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16/01/2014

NExT am to buy a 25% stake in Euryale AM

NExT AM, an affiliate dedicated to group stakes at La Française, will buy a minority stake of 25% in Euryale Asset Management. The two firms have formed a distribution partnership which reserves sales of the Pierval Santé fund to retail clients and IFAs exclusively at La Française.
16/01/2014

Record commissions and profits for BofA in fourth quarter 2013

Asset management and wealth management (GWIM) at Bank of America earned exceptional profits in the fourth quarter of its fiscal year. Net profits for the GWIM division rose 35% year on year, to USD777m, while earnings rose 7%, to USD4.5bn. Commission earnings alone rose 15%, to USD1.8bn. Assets under management as of the end of December totalled USD821.4bn, compared with USD698.1bn as of the end of December 2012. Long-term inflows rose USD9.4bn in the quarter to the end of December. For the year as a whole, inflows from long-term assets total a record USD47.8bn, up by USD21.4bn, or 81%, compared with the previous year. Profits for the group in fourth quarter totalled USD3.18bn, or 29 cents per share, compared with USD367m, or 3 cents, one year earlier, while pre-tax profits were affected by USD5bn in charges related to real estate credit.
16/01/2014

Assets in wealth and retirement at Wells Fargo up

The wealth management, brokerage and retirement unit of Wells Fargo in fourth quarter 2013 at the end of December had earned a net profit og USD490m, up 9% compared with third quarter 2013, and 40% up compared with fourth quarter 2012. Asstes of wealth management clients increased 4% to USD218bn, while assets in institutional retirement plans were up 3%, to USD298bn. Assets in individual retirement accounts (IRA), for their part, have posted a 5% increased, to USD341bn.
16/01/2014

Paamco appoints four partners

The hedge fund firm Pacific Alternative Asset Management Company (PAAMCO), which has USD15.6bn in assets under management, has promoted Ronan Cosgrave, Putri Pascualy, Anne-Gaelle Pouille and Jeffrey Williardson as partners, Hedge Week reports.
16/01/2014

Anima prepares its IPO

The board of directors at Anima Management Holding, which controls the Italian asset management firm Anima Sgr, has decided to announce plans to hold an IPO in Milan. According to sources close to the firm, reported by Bluerating, the offering may take place in spring 2014, or in July at the latest.
16/01/2014

Towards a limited increase in European securitisations in 2014

After a year in 2013 that appears to have been marked by a recovery in the European securitisation market, with increasing diversification of asset classes, countries and participants, 2014 may continue in this direction, the ratings agency Standard & Poor’s states, as it publishes projections for the various segments of structured finance, including RMBS, ABS, CMBS and structured credit. The ratings agency aims to be prudent, however, and is revising its European securitisations upward slightly this year, with a risk of downturn that has been called “significant,” largely due to several regulatory initiatives now in progress that may threaten the viability of this activity.
16/01/2014

Growth in high yield issues of 50% in 2013

High yield issues by European corporates last year reached a record USd103bn, up 50% compared with the previous year, according to the January edition of a Moody’s publication (“High Yield Interest – European Edition”). The average quality of credit has continued to stabilize, with a ratio of falling/rising scores of 1.4 over second half, Moody’s reports. “The failures at some European companies at the end of the year were not unexpected, and do not fundamentally change the trend towards a stabilisation of credit,” says Chetan Modi, managing director in the “European leveraged finance” team at Moody’s. Germany has remained the largest European issuer in the high yield segment, which is dominated by the automotive sector. Germany may lose its top spot, however, due to the potential for many German companies to be upgraded to investment grade.
16/01/2014

Santander AM recruits a head of credit research

Santander Asset Management is adding to its bond unit, with the appointment of Adam Harnetty as head of credit research, in charge of European bonds. He will report to Adam Cordery, who was recruited in April 2013 from Schroders, to become head of European bonds, and will lead a team of four analysts. Harnetty, who has been present in the asset management sector for 25 years, previously worked as a fund manager at Schroders, Invesco, BNP Paribas Investment Partners, Kleinwort Benson and Ernst & Young.
16/01/2014

