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11/05/2012

Asset management at Axa posts net outflows of EUR5.4bn

In first quarter 2012, earnings from asset management at Axa (Axa IM and AllianceBernstein) have fallen 10% to EUR771m, largely due to a decline in management commission and commissions for institutional research activities at AllianceBernstein, and lower commissions on real estate transactions at AXA IM, a statement says. Assets under management are up by EUR18bn compared with 31 December 2011, and total EUR865bn. Net outflows total EUR5.4bn in first quarter. These outflows included -EUR2.7bn from AllianceBernstein, largely to institutional clients, partly offset by net inflows of EUR2bn for an advising mandate for AXA Japan, and -EUR2.7bn at AXA IM, largely due to the voluntary withdrawal of unprofitable employee shareholding plans (-EUR4bn), and net outflows at Axa Rosenberg (-EUR1bn), partially offset by a positive net inflow at AXA Fixed Income, Axa Private Equity and Axa Framlington. A market effect of +EUR37bn has also been shared by AllianceBernstein and AXA IM.
11/05/2012

Inflows pick up in first quarter at Amundi

Despite a persistently difficult market environment, the savings management professions in the asset management, insurance and private banking unit of Amundi have maintained their total assets under management of nearly EUR1.042trn as of the end of March 2012. This total is a slight decline of 1.9% year on year, but a 3.5% increase compared with the end of December 2011, as inflows have begun to pick up again in first quarter 2012, particularly at Amundi. Excluding assets counted twice, total assets in the unit totalled over EUR836bn as of 31 March 2012.In first quarter 2012, Amundi contiued to post good operational performance, and has also made a one-time capital gain of EUR60m from the sale of a minority stake in the United States. Not counting this one-time gain, net banking proceeds are down 4.4% year on eyar, penalised by a decline in assets in this period, but are up by nearly 7% compared with fourth quarter 2011, largely due to an increase in performance commissions.
11/05/2012

OFI AM to open to alternative multi-management and to Europe

The heads of OFI AM unveiled yesterday major plans for the short to mid-term, which will include additions to its range of asset managemnet products and development internationally and in France. In terms of investments, after pointing out the firm’s three-way approach, with a product range managed either internally, or via multi-management, or through partnerships, Gérard Bourret, CEO, has announced that his asset management firm would soon be offering its institutional clients a range of alternative multi-management products. “To that end, we will in the next few weeks announce a partnership with an English-speaking firm larger in size than ourselves,” Bourret confirmed. Bourret plans to provide a clearer product range for investors, with a segmented range that offers value products that also deliver returns, as well as European growth products and proximity management of investments in growth small and midcaps in France and the euro zone. Another desire expressed by management is to bring more regular and higher performance to these equity products. As the French market offers limited opportunities, the group is now planning to make itself heard elsewhere in Europe. “We are going to hire the services of a third-party marketer (TPM). The fund range will be selective, focused on niche products where the firm has excellence to foreground.” But that’s only a beginning, says Bourret. “In three years, we will be able to say that we have begun.” In terms of inflow objectives, Bourret says that in a closed and virtually saturated French market, OFI AM in 2012 had planned to earn total net inflows of EUR1.5bn to EUR2bn. As of the end of the month of March, assets at the OFI group totalled EUR50.6bn, up 7% compared with the end of last year (EUR47.23bn).
11/05/2012

Hong Kong: proposed stock market regulation alarms banks

The Hong Kong stock market regulatory authority yesterday unveiled proposed reforms which would significantly toughen sanctions against business banks which were underwritten for an initial public offering (IPO) by a firm which falsifies its accounts, Les Echos reports. By the proposed regulations, which have been submitted for consultation for a two-month period before being debated by Parliament, various actors supporting the IPO process for Hong Kong businesses may not only be subject to civil, but also to criminal charges. Individuals who recommend an IPO which turns oiut to be fraudulent may face up to three years in prison. This would bring local legislation into line with regulations in place in the United States, but would put the Hong Kong stock market ahead of its major rival, the Singapore stock exchange.
11/05/2012

Neuberger Berman launches a long/short fund

The US asset management firm Neuberger Berman (USD199bn in assets) has announced the launch of the Neuberger Berman Long Short Fund, whose acronyms for various share classes are NLSAX, NLSCX and NLSIX.The product, which offers daily liquidity, is available with an initial subscription of USD1,000. The portfolio is managed with a fundamental approach, and a way to invest long as well as short. It uses a bottom-up approach in all cap sizes, and also is able to invest in bonds issued by US and foreign firms.The fund will be managed by Charles Kantor, managing director of Neuberger Berman and director of Kantor group (USD850m in assets) with the assistance of William Muller, Charles Nguyen and Marc Regenbaum, three analysts from Kantor Group.
11/05/2012

