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14/06/2013

La gestion du risque est une préoccupation pour les assureurs

Plus d’un quart des compagnies d’assurance dans le monde éprouvent des difficultés à gérer le risque. Outre ce constat, l’enquête de State Street sur le secteur de l’assurance - tous secteurs d’activité confondus- (*) établit que près de 29 % des cadres dirigeants interrogés ont vu leur entreprises se retirer de certaines activités depuis le début de la crise financière «en raison de nouvelles exigences en capital ou de considérations liées au risque» indique un communiqué. Un pourcentage qui monte à 39 % pour la zone Europe, Moyen-Orient et Afrique (EMEA). De fait, 25 % des participants à l’enquête en zone EMEA ont exprimé leurs difficultés à embaucher du personnel qualifié dans la gestion du risque. En Amérique du Nord, cette proportion n’est que de 16 %. (*) L’enquête 2013 de State Street sur le secteur de l’assurance a été menée par The Economist Intelligence Unit en avril et a été réalisée à partir de plus de 300 réponses de dirigeants de compagnies d’assurance dans le monde. En termes de répartition géographique, 36 % des participants étaient basés en Asie-Pacifique, 26 % en Amérique du Nord, et 38 % en zone EMEA. Pour un résumé complet des résultats de l’enquête, rendez-vous sur http://statestreet.com/ourbusiness.
14/06/2013
Fonds

Union revend un immeuble de La Défense

Au bout de tre ize ans, l’allemand Union Investment Real Estate (UIRE) a revendu l’immeuble de bureaux Le Wilson (14.767 mètres carrés) pour 67,2 millions d’euros à un fonds du groupe français Perial.Reinhard Kutscher, président du comité exécutif d’UIRE, a estimé que cette opération est un nouveau succès pour le fonds immobilier offert au public UniImmo: Deutschland, parce que l’immeuble a toujours été occupé en totalité et que la valeur d’expert de l’actif a augmenté de 10,7 millions d’euros.
Fonds
14/06/2013

Art Steinmetz promu président d'OppenheimerFunds

Excutive vice president et CIO d’OppeinheimerFunds (208 milliards de dollars fin mars), Art Steinmetz a été promu président de la société de gestion. Il a rejoint OppenheimerFunds en 1986 et conserve ses attributions de CIO Il reste subordonné à Bill Glavin, chairman & CEO.Art Steinmetz restera aussi co-gérant des fonds Oppenheimer International Bond Fund (13,1 milliards de dollars) Oppenheimer Global Strategic Income Fund (9,3 milliards).
14/06/2013

Old Mutual GI renforce son équipe de distribution européenne

Kirk Hotte, European business director chez Investec Asset Management après avoir travaillé pendant douze ans chez Axa IM en dernier lieu comme director, global distributors, a rejoint Old Mutual Global Investors comme European sales director. Basé à Londres, il est subordonné à David Aldred, head of European distribution.
14/06/2013

Mandat australien pour Henderson dans l'immobilier

Le fonds de pension AsutralianSuper (60 milliards de dollars australiens) a confié à Henderson Global Investors ou HGI (68,9 milliards de livres) un mandat de gestion pour des investissements dans l’immobilier commercial britannique.Le portefeuille immobilier d’AustralianSuper représente au total environ 4,6 milliards de dollars australiens et le fonds de pension a récemment annoncé son intention d’investir à l’international pour se diversifier. Pour sa part, HGI affiche 12,7 milliards de dollars d’actifs immobiliers, dont 7,4 milliards dans le secteur commercial.
14/06/2013
Fonds

Algebris lance un fonds de financières à bas coût

Algebris Investments, le hedge fund basé à Londres géré par Davide Serra, s’apprête à lancer un nouveau fonds long only investi dans des actions et des obligations financières mondiales présentant de faibles frais, rapporte le Financial Times. « Il est temps d’investir dans les financières. La crise est terminées. Les financières seront les principaux bénéficiaires de la hausse des taux dans les 3 à 5 prochaines années », a confié Davide Serra au FT. Le nouveau fonds, qui facturera des frais annuels de 0,9 %, verra le jour en août et sera lancé en septembre. La société a déjà recueilli des engagements de plus de 100 millions de dollars.
Fonds
14/06/2013

Les femmes sous-représentées dans la gestion d'actifs britannique

Seulement 5% des fonds retail sont gérés ou co-gérés par des femmes outre-Manche, selon un sondage réalisé par Bestinvest, rapporte Fund Web.Au sein des cinq grands secteurs de l’IMA (Association britannique des gestionnaires d’actifs), le pourcentage des fonds confiés à des femmes varie de 2% pour le secteur UK Equity Income à 7% pour le secteur UK All Companies.
14/06/2013
Fonds

