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18/10/2013

BNY Mellon AM recruits new COO

BNY Mellon has appointed Heneg Parthenay as chief operating officer of BNY Mellon Asset Management International Limited. Based in London, Parthenay reports to PeterPaul Pardi, CEO of BNY Mellon Asset Management International and global head of distribution for BNY Mellon Investment Management.Parthenay spent the last eight years at Aviva, latterly on the executive team of their global asset management arm, Aviva Investors Limited.
18/10/2013

Net inflows to Jupiter in Q2

In second quarter 2013, Jupiter recorded net inflows of GBP271m, after GBP209m in second quarter 2013 and GBP579m in third quarter 2012. These inflows and positive market effects allowed the UK asset management firm to slightly increase its assets from GBP29bn to GBP29.9bn for the quarter. Inflows to funds totalled GBP278m, with positive contributions both from British and international distribution channels. Assets in funds totalled GBP23.3bn as of 30 September. Since the beginning of the year, Jupiter has posted inflows of GBP689m.
18/10/2013

Nikko AM takes over Treasury Asia AM

Treasury Asia Asset Management Limited (TAAM), founded in 2005, with the assistance of Treasury Group (Sydney) by Peter Sartori, has been acquired by the Tokyo-based Nikko Asset Management for an undisclosed amount.TAAM employs eight people in Singapore and Sydney. It specialised in “sophisticated” strategies based on Asian equities, a statement says.Nikko AM (USD156bn as of 30 June 2013) says that it has selected its Singapore office, led by Eleanor Seet, a its center of excellence for managing Asian securities.
18/10/2013

SAC prepared to pay record fine to settle insider trading charge

The speculative fund SAC is preparing to pay a record fine of over USD1bn to settle legal proceedings against it over multiple insider trading charges, Les Echos reports, citing information in the Wall Street Journal. According to the US newspaper, the fund would agree to pay between USD1.2bn and USd1.4bn. It has already paid a fine of USD616m to the US stock market regulator, the Securities and Exchange Commission, in March this year. Under the civil agreement, SAC neither admits nor denies the allegations against it. The total fine may exceed USD2bn, a sum hiterhto unseen in cases of this kind, and a sign that US regulators are continuing to put pressure in the financial sector, banks and hedge funds, and ratings agencies.
18/10/2013

MSCI ESG Research launches MSCI ESG DataMetrics

With its new tool MSCI ESG DataMetrics, MSCI has launched a service which will provide its clients with a complete set of ratings, indicators and raw environmental, social and governance (ESG) data to facilitate quantitative analysis, the development of exclusive ESG models, ESG reporting and analysis of the ESG footprint for portfolios.MSCI ESG DataMetrics offers 174 metrics on eight ESG issues for all companies on the MSCI World Index, such as Carbon Emissions, Water Stress, Labor Management, and Corporate Governance. These metrics include four years of raw data, including water use and lost-time injury rates; indicators on business and geographic risk exposure; policies, systems, and targets; and seven years of historical data on ESG ratings and scores. With comprehensive cross-industry metrics, users can identify trends and select ESG data that is most relevant to their views and those of their clients.In addition to cross-industry metrics on eight ESG issues, MSCI ESG DataMetrics also offers over 350 industry-specific metrics that inform the key issues of MSCI ESG Research’s rating model, MSCI ESG IVA.
18/10/2013

Investors concerned that global economic recovery could falter

Investor optimism over the global economic recovery and corporate profits has been dented as the tail risk associated with the U.S. economy has escalated, though sentiment towards Europe has improved, according to the BofA Merrill Lynch Fund Manager Survey, taken from October 4 to October 10, of a sample totalling USD643bn. Expectations for a recovery in corporate profits have fallen. Last month, a net 41 percent said they expected corporate profits worldwide would improve in the following 12 months – that figure has tumbled to a net 28 percent in October. A net 18 percent believes that corporate profit margins will decrease in the coming year, up from a net 11 percent a month ago. As a corollary of this lesser optimism, asset allocators have scaled back their equity holdings. A net 49 percent of global asset allocators are overweight equities, down from a net 60 percent in September. In another significant development, investors and asset allocators have increased allocations towards global emerging market equities and have indicated in October’s survey that they see value in the region. The signals towards global emerging markets are not universally positive, however, says BofA Merrill Lynch. Nonetheless, a net 38 percent of the global respondents say that emerging markets equities are the most undervalued of all the regions - in contrast, a net 63 percent says the U.S. is the most overvalued region.
18/10/2013

