P { margin-bottom: 0.08in; } Asset management at major Spanish banks is growing steadily. Last year, Santander has posted growth of 4.6% in assets under management in its common investment funds, to a total of EUR93.3bn, compared with EUR89.1bn as of the end of 2012. On the Spanish market alone, assets were up by nearly 29%, to a total of EUR29.7bn. InverCaixa, the asset mangement affiliate of CaixaBank, has not been left behind. In 2013, its assets under management rose by22.4%, to nearly EUR28bn. Lastly, BBVA has reported growth of 16.6% in assets in its common investment funds in Spain, to a total of EUR22.3bn as of the end of 2013, compared with EUR19.1bn as of the end of 2012. Internationally, its common investment funds and other investment companies have assets of EUR21.2bn as of the end of 2013, down 4.8% year on year.

P { margin-bottom: 0.08in; } A team of nine people at the defunct London office of SAC Capital Advisors have joined the Moore Capital Market hedge fund firm (USD12.1bn), Financial News reports. They are the fund managers Israa Al Bayaa, Nicholas Aldridge, Arjun Menon, Alexi Papaconstantinou, Bramen Singanayagam, Martin Stapleton and Louis Villa, and the analysts Atallah Estephan and Rahil Kuchiera.

P { margin-bottom: 0.08in; } Aberdeen Asset Management has warned investors that a fraudster is using its name and old logo in an effort to misleadd the public, Fund Web reports. In its warning, the asset management firm says that the man is contacting his potential victims through emails, and offering them false lease agreements. In order to ensure his credibility, the fraudster has created a LinkedIn profile, in which he claims to be an employee of Aberdeen.

P { margin-bottom: 0.08in; } Doug Shaw, head of charity clients in the United Kingdom at BlackRock, has resigned, Financial News has learned. Shaw had publicly defended hedge funds during the financial crisis.

Quantitative hedge fund manager 80 Capital LLP, run by former Deutsche Bank quantitative executive Philippe Azoulay, has opened its Helium strategy to external investors following a successful 23-month trading run and the acquisition of substantial seed capital, according to a press release. The Helium strategy takes a unique approach to trading global managed futures. Developed by Azoulay within Deutsche Bank, it is being spun out as the first external investment of newly established 80 Capital LLP, which has received USD50 million in seed capital investment from the bank. “Receiving this level of institutional backing is unprecedented. It demonstrates the power of the Helium strategy,” said Azoulay. Helium outperformed most of its managed futures peers in the 23 months from February 2012 with an average annualised outperformance of approximately 10% against major managed futures indices in a generally challenging period for managed futures. It had more positive months than its benchmark indices (64%) and a positive Sharpe ratio. “By using a variety of techniques to catch statistical phenomenon on a medium- to long-term horizon and under a strict risk control structure, Helium is able to offer real alpha-generating power,” explained Azoulay. Helium divides the trading universe into clusters of futures contracts, from which combinations of contracts are filtered and then systematically analysed to find trading signals. It thus generates alpha from correlation deformation as well as from price movement. The majority of quantitative funds build positions incrementally based on a signal strength type of criteria, such as the number of standard deviations above a threshold. However, this approach can lead to overweight positions with no statistical robustness that can quickly lose value. Helium, by contrast, uses cutting edge techniques that aim to eliminate the threat of exposure to a sudden fall.

P { margin-bottom: 0.08in; } Banca Leonardo has seen an increase in assets at its wealth management activities to EUR7bn, due to net inflows from private clients of about EUR500m. The bank, which has recently recruited Michel Cicurel, is now aiming for EUR10bn in assets by the end of 2014.

P { margin-bottom: 0.08in; } Assets under management at Julius Baer last year rose by CHF65bn, or 34%, to a total of CHF254bn, according to a statement released on 3 February. This increase of 34% is largely due to the integration of CHF53bn in assets from the integration of international activities from Merrill Lynch (IWM), which is still in progress, the bank says. Net inflows totalled USD7.6bn. Positive market effects represented CHF7bn, partly offset by a negative currency effect of CHF3bn. Assets under custody, for their part, have increased 6% to CHF93bn. Pre-tax profits last year rose 19% to CHF583m, while net profits totalled CHF480m (also +19%). Operating profits last year improved to 71%, compared with 73% previously.

