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15/04/2014

BNY Mellon gagne un mandat auprès du fonds de pension PGGM

Bonne pioche pour BNY Mellon. Le gestionnaire d’actifs américain vient d’être sélectionné par le fonds de pension néerlandais PGGM Vermogensbeheer afin de lui fournir des services de dépositaire dans le cadre de l’application de la directive AIFM (Alternative Investment Fund Managers) portant sur des actifs d’une valeur de 14 milliards d’euros.Dans le détail, BNY Mellon assurera la conservation de l’ensemble des actifs de cinq fonds de fixed income et assurera également des services de supervision et le contrôle de performance du cash comme exigé par la directive AIFM. PGGM, basée à Zeist aux Pays-Bas, gère 160 milliards d’euros d’actifs à fin mars 2014 pour le compte de 2,5 millions de bénéficiaires néerlandais.
15/04/2014

Ardian vend un groupe d’industrie agro-alimentaire

La société d’investissement Ardian vient de ceder le groupe français d’industrie agro-alimentaire Diana, spécialisé dans les additifs alimentaires, à Symrise, l’un des principaux fournisseurs mondiaux de parfums, d’arômes et d’actifs cosmétiques. Cette transaction valorise Diana 1,3 milliard d’euros, indique un communiqué. Diana est un leader mondial des solutions naturelles pour l’industrie agro-alimentaires, animalière, nutraceutique aquaculture et cosmétique. Le groupe gère ses propres usines de production et est implanté dans 23 pays en Europe, Amérique du Nord et Latine et en Asie.La finalisation de l’opération interviendra après approbation des instances représentatives du personnel et approbation des autorités compétentes.
15/04/2014

Axa IM goes into impact investing

P { margin-bottom: 0.08in; } Axa Investment Managers has launched a fund of fund strategy in the area of impact investing, the most recent annual report from the asset management firm on socially responsible investment indicates. The fund is dedicated to the Axa group, which has planned to invest EUR150m. But it has not ruled out opening to third parties in the future, a spokesperson for Axa IM indicates. The asset management firm is also working to integrate environmental, social and governance (ESG) factors into the management of investments by the Axa group by 2015. Axa IM also states that it has obtained a bond portfolio management mandate for EUR200m, which will integrate ESG factors at every step of the investment process. SRI assets at Axa IM rose by 18% in 2013, to EUR5bn. This includes only “pure” SRI branded funds, and not those which make use of SRI research.
15/04/2014

BlackRock sets out to repair its active equity management

P { margin-bottom: 0.08in; } BlackRock appears to be an indomitable force in the area of asset management, but the largest asset management firm in the world has a weakness: its active equity management, Financial Times fund management observes. In 2011, the activity underwent net redemptions of USD9bn; in 2012, it had ouflows of USD18bn, and in 2013, USD15bn. Oliver Kettlewell, an analyst at Morningstar, thinks that the reputation of BlackRock as a “one-stop shop” played against its expertise in equities, as investors prefer smaller boutiques for this type of expertise. But BlackRock remains confident. “We have recruited new talent. Obviously, it takes some time for the new teams to recover their performance and establish a track record which will attract new inflows, but the performance of our new teams so far has been encouraging,” a spokesperson says.
15/04/2014

TIAA-CREF acquires Nuveen Investments

P { margin-bottom: 0.08in; } TIAA-CREF, a US leader in the provision of financial services, is spending USD6.25bn to acquire Nuveen Investments, a diversified asset management firm with assets of USD221bn. This price includes debt acquired with Nuveen Investments. The acquisition allows TIAA-CREF to increase its assets under management to about USD800bn, accoding to a statement released by the group. The deal puts the merged group among the 20 largest US investment firms.
15/04/2014

JP Morgan veteran launches a global macro strategy

P { margin-bottom: 0.08in; } Tarun Mahrotri, former global co-head of emerging markets at J.P. Morgan Chase, has launched a global macro strategy, AsiaHedge reports. It is the first hedge fund from the new company from Tarun Mahrotri, Kris Capital, based in Singapore, of which he is both CEO and CIO.
15/04/2014

AIFMD: French asset management firms have a lead in implementation

P { margin-bottom: 0.08in; } French asset management firms are head of their European counterparts in the practical implementation of the terms of the AIFM directive. This is one of the main lessons of the barometer recently published by the French financial management association (AFG), in collaboration with the management consulting firm Kurt Salmon, and ASPIM, the French association of real estate investment associations. The barometer, launched in early January 2014, evaluates and tracks the state of preparation of French asset management firms in the wake of the implementation of the AIFM directive, which came into effect on 22 July 2013. Its objective is to govern managers of alternative investment funds (FIA), and to monitor and limit systemic risks, in order to increase investor protection. After its analysis of the barometer, the AFG has noted the attractiveness of the AIFM label. 62% of actors surveyed in France, who are under the threshold to be required to register under the directive, and who are therefore not subject to it, have voluntarily decided to opt for an AIFM license. 43% have submitted their applications. “The obtention of the European passport now allows an asset manager to manage its FIAs within the European Union, and to be able to sell them in all member states,” the AFG notes.
15/04/2014

