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02/05/2013

Henderson: l'effet marché et de change supérieur aux remboursements nets

Par solde, si ses fonds retail ont affiché des souscriptions nettes de 188 millions de livres après deux années pleines de sorties nettes, Henderson Group plc accuse pour le premier trimestre 2013 des remboursements nets, Phoenix Group compris, de 1.269 millions de livres. Les sorties nettes imputables à la clientèle institutionnelle, hors Phoenix, ont représenté 1.248 millions de livres.Cependant, grâce à la hausse des marchés et à l’effet de change, qui ont représenté 4.496 millions de livres pour le groupe, dont 2.839 millions pour les produits retail, l’encours a augmenté à 68.877 millions de livres au 31 mars contre 65.650 millions au 1er janvier, dont 33.293 millions contre 30.266 millions pour le retail.
02/05/2013
Fonds

MPL gèle temporairement les remboursements du Traded Policies Fund

Selon Investment Week, Managings Partners Limited (MPL) a suspendu les remboursements de son fonds Traded Policies «dans l’intérêt des porteurs actuels et futurs», sous la forme d’une «gate» temporaire.Ce fonds, qui investit dans un portefeuille d’assurances vie négociées (traded life policies ou TLP), a généré une performance annualisée de 8,94 % en moyenne depuis son lancement en juillet 2004.En novembre, la FSA avait annoncé qu’elle interdirait la commercialisation auprès des particuliers de TLP, jugées "à haut risque et toxiques».
Fonds
02/05/2013

Lombard Odier veut recruter à Hong Kong

Dans un entretien au Financial Times, Patrick Odier, président de l’Association suisse des banquiers et associé senior de Lombard Odier, confie que la banque privée prévoit de renforcer ses effectifs à l’international et notamment à Hong Kong. Il n’exclut pas qu’un autre managing partner soit basé à l’étranger dans l’avenir. Le premier l’a été en 2012. Patrick Odier revient aussi longuement sur la transformation la banque privée de société en commandite simple en une société en commandite par actions (SCA). Il réfute que cela soit une réaction à la disparition de Wegelin.
02/05/2013

Vincent Kaufmann est promu directeur adjoint d'Ethos

La Fondation Ethos et Ethos Services ont nommé Vincent Kaufmann directeur adjoint à compter du 1er mai. Il secondera Dominique Biedermann, directeur. En parallèle, il reste responsable de la gestion de fortune, du controlling et des développements informatiques.Vincent Kaufmann est membre de la direction d’Ethos Services depuis 2011. Il a rejoint Ethos en 2004 comme analyste corporate governance, puis successivement comme analyste senior et deputy head of corporate governance.
02/05/2013

DWS nomme le cogérant de trois fonds en remplacement de Klaus Kaldemorgen

DWS a nommé Lars Ziehn cogérant de trois fonds précédemment géré par Klaus Kaldemorgen, dont le DWS Akkumula fund et le DWS Invest StepIn Akkumula fund, indique Citywire. Il assistera André Köttner, qui a rejoint le gestionnaire en décembre en provenance d’Union Investment. Lars Ziehn a rejoint DWS en 2006 et gère actuellement le DWS-Merkur-Fonds.
02/05/2013

Hausse des actifs sous gestion de Crédit Agricole (Suisse) en 2012

Les actifs sous gestion de la filiale suisse du groupe français Crédit Agricole se sont établis à 44,9 milliards de francs suisses contre 44 milliards de francs suisses fin 2011, soit une hausse de 2%, selon un communiqué publié le 30 avril.Le secteur de la banque privée est la principale activité de la filiale suisse avec une contribution de 70% à ses revenus, et ce, «en dépit de l’environnement contrasté et de la poursuite des pressions sur le modèle bancaire suisse», a indiqué la banque. En 2012, Credit Agricole (Suisse) a terminé son installation à Hong Kong, dont la succursale avait été ouverte en 2011.Crédit Agricole (Suisse) a dégagé l’an dernier un bénéfice net consolidé de 130,2 millions de francs suisses, en baisse de 17,6% par rapport à 2011.
02/05/2013
Fonds

Matthews Asia lace un fonds petites capitalisations

Matthews Asia vient de lancer le Matthews Asia Small Companies Fund, un fonds investi sur les petites capitalisations en Asie hors Japon, rapporte Investment Europe. La société de gestion étoffe ainsi sa gamme de fonds UCITS domiciliée au Luxembourg.
Fonds
02/05/2013

Matthews Asia launches a small caps fund

P { margin-bottom: 0.08in; } Matthews Asia has launched the Matthews Asia Small Companies Fund, a fund which invests in Asia ex Japan small caps, Investment Europe reports. The product comes as an addition to the range of Luxembourg-domiciled UCITS funds from the asset management firm.
02/05/2013