P { margin-bottom: 0.08in; } Neptune is planning to close the Monthly Income fund, Investment Week reports. The portfolio, managed by the CEO of Neptune, Robin Geffen, has posted lower growth than predicted, and its size is not viable. The asset management firm will also be closing the UK higher Income fund, managed by George Boyd_bowman. Lastly, it will be discontinuing income share classes in several other funds.

P { margin-bottom: 0.08in; } Vanguard has launched the Global Short-Term Bond Index, which comes as an addition to the range of bond trackers, FT Adviser reveals. It is the twelfth vehicle of this type launched by the asset management firm. The new fund tracks the Barclays Global Aggregate 1-5 Years ex-US MBS Float Adjusted Bond fund, and is managed on the basis of coverage, in order to limit currency volatility. The vehicle will invest in a wide range of securities worldwide, including government bonds, investment grade corpore bonds, and other mortgage assets (ex-US mortgage-backed securities).

Wisdom Tree, a US asset management firm specialised in ETFs, is launching in Europe, through an acquisition of a 75% stake in Boost, an ETP provider based in London.The US firm will invest USD20m in working capital over four years to fund the build-out of a local European platform and operations to be led by Hector McNeil and Nik Bienkowski, the founders of Boost, who have also served in senior roles at ETF Securities.Through this platform, WisdowmTree intends to launch a range of UCITS ETFs under its own brand. The firm will also continue to manage and grow the Boost lineup of ETPs under the Boost brand.WisdomTree will own 75% of the new structure, WisdomTree Europe while the remainder will be in the hands of Boost shareholders. In four years, the US firm is planning to acquire all capital, for a total amount which will depend on assets in the European operations.With USD34bn in assets, WisdowmTree is the fifth-largest provider of ETFs in the United States, and the eighth-largest worldwide. The firm has a range of 61 ETFs of equities, bonds, currencies and alternative assets.

P { margin-bottom: 0.08in; } Comgest is planning to launch two new funds in Italy, Gabriella Berglung, head of Italy at the French asset management boutique, has told Bluerating. The funds are the Comgest Growth Greater Europe Opportunities and Comgest Growth World, which invest in European and global equities, respectively. They come as additions to the range of seven funds which are already on sale in Italy. The products are available via partnerships with Banca Ifigest, Banca IPIBI, FinecoBank, Fundstore, Skandia, Unicasim and Zurich Life Assurance.

P { margin-bottom: 0.08in; } It has been a promising start to the year for Spanish asset management. According to statistics released by VDOS Stochastics and relayed by Funds People, Spanish funds have seen an increase in assets of EUR4.2bn, or 2.66%, compared with the first three weeks of January. Since the beginning of the year, net inflows have totalled EUR3.1bn. Total assets under management came to EUR162.8bn at the end of the first three weeks of January.

P { margin-bottom: 0.08in; } A tumultuous week for the developing nations saw emerging markets equity funds post their biggest outflow since mid-3Q11 heading into the final days of January as institutional redemptions hit their highest level in nearly three years, according to EPFR. For several days, several emerging markets have been seeing their currencies fall on the back of outflows of foreign capital from investors and growing doubts on the part of investors about the strength of these economies. This trend is aggravated by a gradual return to normal announced by the Fed. Investors also pulled significant sums out of emerging markets bond and US equity funds during the week ending Jan. 29. But they continued to pump money into Japan, global and Europe equity funds and boosted their commitments to balanced and real estate sector funds. Overall, equity funds collectively posted net outflows of USD10.4 billion versus USD1.88 billion for bond funds and USD11.53 billion for money market funds. Institutional investors accounted for over USD5 billion of the USD6.33 billion that flowed out of emerging markets equity funds during the fourth week of January as all four of the major fund groups recorded significant redemptions

Dans un entretien à Newsmanagers, Jan Longeval, administrateur délégué de la Banque Degroof, responsable de la gestion institutionnelle, et président de DFMC (Degroof Fund Management Company), la principale société de gestion du groupe, présente les activités et les ambitions de la banque belge en France. Jan Longeval évoque également les arcanes de la gestion basée sur la finance comportementale, une stratégie de la banque développée depuis le début des années 2000

P { margin-bottom: 0.08in; } Natixis Global Asset Management has launched a UCITS version of its Global Emerging Bond fund, Citywire reports. The fund, which is now part of the Natixis Luxembourg Sicav, had previously been available only to French investors. The strategy, launched in October 2011, is led by Sébastien Thenard and Brigitte Le Bris.

