03/07/2013
Miton acquires Psigma AM
P { margin-bottom: 0.08in; } The asset management group Miton, listed on the AIM, on 2 July announced the acquisition of Psigma AM for a total of about GBP13m.
03/07/2013
Nearly two thirds of Spanish funds are not UCITS-compliant
P { margin-bottom: 0.08in; } The Spanish regulator, the CNMV, has created a register of funds and Sicavs which includes both UCITS-compliant and non-UCITS funds. Funds People reports that only 757 investment funds out of 2,163 comply with the UCITS directive, primarily equity, bond and diversified funds. However, 1,406 funds, or 63% of the total are not UCITS-compliant. These are primarily guaranty funds, funds with performance objectives, and some equity funds and ETFs.In terms of the 3,406 Sicavs registered by the CNMV, only 604 comply with the European directive, which means that 2,402, or 79% are not UCITS-compliant.
03/07/2013
UBS stores gold in Singapore
P { margin-bottom: 0.08in; }A:link { } finews reports that UBS has opened a storage facility for its private clients based in Singapore and Hong Hong to hold physical gold in the free port of Singapore. The Swiss website says that Deutsche Bank and JPMorgan already offer such a service to their clients, also in Singapore.
03/07/2013
BNY Mellon, Northern Trust and State Street placed on RWN by Moody's
The financial ratings agency Moody’s on July 2 announced that it has placed the three largest US financial services groups, BNY Mellon, Northern Trust and State Street, all three of which are specialised in administration and custody, on ratings watch with negative implications.According to the ratings agency, the profitability of these firms has been put to the test due to intense competitive pressure, which has triggered a furious price war. Moody’s will focus on the ability of the businesses to generate new revenues by developing associated services.Moody’s adds, however, that the three banks have high barriers to entry and highly stable client bases in asset management, which will be likely to limit any downgrades to their already high ratings to no more than one notch.
03/07/2013
Asset management: European parliament divided over bonus limits
P { margin-bottom: 0.08in; }A:link { } A final vote will be held today in Strasbourg, which may cast the position adopted in March to strictly limit bonuses in the asset management sector, similarly to the limits that have already been imposed on bankers, into doubt, Les Echos reports.The Parliamentary committee on economic affairs decided that the variable portion of remuneration may not exceed the fixed portion, the same as the rule imposed on banks.An additional rule was added to take the specificities of asset management into account: performance commissions were disallowed, when a UCITS fund is open to retail investors. For funds restricted to professional investors, commissions would continue to be allowed, but could become maluses in the case of negative performance.
03/07/2013
European Savings Institute responds to EU consultation on long-term financing
P { margin-bottom: 0.08in; }A:link { } At its general assembly, held on 13 June 2013, the European Savings Institute (OEE) responded to a consultation by the European Commission on long-term financing for the European economy.The OEE is placing the emphasis on the fact that the primary source of savings is households. To allow for financing in the right economic conditions, it is therefore necessary to put oneself in the place of savings investors, and avoid distortions in taxation or regulations getting in the way of the top priorities in Europe: “preparing for retirement, and protecting themselves against the risks of dependency in old age; diversify portfolios via investments in equities, in all their forms: corporate savings, direct purchases and via intermediated products,” a statement released on 2 July says.The test of the response is available here.
03/07/2013
Steyler launches ethical bond fund
P { margin-bottom: 0.08in; } The German solidaristic bank Steyler on 1 July launched a second open-ended SRI fund, the Steyler Fair und Nachhaltig – Renten, a bond product managed by Warburg Invest, for which stock-picking, as for the equity fund Steyler Fair und Nachhaltig – Aktien (see Newsmanagers of 31 October 2012), is provided by the Munich-based firm oekom research.Stock-picking according to SRI criteria is the first stage in the construction of the portfolio, as stocks selected by oekom research are then either approved or not by an ethical council. Issuers in the arms, pornography and gambling industries are excluded, as are shares in companies that employ child labour or which have been found guilty of shortfalls in human rights or labour rights.Secondly, financial analysis determines the composition of the portfolio, which will primarily include corporate bonds, but may also invest in government bonds, convertible bonds, and covered bonds.Profits from management commissions will be dedicated to programmes by the “Steyler missionaries,” a Catholic order, as for the equity fund. The fund has seed capital of EUR10m.CharacteristicsName: Steyler Fair und Nachhaltig - Renten - R -ISIN code: DE000A1WY1N9Fund manager: Warburg InvestFront-end fee: 2%Management commission: 0.90%Depositary banking commission (M. M. Warburg): 0.10%
03/07/2013
Insight makes high yield QIF fund UCITS-compliant
P { margin-bottom: 0.08in; }A:link { } The Irish-registered qualified investor fund (QIF) Insight Short-Dated High Yield Bond Fund, from Insight Investment (USD255bn, a boutique of the BNY Mellon group), has been transformed after three years into a UCITS-compliant fund, and its assets of about GBP200m have been transferred to the new UCITS-compliant structure.The fund, managed by Ulrich Gerhard, invests in high yield bonds with a low remaining time to maturity. Securities in the portfolio as of mid-June had an average remaining time to maturity of 1.1 years, and about 45% of assets were going to mature before the end of 2015.
