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18/04/2013

Schroders adds to product range

P { margin-bottom: 0.08in; } Schroders has announced the addition of insurance-linked securities for the first time to its range of products aimed at institutional investors, following the acquisition of a 30% stake in the capital of the Swiss firm Secquaero Advisors, specialised in this market segment.Assets advised by Secquaero total about USD280m.
18/04/2013

BNY Mellon to manage BA pension fund derivatives

P { margin-bottom: 0.08in; } The pension fund for British Airways has awarded a mandate to BNY Mellon for management of over-the-counter derivatives and collateral. The mandate covers two retirement programmes, which have cumulative assets of over GBP15bn as of the end of 2012. BNY Mellon currently provides services on about USD2trn in global collateral.
18/04/2013

RWC launches European equity fund based in the Cayman Islands

P { margin-bottom: 0.08in; } RWC has launched a fund dedicated to European equities, the European Focus Fund, domiciled in the Cayman Islands, with USD145m in assets, RWC has announced in a statement. The fund will be managed by the team which joined RWC from Hermes in October 2012. The fund replicates an existing strategy managed by this team since February 2009.The strategy invests in a concentrated portfoli oof 10 to 20 undervalued shares. The idea is to earn value with a long-term perspective by investing actively in the strategy of selected businesses. The strategy has a capacity of USd1bn, and the fund is a master-feeder vehicle domiciled in the Cayman Islands. Assets under management at RWC currently total about USD5.5bn, of which USD890m are in activist strategies, including the Specialist UK Focus Fund and the Japan Stewardship Fund.
18/04/2013

Continental Europe at the core of Ignis' strategy

P { margin-bottom: 0.08in; } Philip Goldsmith, managing director Europe at the asset management firm Ignis Asset Management, does not conceal his ambitions. Continental Europe is now at the centre of the stratgy of Ignis, a wholly-owned subsidiary of the Phoenix insurance group, which until 2009 had been focused exclusively on the British market. Since then, the management has been completely replaced, and Ignis has new ambitions.The asset management firm now has 10 employees in Europe, distributed between Italy (2 people in Milan), Spain (1 in Madrid), Switzerland (1 in Zurich), and Brussels, where one employee covers Benelux. A support team of four people is based in London, This is a good starting-point, but Ignis does not plan to stop there. Goldsmith, on a recent visit to Paris, and who handles Europe from his office in Lausanne, has told Newsmanagers that he is planning to open an office in Germany this year, and that he may subsequently, perhaps next year, open an office in Paris.Meanwhile, assets under management by Ignis total about EUR84bn, of which EUR65bn are in bond products. Ignis, a recognized speicalist in bond strategies, is now planning to add to the equity unit, which now has about EUR13bn. Two specialists have recently been recruits, one for emerging markets, and the other for British equities.Ignis is also continuing to cultivate its bond expertise. The firm is currently preparing an absolute return and emerging market debt strategy, which may be made available in Europe this summer.
18/04/2013

CS veteran launches Asian currencies macro fund

P { margin-bottom: 0.08in; } Yip Kay-Hay, a former currency trader at Credit Suisse, who previously worked at SAC Capital, has founded the asset management firm Bright Steam Capital Management in Hong Kong, which will manage a macro fund, Handelsblatt reports. Yip is investing USD25m of his own money in the venture.It is aiming for returns 10 to 15 percentage points higher than the Libor. The fund will invest only up to 30% in equity indices, while the remainder is distributed between fixed income and currencies. The fund will not invest in single securities.
18/04/2013

Neuberger Berman recruits from Carlyle

P { margin-bottom: 0.08in; } Susan Kasser, who was one of the founders of Carlyle Mezzanine Partners, has left the private equity group to join Neuberger Berman in March as managing director and head of private debt at Neuberger Berman Alternatives. She is based in New York.
18/04/2013