M&G registers a fund in Sweden

M&G Investments has registered the M&G Income Allocation Fund for sale in Sweden, Fondbranschen reports. The fund is managed by Steven Andrew.
16/01/2014

GLG closes an emerging market bond fund

GLG is cutting back. The alternative management firm has decided to close one of its bond funds focused on emerging markets, entitled Emerging Markets Currency & Fixed Income Alternative Fund, Citywire reveals. The vehicle is far from having the success expected for it. In fact, it lost 1.92% in first half 2013, after modest gains of 0.69% in 2012, and a loss of 1.27% in 2011. Meanwhile, the fund has melted away like snow in the sunlight, shrinking from about GBP30bn (EUR36.1m) at the beginning of 2013, to less than GBP5m (EUR6m) at the time of its closing on 31 December 2013. The website reports that GLG had already closed an emerging market fund in August last year.
16/01/2014

Singapore money market authority recruits from Manulife

Desmond Lee, who had previously worked at the Canadian Manulife group, has joined the Monetary Authority of Singapore (MAS) as head portfolio manager, Citywire Asia reports. Lee, who had been head of research at Manulife Asia Wealth Management, will join a team of 10 people in the external fund management division, in the department responsible for the management of Singapore’s currency reserves. As of the end of November 2013, Singapore’s currency reserved totalled about USD271bn.
16/01/2014

UBS releases a new ETF on Deutsche Börse

UBS ETF on 15 January listed a new ETF for trading on Xetra, the dedicated platform from Deutsche Börse. UBS ETF MSCI USA hdg to EUR (ISIN IE00BD4TYG73) allows for exposure to the evolution of the MSCI USA index, while providing protection against currency risks, Deutsche Börse notes. The Xetra range includes 1,039 ETFs.
16/01/2014

US long-term mutual funds post record asset levels in 2013

US mutual funds last year posted inflows of USD265.8bn, which propelled assets under management in long-term funds to a record USD10.9trn, according to statistics released by Morningstar. The data provider points out that the preference of investors for bond funds to the detriment of equity funds, which has been observed for several years, ended last year. Inflows to equity funds did total USD218.6bn, the highest level since 2000, but compared with total assets, the net growth was only 3%, far lower than the double-digit growth of the mid-1990s. Bond funds posted net inflows of only USD21bn last year, after USD268.1bn in 2012, meaning that for the first time since 2004, traditional bond funds and municipal bond funds have finished the year with outflows. Among the various categories of bond funds, intermediate maturity funds last year posted net outflows of USD78.9bn, the highest in any category. However, loand funds and international diversified bond funds, which have shorter durations, posted respective inflows of USD61,3bn and USD58.1bn. Among the major actors, Vanguard wins the prize for inflows, with a total of USD74.6bn, and gains a percentage point in terms of market share.
16/01/2014

QFS AM closes currency hedge fund

QFS Asset Management is closing its currency hedge fund, and has refunded nearly USD1bn to its clients, the Wall Street Journal reports. The strategy lost 8.7% in 2013, and 8.6% in 2012. This is the first time in 20 years that the QFS has lost money two years running.
16/01/2014

Inflows to UCITS-compliant funds remained stable in November

Net sales of UCITS remained relatively steady in November attracting EUR 20 billion of net new cash, compared to EUR 21 billion in October, according to the European Fund and Asset Management Association (EFAMA).Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR 22 billion, compared to EUR 26 billion in October. Equity funds attracted net inflows of EUR 11 billion, down from EUR 15 billion in October, while bond funds registered net inflows of EUR 7 billion, compared to break-even point a month earlier. Net sales of balanced funds amounted to EUR 9 billion, compared to EUR 7 billion in October. Money market funds registered reduced net outflows in November of EUR 3 billion, down from EUR 5 billion in October. Total non-UCITS recorded net sales of EUR 12 billion in November, compared to EUR 19 billion in October. This decrease in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR 8 billion, down from EUR 18 billion in October. Total net assets of UCITS stood at EUR 6,923 billion at end November 2013, representing a 0.9 percent increase during the month. Total net assets of non-UCITS increased by 0.4 percent to stand at EUR 2,789 billion at month end.
16/01/2014

