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26/04/2013

Départ du CEO de Catella

Johan Ericsson va quitter son poste de directeur général de la société de gestion suédoise Catella AB en 2013, afin de prendre de nouvelles fonctions au sein de la société, a-t-il annoncé au conseil d’administration. Il restera en poste jusqu’à ce qu’un successeur lui soit trouvé. Une recherche a commencé dans cette perspective.
26/04/2013

Ashmore ouvre un bureau en Indonésie

La société de gestion britannique Ashmore a monté un bureau en Indonésie et y a recruté 11 personnes, rapporte Asian Investor. Elle prévoit d’embaucher deux autres dirigeants commerciaux cette année.L’équipe d’investissement locale se compose de cinq personnes.Ashmore a déjà lancé ses deux premiers fonds en Indonésie en février, un fonds domestique toutes capitalisations et un produit petites valeurs. Un fonds obligataire indonésien sera lancé dans les semaines à venir.
26/04/2013

KKR profite de la hausse des actions

The Wall Street Journal rapporte que le bénéfice trimestriel du capital-investisseur KKR a dépassé les attentes des analystes de Wall Street, la hausse des actions ayant fait passer la profitabilité du fonds de buy-out de 2006 à une vitesse supérieure.Le bénéfice net de KKR aux normes GAAP pour janvier-mars a progressé à 193,4 millions de dollars contre 190,4 millions pour la période correspondante de l’an dernier tandis que le bénéfice net économique, qui comptabilise la performance et la valeur des investissements en private equity, a baissé d’environ 9 % à 627,6 millions de dollars, ce qui est néanmoins supérieur aux prévisions des analystes.Quant au bénéfice distribuable compte tenu de la recette sur les actions de sociétés que KKR a introduites en Bourse et de la hausse des commissions, il a opéré un bond en avant de 77 % à 290,6 millions de dollars.
26/04/2013
Fonds

ACE Management reprend trois filiales au groupe Slicom International

La société de gestion de portefeuille privée ACE Management a annoncé, via son fonds Aerofund II, la reprise auprès du groupe Slicom International, de ses filiales Slicom Aéronautique, Auvergne Aéronautique Slicom et Casablanca Aéronautique, désormais réunies au sein d’Auvergne Aéronautique Groupe, la nouvelle dénomination de la holding tête du groupe.
Fonds
26/04/2013

Soros prend une participation de 8% dans JC Penney

Soros Fund Management a pris une participation de 7,9% dans l’américain JC Penney dont le gérant de hedge funds Bill Ackman est le premier actionnaire avec près de 18% du capital, rapporte le Financial Times.
26/04/2013

ETC obtient l'agrément pour commercialiser des ETF actifs

Index Universe rapporte qu’Exchange Traded Concepts (ETC), un spécialiste des produits blancs en matière d’ETF qui est basé à Oklahoma City, vient d’obtenir l’autorisation nécessaire pour commercialiser des ETF à gestion active. La société pense être en mesure de solliciter des agréments pour des ETF actifs dans les prochaines semaines.
26/04/2013

Erste Sparinvest réorganise sa gestion actions autrichiennes

Manfred Zourek va rejoindre l'équipe de gestion du risque d’Erste Sparinvest (27 milliards d’euros), laissant la gestion du fonds d’actions autrichiennes ESPA Vienna à Michael Kukacka, qui rejoint la société mais conserve le poste de directeur général de la société-sœur Ringturm, rapporte Citywire.L’ESPA Vienna deviendra le 6 juin un fonds nourricier du RT Österreich Aktienfonds, et sera ainsi plus facile à commercialiser hors des marchés traditionnels d’Autriche et d’Allemagne. De plus, Michael Kukacka a repris la gestion du RT Zukunftsvorsorge Aktienfonds qui était géré par Thomas Irmler. Ce dernier (qui a aussi géré le RT Österreich Aktienfonds) quittera Erste Sparinvest dans les prochaines semaines, à la suite de divergences sur la stratégie de gestion.
26/04/2013

Progression de 10% des actifs sous gestion de Raymond James

Les actifs sous gestion de Raymond James s’inscrivaient fin mars au niveau record de 51 milliards de dollars, en progression de 10% par rapport à fin décembre 2012 et de 30% par rapport à fin mars 2012, selon les chiffres communiqués par la société.Les actifs sous administration ont également fortement progressé à 407 milliards de dollars, en hausse de 5% par rapport au trimestre précédent et de 39% sur un an.
26/04/2013
Fonds