Loomis Sayles va lancer une version Ucits d’un crédit long/short

La société de gestion américaine Loomis Sayles va lancer le 1er juillet une version Ucits de son fonds crédit long/short, Loomis Sayles Credit Long/Short fund, grâce à un partenariat avec Deutsche Asset & Wealth Management, rapporte Citywire Global. Le fonds sera enregistré sur la plate-forme dbalternative Platinum.
Fonds
14/06/2013

La gamme de fonds de Sal. Oppenheim sera sévèrement amputée

Filiale de banque privée de la Deutsche Bank, Sal. Oppenheim est destinée à devenir un pur gestionnaire de fortune et ne conservera que moins d’une dizaine de fonds, rapporte Fondsprofessionell.Les fonds de la filiale allemande de gestion Oppenheim Kapitalanlagegesellschaft (OKAG), avec 3,6 milliards d’euros d’encours, seront soit transférés à Deutsche Asset & Wealth Management (DeAWM), fusionnés avec des fonds DWS ou liquidés.Sal. Oppenheim conservera cependant les produits blancs de sa filiale luxembourgeoise, qui représentent un encours compris entre 3,5 milliards et 4 milliards d’euros.bm
14/06/2013

HVB vend son private equity

Coller Capital, Axa Private Equity et AlpInvest Partners se disputent l’acquisition des activités de private equity d’HypoVereinsbank, filiale allemande du groupe italien UniCredit, selon Financial News qui cite trois personnes proches du dossier. L’opération pourrait rapporter plus de 600 millions d’euros.
14/06/2013

Loomis Sayles to launch a UCITS version of a long/short credit fund

P { margin-bottom: 0.08in; }A:link { } The US asset management firm Loomis Sayles will on 1 July launch a UCITS version of its long/short credit fund, Loomis Sayles Credit Long/Short fund, through a partnership with Deutsche Asset & Wealth Management, Citywire Global reports. The fund will be registered on the dbalternative Platinum platform.
14/06/2013

Neuberger Berman offers flexible fund investing primarily in equities

P { margin-bottom: 0.08in; } With the Neuberger Berman Flexible Select Fund, the New York-based Neuberger Berman Group (USD216bn in assets as of the end of March) has launched a flexible fund in the United States investing in all cap sizes, with the objective of generating attractive risk-adjusted returns with lower volatility than that of the US equity market.The product is managed by 17 to 20 teams, with strategies used for high net worth retail clients. The long-only portfolio may also be invested in cash and bonds if necessary, depending on the allocation of assets to various portfolio management teams.The selection, monitoring, appreciation of risk and rebalancing of weight between the various teams will be led by an investment committee headed by Joseph Amato, chairman and CIO of Neuberger Berman.
14/06/2013

Santander extends prudent range with Cumbre passive funds

P { margin-bottom: 0.08in; }A:link { } The CNMV has issued a sales license for the Santander Cumbre 2018 and Santander Cumple 2018 Cumbre Plus funds, the first two passive funds with a performance objective launched by Santander Asset Management, Funds People reports.The first product aims for returns of 2% per year and will invest solely in bonds from the kingdom of Spain, while the second may also invest in bonds from official bodies or autonomous communities with the same rating as Spanish government bonds. It aims for 2.3% per year for the B share class, and 2.45% for C class shares.
14/06/2013

HVB sells private equity operations

P { margin-bottom: 0.08in; } Coller Capital, Axa Private Equity ad AlpInvest Partners are vying for the acquisition of the private equity activities of HypoVereinsbank, the German affiliate of the Italian UniCredit group, according to FinancialNews, citing three people familiar with the matter. The operation may bring in as much as EUR600m.
14/06/2013

Art Steinmetz promoted to president of OppenheimerFunds

P { margin-bottom: 0.08in; } The executive vice chairman and CIO of OppenheimerFunds (USD208bn as of the end of March), Art Steinmetz, has been promoted to chairman of the asset management firm. He joined OppenheimerFunds in 1986 and retains his responsibilities as CIO. He will continue to report to Bill Glavin, chairman & CEO.Steinmetz will also remain as co-manager of the Oppenheimer International Bond Fund (USD13.1bn) and Oppenheimer Global Strategic Income Fund (USD9.3bn).
14/06/2013

Andrew Provencher becomes head of US retail sales at BNY Mellon IM

P { margin-bottom: 0.08in; }A:link { } The head of business development at Gold Bullion International since 2011, after 18 years at Neuberger Berman, Andrew Provencher, has joined BNY Mellon Investment Management as head of US retail sales. He will be based in New York and will report to PeterPaul Pardi, head of global distribution.Provencher will be responsible for sales and client relationship management activities for the Dreyfus platform (USD294bn).
14/06/2013

