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23/02/2012

Eaton Vance cible les institutionnels en Asie

La société de gestion américaine Eaton Vance Management International a annoncé que sa filiale Eaton Vance Management International Asia, basée à Singapour a obtenu par le régulateur financier local un agrément de commercialisation. Elle pourra proposer aux clients institutionnels une gamme de fonds et de solutions de gestion de fortune. L’entité est dirigée par Robert White et servira dans le futur comme tête de pont pour le développement de la société de gestion sur d’autres marchés asiatiques.
23/02/2012

Fitch rehausse la note de BMCE Capital Gestion

Fitch Ratings a relevé de ‘M2’ à ‘M2+’ la note Asset Manager nationale de BMCE Capital Gestion pour ses activités de gestion basées à Casablanca. «Le relèvement de la note reflète une infrastructure technologique renouvelée offrant une plateforme intégrée de qualité pour les activités de front et middle office, une plus grande sensibilisation aux risques de conflits d’intérêts potentiels et des améliorations notables en termes de gestion du risque crédit. Fitch considère comme étant des éléments positifs pour la note les seize années d’historique de BMCE Capital Gestion et son bon positionnement sur le marché marocain», précise l’agence de notation. «Stabiliser les équipes et processus de gestion action et renforcer la gestion des risques d’investissement et de liquidité seront les principaux enjeux pour BMCE Capital Gestion. La finalisation du déploiement de la nouvelle plateforme technologique pourrait temporairement augmenter les risques opérationnels. Cependant, Fitch note que ce projet est bien couvert par les procédures et le dispositif de contrôle de la société», poursuit Fitch.
23/02/2012

Skandia recrute chez UBS

Skandia Investment Group vient de recruter Warren Tonkinson en qualité de responsable des ventes pour le Royaume-Uni, rapporte Money Marketing. Warren Tonkinson remplace à ce poste Andrew Blair, parti en septembre dernier pour rejoindre Mirabaud Investment Management en tant que co-responsable des ventes et du marketing.Warren Tonkinson travaillait précédemment chez UBS où il était responsable des alliances stratégiques.
23/02/2012
Fonds

La réglementation RDR favorise les ETF

L’interdiction outre-Manche des commissions à destination des conseillers financiers programmée à compter de 2013 avec l’introduction de la réglementation RDR (Retail distribution Review) donne dès à présent un coup de pouce aux ETF, selon BlackRock, rapporte Investment Europe.C’est ainsi que les actifs d’iShares détenus sur les plateformes d’ETF ont progressé de 34% en 2011 pour atteindre 746 millions de livres. Depuis le premier trimestre 2010, la hausse est de 175%. «Avec l’interdiction des commissions aux conseillers financiers, les ETF seont traités de la même façon que les autres produits d’investissement. Cette évolution, conjuguée avec le coût limité des ETF et leur accès facile sur un grand nombre de marchés, signifie que l’utilisation des ETF par les conseillers financiers et les gérants discrétionnaires devrait continuer d’augmenter», estime le patron de iShares UK, David Bower.
Fonds
23/02/2012

Collecte en progression de 10% pour St James's Place

La société de gestion de fortune St James’s Place a fait état pour l’exercice 2011 d’un bénéfice avant impôts de 109,7 millions de livres contre 84,2 millions de livres l’année précédente.La collecte nette s’est élevée à 3,3 milliards de livres, en progression de 10% par rapport à l’année précédente. Les actifs sous gestion s’inscrivaient fin 2011 à 28,5 milliards de livres contre 27 milliards à fin décembre 2010. A fin janvier, les actifs sous gestion s'établissaient à 29,5 milliards de livres, souligne St James’s Place dans un communiqué.
23/02/2012
Fonds

db x-trackers lance un fonds d'ETF avec SCM Private

Avec SCM Private qui en déterminera l’allocation au moins sur une base mensuelle, db x-trackers (Deutsche Bank) a lancé le fonds d’ETF db X-trackers SCM Multi Asset ETF qui utilisera une stratégie de «total return» et pourra investir dans la plupart des ETF et ETC de db x-trackers, rapporte Fundweb. Ce produit sera chargé forfaitairement à 0,89 %.
Fonds
23/02/2012
Fonds

