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30/07/2013

Baisse du bénéfice de Deutsche AWM en avril-juin

Pour le deuxième trimestre, le bénéfice avant impôt du pôle gestion d’actifs et de fortune (asset & wealth management ou AWM) de la Deutsche Bank est ressorti à 82 millions d’euros contre 222 millions pour janvier-mars et 98 millions pour la période correspondante de l’an dernier. Toutefois, si l’on exclut les charges exceptionnelles de 171 millions liées au programme «Operational Excellence» ou OpEx, le bénéfice aurait été de 171 millions d’euros supérieur et serait ainsi ressorti en hausse sur le premier trimestre, avec 253 millions.La Deutsche Bank indique aussi que les «actifs investis» ont baissé de 27 milliards d’euros au deuxième trimestre, principalement à cause d’effets de marché et de change négatifs.Au niveau du groupe Deutsche Bank, le bénéfice net a plongé à 335 millions pour avril-juin contre 1.661 millions au premier trimestre et 666 millions pour la période correspondante de l’an dernier. La chute s’explique à la fois par les charges liées au programme OpEx et à des frais très élevés de contentieux.
30/07/2013

Aberdeen perd 2,7 milliards d'encours pour 3,4 milliards de sorties

Au 30 juin, l’encours total d’Aberdeen Asset Management plc, qui a acheté Artio Global Investors (6,7 milliards de livres d’actifs gérés) et SVG Advisers (4,3 milliards) est ressorti à 209,6 milliards de livres contre 212,3 milliards fin mars, d’après l’interim management statement publié le 29 juillet. Les sorties nettes ont été supérieures à la baisse de 2,7 milliards de livres de l’encours, atteignant 3,4 milliards de livres (dont 0,3 milliard imputable à Artio), sachant que les effet de marché, de performance et de change ont pour leur part prélevé durant le trimestre 10,3 milliards de livres en net sur le total des actifs gérés.Martin Gilbert, CEO, a souligné qu’en termes bruts les rentrées du deuxième trimestre ont porté sur 9,66 milliards de livres, de sorte que, pour les neuf premiers mois de l’exercice au 30 septembre, elles ont totalisé 34,26 milliards de livres. Sur les trois derniers trimestres sous revue, Aberdeen enregistre des rentrées nettes de 1,04 milliard de livres.Aberdeen se félicite que les sorties nettes ont surtout affecté les produits les moins margés. Les souscriptions brutes de la stratégie actions émergentes mondiale ont diminué du fait des mesures prises pour restreindre les rentrées, ce qui s’est traduit par des sorties nettes de 926 millions de livres, mais les fonds Asie-Pacifique ont collecté en net 744 millions de livres.Le rapport précise que près de 2,5 milliards de livres de rachats nets se sont produits en juin.
30/07/2013
Fonds

Hausse de l'encours des ETF de Vanguard en Europe

A fin juin, les actifs gérés dans des ETF domiciliés en Europe (en Irlande) par l’américain Vanguard Group se montaient à 1,4 milliard de dollars contre 1,3 milliard un mois plus tôt (lire Newsmanagers du 18 juin).Aux Etats-Unis, Vanguard a enregistré une collecte nette de 26 milliards de dollars pour ses 67 ETF, ce qui constitue le meilleur résultat du secteur, précise un communiqué.Les encours des ETF de la marque en Australie et au Canada se situent chacun à environ 1 milliard de dollars. Et Vanguard précise avoir fait admettre son premier ETF à la négociation sur la Bourse de Hong-Kong en mai.A l'échelon mondial, les actifs gérés dans des ETF par Vanguard représentaient 281 milliards de dollars au 30 juin.
Fonds
30/07/2013

Promotion chez Invesco Real Estate en Allemagne

Robert Stolfo a été nommé à la direction d’Invesco Real Estate a Munich. Il est depuis 2008 en charge du développement et des relations clients pour l’ensemble des pays germanophones. Suite à cette nomination la direction d’Invesco Real Estate Allemagne compte désormais quatre directeurs.
30/07/2013