Record profits for asset and wealth management at BoA

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the Global Wealth & Investment Management (GWMIM) unit of Bank of America (BoA) totalled USD720m, compared with USD576m in October-December, and USD550m in January-March 2012.Assets as of 31 March totalled USD745.3bn, compared with USD698.1bn on 31 December, and USD677.6bn twelve months previously.The bank, which has posted total net profits of USD2.6bn, compared with USD732m in the fourth quarter of 2012, and USD655m in the corresponding period of last year, has announced that profits for the GWMIM division in January-March 2013 set records for revenues, net profits and net subscriptions for the period since the takeover of Merrill Lynch.Asset management fees rose 9% in annual terms, to USD1.6bn, and net inflows to long-term products totalled USD20.4bn, January-March 2013 marked the fifteenth consecutive quarter of net subscriptions.
18/04/2013

Fall in the price of gold cost John Paulson USD1.5bn

P { margin-bottom: 0.08in; } The fall in the price of gold has personally cost John Paulson at least USD1.5bn since the beginning of the year, the Financial Times reports. Since 2009, the billionaire manager had allowed clients of Paulson &Co. to denominate their shares in gold rather than dollars. This is an option which he himself chose. 85% of his personal wealth invested in the firm is linked to the price of gold, according to sources familiar with the matter. Paulson owns slightly over half of the USD18bn managed by the hedge fund.
18/04/2013

Franklin Templeton appoints a head of European bonds

P { margin-bottom: 0.08in; } David Zahn, senior vice president and portfolio manager at Franklin Templeton Investments, has been promoted to head of European bonds, FundWeb reports. He will retain his current responsibilities also.
18/04/2013

Japan fund from SEB changes managers

P { margin-bottom: 0.08in; } From 15 May, the Japanese fund from the Swedish bank SEB, SEB Fund 1- SEB Japan Fund, will no longer be managed by Goldman Sachs Asset Management, Fondsbranschen reports. The asset management firm is bringing it in-house in Stockholm. It will be managed by Hartvig Rygaard, who belongs to the Quantitative Portfolio Management team at SEB Investment Management.
18/04/2013

Petercam registers EM Sustainable fund in several European countries

P { margin-bottom: 0.08in; } The SRI Emerging MarketsSustainable sub-fund of the Luxembourg Sicav Petercam L Bonds (see Newsmanagers of 21 January and 25 March) now has assets of about EUR20m. The SRI product of government bonds is now registered in Luxembourg, since 18 March, in Belgium and Spain since 5 April, in the Netherlands since 9 April, in Germany since 11 April, and in France since 15 April. The application process is also already underway in Switzerland.
18/04/2013

Federated Investors proposes EMD fund

P { margin-bottom: 0.08in; } Via its Irish affiliate Federated International Funds plc, the US firm Federated Investors has launched an emerging market debt fund aimed at European investors, primarily institutionals. It is a product which may invest in government bonds as well as emerging market corporate bonds of investment or speculative grade. It is available in shares denominated in US dollars or euros hedged for currency risks.CharacteristicsName: Federated Emerging Markets Global Debt FundISIN code: IE00B88Y0Q53Management commission: 0.95%
18/04/2013

Further increase in investment fund assets in March

P { margin-bottom: 0.08in; } The total volume of investment funds managed in Switzerland rose by CHF17.6bn in March 2013, to a total of CHF754.4bn, according to statistics released by Swiss Fund Data (SFA). Of this total, institutional investors represent CHF289.8bn, a statement says. In March, net inflows totalled CHF1.6bn. Bond funds took the largest subscriptions (CHF2.6bn), followed by strategic investment funds (CHF1.6bn). Divestments were made from money market funds (-CHF1.3bn) and equity funds (-CHF0.4bn, the SFA states.
18/04/2013

