Filiale de DST Systems, Alps Advisors a indiqué le 28 juin qu’il vient de lancer le ALPS International Sector Dividend Dogs ETF qui réplique le S-Network International Sector Dividend Dogs Index. Ce fonds, dont l’acronyme sur NYSE est IDOG, vise à capturer la performance de grandes capitalisations des pays développés hors Amériques. L’indice couvre les cinq actions offrant le meilleur rendement du dividende dans chacun des dix secteurs du S&P500.Le nouveau fonds est une variante internationale du ALPS Sector Dividend Dogs ETF (NYSE: SDOG) qui a été lancé il y a juste un an et qui a attiré plus de 250 millions de dollars de souscriptions.Le taux de frais sur encours se situe à 0,50 %.
IndexUniverse indique que la Deutsche Bank a sollicité l’agrément de commercialisation aux Etats-Unis de trois ETF supplémentaires couverts du risque de change. Il s’agit des db x-trackers MSCI Asia-Pacific ex Japan Hedged Equity Fund, db X-trackers MSCI Europe Hedged Equity Fund et db x-trackers MSCI United Kingdom Hedged Equity Fund. Les acronymes et les taux de chargement n’ont pas encore été dévoilés
Chris Jackson, ancien product director de M&G pendant dix ans, a été nommé head of international product chez Natixis Global Asset Management, rapporte Fundweb. L’intéressé sera subordonné à Hervé Guinament, president & chief executive for international distribution et à Mark Doyle, executive vice president of marketing and product. Il se concentrera sur la stratégie produit à l’échelon mondial.
THEAM vient de recevoir l’agrément pour la distribution en France de la part C du compartiment luxembourgeois Equity World Emerging Low Volatility qui donne une exposition à la croissance des marchés actions des pays émergents. Le fonds est basé sur la théorie de l’anomalie de la faible volatilité (Low volatility anomaly) selon laquelle les actions les moins volatiles affichent, en moyenne, des performances supérieures à celles délivrées par les actions les plus volatiles. Il cherche à maximiser le rendement absolu tout en conservant une volatilité inférieure à celle de l’indice MSCI Emerging Markets (NR), indique un communiqué.Six mois après son lancement, le fonds affiche des actifs sous gestion de 75 millions d’euros. Caractéristiques : Code ISIN: Part C (USD) LU0819732701/Part I (USD) LU0819733857Indice de référence: Indice MSCI Emerging Market (NR)Date de lancement: 10/12/2012Frais courants : Part C: 2.23%/Part I: 1.11%Frais de souscription max: 5%Frais de rachat: 0%
Au terme de l’appel d’offres lancé par l’Etat français et le Fonds stratégique d’investissement, le Crédit Agricole Assurances, via sa filiale Predica, a annoncé, lundi 1er juillet, avoir pris une participation de 4,81% dans le capital d’Aéroports de Paris (ADP). Cette participation permet à Crédit Agricole Assurances d’obtenir un siège au conseil d’administration d’ADP par la nomination d’un administrateur, effective au plus tard lors de l’Assemblée Générale d’ADP approuvant les comptes de l’exercice 2013, indique un communiqué.
L’Autorité européenne des marchés financiers (AEMF ou ESMA en anglais) annonce avoir officiellement approuvé l’enregistrement du français Spread Research SAS en tant qu’agence de notation de crédit, avec effet au 1er juillet.Désormais, l’ESMA supervise 22 agences de notation de crédit enregistrées et deux certifiées. Parmi les 22 agences enregistrées, trois fonctionnent au sein d’une structure de groupe avec 16 entités dans l’Union européenne, de sorte que le nombre d’agences de notation de crédit enregistrées dans l’UE atteint 35 unités.
