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14/11/2012

Hedge fund inflows up USD3.4bn in September

Hedge funds have posted a net inflow of USD3.4bn in September, following USD7.7bn in August, according to estimates by BarclayHedge ad TrimTabs Investment Research.Assets in the industry as of the end of September totalled about USD1.8trn, down 25.8% from a peak of USD2.4trn in June 2008.In the first nine months of the year, hedge funds earned returns of 6.1%, while the S&P 500 index gained 14.6%. In the past twelve months, the difference is even more pronouned, with gains of 7.8% for hedge funds, compared with a rise of 27.3% for the benchmark index.However, the top decile of hedge funds show returns of 27.8% on nine months, compared with 14.6% for the S&P 500. The bottom decile, meanwhile, shows losses of 25.6%. The best hedge funds have also posted higher subscriptions. The top decile attracted more than USD10bn in assets, more than 21% of total net inflows in the first nine months of the year, which total USD49.1bn.
14/11/2012

Hong Kong hopes to become world's largest asset management centre

A government delegation from Hong Kong in Geneva, including K C Chan, secretary for financial services and the Treasury of the Hong Kong government, has presented the Asian metropolis as the international financial centre for China, highlighting its growth and potential, Agefi Switzerland reports. According to Chan, “Hong Kong is a major centre for asset management in Asia, but we think it has all the qualities to become a top player in this area. Thanks to our unique position as the gateway to continental China, we can help foreign businessmen to seek investment vectors, and access to the country’s increasing wealth.”
14/11/2012

Ashcourt Rowan fined by FSA

The British Financial Services Authority (FSA) has fined the wealth management firm Ashcourt Rowan GBP412,000, for failing to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients. The faults observed concern Savoy, a unit of Ashcourt Rowan which had not reacted to previous injunctions by the FSA in relation to this case. In the wake of the decision, Ashcourt Rowan states that the head of asset management, Christopher Jeffrey, and the head of professional ethics Mark Smith have resigned. In the six months to the end of September, Ashcourt Rowan posted a pre-tax loss of GBP1.2m, compared with a similar loss in the half to the end of September 2011.
14/11/2012

Heath Mottrap leaves Russell for USS

Heath Mottram, the head of fiduciary pension fund management activities at Russell Investments, has left the firm after one year there, to join USS Investment Management, the asset management firm for the British pension fund USS, Financial News reports. He will be responsible for bonds and liability-driven management.
14/11/2012

China plans to raise RQFII quota

The head of the Chinese market watchdog (CSRC), Guo Shuqing, has announced that he is planning to raise the quota reserved for qualified foreign institutional investors in RMB (RQFII) by RMB200bn, or about USD32bn, as the existing quota of RMB70bn is not adequate to meet demand, Asian Investor reports.The action of the CSRC, which has not provided a timetable for the quota increase, represents a favourable response to a request by the Hong Kong authorities.
14/11/2012

Partners Group invests in Brazil

Partners Group, the global private markets investment manager, announces that it has agreed to invest in SBF Group on behalf of its clients together with its investment partner for this transaction, GP Investments. The transaction is subject to customary regulatory approvals and is expected to close by year end. SBF is the leader in sporting goods retail in Brazil and operates through both store-based and online channels. The founding entrepreneur will retain a majority stake in the company and will remain as Chairman and CEO, running the day-to-day activities together with SBF’s first-class management team. Gonzalo Fernández-Castro, responsible for Partners Group’s private equity investments in Latin America, comments “We are pleased to support SBF’s team in continuing its success story. We believe SBF is uniquely positioned to benefit from the expanding middle classes in Brazil and from the upcoming sporting events taking place in the country, including the 2014 FIFA World Cup and the 2016 Summer Olympics.”
14/11/2012

Assets at Julius Baer up 10% in ten months

As of 31 October, assets under management at the Julius Baer group totalled CHF187bn, 10% more than at the end of December 2011, largely due to net inflows which were at the upper end of the range which the institution had set as its objective.The Zurich-based bank on 14 November stated that the total assets of its clients were up 9% to CHF274bn, also as of 31 October.
14/11/2012

