La société de gestion alternative américaine Ares Management, basée à Los Angeles, a annoncé avoir finalisé au premier janvier l’acquisition d’Energy Investors Funds (EIF). EIF est une société de gestion spécialisée dans le secteur des infrastructures énergétiques. Elle compte 4 milliards de dollars d’encours sous gestion, répartis dans 4 fonds. L’acquisition porte à 14 milliards de dollars les actifs gérés par Ares Management, selon un communiqué.

Le fonds obligataire géré par Bill Gross chez Janus Capital, le Janus Global Unconstrained Bond Fund, a modestement collecté 175 millions de dollars en décembre, rapporte Bloomberg. Le véhicule pèse désormais 1,38 milliard de dollars d’encours contre 13 millions au moment de l’arrivée du gérant début octobre 2014.

Le milliardaire américain John Paulson a subi la deuxième plus mauvaise année de sa carrière en 2014, alors que les principaux fonds du gérant alternatif ont essuyé des pertes après des paris ratés sur l’énergie et les agences de refinancement hypothécaires Fannie Mae et Freddie Mac, rapporte Bloomberg. Ainsi, son fonds ‘event-driven’ Advantage Plus Fund a enregistré un recul de 3,1% en décembre 2014 et de 36% sur l’ensemble de l’année écoulée. De même, son fonds Advantage, qui utilise une stratégie similaire mais sans levier, a reculé de 2,4% en décembre et de 29% en 2014. A fin 2014, Paulson & Co gère 19 milliards de dollars d’actifs, contre 38 milliards en 2011.

La société de gestion britannique JO Hambro Capital Management, qui gère environ 15 milliards de livres, vient de recruter Bogdan Popescu, un ancien d’East Capital, en tant que commercial pour couvrir le marché d’Europe francophone. Dans un entretien à Newsmanangers, le CEO Gavin Rochussen, explique les raisons de ce recrutement et décrit les ambitions de sa maison spécialisée sur les actions en France et plus largement en Europe continentale.

Le fonds de pension néerlandais PFZW a annoncé, ce 9 janvier sa décision de ne plus investir dans les hedge fund, estimant que ces véhicules ne constituent plus une catégorie d’investissement stratégique. Ainsi, le fonds de pension a indiqué avoir liquidé tous ses investissements en hedge fund au cours de l’année dernière. Une décisions motivée par des performances décevantes, la complexité de ces investissements et des coûts élevés.Désormais, « les investissements dans les hedge funds ne font plus partie de la nouvelle politique d’investissement de PFZW, a indiqué le fonds de pension dans un communiqué. Selon cette nouvelle politique, tous les investissements sont évalués en fonction de leur durabilité, de leur complexité, de leurs coûts et de leur contribution aux objectifs du PFZW en matière de fonds de pension. Or les investissements dans les hedge funds ne répondent plus entièrement à ces critères. » En 2013, les investissements dans les hedge funds représentaient 2,7% des investissements totaux du PFZW.

p { margin-bottom: 0.1in; line-height: 120%; } The Italian asset management firm Azimut, via its Brazilian joint venture AZ FuturaInvest, has signed an agreement to acquire 50% of capital in the Brazilian company LFI Investimentos, an independent wealth management firm founded in 2009, Reuters reports. The sale price is BRL8.5m (USD3.19m, or about EUR2.65m), payable to the founders of LFI Investimentos in four instalments over the next five years, on the condition that certain objectives are achieved.