FinEx lists the first ETF on the Moscow stock exchange

P { margin-bottom: 0.08in; } Funds Europe reports that the FinEx Group has become the first firm to list an ETF for trading on the Moscow stock exchange with the FinEx Tradable Russian Corporate Bonds UCITS ETF, which has been listed in London for two months (see Newsmanagers of 26 February).The fund replicates the Barclays EM Tradable Russian Corporate Bond index.BNY Mellon is the custodian and administrator of the fund.
02/05/2013

Progression de 4% des actifs sous gestion de Pohjola au premier trimestre

Les actifs sous gestion du groupe de services financiers Pohjola, l’un des plus importants en Finlande, ont progressé de 4% au premier trimestre pour s'établir à 34,2 milliards d’euros, contre 32,7 milliards d’euros à fin décembre 2012.Les clients institutionnels reprèsentent 19,8 milliards d’euros, les OPC 10,3 milliards d’euros et la banque privée 4,1 milliards d’euros. Le pôle gestion d’actifs est légèrement bénéficiaire mais le coefficient d’exploitation s’est détérioré à 58% au premier trimestre, encore loin de son objectif de 45%.
02/05/2013
Fonds

FinEx fait coter le premier ETF sur la Bourse de Moscou

Funds Europe rapporte que FinEx Group se targue d’avoir fait admettre le premier ETF à la négociation sur la Bourse de Moscou. Il s’agit en fait du FinEx Tradable Russian Corporate Bonds UCITS ETF qui est coté à Londres depuis deux mois.Ce fonds réplique l’indice Barclays EM Tradable Russian Corporate Bond.BNY Mellon est le conservateur et l’administrateur du fonds.
Fonds
02/05/2013

Madoff: Thema lawsuit against HSBC opens

P { margin-bottom: 0.08in; } A lawsuit filed by the fund Thema International against HSBC began on Tuesday in Dublin, Agefi Switzerland reports. The fund, whose promoter had been Genevalor, is suing the bank on the grounds that it failed to fulfil its role as depositary, including verification of the existence of assets. Thema is seeking EUR1bn, according to Bloomberg. HSBC is facing 50 lawsuits related to the Madoff scandal in Ireland, and claims it has solid arguments in its defense. According to a lawyer for Thema, HSBC is responsible for losses, as it appointed Madoff as sub-depositary for the fund.
02/05/2013

Assets and profits up for AllianceBernstein

P { margin-bottom: 0.08in; } As of the end of March, total assets under management at AllianceBernstein totalled USD443.2bn, USD13.2bn, or 3.1%, more than three months previously, and USD24.1bn, or 5.8%, more than as of 31 Mach 2012, the group has announced.Net subscrptions totalled USD2.6bn in first quarter 2013, compared with USD5bn in October-December, and net outflows of USD12.1bn in the corresponding period of last year. Net inflows to institutional management totalled USD3.3bn in January-March this year, compared with USD2.9bn in October-December, while retail inflows were limited to USD0.2bn, compared with USD5.3bn in fourth quarter 2012. For private clients, AllianceBernstein posted net outflows of USD0.9bn in January-March 2013 compared with USD3.2bn the previous quarter.Net distributable income at AllinceBernstein (the operating partnership) in first quarter increased ato USD114.5m, compared with USD71.7m in October-December, and USD87.3m in the corresponding period of last year.Net income at AllianceBernstein Holding (the publicly-traded partnership) totalled USD38.2m, compared with USD26.2m the previous quarter, and USD26.7m in first quarter 2012.
02/05/2013

Lyxor adds to cross-asset research team

P { margin-bottom: 0.08in; } In April, Rob Koyfman, who had been head of macro and thematic trading strategy at Citi, joined the cross-asset research team at Lyxor Asset Management in New York. He reports to Jeanne Asseraf-Bilton, global head of cross asset research.Koyfman says on his LinkedIn profile that his specialities are macro analysis, the transposition of macro convictions on ETFs and equities, backtesting, transversal analysis of asset classes, and options.Before joining Citi in June 2010, he spent one year as a senior strategist at Caxton Associates, after six years at Goldman Sachs.
02/05/2013

CalPERS Adds Invesco Real Estate as Multifamily Real Estate Manager

The California Public Employees’ Retirement System (CalPERS) has selected Invesco Real Estate as a new manager for its Multifamily Real Estate Program. The partnership, named Institutional Core Multifamily Investors, will invest in multifamily properties, focused in the western US region. The Institutional Core Multifamily Investors partnership is a multiyear program that will fund with an initial allocation of $250 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select target markets in the West and Midwest U.S. CalPERS currently holds approximately $2 billion in assets in its multifamily program, with a total of $24.5 billion in the Real Assets portfolio.
02/05/2013