Forte augmentation des fonds sous-performants outre-Manche

Près d’un fonds actions retail sur sept est en situation de sous-performance outre-Manche, selon le dernier classement Bestinvest sur la performance des fonds («Spot the Dog»). La valeur des fonds sous-performants a fait un bond à 23,16 milliards de livres, en augmentation de 74% par rapport à novembre 2010, date de la dernière enquête (13,29 milliards de livres).Au total, 94 fonds sur 682 n’ont pas réussi à battre leur indice de référence au cours de chacune des trois années précédentes; ils ont même sous-performé l’indice d’au moins 10%. Sur l’ensemble des secteurs (UK All Companies, UK Equity Income, UK Smaller Compagnies, European, Emerging Markets, Asie-Pacifique, Amérique du Nord, Japon et Global), Scottish Widows arrête en tête du classement pour les fonds les moins performants avec quatre fonds avec un encours cumulé de 2,28 milliards de livres, devant M&G (un fonds pour un encours de 1,19 milliard de livres) et Schroders (un fonds également pour un encours de 1,17 milliard de livres).
Fonds
23/02/2012

UBS crée une structure de gestion de fortune à Tel Aviv

Kaspar Villiger, CEO d’UBS et Kobi Feigenbaum, CEO d’UBS Wealth Management Isarel ont annoncé le 22 février le lancement d’UBS Wealth Management Investment House à Tel Aviv qui sera la première filiale d’une banque étrangère en Israël à proposer des services de gestion des investissements en shekels, avec une équipe parlant hébreu, en plus de la gestion d’investissements à l'étranger, le tout en architecture totalement ouverte.Le choix d’Israël comme marché stratégique fait suite à une étude en profondeur qui à démontré que ce pays est l’un des trois premiers marchés, avec le Brésil et la Russie, en matière de croissance de la fortune des particuliers et de possibilités de développement d’une activité de gestion de fortune. Israël précède dans le classement le Mexique, la Turquie et l’un des principaux pays du Golfe, précise un communiqué.
23/02/2012

Merchant Capital se lance dans la gestion de fortune

Merchant Capital vient de lancer Merchant Wealth, sa nouvelle filiale de gestion privée. Elle sera dirigée par Tom Evans. L’entité fera office de canal de distribution pour les produits structurés et les fonds maison de Merchant Capital, précise Investment Week.
23/02/2012
Fonds

Trois nouveaux ETF d'actions "growth" d'UBS à Francfort

Depuis mardi la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) comporte 936 références, avec l’adjonction de trois nouveaux ETF d’actions «growth» lancés par UBS Global Asset Management. De droit irlandais, ils répliquent tous trois des indices MSCI.CaractéristiquesDénomination : UBS ETFs plc - MSCI USA Growth TRN Index SF A-acc (USD)Indice de référence : MSCI Daily TR Net Growth USA USD IndexCode Isin : IE00B5ST4671TFE : 0,76 %Dénomination : UBS ETFs plc - MSCI USA Growth TRN Index SF I-acc (USD)Indice de référence : MSCI Daily TR Net Growth USA USD IndexCode Isin : IE00B4X9WC78TFE : 0,59 %Dénomination : UBS ETFs plc - MSCI EMU Growth TRN Index SF, A-acc (EUR)Indice de référence : MSCI Daily TR Net Growth EMU Local IndexCode Isin : IE00B4MFJH03TFE : 0,40 %
Fonds
23/02/2012

Oddo AM closes Oddo Rendement 2017 to new investors

As specified in the prospectus, Oddo Asset Management will be closing the Oddo Rendement 2017 fund, launched in September last year (see Newsmanagers of 30 September 2011) to new subscribers at the end of March. The fund, which invests in a range of convertible and private bonds, has attracted nearly EUR450m in investment since its launch. The fund is currently earning 6.3%, with its largest allocations to France (35%), Portugal (11%), Germany (10%), Spain (10%), and Italy (also 10%).
23/02/2012

