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26/03/2014

Mizuho AM nomme son nouveau directeur général

Les actionnaires de Mizuho Asset Management ont désigné Hidetaka Nakamura, jusque-là directeur et président de Mizuho Securities Asia, pour occuper le poste de directeur général en remplacement de Shinichiro Tanaka, rapporte Asia Asset Management. L’heureux élu devra toutefois encore patienter pour prendre ses fonctions La décision définitive doit en effet intervenir lors de l’assemblée générale de la compagnie prévue au mois de juin.
26/03/2014
Fonds

Bankia scinde partiellement son fonds immobilier

Après Santander et Sabadell (lire News Managers du 19 mars 2014), c’est au tour de Bankia de remettre à plat sa gestion immobilière. La banque espagnole a en effet informé le régulateur local, la CNMV, qu’elle envisageait de scinder partiellement son fonds immobilier, Bankia Inmobiliario, rapporte Funds People.Cette décision impliquera une ségrégation partielle de ses encours et en transfère en bloc des encours ainsi scindés vers le nouveau véhicule Bankia Monetario Euro Deuda III. Le groupe bancaire espagnol offre aux participants du fonds immobilier le droit de réclamer le remboursement des sommes investies ou de transférer leurs participations, sans frais, tout au long du mois d’avril 2014.Bankia restera le participant unique du fonds immobilier. Actuellement, à travers la «fenêtre» de liquidité ouverte en février concernant 600 participants qui représentent un volume de 3,8 millions d’euros, le groupe bancaire détient plus de 99 % des encours du fonds qui pèse 283,8 millions d’euros.
Fonds
26/03/2014

Banco Madrid finalise le rachat de la gestion d’actifs de BMN

La banque privée Banco Madrid a annoncé, ce 25 mars, avoir finalisé l’acquisition de BMN Gestion de Activos, la société de gestion d’actifs du groupe bancaire BMN, établissement financier qui intègre Cajamurcia, CajaGranada et Sa Nostra. Banco Madrid met ainsi la main sur les 500 millions d’euros d’encours gérés par les fonds de BMN. Mieux, «en intégrant BMN Gestion de Activos, Banco Madrid se situe désormais parmi les 15 plus grandes sociétés de gestion en termes d’actifs sous gestion avec plus de 4,5 milliards d’euros d’encours», indique Banco Madrid dans un communiqué.
26/03/2014

ING va rembourser 1,225 milliard à l'Etat néerlandais

ING a indiqué, mardi 25 mars, qu’elle allait rembourser 1,225 milliard d’euros au 31 mars 2014 à l’Etat néerlandais. Un montant supérieur de 100 millions d’euros à ce qu’il avait été prévu dans le plan de restructuration de la Communauté Européenne annoncé le 19 Novembre 2012. Le paiement comprend un remboursement de 817 millions d’euros de titres core Tier one et 408 millions d’euros en primes et intérêts. Après ce paiement, le montant total versé à l'État néerlandais sera de 12,5 milliards d’euros, y compris 9,3 milliards d’euros en principal et 3,2 milliards d’euros en intérêts et primes. Au cours de la crise financière, ING a reçu 10 milliards d’euros de l'État néerlandais. La banque a confirmé son intention de solder les comptes en mai 2015.
26/03/2014
Fonds

Capital Group lance un fonds multi-assets de dividendes en Espagne

Capital Group complète son offre sur le marché espagnol. Après avoir annoncé l’ouverture de son premier bureau dans le pays, la société de gestion d’actifs a ainsi enregistré le 14 mars auprès du régulateur local, la CNMV, sa Sicav Capital International Portfolios 2 (CIP2), rapporte Funds People.A travers ce véhicule domicilié au Luxembourg, Capital Group met à disposition des investisseurs espagnols son unique fonds de sa gamme au format Ucits. Il s’agit du produit Capital International Global Absolute Income Growers, un fonds multi-classes d’actifs (principalement actions et obligations) qui se focalise sur le paiement périodique des dividendes. Ainsi, le fonds investit principalement dans des valeurs caractérisées par la croissance de leur dividende. Lancé en mars 2011, ce fonds affiche déjà un encours de 24,3 millions d’euros.
Fonds
26/03/2014
Fonds

