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22/04/2014

"Le cross border, c'est le nerf de la guerre"

Comment se porte le secteur de la gestion d'actifs en France ? Un observateur particulièrement bien placé, Manuel Arrivé, de Fitch Ratings, a présenté pour Newsmanagers les grandes problématiques de la gestion française. Dans l'ensemble, le secteur se porte mieux mais rencontre encore des difficultés par rapport à la concurrence internationale. Le regain d'intérêt pour les actions européennes devrait toutefois profiter au secteur.
22/04/2014

Morningstar adds to OBSR team

P { margin-bottom: 0.08in; }A:link { } The Old Broad Street Research (OBSR) team at Morningstar, led by Ruli Viljoen, is recruiting two analysts, Simon Dorricott and Linsay McPhater. Dorricott had previously worked for Standard & Poor’s as deputy director of an equity fund research team. McPhater joins from Dart Capital, where she had been a senior analyst dedicated to several multi-asset class funds.
22/04/2014

CalSTRS invests an additional USD200m in private equity

P { margin-bottom: 0.08in; } The Californian teachers’ fund CalSTRS has announced that it has placed an additional USD200m in its strategy dedicated to private equity, the Private Equity Proactive Portfolio, which is aimed primarily at emerging market managers present in small niche markets. The new funds bring the programme dedicated to private equity to USD1.9bn. Of the USD200m engaged, a total of USD100m will be invested with the Chicago-based company Mudler & Monroe Asset Management, a new business relationship for CalSTRS. CalSTRS has also placed an additional USD100m through an existing business relationship with BAML Capital Access Funds Management, an affiliate of Bank of America.
22/04/2014

Irish sovereign fund focuses on PPPs

P { margin-bottom: 0.08in; }A:link { } The Irish strategic investment fund (ISIF) is reportedly “very interested in small public-private partnerships (PPP),” according to Eugene O’Callahan, future chief investment officer at ISIF and current chief investment officer at the Irish national pension reserve fund (NPRF), the specialist website IPE reports.
22/04/2014

Newton launches an absolute return fund

P { margin-bottom: 0.08in; } Newton, one of the affiliates of BNY Mellon, has launched another absolute return fund dedicated to institutional investors, Fund Web reports. The Newton Managed Targeted Return fund is managed by Tim Wilson, who already manages the Newton Managed Income fund.
22/04/2014

Sale of ING IM Taiwan to Nomura AM finalised

P { margin-bottom: 0.08in; } ING Investment Management has announced that it has finalised the sale of ING Investment Management Taiwan, its local asset management activity, to Nomura Asset Management, an affiliate of Nomura. Nomura AM has teamed up with an investment group led by Ashwin Mehta, former CEO of ING Securities Investment and Trust Company Limited, Taiwan.
22/04/2014

Active managers need to work to justify their fees

P { margin-bottom: 0.08in; } In an open statement published in the Financial Times, Andreas Utermann, co-head and global CIO of Allianz Global Investors, explains how to save active management. In addition to increasing their active share, active managers also need to focus on activities which increase their information ratio. Firstly, they need to extend their investment universe. That would mean overweighting small caps, which have outperformed large caps over the long term. It also means placing more emphasis on the depth of research, and developing strong convictions. Thirdly, they need to use more the tools available and develop new products which are not constrained and can sell short. If active managers take these measures, they will have a chance to continue to deliver on their objectives and give the lie to those who predict the death of active management.
22/04/2014

Concentrated portfolios outperform others

P { margin-bottom: 0.08in; } Investors who select actively-managed funds should invest in portfolios which track a benchmark index, or else they run a risk of paying high fees in exchange for underperformance, a new study by State Street Global Advisors cited by the Financial Times shows. Brian Routledge and Anthony Forcione, the authors of the study, feel that “high conviction” funds, which concentrate on a restricted number of shares, tend to outperform over the long term, despite higher volatility. By comparison, portfolios which invest in a large number of shares dilute the impact of the “best ideas” of managers.
22/04/2014

Asset management firms worried by competition from Facebook

P { margin-bottom: 0.08in; }A:link { } The incursion of Facebook into financial services raises fears at asset management firms that the major technology troups may have the potential to steal the bread off their table if they decide to offer funds, Financial Times fund management reports. One director speaking at a private meeting of asset management professionals told the FT that his greatest fear was that Google may decide to enter asset management. Nick Finegold, co-chairman of Espirito Santo bank, says “it is virtually impossible fro me to think of a sector which is more vulnerable to the Google empire than asset management.” He says “there is enough data at Visa and Google to seriously threaten any business involved in market activities. Let’s just hope that Google doesn’t merge with BlackRock.” Winning the confidence of investors would be a challenge for these tech giants, however.
22/04/2014

Euro zone: non-money market assets up to USD154bn in February

P { margin-bottom: 0.08in; }A:link { } Assets in securities issued by non-money market euro zone mutual funds totalled EUR7.435trn in February 2014, comapred with EUR7.281trn in January 2014, according to statistics from the European Central Bank. This growth of EUR154bn is largely due to an increase in the value of shares. In the same period, assets in securities issued by euro zone money market mutual funds totalled EUR855bn, unchanged compared with the previous month. Net subscriptions to non-money market euro zone mutual funds totalled EUR56bn in February 2014, while net subscriptions to money market mutual funds totalled EUR5bn. The annual growth rate for issues of non-money market euro zone mutual fund shares, calculated on the basis of net subscriptions, was 6.7% in February 2014. For money market mutual funds, the annual variation is -4.3%. In terms of ventilation by investment strategy, the annual growth rate for securities issued by bond funds was 4.4% in February 2014, and net subscriptions totalled EUR21bn. For equity funds, the rate was 6.4%, and monthly net subscriptions totalled EUR14bn. For mixed funds, the growth rate was 9.5%, with net subscriptions of EUR19bn.
22/04/2014

