p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Total inflows to ETPs in October came to USD37.3bn, including USD19.9bn in bonds, according to statistics from BlackRock. Interest in equities has also rebounded, with significant inflows at the end of the month, as markets benefited from a rebound following a major market correction due to concerns about global growth and low inflation. Positive inflows to bonds reached all-time highs, with record exposures to US and European bonds, bringing inflows to USD73.3bn since the beginning of the year, exceeding the record for inflows set in 2012. With inflows of USD2.3bn, October is the best month of the year for high yield bond ETPs. Outflows observed once again this monrh from emerging market equities (for USD3bn) are largely explained by a tactical repositioning of global funds. While remaining highly selective, investors who are underweight on emerging markets could take some opportunities, particularly in Asian economies which are seeing attractive valuations and whicha re less sensitive to the prime rates or actions of central banks. Also, in mid-October there was a significant rebound for Japanese bonds, following announcements by the BoJ and GPIF, with net inflows of USD3.2bn in the second half of the month, offsetting outflows in the first half, for a bottom line of +USD600m. ETPs registered in Europe had inflows of USD8.5bn in October, which counters the outflows observed in September. Since the beginning of the year, the Euorpean economy has seen USD55.6bn in inflows, nearly three times the total inflows in 2013. We have seen French investments return to European equities at the end of the month, and to Japanese equities hedged for currency risks. Some French investors were also able to profit from opportunities related to widening spreads across high yield bond ETFs, contributing to a record USD2.3bn in inflows worldwide in October. This USD2.3bn represents 70% of inflows since the beginning of the year, which total USD3.3bn,” says Benoit Sorel, director of iShares France.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The market operator Nasdaq OMX on 5 November announced that it is lising a new ETF from First Trust, the First Trust International IPO ETF. Listing began on 5 November on Nasdaq. “Recent IPOs and sales represent a significant segment of the international stock market, which is often absent from the major international ETFs. This fund provides a diversified and systematic strategy for exposure to equities before they are included in the major international index-based funds,” says Ryan Issakainen, senior vice president and ETF strategist at First Trust. The new strategy is based on the results for an equity index, the IPOX International Index, which measures the performance of the 50 largest and most liquid companies domiciled outside the United States from the IPOX Global Composite index, which aims to provide a global view of the performance of initial public offerings and recent sales on developed and emerging markets.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The Swiss asset management firm Vontobel on 4 November announced the apointment from 27 October 2014 of Anup Gupta, based in Singapore, to the newly-created position of regional head of distribution for Asia-Pacific, for its Deritrade platform. Deritrade, launched in 2008, is a fully automated multi-issuer platform dedicated to structured products. With this recruitment, “Vontobel confirms its commitment and its strategy to increase its presence in the structured product industry in Asia-Pacific,” the asset management firm says in a statement. Gupta brings to bear his solid experience in the Asian trading platform sector, having recently led the structured product platform management team at Barclays, where since 2012 he had been head of distribution for Asia-Pacific for the Stuctured Products e-Trading platform.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The Chinese authorities have awarded the government of Qatar a renminbi qualified foreign institutional investor (RQFII) quota of RMB30bn (USD4.9bn), making it the first country in the Middle East to be granted the status, the specialist website Asia Asset Management reports. Meanwhile, the Central Bank of China and the People’s Bank of China (PboC) have signed a currency swap agreement with Qatar for RMB35bn, for a period of three years.

Axa Investment Managers has hired Gregory Venizelos as senior credit strategist to its research and investment strategy team. Based in London, he covers credit, investment grade and high yield, as well as sub sovereign assets.Gregory Venizélos started his career in finance in 1998, at Paribas AM, as part of the global asset allocation and quantitative strategy team. Following this, he became a Structured Credit Strategist at RBS before his most recent role as senior credit strategist in the BNP Paribas fixed income division. Gregory Venizélos’ hire follows the recent appointment of David Page as senior economist in July 2014.