Permira a du mal à collecter pour son cinquième fonds

Permira, le gérant européen de LBO, n’aurait pour l’instant réuni que 2,2 milliards d’euros d’engagements pour son cinquième fonds, au terme d’une campagne de 19 mois. Un délai important pour une première étape (ou closing). L’objectif final pour Permira V, qui devra être atteint dans les 12 mois qui viennent, est de collecter entre 4 et 5 milliards d’euros, un montant déjà inférieur de près d’un tiers aux espoirs initiaux de l'équipe. Afin de convaincre des investisseurs récalcitrants, les gérants auraient dû mettre 200 millions de leur propre poche - soit 9% du montant déjà levé, une proportion élevée.
Fonds
26/04/2013
Fonds

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts traversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective. Cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
Fonds
26/04/2013

Proposed transposition of AIFM directive satisfies BVI

P { margin-bottom: 0.08in; } A replacement of the law on investments (Investmentgesetz) with the law on capital placements, or Kapitalanlagegesetzbuch (KAGB) as part of a transposition of the European directive on alternative asset management firms (AIFMD) into German law has been deemed satisfactory by the German BVI association of asset management firms, as the bill, which went to a vote by the Finance committee of the Bundestag on 24 April, has been amended “in the right direction” since the government’s previous proposed text, which in turn represented an improvement over the initial proposal of the Federal finance ministry, a statement says. The BVI association had made 70 proposals for changes to the text during Parliamentary debates. Many of these changes have been integrated.The BVI welcomes the fact that the bill no longer includes a prohibition on launching institutional funds (Spezialfonds), and that open-ended real estate funds remain open to small investors, largely under the rules which had previously been in place.The association has also expressed satisfaction that the rules applicable to depositary banks, which extend some terms of the AIFM directive to include custodians who are subject to the UCITS directive on sub-custodians, and to the responsibility of the depositary, which strengthens investor protection.In terms of distribution, the legislator has followed BVI proposals to reduce the BaFin deadline to issue licenses from 40 to 20 days.
26/04/2013

Institutionals make progress in combating money laundering

Three quarters of companies targeted in an investor engagement aimed at improving disclosure and understanding of companies’ anti-corruption risk management have significantly improved their transparency in this area, according to the UN PRI. The results of this engagement will enable investors to better assess and manage their exposure to the financial, operational and reputational impacts of corruption risks in their portfolios.The engagement was undertaken by a coalition of 21 signatories to the Principles for Responsible Investment, a global body of investors who believe that environmental, social and corporate governance (ESG) factors affect the long-term performance of investment portfolios. The investor group, led by F&C Asset Management and Hermes Equity Ownership Services, collectively manages more than USD1.7 trillion in assets, and began engaging with 21 companies across 14 countries in March 2010 to encourage them to demonstrate that they had appropriate anti‐corruption controls.The findings were released as a group of 12 investors, collaborating through the PRI, work to launch the next phase of their work to engage with companies on anti-corruption issues. The new engagement will target up to 50 firms across a wider range of sectors and countries to better understand their ability to manage and reduce corruption-related risks and their capacity to improve practices and transparency.  
26/04/2013

S&P licenses State Street to launch an ETF

P { margin-bottom: 0.08in; } The index provider S&P Dow Jones Indices on 25 April announced that it has granted an operating license for its S&P Pan Asia Dividend Aristocrats Index to State Street Global Advisers, to allow it to launch an ETF based on the index. The S&P Pan Asia Dividend Aristocrats Index measures the performance of components of the S&P Pan Asia Broad Market Index (BMI), which has pursued a policy of annual dividend growth for at least seven years.
26/04/2013

Strong increase in net subscriptions at St. James's Place

P { margin-bottom: 0.08in; } In first quarter 2013, the British firm St. James’s Place (SJP) has posted net subscriptions of GBP847m, compared with GBP698m in the corresponding period of last year. The retention rate for assets of existing clients has remained at 95%.As of the end of March, assets totalled GBP39bn, which represents an increase of GBP4.2bn compared with 31 December. In twelve months, assets under management rose 26%.David Bellamy, CEO, has also announced that total new investments in Q1 inreased 28% year on year, to GBP1.6bn.
26/04/2013