03/07/2013
Pimco Total Return to redeem nearly USD10bn in June
P { margin-bottom: 0.08in; }A:link { } The Total Return Fund from Pimco has experienced redemption demands of USD9.9bn in June, the highest redemptions in the history of the fund managed by Bill Gross in the past 26 years, the Financial Times reports. The fund lost 2.9% this year. Overall, assets in the Total Return Fund have fallen from USD285bn as of the end of May to USD268bn.
03/07/2013
DoubleLine opens Floating Rate Fund to retail investors
P { margin-bottom: 0.08in; } The DoubleLine Floating Rate Fund, launched on 1 February, but initially reserved for existing clients of DoubleLine and certain investment vehicles from DoubleLine, has been on sale to retail clients since 1 July, with two share classes that charge no front-end fee. Assets in the product managed by Bonnie Baha and Robert Cohen already total USD145m.The fund invests in bank or leveraged loans and other floating rate instruments, primarily in senior secured debt.Minimal subscriptions for I-class shares (ticker DBFRX) are set at USD100,000 (USD5,000 for individual retirement accounts, or IRAs). The N share class (DLFRX) is available from USD2,000 (USD500 for IRAs), and carries a 12b-1 fee of 0.2%.
03/07/2013
Morgan Stanley AIP raises USD770m for PE fund
P { margin-bottom: 0.08in; } On 1 July, Morgan Stanley Investment Management (MSIM) announed that Morgan Stanley Alternative Investmnt advisers (AIP) has managed to attract investment commitments of USD770m for the Morgan Stanley Global Secondary Opportunities Fund LP II (GSOF II), a fund specialised in the acquisition of shares in private equity funds on the secondary market, especially buyout funds for small and midcaps and special situations vehicles.Initially, AIP’s objective for the fund had been to reach USD600m.The GSIF II is the successor to the GSOF I fund, which was launched in 2009, with USD585m in assets, and an investment programme that was completed in 2012.
03/07/2013
M&A deals in asset management up by one third
P { margin-bottom: 0.08in; }A:link { } In first half, the number of merger and acquisition deals in the global asset management industry rose 32% compared with January-June 2012, to a total of 75, according to Freeman & Co, cited by Opalesque. The number of transactions totalling over USD10bn, for its part, has doubled to 20.The number of transactions in the United States has increased 31%, to 42, while in Europe, it has increased 71%, to 29.Since the beginning of 2013, assets affected by mergers and acquisitions in asset management totalled USD1.2trn, 156% more than the USD468bn in the corresponding period of 2012.
03/07/2013
Azimut crée une joint venture à Taïwan
La société de gestion italienne Azimut vient de signer un accord avec An Ping Investment, un holding basé à Taïwan qui possède l’intégralité du capital de Sinopro Financial Planning Taiwan Limited, afin de donner naissance à une joint venture dans la distribution de produits de gestion d’actifs à Taïwan.Sinopro est une Securities Investment Consulting Enterprise qui gérait au 25 juin un encours de 52,2 millions de dollars. La société prévoit de développer ses services de conseil financiers en faveur de la clientèle « affluent » et « HNWI » aussi bien sur des produits locaux que sur des fonds offshore gérés par Azimut ou d’autres maisons.Azimut, via AZ International Holding, va acquérir aux actionnaires actuels 51 % du capital de la holding qui détient Sinopro. Le coût total de l’opération, y compris la participation au plan industriel, sera d’environ 3 millions d’euros.