Amundi’s assets under management were 844 billion euros at end-September 2014, up 8.6% since end-December 2013, according to Crédit Agricole’s results for the third quarter. Net inflows totalled 22.3 billion euros over the first nine months of the year, including 9.6 billion euros in the third quarter of 2014.Long assets accounted for 25.8 billion euros (including 8.1 billion euros in the third quarter of 2014) driven mainly by bonds, index trackers and ETFs. Amundi also recorded strong performances in the networks abroad, primarily in Europe and Asia, with inflows of 14.4 billion euros. Inflows were driven by all customer segments except for the French branch networks, the main contributors being institutions and large corporates (+13.5 billion euros), third-party distributors (+7.3 billion euros) and branch networks abroad (+3.3 billion euros). In the French branch networks, net outflows continued to slow down, amounting to -1.8 billion euros over the first nine months of the year. Excluding money market funds, net outflows were contained to just -0.2 billion euros over the same period, with 0.1 billion euros of positive net inflows in the third quarter of 2014. The market and currency effect was 44.5 billion euros over the period. Driven by this good business momentum, positive trends in the financial markets and a particularly high level of performance fees in the third quarter, revenues rose by 20.9% year-on-year in the third quarter of 2014, to 420 million euros. Operating costs remained under control, rising by just 3.6% over the same period excluding the new entities in the United States (Smith Breeden), Poland and the Netherlands. The cost/income ratio therefore improved by 6.6 points year-on-year to 49.7% in the third quarter of 2014. In all, Amundi’s net income Group share came to 109 million euros in the third quarter of 2014 and 276 million euros for the first nine months of the year.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The investment company Carlyle Group and a group of investors have announced the acquisition of Dealogic, the global software and data provider dedicated to financial institutions, and two associated joint ventures. This for a total price of about USD700m. This sum came from the directors and founders of the company, reinvesting proprietary capital as part of the transaction. Carlyle has signed a partnership agreement with strategic investment partners including Randall Wynn, co-founder and former chairman and CEO of Capital IQ and Euromoney Institutional Investor PLC. The acquisition is subject to approval by the relevant regulatory authorities. However, the transaction will be completed only at the end of 2014. The capital paid into this operation by Carlyle came crom the Carlyle Partners CI fund, a USD13bn LBO fund. Dealogic, based in New York and London, with offices in Hong Kong, Budapest, Tokyo, Mumbai, Sydney, Beijing, and São Paulo, offers solutions to more than 500 clients worldwide, including the 50 largest investment banks. Since its inception, Carlyle hs invested USD18.9bn in telecom, media, and technology (TMT) and corporate services worldwide. Current and former investments by the investment company in this niche include SS & C Technologies, OpenLink Financial, Syniverse Technologies, Nielsen Holdings and CommScope.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Riding a wave of green bonds issued in 2013 and 2014, and of financial investment in energy transition, Bank of America Merrill Lynch on 5 November announced the launch of a green bond index, the BofA Merrill Lynch Green Bond Index. The index will make it possible to track the performance of debt issued by government entities and businesses whose products are used solely for projects and activities in the service of sustainable development. The first green bond was created in 2007, and until 2012, very few bonds of this type had been issued. But in 2013, more green bonds were issued than in their six years of life thereto, and the volume of issues has since more than doubled this year, Phil Galdi, head of BofA Merrill Lynch Global Bond Index Research, reveals. The index currently covers USD31bn in green bonds, but this is “probably the tip of the iceberg,” says Galdi. Energy investment needs are estimated at USD53trn, of which USD39trn would go to transitioning to renewable energies, and USD14trn to energy efficiency, says Beijia Ma, a thematic investment strategist. As of 30 September 2014, the index, one third of whose issuers are coporate, out of a total of 29 issuers, had a total market capitalisation of USD32.3bn, with returns of 1.40%, an effective duration of 5.39 years, and an average rating of AA2.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Assets under management at NN Group, which held its initial public offering in July, and which includes the insurance and asset management activities of the ING group, as of the end of September totalled EUR180bn, up by 2.3% compared with the end of Septemer 2013, thanks to the good performance of the markets, according to a statement released on 5 November. NN Group earned net profits of EUR354m, after a net loss of EUR652m in third quarter 2013. “The current market value of our remaining stake in Voya and NN Group, of EUR7.9bn, reclects a healthy surplus of capital for the group, which ensures significant financial flexibility,” comments Ralph Hamers, the executive director of the group, cited in a statement released at a presentation of the results for ING group. He adds that the group easily passed stress tesrts by the European Central Bank. ING will gradually reduce its stake in NN Group to zero by December 2016, under an agreement with the European Union, and has already reduced it to 68.1%. Ahead of its sale, NN Group was reclassified on the books of the group, which resulted in a depreciation of EUR403m.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Allianz Global Investors (AGI) on 5 November announced the launch of a new bond fund oriented to emerging markets, entitled Allianz Emerging Markets Flexible Bond Fund. The new vehicle will be managed by the investment team led by Greg Saichin, chief investment officer responsible for activities dedicated to emerging market debt. Te fund will invest via a complete range of emerging market debt instruments, including businesses and countries of any credit rating, in any currency. The Luxembourg-domiciled Sicav is available via the Allianz Global Investments platform. The new fund is available to institutional investors in the United Kingdom, and will be available to retail investors by the end of the year.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } EnterNext, an affiliate of Euronext dedicated to the promotion and development of the small and mid-sized business (SMB) and mid-market company (MMC) market, on 5 November announced the indicative composition of its EnterNext© PEA-PME 150 index, a new benchmark which comes as an addition to the Euronext family of indices dedicated to companies eligible for PEA-PME status. The launch of the index will take place on 17 November. The list of 150 stocks is available at this address: http://bit.ly/1y3rG6d The weight of each stock and the complete rules for the index will be made available on the Euronext website on 17 November.

