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15/09/2011

Edram renforce son pôle marchés émergents

L’arrivée au 1er septembre de Thomas Gerhardt (ex-DWS) comme directeur de la gestion actions émergentes et matières premières (lire notre article du 8 avril) chez Edmond de Rothschild Asset Management (Edram) marque une nouvelle étape du développement de l’activité de la maison française. L'équipe, qui gère actuellement 2 milliards de dollars (contre 2 milliards d’euros à la fin du premier semestre), dont 500 millions dans le mandat QFII (actions chinoises A) et 285,3 millions d’euros en matières premières, va être très prochainement renforcée par deux adjonctions à Francfort et deux autres à Hong-Kong. Elle comptera 14 personnes (dont deux gérants matières premières, Emmanuel Painchault et Raphaël Dubois) avant la fin de l’année, a indiqué Thomas Gerhardt, précisant que ces embauches sont pratiquement bouclées.Cette extension s’accompagnera du lancement d’un fonds actions spécialiste des grandes entreprises asiatiques leaders dans leur secteur et d’un fonds Amérique latine. A terme, Edmond de Rothschild Asset Management n’exclut pas de créer un fonds investis sur des zones spécifiques telles que l’Afrique ou encore l’Europe de l’Est.En revanche, Thomas Gerhardt, qui gère en direct le EdR Global Emerging, n’a pas prévu pour l’instant de lancer des fonds thématiques sur, par exemple, la consommation ou les infrastructures dans les pays émergents, qui sont pourtant à son avis les grands sujets pour les prochaines années.Au 31 août 2011, Edmond de Rothschild Asset Management gérait 13,9 milliards d’euros au travers de mandats de gestion et de 27 fonds ouverts enregistrés à la commercialisation dans 15 pays.
15/09/2011

Groupe Pasteur Mutualité prend 34 % du réseau Fiducée Gestion Privée

Groupe Pasteur Mutualité fait son entrée dans le capital du réseau de conseillers en gestion de patrimoine indépendants (CGPI) dédié aux professionnels de santé, Fiducée Gestion Privée. Les fondateurs du réseau gardent la majorité, avec 53,58% du capital, Groupe Pasteur Mutualité prend 34%. D’autres actionnaires se partagent les 12,42% restants. L’entrée de Groupe Pasteur Mutualité dans son capital permet à Fiducée Gestion Privée d’élargir sa gamme de produits commercialisée auprès de ses clients, en proposant notamment des produits du goupe en protection des personnes (prévoyance, santé, dépendance) et en IARD (assurance de dommages et de responsabilité civile). Selon Pasteur Mutualité, le partenariat doit aussi répondre aux attentes exprimées par ses adhérents en matière de conseil et de stratégie patrimoniale. Enfin, elle doit permettre au groupe de renforcer son offre en proposant une expertise complémentaire et des solutions de gestion véritablement haut de gamme et sur-mesure, précise un communiqué.
15/09/2011
Fonds

Schroders commercialise un fonds luxembourgeois d'actions brésiliennes

Partant du principe que «de plus en plus d’investisseurs considèrent les actions brésiliennes comme une classe d’actifs à part entière, plutôt que comme une sous-catégorie des marchés émergents», comme le souligne Philippe Lecomte, directeur général en France, Schroders commercialise désormais en France le compartiment d’actions brésiliennes de sa sicav luxembourgeoise Schroder International Selection Fund (SISF).Il s’agit d’un fonds de 20-40 lignes dont l’indice de référence est le MSCI Brazil 10/40. Le gérant, Carlos Scretas, met en œuvre une stratégie combinant une analyse ‘top-down’ du marché avec une sélection de valeurs de type ‘bottom up’, en choisissant des titres de qualité présentant à la fois des valorisations attrayantes et une forte exposition des revenus à la croissance intérieure.Schroders possède comme d’autres grandes maisons une légitimité certaine sur cette thématique. Le groupe britannique est actif dans la gestion et la sélection d’actions sur le marché brésilien depuis plus de 17 ans. Son équipe locale, composée de 16 spécialistes de l’investissement, gère des portefeuilles d’actions brésiliennes d’une valeur totale de plus de 1,8 milliard de dollars au 31 mars 2011.Caractéristiques:Dénomination : Schroder ISF Brazilian Equity A Acc EUR (par retail)et Schroder ISF Brazilian Equity C Acc EUR (part institutionnelle)Codes Isin : LU0672756755 (part A)LU0672756912 (part C)Frais de gestion : 1,50 % (part A)1 % (part C)Souscription minimale initiale : 1000 euros (part A)500.000 euros (part C)Souscription ultérieure minimale : 1000 euros (part A)250.000 euros (part C)
Fonds
15/09/2011