BNP Paribas offers hedge funds an accounting data service

In November, BNP Paribas Securities Services will launch a new service to offer hedge fund managers direct access, in electronic format and in real time, to accounting data for their funds, which will allow them to more rapidly respond to requests from their investors or administrators, while facilitating decision-making, Funds People reports.The system will be commpatible with the major accounting and administrative platforms used by clients of the bank, and will be inegrated into the NeoLink information portal for customers of BNP Paribas Securities Services.
18/10/2013

Stéphane Biehler joins Morningstar

When the acquisition of NYSE Euronext by IntercontinentalExchange takes effect, in theory from 4 November, the French-American Stéphane Biehler, chief accouting officer & corporate controller at NYSE Euronext since 2007, will join Morningstar as chief financial officer (CFO). He will report directly to Joe Mansueto, chairman & CEO. Biehler replaces Scott Cooley, CFO since 2007, who has expressed a desire to take a sabbatical year to earn a university degree. He will then return to Morningstar in the area of research.
18/10/2013

Increase of USD36bn in assets under supervision at Goldman Sachs

Assets under supervision in the Investment Management unit of Goldman Sachs have increased by USD36bn in third quarter, to a total of USD991bn, according to a statement released on 17 October. Assets under supervision include assets under management, but also other client assets invested with third-party managers. Long-term assets under management under supervision increased by USD35bn, due to positive market gains of USD19bn (largely in equities) and a net inflows of about USD16bn, largely to bond supports. Revenues for the Investment Management unit totalled USD1.22bn in third quarters, up 2% compared with third quarter 2012, but down by 9% comapred with second quarter 2013. The Goldman Sachs group has earned net profits for the part of the group of USD1.4bn, down by 2%, for earnings of USD6.7bn, down 20% year on year.
18/10/2013

Assets under management up 21% at Blackstone in third quarter

Assets under management at the Blackstone group as of the end of September totalled USD248bn, a record total, up 21% in one year, according to a statement released on 17 October. All Blackstone activities have posted good results, due to inflows and appreciation of assets. Gross inflows totalled USD21bn in third quarter, and USD53bn in the last 12 months. Blackstone has returned USD34bn to investors in the past twelve months.
18/10/2013

Amundi scales up partnership with First Eagle IM

Amundi plans to launch new sub-funds in the next 12 months managed by its US partner First Eagle Investment Management (FEIM). Meanwhile, the Luxembourg Sicav Amundi International Sicav (EUR3.8bn as of 30 September), distributed by Amundi and managed under an outsourcing contract by FEIM, is changing names, to become First Eagle Amundi International Fund. In addition, the Sicav is adopting a structure with multiple sub-funds.The change reflects “a reinforcement of the partnership between Amundi and FEIM towards greater collaboration,” a statement says. “First Eagle has done excellent work managing the Sicav (…). First Eagle also helps us to promote the fund internationally. With this change of name we would like to team up with them in this commercial adventure,” explains Laurent Bertian, deputy director of the institutional and third-party distributor professional in charge of sales and marketing at Amundi.
18/10/2013

Bank trusts increasingly expected to rely on external funds

More than 80% of fiduciary servicces at US banks are planning to increase their use of third-party funds in the next two years, according to a survey by Cerulli Associates. At the same time, three quarters of these “bank trusts” feel that the selection of external managers and the constitution of a research group for this purpose represent the primary challenges they will need to face in moving the needle.
18/10/2013

Nomura Asset management pulls out of the United States

In a SEC filing dated 15 october, Nomura Asset Management announced that effective immediately, subscriptions to all funds from Nomura Partners Funds Inc have been halted. Nomura says that it is planning to withdraw from retail fund activities in the United States, Mutual Fund Wire reports. Nomura will continue to manage the funds during this transitional period. Meanwhile, a Nomura employee confirms that Michael Andrews, head of US retail, has left the firm.
18/10/2013

Ashmore registers two emerging market Sicavs

Ashmore has registered its Pan Africa and Latin America Equity funds as Sicavs, extending their availability to investors, Fund Web reports. The products are UCITS IV funds registered in Luxembourg, and they are available to institutional and retail investors.
18/10/2013

Légère accélération de la croissance chinoise

La croissance de l’économie chinoise a accéléré à un rythme de 7,8% au troisième trimestre, après être tombée à 7,5% au trimestre précédent soit son plus faible niveau depuis 23 ans.Sur les neuf premiers mois de l’année, la croissance atteint 7,7%, ce qui devrait permettre au gouvernement d’atteindre son objectif annuel de 7,5%, selon JP Morgan. Pékin a mis en place une «mini-relance» visant l’investissement en infrastructures, le soutien à la construction et une baisse de la pression fiscale sur les petites entreprises.
18/10/2013