RDR regulation favours ETFs

A British law forbidding kickback commissions to independent financial advisers planned to come into effect in 2013 with the passage of the Retail Distribution Review (RDR) is now boosting sales of ETFs, according to BlackRock, Investment Europe reports. Assets in iShares funds subscribed over ETF platforms rose 34% in 2011, to a total of GBP746m. Since first quarter 2010, the increase totals 175%. “With the law against commissions to independent financial advisers, ETFs are treated in the same way as other investment products. This development, coupled with the the low cost of ETFs and their easy availability on many markets, is a sign that the use of ETFs by independent financial advisers and discretionary managers will be likely to continue to increase,” the head of iShares UK, Davis Bower, says.
23/02/2012

Demand for dedicated funds remained high in 2011

Dedicated funds last year remained a preferred type of vehicle for pension funds, insurers and other instutional investors. Net inflows to dedicated funds last year totalled EUR101bn, compared with EUR145bn in 2010, according to annual statistics by the European financial and asset management association (EFAMA). Assets in non-UCITS funds increased 6.8% over the year as a whole, to EUR2.286trn. However, UCITS funds underwent a net outflow of EUR88bn, while assets in UCITS funds finished the year down 6.2%, at EUR5.634trn. Overall, the sector has seen a decrease in its assets of 2.8% to EUR7.920trn. Long-term UCITS-compliant funds, meaning all funds excluding money markets, in second half were penalised by ratings downgrades for the United States and the euro zone, and finished the year with outflows of EUR55bn, compared with net inflows of EUR290bn in 2010. Competition from the banking sector affected demand for money market funds, whose inflows totalled EUR33bn, compared with EUR122bn in 2010. In fourth quarter, long-term UCITS funds underwent outflows of EUR61bn, compared with EUR78bn in third quarter. Money market funds, for their port, posted a net inflows of EUR11bn, after outflows of EUR5bn in the previous quarter.
23/02/2012

Pictet launches a fundamental government bond product

The Luxembourg-registered, UCITS-compliant Pictet-Global Bonds Fundamental fund, managed by Mickael Benhaim, co-head of global & regional bonds, was launched on 31 January by Pictet Asset Management. The product invests in government bonds worldwide, based on a fundamental analysis to determine if the issuer has the ability and the desire to honour its commitments. This provides a way to diversify currencies and to bet on more rapid economic growth in emerging countries.No distinction will be drawn between sovereign borrowers in developed and emerging markets, which will allow subscribers to reduce their risks and increase their returns. This arrangement has the advantage of presenting none of the classic structural flaws of bond indices, which weight issuers depending on their capitalisation, which thus assigns more weight to governments which issue the most debt, whether or not these debt levels are sustainable.In other words, Pictet is adopting a strategy similar to the one applied by the team led by Stéphane Monier (Lombard Odier Investment Managers) for the LO-Funds-Global Government Bond fund.The Pictet fund is now registered for sale in Germany, Austria, Finland, France (as of 17 February), Liechtenstein, the Netherlands, the United Kingdom, Singapore and Sweden. It is available in eight share classes, one of which is a retail share class in euros.CharacteristicsName: Pictet Global Bonds fundamental R EURISIN code: LU0725946494Front-end fee: 5%Management commission: 1%
23/02/2012

Fitch lowers Greece's credit rating two notches, to C

The ratings agency Fitch on 22 February announced that it is lowering its long-term credit rating for Greece by two notches, to C, from CCC previously, following a European agreement to release a new round of bailout funding to the country and avoid a default in March. After a marathon meeting, the euro zone approved an unprecedented bailout plan in the night from Monday to Tuesday this week, which provides EUR130bn and wipes out EUR100bn in debt held by private lenders (banks, insurers, investment funds).
23/02/2012

SEC plans to impose charges on high frequency trading

Following a similar move by the CFTC, the Securities and Exchange Commission is planning to take measures to limit the significant influence of high-frequency traders on equity markets, the Wall Street Journal reports. The SEC is considering imposing fees on the numerous buy and sell orders which are cancelled before execution, among other proposals. According to estimates, 95% to 98% of orders issued by high-frequency traders are cancelled.
23/02/2012