M&G signs seven distribution agreements in Italy

P { margin-bottom: 0.08in; } M&G Investments has signed new distribution agreements for its funds registered in Italy, Bluerating reports. Its products will now be available to clients of Banca Popolare di Vicenza, Barclays, Bnl-Bnp Paribas Private Banking, Cassa di Risparmio di San Miniato, CheBanca!, Crédit Suisse and Ipb Sim. The British asset management firm has also promoted Manuel Pozzi to senior sales manager, and Gabriella Pulsinelli as head of business and sales support. Raffaella Smeraldini has also been recruited as management assistant. The Italian team at M&G now has 15 members.
15/04/2014

Allianz GI recruits for Italian team

P { margin-bottom: 0.08in; } Allianz Global Investors has recruited Andrea Remartini for its Italian team, from Generali Investments Europe, as a fund buyers specialist, Bluerating reports. He will report to Filippo Battistini, head of institutional clients and fund buyers.
15/04/2014

Neuberger Berman adds to its high yield team

P { margin-bottom: 0.08in; } Neuberger Berman has recruited Andrew Wilmot as its main portfolio manager for its European high yield team, on its global team dedicated to this asset class, Fundweb reports. Wilmot, located in London, will report directly to Ann Benjamin, chief investment officer for non-investment grade strategies at Neuberger Berman. Previously, Wilmot had served as head of European high yield investors at Alcentra.
15/04/2014

German funds post inflows of nearly EUR9bn in February

P { margin-bottom: 0.08in; } German investment funds have posted net inflows in February of EUR8.9bn, according to statistics released by the German asset management association (BVI). In the first two months of the year, net inflows totalled EUR16.6bn. In the month under review, funds reserved for institutional investors attracted EUR5.8bn, while open-ended funds attracted EUR1.5bn, and mandates EUR1.6bn. The professional association also states that last year, net inflows to open-ended funds and dedicated funds in Germany totalled EUR95bn, compared with inflows of EUR401bn for Europe overall. In other words, the German fund market, which represents barely 20% of the European market, accounted for about 25% of inflows in 2013.
15/04/2014

Julius Baer speaks out against new immigration rules

P { margin-bottom: 0.08in; } Julius Baer denounces the recent Swiss referendum to restrict the number of immigrants from the European Union, Financial Times fund management reports. Daniel Sauter, chairman of the largest private bank in Switzerland, says that this will have a significant impact on his firm. Last year, the number of foreign employees working in the Swiss offices of Julius Baer increased by more than 20% for the first time, after the acquisition fo the international wealth management activities of Merrill Lynch.
15/04/2014

Edmond de Rothschild recruits for private banking in Hong Kong

P { margin-bottom: 0.08in; } Edmond de Rothschild on 14 April announced the arrival of six new employees on its private banking team in Hong Kong, in a move that confirms the desire of the group to scale up its activities in Asia. In detail, the new team will be composed of private bankers and private banking advisers specialised in business banking, wealth management and inheritance planning, and lastly, investments. Under the leadership of Monique Chan, CEO for private banking at Edmond de Rothschild in Hong Kong and chairman for Asia at the group, the new staff will offer custom services, and will specialise in developing solutions aimed at entrepreneurs and their families to optimise, preserve and plan wealth and inheritance. The group, which has been present in private banking in Hong Kong for over 20 years, began its asset management activities in 2007, and “was one of the first European institutions to be awarded a Chinese ‘A’ equity quota under the Qualified Foreign Institutional Investor (QFII) programme in 2006,” the group says in a statement. The Edmond de Rothschild group now has 31 offices in 19 countries in Europe, the Middle East and South America, for a total fo 2,800 employees worldwide. “The group intends to increase its total assets under management to EUR158bn by 2016,” Edmond de Rothschild says.
15/04/2014

Stoxx awards licenses to ETF Securities

P { margin-bottom: 0.08in; } The index provider Stoxx on 14 April announced that it has awarded operating licenses to ETF Securities for the Euro Stoxx 50 Daily Leverage 3 and LevDAX x3 indices. The indices serve as the basis for two ETPs which were listed on 14 April on Xetra.
15/04/2014