03/07/2013
Ehud Barak devient conseiller spécial de Julius Baer
Selon le quotidien Yediot Ahronot, l’ancien ministre de la Défense Ehud Barak rejoint la succursale israélienne de Julius Baer (ouverte début 2012) en tant que «special consultant», rapporte finews.ch. Ehud Barak a vocation à aider la filiale locale de la banque suisse à recruter de la clientèle haut de gamme en Israël.
03/07/2013
Hausse d’un tiers des fusions-acquisitions dans la gestion d’actifs
Au premier semestre, le nombre d’opérations de fusions-acquisitions dans le secteur mondial de la gestion d’actifs a gonflé de 32 % par rapport à janvier-juin 2012, pour atteindre 75 unités, selon Freeman & Co, cité par Opalesque. Le nombre de transactions portant sur plus de 10 milliards de dollars a pour sa part doublé à 20 unités.Le nombre de transactions aux Etats-Unis a gonflé de 31 % à 42 unités tandis qu’en Europe il gonflait de 71 %, à 29 unités.Depuis le début de 2013, les encours concernés par les fusions-acquisitions dans la gestion d’actifs ont porté sur 1.200 milliards de dollars, soit 156 % de plus que les 468 milliards de la période correspondante de 2012.
Hausse de 7,3% des actifs sous gestion dans le monde au premier trimestre
Les actifs des fonds d’investissement dans le monde se sont accrus de 7,3% au premier trimestre pour atteindre 23.780 milliards d’euros à fin mars 2012, selon des statistiques communiquées par l’Association européenne des gestionnaires d’actifs. Libellés en dollars, les actifs des fonds totalisaient fin mars 30.450 milliards de dollars.La collecte nette s’est maintenue à des niveaux élevés, à 320 milliards d’euros contre 369 milliards d’euros au quatrième trimestre 2012. Une évolution due pour beaucoup à une collecte record dans les fonds de long terme.Les fonds de long terme, c’est-à-dire hors fonds monétaires, ont enregistré des souscriptions record de 402 milliards de dollars au premier trimestre, contre 263 milliards de dollars au trimestre précédent.Les fonds d’actions ont terminé le trimestre sur une entrées nettes record de 109 milliards d’euros, contre seulement 14 milliards d’euros au quatrième trimestre 2012. Parallèlement, la collecte des fonds obligataires s’est inscrite à 143 milliards d’euros contre 163 milliards d’euros et les fonds diversifiés ont drainé 74 milliards d’euros contre 33 milliards d’euros précédemment.Les fonds monétaires ont affiche une décollecte nette de 82 milliards d’euros, à comparer à une collecte nette de 106 milliards d’euros au quatrième trimestre 2012. La décollecte est due pour l’essentiel aux rachats observés aux Etats-Unis pour un montant de 76 milliards d’euros.A la fin du premier trimestre, les fonds d’actions représentaient 38% du total des actifs, contre 24% pour les fonds obligataires, 15% pour les fonds monétaires et 11% pour les fonds diversifiés.
03/07/2013
Swisscanto nomme un responsable du suivi des banques cantonales
Christophe Racine, qui a travaillé ces huit dernières années pour Credit Suisse et UBS, «notamment en qualité de responsable régional du secteur Private Banking Nord respectivement Nord-Ouest de la Suisse», selon un communiqué, a été nommé responsable de la division distribution de l’ensemble de la gamme de prestations de Swisscanto* auprès des banques cantonales. Il prendra ses fonctions au 1er septembre 2013.* 53,1 milliards de francs suisses d‘encours
Steyler lance un fonds obligataire éthique
La banque solidaire allemande Steyler a lancé le 1er juillet un second fonds ISR offert au public, le Steyler Fair und Nachhaltig -Renten, un produit obligataire confié à Warburg Invest et dont la sélection de titres, comme pour le fonds d’actions Steyler Fair und Nachhaltig - Aktien (lire Newsmanagers du 31 octobre 2012) , est assurée par l’agence munichoise oekom research.La sélection de valeurs selon des critères ISR est le premier stade de constitution du portefeuille, les titres retenus par oekom research étant ensuite validés ou non par un conseil d'éthique. Les émetteurs des secteurs de l’armement, de la pornographie des jeux de hasard sont exclus comme les titres de sociétés pratiquant le travail des enfants ou qui se sont rendus coupables de manquements aux droits de l’homme et au droit du travail.En second lieu, l’analyse financière détermine la composition du portefeuille, qui comportera principalement des obligations d’entreprises, mais peut aussi être investi en obligations d’Etats, en obligations convertibles et en obligations sécurisées. Les bénéfices tirés des commissions de gestion seront affectés à des projets d’aide des «missionnaires de Steyler» (un ordre catholique), comme pour le fonds d’actions. Le fonds est doté d’un amorçage de 10 millions d’euros.CaractéristiquesDénomination : Steyler Fair und Nachhaltig - Renten - R -Code Isin : DE000A1WY1N9Gestionnaire du fonds : Warburg InvestDroit d’entrée : 2 %Commission de gestion : 0,90 %Commission de banque dépositaire (M.M. Warburg) : 0,10 %