Carlyle hires former head of Petroplus

P { margin-bottom: 0.08in; } Carlyle Group has recruited Marcel van Pecke, former head of Petroplus, to head its investments in the energy sector in Africa and Europe, the Financial Times reports. Van Poecke, from the Netherlands, had managed Petroplus when Carlyle controlled a part of it between 2005 and 2007. A team of five other managers will join the US firm this month. The team will raise a dedicated fund of about USD1.5bn.
02/05/2013

BlackRock accounts for 12% of net subscriptions this year

P { margin-bottom: 0.08in; } Since the Bank of Spain has recommended that financial institutions limit returns on savings accounts, flows have been redirected to investment funds, to the tune of about EUR8bn in first quarter. And, Expansión reports, BlackRock alone attracted EUR1.192bn, equivalent to 12% of net subscriptions to funds in Spain.This endangers the traditional supremacy of JPMorgan among foreign asset management firms, as BlackRock comes in with EUR6.289bn in assets (of which 55% are in traditional funds and 45% in ETFs) as of the end of March, while JPMorgan AM had EUR6.399bn. BlackRock alone accounted for 38% of the rise in assets under management by foreign firms.The other actors are far behind: assets at La Caixa were up by EUR879m, while Bankinter was up by EUR764m, Allianz Popular by EUR676m, and Santander by EUR556m.
02/05/2013

Record assets in foreign hedge funds in Spain

P { margin-bottom: 0.08in; } According to statistics from the Spanish Inverco association of asset management firms, assets in foreign funds in Spain reached a total of EUR58bn as of 31 March, which would correspond to an increase of 9.4% in first quarter, Funds People reports.This estimate extrapolates from the EUR42.363bn in assets declared by the 23 foreign asset management firms which disclose their flows to Inverco. They reported net subscriptions of EUR3.111bn, which would suggest an estimate of net inflows for all foreign asset management firms of about EUR4bn in January-March.The top three players in terms of net subscriptions in this period are BlackRock, with EUR1.161bn, Franklin Templeton, with EUR491m, and Swiss & Global AM, with EUR369m.The strongest increases in assets in first quarter were at Threadneedle, with 42.2%, to EUR593bn, Allianz Global Investors, with 34.9%, to EUR760m, and Swiss & Global AM, with 25.6%, to EUR1.292bn.
02/05/2013

Assets in funds at Bankinter up 20% in Q1

P { margin-bottom: 0.08in; } A fall in returns on deposits have provoked an increase in net subscriptions to investment funds at Bankinter, where assets increased to EUR6.01bn as of the end of March, compared with EUR5.03bn as of the end of December. One year earlier, it totalled EUR4.84bn. The increase in assets under management is due to in-house funds from Bankinter Gestión de Activos (+EUR764m, to EUR4.349bn), and to products from foreign asset management firms (+EUR219m, to EUR1.663bn).Assets in private banking as of 31 March totalled EUR14.8bn, which represents an increase of 3.7% compared with EUR14.3bn as of the end of December. Lastly, assets in pension funds totalled EUR1.45bn as of the end of first quarter, compared with EUR1.39bn three months previously, and EUR1.31bn as of 31 March 2012.Net profits for the Bankinter group increased by 1.9% in January-March compared with the corresponding period of last year, to EUR50.4m, from EUR49.4m.
02/05/2013

State Street investor confidence index up in April

P { margin-bottom: 0.08in; } The global investor confidence index released by State Street rose 5.5 points in April to 93.6 from March’s revised reading of 88.1. Driving this gain was a surge in confidence among North American institutions, whose confidence increased 10.2 points to 105.8 from the revised March reading of 95.6. In contrast, confidence among European and Asian institutions declined marginally. The European ICI registered a decrease of 3.9 points to 87.8, while the Asian Index fell 2.1 points to 85.2. “The North American ICI is now at its strongest level since May 2011. We would note that, at a sectoral level, flows favor defensive sectors, such as utilities, and this may signal some caution around both the natural resource sector, and global growth prospects more generally,” the authors of the study remark.
02/05/2013

Fund managers trade too much

P { margin-bottom: 0.08in; } According to a study by the Economist, relayed by Fondsnieuws, the average turnover for investments funds has risen from 15% in 1950 to about 100% in 2011, which has resulted in a rise in transaction costs.The total expense ratios total 1.39% and 1.07%, respectively, for US small cap and large cap funds, but the average transaction costs total an average of 3.17% and 0.84%.Funds with the highest transaction costs were also the ones which had the worst returns.
02/05/2013

SSgA market indicator raised from “low aversion to risk” to “normal”

P { margin-bottom: 0.08in; } In first quarter 2013, the Market Regime Indicator (MRI) published by State Street Global Advisors was raised from a level of “low aversion to risk” to a “normal level.” This macroeconomic indicator developed by the Investment Solutions team at SSgA is used to identify the level of aversion to risk on several markets, and its levels help to determine investors’ appetite for risk. The MRI level is calculated on the basis of the implicit volatility of equities, the volatility of currencies and spreads on fixed income. “First quarter 2013 brought a succession of major political events. The devaluation of the Japanese yen, the Cypriot crisis, and the lack of political stability in Italy had a direct impact on the markets,” SSgA commented.
02/05/2013