Un indice Stoxx retenu pour un ETF Low Volatility de State Street GA

L’indice Euro Stoxx Low Risk Weighted 100 du fournisseur d’indices Stoxx Ld a été retenu par la société de gestion State Street Global Advisors pour devenir l’indicateur de l’ETF SPDR Euro Stoxx Low Volatility. Cet ETF OPCVM est disponible dès aujourd’hui sur la Deutsche Börse Xetra.L’indice Euro Stoxx Low Risk Weighted 100 est un dérivé de l’indice Euro Stoxx mais ne comprend que les 100 actions affichant la plus faible volatilité historique au cours des douze derniers mois. Caractéristiques :ISIN: IE00BFTWP510TER : 0,30 %Benchmark: EURO STOXX Low Risk Weighted 100 Index
Fonds
26/03/2014
Fonds

GLG Partners ferme un fonds et en lance un autre

GLG Partners a lancé un fonds alternatif marchés émergents de type macro alors qu’il s’apprête à fermer un autre fonds alternatif, est en mesure de révéler Citywire Global. Le fonds GLG Global Emerging Market Macro Alternative a été lancé officiellement le 13 mars. Il regroupe l’offre actuelle de la société dans ce domaine et sera géré par l’équipe Macro and Relative Value. Dans le même temps, GLG EM Diversified Alternative sera fermé le 3 avril.
Fonds
26/03/2014
Fonds

Première collaboration entre CDC International Capital et Mubadala

Selon le site Boursier.com, CDC International Capital a signé, mardi 25 mars, une première collaboration avec Mubadala, la société d’investissement d’Abu Dhabi, dans le cadre d’une plateforme commune détenue à 50 % pour chaque entité et dotée de 300 millions d’euros. Ce fonds visera des objectifs de rendements élevés à travers des investissements à long-terme, principalement dans des sociétés françaises privées, dans de l’immobilier et dans le marché des infrastructures.
Fonds
26/03/2014

Sovereign funds posted record transactions in 2013

P { margin-bottom: 0.08in; } Direct transactions carried out last year by sovereign funds totalled a recor USD174.73bn, nearly three times more than the previous year, according to statistics from the Sovereign Wealth Fund Institute (SWF Institute). This rebound reflects growth in assets in sovereign funds and the confidence which has been regained as the global economy has rebounded. “Sovereign funds are well on the way to reaching USD7trn. And market actors, institutional investors and political leaders are ready to take a closer interest in this fast-growing category of investors,” says Michael Maduell, chairman of the SWF Institute, cited in a statement. In the past few years, the statement adds, sovereign funds have modified their investment strategies, and are increasingly intervening as long-term actors.
26/03/2014

PFZW pension fund confirms SRI approach

P { margin-bottom: 0.08in; } The Netherlands pension fund for healthcare professionals PFZW, whose assets under management total about EUR140bn, would like to continue to apply its SRI strategy despite the upset provoked by its decision to pull out of the capital of five Israeli banks, IPE reports. The decision to divest take by PFZW led to demonstrations in front of the offices of PGGM, the asset management firm of PFZW, as well as outgrated reactions from several Jewish organisations. PFZW does not plan to modify its approach, but admits that in the case of the Israeli banks, its communication could have been better in order to prevent its initiative being interpreted as a boycott of Israel.
26/03/2014

Elliott doubles its stake in F&C

P { margin-bottom: 0.08in; } The activist investor Elliott Associates has increased its stake in F&C Asset Mangaement to 20%, as the asset mangaement firm is subject to a takeover bid for GBP708m by the Canadian Bank of Montreal, Investment Week reports. On 26 February, Eilliott already held an 11% stkae. F&C on 27 January announced that it had accepted a bid at 120 pence per share in cash from BMO. Some shareholders are hoping for a counter-offer.
26/03/2014

DeAWM wants strong growth in the United Kingdom

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management plans to register its funds on British platforms for the first time as part of a major push in the United Kingdom, Ignites Europe reports. The firm is in talk with eight platforms, including Nucleus and Standard Life. The first funds concerned will be physical ETFs and Croci funds.
26/03/2014

Invesco is top foreign firm in Italy for inflows in February

P { margin-bottom: 0.08in; } Invesco was in February the top foreign asset management firm in terms of net inflows in Italy, Bluerating reports. With EUR644m, the structure has increased its assets under management in Italy to EUR10.5bn. In Italy, activities are led by Sergio Trezzi, country head and head of European retail.
26/03/2014

AllianzGI launches a maturity fund dedicated to emerging markets

P { margin-bottom: 0.08in; } Allianz Global Investors is offering a new maturity fund dedicated to emerging market corporate bonds, Das Investment reports. The Allianz Emerging Markets Bond Extra 2018 (WKN A1XCBQ), designed for retail clients, has been open to subscriptions since 24 March. Commissions total 0.99%. The portfolio will consist of 60% investment grade bonds and 40% high yield bonds. Assets in such dated funds managed by AllianzGI now total nearly EUR2bn.
26/03/2014