Threadneedle releases a contrarian fund from Columbia

The British asset management firm Threadneedle has released its Threadneedle US Contrarian Core US Equities Fund in Spain. The product is a Luxembourg-registered clone of the US fund Columbia Management Contrarian Core fund (USD1.6bn), managed by the firm’s sister company based in the United States, Expansión reports (see Newsmanagers of 18 October 2011). The managers, Guy W. Pope and Harvey Liu, will select US large caps which are already in the bottom end of their 52-week price ranges. The holdings selected will be undervalued businesses.
11/05/2012

Axa Private Equity invests in infrastructure

Axa Private Equity is entering the capital of Enovos, a specialist in the transportation of electricity and gas in Luxembourg and Germany, Agefi reports. The Axa affiliate acquired its 23.48% stake in the capital of the firm from Arcelor Mittal for EUR330m. Axa PE has made the investment via its third infrastructure fund, which has been in a fundraising phase for one and a half years. The new vehicle hopes to bring in about EUR1.5bn.
11/05/2012

Frankfurt lists its 970th ETF, from SPDR

On 10 May, the SPDR Citi Asia Local Government Bond ETF (IE00B7GBL799) from State Street Global Advisors (SSgA) became the 970th ETF to be listed on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). The bond fund, which replicates the Citi Asian Government Bond Investable Index, charges fees of 0.50%.
11/05/2012

EDRAM registers Premiumsphere in Germany

The Premiumsphere fund (A share class: FR0010509877) from Edmond de Rothschild Asset Management (EDRAM), managed by Adeline Salat-Baroux and Valérie Guelfi of the international equity team, has been issued a sales license for Germany by BaFin. The fund, which focuses on major global premium brands, posted outperformance as of 29 February 2012 of 113% compared with the MSCI AC World index, EDRAM reports.
11/05/2012

European Court of Justice finds in favour of foreign funds and against France

The European Court of Justice has announced a verdict. On 10 May, the Court announced that “the law of the Union opposes French regulations which impose national withholding taxes on dividends when they are earned by mutual funds domiciled in another EU country, when these dividends are exempt from tax for mutual funds domiciled in France.” Ten Belgian, German, Spanish and United States-domiciled OPCVM funds, which invest largely in shares in French businesses, and which earn dividends on these shares which are subject to withholding tax, had challenged the French regulation, which stipulated that dividends paid to non-French domiciled funds would be subject to a withholding tax of 25%, while the same dividends would not be taxed when paid to a French-domiciled fund. The estimated cost to the French budget is estimated at about EUR4.2bn as of the end of 2011.
11/05/2012

Barclays Wealth posts a second year of losses in Switzerland

Barclays Wealth, the Swiss private banking affiliate of the Barclays group, has published losses on the Swiss market for the second consecutive year. In 2011, Barclays Wealth Switzerland posted a loss of CHF31m, according to finews, compared with CHF13m in 2010.
11/05/2012

FSA fines Martin Currie GBP3.5m

The Financial Services Authority (FSA) has announced that it has sentenced Martin Currie Investment Management Limited and Martin Currie Inc (Martin Currie) to pay fines of GBP3.5m. The regulator accuses Martin Currie of failing to resolve a conflict of interest between two of its clients. Martin Currie advised one of its clients to invest in a fund from another client, which rescued this client from «serious liquidity concerns», a statement from the British regulator says.
11/05/2012

Paul Abberley appointed as interim CEO of Aviva Investors

Aviva Investors on May 10 announced the appointment of Paul Abberley as interim chief executive of Aviva Investors following the departure of Alain Dromer. Currently chief executive of Aviva Investors London and Global Investment Solutions, he will assume responsibility for the global business immediately and will join the Aviva group executive committee.Paul Abberley joined Aviva Investors on its launch in September 2008 as chief executive of Aviva Investors London (AIL). Patrick Regan chairman, Aviva Investors and chief financial officer, Aviva said: "(...) his interim appointment will facilitate a smooth transition following the departure of Alain Dromer»."Over the coming months we will be working through the process of recruiting a permanent CEO and will be considering both internal and external candidates for this role,» he added.
11/05/2012

Pioneer CEO steps down

Roger Yates will step down as CEO of Pioneer Investments, the asset management unit of UniCredit, after two and half years. He will be replaced by Sandro Pierri, head of Western Europe & International, including Asia and Latin America, and CEO of Pioneer Investments, Italy."Roger Yates is going return home to London due to family commitments», according to a press release published by UniCredit on May 10. He will though remain on Pioneer Investments’ board as a non-executive director. This change will be effective July 24, 2012.At the same time, UniCredit announced the appointment of Sandro Pierri as the new head of Asset Management. A formal proposal of his appointment as CEO Pioneer Investments will be made to the Pioneer Investments’ board of directors in July. He will report directly to Federico Ghizzoni, CEO UniCredit.
11/05/2012

iShares offers exposure to European government debt

The ETF provider iShares has launched a series of funds offering exposure to bonds from several European countries. The funds replicate indices from Barclays which invest in physical securities, and which offer exposure to government bonds denominated in euros, with the same rating as their country of origin. List of funds offered iShares Barclays Austria treasury bond, iShares Barclays Belgium treasury bond, iShares Barclays Finland treasury bond,iShares Barclays France treasury bond, iShares Barclays Germany treasury bond, iShares Barclays Italy treasury bond,iShares Barclays Netherlands treasury bond,iShares Barclays Spain treasury bond. All of these products will be listed on the London Stock Exchange and will charge 0.2%.
11/05/2012

