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06/09/2013
Fonds

Nouvelle cession d'actif chez DEGI

Aberdeen Asset Management Deutschland a annoncé avoir vendu à l’assureur Fennia l’immeuble de bureaux Tekes Building d’Helsinki pour un montant légèrement supérieur à la dernière valeur vénale.Cet actif appartenait au fonds immobilier offert au public DEGI Global Business*, qui doit être liquidé d’ici au 30 juin 2014.* DE000A0ETSR6
Fonds
06/09/2013

L'Etat finlandais réduit sa participation dans TeliaSonera

Le fonds d’investissement public finlandais Solidium a annoncé le 5 septembre avoir vendu pour 368 millions d’euros d’actions TeliaSonera, ramenant la participation de l’Etat dans l’opérateur de télécommunications de 11,7% à 10,1%. Le placement de 68 millions de titres a été réalisé au prix moyen de 5,41 euros, soit 47,23 couronnes suédoises. «Nous utiliserons le produit (du placement) principalement pour financer la distribution de profits à l’Etat», précise le directeur général de Solidium, Kari Jarvinen, dans un communiqué. Le gouvernement finlandais prévoit de vendre pour environ 500 millions d’euros de participations de l’Etat par an pour augmenter les recettes budgétaires et assurer le maintien de la note «triple A» dont bénéficie Helsinki malgré la baisse des recettes fiscales et l’augmentation des dépenses liée au vieillissement de la population.
06/09/2013
Fonds

Les fonds italiens continuent de collecter

Les fonds commercialisés en Italie ont enregistré en juillet des souscriptions nettes de 3,53 milliards d’euros, après 2,778 milliards en juin, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Depuis le début de l’année, les fonds ont engrangé 34,458 milliards d’euros et à fin juillet les encours du secteur ressortaient à 525,527 milliards d’euros.La collecte de juillet a été alimentée par les fonds flexibles, qui ont recueilli 2,239 milliards d’euros et 18,387 milliards depuis le début de l’année. Les fonds actions ont attiré 739 millions d’euros sur le mois et les fonds obligataires 584 millions d’euros.En prenant en compte les fonds fermés et les gestions sous mandat, la collecte du secteur italien de la gestion d’actifs s’est élevée à 6,3 milliards d’euros, portant les encours à 1.269,043 milliards d’euros.Intesa Sanpaolo a été la société qui a le plus fortement collecté en juillet, avec 1,633 milliard d’euros, devant Poste Italiane (678,6 millions) et Pioneer (673,1 millions). Parmi les rares sociétés à avoir accusé des rachats figurent notamment Allianz (-388,2 millions d’euros) et Amundi (-156,1 millions).
Fonds
06/09/2013
Fonds

Invesco Perpetual va lancer un fonds de rendement

Invesco Perpetual se propose de lancer un fonds de rendement, Invesco Perpetual Global Targeted Returns, qui devrait dégager une performance globale positive quelles que soient les conditions de marché sur une période glissante de trois ans, rapporte Investment Week.Ce fonds ouvert domicilié au Royaume-Uni sera piloté par Daviv Millar, Dave Jubb et Richard Batty, tous trois recrutés chez Standard Life Investments en septembre 2012. Le trio gérait la stratégie GARS, dont les actifs sous gestion ont culminé à quelque 19 milliards de livres.
Fonds
06/09/2013

Bertrand Poupart-Lafarge nommé CFO d'Axa UK

Axa UK vient de nommer Bertrand Poupart-Lafarge en qualité de directeur financier de l’entité britannique. Bertrand Poupart-Lafarge, précédemment executive vice president et directeur financier d’Axa au Canada, succède à Jean Drouffe qui est appelé à prendre des fonctions importantes au sein d’Axa France.
06/09/2013

Le britannique Towry rachète Bluefin à Axa UK

Le gestionnaire de fortune britannique Towry vient de racheter Bluefin Personal Consulting, la filiale dédiée à la planification financière d’Axa UK, pour un montant non divulué.Les actifs conseillés par Bluefin s'élèvent à environ 500 millions de livres. La transaction devrait être bouclée d’ici à la fin de l’année.
06/09/2013