AllianceBernstein sues former financial advisers

P { margin-bottom: 0.08in; } AllianceBernstein has filed lawsuits against several financial advisers who left the group, and who, the firm says, are seeking to take its clients with them, the Wall Street Journal reports. Since the beginning of 2011, the asset management firm has sued 10 former advisers before the Manhattan Supreme Court, against none in 2010. Some lawyers view the suits as a warning to top-performing independent financial advisers still employed at the private clients unit of AllianceBernstein, but who have been discouraged by its recent performance. Clients withdrew USD3.2bn in fourth quarter last year, and analysts are predicting a further decline in first quarter.
18/04/2013

Michael Poole becomes lead manager of European high yield fund from Threadneedle

P { margin-bottom: 0.08in; } Threadneedle has entrusted responsibility for the management of the European High Yield Bond fund, whose assets under management total GBP790m, to Michael Poole, who for the past two years has been co-manager of the fund, alongside Barrie Whitman, who becomes deputy manager of the strategy, Investment Week reports. Whitman will continue to manage other strategies, such as the Strategic Bond fund, whose assets under management total nearly GBP400m. The European High Yield Bond fund has earned returns of 16.7% in the past twelve months, compared with returns of 10% on average for the Global Bonds sector of the British Investment Management Association (IMA).
18/04/2013

Inflows for Hargreaves Lansdown

P { margin-bottom: 0.08in; } Assets under administration at Hargreaves Lansdown as of the end of March 2013 totalled GBP35.1bn, up 35% compared with the end of March 2012, according to an interim report published on 17 April by the firm. Assets were up by GBP4.7bn compared with the end of December 2012. Net inflows in first quarter totalled a record GBP1.8bn, compared with GBP1bn in first quarter 2012. This development is reported to be partly due to the implementation of RDR regulations, according to Hargreaves Landsown. Net inflows in the first nine months of the 2012-2013 fiscal year totalled GBP3.44bn, compared with GBP2.17bn in the corresponding period of the previous year.
18/04/2013

European treasurers concerned about debate over valuation of MMFs

European treasurers and others investing in constant net asset value (CNAV) money market funds (MMFs) are likely to be the most impacted by the current regulatory debate around MMFs in Europe, says Fitch Ratings.Almost half (47%) of European treasurers investing in CNAV MMFs, irrespective of the amount of their cash holdings, view a regulatory shift to variable NAV (VNAV) MMFs as a potential concern as the funds’ risk profile may become less clear, according to the results of a survey of European treasurers published in conjunction with Treasury Management International (TMI) on 26 February 2013.This is consistent with the widely held view of European treasurers’ that the main strength of CNAV funds is their clear risk profile (cited by 71% of CNAV users). 50% of CNAV investors also cite their simple tax and accounting treatment as a strength (vs. 31% for the total sample of treasurers), which might disappear in VNAV funds.
18/04/2013

Hedge funds take money from pension funds even as they criticise the system

P { margin-bottom: 0.08in; } The second-largest US teachers’ union, the American Federation of Teachers, will released today a list of 34 hedge fund managers and other investment firms which helped to lead or made contributions to organisations which are hostile to defined-benefit plans, the Wall Street Journal reports. The union is asking pension fund trustees to take into account these relationships when they decide to invest with these firms. “I have a problem with people who think that they can play both sides,” says Jay Rehak, chairman of the Chicago Teachers’ Pension Fund.
18/04/2013

Alceda to launch Miller/Howard and Clark Capital in Europe

P { margin-bottom: 0.08in; } The Luxembourg-based firm Alceda Fund Managemnet, which currently administers about EUR5.4bn in assets, on 17 April announced that it will be opening the European UCITS-compliant fund market up to two US asset management firms, Miller/Howard Investments, of Woodstock, New York, and Clark Capital Management Group, of Philadelphia, on the Alceda Ucits Platform (AUP).Miller/Howard (USD5.3bn) is a specialist in the selection of high-dividend equities, while Clark Capital (USD3bn) focuses on tactical allocations to fixed income.The launch of UCITS-compliant products will allow the two asset management firms to reach a vast audience of investors not only in Europe, but also in Asia and Latin America.
18/04/2013