IPD nomme un directeur général adjoint

IPD, société spécialisée dans la mesure de performance pour l’immobilier d’investissement et d’exploitation annonce le recrutement d’Olivier Mège, nommé directeur général adjoint d’IPD France & Europe du Sud. L’intéressé sera en charge des départements Etudes & Recherche, du développement des services dédiés aux experts immobiliers et du développement du partenariat Immostat-IPD. Il aura aussi pour rôle d’accompagner la croissance de l’entreprise aux côtés de Stéphanie Galiègue, directeur général.
15/09/2011
Fonds

Béatrice Denys rejoint Turenne Capital

Turenne Capital Partenaires a annoncé le 14 septembre l’arrivée de Béatrice Denys en qualité de directeur associé et membre du comité de direction. Au sein du pôle Santé, Béatrice Denys va apporter son expertise d’investisseur dans ce domaine.Avant de rejoindre Turenne Capital, Béatrice Denys a passé 11 ans chez SGAM/Amundi PEF. En décembre 2005, elle prend la gestion du fonds Sefti, un fonds de venture capital levé auprès d’industriels américains du médicament, d’institutionnels et d’investisseurs privés. Turenne Capital, qui dispose de près de 400 millions d’euros sous gestion, a développé une expertise dans le domaine de la santé et déjà investi environ 100 millions d’euros, notamment dans les domaines du «medical device"(dans les prothèses orthopédiques comme Serf Dedienne, Aston Medical), des services à la personne (Bien à la Maison), des logiciels et du traitement de l’information liée au médical (Capsule). L’ensemble de ces participations représente environ 30% du portefeuille des fonds gérés par Turenne Capital.
Fonds
15/09/2011

SwissLife Banque Privée crée un département Corporate Finance

SwissLife Banque Privée développe son offre destinée aux entrepreneurs en créant un département Corporate Finance, une nouvelle entité qui se propose d’accompagner les clients de la banque dans les différents cycles de la vie de l’entreprise. Alain Kuperty rejoint SwissLife Banque Privée pour diriger cette nouvelle activité. Le département va intervenir sur tous les secteurs d’activité et couvre notamment les domaines suivants :- Le conseil : analyse financière et diagnostic stratégique, évaluation, validation de business plans et recommandations- Les cessions : cession majoritaire ou minoritaire, cession d’actifs, spin-off- Les acquisitions : achat ciblé, croissance externe, analyse d’un secteur d’activité et identification des opportunités- L’ingénierie financière : recomposition de capital, LBO.Alain Kuperty, 50 ans, bénéficie d’une expérience d’une vingtaine d’années dans les fusions et acquisitions sur le segment small et mid-cap. Après avoir exercé pendant dix ans dans la banque d’affaires en tant que directeur au sein de Barclays, Hambros et Banexi, Alain Kuperty a occupé des fonctions de responsable Fusions et Acquisitions dans l’industrie et les services : Essilor, Laser Cofinoga, Communication & Systèmes. Cette expérience lui a permis de mener de nombreuses opérations d’acquisitions, de cessions, de LBO ou de spinoff en France et à l’international.
15/09/2011