Schroders recruits two for its LDI team

Schroders has announced two newly created senior appointments to support the continuing growth of its LDI team, based in London.Daniel Morris joins as LDI Solutions Manager; part of his role will be to work closely with new and existing clients and their advisers to understand their requirements and objectives and translate these into effective portfolios and strategies. He joins Schroders with over a decade of actuarial and investment consultancy experience at Towers Watson and AON Hewitt.Lef Sigalos joins Schroders Independent Group Risk team as Investment Risk Manager. In this role he will focus on Multi-Asset Investment and Portfolio Solutions, including LDI. He joins from F&C Asset Management where he undertook a number of senior positions over the past ten years, all with a specific focus on derivative investment risk and LDI. Most recently, Sigalos was Head of Investment Risk for F&C.
26/04/2013

Head of credit leaves SLI

P { margin-bottom: 0.08in; } The head of credit at Standard Life Investments, Andrew Sutherland, will be leaving the firm after a 30-year career, Investment Week reports. He will be replaced by his colleague, Craig MacDonald, currently head of investment-grade credit.
26/04/2013

Carmignac Gestion had inflows of EUR1.5bn in first quarter

P { margin-bottom: 0.08in; } In first quarter 2012, Carmignac Gestion has posted a net inflows of EUR1.5bn. Fréderic Leroux, global manager, has stated at a press conference on the firm’s investment strategy that net subscriptions went largely to three funds: Carmignac Patrimoine, Carmignac Emerging Patrimoine and Carmignac Capital Plus, an international fund which invests in money market and bond assets, which was relaunced in February this year due to its good results. These three mutual funds now have assets under management of EUR25.5bn, EUR2bn, and EUR1bn, respectively.“By comparison,” says Leroux, global manager, “in 2012, inflows at Carmignac Gestion totalled EUR4.5bn, of which EUR2bn went to Carmignac Patrimoine and EUR1.5bn to Carmignac Emerging Patrimoine.”
26/04/2013

Assets under management at Raymond James up 10%

P { margin-bottom: 0.08in; } Assets under management at Raymond James as of the end of March totalled a record USD51bn, up 10% compared with the end of December 2012, and 30% compared with the end of March 2012, according to figures released by the firm. Assets under administration also rose sharply, to USD407bn, up 5% compared with the previous quarter, and 39% year on year.
26/04/2013

AG2R La Mondiale posts inflows of EUR1.7bn in 2012

P { margin-bottom: 0.08in; } The social protection group AG2R La Mondiale has announced net inflows for the 2012 fiscal year of EUR1.7bn, of which EUR1.3bn were for life and retirement insurance, in a market which has seen net outflows (EUR3.4bn, according to FFSA figures) for the first time since the early 1980s, according to a statement released on 25 April.Assets under management were up 13.4%, at EUR76.6bn.Inflows for all activities totalled EUR16.6bn, up 7.5%, with EUR7.8bn for Agirc Arrco complementary retirement contributions, up slightly, and EUR8.5bn (+14.9%) for insurance contributions. Contributions to retirement life insurance were up by more than 35%, to EUR2bn, with contributions to life savings insurance up 12.6% to EUR4bn.
26/04/2013

ETC granted license to release actively-managed ETFs

P { margin-bottom: 0.08in; } Index Universe reports that Exchange Traded Concepts (ETC), a specialist in white-label ETF products based in Oklahoma City, has been issued the necessary licenses to release actively-managed ETFs. The firm estimates that it will be in a position to apply for licenses for actively-managed ETFs within the next few weeks.
26/04/2013

KKR profits from equity gains

P { margin-bottom: 0.08in; } The Wall Street Journal reports that quarterly gains at the private equity investor KKR exceeded Wall Street analysts’ predictions, as equity gains shifted the profitability of the 2006 buy-out fund into a higher gear.Net profits at KKR by GAAP accounting standards in January-March rose to USD193.4m, compared with USD190.4m in the corresponding period of last year, while economic net profits, which include the performance and value of private equity investments, fell by about 9% to USD627.6m, which nonetheless remains higher than analysts’ projections. Proceeds from the sale of shares in companies KKR had previously taken public, as well as an uptick in the fees it collects, helped the firm to generate distributable, or cash, earnings of USD290.6, up 77% yoy.
26/04/2013

SSgA launches an ETF of inflation-linked emerging market bonds

P { margin-bottom: 0.08in; } State Street Global Advisors is launching an ETF on the German stock exchange of emerging market inflation-linked bonds, the SPDR Barclays EM Infation-Linked Local Bond UCITS ETF. It becomes the 1,027th ETF listed on the XTF segment of the Xetra electronic platform from Deutsche Börse. The ETF has a total expense ratio of 55 basis points. It will track an index which measures the performance of inflation-linked government bonds from nine emerging countries denominated in local currencies, with the weight of each country limited to 20%. The countries included in the index are Brazil, South Africa, Mexico, Chile, Turkey, Israel, Korea, Thailand and Poland. ISIN code: IE00B7MXFZ59
26/04/2013

