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06/01/2014

Strong growth in assets for Spanish funds in 2013

The Spanish asset management industry has had a strong year in 2013. Assets in Spanish funds have reach EUR157.3bn, the level of June 2010, according to Funds People, on the basis of provisional data from Ahorro Corporacion. In the past year, assets under management rose by EUR30.18bn, growth of 23.7%. This performance is largely due to a net inflow of EUR23.2bn, responsible for 77% of growth in assets under management in 2013. Last year, Spanish funds earned average returns of 5.68%, a figure higher than the 4.53% in 2012.
06/01/2014

TCW appoints a new head of retail distribution

The California-based asset management firm TCW has appointed Alex McCulloch as head of retail distribution and marketing, Mutual Fund Wire reports. The appointment follows the recent departure of its CEO Charles Baldiswieler, who has become chairman of Angel Oak Capital, which has required the company to redistribute its responsibilities internally. McCulloch, who has been present at TCW since 1995, previously served as co-head of client relationships with private clients. According to a TCW spokesperson cited by Mutual Fund Wire, McCulloch’s mission will be to “grow our capacities in asset management with common investment funds on the retail market.”
06/01/2014

Warren Buffett misses his objectives

For the first time in four decades, the holding company of Warren Buffett, Berkshire Hathaway, probably did not succeed last year in beating the S&P 500 index, Investment Week reports. In the past five years, the S&P 500 has earned 128%, according to statistics from Bloomberg, at a time when, according to available figures, the value of A shares in Berkshare rose 80% between the end of 2008 and 30 Septemebr 2013. According to analysts, it is unlikely that Buffett could have reduced the gap in significant proportions in the last three months of 2013.
06/01/2014

UFF Group acquires Aviva Epargne & Conseils network

UFF and Aviva on Thursday, 2 January announced the signature of a sales agreement to integrate the portfolios of clients and employees of the Aviva Epargne & Conseils (AEC) network into the Groupe Union Financière de France (UFF). After a period of harmonisation of tools and practices, the merger will result in a total operational merger of the networks. The total acquisition price is EUR8m. Due to the liabilities taken on board by UFF, which has achieved a price reduction, the price paid to Aviva is EUR7.2m, a statement says. The Aviva Epargne & Conseils network is specialised in life and retirement insurance advising. It has about 250 employees, and the portfolios of its 75,000 clients represent over EUR2.5bn in assets under management. The acquisition allows UFF to have a network of 1,100 employees dedicated to advising, assets of EUR10bn under management, and a portfolio of 200,000 clients.
06/01/2014

Record inflows to ETFs listed in the US in 2013

According to statistics compiled by IndexUniverse, exchange-traded funds (ETF) listed in the United States have posted record inflows of USD188.54bn in 2013, slightly overtaking the previous record of USD188.36bn in net inflows in 2012. This performance is more notable due to the fact that the largest ETF in the world, dedicated to gold (SPDR Gold Shares, or GLD) has seen outflows of USD25bn for the past year overall. Including redemptions and falling gold prices, assets in GLD have fallen by 57% to a total of USD37bn as of the end of 2013, compared with USD72bn one year earlier. Overall, total assets in ETFs listed in the United States have reached a record USD1.701trn on the last trading day of 2013, for growth of 26% in assets compared with the end of 2012, and growth of 8.6% compared with third quarter, according to figures from Index Universe. The most popular fund in 2013 was SPDR S&P 500 ETF (SPY), the largest ETF in the world, with a total of USD175bn in assets, or 10% of all ETFs listed in the United States.
06/01/2014

amLeague: French firms BNP Paribas and Roche-Brune stand out

The most recent monthly results for 2013 for the amLeague mandates give the advantage of Invesco, particularly to the team of Martin Kolrep and Manuela von Ditfurth for Europe mandates, which comes out top in Decemer, with returns of 2.76%, followed by Swiss Life Asset Managers and Roche-Brune (2.52% and 2.08%, respectively). For the year overall, however, French asset management firms do well. In European equities, BNP Paribas IP, with Theam, tops the rankings, with returns of 28.06%, followed by Invesco, AllianceBernstein And Roche-Brune, which have similar returns (27.78% to 27.74%). In euro zone equity mandates, Invesco tops the rankings for the year, with returns of 38.70%, just ahead of the French Roche-Brune, where the team of Bruno Fine and Grégoire Laverne earned 31.40%, and which did better than AllianceBernstein (29.67%). Considering results for the past year overll, for Europe, ten out of 22 companies did better than the benchmark, the Stoxx 600 Net Return, which has gained 20.79%. For the euro zone mandate, eight companies out of 28 beat the Eurostoxx Net Return index, which gained 23.74%.
06/01/2014

