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04/12/2014

Skalis AM recruits for its multi-asset team

p { margin-bottom: 0.1in; line-height: 120%; } Skalis Asset Management has announced the recruitment of Stephan Rauh, who joins the multi-asset team as a manager. He will be responsible for investment in inflation-linked bonds, euro bonds and commodities. Rauh previously worked at MEAG Munich Ergo Asset Management.
04/12/2014

Jupiter appoints Stephen Mitchell as head of international equity strategy

p { margin-bottom: 0.1in; line-height: 120%; } Jupiter on 3 December announced the appointment of Stephen Mitchell as head of international equity strategy. In this newly-created role, Mitchell will be responsible for the development of Jupiter’s activities in international equities for institutional and retail investors in the United Kingdom and internationally. Mitchell has over 30 years of investment experience. Mitchell, who will join Jupiter next year, had since 2011 been associate director at Caledonia Investments plc (Caledonia). He managed the global income and growth part of the investment fund, and chaired the investment committee and the approval committee at Caledonia. Before that, for 21 years, Mitchell served in various positions of responsibility in the asset management industry, first at Fleming & Co and then at JP Morgan Asset Management.
04/12/2014

TIAA Henderson Real Estate recruits a director of development

p { margin-bottom: 0.1in; line-height: 120%; } TIAA Henderson Real Estate (TH Real Estate) has announced the recruitment of Emilie Ciuntu as director of development. Ciuntu will work to identify, develop and deploy real estate strategies and products, as well as partnerships and acquisitions of businesses as additions to the TH Real Estate platform. Ciuntu will report to Austin Mitchell, global head of business development, and will divide her time between the London and Paris offices of TH Real Estate. Ciuntu has 13 years of experience in the real estate sector. Before joining TH Real Estate, she had served as senior director at CBRE Global Investors, where she worked for 10 years. Ciuntu also played a major role in the acquisition of ING REIM by CBRE in 2011, for USD940m.
04/12/2014

London stock exchange completes acquisition of Russell Investments

p { margin-bottom: 0.1in; line-height: 120%; } The London Stock Exchange on 3 December announced that it had completed its acquisition of Russell Investments from Northwestern Mutual, making Russell a 100% subsidiary of the London Stock Exchange Group. As previously announced, the London Stock Exchange is currently undertaking a thorough review of the asset management activities at Russell, which is expected to be completed in early 2015. There will be no changes to the products and services on offer from Russell in the short term.
04/12/2014

Eight European equity funds out of ten underperform their benchmarks

2014 is on track to be one of the worst years for active European equity fund management, Fitch Ratings says in a new report. Eighty per cent of European equity funds underperformed their benchmark to end -November 2014 versus 58% for 2013. Moreover, on average, funds are 2.7% behind their benchmarks, net of fees, as at end-November 2014, compared with 0.6% in 2013. Defensive sectors and «mega-cap» stocks, which are large constituents of indices, strongly outperformed in 2014, notably in the second quarter. This, coupled with a strong sector rotation throughout the year, has undermined stock pickers, particularly those showing a quality / growth or mid-cap stock bias. In this context, active European equity funds are threatened by ETFs, given their fees relative to ETFs and the underperformance in 2014. In Fitch’s opinion, inflows to European equity funds, particularly those coming from US investors, may favour ETFs over active funds in the future. Finally, flexible equity funds may gain traction in the future, should markets continue to be driven by macro uncertainties and characterised by sharp sector rotations, frequent drawdowns and rapid recoveries.
04/12/2014

FRR awards three mandates in Japanese equities

French pension fund FRR launched on the 20 June 2013 a request for proposals to select new managers for actively managed Japanese equities mandates. Following the selection process, the FRR has decided to accept the following proposals from these investment service providers: Capital International Limited, JP Morgan Asset Management (UK) Limited and Schroder Investment Management Limited. The mandates are granted for a duration of four years with the option of a further year for an indicative amount of 450 million Euro.
04/12/2014

Report recommends that Norwegian fund continue to invest in fossil fuels

p { margin-bottom: 0.1in; line-height: 120%; } On Wednesday, a group of experts commissioned by the Norwegian government recommended that the USD870bn sovereign fund remain a shareholder in companies present in fossil fuels. “We do not think that climate issues can effectively be addressed through automatically excluding all coal or petroleum producers from the fund,” the report by a panel compsoed of several international professors claims. However, the authors of the study recommend that a new criterion for “contribution to climate change” should be included in the guidelines for companies which may be placed under observation or excluded. “This would allow for exclusion of companies on a case-by-case basis, where there is an unacceptable risk that the company contributes to or is responsible for acts or omissions that are severely harmful to the climate.”
04/12/2014

Kames launches two new absolute return equity funds

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm Kames Capital, which has EUR67.6bn in assets under management, is adding to its range of absolute return funds with the launch of two new funds, Kames Equity Market Neutral Fund and Kames Equity Market Neutral Plus Fund. With this double launch, the asset management firm now has four vehicles in its absolute return product range. The two funds, which will have 50 to 100 positions each, will be managed by David Griffiths, David Pringle and Malcolm McPartlin. Both new products will be domiciled in Dublin, and offer share classes in pounds sterling, Swiss francs, euros and US dollars. The funds are currently registered for sale in the United Kingdom and the Channel Islands, following their launch in Ireland.
04/12/2014