Alliance stratégique entre Martin Currie et APS en Chine

L'écossais Martin Currie et le singapourien APS Asset Management ont annoncé le 14 septembre la signature d’un accord de principe en vue d’une alliance stratégique pour créer une société de gestion indépendante leader sur le créneau des actions A chinoises. Il s’agirait de gestion active et l’opération devrait être bouclée pour fin septembre, sous réserve de l’obtention des autorisations nécessaire de la part des autorités de régulation.Le partenariat avec APS permettrait aux clients de Martin Currie d’utiliser les compétences reconnues de l'équipe de gestion Chine d’APS, la seule société de gestion étrangère disposant d'équipes de recherche dans trois villes chinoises.Pour sa part, APS aura accès à la plate-forme de distribution et aux capacités de suivi de la clientèle de Martin Currie ; elle prendra en charge le gestion de portefeuille pour le compte des clients de Martin Currie à compter du 1er novembre 2011. Martin Currie deviendra ainsi le principal distributeur des produits APS dans le monde, au travers de son réseau de bureaux en Europe, aux Etats-Unis et en Asie.
15/09/2011

Guangfa Securities crée une filiale d'investissement alternatif

Guangfa (GF) Securities vient d’annoncer qu’elle projette d’investir 2 milliards de yuans dans la création d’une filiale d’investissement qui pourrait s’appeler Guangfe Alternative Investements et qui se positionnerait sur des actifs alternatifs qui sont normalement interdits aux gestionnaires traditionnels, tenus de se focaliser sur les actions, les obligations interbancaire et les produits financier de gré à gré.Selon Z-Ben Advisors, GF Securities va aussi investir 500 millions dans Guangfa Futures, ce qui portera l’enveloppe consacrée à cette filiale à 1,1 milliard de yuan.La création de la filiale d’investissement, qui sera consacrée au négoce, s’insère probablement dans un projet de créer une véritable société de gestion d’actifs dès que le régulateur permettra ce genre de transformation.
15/09/2011
Fonds

iShares lance deux ETF obligataires à réplication physique

Le 13 septembre, iShares (BlackRock) a lancé deux produits irlandais cotés sur le London Stock Exchange, le iShares Barclays Capital US Aggregate Bond (*) et le iShares Markit iBoxx $ High Yield Capped Bond (**). Le premier se focalise sur des obligations à taux fixe en catégorie investissement libellées en dollars avec une échéance résiduelle minimale d’un an tandis que le second réplique un indice d’obligations d’entreprises notée spéculatives avec une échéance résiduelle minimale de 3 ans et demi et maximale de 15 ans pour les nouvelles émissions et de trois ans pour les titres déjà existants.Ces ETF obligataires à réplication physique par échantillonnage sont chargés à respectivement 0,25 % et 0,50%(*)IE00B44CGS96(**) IE00B4PY7Y77
Fonds
15/09/2011

Paul Boughton rejoint Mirabaud

Directeur des ventes pour l’Europe continentale, Paul Boughton quitte Neptune Investment Management au bout de trois ans et demi pour rejoindre Mirabaud Investment Management comme co-directeur des ventes et du marketing, rapporte Fundweb.Parallèlement, Alistair Wilson, head of institutional business, quitte lui aussi Neptune IM, au bout de six ans. Il entre dans une boutique obligataire pour y diriger l’activité institutionnelle.
15/09/2011