L'AMF transige avec Hottinguer & Cie Gestion Privée

L’Autorité des marchés financiers (AMF) a signé le 11 juillet un accord de composition administrative avec Hottinguer & Cie Gestion Privée, publié le 18 octobre sur son site internet. La société de gestion a accepté de verser 180.000 euros dans le cadre de cette transaction. Elle s’engage à interdire que des investisseurs d’une Sicav ne s’immiscent dans les décisions de gestion de cette Sicav - l’un des deux griefs soulevés par l’AMF - et à améliorer son contrôle des risques.
18/10/2013

Les instituts allemands abaissent leurs prévisions 2013 et 2014

Les grands instituts allemands de conjoncture ont divisé par deux leur projection de croissance de l’Allemagne pour 2013, à 0,4%, évoquant un net retournement à la baisse de la production industrielle cet hiver. Ils ont également revu hier en légère baisse leur estimation de croissance pour l’an prochain, à 1,8%, alors qu’ils prévoyaient 1,9% en avril.
18/10/2013

La dette de l'Espagne dépassera 100% du PIB en 2015

Dans des documents envoyés à l’Union européenne dans le cadre des nouvelles règles sur le contrôle du budget des pays membres, Madrid précise que son ratio d’endettement serait de 101,13% à la fin 2015 puis de 101,09% à fin 2016. Le gouvernement espagnol espère terminer l’année 2013 avec un endettement représentant 94,2% du PIB contre 85,9% fin 2012.
18/10/2013

Avenir Finance IM convoqué à l’AMF

Le représentant du Collège de l’AMF a proposé à la Commission des sanctions d’imposer un blâme et une sanction pécuniaire de 300.000 euros à Avenir Finance Investment Managers. Il reproche à la société de gestion de ne pas avoir donné aux clients une information suffisamment claire dans certains documents, de ne pas avoir rempli correctement ses obligations en matière de contrôle des risques et de ne pas avoir signalé l’importance du rôle joué dans la gestion par des consultants externes. Les conseils de la société de gestion contestent cette analyse.
18/10/2013

L'indice Philly Fed recule moins que prévu

L’indice Philly Fed est ressorti à 19,8 en octobre après 22,3 en septembre, contre 15,0 attendus par les économistes. Cette performance s’explique notamment par un rebond de la composante des commandes nouvelles, revenue à son plus haut niveau depuis mars 2011, et à l’amélioration de celle de l’emploi.
18/10/2013

Man Group retrouve une collecte positive

Pour la première fois depuis deux ans, le gestionnaire d’actifs britannique Man a réussi à attirer de l’argent frais. Au troisième trimestre, sa collecte nette a atteint 700 millions de dollars, dépassant les prévisions des analystes. Le premier hedge fund coté du monde a vu ses actifs progresser légèrement à 52,5 milliards de dollars.
18/10/2013

Polar Capital ferme son desk actions britanniques

L’équipe actions britanniques de Polar Capital a été dissoute en raison du départ du gérant Philip Hardy, rapporte le magazine spécialisé de sources internes, la société de gestion précisant qu’aucun recrutement n’est prévu pour le remplacer. Cette fermeture va se traduire par des rachats de 293 millions de dollars sur le trimestre finissant en décembre.
18/10/2013

Paris pencherait en faveur d’un allègement de la TTF

Alors qu’il était monté en première ligne pour inciter ses partenaires européens à mettre en place une taxe sur les transactions financières (TTF), le gouvernement français pencherait désormais pour un allègement du périmètre de cette taxe afin de préserver la compétitivité de la place financière parisienne, rapporte le journal de sources proches du dossier. Paris souhaiterait de cette façon persuader les grandes banques françaises comme BNP Paribas, la Société Générale ou le Crédit Agricole de continuer à investir dans Euronext, qui redeviendra indépendante après le rachat de Nyse Euronext par IntercontinentalExchange, ajoute le quotidien.
18/10/2013

Les gérants regrettent l'incohérence fiscale

Selon l’AFG, le «violent alourdissement» des prélèvements sociaux sur l’épargne entrave les bonnes dispositions du projet de loi de Finances 2014, dont le PEA-PME est le symbole. Les actifs gérés pour compte de tiers ont crû à un niveau record sur les huit premiers mois de l’année.

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