Le rendement du 10 ans espagnol à son plus bas depuis trois ans

L’Espagne a emprunté jeudi 4,71 milliards d’euros à moyen et long termes, dépassant ainsi son objectif initial grâce à une demande soutenue, et le rendement de l’emprunt à 10 ans est revenu à son plus bas niveau depuis trois ans. Madrid prévoyait d'émettre entre 3,5 et 4,5 milliards d’euros lors de cette triple adjudication. Le Trésor a adjugé pour 1,29 milliard d’obligations à 10 ans offrant un rendement moyen de 4,612%, contre 4,898% lors de la dernière adjudication comparable, le 21 mars. La demande a été 2,6 fois supérieure à l’offre. Il a également adjugé pour 1,381 milliard d’euros d’obligations à trois ans à un rendement moyen de 2,792%, contre 3,019% au début du mois. Il a enfin émis pour 2,043 milliards de titres à cinq ans à un rendement moyen de 3,257%, contre 3,557% précédemment.
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18/04/2013

La France se finance à 5 ans à un taux historiquement bas

La France a émis jeudi 7,91 milliards d’euros d’obligations assimilables du Trésor (OAT) à deux et cinq ans, le taux moyen de l’OAT à 5 ans étant ressorti à 0,73%, soit un plus bas record à l’adjudication sur une telle maturité. Le montant adjugé se situe dans le haut des objectifs annoncé (7 à 8 milliards) et le ratio de couverture (demande sur montant alloué) est ressorti confortablement à 2,24. L’Agence France Trésor, qui gère la dette de l’Etat, a adjugé 4,33 milliards d’OAT 0,25% novembre 2015 au taux moyen de 0,24% contre 0,32% le mois dernier, et 3,58 milliards d’euros d’OAT 1,0% mai 2018, le taux moyen de 0,73% se situant 16 points de base en dessous de celui du mois dernier (0,89%).
18/04/2013

La Slovénie lève plus de fonds que prévu

La Slovénie a levé hier deux fois plus de fonds que prévu lors d’une adjudication de bons du Trésor, ce qui apporte un répit temporaire aux difficultés budgétaires du pays, menacé de devenir le prochain pays de l’Union européenne à recevoir une aide internationale après Chypre. Le ministère des Finances a adjugé 1,1 milliard d’euros de bons à 18 mois, à un rendement de 4,15%, contre 500 millions initialement visés.
18/04/2013

La Banque du Canada maintient ses taux

La Banque du Canada (BoC) a revu à la baisse sa prévision de croissance 2013 mais a laissé ses taux d’intérêt inchangés et répété qu’elle durcirait probablement sa politique monétaire dans le futur. La BoC table désormais sur une croissance de 1,5% cette année, contre 2% selon les prévisions établies en janvier. Elle table en revanche sur 2,8% de hausse du PIB en 2014, contre 2,7% auparavant.
18/04/2013

Jens Weidmann laisse espérer une baisse de taux

La Banque centrale européenne pourrait abaisser davantage ses taux d’intérêt si les données économiques le justifiaient, a déclaré mercredi le président de la Bundesbank, Jens Weidmann, cité par le Wall Street Journal. Ses propos ont fait tomber l’euro à un plus bas du jour de 1,3046 dollar, en repli d’environ 1%, alors que les futures sur les Bunds allemands montaient en flèche. «Nous pourrions ajuster (le taux de refinancement) en réponse à de nouvelles informations», tout en ajoutant ne pas penser que la position de la BCE en matière de taux «soit la question principale». Les économistes attendent en mai ou juin une baisse du refi, aujourd’hui à 0,75%, alors que l’inflation est tombée à 1,7%. Jens Weidmann a par ailleurs estimé que la Banque européenne d’investissement (BEI) dispose de meilleurs outils que la BCE pour restaurer le canal du crédit aux PME. Il juge enfin qu’il faudra une décennie à la zone euro pour surmonter la crise.

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