Netherland-based pension fund Pensioenfonds Zorg en Welzijn (PFZW, the pension fund for the health and social sector) has decided to no longer regard investments in hedge funds as a strategic investment category. These investments have been all but eradicated over the last year. Hedge fund investments are no longer part of PFZW’s new investment policy.Under this policy, which PFZW adopted last year, all investment categories are assessed for their sustainability, complexity, costs and their contribution to PFZW’s objective of index-linking pensions. The hedge fund investments were found not to fully meet the criteria set. In 2003, PFZW was one of the first Dutch pension funds to invest in hedge funds, chiefly in order to achieve greater diversification in the investment portfolio. For a long time, hedge funds were a useful tool in this regard, but lately they have not made a sufficient contribution to this objective.According to Jan Willem van Oostveen, Manager Financial and Investment Policy at PFZW, complexity is another major factor behind the decision to drop hedge funds: ‘In our new investment policy, we agreed that greater emphasis should be placed on controllability and intelligibility. That’s why a complex investment category like hedge funds, which encompasses such diverse strategies, no longer sits well with PFZW.’ The high costs involved with hedge funds are another reason to stop investing in them.In 2013, 2.7% of PFZW’s investments were still in hedge funds.

The British asset managers Threadneedle Investments (Threadneedle) today announces that it will rebrand its business as Columbia Threadneedle Investments in the first half of 2015. The new global brand will represent the combined capabilities, reach and resource of Threadneedle and its US-based affiliate Columbia Management, offering clients access to the best of both firms and positioning the group for a greater share of global growth.Columbia Management (Columbia) has assets under management of $358 billion (at 30 Sept 2014) and is the 11th largest manager of long-term mutual fund assets in the US. Together, Threadneedle and Columbia have £316 billion (US$505 billion) in asset under management across developed and emerging market equities, fixed income, multi-asset solutions and alternatives (including UK property). Both Columbia and Threadneedle are owned by leading US financial services firm Ameriprise Financial and together form the 30th largest global asset management group.« The new brand – Columbia Threadneedle Investments – will reinforce the strength of both firms in established markets of the UK, Europe and the US and will enable the group to grow its presence in key markets including Asia Pacific, Latin America and the Middle East », said Threadneedle in a statement.The investment strategies, philosophies and processes of both firms will not change as a result of the new global brand. But the two companies will now share their research globally that « will allow us to make better use of our investment ideas and talent, enhancing the ‘Perspective Advantage’ that is core to Threadneedle’s investment philosophy », said Mark Burgess, Chief Investment Officer, Threadneedle.Campbell Fleming, CEO of Threadneedle, said: «This is an important new phase for Threadneedle and for our clients. As affiliated firms, Threadneedle and Columbia have been increasingly working together over the past two years to increase the breadth and depth of our offering to clients. Presenting the combined capabilities of both firms under a single brand is the natural next step and is an exciting new chapter for everyone at Threadneedle and Columbia. » « We are bringing together a combined offering under one global brand for the benefit of our clients and our business. Threadneedle and Columbia have a shared vision, business strategy and values albeit with distinct investment capabilities, local distribution and product offerings. Under the new brand we become a global group, presenting our combined resources, investment perspectives and expertise to better serve our clients, both individuals and institutions, around the world », he added.The new brand will be introduced in the first half of 2015, coinciding with Threadneedle’s move to a new London head office at Cannon Place. The established investment teams, strategies and processes in place at both firms will not change. Nor will Threadneedle’s existing funds or client portfolios and mandates. There will be no change to the corporate structure or regulated entities as a result of the new brand.

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm Impax Asset Management on 9 January announced that its managed and advised assets totalled GBP2.92bn as of 31 December 2014, compared with GBP2.75bn as of 30 September 2014. This growth was driven by a market effect totalling GBP112m, and most of all by net inflows of GBP59m. “The firm has continued to receive strong net subscriptions to its publicly-traded equity funds from third parties, particularly from investors based in the United States and continental Europe,” Impax AM says in a statement. These equity vehicles alone earned GBP53m in net inflows in the past quarter.