Deutsche Bank suspends a trader for manipulation of currencies

Deutsche Bank has suspended “at least one” trader suspected of manipulations of the currency markets, the German newspaper “Die Welt” reports, citing sources close to the case. The employee named in the case was based in New York, and made currency trades on the Argentine peso, the newspaper writes, adding that other traders at the bank are also suspected of manipulation.
16/01/2014

Jeffrey Nadal joins EFA

Jeffrey Nadal is joining the Luxembourg-based administration services specialist European Fund Administration (EFA), as head of business development, according to a statement released on 15 January. Nadal, 39, has more than 15 years of experience in the investment fund sector, acquired in Luxembourg and the United States. After a visit to Arthur Andersen, Nadal joined RBC, where he specialised in the area of sales and Business Development, and where, between 2002 and 2013, he served in several high-level positions at the group.
16/01/2014

Anima prépare son entrée en Bourse

Le conseil d’administration d’Anima Management Holding, qui contrôle la société de gestion italienne Anima Sgr, a décidé de lancer son projet d’introduction à la Bourse de Milan. Selon des sources proches de la société recueillies par Bluerating, l’entrée en Bourse interviendra au printemps 2014 ou au plus tard en juillet.
16/01/2014

March Gestión muscle ses équipes de gestion actions

March Gestión, filiale de gestion d’actifs du groupe espagnol Banca March, vient de recruter Antonio López Silvestre au poste de gérant actions et responsable de la sélection des entreprises espagnoles et européennes. Il intègre ainsi l’équipe de gestion en charge des fonds phares de la société, comme March Valores, March Vini Catena et The Family Business Fund. Avant de rejoindre March Gestión, Antonio López Silvestre était analyste actions et responsable de l’investissement dans les compagnies de moyenne capitalisation chez Exane BNP Paribas de 2010 à 2013. Auparavant, il était responsable de la recherche et de la recherche actions chez Fortis Bank en Espagne.
16/01/2014

Allianz GI lance un nouveau fonds émergents en Espagne

Allianz Global Investors (Allianz GI) étoffe sa gamme à destination des investisseurs espagnols. La société de gestion vient en effet vient d’enregistrer en Espagne un nouveau fonds investissant dans les marchés émergents, croit savoir Funds People. Baptisé Emerging Markets Systematic, ce véhicule sera géré par la gérante Yu Ly depuis le bureau américain d’Allianz GI basé à San Diego.Ce nouveau fonds a vocation à investir dans les marchés émergents et les valeurs de petites capitalisations. Son objectif est de générer un rendement compris entre 3 % et 5 % tout au long du cycle de marché.
16/01/2014

NExT AM va prendre 25 % du capital d’Euryale AM

NExT AM, filiale dédiée à la prise de participations du groupe La Française, va prendre une participation minoritaire de 25 % dans Euryale Asset Management. Les deux sociétés ont noué un partenariat de distribution qui réserve la commercialisation de Pierval Santé auprès des particuliers et des conseillers en gestion de patrimoine exclusivement à La Française. Cettre SCPI d’entreprise est dédiée aux actifs immobiliers de la santé.
16/01/2014

Paamco nomme quatre associés

La société de hedge funds Pacific Alternative Asset Management Company (PAAMCO), qui gère 15,6 milliards de dollars, a promu Ronan Cosgrave, Putri Pascualy, Anne‐Gaelle Pouille et Jeffrey Willardson au rang d’associés (partners), rapporte Hedgeweek.
16/01/2014
Fonds