Chinese government creates an agency to serve newly arriving insurers

P { margin-bottom: 0.08in; } The China Insurance Regulatory Commission (CIRC) has set up a new commission which will be responsible for inspecting and issuing a license to insurers who would like to enter the Chinese market. Each candidate will be subject to an audit and the issuance of a license will be subject to a vote by the comission, Z-Ben Advisors reports. The commission will be responsible for real estate insurance, personal insurance (life, health and retirement), mutual insurance, special insurance, reinsurance, and even asset management firm affiliates of insurers. The objective is to improve the health of the sector by increasing the quality and visibility of audits.
30/07/2013

Enrico Letta critique l'action européenne en Grèce

Le président du Conseil italien a estimé lundi que les mesures de rigueur imposées par l’Union européenne à la Grèce en échange d’une aide financière avaient aggravé la récession dans le pays et le chômage dans l’ensemble de l’Europe. «Le calendrier était mauvais. Les outils étaient mauvais», a-t-il jugé lors d’une conférence de presse commune avec son homologue grec, Antonis Samaras.
30/07/2013

Premier pas vers un accord sino-européen sur le vin

Après l’annonce ce week-end d’un accord dans le secteur des panneaux solaires, la Chine et l’Union européenne se sont déclarées ouvertes à des discussions dans les prochains mois pour régler le différend qui les oppose sur les importations chinoises de vins européens, a fait savoir lundi le commissaire européen au Commerce, Karel De Gucht.
30/07/2013

La hausse des taux immobiliers se fait sentir aux Etats-Unis

Les promesses de ventes immobilières ont reculé de 0,4% en juin, la hausse des taux des crédits immobiliers commençant à avoir un impact sur les ventes, selon les chiffres de l’Association nationale des agents immobiliers (NAR) publiés lundi. L’indice des promesses de vente calculé par la NAR s’est établi à 110,9 en juin, contre 111,3 (révisé) pour le mois de mai.
30/07/2013

Le FMI débloque une tranche d’aide à la Grèce

Au terme d’un quatrième examen du plan de renflouement conclu entre les créanciers internationaux et la Grèce, le Fonds monétaire international a donné son feu vert au versement d’une tranche d’aide de 1,7 milliard d’euros. En fonction de la mise en œuvre de réformes additionnelles, Athènes devrait ensuite recevoir de la Troïka 1 milliard d’euros en octobre.
30/07/2013

Aberdeen pilote sa décollecte

Le gestionnaire écossais accuse près de 4 milliards d’euros de décollecte de fin mars à fin juin, après cinq trimestres de flux net positifs. Les sorties proviennent pour partie de ses fonds actions exposés aux pays émergents, désormais dotés de frais d’entrée. Cette barrière, destinée à juguler les souscriptions, doit lui permettre de préserver la qualité de sa gestion.
29/07/2013

European institutionals no longer expecting the “great rotation”

P { margin-bottom: 0.08in; } A survey undertaken in June of 165 European institutional investors by Aquila Capital has found that 54% of professionals surveyed think that the famous “great rotation,” the massive migration from investments from bonds to equities, will not take place. One third of institutional investors are planning to maintain their current allocation to bonds, and 29% are planning to increase it.According to Oldrik Verloop, director of Aquila Capital, institutional investors are planning to maintain their exposure to bonds, even in a difficult environment. Two thirds of respondents consider the current context challenging to very challenging, while three fifths estimate that it is difficult to very difficult to generate positive results at this stage in the interest rate cycle. The primary challenges cited are the potential for an increase in interest rates, the low interest rate environment, and the means to obtain adequate diversification as well as solvency risks and the danger of inflation. Nearly three quarters of respondents estimate that it would be difficult or very difficult to make predictions about the evolution of interest rates over the next three years. This clearly incites a search for replacement solutions, and 44% of institutionals surveyed say they are planning to adopt risk parity strategies for their bond allocations.
29/07/2013

Promotions at ING IM in Belgium

P { margin-bottom: 0.08in; } The CEO of ING Bank België, Wim Roelant, has been appointed as CEO of ING Investment Management for Belgium, Fondsnieuws reports, adding that Roelant will report to Ivar Roeleven, head of investment funds Europe.Meanwhile, ING IM has announced the appointment of Didier Devreese as director of sales and marketing for Belgium. He had already been senior business development manager.
29/07/2013