DeAWM offers a Chilton strategy in UCITS format

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) has launched an alternative beta startegy in UCITS format, Absolut Report reports. The DB Platinum Chilton Diversified (ISIN LU0983855841) is a long/short US equity strategy from Chilton Investment Company, available for the first time to a larger audience of investors. The fund has weekly liquidity and is open to institutional investors with an initial investment of at least USD10.000. It charges 2%, with a performance commission of 20%.
26/03/2014

LBBW fund closed to new investors

P { margin-bottom: 0.08in; } The LBBW Pro-Fund Credit I fund has been closed to new investors due to very strong demand which would have compliaated the management of the strategy, Universal Investment, which is responsible for administering the fund, has said in a statement. Assets in the fund managed by LBBW Asset Management now total EUR494m, largely due to strong demand from institutional investors and funds of funds. Since its launch in June 2010, the fund has earned returns of 3.64% per year, with volatility of only 1.55%.
26/03/2014

SEC to relax position on money market funds

P { margin-bottom: 0.08in; } The Securities and Exchange Commission, under pressure from the asset management industry, is preparing to introduce an exemption for a majority of money market funds from rules to curb risks, the Wall Street Journal reports, citing sources familiar with the matter. Money market funds dedicated to retail investors could maintain stable USD1 share prices instead of floating in value. During the crisis, retail investors pulled out of money market funds, but more slowly than big institutions.
26/03/2014

Capital outflows may total USD70bn in Russia

P { margin-bottom: 0.08in; } Russia is expecting capital outflows to total about USD70bn in first quarter, a total higher than the capital outflows posted in all of 2013, Investment Week reports. In the wake of the annexation of Crimea, investors have repatriated far higher volumes than initial estimates might have suggested. Asset managers have also experienced the full impact of the tensions in the region. The Neptune Russia & Greater Russia fund, whose assets totalled about GBP300m, were down 23% in the past 12 months.
26/03/2014

Sturgeon and Gandon pool their regulatory expertise

P { margin-bottom: 0.08in; } The British Sturgeon Ventures and the Irish Gandon Alternative Fund Management have announced that they are creating a joint venture which will be able to offer exhaustive regulatory assistance to alternative investment funds, Global Investor reports. The new structure is presented as the first regulatory incubation structure to be licensed under both the AIFM directive and the financial market instruments (MiFID) directive. Gandon received its AIFM license from the Central Bank of Ireland, while Sturgeon is permitted to provide services under the MiFID directive.
26/03/2014

F&C shareholders approved takeover by BMO

Shareholders in F&C Asset Management on 25 March approved the takeover for GBP708m (USD1.17bn) of the asset management firm by the Canadian financial group Bank of Montreal (BMO). At a general shareholders’ meeting, shareholders representing 99.6% of shareholders voted in favour of the deal announced in January.F&C Asset Management has announced that F&C shares would be suspended following the end of the trading day on 6 May.On the same day, it was learned that the activist investor Elliott Associates had increased its stake in F&C Asset Management to 20%, whereas it had held 11% of capital as of 26 February, Investment Week reports.
26/03/2014

Italian funds post inflows of over EUR6bn in February

P { margin-bottom: 0.Funds on sale in Italy in February recorded net inflows of EUR6.4bn, after EUR3.9bn in January, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Inflows were driven by flexible funds (EUR4.33bn), bond funds (EUR1.6bn) and equity funds (EUR1.1bn). Only money market funds and hedge funds had net redemptions for the month, totalling EU731m and EUR143m, respectively. As of the end of February, assets in open-ended funds totalled EUR573.7bn, compared with EUR560.5bn in January. With the addition of closed funds and mandates, the Italian asset management industry as of the end of Febriary posted net inflows of EUR11.8bn, a level not seen since 1998, Assogestioni underlines. In this strong month, virtually all asset management firms had a positive balance between subscriptions and redemptions from open-ended funds and mandated management. Unsurprisingly, the three largest Italian groups in terms of assets are the top three: Gruppo Intesa Sanpaolo leads with EUR3.02bn, followed by Pioneer Investments (EUR1.8bn) and Generali (EUR1.6bn). Among the few asset management firms to have posted outflows are Franklin Templeton Investments (-EUR696.4m) and Montepaschi (-EUR35.5m).
26/03/2014

