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10/02/2014

US millionaires identify real estate as the most popular asset class

P { margin-bottom: 0.08in; } The majority of millionaire investors in the United States (77%) say that they own real estate, while 35% have real estate investment trusts (REITs), Hedge Week reports, citing a Morgan Stanley Wealth Management Investor Pulse Poll. After real estate, millionaire investors cite their preferred alternative asset classes as collections (34%), precious metals (28%), private equity (27%), real assets (17%), private real estate funds (16%), hedge funds (16%) and venture capital (13%).
10/02/2014

M&G Investments teams up with Debory Eres in employee savints

P { margin-bottom: 0.08in; } M&G Investments, an affiliate of the insurer Prudential, has signed a distribution agreement in France with Debory ERES, an independent platform specialised in employee sagings and retirement savings. After 18 months of talks, the two partners are now baptising a new enterprise common investment fund (FCPE), ERES M^G Equilibre, which is available to the 8,000 employee clients of Debory ERES and to independent financial adviser clients.
10/02/2014

Good overall results for Apollo

P { margin-bottom: 0.08in; } Assets under management at Apollo Global Management and its affiliates as of the end of December totalled USD161.2bn, compared with USD113.4bn as of the end of December 2012, according to a statement from the firm. This spectacular growth in assets of CHF47.8bn is related to the acquisition of Aviva Usa in early October, which brought a further USD44bn in assets under management. Economic net income (ENI) totalled USD1.89bn for the year as a whole, compared with USD1.47bn for the 2012 fiscal year. Apollo points out that on 31 December it performed a final closing of its flagship private equity fund, Apollo Investment Fund VIII, which rised USD17.5bn in external capital and USD880m in additional funds from Apollo and its affiliated investors.
10/02/2014

Anima applies for IPO

P { margin-bottom: 0.08in; } Anima Holding, the structure which controls the Italian asset management firm Anima Sgr, has presented an application to be listed to the Milan stock exchange and an application to the Italian regulator, Consob, for its information prospectus to be approved, Il Sole – 24 Ore reports. Banca MPS and BPM will sell shares in the firm, but will remain as shareholders. Lauro Quarantadue, Prima Holding 2 and certain directors of the group will also sell their shares. It is likely that Anima will launch on the stock market in April, if conditions permit it, with a valuation of over EUR1bn, the Italian newspaper reports. The asset management firm created in 2010 has EUR46bn in assets under management.
10/02/2014

Quantum fund from Soros posts a record year

P { margin-bottom: 0.08in; } The Quantun Endowment fund from George Soros has posted its second-best year ever expressed in US dollars in 2013, adding USD5.5bn to the wealth of the billionaire, and placing Quantum among the top hedge funds of all time, the Financial Times reports. These gains represent a return to stability for Quantum, which Soros closed to those not part of his family in late 2011. Management has been entrusted to Scott Bessent, CIO, the fund represents assets of USD28.6bn.
10/02/2014

Schroder liquidates UK Core fund

P { margin-bottom: 0.08in; } Schroder is closing its UK Core fund, Investment Week reveals, due to a shortage of assets. The fund, managed by Sue Noffke, Jessica Ground and Andy Simpson, was launched in 2011, and represented the first effort by Schroders to offer an actively-managed product at a low price.
10/02/2014

Lyxor hedge fund index down in January

P { margin-bottom: 0.08in; } The Lyxor hedge fund index lost 0.42% in January, compared with gains of 1.15% in December 2013, acording to the Lyxor index of the alternative asset management industry, released on 7 February. The Lyxor CTS Long Term index has seen the heaviest losses, at -6.42%. The Lyxor L/S Equity Long Bias Index startegy lost 1.53% for the month. The strategies which posted the strongest gains in January are the Lyxor Fixed Income Arbitrage Index (+1.74%), Lyxor Merger Arbitrage Index (+0,92%) and Lyxor L/S Equity Market Neutral Index (+0,83%).
10/02/2014

PRI organisation holds consultation on governance

P { margin-bottom: 0.08in; } The organisation responsible for the United Nations Principles for Responsible Investment has published a document as part of its governance review, and has invited signatories to the Principles to share their comments. The aim of the review is to evaluate what organisation the PRI organisation should adopt to serve its mission.
10/02/2014

FCA appoints an adviser for investment management

P { margin-bottom: 0.08in; } The British FCA on 7 February announced that it has appointed James Kelly as adviser in the division dedicated to the surveillance of wholesale banking and investment management. Kelly, who will begin immediately, previously worked at Goldman Sachs and UBS.
10/02/2014

NPRF drops State Street Global Advisors

P { margin-bottom: 0.08in; } The Irish pension fund National Pensions Reserve Fund (NPRF) has cut off its business relationshipswith State Street Global Advisors Ireland (SSgA) and terminated all mandates awarded to SSgA due to a fine leveled by the British FCA against the US group, IPE reports. The FCA has fined the firm GBP23m due to deliberately excessive commissions charged by SSgA from six clients, including the NPRF, which had previously sought a refund of EUR2.65m in non-contractual commissions charged during the liquidation of a EUR4.7bn allocation. A spokesperson for the pension fund confirmed that ties with SSgA had been cut off, without specifying precisely which funds were affected. The NPRF has also announced that as of the end of 2013, its assets under management totalled EUR19.9bn, as the fund earned returns of more than 35% for the year as a whole.
10/02/2014

