La société de gestion norvégienne Skagen a annoncé le 11 novembre réfléchir à une évolution de son actionnariat, ainsi que le départ de son CEO.« Les fondateurs de Skagen travaillent actuellement avec le conseil d’administration pour explorer des options pour une transition de l’actionnariat de la société », annonce un communiqué en date du 11 novembre. Cette évolution devra garantir l’indépendance de Skagen et permettre d’attirer et de retenir les meilleurs talents sur le long terme. Davantage d’informations sur le sujet seront publiées au premier semestre 2015.Dans le même temps, Skagen a annoncé le départ d’Harald Espedal, qui était CEO et directeur des investissements de la société de gestion. Ses fonctions seront désormais divisées en deux. Leif Ola Rød le remplacera en tant que CEO, à compter du 1er janvier 2015. L’intéressé est l’actuel responsable du business support et de la conformité de Skagen, qu’il a rejoint en 2012 en provenance d’Odin Fund Management dont il était CEO. Ole Søeberg a été nommé directeur des investissements. Il restera co-responsable de la gestion du fonds Skagen Vekst.Par ailleurs, Knut Gezelius a été nommé gérant principal du fonds Skagen Global, en remplacement de Kristian Falnes, qui quitte également la société de gestion. L’intéressé, qui fait déjà partie de l’équipe de gestion du fonds, a rejoint la société en mai 2014 en provenance de Goldman Sachs Asset Management. Knut Harald Nilsson va de son côté devenir co-responsable de la gestion du fonds Skagen Kon-Tiki, aux côtés de Kristoffer Stensrud.Enfin, Filip Weintraub va rejoindre Skagen en janvier 2015 pour piloter un nouveau fonds. L’intéressé, qui a déjà travaillé au sein de la société nordique entre 2001 et 2010, va gérer un fonds actions monde de conviction. Il sera épaulé par Jonas Edholm, CEO et gérant du Labrusca Family Office.

p { margin-bottom: 0.1in; line-height: 120%; } HSBC Global Asset Management has recruited Matteo Ercole in Italy as relationship manager, Bluerating reports. Ercole joins from Candriam (formerly Dexia Asset Management), where he served in the same role. In his new position, he will be responsible for strengthening and developing relationships with institutionals, in cooperation with Philippe de Nouel, who covers the institutional market in Southern Europe from Paris. Ercole will report to Roberto Citarella, head of the Italian team. HSBC GAM has been present in Italy for 13 years, with a six-strong office. Its assets in the country totalled about USD5.3bn as of 30 June 2014.

Assets under management by the 500 largest asset management firms worldwide rose by nearly 12% to a record total of USD76.000trn in 2013, topping the previous record of over USD69trn in 2007. The global study P&I / Towers Watson global 500 reveals that, due to constant growth in assets over the past six years, their total has nearly doubled since 2002.“The year 2013 was clearly, once again, a good year for most asset management firms, independently of the type of asset under management, which resulted in new records in all sectors. Although the industry appears to be in good health, there are reasons it would be premature to rejoice, in light of the numerous challenges and mid-term objetives the global economy faces, and taking into account the risks of a decline in global growth. Meanwhile, asset management companies, especially the largest ones, are at risk of being subjected to a detailed examination of their role at the company and the value they bring to investors,” says Thierry de la Noue, director of the investment department at Towers Watson France.The United States dominate the rankings, with 12 asset management firms in the top 20, representing two thirds of all assets under management. BlackRock remains the top player, with EUR4.324trn in assets under management in 2013, followed by Vanguard Group (USD2.7529trn) and Allianz (USD2.3925trn). The proportion of assets from US asset management firms over the past 10 years has risen from 41% to more than 50%, largely to the detriment of Swiss, Japanese and British asset management firms, which have lost 5%, 4%, and 2%, in order, for market share of 4%, 6% and 8%, respectively.