Un ancien gérant d’Investec refait surface chez Guinness AM

Jonathan Waghorn, l’ancien gérant d’Investec Global Energy, va rejoindre Guinness Asset Management, rapporte Citywire. Il va co-gérer le Guinness Global Energy aux côtés de Tim Guinness, le gérant qui pilotait précédemment son fonds chez Investec. Il remplace Ian Mortimer, qui va se concentrer sur la franchise « global equity income » de la société.
06/09/2013
Fonds

Eastspring Investments lance un fonds actions japonaises value

La société de gestion asiatique Eastspring Investments a lancé un nouveau compartiment dans sa Sicav luxembourgeoise, Eastspring Investments–Japan Fundamental Value, croit savoir Citywire. Il s’agit d’un fonds destiné à capturer les opportunités « deep value » sur le marché des actions japonaises.
Fonds
06/09/2013

KBL ebl enregistre de solides résultats semestriels

KBL European Private Bankers (KBL epb) a fait état d’un résultat net de 41,9 millions d’euros pour le premier semestre 2013, soit une progression de plus de 300 % par rapport aux 9,7 millions d’euros du premier semestre 2012. La société ne fournit pas d'éléments sur l'évolution de ses encours (41 milliards d’euros d’actifs sous gestion à fin 2012 et 39 milliards d’euros d’actifs en conservation).Cette bonne performance traduit une augmentation des revenus du Groupe, une diminution des charges d’exploitation et une importante réduction des provisions pour pertes de valeur en comparaison avec cette même période en 2012. Le Groupe est ainsi en passe d’atteindre son objectif de rentabilité annuelle de 50 millions d’euros annoncé il y a quelques mois, souligne un communiqué.Présent dans neuf pays européens, KBL epb s’efforce actuellement d’atteindre une masse critique partout dans son réseau, notamment par le biais de potentielles acquisitions dans certains marchés ciblés. «Le Groupe espère à ce titre pouvoir annoncer une première acquisition cette année, en fonction de l’état du marché», indique le communiqué.
06/09/2013
Fonds

Legg Mason commercialise 2 fonds d'actions américaines en Allemagne

La gamme Legg Mason en Allemagne s'élargit avec la commercialisation de deux produits d’actions américaines gérés par la filiale ClearBridge et de droit irlandais, le Legg Mason ClearBridge Tactical Dividend Income Fund et le Legg Mason ClearBridge US Equity Income Fund. Ces deux fonds lancés le 3 juin se focalisent sur les valeurs à fort dividende, mais le premier peut aussi investir jusqu'à 25 % ou 35 % en REIT et en MLP (master limited partnerships).Le Legg Mason ClearBridge Tactical Dividende Income Fund est géré par Peter Vandelee et Mark McAllister tandis que le Legg Mason ClearBridge US Equity Income Fund est confié à Peter Vanderlee, Mike Clarfeld et Hersh Cohen, co-CIO de ClearBridge.CaractéristiquesDénomination : Legg Mason ClearBridge US Equity Income FundCode Isin : IE00B7VSGS12 – Class A Acc (hedged)Indice de référence : Russell 3000 Value & S&P 500Droit d’entrée : 5 % maximumCommission de gestion : 1,3 %Dénomination : Legg Mason ClearBridge Tactical Dividend Income FundCode Isin : IE00B9782Q97Indice de référence : Dow Jones Select Dividend Income IndexDroit d’entrée : 5 % maximumCommission de gestion : 1,5 %
Fonds
06/09/2013

Fundamental bond ETFs slow to take off

Bond ETFs which use fundamental indices are off to a slow start, the Wall Street Journal observes. The only four bond ETFs in this category represent total assets of only USD724m, according to IndexUniverse. Most of these assets are in the PowerShares Fundamental High Yield Corporate Bond ETF.
06/09/2013

M&G offers distribution shares for 14 funds in Italy

M&G Investments a annoncé que ses parts de distribution seraient désormais accessibles aux investisseurs particuliers en Italie pour 14 fonds, rapporte Bluerating. Liste des fonds concernés :Actions :M&G Global Basics FundM&G Global Dividend FundM&G Global Real Estate Securities FundM&G Pan European Dividend FundObligations :M&G European Corporate Bond FundM&G European High Yield FundM&G Emerging Markets Bond FundM&G Global Macro Bond Fund – Euro AM&G Global Macro Bond Fund – Euro A-HM&G High Yield Corporate Bond FundM&G Optimal Income FundMulti-Classes d’actifs :M&G Dynamic Allocation FundConvertibles :M&G Global Convertibles Fund - Euro AM&G Global Convertibles Fund - Euro A-H
06/09/2013