La Société Générale a annoncé le 1er juillet le lancement de trois fonds à formule. L’un, France Quatuor Garanti, offrant une garantie sur le capital garanti tandis que les deux autres, SG Multilys 3 Plus et SG Hexalys 3 Plus, prévoient une protection du capital jusqu'à une baisse de 40 % de l’indice Euro Stoxx 50 pour le premier et du CAC 40 pour le second sur lesquelles leurs performances sont calées. Les commercialisations des trois fonds sont prévues jusqu’au 30 septembre prochain. France Quatuor Garantie affiche une durée maximale de 10 ans, et offre 3 opportunités de sortie par anticipation à 3 ans, à 6 ans ou à 8 ans, sous conditions, avec un gain de 5 % par année écoulée.Pour sa part, le fonds à capital protégé SG Multilys 3 Plus est d’une durée de huit ans avec néanmoins des opportunités de sortie par anticipation chaque année, sous conditions, avec un gain annuel de 5,80%. Quant au troisième fonds, Hexalys 3 Plus, il se distingue par une maturité maximale de 6 ans, avec des opportunités de sortie par anticipation chaque année, sous conditions, avec un gain annuel de 5,70%. Caractéristiques : France Quatuor Garanti (FR0011502848)SG Multilys 3 Plus (FR0011502798)SG Hexalys 3 Plus (FR0011485176) Voir les caractéristiques dans les pdf en pièces jointes
Le new-yorkais WisdomTree Investments (27,7 milliards de dollars d’encours en ETF) a fait admettre à la négociation sur le NASDAQ deux nouveaux ETF couverts du risque de change, le WisdomTree Japan Hedged SmallCap Equity Fund (acronyme : DXJS) et le WisdomTree United Kingdom Hedged Equity Fund (DXPS) chargés à respectivement 0,58 % et 0,48 %, qui viennent s’ajouter au WisdomTree Japan Hedged Equity Fund (DXJ, 0,48 %) et au WidsomTree Europe Hedged Equity Fund (HEDJ, 0,58 %).Le premier couvre des petites capitalisations japonaises d’au moins 100 millions de dollars cotées à Tokyo tandis que le second comporte des sociétés britanniques payant elles aussi des dividendes et qui réalisent 80 % au moins du chiffre d’affaires au Royaume-Uni.
Avec le AdvisorShares Treesdale Rising Rates ETF, le gestionnaire AdvisorShares a demandé à la SEC son agrément pour un ETF à gestion active conçu pour faire face à une remontée des taux d’intérêt et dont Treesdale Partners est le «sous-conseiller», rapporte IndexUniverse. La duration moyenne sera comprise entre - 5 et - 15 ans, ce qui sera en parti compensé par des positions longues sur les Treasurys, les swaps de taux d’intérêt et d’autres produits.Le fonds est destiné à générer des rendements améliorés dans un environnement de hausse des taux en investissant principalement dans les MBS avec des flux de trésorerie «interest-only», des swaps «interest-only» et certains dérivés hypothécaires. Pour sa part, Treesdale préservera la duration négative du portefeuille en investisant dans des Treasurys américains et d’autres instruments liquides de taux.Le nouveau fonds portera l’acronyme de HDGB et devrait avoir sa cotation principale sur la plate-forme NYSE Arca.
Les levées de capitaux des fonds de private equity bouclés au deuxième trimestre ont atteint 122 milliards de dollars au total, un niveau jamais atteint par le secteur depuis le début de la crise financière. Au dernier trimestre 2008, les levées enregistrées s'élevaient à 171 milliards de dollars, selon les chiffres de Preqin publiés lundi 1er juillet. Le montant de 122 milliards de dollars pourrait devrait être revu à la hausse de 10 à 20%, estime Preqin, certains fonds n’ayant pas encore communiqué leurs levées de fonds finales. Le nombre de fonds ayant réalisé leur bouclage final est en revanche à son niveau le plus bas. Ils ne sont que 154 au deuxième trimestre, 155 ayant réalisé un bouclage partiel. Preqin précise que la taille moyenne des fonds bouclés au troisième trimestre est de 800 millions de dollars, un record sur 10 ans. Cette moyenne haute résulte de bouclages finaux de grands fonds et du nombre moins élevé de fonds. Les dix plus grands fonds, parmi lesquels le Warburg Pincus balanced fund (11,2 milliards de dollars levés) se partagent 67 milliards de dollars, soit 55 % du total des fonds levés.
Mark Mobius, le gérant légendaire de Franklin Templeton, a déclaré au Financial Times fund management qu’il n’avait pas l’intention de partir à la retraite, alors qu’il approche les 77 ans. Il reconnaît toutefois que la société a commencé à préparer son éventuel départ. « Nous avons un plan de succession. C’est une grosse organisation et j’ai deux personnes dans l’équipe qui sont avec moi depuis le début en 1987. En fait, il y a 20 personnes qui pourraient aisément me remplacer demain si je suis renversé par un bus », déclare-t-il au FT fm.