03/07/2013
Urdang (BNY Mellon) becomes CenterSquare IM
P { margin-bottom: 0.08in; } BNY Mellon has announced that its real estate management unit Urdang Capital Management has been renamed as CenterSquare Investment Management. The change in name reflects both a 44% increase in assets over the past three years, to USD9bn, and the advent of new management, more marked development on international markets, and “significant investtment in world-class talent for public & private market management teams,” a statement says. E. Todd Briddell, CEO and CIO, points out that Urdang was founded in 1987 as an institutional real estate management firm: it is one of about 20 boutiques at BNY Mellon Investment Management. Currently, CenterSquare IM Inc manages assets totalling about USD6.7bn in publicly-traded securities, while CenterSquare IM Holdings Inc has assets of USD2.2bn in bonds and real estate private equity.
03/07/2013
First investments by the French strategic fund
P { margin-bottom: 0.08in; }A:link { } On 3 July, the French strategic holdings fund (Fonds Stratégique de Participations, or FSP), and its founders, BNP Paribas Cardif, CNP Assurances, Crédit Agricole Assurances (via its affiliate Predica), and Sogécap (Société Générale group), have announced the first significant investments by the FSP in two French businesses, leaders in their sectors, Arkema and the SEB group.“So far, the FSP, structured and managed by the Edmond de Rothschild group, controls 6.05% in Arkema and 5.25% in the capital of SEB SA,” a statement says.
03/07/2013
Fortune SG under investigation in Shanghai
P { margin-bottom: 0.08in; }A:link { } Z-Ben Advisors reports that the Chinese asset management firm Fortune SG, a joint venture of Société Générale and Bao Steel, on 28 June received notice that it is under invetigation by the Shanghai inspector’s office in a matter concerning one of its funds. The manager of the fund since 2010, Guo Pengfei, has been suspended and replaced. The activity of all Fortune AG funds is normal, the asset management firm says.The investigation concerns trades of shares in Anhui Shengyun Machinery by the Fortune SG New Industries Equity Fund in February 2011. According to the notice, one of the trades was carried out in violation of the Securities Law, although it led to no losses for shareholders.
03/07/2013
Swisscanto appoints head of services to cantobanks
P { margin-bottom: 0.08in; }A:link { } Christophe Racine, who has worked for Credit Suisse and UBS for the past eight years, “particularly as regional head of the Private Banking North and North-West sectors of Switzerland,” according to a statement, has been appointed as head of the distribution division for the complete range of products and services from Swisscanto (CHF53.1bn in assets) available to the cantonal banks. He will begin on 1 September 2013.
03/07/2013
PGGM excludes WalMart from its list of eligible investments
P { margin-bottom: 0.08in; } The Netherlands pension fund PGGM (EUR140bn in assets) has announced that it has added the US retail group WalMart to its exclusion list.The decision comes fro two reasons. Firstly, WalMart has refused to take the concerns expressed by PGGM concerning its tense relationships with personnel on the domestic market into account, particularly the fact that the group limits employees’ opportunities to organise. WalMart has also refused to respond to repeated questions from PGGM concerning a corruption scandal at its affiliate WalMex.Secondly, the board at WalMart did not want to participate in a fruitful dialogue with shareholders.
03/07/2013
LaSalle recruits exec from CBRE
P { margin-bottom: 0.08in; } For its London office, LaSalle Investment Management has recruited Gary Moore, fund manager at CBRE Global Investors, as European head of strategic partnerships. He will join the firm on 15 July, and will report to Jon Zehner, global head of the client capital group, as well as to Simon Marrison, CEO for Europe.
