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13/09/2012

Prudential Real Estate Investors recrute un co-gérant

Prudential Real Estate Investors a recruté Michael Gallagher au poste de co-gérant des stratégies d’investissement en valeur immobilières au Royaume-Uni et Europe. L’intéressé sera basé à Londres. Avant de rejoindre PREI, Michael Gallagher était assistant fund manager chez Aviva Investors.
13/09/2012

Nomination chez M&G Investments

Le britannique M&G Investments a nommé David Halfacre au poste de responsable du développement des partenariats, rapporte Fund Web.Il travaillait précédemment chez JP Morgan Asset Management où il était vice président, responsable du développement des partenariats stratégiques.
13/09/2012

UBS veut limiter les bonus

UBS cherche à plafonner les bonus des banquiers, selon le Financial Times. La banque suisse étudie dans cette perspective une série de solutions, dont la limitation des bonus soit en relation avec un salaire fixe ou avec le bénéfice net de la banque, l’augmentation à cinq ans de la période sur laquelle les rémunérations sont différées et l’alignement du niveau de la rémunération absolue sur la moyenne d’un groupe de référence.
13/09/2012

Le patron de Julius Baer prêt à relever les défis de l’intégration de Merrill

«Chez Julius Baer, nous avons l’habitude de gérer les coûts», indique Boris Collardi, le CEO de la société suisse, balayant les inquiétudes concernant l’intégration des activités de gestion de fortune de Merrill Lynch en dehors des Etats-Unis. Le Financial Times note qu’avec un coefficient d’exploitation de 105 %, l’activité de Merrill Lynch n’est pas rentable. De plus, les marges sont faibles en Asie. Mais Julius Baer prévoit de fusionner des bureaux, d’effectuer des achats communs et de réduire les effectifs.
13/09/2012

Partners Group lance un programme pour les moyennes capitalisations

Avec Private Markets Credit Strategies 2012, le suisse Partners Group (25 milliards d’euros d’encours) vient de lancer un programme de 375 millions d’euros pour satisfaire la demande de la clientèle en matière de dette non cotée (private debt). Cela permet de proposer un financement en dette senior aux moyennes capitalisations, avec une mise en place rapide et une duration plus courte que les produits traditionnels disponibles sur le marché. Il est prévu de proposer régulièrement à l‘avenir des programmes similaires aux investisseurs institutionnels.
13/09/2012
Fonds

UBS tourne le dos à douze ETN

UBS a décidé de ne plus commercialiser douze ETN sur le S&P 500 VIX Futures, qui arrivaient à échéance le 6 septembre 2041. C’est le manque d’intérêt qui a poussé la banque suisse à prendre cette décision, précise Finews.
Fonds
13/09/2012

Robert Higginbotham prend en charge les services aux institutionnels chez T. Rowe Price

T. Rowe Price vient de recruter Robert Higginbotham en qualité de responsable des services aux institutionnels à l’international, rapporte Investment Europe. Il aura en charge le développement de l’ensemble des services aux investisseurs institutionnels en dehors des Etats-Unis.Il sera basé à Londres et prendra ses fonctions en octobre. Il travaillait précédemment chez Fidelity Worldwide Investment où il exerçait les fonctions de chief executive pour l’Europe, le Moyen Orient et l’Afrique.
13/09/2012

Plus de 200 millions d'euros de collecte à l'UMR en 2011

Lors de la présentation de ses résultats 2011, l’UMR (Union Mutualiste Retraite) a fait état d’une collecte de 208 millions d’euros et de 7,6 milliards d’euros d’actifs gérés, soit 11% de l'épargne retraite individuelle volontaire en France. Par ailleurs, le rendement net comptable des complémentaires retraite mutualiste par points, individuelle et collective Corem et Corem Co sur l’exercice 2011 a été respectivement de 0,49% et de 5,76 %.
13/09/2012

BNP Paribas s'intéresse à la gestion de fortune outre-Atlantique

L’Agefi rapporte que BNP Paribas a mis sur pied un plan à cinq ans destiné à développer ses services de gestion de fortune aux Etats-Unis. Le groupe a rapproché ses activités de trust, de courtage et de banque privée au sein de sa filiale Bank of the West. La nouvelle succursale gère environ 10 milliards de dollars d’actifs, dont plus des deux tiers sur des comptes de courtage, précise le quotidien.
13/09/2012
Fonds