Paul Boughton joins Mirabaud

Paul Boughton, head of sales for continental Europe, is leaving Neptune Investment Management after three and a half years, to join Mirabaud Investment Management as co-director of sales and marketing. In this role he will report to Patrick Berton, director of sales, FundWeb reports.Meanwhile, Alistair Wilson, head of institutional business, is also leaving Neptune IM, after six years at the firm. He will join a bond management boutique to direct institutional activities.
15/09/2011

iShares launches two physical replication bond ETFs

On 13 September, iShares (BlackRock) launched two Irish-registered products listed on the London Stock Exchange, entitled iShares Barclays Capital US Aggregate Bond (IE00B44CGS96, acronym: SUAG) and iShares Markit iBoxx $ High Yield Capped Bond (IE00B4PY7Y77, SHYU). The sampling-based physical replication bond ETFs charge fees of 0.25% and 0.50%, respectively.The first of the two funds focuses on investment grade fixed-rate bonds denominated in US dollars, with a minimal residual time to maturity of one year, while the second fund replicates an index of corporate bonds with a sub-investment grade rating, with a minimal remaining time to maturity of 3 and a half years, and a maximum of 15 years for new issues, and three years for existing issues.
15/09/2011

CalPERS reforms governance

The California pension fund CalPERS on 14 September announced a complete overhaul of its governance rules. The board of trustees at the pension fund have adopted ten measures which aim to increase governance responsibility, transparency and ethics at the institution.Among the measures adopted are a recognition by members of the board of trustees of their fiduciary duties, an examination of the performance of the board every two years by independent third parties, the definition of new functions and responsibilities for the chairman and vice-chairman fo the board, and for the chairs and vice-chairs of its various committees, and the adoption of a new confidentiality policy, which would apply to all members of the board.
15/09/2011

ESMA launches a consultation on “empty votes”

The European Securities Markets Authority (ESMA) on 14 September announced a consultation on the practice known as “empty voting,” when voting rights in a business are acquired without assuming the economic risk.There are currently no European regulations specific to this practice. Two countries, however, Portugal and France, have already taken, or are planning to take measures to limit empty voting.The consultation will be open until 25 November.
15/09/2011

Household financial savings hit record levels

As of the end of 2010, gross financial savings of household worldwide increased 6.2%, to EUR95.624trn, which is higher than the all-time record set in 2007, according to the most recent edition of the Global Wealth Report from Allianz. In the past ten years, the average increase has been 4.1%, and only 3.2% per capita.The increase in gross financial savings in industrialised countries was lower than that registered worldwide, as the existing level of savings as of the end of 2010 was slightly lower than its pre-crisis levels. However, the gross financial savings in emerging countries of Asia, Latin America and eastern Europe has seen double-digit growth in the past decade, and the financial crisis didn’t even drive down financial savings in the first two of these regions. In poorer countries, financial savings per head now stands at a level more than 50% higher than before the crisis.In net terms, Allianz statistics reveal that the countries where financial savings per head is highest are Switzerland (EUR135,558), Japan (EUR84,267), and the United States (EUR79,165). The United Kingdom is in eighth place (EUR52,719). France is in eleventh place (EUR41,550), and Germany is in thirteenth place (EUR41,402). The full report may be found at https://www.allianz.com/static-resources/en/press/media/documents/v_131…
15/09/2011

Strong increase in net outflows from mutual funds in August

Long-term mutual funds nearly doubled their net ourtflows in the United States, to about USD32.5bn, in the month of August, compared with USD17.1bn in July, according to statistics from Morningstar. Mutual funds saw their heaviest outflows since November 2008.Despite market turbulence, US equity funds saw a net outflow of USD15.5bn, compared with USD22.9bn in July. Bond funds saw redemptions of USD12bn. Year to date, US equity funds have seen outflows of USD28.8bn, while bond funds have seen net inflows of USD88.1bn.However, money market funds have posted a net inflow of USD7.48bn, a level not seen since November 2009. However, the previous two months brought a cumulative net outflow of USD150bn.In index-based management, US equity ETFs posted a net inflow of USD394m. International equities ETFs, however, showed outflows of about USD5.5bn, the largest outflows in the past three years. Over the first eight months of the year, US equity ETFs, posted inflows of USD28.05bn, while international equities ETFs show a positive inflow of USD7.84bn.Bond ETFs posted an inflow of USD4.3bn in August, and USD12.88bn in the first eight months of the year, while commodities ETFs have seen an outflow of nearly USD2bn in the month of August, but an inflow of USD560m for the first eight months of the year.
15/09/2011