GLG ferme un fonds obligataire marchés émergents

GLG réduit la voiture. La société de gestion alternative a en effet décidé de fermer un de ses fonds obligataires centrés sur les marchés émergents, baptisé Emerging Markets Currency & Fixed Income Alternative Fund, révèle Citywire. Ce véhicule est loin d’avoir eu le succès escompté. De fait, il a perdu 1,92 % au premier semestre 2013, après avoir modestement gagné 0,69 % en 2012 et perdu 1,27 % en 2011. En parallèle, le fond a fondu comme neige au soleil, sa taille passant d’environ 30 millions de livres (36,1 millions d’euros) début 2013 à moins de 5 millions de livres (6 millions d’euros) au moment de sa clôture au 31 décembre 2013. Le site d’information rappelle que GLG avait déjà fermé un fonds marchés émergents en août de l’année dernière.
Fonds
16/01/2014

Jeffrey Nadal rejoint EFA

Jeffrey Nadal rejoint la société luxembourgeoise spécialisée dans les services d’administration European Fund Administration (EFA) en tant que responsable du Business Development, selon un communiqué publié le 15 janvier.Agé de 39 ans, Jeffrey Nadal possède une expérience de plus de quinze ans dans le secteur des fonds d’investissement, acquise au Luxembourg et aux Etats-Unis. Après un passage chez Arthur Andersen, Jeffrey Nadal a rejoint RBC où il s’est spécialisé dans le domaine de la vente et du Business Development et où il a occupé, entre 2002 et 2013, plusieurs postes de haut niveau au sein du groupe.
16/01/2014
Fonds

UBS commercialise un nouvel ETF sur Deutsche Börse

UBS ETF a fait admettre le 15 janvier un nouvel ETF à la négociation sur Xetra, la plateforme dédiée de la Deutsche Börse. UBSETF MSCI USA hdg to EUR (ISIN IE00BD4TYG73) permet de s’exposer à l'évolution de l’indice MSCI USA tout en se protégeant contre le risque de change, note Deutsche Börse. L’offre de Xetra compte1.039 ETF.
Fonds
16/01/2014
Fonds

Une modification dans la gestion de CamGestion Actions Euro

CamGestion a indiqué sur son site qu'à compter du 20 janvier prochain, le fonds CamGestion Actions Euro - investi en totalité dans la catégorie de part « N » du fonds CamGestion Valeurs Euro (« fonds maître ») - est autorisé à avoir une surexposition globale du fonds maître aux marchés actions. En effet, l’exposition globale du FCP Camgestion Valeurs euro sera dorénavant de 110% maximum de l’actif net. Ce changement n’impacte pas le profil de rendement / risque du fonds, précise la société de gestion.
Fonds
16/01/2014
Fonds

East Capital lance un fonds en actions A chinoises

La société de gestion suédoise East Capital, spécialiste des marchés émergents et frontières, vient de lancer le fonds East Capital China A-Shares Fund, investi dans des actions A libellées en renminbi et cotées sur les Bourses de Shanghai et Shenzhen.Le produit, enregistré au Luxembourg, est déjà entièrement souscrit, indique un communiqué de presse.Les activités asiatiques d’East Capital sont gérées depuis Stockholm et Hong Kong. La société de gestion est la première domiciliée en Europe du Nord à obtenir un quota de la State Administration of Foreign Exchange (SAFE) sous le programme Qualified Foreign Institutional Investor (QFII), précise le communiqué.
Fonds
16/01/2014

Santander AM recrute un responsable de la recherche crédit

Santander Asset Management renforce son pôle obligataire avec la nomination d’Adam Harnetty au poste de responsable de la recherche crédit en charge des obligations européennes. Il travaillera sous la direction d’Adam Cordery, recruté en avril 2013 en provenance de Schroders pour prendre la responsabilité de l’obligataire européen, et sera à la tête d’une équipe de quatre analystes. Présent depuis 25 ans dans le secteur de la gestion Adam Harnetty a précédemment travaillé comme gérant de fonds chez Schroders, Invesco, BNP Paribas Investment Partners, Kleinwort Benson et Ernst & Young.

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