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21/03/2013

Assets under management at PensExpert up 18%

P { margin-bottom: 0.08in; } The professional retirement savings specialist PensExpert has seen an increase of 18% in its assets under management in 2012, to CHF2.25bn, Agefi Switzerland reports. 95% of the increase is due to net inflows, and 5% due to the performance of investments.
21/03/2013

Gottex takes over UK firm Frontier AM

P { margin-bottom: 0.08in; } The alternative management specialist Gottex has taken over a majority stake in the British firm Frontier Investment Management, according to a statement released on 20 March. Assets under management at the firm, founded in 2004, total USD550m, in various multi-asset products. The agreed price includes Gottex shares and an amount in cash which will be paid over the next two years, depending on future earnings at Frontier, Gottex says in a statement. The acquisition will have a positive effect on operating profits in the next year, and will also have a positive impact on profits per entirely diluted share, partly due to expected synergies. The founder and CEO of Frontier, Michael Azlen, will retain a substantial stake in the capital of the firm, and will become a member of management at Gottex. He will be responsible for European multi-asset activities.
21/03/2013

Eric Syz leaves his position as CEO of Altin

P { margin-bottom: 0.08in; } The Swiss alternative management firm Altin has appointed Tony Morrongiello as CEO. In this position he replaces Eric Syz, who remains as a member of the board of directors at the firm, finews reports. Morrongiello is the founder of Aliburn Capital Partners, and has over 15 years of experience in the management of funds of hedge funds.
21/03/2013

Approval for Axa WF Framlington Global Small Cap fund in Germany

P { margin-bottom: 0.08in; } Axa Investment Managers Paris has announced that the UCITS-compliant fund AXA WF Framlington Global Small Cap (LU0868490979) mau now be sold in Germany. It is managed by Isabelle de Gavoty, head of the European smidcaps team at Axa Framlington, and Bruno Grandsard (see Newsmanagers of 29 January).Front-end fee is a maximum of 2%, and management commission is 0.9%.
21/03/2013

MSCI offers new momentum indices

P { margin-bottom: 0.08in; } As additions to its MSCI Risk Premia indices, MSCI has launched the MSCI Momentum Indices, which aim to replicate the performance of a momentum equities strategy by overweighting equities with high price momentum. These products may be used by investors to diversify a portfolio of premium risk strategies. BlackRock has already acquired a license to provide a new iShares ETF based on the new indices.The range currently consists of the MSCI ACWI Momentum Index and the MSCI USA Momentum Index. It is expected to grow this year. Each index calculates a momentum score for the risk-adjusted share price of each share in the parent MSCI indices (MSCI ACWI Index or MSCI USA Index), and identifies shares with the best momentum scores. Eligible shares are weighted according to the volume of their float and their momentum.
21/03/2013

SSgA offers two new funds to Australian clients

P { margin-bottom: 0.08in; } A few days after launching two ETFs for its Australian clients (see Newsmanagers of 13 March), State Street Global Advisors (SSgA) has announced that it is offering an active solution for global equities, aimed at the same investors. This strategy, Global Managed Volatility Alpha (Global MVA), launched four years ago in the United States, “places portfolio construction at the core of the financial objectives of investors, rather than being based on a cap-weighted index.”SSgA states that commissions from the SSgA MVA DSH Trust (0.98%) and the Australian MVA Trust (0.79%) are among the lowest in the market for long-term, actively-managed ETFs. The asset management firm charges no performance fee on the two products.
21/03/2013

DJ Credit Suisse hedge fund index up 0.24% in February

P { margin-bottom: 0.08in; } The Dow Jones Credit Suisse hedge fund index finished the month of February with gains of 0.24%. Six of the strategies in the index finished the month with gains. Net inflows to the sector in February totalled about USD3.4bn, bringing total assets under management to about USD1.8trn. The most popular strategies were fixed income arbitrage and emerging markets, with respective inflows of 1.86% and 1.21% to assets in January 2013.
21/03/2013