La boutique de gestion Seneca Investment Managers vient de recruter Peter Elson, ancien responsable de la stratégie et de l’allocation d’actifs pour l’Asie Pacifique chez Aberdeen Asset Management depuis 2012, au poste nouvellement créé de «global investment strategist», rapporte Investment Week. A ce titre, il jouera un rôle «significatif» dans l’allocation d’actifs de fonds multi asset de Seneca ainsi que du fonds Global Income & Growth Trust. D’après le site internet de Seneca IM, Peter Elston a débuté sa carrière en 1988 chez Mercury Asset Management où il a travaillé pendant 11 ans en qualité de gérant de fonds actions à Tokyo, Hong Kong, Singapour et Londres, avant de prendre un rôle de «assistant director». Après quelques années consacrées à un projet entrepreneurial, il a rejoint Aberdeen AM à Singapour en 2008 en tant que stratégiste d’investissement, avant de prendre la responsabilité de la stratégie et de l’allocation d’actifs pour la zone Asie-Pacifique en 2012.

Old Mutual Wealth, le pôle de gestion d’actifs et de gestion de fortune de l’assureur éponyme, a enregistré une croissance de 5% de ses encours à l’issue du troisième trimestre, a annoncé Old Mutual à l’occasion de la publication de ses résultats trimestriels. Ainsi, au 30 septembre 2014, ses actifs sous gestion s’établissent à 82,2 milliards de livres contre 80,3 milliards de livres au 30 juin 2014 et contre 78,5 milliards de livres au 31 décembre 2013. Au cours du trimestre écoulé, Old Mutual Wealth a enregistré une collecte nette de 800 millions de livres, en progression de 33% par rapport au troisième trimestre 2013. Dans le détail, sa collecte brute ressort à 3,8 milliards de livres tandis que les rachats atteignent 3 milliards de livres. Cette collecte nette trimestrielle a été essentiellement tirée par sa plateforme britannique qui a capté 500 millions de livres de flux nets (soit 25% de plus qu’au troisième trimestre 2013) et par Old Mutual Global Investors, la filiale de gestion d’actifs, qui a engrangé 300 millions de livres de souscriptions nettes (stable par rapport au troisième trimestre 2013). Grâce à cette performance, Old Mutual Global Investors affiche désormais 17,4 milliards de livres d’actifs sous gestion, en hausse de 9% depuis le début de l’année. Des encours appelés à s’accroître davantage au cours des prochains mois puisque 1,8 milliard de livres supplémentaires vont venir s’ajouter via la gamme de fonds Cirilium acquise par Intrinsic et qui sera intégrée à l’offre d’Old Mutual Global Investors en décembre.

Allianz Global Investors (AllianzGI) a annoncé, le 5 novembre, le lancement d’un nouveau fonds obligataire axé sur les marchés émergents, baptisé Allianz Emerging Markets Flexible Bond Fund. Ce nouveau véhicule sera géré par l’équipe d’investissement dirigée par Greg Saichin, directeur des investissements en charge de l’activité dédiée aux dettes des marchés émergents. Ce fonds investira à travers une gamme complète d’instruments de dettes de marchés émergents, incluant des entreprises et des pays quel que soit la notation de crédit ou la devise. Cette sicav domiciliée au Luxembourg est disponible via la plateforme d’Allianz Global Investors. Ce nouveau fonds est accessible aux investisseurs institutionnels au Royaume-Uni et sera disponible d’ici la fin de l’année aux investisseurs particuliers.