Vincent Kaufmann promoted to deputy director of Ethos

P { margin-bottom: 0.08in; } The Ethos Foundation and Ethos Services have appointed Vincent Kaufmann as deputy director from 1 May. He will assist Dominique Biedermann, director. He will also remain as head of wealth management, controlling and IT development.Kaufmann has been a member of the board at Ethos Services since 2011. He joined Ethos in 2004 as a corporate governance analyst, and then successively as a senior analyst and deputy head of corporate governance.
02/05/2013

Assets under management at Crédit Agricole (Switzerland) up in 2012

P { margin-bottom: 0.08in; } Assets under management at the Swiss affiliate of the French Crédit Agricole group totalled CHF44.9bn, compared with CHF44bn as of the end of 2011, an increase of 2%, according to a statement released on 30 April. The private banking sector is the largest activity of the Swiss affiliate, with a 70% contribution to its revenues, “despite a contrasted environment and continued pressure on the Swiss banking model,” the bank says. In 2012, Crédit Agricole (Switzerland) completed its installation in Hong Kong, where a branch was opened in 2011. Crédit Agricole (Switzerland) last year earned consolidated net profits of CHF130.2m, down 17.6% compared with 2011.
02/05/2013

Profits up at DeAWM

P { margin-bottom: 0.08in; } Pre-tax profits for the Asset & Wealth Management operation of Deutsche Bank in first quarter 2013 totalled EUR221m, compared with EUR208m in January-March 2012, according to a complete report by the bank, published on 30 April.
02/05/2013

Assets up for Popular funds as of the end of March

P { margin-bottom: 0.08in; } Investment funds at Banco Popular as of 31 March posted assets of EUR7.5464bn, compared with EUR7.2719bn as of the end of December, and EUR7.4371bn twelve months previously, a quarterly report released on 30 April states.Assets under management in wealth management were up to EUR744m compared with EUR720.4m as of 31 December, but down compared with EUR837.5m as of the end of March 2012.Lastly, assets at pension funds increased by 1.3% in first quarter, to EUR4.9777bn, higher by 3.9% than as of 31 March 2012.Popular recorded a net distributable income of EUR104.22m, compared with EUR100.18m in the corresponding period of last year.
02/05/2013

Direxion launches two inverse triple leveraged ETFs

P { margin-bottom: 0.08in; } The US asset management firm Direxion (USD6.5bn) on 1 May listed two inverse triple leveraged ETFs for trading, the Direxion Daily Brazil Bear 3x Shares (ticker: BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).The first of these funds seeks to replicate 300% of the inverse of the performance of the MSCI Brazil 25/50 index, on a daily basis and before fees, while the second has the same objective with the MSCI Korea 25/50 as its benchmark, according to a press release.Both funds charge fees of 1%.
02/05/2013

BNP Paribas SS adds to its range of services in UK

P { margin-bottom: 0.08in; } BNP Paribas Securities Services has launched its global Dealing Services solution in the United Kingdom. The solution offers institutional investors access to a network of teams who handle the reception and transmission of orders as well as order execution. Services cover all asset classes. The solution is concentrated on the search for liquidity on all markets and for all types of assets.
02/05/2013

Axa IM appoints global head of compliance

Axa Investment Managers has announced the appointment of Garry Murdoch as global head of compliance.Based in London, he will be responsible for the coordination of the compliance teams internationally, working in close association with Axa IM’s legal and risk management departments, according to a press statement. He will report to Christian Gissler, global head of risks and controls, who has overall responsibility for a division which combines risk management, legal affairs, compliance, and lobbying.Garry Murdoch joins Axa IM from the Financial Services Authority where he was a technical specialist in the Asset Management Department, responsible for leading thematic projects and reviews on issues of relevance to the industry. Prior to this, he built over 17 years’ experience in compliance roles. He was director of international compliance at AllianceBernstein Ltd (formerly Alliance Capital Limited) where he managed the firm’s international compliance departments from 2002 to 2008.
02/05/2013

US MMFs reduced their exposure to the euro zone in March

P { margin-bottom: 0.08in; } Exposure of US money market funds to euro zone banks in the month of March fell due to concerns on the part of investors about recent events in Italy and Cyprus, according to a statement released by Fitch Ratings on 30 April.As of the end of March 2013, allocations by US money market funds to euro zone banks represented 13.2% of assets under management in the Fitch sample, compared with 16% as of the end of February. Despite this decline, allocations to euro zone banks were up by more than 70% compared with the end of June 2012.

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