US equity manager leaves UBS

The US equity manager Lawrence Kemp has left UBS, Investment Week reports. He had been manager of the UBS Large Cap Growth Equity strategies. He has been replaced by Sam Console, Peter Pye and Paul Graham.
14/11/2012

AWD earnings down 13% on nine months

The financial services provider AWD generated earnings of EUR340.2m in the first three quarters of 2012, down 13% compared with the first nine months of 2011, when it earned EUR392m, Swiss Life has announced at a presentation of its interim results.Between January and September 2012, the group earned net returns on investments of its insurance portfolio of 3.8%, on a non-annualised basis, compared with 2.7% for the same period in the previous year.
14/11/2012

Argo launches a hedge fund dedicated to emerging markets

Argo Group has announced the launch of a hedge fund dedicated to emerging markets, which will invest in bonds and currencies form a basket of 40 emerging countries, Investment Week reports. The Argo Local Markets fund, which will hold about 20 to 30 positions, has initial capital of USD7m.
14/11/2012

Assets under management at UniCredit up by EUR3bn

Assets under management at UniCredit totalled EUR156.9bn as of 30 September 2012, up by EUR3bn since second quarter, according to figures released by the Italian banking group.Market appreciation offset a slight net outflow.
14/11/2012

Swedish banking unit of a supermarket group launches funds

Ica Banken, a small Swedish bank owned by the supermarket chain of the same name, will launch a platform of 40 funds, Dagens Nyheter reports. The bank will offer external funds, but will also have three funds in its own name with various risk profiles. Other small banks are planning to enter the fund market, DN reports, including SBAB.
14/11/2012

Weintraub converts into a family office

Weintraub Capital Management, responsible for a long/short equity hedge fund whose assets under management total about USD1bn, has decided to return capital to investors, in order to transform itself into a family office responsible for managing the wealth of its founder, Jerry Weintraub, Bloomberg reports. Weintraub, who founded the firm in 1992, has not stated the reasons for the decision. From the beginning of the year to the end of October, Weintraub has gained 3%, and has only seen two years of negative performance in its two decades of existence. The average annual returns are about 3% to 5% since the creation of the firm.
14/11/2012

Contrasting evolution of asset levels at four major management firms in October

As of the end of October, Franklin Resources (Franklin Templeton Investments) posted total assets of USD753.9bn, compared with USD749.9bn one month previously, largely due to the fact that its bond assets have increased by USD5.6bn in one month, to USD341.9bn.For its part, total assets at AllianceBernstein remain unchanged since the end of September, at USD419bn.Lastly, Invesco has seen a decline of USD5.6bn in its assets under management in one month, to USD677.4bn, due to a decline of USD8.3bn from its equity products, while assets at Legg Mason total USD645.5bn, compared with USD650.7bn one month earlier, largely due to a contraction of USD6.9bn in assets in its equity products, to USD146.5bn.
14/11/2012

Goldman Sachs shuts down its Korean asset management firm

Goldman Sachs will close its Korean asset management unit, after five years of losses on the fifth-largest Asian fund market, the Financial Times reports. The division, which has 40 employees and manages USD4bn in assets, will be liquidated in the next six months. Goldman Sachs entered Korea in 2007, via the acquisition of a joint venture founded by Macquarie and IMM Asset Management for USD147m.
14/11/2012

Korean pension fund launches RFP

The pension fund for the Korean postal service (USD62bn in assets under management) has opened a request for proposals from local and international hedge fund managers to award tenders for four strategies, Asian Investor reports.The size of the allocations which will ultimately be awarded has not yet been determined.
14/11/2012