GSAM lance une gamme de fonds répliquant les indices GIVI

S&P Dow Jones Indices a annoncé le 12 septembre le lancement d’une nouvelle famille d’indices d’actions au sein de la gamme S&P GIVI ; le nouveau produit est le S&P GIVI Global Growth Markets Tilt Index qui regroupe les caractéristiques croissance et value avec un facteur macro-économique. Il se compose des indices de base S&P GIVI et des indices S&P GIVI GDP Weighted, offrant ainsi une volatilité plus faible. Goldman Sachs Asset Management (GSAM) a pour sa part lancé une gamme de fonds coordonnés sur la base du concept GIVI qui répliquent la performance des différents sous-indices GIVI. Les trois produits déjà homologués en Allemagne sont :- Goldman Sachs GIVI Growth & Emerging Markets Equity Portfolio- Goldman Sachs GIVI Europe Equity Portfolio- Goldman Sachs GIVI Global Equity – Growth Markets Tilt Portfolio
Fonds
13/09/2012

Skandia est intégré dans Old Mutual Wealth

Les activités de Skandia au sein de groupe Old Mutual seront fusionnées dans une nouvelle entité dénommée Old Mutual Wealth, selon un communiqué de Skandia publié le 12 septembre. Skandia UK, Skandia International et les activités de Skandia en Europe, à l’exception des pays nordiques, adopteront la marque Old Mutual Wealth dans les 24 prochains mois, ce qui permettra notamment d'éviter toute confusion avec Skandia Liv qui a racheté les activités nordiques d’Old Mutual logées dans Skandia. La nouvelle entité Old Mutual Wealth (précédemment Old Mutual Wealth Management) sera pilotée par Paul Feeney en tant que directeur général, assisté de deux responsables, Peter Mann pour le marché britannique, et Steven Levin pour les marchés internationaux. A noter par ailleurs que l’actuelle structure juridique Skandia Link, basée en Espagne, fusionnera avec la nouvelle entité luxembourgeoise Skandia Life SA le 1er octobre 2012. En conséquence, Skandia France, qui est une succursale de l’entité espagnole, devient une succursale de l’entité luxembourgeoise. L’organisation et le fonctionnement actuels de Skandia en France restent inchangés.
13/09/2012
Fonds

Les fonds obligataires affichent une collecte record en juillet

Les fonds obligataires commercialisés en Europe ont enregistré en juillet des souscriptions nettes de 21,7 milliards d’euros, soit un montant mensuel record sur plus de 10 ans, selon Lipper. Cela porte la collecte nette sur la classe d’actifs depuis le début de l’année à plus de 100 milliards d’euros (107 milliards).En juillet, les souscriptions ont surtout été tirées par les fonds à haut rendement et les fonds marchés émergents, qui ont attiré respectivement 7,1 milliards d’euros - un record - et 3,5 milliards d’euros (dont 1,1 milliard d’euros pour les produits en devises locales).Le thème marchés émergents a aussi constitué un moteur de croissance pour la catégorie actions, avec 550 millions d’euros de flux nets. Mais cela n’a pas suffi à maintenir la collecte en territoire positif. Les fonds actions ont accusé des rachats nets pour le quatrième mois consécutif en juillet : 4,2 milliards d’euros. Il s’agit néanmoins d’un mieux par rapport aux mois précédents.Au total, les fonds de long terme (hors monétaires) ont enregistré des souscriptions nettes de 14,9 milliards d’euros en juillet, soit le plus haut niveau en quatre mois. Et depuis le début de l’année, la collecte ressort à 81,3 milliards d’euros. En incluant les fonds monétaires, le solde est moins reluisant, à 2,4 milliards d’euros seulement, ces produits ayant vu sortir 12,5 milliards d’euros.Enfin, les sociétés de gestion ayant affiché la meilleure collecte en juillet sont Pimco (3,2 milliards d’euros), Axa (2 milliards), BlackRock (1,2 milliard), Pictet (960 millions d’euros) et Carmignac (910 millions).
Fonds
13/09/2012