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts etversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective et cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
26/04/2013

Comgest loses a distribution specialist

P { margin-bottom: 0.08in; } Comgest Deutschland, announcing the arrival of Andreas Franz as investor relations manager (see Newsmanagers of 25 April), neglected to mention that Christoph J. Zitt is leaving the same position after eight years, to “take on other professional challenges,” Institutional Money has learned from a farewell letter sent by Zitt.
26/04/2013

OMGI reshuffles its fund range

P { margin-bottom: 0.08in; } Old Mutual Global Investors (OMGI) has restructured its Dublin-based fund range, one year after merging its two asset management firms, Investment Week reports. The firm has merged four funds of its offshore Skandia Global Funds range. The Skandia US All Cap Value and Skandia US Value funds have been merged into the Old Mutual US Dividend. Skandia European Equity and Skandia European Opportunities have been merged, and renamed Old Mutual European Equity. At the same time, Stewart Cowley, head of fixed income, has been placed in charge of the Old Mutual Global Bond fund, after its merger with the Skandia Global Bond Fund. Ian Heslop will manage the Old Mutual Japanese Equity fund, after its merger with Skandia Global Equity.
26/04/2013

Henderson adds two funds to its Core Muli-Asset Solutions range

P { margin-bottom: 0.08in; } On 10 May, Henderson Global Investors (HGI0 will add the Core 4 Income Fund (low medium risk) and Core 6 Income & Growth Fund (high medium risk) to its Core Multi-Asset Solutions risk objective fund range. The products will be managed by the multi-asset class team, led by Bill McQuaker. The funds are targeted to specific risk parameters provided by Distribution Technology, a leading specialist in the area of risk profiles.Like the Core 3 Income and Core 5 Income funds, the new portfolios will be invested in a vast range of underlying actively- and passively-managed underlying assets.The Core 3, 4 and 5 income funds will pay out monthly distributions while the Core 6 will make quarterly payments.On the basis of the model portfolios, the two new funds will have estimated initial returns of 4.3% for the Core 4 Income, and 3.5% for the Core 6 Income & Growth.As of the end of December, the multi-asset class team at HGI had GBP4.5bn in assets under management.
26/04/2013

Deka acquires an office property in London

P { margin-bottom: 0.08in; } The German firm Deka Immobilien has acquired the 95 Gresham Street office building in London (10,100 square metres) from Standard Life. The property, which is wholly leased except for one floor, will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is reserved for institutional investors.
26/04/2013

Taxation: European Commission asks Denmark to change tax rules for foreign investment institutes

The European Commission has formally requested Denmark to change its taxation of dividends distributed to foreign investment institutes with minimum taxation (investeringsinstitutter med minimumsbeskatning). In Denmark, dividends distributed to funds registered as «investment institutes with minimum taxation» are exempted from tax, but only if the institute is Danish. The Commission considers that the Danish tax rules discriminate against «investment institutes with minimum taxation» from other Member States. This breaches the freedom to provide services and the free movement of capital as set out in the EU Treaties. Following the letter of formal notice sent by the Commission on 30 April 2012 (first stage of the infringement), today the Commission is requesting Denmark to change its legislation within two months to bring it in line with EU law (second stage of the infringement). If Denmark does not comply, the Commission may decide to refer the case to the EU’s Court of Justice.
26/04/2013

Net subscriptions to Spanish funds in April

P { margin-bottom: 0.08in; } According to provisional statistics from VDOS, Spanish funds are reported to have taken in net subscriptions from 1 to 19 April of EUR672m, of which EUR624m went to bond products, Funds People reports.With the addition of EUR3.852bn in net inflows in first quarter, the total of EUR4.5bn represents more than half of net outflows in 2012 overall.In addition, in the period from 1 to 19 April, market appreciation brought an extra EUR250m, bringing assets as of 19 April to EUR134.172bn.
26/04/2013

Catella replaces its CEO

Johan Ericsson has informed the Board of directors that he intends to leave his position as Chief Executive Officer of Catella AB during 2013, to continue in another senior role within Catella. A process will therefore be initiated of seeking his successor. Johan Ericsson will remain in his post until a new CEO is appointed.

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