Mizuho AM appoints a new CEO

P { margin-bottom: 0.08in; } Shareholders at Mizuho Asset Management have nominated Hidetaka Nakamura, previously director and chairman of Mizuho Securities Asia, to serve as CEO, replacing Shinichiro Tanaka, Asia Asset Management reports. Nakamura will have to wait to start his new job, however, as the final decision is expected to be taken at a general shareholders’ meeting for the firm in June this year.
26/03/2014

Blackstone plans to set up shop in Israel

P { margin-bottom: 0.08in; } The Blackstone group is planning to open an office in Israel, according to one of the senior advisers at the group, as the country is seeing a rebound in interest due to large buyout operations, Financial News reports.
26/03/2014

Napoléon Gourgaud promoted to CEO of Sélection 1818

P { margin-bottom: 0.08in; } Napoléon Gourgaud has been appointed CEO of Sélection 1818, the platform born of the merger of Sélection R and 181 Partenaires. The appointment will be effective from 20 March, a statement from Banque Privée 1818 says. Gourgand will lead the platform, which offers a wide range of investment products (banking, insurance, international, real estate), and many services for independent financial advisers (IFAs) and their clients, a statement says. Gourgand, 40, had for 4 years served as deputy CEO of development for the platform. Since 2007, he had been director of distribution for France at Financière de Champlain.
26/03/2014

Janus Capital tops USD1bn in French-speaking Europe

P { margin-bottom: 0.08in; } The US-based asset management firm Janus Capital Group, based in Denver, whose representative office in France was opened just 2 years ago, is planning to continue its development in French-speaking Europe. Assets under management in the French-speaking markets, which include France, Geneva, meaning French-speaking Switzerland, Luxembourg, and Monaco, at the end of 2013 had passed the symbolically significany USD1bn mark, Sylvain Agar, head of development for French-speaking Europe at Janus Capital, has told Newsmanagers at the firm’s annual conference. Janus Capital is now planning to take a further step in its development, continuing its development and diversification strategy in France, serving institutionals and IFAs, multi-managers and insurers, along with the promotion of certain strategies which had previously been less visible. These include the Janus Europe fund, whose assets total nearly EUR170bn, which invests in companies with sustainable competitive advantages, offers high returns which are set on rising trends, and long-term growth outlooks. The Irish-domiciled fund, launched in 2008, has posted double-digit returns higher than the index over one, three and 5 years.
26/03/2014

BlackRock CEO writes S&P500 companies

BlackRock chief executive Laurence Fink wrote a letter to the CEO of every S&P 500 company to warn them that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment. «Many commentators lament the short-term demands of the capital markets,» Mr. Fink wrote in the letter reviewed by The Wall Street Journal. «We share those concerns, and believe it is part of our collective role as actors in the global capital markets to challenge that trend.»
26/03/2014

Bankia partially spins off its real estate fund

P { margin-bottom: 0.08in; } After Santander and Sabadell (see Newsmanagers of 19 March 2014) Bankia has become the next firm to press the reset button for its real estate funds. The Spanish bank has informed the Spanish regulator, the CNMV, that it is planning to partially spin off its real estate fund, Bankia Inmobiliaro, Funds People reports. The decision will involve a partial segregation of its assets, transferring the assets liberated in a single bloc to the new vehicle, Bankia Monetario Euro Deuda III. The Spanish banking group is offering participants in the real estate fund the right to claim a partial redemption of sums invested, or to transfer their stakes at no cost throughout the month of April 2014. Bankia will remain the single participant in the real estate fund. Currently, via a liquidity windows opened in February for the fund’s 600 participants, who represent a total volume of EUR3.8bn, the banking group controls over 99% of assets in the fund, which has a total fo EUR283.8m.
26/03/2014

Stoxx index selected by a Low Volatility ETF froom State Street GA

P { margin-bottom: 0.08in; } The Euro Stoxx Low Risk Weighted 100 index from the index provider Stoxx Ltd has been selected by the asset management firm State Street Global Advisors to become the indicator for the SPDR Euro Stoxx Low Volatility ETF. The OPCVM format ETF is now available on Deutsche Börse Xetra. The Euro Stoxx Low Risk Weighted 100 index is a derivative of the Euro Stoxx index, but includes only 100 equities with the lowest volatility track record over the past 12 months.
26/03/2014

GLG Partners closes a fund and launches another

P { margin-bottom: 0.08in; } GLG Partners is launching an emerging market macro hedge fund, as it prepares to close another hedge fund, Citywire Global reports. The GLG Global Emerging Market Macro Alternative fund was officially launched on 13 March. It consolidates the current range from the firm in this area, and will be managed by the Macro and Relative Value team. At the same time, GLG EM Diversified Alternative will be closed on 3 April.

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