Julius Baer sets up shop in Ireland

P { margin-bottom: 0.08in; } The Swiss private bank Julius Baer on 14 April announced that it has completed the transfer of the international wealth management activities of Merrill Lynch based in Ireland. Employees at the Irish Merrill Lynch entity were transferred to Julius Baer on 12 and 13 April, a statement from Julius Baer says, adding that the firm has a new arm in Ireland. Merrill Lynch has been undertaking private banking operations in Ireland since 2001. The transfer of the international activities of Merrill Lynch is expected to be completed in first half 2015.
15/04/2014

Aviva sells its joint venture in South Korea

P { margin-bottom: 0.08in; } Aviva is continuing its efforts to restructure. The British insurer on 14 April announced that it is selling its 47% stake in its South Korean joint venture, entitled Woori Aviva Life Insurance to NongHyup Financial Group (NHFG). The joint venture is majority owned by Woori Financial Holding, which, under an agreement signed on 14 April, has also decided to sell its stake in NHFG. The price of the operation, subject to the approval of the regulator, has not been disclosed.
15/04/2014

Merger in alternative management

The absolute return specialist asset management firm GEMS Group has received permission from the supervisory authorities to acquire the alternative asset management firm Kenmar Group. The merger creates GEMS Kenmar Olympia Group, which manages over USD2bn.The group offers multi-strategy funds as well as long-only funds for macro and thematic strategies. It offers a range of multi-strategy funds, as well as long-only funds based on macro and thematic strategies. It offers a range of global and sectoral systematic funds. The group also has a managed accounts platform, PlariTY Managed Account & Analytics Platform.The group has offices in Paris, New York, Tel Aviv, Geneva, Nassau, Buenos Aires and Singapore.
15/04/2014

Head of institutionals leaves Arderova

P { margin-bottom: 0.08in; } Ian Lewis, head of sales to institutional clients, has left Arderova, Financial News reports. He had been a partner at the British firm since 2010, shortly after its creation. He had previously worked at Liontrust, like the founders of Arderova.
15/04/2014

Old Mutual may acquire Henderson's stake in Cirilium

P { margin-bottom: 0.08in; } Old Mutual Wealth is planning to acquire the 50% stake in Cirilium currently held by Henderson, Money Marketing reports. Cirilium is an investment joint venture between Henderson and Intrinsic, in equal parts.
15/04/2014

Newton benefits from success of absolute returns

P { margin-bottom: 0.08in; } BNY Mellon has confirmed the launch of a second fund in the area of absolute returns, at a time when the Newton Real Return fund, from its affiliate Newton, is approaching GBP9bn in assets under management, Financial News reports.
15/04/2014

BNY Mellon wins a mandate from pension fund PGGM

P { margin-bottom: 0.08in; } BNY Mellon has had a good break. The US asset management firm has been selected by the Netherlands pension fund PGGM Vermogensbeheer to provide depository services related to the application of the Alternative Investment Fund Managers (AIFM) directive, for assets valued at EUR14bn. BNY Mellon will provide custody for all assets in five fixed income funds, and will also provide cash performance supervision and control as required under the AIFM directive. PGGM, based in Zeist in the Netherlands, had EUR160bn in assets under management as of the end of March 2014, for 2.5 million beneficiaries in the Netherlands.
15/04/2014

Australian pension funds invest massively abroad

P { margin-bottom: 0.08in; } In 2013, Australian investments in foreign equities for the first time exceeded the amount invested by international investors on the Australian stock exchange, according to the national statistical office. This is concrete expression of a trend observed in recent years. The same trend has been observed on bond markets. This dynamic is expected to continue, says Martin Goss, investment adviser at Towers Watson & Co in Melbourne. He predicts that “Australian pension funds will be 60% exposed to international assets in their equity investments in 10 years, compared with 48% now.” The Australian market has become too cramped for local investors. It must be said that the Melbourne stock exchange represents only 2.3% of global market capitalisation, according to statistics from Bloomberg. In terms of capitalisation, “the 10 largest caps together account for more than half the benchmark index,” says the chief investment officer at the Retail Employees’ Superannuation Trust (REST), who says that he “has not allocated additional capital to Australian managers in the past 10 years.” In addition, “some sectors, such as the pharmaceuticals or technologies industry, are not represented in the Australian stock market index,” says Nader Naeimi, who manages the Dynamic Asset Allocation fund, and advises Australian funds “to be 80% invested abroad.” Australian funds seeking to diversify have no other choice than to increase their international exposure.
15/04/2014