Eastspring launches a new bond fund in Malaysia

P { margin-bottom: 0.08in; } Eastspring Investments, the asset management affiliate of the British insurer Prudential dedicated to the Asian market, has launched a new income fund in Malaysia, with a three-year duration and an objective of capturing the best opportunities for returns on various bond assets, International Adviser reports. The vehicle, Eastspring Investments Target Income Fund 3, targets investors with a moderate tolerance to risk, and aims to offer half-yearly returns with potential payment of a bonus coupon at the maturity of the fund. The objective of the fund is to offer returns twice per year of over 4.50% calculated on an annual basis.
22/04/2014

Several large hedge funds stumble on tech stocks

P { margin-bottom: 0.08in; } Several multi-billion dollar hedge funds have posted heavy losses this month, which has dragged them down since the beginning of the year, the Wall Street Journal reports. The cause is their positions on technologies and biotechnologies. Viking Global Investors, a USD28bn hedge fund, lost 4.2% in March, the second-worst month in ten years, acording to investors, and lost a further 4% in the first two weeks of April. JAT, for its part, lost 9.3% in March, and more than 4% this month, bringing it down more than 10% since the beginning of the year.
22/04/2014

Victoria Capital acquires Munder Capital

Victoria Capital Management, a US asset management firm based in Cleveland (USD18.6bn in assets), has announced the acquisition of its compatriot Munder Capital Management, an asset management firm dedicated to institutional investors, which has USD18.4bn in assets under management.The transaction also includes the Integrity Asset Management company, a wholly-owned subsidiary of Munder Capital. The operation, whose price has not been disclosed, gives birth to a new group with over USD37bn in assets under management.
22/04/2014

Les prix du nickel atteignent un plus haut de 14 mois

Le contrat à 3 mois sur le nickel a atteint 18.285 dollars la tonne sur le London Metal Exchange, un prix que le métal n’avait pas touché depuis 14 mois. Le métal gagne plus de 30% depuis le début de l’année. La perspective d’une prolongation d’un moratoire sur les exportations en Indonésie, mais également la crise politique impliquant l’Ukraine et la Russie, deuxième producteur mondial, alimentent la hausse.
22/04/2014

Barclays va se retirer des principaux marchés physiques

La banque britannique prévoit de se retirer de pans entiers des marchés des métaux, de l'énergie et des matières premières agricoles dans le cadre de la restructuration de sa banque d’investissement, selon Reuters qui confirme une information du Financial Times, en ajoutant que Barclays devrait en faire aujourd’hui l’annonce aux 160 personnes travaillant dans les services concernés.
22/04/2014

Louis Schweitzer devient Commissaire général à l’investissement

Le président d’honneur de Renault Louis Schweitzer remplacera Louis Gallois au poste de Commissaire général à l’investissement, a annoncé samedi le ministère de l’Economie. Cette instance est chargée de mette en œuvre le programme d’investissements d’avenir de l’Etat et de veiller à la cohérence de sa politique en la matière. Louis Gallois, ex-PDG d’EADS (Airbus Group), prendra la présidence de PSA après validation de sa nomination par l’assemblée générale du constructeur le 25 avril.
22/04/2014

Le gouvernement précise les attributions des ministres à Bercy

Arnaud Montebourg et Michel Sapin risquent de jouer des coudes à Bercy. Le ministre de l’Economie, du Redressement productif et du Numérique partagera notamment avec celui des Finances et des Comptes publics la tutelle de la Direction générale du Trésor, de l’Insee et de l’Agence des participations de l’Etat (APE), selon les décrets d’attribution publiés ce matin. Pour l’APE, qui était déjà sous la tutelle de deux ministres avant le remaniement, un arrêté du Premier ministre doit encore définir comment se répartira le travail.
22/04/2014

Moscou efface la quasi-totalité de la dette nord-coréenne

Le Parlement russe a ratifié vendredi l’annulation de 90% des 10 milliards de dollars de dettes contractées par la Corée du Nord à l'époque soviétique. Les 10% restants seront rééchelonnés sur vingt ans, par versements tous les six mois. Cette décision est susceptible de faciliter la construction d’un gazoduc vers la Corée du Sud, projet développé depuis des années par la compagnie publique russe Gazprom, avec l’objectif de livrer 10 milliards de mètres cubes de gaz par an.
22/04/2014

Le déficit commercial nippon atteint un record

La balance commerciale nippone a été déficitaire en mars pour le 21ème mois consécutif avec un solde négatif de 1.446 milliards de yens (10,2 milliards d’euros), selon les statistiques publiées hier par le ministère des Finances. Les exportations ont augmenté de seulement 1,8% en rythme annuel, contre une hausse de 18,1% des importations. Sur l’ensemble de l’exercice clos le 31 mars, le déficit commercial a atteint un niveau record de 13.750 milliards de yens (97 milliards d’euros).
22/04/2014

Le FMI optimiste pour le déficit budgétaire portugais

Les perspectives économiques immédiates du Portugal s’améliorent alors même que son programme d’aide internationale touche à sa fin mais il doit maintenir le rythme des réformes, en particulier sur le marché du travail, pour éviter de voir sa dette gonfler à nouveau, a indiqué hier le FMI. Après une baisse plus rapide que prévu de son déficit budgétaire en 2013 (4,9% du PIB au lieu des 5,5% visés), l’institution juge le pays en bonne voie pour atteindre l’objectif d’un déficit de 4% du PIB cette année et de 2,5% l’an prochain.

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