03/07/2013
Assets under management worldwide up 7.3% in Q1
Investment fund assets worldwide increased 7.3 percent during the first quarter to stand at EUR23.78 trillion at the end of March 2013, compared to EUR22.17 trillion at the end of 2012, according to the European Fund ans Management Association. In U.S. dollar terms, worldwide investment fund assets totalled US$30.45 trillion at end March 2013. Worldwide net cash inflows remained at a high level in the first quarter at EUR320 billion, compared to EUR369 billion in the previous quarter. This result can be attributed to record net inflows into long-term funds and large net outflows from money market funds during the quarter.Long-term funds, all funds excluding money market funds, registered record net inflows of EUR402 billion during the first quarter, up from EUR263 billion in the previous quarter.Worldwide equity funds registered their highest level of net inflows since 2006, attracting EUR109 billion, up from EUR14 billion in the previous quarter. Bond funds continued to enjoy net inflows amounting to EUR143 billion, albeit down from EUR163 billion in the previous quarter. Balanced funds more than doubled net sales during the quarter to EUR74 billion, compared to EUR33 billion in the fourth quarter. Money market funds registered net outflows of EUR82 billion during the first quarter, compared to net inflows of EUR106 billion in the fourth quarter of 2012. Large net outflows in the United States of EUR76 billion accounted for much of the worldwide outflows.At the end of the first quarter, assets of equity funds represented 38 percent and bond funds represented 24 percent of all investment fund assets worldwide. The asset share of money market funds was 15 percent and the asset share of balanced/mixed funds was 11 percent.
03/07/2013
Wells Fargo AM wants to grow in Asia
P { margin-bottom: 0.08in; } The US asset management firm Wells Fargo Asset is planning to scale up its sales team in Hong Kong in order to promote its product range for institutionals and private banks, Asian Investor reports. Wells Fargo is hoping to double its assets under management in the next few years to USD920bn by 2020, compared with USD460bn currently. The firm has recruited Priscilla Phoon as director of sales, responsible for Hong Kong, Singapore and India. She previously worked at Value Partners.
La Banque centrale de Suède maintient ses taux
La banque centrale de Suède (Riksbank) n’a pas modifié ses taux directeurs mercredi et confirmé qu’une hausse progressive de son taux de refinancement, maintenu à 1%, devrait s’amorcer au second semestre 2014. La croissance économique du pays a été étonnamment dynamique au premier trimestre, après un ralentissement fin 2012, tandis que la confiance des ménages et des entreprises s’améliore et que le chômage se tasse.
Le Portugal revient sur le radar des marchés
Les taux portugais à 10 ans s'écartaient de 75 points de base vers midi, à 7,25%, après avoir approché les 8% en début de matinée. Le risque de chute de la coalition au pouvoir à Lisbonne, qui fait suite à la démission du ministre des finances lundi soir et à celle, refusée, du chef du parti junior de la coalition, a fait décaler les rendements. L’hypothèse d’un retour du Portugal sur les marchés s'éloigne tandis que celle d’un nouveau plan d’aide pourrait gagner en vigueur en cas d’aggravation de la situation. Les valeurs bancaires européennes accusent de ce fait mercredi matin la plus forte baisse sectorielle en Bourse. Dans ce contexte la conférence de presse de Mario Draghi, le président de la Banque centrale européenne (BCE), sera particulièrement suivie jeudi.
L'économie de la zone euro paraît en mesure de se stabiliser
L’indice PMI composite de la zone euro - qui regroupe industrie et services - définitif est ressorti en juin au plus haut depuis mars 2012, à 48,7 contre 47,7 en mai, alors que l’estimation flash le donnait à 48,9. L’indice PMI des services a également progressé à 48,3 contre 47,2 en mai (48,6 en estimation flash). Le secteur des services allemand a renoué avec la croissance en juin, l’indice PMI remontant à 50,4 contre 49,7 en mai. L’activité dans le secteur privé en France s’est contractée en juin au rythme le moins fort depuis 10 mois, renforçant l’hypothèse d’une future sortie de récession de la France. L’indice PMI composite a progressé à 47,4 contre 44,6 en mai, atteignant son plus haut niveau depuis dix mois.
Le Parlement européen accepte in fine un gel de droits à polluer
Le Parlement européen a finalement accepté, en l’encadrant, le retrait d’une partie des quotas de CO2 disponibles sur le marché des droits d'émissions pour en faire remonter le cours. Tombé à un niveau historiquement bas, le prix de la tonne de carbone ne constitue plus une incitation pour les grands pollueurs à réduire leurs émissions. Le gel d’une partie des quotas doit encore être approuvé par les gouvernements des Vingt-Huit.