State Street lists new ETFs on Euronext Paris

State Street is offering seven new ETFs of the SPDR brand on the Paris platform of NYSE Euronext.The products are as follows:SPDR MSCI ACWI ETF (IE00B44Z5B48), fees of 0.50%SPDR MSCI ACWI IMI ETF (IE00B3YLTY66), fees of 0.55%SPDR MSCI Emerging Markets ETF (IE00B469F816), fees of 0.5%SPDR MSCI Emerging Markets Small Cap ETF (IE00B48X4842), fees of 0.65%SPDR MSCI EM Asia ETF (IE00B466KX20), fees of 0.65%SPDR MSCI EM Latin America ETF (IE00B454X613), fees of 0.65%and SPDR MSCI EM Europe ETF (IE00B431K857), fees of 0.65%
15/09/2011

Schroders releases a Luxembourg-registered fund of Brazilian equities

Starting from the assumption that “a growing number of investors consider Brazilian equities an asset class unto themselves, rather than as a subcategory of emerging markets,” as Philippe Lecomte, CEO for France, puts it, Schroders is now releasing the Brazilian equities sub-fund of its Luxembourg Sicav Schroder International Selection Fund (SISF) for sale in France.The fund includes 20-40 positions, with the MSCI Brazil 10/40 as its benchmark. Carlos Scretas uses a strategy combining top-down analysis of the market with bottom-up stock-picking, to select high quality shares which offer both attractive valuations and strong exposure of revenues to domestic growth.Like other major asset management firms, Schroders has some legitimacy in this investment theme. The British group has been active in the management and selection of equities on the Brazilian market for more than 17 years. Its local team, composed of 16 investment specialists, manages portfolios of Brazilian equities with a total value of over USD1.8bn as of 31 March 2011.CharacteristicsName: Schroder ISF Brazilian Equity A Acc EUR (retail share class)Schroder ISF Brazilian Equity C Acc EUR (institutional share class)ISIN codes: LU0672756755 (A shares)LU0672756912 (C shares)Management fees: 1.50% (A shares)1% (C shares)Minimal initial subscription: EUR1,000 (A shares)EUR500,000 (C shares)Minimal subsequent subscription: EUR1,000 (A shares)EUR250,000 (C shares)
15/09/2011

Schroders releases a Luxembourg-registered fund of Brazilian equities

Starting from the assumption that “a growing number of investors consider Brazilian equities an asset class unto themselves, rather than as a subcategory of emerging markets,” as Philippe Lecomte, CEO for France, puts it, Schroders is now releasing the Brazilian equities sub-fund of its Luxembourg Sicav Schroder International Selection Fund (SISF) for sale in France. The fund includes 20-40 positions, with the MSCI Brazil 10/40 as its benchmark. Carlos Scretas uses a strategy combining top-down analysis of the market with bottom-up stock-picking, to select high quality shares which offer both attractive valuations and strong exposure of revenues to domestic growth. Like other major management firms, Schroders has some legitimacy in this investment theme. The British group has been active in the management and selection of equities on the Brazilian market for more than 17 years. Its local team, composed of 16 investment specialists, manages portfolios of Brazilian equities with a total value of over USD1.8bn as of 31 March 2011. Characteristics Name: Schroder ISF Brazilian Equity A Acc EUR (retail share class) Schroder ISF Brazilian Equity C Acc EUR (institutional share class) ISIN codes: LU0672756755 (A shares)LU0672756912 (C shares) Management fees: 1.50% (A shares) 1% (C shares) Minimal initial subscription: EUR1,000 (A shares) EUR500,000 (C shares) Minimal subsequent subscription: EUR1,000 (A shares) EUR250,000 (C shares)
15/09/2011