Parametric acquires Clifton

Parametric Portfolio Associates, an affiliate of Eaton Vance since 2003 based in Seattle (USD53.1bn in assets as of the end of September) has announced the acquisition of the institutional asset management firm The Clifton Group Investment Management Company (Clifton, USd33.4bn), based in Minneapolis.Clifton had previously been 80% owned by non-employee shareholders, and 20% controlled by the three principals of the business, CIO Jack L. Hansen, Thomas B. Lee, senior portfolio manager, and Kip Chaffee, managing principal. Each of these three directors will trade in their shares for Parametric equities, and will retain their positions, under a long-term agreement which will be activated when the transaction is completed.Chaffee will report to Brian Langstraat, CEO of Parametric, while Hansen will continue to serve as chief investment officer at Clifton, and the firm will remain at its current headquarters.The release does not disclose any financial terms of the transaction, but does state that no changes are expected to personnel at Clifton due to the acquisition.
14/11/2012
Gestion d'actifs

Suravenir s'intéresse aux fonds infrastructures

Bernard Le Bras, Président du directoire de Suravenir à la rédaction de www.institinvest.com : Nous sommes intéressés par les fonds infrastructures. Nous avons d’ailleurs eu récemment un contact avec une société de gestion qui souhaitait monter un tour de table pour un fonds sur cette thématique. Après les collectivités locales, les infrastructures seront peut-être un de nos prochains axes de diversification. L’immobilier continue aussi à nous intéresser. Nous avons des rendements de l’ordre de 6% sur l’immobilier commercial, de 5% sur l’immobilier de bureau et d’un peu plus de 4% sur du résidentiel. En revanche, nous n’avons pas vocation à financer de l’immobilier social type maisons de retraite, résidence étudiante ou encore logement social. Dans l'état actuel des rendements, de l’ordre de 3,5 à 4 %, ce n’est pas attractif, sauf abondement de la part de l’Etat qui permettrait un supplément de rendement.
Gestion d'actifs
13/11/2012

François Hollande appelle à soutenir la Grèce

«Le Parlement grec vient d’adopter un nouveau plan, dur et attend le soutien de l’union européenne et du FMI. Ce soutien lui est dû. C’est par la solidarité et non par l’austérité sans fin que seront atteint les objectifs de déficit public», a déclaré cet après-midi le président de la République à l’occasion de la première conférence de presse de son quinquennat. Le chef de l’Etat a également vanté les progrès accomplis sur le terrain de l’union bancaire. «Ça prendra du temps, mais le chemin a été ouvert», a-t-il souligné. «J’ai pu introduire la taxe sur les transactions financières, qui pourra voir le jour dès le début de l’année prochaine», a encore ajouté François Hollande.
Conférence de presse de François Hollande le 13 novembre 2012. Photo: PHB/Agefi
13/11/2012

La Banque du Portugal plus pessimiste que la troïka

La banque centrale portugaise a fortement réduit sa prévision d'évolution du produit intérieur brut pour l’an prochain et tabler désormais sur une contraction de 1,6%. Une estimation moins positive que les bailleurs de fonds internationaux qui tablent sur une récession de 1%. Pour cette année, la Banque du Portugal s’attend à une chute de l’activité économique de 3%, selon son dernier bulletin économique d’automne.
13/11/2012

Le Conseil d'analyse économique fait peau neuve

Un arrêté du 12 novembre vient de renouveler complètement le Conseil d’analyse économique (CAE). Plus resserré et rajeuni, il comptera 14 membres outre sa président déléguée, tels que Phillipe Askenazy, Jean Tirole ou David Thesmar. Trois économistes de banque - Patrick Artus (Natixis), Laurence Boone (Bank of America) et Jacques Cailloux (Nomura) - seront simples «correspondants». Agnès Benassy-Quéré, qui a pris les commandes du CAE en septembre, souhaite rendre les études du Conseil plus fréquentes et plus courtes, mais aussi limiter les conflits d’intérêt. Le temps passé par certains membres sortants à conseiller des entreprises privées plutôt qu'à produire des études académiques a été montré du doigt.

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