Metzler cuts commissions on a money market fund

From 1 October, commissions on the money market fund Metzler Geldmarkt (EUR226m) will be reduced, the Börsen-Zeitung reports. Depository banking commission is reduced to 0.025% from 0.05%, and the management commission to 0.05%, from 0.10%.
13/09/2012

L'ancien CEO d'OFI réapparait chez Twenty First Capital

Après son départ d’OFI AM au printemps dernier, Thierry Callault si l’on se réfère aux indications apportées sur le réseau social professionnel Linked-in, occupe désormais la fonction de chairman au sein de la société Tewenty First Capital. xxxxxxxxx
13/09/2012

Stoxx creates new indices in Maximum Dividend range

The Swiss asset management firm Stoxx Limited on 12 September announced the launch of Stoxx Global Maximum Dividend 40, STOXX Asia?Pacific Maximum Dividend 40, STOXX North America Maximum Dividend 40 and STOXX Japan Maximum Dividend 40 indices in its Maximum Dividend Strategy range. The indices may be used as a basis for actively-managed funds, ETFs, or other investable products. The new indices replicate a hypothetical portfolio which aims to optimise dividend yields from the STOXX Global 1800, STOXX AsiaPacific 600, STOXX North America 600 and STOXX Japan 600 indices, by selecting 40 businesses from these indices which have paid the highest dividends historically. To be eligible, shares must belong to Maximum Dividend indices, pay a dividend in the upcoming quarter, have a listed free-float of at least EUR1bn, and an average trading volume of at least EUR4m per day in the three months preceding selection.The composition of the index will be updated on a quarterly basis, following the last trading days in January, April, July and October.
13/09/2012

Allianz and Union attract strong subscriptions

In the first seven months of the year, German open-ended security funds have posted net inflows of EUR5.58bn. However, several asset management firms have seen net redemptions, including the Deka group (EUR3.14bn) and Deutsche Bank (EUR4.52bn). However, Allianz (with Pimco) has managed to attract EUR13.08bn, and Union Investment has posted net inflows of EUR2.11bn, the German BVI association of asset management firms reports.ETF promoters are not doing well either, with the exception of ETFlab (Deka), which has attracted EUR325m in seven months. BlackRock, with its iShares ETFs, has seen net outflows of EUR927m, while net redemptions totalled EUR797m for ComStage (Commerzbank). db x-trackers (Deutsche Bank) has posted redemptions of EUR1.73bn.
13/09/2012

Institutional funds continue to attract most inflows

In January-July, German funds and mandates posted net inflows almost three times higher than in the first seven months of 2011, at EUR44.36bn, compared with EUR15.17bn. Of this total, institutional funds (Spezialfonds) attracted EUR36.44bn, while open-ended funds attracted EUR7.99bn (of which EUR2.41bn were for real estate funds), and mandates underwent net outflows of EUR70.5m.As of 31 July, assets totalled EUR1.926trn, of which EUR925bn were in Spezialfonds, EUR701bn in open-ended funds (including EUR82.9bn in real estate funds), and EUR300bn in mandates.The German BVI association of asset management firms states that 57% of assets in institutional funds are managed by external managers, compared with 37% at the end of 2005.
13/09/2012

Bond funds post record inflows in July

Bond funds enjoyed inflows of EUR21.7bn in July, the largest one month total in more than ten years, according to Lipper. This takes net sales for the asset class in 2012 over the EUR100bn mark (EUR107bn).Underpinning the broad move into bonds was renewed appetite for high yield and emerging market funds. The former saw record-breaking inflows of EUR7.1bn, while inflows for the latter reached EUR3.5bn (of which local currency funds accounted for EUR1.1bn). The emerging market theme was also reflected on the equity side, with global emerging markets easily the most popular equity sector (EUR550m) this month.While equity funds suffered redemptions for the fourth consecutive month, this total did improve in July, albeit to -EUR4.2bn. As a result long-term fund sales (ie excluding money market funds) reached a 4-month high of EUR14.9bn in Europe. Significant volumes moving out of money market funds (-EUR12.5bn) again looked to have helped long-term funds and suggest the most concerted move out of this asset class since the first half of 2010.The best-selling groups this month were PIMCO (EUR3.2bn), AXA (EUR2bn), BlackRock (EUR1.2bn), Pictet (EUR960m) and Carmignac (EUR910m).
13/09/2012