Béatrice Denys joins Turenne Capital

Turenne Capital Partenaires on 14 September announced the arrival of Béatrice Denys as an associate partner and member of the board of directors. In the health unit, Denys will contribute her expertise as an investor in this area. Before joining Turenne Capital, Denys spent 11 years at SGAM/Amundi PEF. In December 2005, she took over as manager of the Sefti fund, a venture capital fund investing capital from industrial businesses of the US pharmaceutical sector, institutionals, and private investors. Turenne Capital, which has nearly EUR400m in assets under management, has developed expertise in the area of health, and has already invested about EUR100m, particularly in the areas of medical devices, including orthopedic prosthetics, for example at Serf Dedienne and Aston Medival, in personal services (Bien à la Maison), and in medial software and information management (Capsule). Its combined investments represent about 30% of the portfolio for funds managed by Turenne Capital.
15/09/2011

SwissLife Banque Privée creates a corporate finance department

SwissLife Banque Privée is adding to its range of products aimed at entrepreneurs, with the creation of a Corporate Finance department, a new entity which will aim to assist clients of the bank throughout the various stages of the corporate life cycle. Alain Kuperty will join SwissLife Banque Privée to direct the new entity.The department will be active in all sectors of activity, including the following areas: Advisory: financial analysis and strategic diagnostics, evaluation, valuation of businesses plans, and recommendations Sales: sales of majority and minority stakes, sales of assets, spin-offs Acquisitions: Targeted acquisitions, external growth, analysis of the sector of activity, and identification of opportunities Financial engineering: recomposition of capital, LBO operationsKuperty, 50, has 20 years of experience in mergers and acquisitions in the small and midcap sector. After spending ten years in the business bank as director at Barclays, Hambros and Banexi, Kuperty served as head of mergers and acquisitions in industry and services: Essilor, Laser Cofinoga, Communication & Systèmes. This experience involved many acquisition operations, sales, LBOs, and spinoffs, in France and internationally.
15/09/2011

Changes at Touradji CM

Paul Touradji, a renowned commodities hedge fund manager, can expect 2011 to be the first year of losses for his flagship fund. The Wall Street Journal reports that the former protégé of Julian Robertson at Tiger Management is now planning to take some time off from the day-to-day management of the business, in order to direct the trading activities of Touradji Capital Management full-time, sources familiar with the matter say.As a part of the reorganisation, two other executives will be leaving the firm, while new recruitments are planned in order to develop the institutional client segment.
15/09/2011

Edram recruits for emerging markets unit

The arrival of Thomas Gerhardt (ex-DWS) on 1 September as head of emerging markets equities and commodities management (see Newsmanagers of 8 April) at Edmond de Rothschild Asset Management (EDRAM) marks a new stage in the development of the activities of the French firm. The team, which currently manages USD2bn (compared with EUR2bn as of the end of first half), of which EUR500m are for its QFII mandate (Chinese A-class equities) and EUR285.3m for commodities, will be reinforced very soon with the addition of two people in Frankfurt and two more in Hong Kong. It will have 14 members (including two existing commodities managers, Emmanuel Painchault and Raphaël Dubois) by the end of the year, says Thomas Gerhardt, who adds that the recruitments are nearly completed.The extension comes in addition to the launch of an equity fund specialised in large Asian businesses which are leaders in their sectors, and one Latin American equity fund. Edmond de Rothschild Asset Management has not ruled out the eventual possibility of creating funds which would invest in specific regions, such as Africa or Eastern Europe.However, Gerhardt, who directly manages the EdR Global Emerging fund, currently has no plans to launch thematic funds focused, for example, on consumer goods or infrastructure in emerging markets, which in his opinion are the major growth themes for the next few years.As of 31 August 2011, Edmond de Rothschild Asset Management had EUR13.9bn in assets under management in mandates, and 27 open-ended funds registered for sale in 15 countries.
15/09/2011