Equity reshuffle continues at BlackRock

P { margin-bottom: 0.08in; }A:link { } BlackRock is reshuffling its underperforming US equities unit, the Wall Street Journal reports. This has resulted in the replacement of management teams on half of funds. Initial results show that more needs to be done. BlackRock equity funds are lagging behind most US rivals, according to a recent study by Credit Suisse group. Investors requested redemption of USD7.5bn from actively-managed BlackRock funds in the 12 months to the end of first quarter 2013.
14/06/2013

Union resells property at La Défense

P { margin-bottom: 0.08in; } After a 13 years tenure, the German firm Union Investment Real Estate (UIRE) has resold the Le Wilson office property (14,767 square metres) for EUR67.2m to a fund of the Perial group.Reinhard Kutscher, chairman of the executive committee at UIRE, has estimated that the deal is another success for the open-ended real estate fund UniImmo: Deutschland, as the property has always been fully occupied and the expert valuation of the property has increased by EUR10.7m.
14/06/2013

UBP launches new equity strategy

P { margin-bottom: 0.08in; }A:link { } The Swiss asset management firm UBP is launching the new “Equity Flex” strategy, which provides exposure to equities, while controlling risks. “In a context in which volatility causes fear with significant drawdown risks, this strategy offers exposure to the European equity market, but with a risk management engine to manage volatility,” Bernard Kalfon, head of volatility and risk management strategy at the Union Bancaire Privée (UBP) group, said in Paris at a presentation to investors.The objective and strategy are to offer a positive asymmetrical risk profile for a long-term investment horizon. The means used to achieve this objective are original. The strategy combines two areas of expertise of the group: firstly, a long-only strategy with direct exposure to equities via the UBAM-Europe Equity fund; and then, a dynamic risk management overlay. The beta objective of the portfolio is a total of 50% to 100% of assets under management.This strategy, which “makes it possible to serenely return to equities with a dynamic product,” says Kalfon, is already available on the Irish market. It will be available to French investors in autumn, probably in September.
14/06/2013

Fund range from Sal. Oppenheim to be severely amputated

P { margin-bottom: 0.08in; }A:link { } Sal. Oppenheim, a private banking affiliate of Deutsche Bank, will become a pure wealth management firm, and will retain only less than 10 funds, Fondsprofessionell reports.Funds from the German asset management affiliate Oppenheim Kapitalanlagegesellschaft (OKAG), with EUR3.6bn in assets, will be transferred to Deutsche Asset & Wealth Management (DeAWM), and merged with DWS or liquidated funds.Sal. Oppenheim will, however, retain the white-label products from its Luxembourg affiliate, which have total assets of EUR3.5bn to EUR4bn.
14/06/2013

DeAWM offers bond fund with semiannual coupons

P { margin-bottom: 0.08in; }A:link { } The CNMV on 17 May registered the DWS Cesta Bonos 2017 fund from Deutshe Asset & Wealth Management (DeAWM), which the firm has begun to offer for sale in Spain. The fund, with a semiannual distritbution in the form of shares in the DWS Fondepósito Plus Classe A fund, will be 73% invested in governmment bonds, while the remainder will be placed in cedulas hipotecarias (covered bonds) and marginally in Spanish corporate bonds.All securities are rated at least BBB-, and the asset management firm explicitly aims for “non-guaranteed” returns of 2.9% per year in the period from 7 June 2013 to 10 November 2017.CharacteristicsName: DWS Cesta Bonos 2017ISIN code: ES0127100008Subscription fee: 1.75%Ongoing fees: 0.57%Penalty for early withdrawal: 1.5%
14/06/2013

Australian mandate for Henderson in real estate

P { margin-bottom: 0.08in; }A:link { } The pension fund AustralianSuper (AUD60bn) has awarded a mandate to Henderson Global Investors (HGI, GBP68.9bn) a management mandate for UK retail real estate investments.The real estate portfolio of AustralianSuper represents a total of about AUD4.6bn, and the pension fund has recently announced plans to invest internationally in order to diversify. For its part, HGI has USD12.7bn in real estate assets, of which USD7.4bn are in the retail sector.
14/06/2013

Old Mutual GI adds to European distribution team

P { margin-bottom: 0.08in; } Kirk Hotte, European business director at Investec Asset Management, after working for 12 years at Axa IM, most recently as director, global distributors, has joined Old Mutual Global Investors as European sales director. He will be based in London and will report to David Aldred, head of European distribution.
14/06/2013

Women under-represented in British asset management

P { margin-bottom: 0.08in; } Only 5% of retail funds are managed or co-managed by women in the United Kingdom, according to a survey completed by Bestinvest,Fund Web reports. In the five major IMA (Investment Management Association) IMA sectors, the percentage of funds managed by women varies from 2% for the UK Equity Income sector to 7% for the UK All Companies sector.
14/06/2013