GSAM launches range of funds replicating GIVI indices

S&P Dow Jones Indices on 12 September announced the launch of a new family of equity indices within the S&P GIVI range. The new product is the S&P GIVI Global Growth Markets tilt Index, which combines growth and value characteristics with a macro-economic factor. It is composed of the base S&P GIVI index and S&P GIVI Weighted indices, which provide lower volatility.Goldman Sachs Asset Management (GSAM), for its part, has launched a range of UCITS-compliant funds based on the GIVI concept, which replicates the performance of the various GIVI sub-indices.The three products registered for sale in Germany are:- Goldman Sachs GIVI Growth & Emerging Markets Equity Portfolio- Goldman Sachs GIVI Europe Equity Portfolio- Goldman Sachs GIVI Global Equity – Growth Markets Tilt Portfolio
13/09/2012

Three Italian bond ETFs listed in Frankfurt

db x-trackers (Deutsche Bank) on 12 September listed three new Luxembourg-registered ETFs on the XTF segment of the Xetra electronic platform (Deutsche Börse). All three are products which replicate MTS indices of Italian bonds denominated in euros.With these three additions, the number of ETFs listed in Frankfurt now comes to 1,003, down from 1,004 on 22 August.CharacteristicsName: db x-trackers II MTS Ex-Bank of Italy BTP ETFISIN code: LU0613540185Benchmark index: MTS Italy BTP - Ex-Bank of Italy IndexTER: 0.20%Name: db x-trackers II MTS Ex-Bank of Italy BOT ETFISIN code: LU0613540268Benchmark index: MTS Italy BOT – Ex-Bank of Italy IndexTER: 0.15%Name: db x-trackers II MTS Ex-Bank of Italy Aggregate ETFISIN code: LU0613540698Benchmark index: MTS Italy Aggregate - Ex-Bank of Italy IndexTER: 0.20%
13/09/2012

Deutsche Bank places emphasis on HNWIs and ETFs

Michele Faissola, head of the asset and wealth management (AWM) unit at Deutsche Bank, on Wednesday announced that its affiliate DWS is seeking to increase the number of its funds which receive top ratings by 15-20%. A cost savings programme announced by the bank on Tuesday (single strategy, shared IT and distribution) is expected to generate cost reductions of EUR700m for AWM, Die Welt reports.Growth will come primarily through development of the ultra-high net worth client segment (clients with financial savings of over EUR70m), particularly in Asia, and ETFs. Its affiliate db x-trackers, which has been detached from the investment bank and is now part of the AWM unit, will no longer be limited to Europe, where it has EUR35bn in assets under management, but will release its products worldwide. The US market will significantly contribute to a 50% increase in volume in three years.
13/09/2012

Deka becomes single outlet for savings banks in securities

The board of directors at DekaBank on Wednesday has approved an extension of the firm’s operations. Deka, which is already the central asset management firm for the German savings banks, will now also offer certificates to retail clients of these banks, with the ultimate objective of making Deka the central asset management firm for the savings banks in the whole securities spectrum, says Oliver Behrens, interim chairman of the board. Deka will also rely on the expertise of the Landesbank Berlin in this area.Meanwhile, Deka has confirmed rumours that the management at Deka Investments, the active open-ended fund and institutional fud asset management specialist affiliate, will be reshuffled. Viktor Moftakhar will become co-CEO on 1 October, alongside Thomas Neiße, while Frank Hagenstein, head of fixed income management, will be appointed CIO, and will also be responsible for equity and multi-asset class management.
13/09/2012