State Street hires exec from Moody's

P { margin-bottom: 0.08in; } Roger M. Stein, chairman of Moody’s Research Labs (MRL), has been recruited by State Street Corporation as chief analytics officer for its State Street Global Exchange unit. The unit includes the activities of State Street in the areas of research, advisory, analysis and settlement of derivatives as well as Currenex and Global Link services.Stein will be responsible for all aspects of new products, and will also assist with sales activities. Stein will be based in New York, and will report to Jeff Conway, executive vice president & head of State Street Global Exchange.
29/07/2013

Saracen Fund Managers recruits head of research

P { margin-bottom: 0.08in; } Saracen Fund Managers has announced the recruitment of David Keir as head of research. He joins the independent asset management firm with immediate effect. He will work in collaboration with fund management teams of the funds Saracen Global & Income Growth and Saracen Growth. Keir had previously been head of research at Scottish Widows Investment Partnership (SWIP).
29/07/2013

Assets under management at Bellevue up

P { margin-bottom: 0.08in; } Bellevue Group has earned net profits in first half of CHF6.5m, according to a statement released on 26 July. This represents a decline of nearly 20%. In the asset management unit, assets under management are up 14% to CHF2.2bn, compared with CHF2bn as of the end of 2012. Net subscriptions of CHF77m primarily benefited the equity funds BB Entrepreneur Europe and BB African Opportunities.
29/07/2013

Institutionals to invest more in hedge funds

P { margin-bottom: 0.08in; } Hedge funds are continuing to attract increasing numbers of institutional investors, according to the findings of a Credit Suisse survey of allocation by 185 professionals to the world of hedge funds. 88% say they want to increase their exposure to hedge funds in the second half of 2013. The most popular alternative strategies with all respondents are long/short equity – fundamental (57% of respondents), event-driven (47%) and global macro (39%). Respondents in the United States prefer long/short equity – fundamental (58%), event-driven (48%) and global macro (22%). 50% of Asian institutionals prefer long/short equity – trading, followed by long/short equity – fundamental strategies (40%) an global macro (40%). Investors in countries of Europe, the Middle East and Africa choose long/short equity – fundamental (57%), global macro (52%) and event-driven (47%). The strategies likely to be least successful in the next few months are those which invest in commodities and emerging market credit markets.
29/07/2013

Director for Asia leaves BNPP IP

P { margin-bottom: 0.08in; } Stewart Edgar has left his position as director of the Asia-Pacific activity at BNP Paribas Investment Partners, Asian Investor reports. He has been replaced by his deputy, Vincent Camerlynck. According to a spokesperson cited by the newspaper, Edgar has resigned in order to pursue new opportunities. Asian Investor states that it does not know what these new projects are.
29/07/2013

EPFR: equity and bond funds siphon off MMFs

P { margin-bottom: 0.08in; } In the week ending on 24 July, investors remained convinced by US growth and showed more confidence in the fact that the European economy is finally out of the mend, EPFR Global reports.Retail subscriptions to US equity funds were at their highest levels since third quarter 2009, while US high yield bond funds posted their second-higest inflows since statistics began. European equity funds show their highest inflows since mid-December.Overall, EPFR Global states, bond funds attracted USD4.36bn, while equity funds absorbed USD8bn. That more than compensates for net outflows of USD12bn from money market funds (including 90% for US money market funds).
29/07/2013

State Street teams up with ZRT in China

P { margin-bottom: 0.08in; } The Chinese website cajin.com and the Australian Financial Standard on 26 July reported that State Street Global Advisors (SSgA) is investing USD50bn in a joint venture with Zhongrong International Trust Co Ltd (ZRT). The joint venture, SSgA Fund Managmeent, which is 51% controlled by ZRT and 49% by SSgA, will be located in Beijing, and will manage local investment funds for retail investors, high net worth retail clients and institutional investors.The Chinese securities commission (CSRC) has issued a license to the new firm, and appointed Gui Songlei as chairman of the board, Wang Yao as inspector general and Li Xuesong as general manager. Li will be responsible for the day-to-day management of SSgA Fund Management, which has 50 employees.The website caijin.com states that ZRT has assets of about CNY300bn, or USD48.8bn.
29/07/2013