ETF Securities lists fund on LSE

P { margin-bottom: 0.08in; } Shortly before introducing its euro version on the Frankfurt exchange on 21 Ma (ETFS EUR Daily Hedged Physical Gold, DE000A1NZLN6/JE00B4RKQV36), ETF Securities on 19 March received notice that the ETFS GBP Daily Hedged Physical Gold fund, a debt security product based on physical gold stored in London, hedged for currency risks in pounds sterling, had been admitted to trading on the London Stock Exchange (LSE).The product, whose ISIN code is JE00B7VG2M16, carries a management commission of 0.39% The hedging fee for the product is 0.26%. It is registered for sale in Austria, Italy, Germany, Finland, France, Portugal, Sweden, Denmark, Spain, the Netherlands, Ireland and Norway, in addition to the UK.The index replicated is the MS Long Gold British Pound Hedged Index.The German version will have fees of 0.39%.
21/03/2013

Kroll ratings agency received ESMA certification

P { margin-bottom: 0.08in; } The European Securities Markets Authority (ESMA) on 20 March announced that it has approved certification for the European Union for Kroll Bond Rating Agency (KBRA). The certification is effective from 20 March 2013. KBRA, based in the United States and supervised by the Securities & Exchange Commission, is the first ratings agency to receive a certification following recognition by the European Union of the principle of equivalence of the regulatory and monitoring framework in place in the United States with the European regulatory standards.
21/03/2013

Aberdeen, M&G and Pictet are the fund pickers' favourites

P { margin-bottom: 0.08in; } Ahead of an annual survey, which, according to information obtained by Newsmanagers, will be released in a few weeks, Diana Mackay, head of Fund Buyer Focus, has told Ignites that a survey of 900 fund selectors (EUR1.430trn in assets) finds that the three favourite asset management firms of this population this time are Aberdeen Asset Management, followed by M&G and Pictet AM. They beat out BlackRock, Pimco, JPMorgan AM, Henderson GI, Carmignac, Threadneedle and DWS.
21/03/2013

If Cyprus is runs off the rails, Pimco will adjust exposure to Italy and Spain

P { margin-bottom: 0.08in; } Andrew Balls, manager of the European portfolio at Pimco, has told the Wall Street Journal that if the bailout of Cyprus runs out of control, the US asset manager will study opportunities to reduce its exposure to euro zone countries such as Spain and Italy, Expansión reports. But, alternatively, Pimco would buy debt from these countries if the ECB manages to reestabllish confidence in the financial markets. The good news is that the second of these alternatives currently appears to be the more likely, and the banking crisis in Cyprus appears to be within reach of control.
21/03/2013

Mirabaud showcases its Dynamic Allocation fund

P { margin-bottom: 0.08in; } On 19 December, Geneva-based Mirabaud launched a new multi-asset class fund, Dynamic Allocatino, with its new CIO, Pierre Pinel. The fund already has assets of EUR25m, with no seed capital, the manager told Newsmanagers on Wednesday.“It is a flexible, top-down, conviction fund, which will not cling to its benchmark (one third equities, one third goies and one third investment grade credit), but which for the moment remains relatively prudent, to give itself time to build up a track record.” The fund is presently only 40% invested in equities, although the statutes would allow it to increase that allocation to up to 80%.“The product is strategic for the Mirabaud bank, insofar as clients will benefit from the attractive and consistent risk/return profile of multi-asset class funds.” In addition, it may be supposed that one of the advantages for the asset manager is due to the fact that clients are generally less quick to redeem a multi-asset class fund than from plain vanilla funds in a single category.The portfolio is composed exclusively of highly liquid vehicles, such as ETFs and futures, “since, in order to be flexible, you have to be liquid,” says Pinel. The asset classes are equities, bonds, and now, commodities (gold and industrial metals). The manager is allowed to take short positions, most often in order to hedge positions. But he may also be net short in an asset class (most likely government bonds) if needed.CharacteristicsName: Mirabaud – Dynamic AllocationISIN codes: LU0862032199 / 20083182 for I share classLU0862031894 / 20083176 for A share classManagement fees:0.6% (I share class)1.2% (A share class)
21/03/2013

Oddo AM funds arrive on an Italian platform

P { margin-bottom: 0.08in; } The 14 funds from Oddo Asset Management which have been licensed for sale in Italy are now available on Online sim, the distribution platform of the Ersel group, Bluerating reports. “The agreement with Online sim represents a further and decisive step in strengthening our presence in the retail segment, where we have great ambitions for fund distribution,” says Jurgen Mahler, head of Oddo AM for Italy.
21/03/2013

ING IM launches a website for IFAs

P { margin-bottom: 0.08in; } ING Investment Management Italy has launched a website dedicated to over 5,000 professionals (private bankers and independent financial advisers) who sell the 64 funds authorised for sale in the country, Bluerating reports. The website offers up-to-date information about products, opinions and commends on the evolution of markets, and legal documentation.
21/03/2013