SRI managers can apply for AFNOR certification

AFNOR Certification is offering managers of socially responsible investment (SRI) portfolios a means to make their commitment to quality service known, according to a statement released on 5 September. Banks, consumer associations and ratings agencies took part in the definition of the criteria to be adhered to.SRI ranges are developing in response to the expectations of distribution networks, institutional and retail investors that there should be a range of investments which, beyond financial criteria, take into account extra-financial critieria: environmental, social and governance.The Service Engagement certificate for “Socially Responsible Investment Approach” can be obtained and displayed by any portfolio manager who respects the following strict and annually audited service engagements: - analyse the ESG criteria defined, with competence and impartiality.- update and make ratings reliable on a regular bases.- build portfolios which respect the demanding rules of SRI.- control respect for the rules of SRI management independently and on an ongoing basis.- hold dialogue and votes to promote progressive approaches.- inform clients with all transparency.- improve practices on an ongoing basis.The reference documents for the Service Engagement - “Socially Responsible Investment Approach” certification also define requirements concerning organisation, monitoring and management of quality procedures.The first certified organisations are expected to be announced soon.
06/09/2013

Doctor caught up in fray of SAC Capital Advisors investigation

A famous New Jersey doctor who ran clinical trials of medicines to treat Alzheimer’s for major pharmaceutical groups, is one of the key men in an investigation into suspected insider trading by SAC Capital Advisors, the Wall Street Journal reports. Joel Ross had been one of the doctors suspected of supplying confidential information to a former SAC trader, Matthew Martoma, according to sources familiar with the matter.
06/09/2013

11 asset managers have over USD1trn in assets

The club of asset management firms with over USD1trn in assets as of the end of 2012 included 11 companies, compared with nine one year previously, according to the Global Markets 2013 study by Cerulli Associates, FondsNieuws reports. The number of firms with over USD2trn doubled to four, with BlackRock remaining the only asset management firm with over USD3rn.The 50 largest asset mangement firms as of the end of 2012 had total assets of USD38trn, which represents an increase of USD4trn in one year.The top five firms are all American: BlackRock, Fidelity, Vanguard, State Street and JPMorgan.
06/09/2013

Chinese insurers plan to invest in offshore real estate

Chinese insurers would be inclined to invest more than USD14bn in international real estate in the next few years, according to a recent study by the CBRE group, Asian Investor reports. Chinese insurance professionals are particularly interested in the US, British, Canadian, Singapore and Australian markets, while proximity markets are considered as a priority, such as Hong Kong, Singapore, Malaysia and Thailand. New regulations allow the Chinese insurance sector to invest up to 15% of its assets in offshore real estate.
06/09/2013

KKR acquires Mitchell for over USD1bn

The US private equity investor KKR has acquired the Mitchell company from its rival Aurora Capital, according to a statement released on 5 September, which does not state the price of the deal. According to several press agencies, the transaction is said to exceed USD1bn.Mitchell is a company specialised in IT systems and technologies for the damage insurance sector.
06/09/2013

Two managers from Oddo AM found an asset management firm

Muriel Blanchier and Xavier Hoche are setting out on their own. The two managers on 14 August left Oddo Asset Management to found their own asset management firm. The new firm will be known as AltaRocca Asset Management, and will be a subsidiary of the Primonial group, within its multi-boutique structure. The group will hold a majority 70% stake in the capital of AltaRocca Asset Management, on the same model as its partnership with Roche-Brune AM, another structure in the Primonial galaxy. At AltaRocca AM, Blanchier and Hoche will offer a range of funds on the themes of convertibles and returns, aimed at both institutitonal and retail investors. “The arrival of Muriel and Xavier confirms our ambition to develop our multi-boutique concept in asset management, to offer our clients real talent in asset management. As is the case with Roche-Brune Am and its President and Founder Bruno Fine, the AltaRocca AM company has real autonomy in management, and benefits from the distribution power of the Primonial group,” André Camo, chairman of the Primonial group, says. At Oddo AM, two new fund managers have been recruited to fill the open positions. Their names will be announced soon.
06/09/2013