P { margin-bottom: 0.08in; } Private equity fund capital fundraising in second quarter totalled USD122bn, a level not achieved by the sector since the financial crisis. In fourth quarter 2008, fundraising totalled USD171bn, according to statistics from Preqin. The total of USD122bn may rise by a further 10% to 20%, Preqin estimtaes, as some funds have not yet disclosed their final fundraising figures. The number of funds which held a hard close, however, is at an all-time low. Only 54 did so in second quarter, while 155 held a soft close. Preqin states that the average size of funds closed in third quarter was USD800m, a 11-year record. This high average is the result of hard closes for large funds and the lower number of funds. The ten largest funds, among them the Warburg Pincus balanced fund (USD11.2bn raised), took in USD67bn, or 55% of total funds raised.
P { margin-bottom: 0.08in; } Long-term funds in Europe posted net redemptions of EUR39.095bn in May, compared with EUR40.334bn in April, bringing the total for the first five months of the year to EUR195.743bn, according to statistics from Morningstar. Meanwhile, money market funds have seen net redemptions of EUR3.578bn, compared with net subscriptions of EUR677m the previous month, meaning that the January-May period resulted in net outflows for this class of EUR7.692bn.By asset class, the strongest net subscriptions in May were for bond funds (EUR20.047bn, compared with EUR26.540bn in April) and allocation funds (EUR11.404bn, comapred with EUR10.700bn in April), which have posted their best month to date. Hedge funds attracted EUR2.663bn, compared with EUR3.062bn the previous month. In the first five months of the year, bond products have seen net inflows of EUR90.172bn, while allocation funds have attracted EUR51.800bn and hedge funds show net inflows of EUR14.505bn.In terms of groups, the strongest net inflows were to Franklin Templeton (EUR3.625bn in May and EUR7.796bn in the first five months of the year), followed by JPMorgan (EUR3.399bn and EUR7.094bn), In May, BlackRock posted net inflows of EUR1.735bn, compared with EUR1.732bn for BNP Paribas, EUR1.677bn for Pimco, and EUR1.399bn for DWS.
P { margin-bottom: 0.08in; } Four out of 19 former employees of ING IM will manage new UCITS-compliant emerging market debt funds launched by Neuberger Berman, Fundweb reports.Bart van der Made will be responsible for the Neuberger Berman Emerging Market Debt – Hard Currency fund, while the Neuberger Berman Emerging Market Debt – Local Currency fund will be managed by Raoul Luttik. The Neuberger Berman Emerging Market Debt Corporate Debt fund will be led by Nish Popat and Jennifer Gorgoll.
P { margin-bottom: 0.08in; } In an interview with the Börsen-Zeitung, Klaus Riester, CEO of Union Investment Privatfonds, says that in the first four months of the year, the central asset management firm for the Geran co-operative banks has posted net inflows of EUR1.5bn from retail investors, larger than the total of EUR1.1bn in inflows in 2012.
P { margin-bottom: 0.08in; } Michael Gillessen, a client specialist and independent financial adviser since 2001, first at UBS and then at Hauck & Aufhäuser Privatbankiers (H&A), has been recruited from 1 July 2013 as director of wealth management clients at the Berenberg private bank, where he will report to Tindaro Siragusano, head of the private bank and asset management.Berenberg plans to develop its activities serving wealth managers, with which clients it has already been working as a depository bank (market transactions and reporting). It is already setting up investment funds for some of them, and exercises consulting activities, particularly for planning and execution of transfers to a new generation of entrepreneurs.
P { margin-bottom: 0.08in; } The conclusion of the sale process of Dexia Asset Management to GCS Capital, which was meant to complete last Friday, has been delayed, Dexia announced on Friday. When contacted by Agefi, the bank had no further comment. In December last year an agreement with the Asian fund GCS Capital was officially signed, for EUR380m, a total far lower than analysts’ estimates at the time, The operation is a major step in the court-ordered dismantling of Dexia, which is 95% controlled by the Belgian and Frech governments.
P { margin-bottom: 0.08in; } Chris Jackson, formerly product director at M&G for 10 years, has been appointed as head of international product at Natixis Global Asset Management, Fundweb reports. Jackson will report to Hervé Guinament, chairman & chief executive for international distribution, and to Mark Doyle, executive vice president of marketing and product. He will concentrate on global product strategy.
The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA). The registration takes effect from 1 July 2013.There are currently 22 registered and two certified CRAs in the EU. Amongst the 22 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 35.