S&P Capital IQ doubles coverage of private business stats

The data provider S&P Capital IQ on 12 September announced that it has signed an agreement with Dun & Bradstreet, to considerably extend its range of financial data on non-public companies in Europe and North America. In particular, it is extending coverage of key markets such as Germany, the Scandinavian countries, the United Kingdom, and the United States. Market actors will be offered standardized, traceable information worldwide, as complements to credit analyst, risk management and merger and acquisition activities. “This is a significant step forward for the market. S&P Capital IQ will offer an extended range of quality information on non-public businesses, which is often difficult to obtain. The new data will be subjected to our cutting-edge validation and reprocessing process,” explains Silvina Aldeco-Martinez, head of Development for Europe at S&P Capital IQ. The new data will be included in flagship solutions from S&P Capital IQ, including desktop platforms and data feeds.
13/09/2012

Significant redemptions from hedge funds in July

The hedge fund industry redeemed USD7.4 billion (0.4% of assets) in July, building on outflows of USD4.2 billion in June, according to BarclayHedge and TrimTabs. Based on data from 3,119 funds, the TrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets were USD1.87 trillion in July, down 23.2% from their June 2008 peak of USD2.4 trillion.The industry experienced outflows in seven of the 12 months from August 2011 to July 2012, losing a net USD29.3 billion. From August 2010 to July 2011, the industry gained USD96.2 billion with inflows in 10 out of 12 months.
13/09/2012

Further increase in hedge fund returns in August

August has been a third consecutive month of gains for hedge funds, which were supported by equity hedging and event-driven strategies. The HFRI hedge fund index gained 0.8% in July, and has gained a further 3.5% since the beginning of this year. Equity hedging strategies gained 1.2%, while event-driven gained 1.1%, and relative value strategies, 0.9%. However, macro strategies lost 0.16% overall, with declines of 0.9% for the diversified/CTA index, but a gain of 1% for discretionary macro strategies. The fund of fund index also maintained its positive orientation in August, with gains of 0.64%.
13/09/2012

SGSS awarded a mandate by Mantex Sicav in Italy

Société Générale Securities Services Italy (SGSS S.p.A.) on 12 September announced that it has been awarded a mandate by Mantex Sicav as a local transfer agent to provide settlement agency and mutual fund relationship management services for investors in Italy. SGSS Italy has been selected by Mantex Sicav “for its recognized international expertise as a transfer agent, its ability to provide services adapted to the specific needs of its clients, and a large network of placement agents.” Mantex Sicav is an open-ended collective investment fund registered in Luxembourg. The self-managed umbrella fund is on the official list of collective investment organisms, and was founded at the initiative of Nextam Partners S.G.R. S.p.A., an Italian independent asset management firm.
13/09/2012

Skandia joins Old Mutual Wealth

Skandia’s activities in the Old Mutual group will be merged into a new entity known as Old Mutual Wealth, according to a statement from Skandia published on 12 September.Skandia UK, Skandia International and Skandia’s activities in Europe, excepting Scandinavian countries, will addopt the Old Mutual Wealth brand name in 24 months, which will prevent any confusion with Skandia Liv, which has acquired the Scandinavian activities of Old Mutual which formed a part of Skandia.The new entity Old Mutual Wealth (formerly Old Mutual Wealth Management) will be managed by Paul Feeney as CEO, with the assistance of two heads, Peter Mann for the Britih market, and Steven Levin for international markets.The current legal strucrure Skandia Link, based in Spain, will be merged with the new Luxembourg entity Skandia Lifa SA on 1 October 2012. As a result, Skandia France which is an arm of hte Spanish entity, becomes an arm of the Luxembourg entity. The organisation and the current functioning of Skandia in France will remain unchanged.
13/09/2012

Prudential Real Estate Investors recruits a co-manager

Prudential Real Estate Investors has recruited Michael Gallagher as co-manager of real estate investment strategies in the United Kingdom and Europe. He will be based in London. Before joining PREI, Gllagher was assistant fund manager at Aviva Investors.
13/09/2012

Old Mutual Asset Managers (UK) recruits head of credit research

Old Mutual Asset Managers (UK) has recruited Tim Barker to the newly-created position of head of credit research in its fixed income and macro team, Fundweb reports. Barker had previously been head of European credit research at Société Générale.

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