Better performance for UCITS hedge funds in May

P { margin-bottom: 0.08in; }A:link { } The UCITS Alternative Index Global of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital in May posted returns of 0.53%, compared with 0.21% in April, bringing gains in the first five months of the year to 2.34%. The UCITS Alternative Index Funds of Funds has posted its fifth consecutive monthly increase, up 0.65% in May, compared with 0.22% in April. It shows a gain of 3.14% since the beginning of the year.Only two strategies show losses for single hedge funds in May: CTA has lost 1.34%, and volatility, 0.12%. The only stand-out gain is for long/short equity, with 1.53%, allowing this fund category to lead for the first five months of the year, with returns of 4.77%.Total assets in UCITS-compliant single hedge funds as of the end of May totalled EUR161bn, compared with EUR160bn one month earlier. They totalled EUR147bn at the end of March, EUR143bn at the end of February, and EUR141bn at the end of January.Currently, the UCITS Alternative index includes 860 hedge funds and funds of hedge funds.
14/06/2013

HFRI hedge fund index gained 0.5% in May

P { margin-bottom: 0.08in; } The good performance of Equity Hedge and Event Driven strategies have allowed hedge funds to post gains for the seventh consecutive month and for the eleventh time in 12 months. The HFRI Fund Weighted Composite index gained 0.5% in the month of May, driving a gain of 1.8% for the HFRI Equity Hedge index. The HFRI Event Driven index, for its part, posted a gain of 1.7%, the 12th in a row, due to the dynamism of the corporate transactions market. The HFRI Macro/CTA Index, however, lost 1.5% in May.
14/06/2013

Assets in SWFs total nearly USD5.5trn

P { margin-bottom: 0.08in; } Assets in sovereign wealth funds worldwite total USD5.473trn, according to the most recent statistics from the SWF Institute. Last year, assets in sovereign funds topped USD5trn, with a total of USD5.019trn.The largest SWFs are the Norwegian government pension fund, with USD737.2bn as of June 2013, the Abu Dhabi Investment Authority (ADIA) with USD627bn, and the Chinese Safe Investment Company with USD567.9bn (estimated).SWFs tied to oil and gas revenues total USd3.1931trn.With USD25.5bn, the French Strategic Investment Fund (FIS) places in the SWF Institute rankings between the Brunei sovereign fund (USd30bn) and the Texas Permanent School Fund (USD25.5bn).The FIS has a transparency rating of 9 on a scale of 1 to 10. The SWF Institute awarded a better rating to 10 sovereign funds, including the Norwegian sovereign fund, the Singapore fund Temasek and the Australian Future Fund.
14/06/2013

GAM integration successful for former Arkos Capital

P { margin-bottom: 0.08in; }A:link { } Assets under management at the hedge fund firm GAM Investment Mnagement, known as Arkos Capital before its acquisition in February 2012 by the asset management group GAM, has topped EUR1bn, with assets of EUR1.3bn, compared with EUR550m when the deal was announced, Gianmarco Mondani, founder of Arkos, and currently CEO and CIO of GAM Investment Management, tells AGEFI Switzerland. This is “a positive sign of the contribution of the new GAM range as well as additional sales resources,” says Mondani.
14/06/2013

Risk management is a challenge for insurers

P { margin-bottom: 0.08in; }A:link { } More than one quarter of insurance companies worldwide report difficulties in managing risk. In addition to this observation, a survey by State Street of the insurance sector, in all types of business, finds that 29% of top directors surveyed have seen their businesses withdrawn from some activities since the beginning of the financial crisis “due to new capital requirements or requirements related to risk,” a statement says. This percentage reaches as high as 39% for the Europe, Middle East and Africa (EMEA) region. This survey, sponsored by State Street and conducted by The Economist Intelligence Unit, examines the current state and future outlook for the global insurance industry. Fielded during April 2013, the survey encompassed 307 insurance executives globally across all industry sub-sectors. Half of respondents were C-suite, while the remainder were senior management. 25% of respondents in the EMEA region reported difficulties in recruiting qualified personnel in risk management. In North America, the percentage was 16%. For a complete summary of the results of the survey, go to http://statestreet.com/ourbusiness.
14/06/2013

Investors in local currency EMD suffer most

P { margin-bottom: 0.08in; }A:link { } Investors in emerging market bonds denominated in local currencies are among the biggest losers from recent sales which have affected emerging market assets, the Financial Times reports. On average, funds denominated in local currencies have lost 7.8% since the beginning of May, according to Lipper, while funds of emerging market debt in hard currencies have lost 6.1%, and emerging market equity funds have lost 6.7%.

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