P { margin-bottom: 0.08in; } The Mirabaud group is following in the footsteps of Pictet and Lombard Odier. Yesterday, the group announced the launch early 2014 of a partnership limited by shares under Swiss law (“société en commandite par actions” or “SCA”) and the opening of a Luxembourg bank. Within the new partnership limited by shares Mirabaud & Cie SCA, the managing partners will define the global strategy and the objectives of all the Group entities. The managing partners will bear unlimited personal liability for the partnership limited by shares. The latter will be the parent company of all Group entities in Switzerland and abroad, including the Swiss bank Mirabaud & Cie that – subject to FINMA’s approval – will become a limited company. The three business lines, currently functionally organised, will be exercised within distinct legal entities. There will be no impact on the services provided, the group’s commercial structure or its personnel. The entities dedicated to Asset Management will remain under the high authority of Lionel Aeschlimann, managing partner and the Intermediation activities will continue to be run by Giles Morland, managing partner. Management of Banque Mirabaud & Cie Sa will also remain in the hands of Antonio Palma, managing partner.The new bank in Luxembourg, with an opening also scheduled for early 2014, will develop the private banking activities of the Group in Europe, and will head these activities in the United Kingdom, in France and in Spain. “This will allow Mirabaud to improve the range and the quality of its services in Europe,” the Mirabaud group states.
P { margin-bottom: 0.08in; } The German firm HSBC Global Asset Management (Deutschland) GmbH on 1 July announced the launch of the Mexico Equity Fund, a sub-fund of its Luxembourg Sicav HSBC GIF, a Mexican equity fund denominated in US dollars and managed by Aline de Souza Cardoso.The investment universe for the fund includes 127 companies operating primarily in Mexico. The portfolio will include 30 to 50 positions selected with a bottom-up approach. The manager takes corporate governance criteria into consideration, as well as a daily trading volume of at least USD0.4m.CharateristicsName: HSBC GIF Mexico Equity FundISIN code: LU0877824093 (AC share class)Front-end fee: 5.54%Management commission: 2.15%
P { margin-bottom: 0.08in; } Of EUR6.35bn in assets in the open-ended real estate fund ImmoInvest (DE0009802306) in May 2012, SEB Asset Management has now redeemed EUR1.707bn, or 29% of total assets, to shareholders in the fund, which is planned to be liquidated by 30 April 2017. On 1 July, it distributed EUR3.16 per share, following EUR1.24 on 28 December, and EUR10.25 on 29 June 2012. The July payment represents EUR368m, after EUR145m six months ago, and EUR1.195bn in mid-2012.The 1 July distribution was made possible by sales of assets, including those of a Germany portfolio to Dundee International REIT, two hotels in Berlin to Artic (Al Faisal Holding group) and two other buildings, one in Berlin, and one in Prague.
La banque Julius Baer a entamé lundi l’intégration des activités IWF de la banque Merrill Lynch en Grande-Bretagne, en Espagne et en Israël, a-t-elle indiqué dans un communiqué publié le 2 juillet. Cette étape, qui sera finalisée d’ici l'été 2014, fera de Julius Baer l’une des banques privées les plus importantes de Londres."Les activités en Grande-Bretagne représentent plus du quart des activités de gestion de fortune internationale (IWF)», indique Boris Collardi, directeur général, cité dans le communiqué. «Le marché britannique sera désormais le plus grand marché en dehors de Suisse», a-t-il précisé.Les activités en Grande-Bretagne étaient les «dernières grosses activités à transférer» dans le cadre de l’intégration au sein de la banque zurichoise des activités IWF de Merrill Lynch. En Espagne, Julius Baer va disposer désormais d’une franchise significative sur le marché local de la gestion de fortune. En Israël, Julius Baer va renforcer sa présence sur ce marché.Dans les trois pays, les conseillers financiers ont été transférés dès le 1er juillet. Les fonds de la clientèle vont être intégrés au sein des plateformes de la banque zurichoise d’ici ) l'été 2014. Les prochaines activités à être intégrées dans Julius Baer concerneront Bahreïn, le Liban et les Emirats arabes unis en septembre et en octobre.