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm Kames Capital has promoted Stephen Adams as its new head of equities, in an appointment which takes effect from 1 January 2015. Adams will direct a team of 26 specialists in British and international equities. Adams has 27 years of experience in the financial sector, including 14 years spent at Kames Capital. He was appointed as head of British equities in April 2004, and will continue to serve in this role as head of equities at the group. Adams will also retain his position as principal manager of the Kames UK Equity Fund. In fourth quarter 2014, Kames Capital had already added to its equity team, with the appointments of Craig Bonthron as investment manager, and Luc Simoncini as senior equity investment specialist. The asset management firm has also recorded the departure of Piers Hillier, former head of international equities, who has joined Royal London Asset Management as chief investment officer (see Newsmanagers of 12 November 2014).

p { margin-bottom: 0.1in; line-height: 120%; } Investments to favour cleaner energy last year grew by 16% worldwide, to a total of USD310bn, according to statistics published by Bloomberg New Energy Finance (BNEF). These investments, which are nearing their 2011 all-time record (USD317.5bn), were driven by the installation of solar panels in the United States and offshore wind power. This increase affects all major markets, firstly China, which alone spent a record USD89.5bn (+32%). Investments in the United States also increased by 8%, to a total of USD51.8bn. But the largest increase (+88%) was observed in Brazil, where investments topped USD7.9bn. Inversely, investments in Europe “despite the fad for offshore wind power, remained relatively lacklustre, with an increase of barely 1%, to USD66bn,” BNEF says in its statement. Logically, it was larger development projects for new renewable energy capacity which represents the majority of investment (USD170.7bn). This is followed by decentralized small electricity production installations, such as solar panels installed in the roofs of buildings, and then public and private research and intelligent network projects. Solar is the winning energy, concentrating more than half of investments, a record, followed by wind and innovative technologies (intelligent networks, energy storage, etc.).

La société de gestion britannique JO Hambro Capital Management, qui gère environ 15 milliards de livres, vient de recruter Bogdan Popescu, un ancien d’East Capital, en tant que commercial pour couvrir le marché d’Europe francophone. Dans un entretien à Newsmanangers, le CEO Gavin Rochussen, explique les raisons de ce recrutement et décrit les ambitions de sa maison spécialisée sur les actions en France et plus largement en Europe continentale.

p { margin-bottom: 0.1in; line-height: 120%; } Candriam Investors Group, the asset management firm formerly known as Dexia Asset Management, with about EUR78bn in assets under management, has recruited Guillaume Abel as global head of marketing. Abel is a veteran of Amundi, where he has worked since 1997, and most recently served as global head of marketing and communication, responsible for distribution to institutional clients and third-party distributors. He was previously managing director of CAAM Luxembourg. At Candriam IG, which is now part of New York Life Investment Management, Abel becomes director of the marketing department and will be a member of the executive board. He will be based in Paris, and will be “responsible for strategic implementation in marketing, which will consist of the current Candriam teams: Investment solutions, investment specialists, RFP, product branding, and digital strategy and advertising, a press statement says. Meanwhile, Candriam has announced the appointment of Renato Guerriero, global head of European client relations, as a member of the executive board. Guerriero, who joined Candriam in 2001 as head of institutional sales for Italy, is responsible for opening the Candriam office in Milan. Guerriero will also be responsible for historic distribution partnerships and relationships with third-party distributors and international consultants.

p { margin-bottom: 0.1in; line-height: 120%; } Brandon Haley, previously head of international equities at the hedge fund Citadel, left the firm this month after working there for nine years, Bloomberg reports. Managers based in New York, Chicago, San Franciaco and London will now oversee this activity, and will report directly to Ken Griffin, founder and CEO of Citadel, Katie Spring, spokesperson for the asset management firm, has told Bloomberg. Haley had directed the team responsible for international equities since 2009. Before joining Citadel in 2005, he worked at North Sound Capital and Goldman Sachs Group.

p { margin-bottom: 0.1in; line-height: 120%; } Amundi has decided to merge its European high yield fund, domiciled in France, into a larger UCITS version of the same strategy, Citywire Global reveals. The Amundi Oblig Haut Rendement fund (EUR56m in assets) is absorbed into the Luxembourg fund Amundi Fds Bond Euro High Yield (EUR910m in assets), which since January 2011 has been managed by Marina Cohen. The Amundi Oblig Haut Rendement fund had been overseen by Thierry Lebeaupain since 2012.