Wallenberg and Vekselberg want to buy Metco

The Metco division of the Sulzer group, which is up for sale, has attracted two interested candidates, OC Oerlikon, led by the Russian Viktor Vekselberg, and the EQT holding company of the Swedish Wallenberg investment group, HandelsZeitung reports. The newspaper reveals that the adviser to EQT is Ulf Berg, formerly head and chairman of the board of director at Sulzer. Berg left Sulzer after a shareholder battle which was won by Vekselberg, it says. Metco is a very profitable division of Sulzer, active in the treatment of surfaces. Its sale is expected to bring in about CHF900m for Sulzer. Bids may be submitted until 18 January.
06/01/2014

George Soros buys a stake in Spain's FCC

The fund associated with George Soros has purchased a 3.1% stake in the Spanish construction group FCC from the largest shareholder in FCC, Esther Koplowitz, the Financial Times reports. Soros becomes the second international investor in the Spanish group, following Microsoft co-founder Bill Gates, who controls a 6% stake. Shares in the FCC group, which has decided to reduce its debt by selling off non-strategic assets, and which has strengthened its position internationally, has gained more than 125% in the past six months.
06/01/2014

Head of emerging market credit trading leaves ING IM

Jorge Amato, head of emerging market credit trading at ING Investment Management, has left the firm to join Millennium Management, a hedge fund based in New York, at the end of December, Citywire reports. He will now be a portfolio manager in the global emerging market credit team at Millennium. Amato spent three years at ING IM in the United States.
06/01/2014

Average private real estate fund tops USD500mn in size

The average size of private real estate vehicles which held final closes in 2013 was USD511mn, the highest ever recorded by Preqin. This comes at a time when fundraising levels are at a five-year high, with the capital raised by private real estate funds in 2013 amounting to USD77bn, 17% up on 2012. Although capital raised in 2013 has surpassed 2012 levels, the number of funds reaching a final close has fallen from 223 in 2012 to 162 in 2013, with capital increasingly concentrated among fewer managers, Preqin reports.
06/01/2014

Hedge funds did less well than equities in 2013

Hedge funds earned less good returns than equities in 2013, according to statistics from Hedge Fund Research published by Handelsblatt. Last year, hedge funds posted average returns of 8.2%, while the MSCI World index gained 21%, the German newspaper notes. Since 2009, the performance of hedge funds has been 39.6%, while global equities has been 75%.
06/01/2014

Close Brothers Asset Management adds to multi-asset team

Close Brothers Asset Management has recruited Seton Craven, previously head and multi-asset portfolio manager for wealth management clients at PSigma Investment Management, as chief investment officer in its “Bespoke Investment Management” team. In this role, Craven will report directly to Nancy Curtin, head of the unit. The recruitment is the third for Close Brothers Asset Management in the past four months, following the arrival of two directors of development in September 2013.
06/01/2014

M&G recruits a director of real estate investment

M&G Real Estate, an affiliate of M&G Investments, has appointed Jonathan Clarke as investment management director. Clark had since January 2011 worked at Genesis Housing Association, first as head of planning and financial development and then as director of corporate finance from January 2012. At M&G Real Estate, Clarke will take responsibility for all investment activities on behalf of insurance clients and pension funds at M&G. The precise details of his functions will be disclosed during the month, following a meeting of the board of directors of M&G Real Estate.
06/01/2014

La Chine durcit les règles encadrant la finance parallèle

Le gouvernement chinois a adopté un projet de durcissement des règles encadrant les activités de «shadow banking», selon des sources concordantes. Les nouvelles règles introduisent des restrictions sur la coopération entre banques classiques et sociétés d’investissement, sociétés de courtage et autres intermédiaires. Elles visent également le financement par le biais d’internet, les pratiques de microcrédits ou les prêts informels consentis par des proches. Si le texte adopté par le Conseil d’Etat souligne que le système bancaire parallèle est une conséquence «bénéfique» et «inévitable» du développement de la finance de marché, Pékin s’inquiète des risques induits par la flambée de la dette, qui atteint 218% du PIB selon Fitch, contre 131% en 2008. En outre, l’audit national a révélé que 43% de la dette totale de 17.900 milliards de yuans des collectivités locales chinoises provenait de sources non bancaires.
Shadow banking: la Chine durcit les règles. Photo: PHB
06/01/2014

