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05/05/2014

Aberdeen completes the acquisition of SWIP's infrastructure fund management business

Aberdeen Asset Management has completed the acquisition of Scottish Widows Investment Partnership’s (SWIP) infrastructure fund management business from Lloyds Banking Group.The infrastructure business has around GBP1.3 billion in funds under management, The acquisition valued in total at around GBP550 million makes Aberdeen the leading European independent asset management business with over GBP320 billion under management.
05/05/2014

Investec AM recrutis three for its multi-asset team

Investec has recruited for its global multi-asset team, with the recruitment of three people. Edmung Ng has been recruited as manager, and will direct equity research and development of equity strategy for the team. He had previously been a manager at TT International. Michael Streatfield also joins the asset management firm, and will be responsible for portfolio construction and quantitative analysis. He previously worked at Old Mutual Asset Management. Atul Shinh, formerly of Mercer, has been recruited as an investment specialist, responsible for products and management processes.
05/05/2014

Hedge fund assets continue to rise

Despite modest returns, hedge fund managers are continuing to attract capital in North America. According to figures from Opalesque, assets under management at Oaktree Capital rose 3.1% in first quarter to USD86.2bn. For its part, Fortress Investment has assets under management of USD62.5bn, up 1.1%.
05/05/2014

RBC Wealth Management adds to its team

RBC Wealth Management, the wealth management entity of the Royal Bank of Canada, has appointed Hermann Leiningen to the newly-created position of Managing Director, Family Office and Institutional Investments, from 1 May 2014. In his new role, Leiningen will be responsible for development the activity serving ultra-high net worth clients (UHNW), largely targeting family offices based in Europe, and European institutional clients for RBC Global Asset Management. Leiningen had worked both fro RBC Global Asset Management and for RBC Capital Markets, in New York, Toronto, Lausanne and Geneva.
05/05/2014

Investment advisers slow to train their successors

In the United States, most registered investment advisers appear not to be in any hurry to train their successors and don’t seem concerned about what becomes of their clients after they stop their activities either, according to a survey published recently by Cerulli Associats. Only 30% of advisers have adopted an explicit continuity plan. Statistics from Cerulli indicate that about 43% of advisers are over 55 years old, and that 53% of clients of these advisers are 50 to 70 years old. “Advisers are increasingly having trouble attracting young investors,” says Kenton Shirk, associate director at Cerulli, adding that the infinite possibilities which the internet offer along with access to investment platforms represents a real competition for the adviser sector. In othe words, the independent financial adviser sector is in a profound crisis, which may eventually result in a reconfiguration of the sector. Advisers are expected to extend their range of products and services in particular, to offer tax planning services, for example. This could eventually result in partnerships with tax experts. It may also be supposed that the competition from the internet and platforms will result in a consolidation in the sector, which will be expected to have a lot fewer small structures.
05/05/2014

In April, Pimco has seen further net redemptions

Pimco has had a twelfth consecutive month of net outflows, with USD3.1bn last month. Year on year, total net outflows total USD55bn, according to the Wall Street Journal, on the basis of data provided by Morningstar. The US newspaper emphasizes that this amount is higher than the assets in most mutual funds, as in the United States, only 24 funds had over USD55bn in assets under management. Total assets under management by Pimco came to USD230bn as of 30 April, compared with USD232bn as of the end of March, according to Morningstar data relayed by the Wall Street Journal.
05/05/2014

Investors seeking new investment ideas

Despite the crisis in Ukraine, the investment environment as of the end of April was characterized by a surprising level of stability, with monetary policies that remained stable, volatility at very low levels, and returns still very difficult to find. In this environment, equities in the week to 30 April attracted USD4.12bn, despite subscriptions to emerging market equity funds which have fallen to their lowest levels since the end of March, according to statistics from EPFR Global. Bond funds attracted a further USD3.83bn, bringing inflows since the beginning of the year to over USD50bn. Swedish bond funds in particular saw inflows of USD410m in the week under review, while Spanish bond funds, which were very popular last year, saw outflows of USD300bn. Money market funds, for their part, have posted net inflows of over USD25bn. In sectoral terms, utilities were most popular, with average gains of 0.79% in the week. In second place, both in terms of inflows and performance, infrastructure funds attracted USD390bn in the week under review, for average gains of 0.62%.
05/05/2014