Mandarine Gestion registers Mandarine Unique in United Kingdom

p { margin-bottom: 0.1in; line-height: 120%; } Mandarine Gestion has registered its Mandarine Unique – Small & Mid Caps Europe fund, a sub-fund of the Mandarine Funds Sicav with assets of EUR265m, in the United Kingdom. To sell the product, the French asset management firm has called in the distributor Harrington Cooper.
04/12/2014

Inflows to ETPs to set new records in 2014

p { margin-bottom: 0.1in; line-height: 120%; } Global ETPs attracted USD40.1bn to lift year-to-date asset gathering into record territory at USD267.9bn, with investors returning to equities after October’s stock market correction boosted fixed income, according to estimates released by BlackRock. The record of USD262bn, set in 2012, is also expected to be surpassed. US equities brought in USD36.1bn concentrated in large cap funds as the outlook for the U.S. economy improved and slowing global growth led to accommodative central bank activity in other regions. Japanese equity ETPs listed in the U.S. and Europe accumulated USD4.1bn in response to announcements of expanded stimulus and GPIF equity purchases, though Japan-listed funds saw offsetting outflows following a significant stock rally. The start of ECB bond purchases, and commitment to further action should inflation fail to adjust upward, helped European fixed income inflows reach USD2.0bn, predominantly in investment grade corporate debt.
04/12/2014

Mandarine Gestion signe un partenariat au Royaume-Uni

La société de gestion française a annoncé la signature d’un partenariat avec la société de distribution Harrington Cooper, pour la commercialisation au Royaume-Uni de son fonds Small & Mid Caps Europe, Mandarine Unique. Déjà présente dans le pays depuis plusieurs années, Mandarine Gestion gère des portefeuilles pour une clientèle de family offices et de multigestion.
04/12/2014

Le gouvernement présente un amendement sur les Sicav contractuelles

Un amendement au PLFR pour 2014 «limite le champ de l’exonération d’impôt sur les sociétés en faveur des Sicav à celles qui ont une activité de gestion d’un portefeuille d’instruments financiers et de dépôts soumise aux conditions prévues par le Code monétaire et financier pour les OPCVM et FIA ouverts aux investisseurs non professionnels: l’exonération ne s’appliquerait plus aux Sicav dites contractuelles mentionnées à l’article L.214-154 du Code monétaire et financier (...)», selon son exposé.
04/12/2014

Le fonds souverain du Qatar change de patron

L'émir du Qatar a annoncé la nomination d’un nouveau directeur général de la Qatar Investment Authority, le fonds souverain du pays, selon l’agence officielle QNA. Il s’agit du cheik Abdullah bin Mohamed bin Saud al-Thani.
04/12/2014

La Suède se prépare à des législatives anticipées

Le Premier ministre suédois de centre gauche Stefan Lofven a annoncé hier la tenue d'élections législatives anticipées le 22 mars prochain, une première dans le pays depuis plus de cinquante ans. Cette annonce fait suite au rejet par le parlement, dans la journée, du projet de budget présenté par le gouvernement minoritaire que dirige Lofven.
04/12/2014

L'Inde va céder 5% du capital du sidérurgiste SAIL

Le gouvernement indien va vendre une participation de 5% du capital du groupe public Steel Authority of India (SAIL) vendredi, première étape d’un programme de cessions d’actifs crucial pour le gouvernement du Premier ministre Narendra Modi pour contribuer à réduire le déficit budgétaire. L’opération s'élève à 286 millions de dollars au cours de clôture de l’action hier. Le gouvernement détient 80% du capital de SAIL.
04/12/2014

Le Brésil relève ses taux d'intérêt

La banque centrale brésilienne a relevé son principal taux directeur de 50 points de base pour le porter à 11,75%. L’objectif de cette tentative de resserrement monétaire est de combattre une inflation élevée et d’aider le gouvernement de la présidente Dilma Rousseff à regagner la confiance des investisseurs. La décision de relever des taux d’intérêt déjà parmi les plus élevés au monde a été prise à l’unanimité par les responsables de politique monétaire de la banque centrale. L'économie brésilienne est sortie péniblement d’une brève récession, affichant une croissance de 0,1% au troisième trimestre par rapport aux trois mois précédents, montrent les statistiques officielles publiées la semaine dernière. Au deuxième trimestre, le produit intérieur brut (PIB) avait diminué de 0,6% après une baisse de 0,2% sur janvier-mars, faisant entrer la première économie d’Amérique latine en récession.
04/12/2014

Les modalités d'un QE souverain font débat

Alors que le lancement d’un programme d’achat de dette souveraine par la BCE est jugé de plus en plus probable pour début 2015, le débat se déporte sur ses modalités: montant des rachats, répartition par maturité et nationalité de l'émetteur, protection de la BCE, lien avec le taux de dépôt.
04/12/2014

CCR AM va maigrir des trois quarts

Les discussions sur un plan de sauvegarde de l’emploi supprimant 61 postes sur 82 dans la filiale de gestion d’actifs d’UBS en France doivent se terminer lundi.
04/12/2014
Gestion d'actifs

Les salariés de CCR AM sont en grève

Les discussions préalables à la mise en place d’un plan de sauvegarde de l’emploi doivent se terminer lundi dans la filiale de gestion d’actifs d’UBS en France. La filiale de gestion d'actifs d'UBS en France, CCR Asset Management (AM), pourrait supprimer 61 de ses 82 postes dans le cadre d'un plan de sauvegarde de l'emploi (PSE), selon une source proche de l'entreprise.
Gestion d'actifs
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