A l’occasion de la publication de ses résultats trimestriels, le groupe espagnol Liberbank a annoncé que l’encours de ses fonds communs de placements («mutual funds») a progressé de 41% sur un an pour s’établir à 1,7 milliard d’euros au troisième trimestre 2014 contre 1,2 milliard d’euros au troisième trimestre 2013. Sur la même période, l’encours de ses fonds de pension a augmenté de 4,4 % pour s’afficher à 1,6 milliard d’euros fin septembre 2014 contre 1,53 milliard fin septembre 2013.A l’issue des neuf premiers mois de l’année 2014, le groupe bancaire espagnol a multiplié son bénéfice net par 7, ressortant à 98 millions d’euros contre 14 millions sur les neuf premiers mois de l’année 2013. Sur le seul troisième trimestre, Liberbank accuse cependant une perte de 6 millions d’euros, bien inférieur à la perte de 37 millions d’euros enregistrée au troisième trimestre 2013.

Source, le fournisseur d’ETF, a enregistré 59 de ses fonds indiciels auprès du régulateur espagnol, la CNMV, ce qui représente environ 80 % de sa gamme, rapporte Funds People. L’offre de fonds ainsi mis à disposition des investisseurs espagnols comprend des stratégies développées en collaboration avec Goldman Sachs, J.P. Morgan, MAN GLG, Morgan Stanley ou encore Nomura, précise le site d’information espagnol.

Euronext a annoncé jeudi être en avance de 18 mois sur le calendrier prévu pour ses économies opérationnelles et a fait état d’une augmentation de sa marge d’Ebitda et d’une croissance à deux chiffres de son chiffre d’affaires. L’opérateur visait lors de son IPO un objectif de 60 millions d’euros d'économies opérationnelles d’ici à fin 2016. «Nous avons déjà réalisé 30 millions d’euros de ces économies sur une base ajustée à la fin de ce (troisième) trimestre et par conséquent nous nous engageons à dégager les 60 millions d’euros d'économies à la fin du 1er semestre 2015», a déclaré lors d’une conférence téléphonique Dominique Cerutti, patron d’Euronext. «Nous irons bien sûr au-delà de 60 millions», a-t-il ajouté.

La Banque d’Angleterre a laissé jeudi à 0,5% son taux directeur et son a également maintenu à 375 milliards de livres (478 milliards d’euros) le montant global des actifs rachetés dans le cadre de son programme d’assouplissement quantitatif (QE). Les deux décisions étaient largement attendues, avant la publication la semaine prochaine des nouvelles projections macroéconomiques de la BoE qui devraient fournir des indications sur ses intentions en matière de taux.

L'Organisation, qui publie ses prévisions ce jeudi, jour du conseil de la Banque centrale, estime que la zone euro risque une "période prolongée de stagnation"

Enternext, la filiale d’Euronext dédiée à la promotion et au développement des petites et moyennes entreprises et des entreprises de taille intermédiaire (PME-ETI), a publié mercredi la liste des 150 valeurs éligibles au plan d'épargne en actions PEA-PME qui composent un nouvel indice Enternext PEA-PME 150. Le lancement effectif de cet indice aura lieu le 17 novembre, précise Enternext dans un communiqué.

La filiale titres du Crédit Agricole (à 85%) et de Natixis annonce le lancement d’une offre qui lui permet d’être la contrepartie unique des sociétés de gestion, des banques et des investisseurs institutionnels, de l’exécution de leurs ordres jusqu’à la tenue de comptes - conservation de leurs actifs. Cette solution anticipe le règlement européen Emir, qui imposera la compensation de dérivés OTC (IRS et CDS sur indices) avant fin 2015.

Bank of America Merrill Lynch a annoncé mercredi le lancement d’un indice obligations vertes, segment de marché en croissance exponentielle depuis 2013. Quelque 31 milliards de dollars de green bonds sont pris en compte dans l’indice, « probablement la partie immergée de l’iceberg » selon Phil Galdi, patron de BofA Merrill Lynch Global Bond Index Research. A fin septembre 2014, l’indice comptait 51 lignes de 29 émetteurs.

La liquidité excédentaire en zone euro devrait rester stable avant le TLTRO décisif de décembre .

La banque centrale va massivement réduire ses interventions sur le marché des changes malgré un nouveau plus bas historique du rouble hier.

La baisse du cours du brut, si elle s'inscrit dans la durée, sera un vrai test à terme pour l'industrie du pétrole de schiste, intensive en capital.

La banque à distance s'imposera aussi dans une industrie à la rentabilité sous pression, note McKinsey dans son enquête annuelle sur le secteur.

La liquidité excédentaire en zone euro devrait rester stable avant le TLTRO décisif de décembre

La structure est en cessation de paiement. Endettée à hauteur de 37 millions d'euros fin 2012, elle compte de nombreux actionnaires, tels des fonds de SPGP

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Selon nos informations, Mirela Agache a remplacé Rachid Medjaoui au poste de directeur adjoint de la gestion à La Banque Postale Asset Management (LBPAM).