Julius Baer announced on July 2 that the transfer of the UK, Spain and Israel businesses of Merrill Lynch’s International Wealth Management (IWM) started yesterday. This step will make Julius Baer one of the largest private banks in London. The process for these markets is expected to be completed by mid-2014.Boris F.J. Collardi, chief executive officer of Julius Baer Group Ltd., said: “Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be one of the biggest markets by client base outside Switzerland, thus being a key market for Julius Baer overall. In addition Spain and Israel will further enhance our footprint in the global private banking landscape.”The UK is now the last of the big businesses to transfer. In Spain, Julius Baer will gain a new foothold with a significant franchise in the local wealth management market, and in Israel the Bank will strengthen its presence in the local wealth management market.IWM’s financial advisers have transferred in all locations on 1 July 2013. Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms in stages and in line with appropriate regulations in the various jurisdictions. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.
P { margin-bottom: 0.08in; } The New York-based firm Wisdom Tree Investments (USD27.7bn in ETF assets) has listed two new ETFs on NASDAQ which are hedged for currency risks, the WisdomTree Japan Hedged SmallCap Equity Fund (ticker: DXJS) and the WisdomTree United Kingdom Hedged Equity Fund (DXPS), which charge fees of 0.58% or 0.48%, respectively, which come as additions to the WisdomTree Japan Hedged Equity Fund (DXJ, 0.48%), and the WisdomTree Europe Hedged Equity Fund (HEDJ, 0.58%).The first covers Japanese small caps of at least USD100m traded in Tokyo, while the second includes British companies which also pay dividends, and which earn at least 80% of their revenues in the United Kingdom.
P { margin-bottom: 0.08in; } With the AdvisorShares Treesdale Rising Rates ETF, the asset management firm Advisor Shares has applied to the SEC for a license for an actively-managed ETF designed to confront a potential rise in interest rates, with Treesdale Partners as its sub-adviser, Index Universe reports. The average duration will be -5 to -15 years, which will be partly offset by long positions on Treasurys, interest rate swaps, and other products. The fund aims to generate improved returns in an environment of rising interest rates, by investing primarily in MBS with interest-only cash flows, interest-only swaps, and certain mortgage derivatives. For its part, Treesdale will retain the negative duration of the portfolio by investing in US Treasury bonds and other liquid fixed income instruments.The new fund will carry the acronym HDGB and have its primary listing on the NYSE Arca platform.
P { margin-bottom: 0.08in; } Alps Advisors, an affiliate of DST Systems, on 28 June announced that it has launched the ALPS International Sector Dividend Dogs ETF, which replicates the S-Network International Sector Dividend Dogs Index. The fund, whose ticker on NYSE is IDOG, aims to capture the performance of large caps in developed counties outside the Americas. The index includes the five equities which offer the highest dividends in each of the six sectors of the S&P 500.The new fund is an international variant of the ALPS Sector Dividend Dog ETF (NYSE: SDOG), which was launched barely one year ago, and which has attracted over USD250m in subscriptions.The total expense ratio is 0.50%.
P { margin-bottom: 0.08in; } IndexUniverse has announced that Deutsche Bank has applied for a sales license in the United States for three more ETFs hedged for currency risis, but the tickers and TER rates have not yet been revealed. They are the db x-trackers MSCI Asia-Pacific ex Japan Hedged Equity Fund, db X-trackers MSCI Europe Hedged Equity Fund and db x-trackers MSCI United Kingdom Hedged Equity Fund.
P { margin-bottom: 0.08in; } Aviva Investors has launched a high yield fund dedicated to the Asian market, Citywire reports. The fund, domiciled in Luxembourg, will be managed by Tim Jagger, senior vice president and bond portfolio manager based in Singapore. According to the prospectus, the Aviva Investors High Yield fund will largely invest in corporate high yield bonds issued by businesses located in Asian countries. At least two thirds of these companies must be either unrated or rated below BBB- by Standard & Poor’s or Baa3 by Moody’s. The fund, whose benchmark index is the JP Morgan USD Asian Non-Investment Grade Corporate, is licensed for sale in Luxembourg and Singapore.
KBL European Private Bankers (KBL epb) announced on July 1st the appointment of Jonathan Grosvenor, a financial services professional with over 25 years of international experience, as general manager, Global Financial Markets, based in Luxembourg.Offering a range of solutions for institutional investors and professional traders, the Global Financial Markets department is one of the pillars of KBL epb’s franchise, complementing the pan-European group’s core business of private banking.Most recently, Grosvenor served as the Hong Kong-based managing director, head of corporate clients, at BBVA, where he also began his professional career, serving first in London and then in Madrid. Between those two stints at the Spanish headquartered group, he served for over a decade at WestLB, rising to the position of joint head of global financial markets Asia, based in Singapore.