The Financial Conduct Authority (FCA) annouced this morning it has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ($343 million), JPMorgan Chase Bank N.A. £222,166,000 ($352 million), The Royal Bank of Scotland Plc £217,000,000 ($344 million) and UBS AG £233,814,000 ($371 million). In relation to Barclays Bank Plc, the FCA will progress its investigation into that firm which will cover its G10 spot FX trading business and also wider FX business areas. In addition to taking enforcement action against and investigating the six firms with the worst misconduct, «we are launching an industry-wide remediation programme to ensure firms address the root causes of these failings and drive up standards across the market. We will require senior management at firms to take responsibility for delivering the necessary changes and attest that this work has been completed», writes the FCA.

p { margin-bottom: 0.1in; line-height: 120%; } Since the arrival of Bill Gross at Janus Capital Group, two bond funds from the asset management firm posted net subscriptions of over USD1bn in October. The Janus Global Unconstrained Bond Fund attracted USD364m, and now has USD442.9m. The Janus Flexible Bond Fund saw inflows of USD821m, to a total of USD8.4bn, Das Investment reports.

p { margin-bottom: 0.1in; line-height: 120%; } In October, equity funds on sale in Sweden saw net outflows of SEK15.7bn, or EUR1.7bn, according to the most recent statistics from the Swedish fund association, Fondbolagens Förening. All categories of equity funds saw outflows, with the exception of North American equity products. The heaviest outflows were from Swedish equity funds (-SEK7.4bn, or EUR800m). This phenomenon drove the subscription/redemption balance for funds sold in Sweden in October into negative territory, at -SEK2.5bn (EUR300m). This comes despite positive inflows to balanced funds (SEK6.4bn), bonds (SEK5.1bn) and money markets (SEK1.6bn). It is the first negative result for the industry since the beginning of the year, which had previously posted inflows of over SEK7bn every month. Meanwhile, it also wipes out gains posted to equity funds since the beginning of the year. Since January, equity funds have seen outflows of SEK12.1bn (EUR1.3bn). All funds overall have posted net inflows of SEK109.9bn (EUR12bn). As of the end of October, assets in Swedish funds totalled SEK2.861bn (EUR311m), of which about 55% went to equity funds.

Catella will launch at the end of November a fixed income fund - Catella Credit Opportunity. The new product is an absolute return fund that seeks returns by investing in the entire fixed income capital structure, and in bonds with both high and low credit ratings. The fund is able to use the derivatives market to protect its capital against the two primary risks, interest rate risk and credit risk. All currency exposure is hedged back to its base currency, the Swedish krona.The fund, which will be managed by Magnus Nilsson and Fredrik Tauson, has a target return of 6-8 percent and an expected risk level, measured as its standard deviation, of 5-7 percent.

p { margin-bottom: 0.1in; line-height: 120%; } Threadneedle Investments (Threadneedle) on 10 November announced the launch of the Threadneedle (Lux) Global Multi Asset Income Fund (the Fund or Sicav), effective immediately. The fund combined asset allocation and income generation, two key investment components at Threadneedle. The Sicav, managed by Toby Nangle, head of multi-asset class management, is focused on income generation, and aims for returns of 5%. In order to achieve this level of income in the current investment environment, the fund makes use of derivatives to as to optimise the expected returns. The portfolio will aim to maintain volatility lower than that of a pure equity fund. The investment approach of the fund allows the manager to invest directly in all asset classes, primarily in global equities and bond . The fund can also invest up to 10% of its assets in other Threadneedle funds, and uses derivatives for investment and hedging purposes, including to generate additional income. It will rely on the extend and diversity of the Threadneedle investment platform, as well as a highly driven approach to risk management. Nearly EUR52bn, or 44% of assets under management at Threadneedle, are invested in multi-asset class strategies.

p { margin-bottom: 0.1in; line-height: 120%; } One year after opening its office in Milan, Rothschild & Cie Gestion is adding to its team dedicated to Italian clients with the recruitment of Paule Ansoleaga Abascal, the Italian website FondiOnline reports. Since 2012, Abascal had worked in Lugano at Zarattini bank as marketing and relationship manager. Of the recruitment, Alessio Coppola, head of Rothschild & Cie Gestion for Italy, says that by the end of the year, funds from the asset management firm will be registered in Italy for sale to retail investors. In addition, major distribution agreements will be announced with top banks.