Union Investment acquires 20,000 square metres in Amsterdam

P { margin-bottom: 0.08in; } Hamburg-based Union Investment Real Estate has announced that it has acquired two properties in Amsterdam for undisclosed amounts. They are the Marina Offices building (4,764 square metres), acquired from the largest real estate management firm in the Netherlands, ASR real estate development NV, and the future headquarters of Akzo Nobel (15,216 square metres, slated for completion in third quarter 2015. The first property, completed in December 2012, will be added to the portfolio of the institutional real estate fund DEFO/Immobilienfonds 1, while the second will be added to the open-ended real estate fund UniImmo: Deutschland.
21/03/2013

Le Sénat américain évite le blocage administratif

Les sénateurs américains ont approuvé mercredi par 73 voix pour et 26 contre une loi qui permet d’éviter une fermeture partielle des services administratifs. Le texte qui doit désormais être envoyé à la Chambre des représentants doit permettre de maintenir les agences en activité jusqu’au 30 septembre prochain, soit la fin de l’exercice budgétaire 2013. Le financement était assuré jusqu’au 27 mars pour le moment.
21/03/2013

Baisse inattendue des stocks américains de brut

Les stocks américains de pétrole brut ont diminué la semaine dernière, a annoncé mercredi l’Agence américaine d’information sur l'énergie (EIA). Ils ont baissé de 1,31 million de barils à 382,66 millions. Les économistes attendaient en moyenne une hausse de 2 millions de barils. Les stocks d’essence ont perdu 1,48 millions d’unités. Les économistes attendaient une baisse de 2,1 millions.
21/03/2013

Perquisitions au domicile de Christine Lagarde

Des perquisitions étaient menées mercredi au domicile parisien de la directrice générale du Fonds monétaire international dans l’affaire Tapie, a indiqué son avocat, Maître Yves Repiquet. En déplacement jusqu'à mercredi matin à Francfort, Christine Lagarde devait regagner les Etats-Unis dans la journée.
21/03/2013

La BCE, dernier des Mohicans

La BCE va jouer le rôle du dernier des Mohicans en matière d’orthodoxie monétaire. Tour à tour, les Etats-Unis, le Japon et la Grande-Bretagne ont modifié les critères sur lesquels leur politique monétaire doit être fondée, en donnant moins de poids à l’inflation et davantage à la croissance et à l’emploi. Tokyo assume depuis la fin 2012 une politique expansionniste forcenée, qui vise explicitement à «reflater» l’économie. La Fed de son côté a ajouté un objectif d’emploi à sa réflexion, en excluant toute remontée des taux tant que l’inflation ne dépassera pas 2,5% mais aussi tant que le chômage ne sera pas inférieur à 6,5%. Hier Londres a modifié son approche. Le chancelier de l’Echiquier George Osborne a proposé un changement de mandat de la Banque d’Angleterre pour lui donner plus de souplesse dans les temps de récession. Son idée est proche de celle de la Fed: il s’agirait d’autoriser la Banque d’Angleterre à s’engager sur un horizon de maintien de taux bas en fonction d’objectifs de croissance et d’emploi. Ce recul relatif mais important du poids de l’inflation comme critère monétaire central est aux antipodes de la pensée européenne sur le sujet. Les Allemands en font un «casus belli».Cette divergence de fond n’est pas de bon augure: elle ne facilitera pas le dialogue entre banquiers centraux des pays développés dont la coopération a été si importante dans l’apaisement des tensions nées de la crise financière.
21/03/2013

Chypre doit choisir entre Moscou et l'euro

Après le rejet au Parlement de son plan de sauvetage, Nicosie est placé face à un dilemme: rester un centre bancaire offshore pour la Russie, ou demeurer dans la zone euro en réinventant son modèle. La BCE, qui maintient les banques sous perfusion, a laissé à l'île quelques jours de sursis.
21/03/2013

Blackstone à l’affût sur Dell

La société américaine de private equity étudie selon le quotidien divers scénarios quant à son attitude vis-à-vis de Dell. Le groupe informatique sollicite jusqu’à demain des contre-propositions à l’offre de rachat formulée par Michael Dell et Silver Lake Partners. Blackstone aurait notamment sollicité Southeastern Asset Management, déjà actionnaire à hauteur de 8,4% de Dell, ainsi que TPG.

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