Russell recruits third pension fund CIO

Peter Corippo, who for 20 years had been chief investment officer at Pacific Gas & Electic Company (PG&E), with assets of USD20bn, is joining the fiduciary solutions team at Russell Investments.The recruitment follows those of Hal Bradford, who had been responsible for USD4bn in the defined-benefit programme at Celanese, and Gary Stentz, who had managed USD8bn for the Monsanto retirement savings plan.Russell is facing strong demand from clients seeking to outsource management of their retirement savings plans, which has resulted in the asset management firm winning mandates for USD14bn in the past 18 months.
06/09/2013

Dexia AM recruits for team dedicated to health care sector

Dexia Asset Management (Dexia AM) has recruited Ward Capoen as senior analyst in charge of the biotechnology sector. Capoen, 33, has a doctorate in biotechnology from the university of Ghent, obtained in 2006, and has also earned an MBA from Vlerick Business School in Belgium, and has served an internship at Eli Lilly, one of the largest firms in the pharmaceuticals industry, a statement says. He will assist Rudi Van den Eynde, Head of Thematic Global Equity and manager of the Dexia Equities L Biotechnology fund, largely with the analysis of medical data concerning medications in testing and new treatments.
06/09/2013

NexT AM acquires 10% of Prim' Finance

NexT AM, a minority stakeholding arm of the La Française Group, has acquired 10% of capital in the Prim’ Finance group, as part of its incubation activity, via the NexT Invest fund, supported by its investor partners, a statement released on 5 September states.Prim’ Finance, an asset management firm founded in 2002 by three former partners from BNP Paribas, which has major shareholders such as the OFI group, offers mutual funds with active exposure to equity and commodity indices.“The entry of NexT AM into the capital of Prim’ Finance validates the unique character of our firm, and participates in the development of a new phase of growth. The actors concerned and the terms of the deal for us represent a sign of strong acceleration,” says Médéric de Vasselot, chairman and CEO.“NexT AM and its investors are convinced that commodity markets represent an irresistible asset class in allocations for the years to come. Prim’ Finance has succeeded with its expertise and its engagement to its client in constructing a real reputation for exellence, which has created an enriching ‘new part’ for the synergies we would like to put in place for our patners,” say Nicolas Duban and Jérôme Coirier, Chairman and CEO.As of the end of 2012, the portfolio at NexT AM included 17 holdings, including 12 asset management firms, 4 consulting firms and one distribution firm in France and internationally, for a total of over EUR4bn in assets under management or advised, via 47 open-ended funds.
06/09/2013

John Hancock Funds becomes John Hancock Investments

John Hancock funds (USD100bn in assets as of the end of June), an affiliate of the Canadian Manulife Financial via John Hancock Financial, has announced that it has changed names, to become John Hancock Investments, effective from 4 September 2013.The change in names aims to demonstrate that John Hancock does not manage only mutual funds, as it is preparing new product launches for the market.
06/09/2013

Finnish government reduces its stake in TeliaSonera

The Finnish public investment fund Solidum on 5 September announced that it has sold shares in TediaSonera for EUR368m, bringing the government’s stake in the telecommunications operator down from 11.7% to 10.1%. The placement of 68 million shares was carried out at an average share price of EUR5.41, or SEK47.23. “We will use the proceeds (of the placement) primarily to finance distribution of profits to the government,” the CEO of Solidium, Kari Jarvinen, says in a statement. The Finnish government is planning to sell the government’s stake for about EUR500m per year, to increase budgetary revenues and ensure that the country’s triple-A credit rating can be maintained, despite a decline in tax revenues and an increase in spending due to an ageing population.
06/09/2013

La Caixa completes sale of its real estate affiliate to TPG

The investment fund TPG is reportedly on the verge of buyying a majority stake (51%) in Servihabitat, the real estate affiliate of La Caixa, for a total of EUR185m, the news agency Reuters reports. Following other Spanish financial institutions, La Caixa is selling its real estate activities to foreign investors. The most recent of these was Bankia, which sold its real estate unit to Cerberus (Newsmanagers of 4 September). Servihabitat Gestion Immobiliaria belongs to Criteria, the holding company for La Caixa, which also holds stakes in Gas Natural, Abertis and Aguas de Barcelona.
06/09/2013