BNP Paribas Securities Services a annoncé le développement de son activité de banque dépositaire sur le marché suisse. BPSS est l’une des premières banques dépositaires d’Europe avec près de 900 milliards d’euros d’actifs en dépôt.

La Russie a connu une croissance économique de 1,3% en 2013 après 3,4% en 2012, selon une première estimation publiée vendredi par le Service d’Etat de la statistique. Cette estimation est un peu inférieure à la projection officielle de Moscou qui donnait 1,4% de croissance.

La Financial Conduct Authority a infligé une amende de 22,9 milllions de livres à State Street pour manquements constatés dans son activité de gestion de transition. Le gendarme financier britannique reproche à State Street d’avoir «développé et mis en œuvre une stratégie délibérée pour surfacturer substantiellement les clients» sans que ces derniers aient manifesté leur accord.

Les investisseurs ont retiré 9,1 milliards de dollars des fonds d’actions et d’obligations des marchés émergents dans la semaine arrêtée au 29 janvier, montrent les statistiques d’EPFR Global. Les fonds actions émergents ont connu 6,3 milliards de dollars de retraits, soit un flux de sorties hebdomadaires comparable aux alertes d’août 2011 ou de mai 2013 lors des premières allusions de la Fed à son «tapering». Les fonds obligataires ont connu quant à eux 2,7 milliards de dollars de retraits hebdomadaires.

L’inflation de base, qui exclut les produits alimentaires frais mais inclut les prix de l'énergie, a augmenté au Japon de 1,3% en décembre par rapport à l’an dernier, selon les statistiques gouvernementales publiées ce matin, contre une estimation médiane du marché de +1,2%. Ce rythme, le plus rapide constaté depuis octobre 2008, fait suite à une hausse des prix de 1,2% en novembre. Le taux de chômage est pour sa part revenu à 3,7%, un creux depuis 2007, contre 4,0% en novembre et un consensus de 3,9%.

La chambre des Lords a enterré vendredi une proposition de loi en vue de l’organisation d’un référendum sur la sortie de l’Union européenne, un revers pour le Premier ministre David Cameron. L’obstruction des Travaillistes et des Libéraux-démocrates a empêché les Lords de voter le texte suffisamment rapidement pour qu’il puisse retourner à la Chambre des Communes, afin qu’il soit promulgué avant fin février.

Antonio Mastrapasqua, président de la Sécurité sociale italienne depuis 2008, a démissionné samedi à la suite d’une affaire de conflit d’intérêts et d’irrégularités de gestion qui fragilisait le gouvernement d’Enrico Letta. La justice enquête actuellement sur de possibles irrégularités dans la gestion de l’Hôpital israélite de Rome, établissement privé dont Antonio Mastrapasqua est le directeur général.

L’indice PMI des directeurs d’achat publié samedi par la Fédération chinoise de la logistique et des achats (CFLP), une organisation gouvernementale, s’est élevé à 50,5 en janvier, après 51,0 en décembre et 51,4 en novembre. Bien que le chiffre du mois de janvier se situe dans la fourchette de 50 à 50,9 attendue par les économistes, la production manufacturière a atteint son plus bas niveau depuis 6 mois. Ceci confirme le ralentissement de l’économie chinoise, sous l’effet notamment d’un affaiblissement des commandes à l’exportation. Une partie de cette baisse semble cependant due à la fête du nouvel an chinois, propice au départ de nombreux travailleurs migrants pour les vacances. L’enquête suggère par ailleurs un recul des emplois manufacturiers, avec un indice de 48,2 points qui atteint son plus bas niveau depuis février 2013.

BNP Paribas est le seul établissement à anticiper une baisse du taux de refinancement à 0,10%

Les conditions économiques s'améliorent et les déséquilibres se résorbent progressivement mais la coalition gouvernementale est fragile

BNP Paribas est le seul établissement à anticiper une baisse du taux de refinancement à 0,10%

Le Panel Actions anticipe une hausse de 4% de l’EuroStoxx 50 à six mois, de 4,1% du S&P 500 et de 4,5% du Nikkei

Selon une étude du FMI, le soutien de Madrid aux collectivités locales a provoqué un écartement de 70 pb du CDS espagnol au premier semestre 2012

Les gérants consacrent toujours 54% de leur portefeuille aux actions, tandis que le poids de l’obligataire ne dépasse pas les 35%

Après une année 2013 exceptionnelle pour le marché du crédit, les marges de manœuvre semblent plus limitées malgré le soutien des banques centrales