Le futur noyau dur au capital d'Euronext se précise

Un consortium de huit investisseurs de référence s’est engagé à acquérir 25% à 30% du capital d’Euronext avant une introduction en Bourse qui devrait valoriser l’opérateur boursier entre 1 et 1,5 milliard d’euros, a appris Reuters de sources proches du dossier. Ce consortium regroupe des banques et institutions financières des différents pays dans lesquels la structure de marché opère. Seraient ainsi présents, BNP Paribas, la Société Générale, la Caisse des dépôts, pour la France, ING et ABN Amro pour les Pays-Bas, Banco Espirito Santo pour le Portugal et les belges SFPI et Belfius. L’introduction en Bourse devrait avoir lieu en juin.
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15/04/2014

Tradition Securities and Futures transige avec l’AMF

Dans le cadre d’un accord de composition administrative avec l’AMF, Tradition Securities and Futures a accepté de payer 50.000 euros pour des manquements constatés dans son activité d’intermédiation en matière de dérivés (difficulté de retracer les ordres au-delà de cinq jours).
15/04/2014

La région Ile-de-France émet 600 millions d'euros de "green bonds"

La région Ile-de-France a placé une émission obligataire verte et responsable («green bond») d’un montant de 600 millions d’euros. Le livre d’ordres a atteint plus de 750 millions. De maturité 12 ans et portant un coupon de 2,375%, cette opération représente la plus importante transaction jamais réalisée par la région à ce jour. Le placement était dirigé par Crédit Agricole CIB, HSBC et Natixis. Il s’agit de la seconde émission verte et responsable de la région Ile-de-France, après une première opération en 2012. Les fonds levés financeront des projets concernant notamment la construction et la rénovation de lycées ou de logements sociaux, le développement des transports en commun ou d’énergies renouvelables.
15/04/2014

Le Parlement européen adopte le système de résolution bancaire

Le Parlement européen a adopté mardi matin à une très large majorité l’ensemble des textes complétant l’union bancaire, afin d'éviter que les faillites des banques de la zone euro ne soient supportées à l’avenir par les contribuables. Outre la garantie des dépôts, les eurodéputés ont adopté la directive sur la gestion de crise qui crée des fonds de résolution nationaux et encadre les conditions du renflouement interne des banques (bail-in) ainsi que le règlement sur le mécanisme européen de résolution. Avec ce vote, «nous disposons d’un système véritablement européen pour superviser toutes les banques de la zone euro et traiter leurs faillites éventuelles», a réagi le commissaire européen chargé des Services financiers, Michel Barnier.
15/04/2014

La monnaie ukrainienne rebondit après la hausse des taux de la banque centrale

La monnaie ukrainienne, la hryvnia, bondit de plus de 4% face au dollar mardi après le relèvement de 3 points du taux directeur de la banque centrale annoncé lundi soir. La banque centrale a relevé son taux d’escompte pour la première fois depuis août 2013 pour le porter à 9,5% contre 6,5% précédemment. La hryvnia a perdu plus de 30% de sa valeur contre le dollar depuis le début de l’année en raison des tensions entre l’Ukraine et la Russie.
15/04/2014

L'inflation britannique décélère en mars à 1,6%

Le taux d’inflation a décéléré à 1,6% en mars contre 1,7% en février, au plus bas depuis décembre 2009, selon l’Office des statistiques nationales (ONS). Il s'éloigne ainsi un peu plus de l’objectif de la Banque d’Angleterre ce qui conforte les anticipations d’un maintien de sa politique monétaire accommodante.
15/04/2014

L'Erafp lance un appel d'offre pour trois mandats crédit ISR en dollars

L’Établissement de retraite additionnelle de la fonction publique (Erafp) lance un appel d’offres ouvert afin d’attribuer trois mandats de gestion de portefeuille d’obligations crédit ISR libellées en dollars. Pour ces nouveaux mandats, «l’Erafp recherche une gestion non benchmarkée dont l’objectif sera d’obtenir le meilleur rendement possible tout en minimisant le risque de défaut et ce dans le respect des dispositions ISR de l’Etablissement pour cette classe d’actifs». Les montants investis à un horizon de trois ans pourraient être de l’ordre de 400 millions d’euros. La durée initiale du marché est de cinq ans avec la possibilité pour l’Erafp de reconduire le marché pour trois périodes successives d’un an chacune.
15/04/2014

Les OPCVM français accusent 10,55 milliards de décollecte en mars

Les fonds ouverts de droit français ont subi 10,55 milliards d’euros de retraits de capitaux le mois dernier, selon les statistiques d’Europerformance - SIX Telekurs. Outre la décollecte massive des produits de trésorerie (9,8 milliards), les fonds actions sont repassés dans le rouge avec 538 millions de retraits nets en mars. Seuls les OPCVM obligataires et d’obligations convertibles bénéficient de flux positifs sur la période, de respectivement 957 et 168 millions d’euros.

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