Worldwide net cash inflows amounted to EUR 290 billion, up from EUR 252 billion in the third quarter, according to the European Fund and Asset Management Association (EFAMA). Investment fund assets worldwide increased 6.2 percent during the third quarter to stand at EUR 27.24 trillion at end September 2014.A turnaround in net flows into money market funds was the main driver behind this result. Net inflows amounted to EUR 67 billion, compared to net outflows of EUR 49 billion in the previous quarter.Long-term funds (all funds excluding money market funds) continued to register net inflows amounting to EUR 223 billion during the third quarter, albeit down from EUR 301 billion registered in the previous quarter. Worldwide equity funds recorded reduced net inflows of EUR 24 billion, while worldwide bond funds registered net inflows of EUR 79 billion, compared to EUR 112 billion in the previous quarter. Balanced funds recorded reduced net inflows of EUR 72 billion, down from EUR 81 billion in the second quarter.

La croissance de l'économie française devrait atteindre 0,1% au quatrième trimestre 2014, confirme la Banque de France dans sa troisième et dernière estimation fondée sur son enquête mensuelle de conjoncture pour décembre publiée lundi. L’Insee prévoit également une croissance de 0,1% au quatrième trimestre après celle de 0,3% enregistrée au troisième. L’enquête de la Banque de France sur le mois de décembre fait apparaître une baisse d’un point de l’indicateur du climat des affaires dans l’industrie, à 96, et une baisse de deux points de celui des services à 91. L’indicateur du secteur du bâtiment est lui inchangé à 91.

Goldman Sachs a ajusté ses prévisions de cours du pétrole après la chute des prix enregistrée depuis l’automne. A 3 mois, Goldman Sachs prévoit un cours du Brent et du WTI américain à 42 dollars et 41 dollars respectivement, contre de précédentes prévisions de 80 et 70 dollars. A fin 2015, la banque anticipe une légère remontée du prix du Brent, à 50,4 dollars, et du brut américain, à 47,15 dollars. Lundi matin, les prix du pétrole poursuivaient leur correction, avec un Brent à 48,8 dollars.

Les interventions de la banque centrale de Russie sur le marché des changes pour endiguer la chute du rouble ont atteint un solde net de 76,13 milliards de dollars et 5,41 milliards d’euros respectivement en 2014, rapporte lundi l’agence Interfax sur la base de données officielles. Sur le seul mois de décembre, les interventions ont totalisé 11,9 milliards de dollars.

Philippe Berthelot, directeur gestion crédit & crédits structurés de Natixis Asset Management

La Banque du Japon pourrait détenir la moitié des titres à 10 ans fin 2016. Les spécialistes en valeur du Trésor sont pris à la gorge.

Stéphane Waldisberg, directeur de la gestion privée chez Olympia Capital Gestion

Matthieu Louanges, managing director et responsable de la gestion assurantielle en Europe chez Pimco

Benjamin Melman, directeur allocation d'actifs et dettes privées chez Edmond de Rothschild AM

Alors qu'elle pourrait lancer un QE, l'institution verra la légalité de son programme OMT discutée mercredi.

La majorité des champs ont un point mort d'exploitation compris entre 50 et 65 dollars, ce qui semble exclure une forte remontée des prix à moyen terme.

Le rythme mensuel de créations d'emplois se situe à son plus haut niveau depuis juin 2000, avec un taux de chômage à 5,6%.

Raphaël Gallardo, stratégiste allocataire chez Natixis Asset Management

Alors qu'elle pourrait lancer un QE, l'institution verra la légalité de son programme OMT discutée mercredi

Le fonds obligataire de Janus Capital Group dont le gérant vedette Bill Gross a pris la direction en octobre, a enregistré en décembre des entrées nettes de 176 millions de dollars (149 millions d’euros), total en nette baisse par rapport aux 769 millions du mois précédent, selon des estimations publiées vendredi par Morningstar. A fin décembre, le Janus Global Unconstrained Fund dirigé depuis trois mois par Bill Gross totalisait 1,375 milliard de dollars d’actifs sous gestion, contre 13 millions seulement au moment de l’arrivée du gérant.