Low cost increasingly present in asset management

Asset management is under the same pressure on industry costs as the publishing or music industries, the Economist notes. Passively-managed funds such as ETFs and other trackers are gaining market share from actively-managed funds, which cost much more in management fees. The weekly magazine cites a recent PwC study, which predicts that “low cost” funds are expected to double their market share, from 11% to 22% by 2020. Several factors argue in favour of low-cost products: the increasingly frequent use of ETFs, which now account for USD2.450trn, the emergence of alternative indices known as “smart beta” indices, which allow for more specialised monitoring of an index, and lastly, the increasingly widespread use of defined-contribution retirement plans. These programmes present risks for future pensioners, who select a fund offered by their business to invest in to prepare for their retirement. The fund is very often a fund of ETF funds, the Economist notes. However, active management is not dead, the journal notes. Three types of client are expected to continue to support products of this type: sovereign funds, whose directors trust the outperformance of active management, defined-benefit retirement programmes, which rely on active funds to make up for their bad returns in past year, and lastly, ultra-high net worth investors, who hope for higher returns and who out of snobbery may be attracted to more expensive managers.
05/05/2014

Three from Invesco join Woodford

Following the departure of Neil Woodford from Invesco Perpetual, three people have announced their departure from Invesco to join the new company from the star manager effective immediately, Investment Europe reports. They are the British equity manager Stephen Lamacraft and the analysts Saku Saha and Paul Lamacraft.
05/05/2014

Schroders liquidates a credit hedge fund

Schroders has finally closed the Schroder GAIA CQS Cedit fund, managed by the credit specialist CQS Asset Management, Citywire reports. The funnd had assets of USD70.8m on the day of its liquidation on 16 April. A spokesperson for Schroders explains that the closure was decided with CQS, because at current implementation levels, the strategy would be difficult for a long period.
05/05/2014

Hermes launches an ESG global equity fund

Hermes Fund Managers has launched a global equity fund, which will invest in credible businesses in terms of environment, social and governance, Citywire reports. The Hermes Global Equity ESG fund will be managed by Geir Lode, head of global equities.
05/05/2014

Founder of Pimco's London office retires

Joe McDevitt, who opened the London office of Pimco 16 years ago, is retiring to make way for a new generation, Financial News reports. McDevitt says that the decision is not related to the departure of Mohamed El-Erian, former CEO of the group. “I will be 61 years old this summer and I would like to take a sabbatical to spend more time with my family,” he explains. His responsibilities for the United Kingdom, Benelux and Scandinavia have been taken over by Bill Benz, head for Europe, the Middle East and Africa.
05/05/2014

Fondo Arco lance un appel d'offres pour un peu plus de 400 millions d'euros

Le fonds de pension italien Fondo Arco vient de lancer un appel d’offres pour quatre mandats représentant un encours total de 403 millions d’euros dans le cadre de sa stratégie diversifiée et prudente.Fondo Arco, dont les actifs sous gestion approchent les 500 millions d’euros, propose des mandats de cinq ans pour un portefeuille diversifié comprenant des actions, de la dette souveraine et de la dette corporate.Les précédents mandats qui viennent d’arriver à échéance avaient été gérés par Credit Suisse, Unipol Assicurazioni, J.P. Morgan Asset Management, Eurizon Capital et Natixis Asset Management.L’appel d’offres est ouvert jusqu’au 26 mai prochain au matin (10h30).
05/05/2014