Three new growth equity funds from UBS released in Frankfurt

Since Tuesday, the listings on the XTF segment of the Xetra electronic trading platform (Deutsche Börse) include 936 funds, with the addition of three new growth equity ETF funds from UBS Global Asset Management. The funds are registered in Ireland, and all three replicate MSCI indices.CharacteristicsName: UBS ETFs plc - MSCI USA Growth TRN Index SF A-acc (USD)Benchmark: MSCI Daily TR Net Growth USA USD IndexISIN code: IE00B5ST4671TER: 0.76%Name: UBS ETFs plc - MSCI USA Growth TRN Index SF I-acc (USD)Benchmark: MSCI Daily TR Net Growth USA USD IndexISIN code: IE00B4X9WC78TER: 0.59%Name: UBS ETFs plc - MSCI EMU Growth TRN Index SF, A-acc (EUR)Benchmark: MSCI Daily TR Net Growth EMU Local IndexISIN code: IE00B4MFJH03TER: 0.40%
23/02/2012

NGAM releases a US equity fund from Harris in Germany

BaFin has granted permission for the sale of the Concentrated U.S. Value fund, based on fundamentals for US firms. The product is from Natixis Global Asset Management and managed by Harris Associates. It invests in a concentrated portfolio of about 20 US large and midcaps. The fund is a sub-fund of the UCITS-compliant Sicav Natixis International Funds (Lux) I; it has already been available in the UK and Switzerland since the beginning of January.
23/02/2012

Deutsche Bank offers to liquidate a controversial fund

On Wednesday, Deutsche Bank announced that due to controversy and public outcry provoked by an article in Der Spiegel, it will soon be offering subscribers to the db Kompass Life 3 fund a means to rapidly redeem their shares, without dividends earned since investment. The synthetic product, launched in 2007, which had risen to a peak of EUR700m in assets according to Der Spiegel, pays returns depending on the life expectancy of a sample of 500 Americans aged 72 to 85. Due to its hypothetical structure, the fund has no relation with real life insurance policies, the bank says (see Newsmanagers of 6 February).
23/02/2012

Profits, subscriptions and assets all down at Sarasin

In 2011, “the Sarasin group has taken a pause in its growth,” the opening line of the press release from the Basel-based bank, which has recently become an affiliate of Safra, says. Adjusted net profits are down 10% to CHF111.7m, while net subscriptions fell for various reasons to CHF1.5bn, compared with CHF13.4bn, and assets under management fell to CHF96.4bn, compared with CHF103.4bn. The operating ratio has deteriorated to 80% from 77.6% in 2010.However, operating profits have fallen only marginally to CHF686.2m from CHF690.6m in 2010. The overall number of advisers at all Sarasin locations has increased by 3% to 446.
23/02/2012

Banque Cantonale du Valais inherits EFG clients

As part of the forthcoming closure of its Sion branch, EFG Bank has approached the Banque Cantaonale du Valais (BCVs) to propose a partnership agreement, BCVs has said in a statement released on 23 February. Under the arrangement, EFG Bank will recommend that its clients join BCVs. For BCVs, the cooperation agreement comes as a part of a strategy to strengthen wealth management activities targeting clients primarily domiciled in Switzerland, particularly in Valais. Wealth management is one of the three core professions at BCVs, along with business and retail banking.
23/02/2012

Eaton Vance targets Asian institutionals

The US asset management firm Eaton Vance Asset Management International has announced that its affiliate Eaton Vance Management International Asia, based in Singapore, has received a license from the local financial regulator. It will offer institutional clients a range of funds and wealth management products. The entity is led by Robert White, and will serve in the future as a beachhead for development for the management firm in other Asian markets.
23/02/2012

