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21/10/2013

Former UBS executive wanted in the United States arrested

According to Le Temps, the former head of wealth management at UBS, Raoul Weil, who is subject to an international arrest warrant, has been arrested by the Italian police in Bologna. From 2002 to 2007 he oversaw the foreign department at UBS, which has about 20,000 US clients. The US courts accuse him of organizing tax fraud totalling USD20bn, and is seeking his extradition.
21/10/2013

Sycomore AM claims a place as a major conviction-based SRI manager

Sycomore AM has posted inflows of slightly over EUR200m since the beginning of the year, the asset management firm announced on 18 October at a press conference. Assets under management totalled about EUR1.8bn as of the end of September.The asset management firm, which has posted inflows of about EUR150m to the two Novethic branded equity and bond funds, has also announced that it is launching an annual SRI day, in order to promote the added value of extra-financial analysis. The conference, entitled ISR Way, aims to demonstrate the strategic development challenge for sustainable development at businesses.Extra-financial analysts at Sycomore stands out for its proprietary model, with 85 criteria, supplied uniquely with gross data from businesses and meetings with executives. Sycomore also stands out for its expertise in SMEs, which are often remote from SRI management.The chairman of Sycomore, Laurent Deltour, also announced in his second CSR report on the asset management firm that a company foundation is also in the works. “We have initiated the project for a Sycomore company foundation which will be set up by the end of the year,” Deltour says.
21/10/2013

Highland recruits a director of marketing

Highland Capital Management has recruited for its retail team with the appointment of a director of marketing. Ondina Purcell had previously been executive director at UBS Financial. The new recruit will be based in New York, and will report to Brad Ross, chairman of Highland Capital Management Fund Advisors.
21/10/2013

AWM business and profits at Morgan Stanley up in Q3

In the Wealth Management division of Morgan Stanley, assets under management which generate commissions rose 22% in third quarter compared with the previous year, to a total of USD652bn, according to a statement released on 18 October. Inflows totalled USD15bn.Pre-tax profits in the division totalled USD668m in third quarter, comapred with USD655m in second quarter 2013, and USD247m one year previously.Assets under management in the Investment Management division of Morgan Stanley as of the end of September totalled USD360bn, compared with USD331bn one year earlier. Net inflows totalled USD1.8bn.Pre-tax profits in the division totalled USD300m in third quarter, compared with USD160m in second quarter 2013, and USD198m one year previously.The group has reported net profits in third quarter of USD906m, or 45 cents per share, where they showed a loss of USD1.02bn, or 55 cents per share in third quarter 2012.
21/10/2013

CS hedge fund index gained 1.27% in September

The Credit Suisse hedge fund index in September gained 1.27%, as eight strategies of the index finished the month in positive territory. The long/short equity strategy tops the rankings of perforamnce for the month, with gains of 2.64%, compared with gains of 1.4% for event-driven, 1.42% for multi-strategy, and 1.28% for emerging markets.
21/10/2013

Vietnam launches its first open-ended fund

After years of talking and hestitation, Vietcombank Fund Management, partly controlled by Franklin Templeton Investments, will soon launch a diversified, open-ended mutual fund, which will be the first of its kind in Vietnam, Asian Investor reports. The VCBF Tactical Balanced Fund marks an important step in the development of the financial sector, as the launch of open-ended funds has been suspended since 2008/2009 due to the financial crisis.
21/10/2013

A volley of new ETF funds in Frankfurt

iShares on Friday released four new bond ETFs to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, two of which are in ultra-short term bonds. On the same say, db x-trackers has listed two other bond ETFs. In total, the listings on the XTF segment now include 1,042 ETFs.CharacteristicsName: iShares $ Short Duration Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade 0-5 IndexISIN code: DE000A1W4WC9Total expense ratio: 0.20% Name: iShares $ Short Duration High Yield Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid High Yield 0-5 Capped IndexISIN code: DE000A1W4WD7Total expense ratio: 0.45%Name: iShares $ Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WE5Total expense ratio: 0.20%Name: iShares Euro Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx EUR Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WF2Total expense ratio: 0.20%Name: db X-trackers II Australia SSA Bonds UCITS ETFBenchmark index: DB Australia SSA Bonds Total Return IndexISIN code: LU0494592974Taux de frais sur encours: 0,25 %Dénomination : db X-trackers EUR Liquid Corporate 12.5 UCITS ETFIndice de référence: DB Euro Liquid Corporate 12.5 IndexCode Isin: IE00B3Z66S39Total expense ratio: 0.35%
21/10/2013

Alma Capital offers equity fund outsourced to DoubleLine

The Luxembourg-registered UCITS IV Sicav Alma Capital Investment Funds (an affiliate of the French firm Alma Capital) on Friday was issued a license by the CSSF for a second sub-fund outsourced to the US firm DoubleLine. After the AlmaDoubleLine Core Plus Bond, the firm is now creating an equity fund, Alma DoubleLIne US Small Cap Growth Equity Fund, which will be managed by a new affiliate of DoubleLine Group (USD57bn), founded by Jeffrey Gundlach, entitled DoubleLine Euqity LP, founded in January 2013 by Husam Nazer and Brendt Stallings. The new fund is a clone of the DoubleLine Small Cap Growth Equity fund, launched on 1 April 2013, which has since then far outperformed its benchmark.The portfolio, which is focused on US growth small caps, will as a general rule include 60 to 80 positions, and will use the Russell 2000 Growth index as its benchmark. The ex-ante turnover rate will be 50% to 80% per year, and the average market capitalisation of the fund totals USD1.98bn, compared with USD1.83bn for the benchmark.The objective is to select growth shares whose postential for free cash flow (FCF) in the next 3 to 5 years has not been integrated into its stock price. The management team is convinced that market prices follow distributable FCF over a 3- to 5-year investment horizon.Management commissions are set at 1.25% for institutional shares (I) available from EUR/USD/GBP250,000, and 1.75% for retail shares (R) available with a minimal initial subscriptino of EUR/USD/GBP1,000.
21/10/2013