Institutionals revise allocations in favour of bonds

P { margin-bottom: 0.08in; }Institutional redemptions from US equity funds and commitments to US bond funds both set new records in dollar terms going into February as markets around the world continue to struggle with the shift in US monetary policy, China’s slower growth and the cautious tone of the latest corporate earnings forecasts, according to EPFR.This ‘mini-rotation’ underpinned a new inflow record for all bond funds and a new outflow record for all equity funds during the week ending Feb. 5. Collective outflows from all equity funds totaled USD28.3 billion, with emerging markets equity funds accounting for a fifth of that total, while a net USD14.7 billion flowed into bond funds.
10/02/2014

La culture financière des Français reste faible

L'école de management Audencia Nantes vient de publier un baromètre sur la vulnérabilité financière des Français dans le cadre de sa Chaire Banques Populaires. Bilan: seulement 58% des interviewés savent que 100 euros placés à 2% par an conduisent à un capital de 102 euros au bout d’un an. Neuf sur dix ne comprennent pas le fonctionnement d’une obligation et plus des deux tiers comprennent mal les mesures d’atténuation des risques grâce à la diversification. Autre sujet de réflexion pour les prestataires de services d’investissement: 84,6% des Français trouvent les services financiers compliqués et confus, selon ce baromètre.
10/02/2014

Deutsche Bank casse les prix sur ses ETF physiques

Deutsche Asset & Wealth Management (DeAWM) annonce lundi la réduction des frais annuels d’ETF physiques de sa gamme en introduisant les «ETF Core» qui afficheront des frais sur encours de 0,09% annuels – 9 points de base, contre 15 à 30 pb aujourd’hui. Les premiers indices concernés sont le Dax, le FTSE 100, l’EuroStoxx 50 et le MSCI USA. La filiale de gestion de Deutsche Bank a pris fin 2013 un virage vers les produits indiciels cotés à réplication phyisque.
10/02/2014

L'Esma encadre la vente de produits financiers complexes

L’Autorité européenne des marchés financiers a publié vendredi une opinion sur les pratiques que doivent mettre en oeuvre les sociétés d’investissement lors de la vente de produits complexes. L’Esma «s’inquiète du fait que le respect, par ces sociétés, des pratiques de vente de la directive MIF soit en-deça des standards attendus». Le gendarme européen des marchés a publié en parallèle une mise en garde aux investisseurs.
10/02/2014

KKR prend le contrôle de National Vision

La société américaine de private equity a fait part du rachat de la chaîne d’optique à bas coûts auprès de Berkshire Partners. Reuters croit savoir que la transaction valorise la cible à un peu plus d’un milliard de dollars. La direction de National Vision reste au capital.
07/02/2014

Le froid grippe les créations d’emploi aux Etats-Unis

Les créations d’emplois non agricoles au sein de l'économie américaine ont été décevantes au mois de janvier, avec seulement 113.000 créations de postes enregistrés, contre 185.000 prévues par le consensus Reuters, selon le département du Travail. Un chiffre qui fait suite à un fort ralentissement déjà constaté au mois de décembre, avec 75.000 emplois créés, néanmoins perturbé par une vague de froid. Le taux de chômage n’en a pas moins poursuivi sa tendance baissière en reculant d’un demi-point à 6,6%, au plus bas depuis octobre 2008. Un reflux qui s’accompagne d’un léger rebond du taux de participation à 63%, après être tombé à 62,8% en décembre, son plus faible niveau depuis plus de 35 ans. Interrogé sur CNBC, le président de la Fed de Dallas, Richard Fisher, a atténué la portée de « chiffres isolés » et prédit que la déception de janvier sur le front de l’emploi ne devrait pas remettre en cause le tapering, baisse progressive des rachats massifs d’actifs engagée par la banque centrale américaine.
07/02/2014

KKR prend le contrôle de National Vision

La société américaine de private equity a indiqué le rachat de la chaîne d’optique à bas coûts auprès de Berkshire Partners. Reuters croit savoir que la transaction valorise la cible à un peu plus d’un milliard de dollars. La direction de National Vision reste au capital.
07/02/2014

LifeSide Patrimoine propose un FCPR dans ses contrats d'assurance vie

LifeSide Patrimoine, la plateforme de distribution à architecture ouverte, filiale du groupe Crédit Agricole, propose désormais le fonds commun de placement à risques (FCPR) Patrimoine Sélection PME, dans ses contrats d’assurance vie, comme Arborescence Opportunités. Géré par Sigma Gestion (ACG Group), ce fonds permet aux particuliers d’accéder à des supports investis dans l’économie. Patrimoine Sélection PME concerne des fonds de Private Equity ciblant des petites et moyennes entreprises européennes non cotées matures, dont la valeur se situe entre 50 millions et 1 milliard d’euros, indique un communiqué.

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