M&G signs two distribution agreements in Italy

M&G Investments has signed two distribution agreements for its funds in Italy, one with the wealth management division of Deutsche Bank, and one with Banca Sella, Bluerating reports. With these partnerships, M&G provides access to 27 funds registered in Italy for high net worth clients of the two banks. Among the products to be made available are M&G Optimal Income, M&G Global Macro Bond, M&G Dynamic Allocation, M&G Glboal Dividend and M&G Global Emerging Markets.
11/05/2012

Manulife AM develops in Asia

Manulife Asset Management has recruited Sarah Lu for the newly-created position of head of asset allocation for Asia, Asian Investor reports. Lu, who will be based in Hong Kong, previously worked at Axa Rosenberg Investment Management Asia-Pacific.
11/05/2012
Gestion d'actifs

Le FRR s'intéresse beaucoup aux Cats Bonds

Parmi les actifs alternatifs, les Cats Bonds, nous intéressent beaucoup, ils pourraient être une voie de diversification, ils seraient logés dans la poche de performance. Il n’est pas exclu que nous en fassions dans le futur, selon l’analyse de Philippe Aurain, à Next Finance, peu de temps avant son départ. Nous voulons comprendre ce que nous achetons. Nous souhaitons augmenter lentement notre périmètre d’investissement, mais surtout, nous voulons à chaque fois bien maîtriser ce que nous prenons en portefeuille, avoir les inventaires, regarder ligne par ligne. Nous voulons bien prendre des risques, mais nous souhaitons avant tout comprendre les risques que nous prenons. Si nous investissons un jour dans des Cats Bonds, nous aurons besoin d’une totale transparence.
Gestion d'actifs
11/05/2012
Gestion d'actifs

Le fonds de pension de Total en Belgique a sélectionné un gérant sur les convertibles

Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.
Gestion d'actifs
11/05/2012

Le déficit commercial américain supérieur aux prévisions

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en mars avec des importations qui ont atteint un niveau record, un autre signe laissant supposer que le gouvernement risque de devoir réviser en baisse sa prévision de croissance du premier trimestre. Le déficit a augmenté de 14,1% à 51,8 milliards de dollars. Les importations ont augmenté de 5,2% et les exportations de 2,9%.
11/05/2012

Statu quo sur les taux norvégiens

Les taux directeurs sont restés inchangés hier à 1,5% en Norvège, au vu des troubles de la zone euro, mais la banque centrale a indiqué qu’elle pourrait les relever au printemps 2013 afin d'éviter que les entreprises et les ménages ne s’endettent trop. La Norges Bank anticipe un taux de croissance de 3,25% cette année, hors secteur pétrolier.
11/05/2012

Guy Hands contribue de sa propre poche

Le quotidien assure que le patron de Terra Firma a versé quelque 20 millions de livres,un cinquième de sa fortune personnelle, à sa sociétéde private equity. Cela afin de garantir le versement de bonus confortables à certains salariés dont le dirigeant ne souhaite nullement se séparer. Les équipes d’investissement ont été réduites de 70% au cours des dernières années.
11/05/2012

Le Qatar vise Xstrata

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.
11/05/2012

CIC ne peut ignorer l’Europe

Dans un entretien accordé au quotidien, le président du fonds souverain China Investment Corp, Gao Xiqing, assure qu’il «ne peut ignorer l’Europe». Le dirigeant assure pourtant qu’il souhaite voir CIC allouer davantage de ressources financières à destination des marchés émergents, aux dépens d’investissements en Europe ou aux Etats-Unis, des économies matures parfois moins accueillantes pour les fonds chinois.
11/05/2012

Foule de prétendants pour Birds Eye Iglo

Le quotidien croit savoir qu’au moins quatre offres ont été présentées à Permira hier soir, date limite dé réception, concernant le rachat de l’activité de surgelés Birds Eye Iglo, propriété de la société de private equity depuis cinq ans à la suite de son acquisition auprès d’Unilever. La valorisation de la cible, dont le chiffre d’affaires a dépassé 1,1 milliard d’euros l’an passé, pourrait selon le quotidien approcher 3 milliards (précisément de 2,6 à 2,9 milliards, dont une dette nette de 1,4 milliard). Sont en lice Blackstone, Bain Capital, BC Partners et Clayton Dubilier & Rice, dont l’associé pour l’occasion, Vindi Banga, est un ancien cadre d’Unilever.

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