Alquity Africa arrives on Generali platform

The emerging market specialist Alquity has launched the Alquity Africa fund on the Generali International investment platform, Citywire Global reports. The fund, dimiciled in Luxembourg, was first launched in the United Kingdom in June 2010, and is already registered for sale in Hong Kong and Singapore.
21/10/2013

Aletti Gestielle granted a European passport

The Italian asset management firm Aletti Gestielli, an affiliate of the Banco Popolare group, has been issued a license by the Luxembourg financial services commission to manage the Luxembourg-registered Gestielle Investment Sicav, with a European passport issued under the UCITS IV directive. Aletti Gestielle replaced Dexia Asset Management, which had previously been the asset management firm for the Sicav.
21/10/2013

Le déficit commercial nippon plus élevé que prévu en septembre

Suite à une hausse plus faible qu’attendue des exportations, le déficit commercial nippon s’est élevé à 932,1 milliards de yens (6,9 milliards d’euros) le mois dernier, à comparer à un consensus de 920 milliards. Il s’agit du 15ème mois consécutif de déficit commercial dans ce pays.
21/10/2013

Les actifs des hedge funds dépassent 2.500 milliards de dollars

L’industrie des fonds alternatifs affichait 2.521 milliards de dollars sous gestion à fin septembre, selon une étude de Hedge Fund Research. Les hedge funds ont bénéficié d’une hausse des encours de 94 milliards de dollars au troisième trimestre, dont 23 milliards imputables à la collecte nette, qui a bénéficié à l’ensemble des stratégies.
21/10/2013
Gestion d'actifs

Allianz France mène une réflexion sur la valeur ajoutée d'une gestion active au sein de sa poche actions

Vincent Falantin, directeur de la stratégie d’investissement d’Allianz France à la rédaction de www.institinvest.com : « Nos investissements outre-Atlantique s’effectuent via une gestion active, mais aussi passive étant donnée la difficulté à surperformer sur longue période le marché américain. C’est pourquoi, nous menons une réflexion sur la valeur ajoutée et la nécessité d’une gestion active au sein de notre poche Actions, contre une gestion purement passive de notre portefeuille ». Allianz France laisse trois ans au gérant pour surperformer son benchmark. Si, à cette échéance, il n’y parvient pas, il le sort du portefeuille. La gestion de la poche Actions est supervisée par Frédéric Andrès.
Gestion d'actifs
21/10/2013

Les députés modifient la taxation des plus-values

Les élus ont adopté vendredi en séance publique un amendement du gouvernement revenant sur des conditions particulières de taxation des non-résidents. Ils ont supprimé le report d’imposition sous condition de réinvestissement des plus-values et le cumul de l’abattement majoré et de l’avantage dit Madelin.
21/10/2013

Terra Firma lance l’IPO d’Infinis

La société de private equity doit selon le quotidien annoncer aujourd’hui le lancement de la procédure d’introduction en Bourse du spécialiste britannique des énergies renouvelables. Le patron de Terra Firma, Guy Hands, aurait reçu des offres pour cet actif mais viserait plus haut avec une IPO d’une valeur d’entreprise de 1,5 milliard de livres (1,8 milliard d’euros) dont 500 millions de dette.
18/10/2013

Les actifs des hedge funds dépassent 2.500 milliards de dollars

L’industrie des fonds alternatifs affichait 2.521 milliards de dollars sous gestion à fin septembre, selon une étude de Hedge Fund Research publiée le 18 octobre. Les hedge funds ont bénéficié d’une hausse des encours de 94 milliards de dollars au troisième trimestre, dont 23 milliards imputables à la collecte nette, qui a bénéficié à l’ensemble des stratégies.
18/10/2013

Nomura AM se retire des Etats-Unis

Dans une notification à la SEC datée du 15 octobre, Nomura Asset Management annonce qu’avec effet immédiat les souscriptions de tous les fonds de Nomura Partners Funds Inc sont arrêtées. Nomura précise avoir l’intention de se retirer de l’activité de fonds retail aux Etats-Unis, rapporte Mutual Fund Wire. Nomura continuera de gérer les fonds durant la période de transition.D’autre part, un salarié de Nomura a confirmé que Michael Andrews, head of US retail, a quitté la société.
18/10/2013
Fonds

Charles Schwab ajoute 16 ETF sans frais sur OneSource

Désormais, la plate-forme de négoce OneSource lancée en février et sur laquelle Charles Schwab Investment Management propose des ETF sans commissions référence 121 produits. En effet, le 16 octobre, 16 nouveaux produits, dont cinq de Guggenheim Investments, cinq de SPDR ETF (State Street Global Advisors) et six de Charles Schwab IM. OneSource couvre des ETF de six promoteurs différents, dont les trois mentionnés plus haut, plus PowerShares, ETF Securities et United States CommodityFunds.La liste complète des fonds sur OneSource est disponible ici.
Fonds

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