L'or fait plonger les comptes de la Banque nationale de Suisse

La Banque nationale suisse (BNS) a annoncé lundi une perte de 9 milliards de francs suisses au titre de 2013, en raison de la forte dévaluation de ses réserves d’or. La banque centrale a précisé que la perte de 15 milliards de francs suisses sur ses avoirs en or, dont le cours a chuté de 28% en 2013, n’a pu être entièrement compensée par un gain de 3 milliards de ses réserves en devises étrangères et d’un bénéfice de plus de 3 milliards réalisé lors de la vente d’un fonds de stabilisation crée cinq ans auparavant pour sauver UBS.
06/01/2014

Turgot Asset Management et Alienor Capital se rapprochent

Turgot Asset Management et Alienor Capital, sociétés de gestion de portefeuilles entrepreneuriales, viennent de signer une lettre d’engagement visant à rapprocher les deux entités. Sous réserve d’agrément de l’AMF, Turgot AM prendra une participation de 35% dans Alienor Capital à l’occasion d’une augmentation de capital décidée pour le premier trimestre 2014. Le nouveau groupe représentera un total d’actifs sous gestion de plus de 250 millions d’euros, et emploiera 15 salariés dont 7 gérants de portefeuille.
06/01/2014

Les indices PMI en France confirment la contraction dans le secteur privé

L’activité dans le secteur privé français s’est contractée de manière légèrement moins marquée qu’initialement annoncé en décembre mais à un rythme supérieur à celui de novembre, montrent lundi les résultats définitifs de l’indice Markit des directeurs d’achats. L’indice PMI composite, qui combine celui des services et celui de l’industrie manufacturière, s’est replié à 47,3, un niveau un peu supérieur à l’estimation flash de 47,0, après 48,0 en novembre.
06/01/2014

Carlyle s’ouvre aux investisseurs particuliers

La société américaine de private equity a enregistré auprès de la SEC les documents nécessaires au lancement de ses deux premiers mutual funds à destination de la clientèle de détail, l’un orienté vers les matières premières, l’autre vers un univers plus diversifié passant par les actions, la dette, l’immobilier, les matières premières et les devises, par le biais essentiellement de fonds indiciels cotés (ETF).
06/01/2014

Collecte record pour les fonds actions

Les fonds actions ont enregistré dans le monde une collecte record de 251 milliards de dollars l’an dernier, selon Bank of America Merrill Lynch Global Research, sur fond d’une politique accommodante de la Fed soutenant la hausse des marchés actions. Les fonds actions dédiés aux Etats-Unis ont engrangé 115 milliards, ceux spécialisés sur l’Europe 48 milliards.
03/01/2014

Net assets in Luxemboug OPCs up by nearly 11% over 11 months

The overall net assets in collective investment organisms and specialised investment funds has totalled EUR2.607728trn as of 30 November 2013, compared with EUR2.590128trn as of 31 October 2013, an increase of 0.68% in one month, according to statistics from the financial sector surveillance commission (CSSF). Over the past twelve months, net asset volumes are up 10.51%. The Luxembourg OPC industry thus shows positive growth in the month of November of EUR17.600bn in volume. This increase represents the balance of positive net issues totalling EUR10.674bn (+0.41%) and a favourable evolution of the financial marktes, totalling EUR6.926bn (+0.27%).
03/01/2014
Fonds

Harcourt renforce sa gamme

Harcourt Investment Consulting (groupe Vontobel Asset Management) a lancé la troisième stratégie de sa nouvelle famille de produits, les «Research-Driven Strategies» (lire Newsmanagers du 30/10/2013). Le fonds Vontobel Fund Pure Premium Strategy (ISIN LU0971938781) est géré par Martin Tschunko et est investi dans les primes d’options de différentes classes d’actifs.
Fonds
03/01/2014
Fonds

Invesco ferme son ETF dédié au Moyen-Orient et à l'Afrique du Nord

Invesco est en passe de fermer son ETF dédié au Moyen-Orient et à l’Afrique du Nord alors que la taille du fonds est descendue en-dessous de son objectif initial, rapporte Citywire. Selon le site d’information, le fonds PowerShares Middle East North Africa Nasdaq OMX doit être liquidé le 1er avril, avec un règlement final prévu le 11 avril 2014.Invesco, dont la gamme d’ETF est commercialisée sous la marque PowerShares, a justifié sa décision par le fait que «les actifs sous gestion sont tombés en dessous d’un niveau à partir duquel le fonds ne peut plus être considéré comme viable». De fait, les parts de ce fonds peuvent être rachetées si sa valeur de l’actif net est inférieure à 350 millions de dollars sur une période de trente jours consécutifs. Or Invesco a confirmé que cette valeur avait été «significativement en dessous» de ce seuil au cours du mois écoulé.
Fonds

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