Nikko AM recruits four managers

P { margin-bottom: 0.08in; } Citywire reports that Nikko Asset Management has recruited Winson Fong (formerly of Lion Global) as head of China strategies and head of the Greater China equities team, as well as James Alexander (formerly of AllianceBernstein) as deputy head of fixed income for Australia at the affiliate Tyndall Asset Management, where he reports to Roger Bridges, head of fixed income.In Singapore, Nikko AM has recruited Shavaz Rai (formerly of Alchemy Investment Management) as investment director responsible for local currencies, Asian fixed income and credit strategies. The group has also recruited Wee Tan Sing (formerly of GIC) as investment risk manager.
29/07/2013

Profits down at KKR

P { margin-bottom: 0.08in; } The private equity investor KKR & Co has seen a 90% decline year on year to its net profits in April-June, to USD15.1m, but its cash profits totalled their highest since the firm’s IPO, at USD162m, the Wall Street Journal reports. “Net economic income,” which takes into account unrealized capital gains and losses, fell 74%, to USD144.4m.The market for large deals remains inactive, meaning that private equity firms have more difficulty earning disproportionate profits when they resell their investments. In addition, the evolution of financial markets has damaged the value of investments which are on the books of private equity investors.
29/07/2013

Azimut pays EUR10m for a 51% stake in AO

P { margin-bottom: 0.08in; } Azimut, the largest independent asset management firm in Italy, has announced that it is going to an acquire an initial stake of 51% in the asset management firm Augustum Opus SIM (AO), founded in April 2009, with total assets of slightly over EUR800m.Azimut is planning to increase its stake in the capital of AO to 100% within six years. The price of the remaining shares will depend on results, but will be likely to be in the vicinity of 10 times profits, or about EUR10m to EUR20m.AO, which is aimed at high net worth retail clients and also manages funds, will retain its autonomy in its contacts with clients as well as outsourced management of funds.In parallel with this operation, Azimut has declared net profits for first half of EUR78.3m, comapred with EUR79.1m in January-June 2012.As of the end of June, assets under management totalled EUR19bn, while assets under management and administration totalled EUR21.2bn. Net inflows in the first six months of the year totalled EUR1.5bn.
29/07/2013

Assets under management in Hong Kong beat all records

P { margin-bottom: 0.08in; } Assets under management in the Hong Kong fund industry have totalled a record HKD12.6trn, or USD1.6trn, as of the end of 2012, according to Asian Investor, citing statistics from the local SFC. Year on year, assets are up 40-%. The previous record was set in late 2010. 64.8% of assets under management come from foreign investors (not including Reit real estate funds). Asset management and financial advising firms were the largest contributors of asets, with HKD9.2trn, up 47.9% since the end of 2011.
29/07/2013

Record market share for foreign funds in Spain

P { margin-bottom: 0.08in; } According to statistics from the Spanish securities commission (CNMV), assets in foreign funds on sale in Spain total EUR44.5bn, which represents a record market share of 21%, Funds People reports.Assets under management by foreign funds have increased by 17.1%, compared with USD37.99bn as of the end of December, and 39.8% compared with USD31.83bn as of the end of March 2012. As of the end of March 2009, the market share for foreign funds was only 7.4%.
29/07/2013

HSBC GAM CIVETS fund called back to the kitchen

P { margin-bottom: 0.08in; } Citywire reports that HSBC Global Asset Management (HSBC GAM) has decided to liquidate its frontier market fund HSBC GIF CIVETS, which invests in Colombia Indonesia, Vietnam, Egypt, Turkey and South Africa. The product attracted only USD25m, though it was launched in December 2011.However, the manager of the CIVETS fund, Douglas Helfer, will continue to manage the HSBC GIF Russia Equity fund and to advise the Europe/Middle East/Africa strategy team.
29/07/2013

Aviva Investors launches secondary infrastructure debt fund

P { margin-bottom: 0.08in; } Aviva Investors has announced the launch of the securitisation vehicle “European Secondary Infrastructure Credit SV.” the structure issues Participative Securities backed by a portfolio of infrastructure debt in Europe. Three institutional investors, including Aviva France, have subscribed to an initial issue of EUR425m.“The investment strategy is to acquire bank loans on the secondary market, which will be supplemented by selective investments on the primary market. The objective is to prefer operational infrastructure projects, which, historically, have a very low level of losses on debts,” a statement says.Characteristics Structure: Security issued by a Luxembourg Securitisation Company First closing: EUR425m Average duration: 7-12 years Investment period: 2.5 years Minimum investment: EUR10m

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