et autres réseaux tiers, précise un communiqué. Katja Wiechers a passé quatre années chez BNP Paribas Asset Management à Vienne en tant que directeur des ventes senior et a débuté sa carrière chez Fortis Investments à Bruxelles, où elle a finalement exercé la fonction de responsable de la promotion internationale des fonds. De son côté, Alexander Bischoff a travaillé quatre ans chez Fisch Asset Management à Zurich en tant que responsable adjoint de la clientèle suisse et chez Falcon Private Bank.
13/09/2012

Gottex dans le rouge au premier semestre

Le spécialiste des investissements dans les hedge funds Gottex Fund Management a accusé une perte de 5,5 millions de dollars au premier semestre 2012. L’an dernier à la même période, il avait dégagé un léger bénéfice de 0,4 million de dollars. Les commissions de gestion ont reculé de 24% à 19,7 millions de dollars, celles liées à la performance représentant encore un bon quart de celles du premier semestre 2011, avec un montant de 0,8 million de dollars. Les actifs sous gestion s'élevaient fin juin à 7,41 milliards de dollars, en progression de 2,1% par rapport à fin mars.
13/09/2012
Fonds

GSAM lance une gamme de fonds répliquant les indices GIVI

S&P Dow Jones Indices a annoncé le 12 septembre le lancement d’une nouvelle famille d’indices d’actions au sein de la gamme S&P GIVI ; le nouveau produit est le S&P GIVI Global Growth Markets Tilt Index qui regroupe les caractéristiques croissance et value avec un facteur macro-économique. Il se compose des indices de base S&P GIVI et des indices S&P GIVI GDP Weighted, offrant ainsi une volatilité plus faible. Goldman Sachs Asset Management (GSAM) a pour sa part lancé une gamme de fonds coordonnés sur la base du concept GIVI qui répliquent la performance des différents sous-indices GIVI. Les trois produits déjà homologués en Allemagne sont :- Goldman Sachs GIVI Growth & Emerging Markets Equity Portfolio- Goldman Sachs GIVI Europe Equity Portfolio- Goldman Sachs GIVI Global Equity – Growth Markets Tilt Portfolio
Fonds
13/09/2012

Skandia est intégré dans Old Mutual Wealth

Les activités de Skandia au sein de groupe Old Mutual seront fusionnées dans une nouvelle entité dénommée Old Mutual Wealth, selon un communiqué de Skandia publié le 12 septembre. Skandia UK, Skandia International et les activités de Skandia en Europe, à l’exception des pays nordiques, adopteront la marque Old Mutual Wealth dans les 24 prochains mois, ce qui permettra notamment d'éviter toute confusion avec Skandia Liv qui a racheté les activités nordiques d’Old Mutual logées dans Skandia. La nouvelle entité Old Mutual Wealth (précédemment Old Mutual Wealth Management) sera pilotée par Paul Feeney en tant que directeur général, assisté de deux responsables, Peter Mann pour le marché britannique, et Steven Levin pour les marchés internationaux. A noter par ailleurs que l’actuelle structure juridique Skandia Link, basée en Espagne, fusionnera avec la nouvelle entité luxembourgeoise Skandia Life SA le 1er octobre 2012. En conséquence, Skandia France, qui est une succursale de l’entité espagnole, devient une succursale de l’entité luxembourgeoise. L’organisation et le fonctionnement actuels de Skandia en France restent inchangés.
13/09/2012
Fonds

Les fonds obligataires affichent une collecte record en juillet

Les fonds obligataires commercialisés en Europe ont enregistré en juillet des souscriptions nettes de 21,7 milliards d’euros, soit un montant mensuel record sur plus de 10 ans, selon Lipper. Cela porte la collecte nette sur la classe d’actifs depuis le début de l’année à plus de 100 milliards d’euros (107 milliards).En juillet, les souscriptions ont surtout été tirées par les fonds à haut rendement et les fonds marchés émergents, qui ont attiré respectivement 7,1 milliards d’euros - un record - et 3,5 milliards d’euros (dont 1,1 milliard d’euros pour les produits en devises locales).Le thème marchés émergents a aussi constitué un moteur de croissance pour la catégorie actions, avec 550 millions d’euros de flux nets. Mais cela n’a pas suffi à maintenir la collecte en territoire positif. Les fonds actions ont accusé des rachats nets pour le quatrième mois consécutif en juillet : 4,2 milliards d’euros. Il s’agit néanmoins d’un mieux par rapport aux mois précédents.Au total, les fonds de long terme (hors monétaires) ont enregistré des souscriptions nettes de 14,9 milliards d’euros en juillet, soit le plus haut niveau en quatre mois. Et depuis le début de l’année, la collecte ressort à 81,3 milliards d’euros. En incluant les fonds monétaires, le solde est moins reluisant, à 2,4 milliards d’euros seulement, ces produits ayant vu sortir 12,5 milliards d’euros.Enfin, les sociétés de gestion ayant affiché la meilleure collecte en juillet sont Pimco (3,2 milliards d’euros), Axa (2 milliards), BlackRock (1,2 milliard), Pictet (960 millions d’euros) et Carmignac (910 millions).
Fonds
13/09/2012
Fonds

Nouvelle progression des performances des hedge funds en août

Troisième mois consécutif de hausse en août pour les hedge funds qui ont notamment été soutenus par les stratégies de couverture sur actions et les stratégies événementielles. L’indice HFRI des hedge funds a progressé de 0,8% en juillet, affichant ainsi un gain de 3,5% depuis le début de l’année.Les stratégies de couverture sur actions ont gagné 1,2%, l’event driven 1,1% et les stratégies de relative value 0,9%. En revanche, les stratégies macro ont reculé de 0,16% dans l’ensemble, avec une baisse de 0,9% pour l’indice diversified/CTA mais un gain de 1% pour les stratégies macro discrétionnaires. L’indice des fonds de fonds resté bien orienté en août avec une progression de 0,64%.
Fonds

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