Natixis recorded strong inflows in 2011 despite Europe

Natixis, which published its annual accounts on Thursday morning, has announced for asset management assets under management of EUR544bn as of December 31, 2011, vs EUR538bn as of December 31, 2010. Net inflows amounted to EUR3.7 billion, «driven by the strong performance of the NGAM global distribution platform in the United States and Asia. The change in assets under management was the balance of a currency effect (+EUR6.6bn), a market effect (-EUR9.4bn) and change in the scope of consolidation (+EUR5.1bn)». Volumes in Asset Management amounted to EUR54bn as of December 31, 2011, vs EUR538bnn as of December 31, 2010. In Europe, assets under management amounted to EUR306.4bn, down 3.9% year on year. Over the full year 2011, outflows totaled EUR9.5 billion (-EUR5.2bn excluding money-market funds). In the United States, assets under management were up 3.8% year-on-year at USD302.8bn. They totaled EUR4.2bn in Asia. Inflows in these two markets amounted to USD17.2bn in 2011. Asset Management revenues held up well over the full year in 2011, with an increase of 2% vs 2010 (+5% at constant dollars).
23/02/2012

Amundi posts outflows but increase in net profits

Amundi saw net outflows in 2011 of EUR36.4bn (including management activities at BFT), according to a statement of financial results from Crédit Agricole released this Thursday. In 2010, the asset management firm, a joint venture of Crédit Agricole and Société Générale, posted net inflows of EUR1.2bn.These outflows “in France and on money-market products originated by the branch networks, as well as on large corporates owing to shift into on-balance sheet products,” Crédit Agricole says.These net outflows, alongside negative market and currency impact, have resulted in a decline in assets of 7% in 2011, to EUR658.6bn.Despite that, Amundi has delivered a net income up 1.8% to EUR413m compared with 2010. Revenues are down by 8.2% due to fall in performance-based commissions and to a flat net financial margin.Operating expenses were reduced by 5.8% in 2011 compared with 2010 (excluding restructuring costs in 2010), which “reflects the full-year effect of synergies and continued efforts to improve productivity,” the statement says.Overall, the cost/income ratio for 2011 was 55.9%, “at the best level in Europe,” the bank says.
23/02/2012

Assets under management at Dexia AM down 10% in 2011

Assets under management at Dexia Asset Management as of the end of December totalled EUR78bn, down by slightly under 10% (or EUR8.4bn) compared with the end of 2010. The considerable decline on the markets has had an impact of -EUR2.4bn, which amplified the effect of net outflows, which totalled EUR6bn. “These outflows concern primarily retail bond funds, which, in an uncertain environment, are generally the hardest hit by retail clients moving to savings accounts and high quality bond issues,” Dexia says in a statement.Pre-tax profits for the unit totalled EUR54m in 2011, a decline of 13% compared with 2010. This development is the result of a decline in revenues in a difficult market environment, though costs remain under control.Groupwide, net losses total EUR11.639bn, after a low net profit of EUR723m in 2010.
23/02/2012

CSAM preparing a passive govies fund

Credit Suisse Asset Management is planning to launch a passively-managed government bond fund, based on the fiscal strength of the country and not the volume of debt issued, Investment Europe reports. In other words, the management team will focus on variables such as the ratio of debt to GDP, deficit to GDP and current balance to GDP. Initially, the product will be a Swiss-registered institutional fund, which will soon be followed by a UCITS-compliant, Luxembourg-registered product. The product will use fiscal strength indices from Barclays Cap as benchmarks.
23/02/2012

Inflows up 10% last year at St James's Place

The wealth management firm St James’s Place has reported pre-tax profits of GBP109.7bn, compared with GBP84.2bn the previous year. Net inflows totalled GBP3.3bn, up 10% compared with the previous year. Assets under mangement in 2011 totalled GBP28.5bn, compared with GBP27bn as of the end of December 2010. As of the end of January, assets under management totalled GBP29.5bn, St James’s Place says in a statement.
23/02/2012

Skandia recruits from UBS

Skandia Investment Group has hired Warren Tonkinson as head of sales for the United Kingdom, Money Marketing reports. Tonkinson replaced Andrew Blair, who left the firm in September last year to join Mirabaud Investment Management, as co-head of sales and marketing. Tonkinson had previously worked at UBS, where he was head of strategic partnerships.
23/02/2012

Merchant Capital enters wealth management business

Merchant Capital has launched Merchant Wealth, its new private management affiliate. The entity will be led by Tom Evans, and will serve as a distribution channel for structured products and house funds from Merchant Capital, Investment Week reports.

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