Mirae Asset Global Investments appoints head for US market

Mirae Asset Global Investments has announced the appointment of Joon Kwun as president and CEO in charge of the US market. In this position he replaces Jay Jang, who will take on other responsibilities at the asset management firm specialised in emerging markets. Kwun previously worked at Goldman Sachs in Hong Kong, where he was head of the office in Seoul, South Korea.
15/09/2011

IPD appoints a deputy CEO

IPD, a firm specialised in performance measurement for real estate investment and operations, has announced the recruitment of Olivier Mège, who becomes deputy CEO of IPD France and Southern Europe. Mège will be in charge of the studies and research departments, development of services for real estate experts, and development of the Immostat-IPD partnership. He will also assist in fostering the growth of the business, alongside Stéphanie Galiègue, CEO.
15/09/2011

Pension funds take increasing interest in hedge funds

At the end of 2010, according to the National Association of State Retirement Adminstrators, allocation by US state pension funds to hedge funds was 10%, compared with 3% in 2001. This is considerably lower than the exposure of university endowments, the Wall Street Journal adds.However, pension funds, which had an average of 50.9% of their assets invested in equities as of the end of December, may want to move their allocations to less volatile products, and that may work to the advantage of funds of hedge funds, ahead of direct investments in single hedge funds.Funds of hedge funds are the quickest way to change asset allocations, explains T.J. Carlson, CIO of the Kentucky Retirement System.
15/09/2011

Lyxor Hedge Fund Index confirms that August was a hard month for hedge funds

Lyxor AM announced on Wednesday, 14 September that the Lyxor Hedge Fund Index posted a loss of 2.19% in the month of August 2011. As of 31 August, since the beginning of the year, the index shows a loss of 3.80%.In August, the alternative strategies which performed best were Lyxor L/S Equity Short Bias Index (+5.55%), Lyxor CTAs Short Term Index (+2.21%) and Lyxor Fixed Income Index (+0.26%).
15/09/2011

Pioneer says it doesn't need a partner to carry out major transformations

Among the developments on the agenda at Pioneer Investments, Roger Yates, CEO, announced on Wednesday, 14 September, that it is creating an emerging markets unit, which will be based in London. “Currently, we are present in emerging markets, but we are not good enough,” says Yates. The team, which will be led by Mauro Ratto, currently head of asset management for Europe and Asia at Pioneer Investments, will combine the existing capacities of the group in this area, regardless of the asset classes and countries concerned, which are currently spread out over several locations. The size of the team is not yet known, as several recruitments are underway, but the unit is expected to manage assets of EUR6-7bn.The other major project described by Yates is expansion in the United States, where Pioneer is now planning to offer products from the firm which are managed in other countries, which is not currently the case. “In the United States, we manage USD50bn in mutual funds. But we have just begun to exploit our growth potential,” says Yates. The firm is also planning to increase its development serving independent financial advisers in the US. From a geographical standpoint, Asia is naturally another attractive area for growth in terms of product distribution.Although Pioneer Investments is planning to develop in some areas, the firm has, however, announced plans to pull out of some areas of activity or regions which are considered peripheral, including Australia and Russia. All of this is coming at a time which Yates describes as difficult for the asset management firm.
15/09/2011

Net inflows of EUR11bn for long-term UCITS-compliant funds

UCITS-compliant funds posted a net outflow of EUR14bn in July, following outflows of EUR29bn in the previous month, according to the most recent statistics from the European financial and asset management association (EFAMA). This outflow was halved largely due to lower outflows from money market funds (EUR25bn, compared with EUR36bn in June), and an increase in net inflows to bond funds.Long-term UCITS funds, which means all funds excluding money market funds, saw a net inflow of EUR11bn in July, compared with EUR7bn in June, with net subscriptions of EUR6bn to bond funds (compared with an even balance in June), EUR3bn for diversified funds (compared with EUR6bn in June), and outflows of EUR1bn from equities funds (compared with EUR3bn previously).Dedicated funds, for their part, posted a net inflow of EUR6bn in July, after a similar level of subscriptions in June.

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