Bruxelles déjuge Paris sur ses prévisions de déficit

La France ne devrait ramener son déficit public qu'à 3,4% du produit intérieur brut en 2015, sensiblement au-dessus des 3,0% promis à ses partenaires européens, selon les prévisions de printemps de la Commission européenne publiées lundi. Pour 2014, Bruxelles anticipe un déficit public français à 3,9%, très proche de celui de 3,8% retenu par le gouvernement, après 4,3% en 2013. Les économistes de la Commission anticipent dans le même temps une croissance du PIB de 1,0% en 2014, sans changement par rapport à leur précédente prévision, mais revoient en baisse à 1,5%, contre 1,7% auparavant, celle de 2015. Sur cette base, la dette publique de la France devrait progresser à 95,6% du PIB cette année, après 93,5% en 2013, puis 96,6% en 2015.
05/05/2014

Stabilisation de l'activité en Chine

L’activité manufacturière en Chine s’est contractée davantage que prévu au mois d’avril, l’indice PMI HSBC/Markit des directeurs d’achat ayant été révisé à 48,1 contre 48,3 dans le rapport préliminaire diffusé fin avril. L’indice reste globalement stable par rapport à son niveau de mars, ressorti à 48,0 points. Sur les trois premiers mois de l’année, il était en moyenne de 48,7 points, alors que la croissance du PIB a ralenti à 7,4%. Le consensus table sur une croissance annuelle de 7,3%, un rythme légèrement inférieur à l’objectif de 7,5% affiché par Pékin.
05/05/2014

Le régulateur boursier britannique publie ses nouvelles règles de cotation

La Financial Conduct Authority a publié vendredi ses nouvelles règles de cotation de sociétés en Bourse, qui s’apppliqueront à compter du 16 mai. La réforme est censée être plus protectrice pour les actionnaires d’entreprises ayant un gros actionnaire de référence, comme c’est le cas souvent des entreprises russes ou asiatiques qui ont choisi une IPO à Londres. Les nouvelles règles renforcent notamment les pouvoirs des administrateurs indépendants.
05/05/2014

Arkéa continue à négocier un ticket minoritaire chez Primonial

Le Crédit Mutuel Arkéa et Primonial ont confirmé dans un communiqué le processus en cours d’entrée de la banque au capital du groupe de gestion de patrimoine de façon minoritaire. «La recherche d’un tiers investisseur à hauteur de 25% (industriel permettant de dynamiser plus encore l’activité de Primonial, notamment à l’international, ou un fonds d’investissement de taille significative) est toujours en cours», précise le communiqué. Les deux groupes entendent ainsi démentir le site H24, qui affirmait le 2 mai qu’Arkéa envisageait désormais une prise de contrôle majoritaire, et sans entrée d’un tiers.
05/05/2014

Lisbonne sort «proprement» du plan de sauvetage

Le Portugal a opté en accord avec ses partenaires européens pour une «sortie propre» de son plan de sauvetage de 78 milliards d’euros, a expliqué dimanche le Premier ministre Pedro Passos Coelho. En choisissant de ne pas solliciter un crédit de précaution, le Portugal suit l’exemple de l’Irlande en décembre. Les rendements à 10 ans portugais étaient revenus vendredi à 3,60 %, une détente de 230 points de base depuis le début de l’année.
05/05/2014

Que la Bundesbank finance un plan d'investissements dans la périphérie !

Il faut accepter l’évidence: ce n’est plus à la BCE de chercher par tous les moyens à stimuler l’économie réelle de la zone euro. Malgré l’appréciation du taux de change réel, les conditions financières générales restent très souples, et l’Allemagne, dont l’industrie ne souffre pas de l’euro, réalise de toute façon près de 40% des exportations de la zone euro vers le reste du monde.
05/05/2014

Berne a gelé 140 millions d'euros d'avoirs ukrainiens

Le procureur fédéral suisse a ordonné le gel de 170 millions de francs suisses (140 millions d’euros) d’avoirs appartenant au président ukrainien déchu Viktor Ianoukovitch et à ses proches déposés sur des comptes bancaires en Suisse, a rapporté dans ses colonnes Zentralschweiz am Sonntag, l'édition dominicale du Neue Luzerner Zeitung.

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