Scope gets new head of institutional clients

Berlin-based Scope ratings agency has appointed Stefan Keller as Managing Director, head of institutional clients. In this newly-created position, Keller will aim to extend the base of institutional investors in Europe worldwide, a statement released on 5 September states.“Scope has posted significant growth in the area of credit ratings in Europe, particuarly serving SMEs, structured financing and financial institutions. Offering institutional investors concise and forward-looking analysis is a strategically important activity for the ratings agency. Stefan Keller will direct the development strategy for institutional clients of Scope,” according to a statement. Keller will be based in Berlin, and will report to Florian Schoeller, CEO of Scope.Keller previously worked at Lyxor Asset Management, where he had been responsible for research and investor relations for the hedge fund platform. He previously worked as a senior economist at Exane and as an economist and strategist at CA Cheuvreux. Keller began his career in 1995 as a bond market analyst at BNP Paribas in Paris.
06/09/2013

Legg Mason releases 2 US equity funds in Germany

The Legg Mason product range in Germany is getting larger, with the release of two US equity products, managed by the ClearBridge affiliate and registered in Ireland, the Legg Mason ClearBridge Tactical Dividend Income Fund and the Legg Mason ClearBridge US Equity Income Fund. The two funds, launched on 3 June, focus on high-dividend securities, but the first of the two may also invest up to 25% or 35% in REITs and master limited partnerships (MLPs).The Legg Mason ClearBridge Tactical Dividende Income Fund is managed by Peter Vandelee and Mark McAllister, while the Legg Mason ClearBridge US Equity Income Fund is managed by Peter Vanderlee, Mike Clarfeld and Hersh Cohen, co-CIO of ClearBridge.CharacteristicsName: Legg Mason ClearBridge US Equity Income FundISIN code: IE00B7VSGS12 – Class A Acc (hedged)Benchmark index: Russell 3000 Value & S&P 500Front-end fee: maximum 5%Management commission: 1.3%Name: Legg Mason ClearBridge Tactical Dividend Income FundISIN code: IE00B9782Q97Benchmark index: Dow Jones Select Dividend Income IndexFront-end fee: maximum 5%Management commission: 1.5%
06/09/2013

HFRX Global Hedge Fund index down 0.8% in August

The performance of hedge funds, as measured by the HFRX Global Hedge Fund index, was negative in the month of August, with a decline of 0.8% for the month , according to HFR statistics.The index, however, shows a positive performance of 3.4% since the beginning of the year.In the month of August, all categories of strategies have posted negative performance, totalling between -0.2% and -1.7%.
06/09/2013

StarCapital awards three funds of ETFs to Markus Kaiser

The German asset management firm StarCapital on 5 September announced that it is launching three profiled funds of ETFs, Stars Defensiv, Stars Flexibel and Stars Offensiv. The three Luxembourg-registered products are managed by Markus Kaiser, one of the pioneers of funds of ETFs, who joined StarCapital in July as a member of the general management and fund manager. The funds are each available in three share classes (see attached document).For the defensive fund, allocation to equity ETFs is limited to 50%, while for the flexible fund, it may vary from 0 to 100%. The dynamic fund must have at least 50% equity ETFs in its portfolio.
06/09/2013

Australian Future Fund posts returns north of 15%

The Australian Future Fund has earned returns of 15.4% in the 2012-2013 fiscal year to the end of June. This result includes returns of 4.4% in the fourth quarter of the fiscal year.Assets in the Australian sovereign wealth fund totalled AUD88.9bn as of the end of June, equivalent to about USD80.4bn, a return of 6.2% since its launch in May 2006.In the past fiscal year, the Future Fund increased its exposure to equities to 40.60% as of 30 June 2013, compared with less than 33% previously (30 June 2012), and to private equity (7.30%, compared with 6.40%). However, exposure to alternative management has fallen to 15.60% from 19%, and exposure to bonds is down to 16.60% compared with 18.30%.It should be noted that Mark Burgess, managing director and president of the Future Fund Management Agency, has informed the board of directors of his intention to leave the business. Burgess has agreed to remain in his position to facilitate the transitional period. During his time in office, the assets of the Future Fund increased from AUD75bn to AUD89bn, while total assets managed by the Agency topped AUD100bn.

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