The number of alternative and multi-asset fund launches have increased 15% since 2010, according to new research from Cerulli Associates. «The market crisis was highly disruptive, temporarily halting new product introductions as budgets were slashed, but in the longer term it triggered creative disruption,» explains Cindy Zarker, director at Cerulli. «Five hundred new mutual funds have been created on average each year since 2010. Three of the most prominent areas of product innovation have been alternative investments, multi-strategy funds, and index-based strategies.» «With the market crisis behind them, investors approach portfolio construction differently. They are more attuned to fund expenses, highly aware of the need to manage risk, and more open to investment opportunities beyond U.S. borders,» Zarker continues.The top-five investment strategies that financial advisors are requesting in 2014 include income, multi-strategy alternative, global/international equity, single-strategy alternative, and global tactical asset allocation.

p { margin-bottom: 0.1in; line-height: 120%; } Assets under management in Ucits format hedge funds as of the end of September totalled EUR161bn, compared with EUR147.5bn at the end of June 2014, according to statistics from MondoAlternative. Ucits hedge funds posted inflows of EUR8.5bn to the single manager sectors, bringing total inflows since the beginning of the year to a record EUR31.2bn. In the quarter under review, alternative bond strategies attracted USD4.3bn, putting them well ahead of long/short equity and event-driven products, which saw inflows of EUR943m and EUR920m, respectively. In fixed income, three strategies saw inflows of about EUR3bn in the quarter: Goldman Sachs Global Strategic Income Bond Portfolio, BlueBay Investment Grade Absolute Return Bond Fund and Ignis Absolute Return Government Bond Fund. Over nine months, long/short equity strategies posted inflows of EUR11.2bn, most of which was invested in Europe (EUR6.8bn), followed by the United States (EUR2.3bn) and the United Kingdom (EUR933m).

p { margin-bottom: 0.1in; line-height: 120%; } The investment company and ETP provider Source on 10 November announced the launch of the Source NASDAQ Biotechnology UCITS ETF, the first ETF to be listed in Europe to aim to replicate the NASDAQ Biotechnology index. The NASDAQ Biotechnology UCITS ETF is denominated in USD, and trades on the London Stock Exchange. It is also licensed for sale in Germany, Austria, Finland, France, Ireland, Italy (reserved for institutional invetors), Luxembourg, the Netherlands, Norway (reserved for institutional investors), Switzerland (reserved for institutional investors) and Sweden.

Norway’s Skagen announced on November 11 several corporate changes and the departure of its CEO. «Skagen’s founders are currently working with its board of directors to explore options for a transition in the company’s ownership. This progression seeks to secure equity within the firm, to enable effective decision-making, and to guarantee Skagen’s independence. The board’s priority is to ensure stable delivery of investment performance and service to our clients, while attracting and retaining the best talent over the long-term. A further update will be provided in the first half of 2015", according to a press statement.The asset manager also announced the departure of its current CEO and investment director, Harald Espedal. Its position will be split it two. Leif Ola Rød will replace Harald Espedal as CEO on 1st January 2015. He is currently Skagen’s head of business support and compliance, having joined in 2012 from Odin Fund Management where he was CEO. Ole Søeberg will be Skagen’s new investment director on 1st January 2015. He will retain his current position as co-lead portfolio manager of Skagen Vekst. Separately, Knut Gezelius will replace Kristian Falnes as lead portfolio manager of Skagen Global from 11th November 2014. «Kristian Falnes has decided to step down after a period of handover to pursue other interests as the company enters this next phase in its evolution,» according to the press statement.Knut Gezelius, who is currently a portfolio manager in the Skagen Global team, joined in May 2014 from Goldman Sachs Asset Management in London where he was an executive director in the Global Equity team. Knut Harald Nilsson will become co-lead portfolio manager of Skagen Kon-Tiki alongside Kristoffer Stensrud from 11th November 2014. Finally, Filip Weintraub will rejoin Skagen in January 2015 to head a new fund. Filip Weintraub, who was previously lead portfolio manager of Skagen Global from 2001 to 2010, will be joined in running the new high-conviction long-only global equity fund by Jonas Edholm, currently CEO and portfolio manager at the Labrusca Family Office.

La Banque d’Angleterre a annoncé mercredi qu’elle avait licencié son responsable des opérations sur les changes, après une enquête ayant révélé qu’il n’avait pas respecté certaines procédures internes. L’intéressé avait été suspendu de ses fonctions au mois de mars. La BoE a cependant précisé que cette décision n’avait pas de rapport avec le règlement intervenu ce jour sur les manipulations des taux de change, qui a conduit les autorités britanniques à sanctionner cinq banques.

L’inflation au Royaume-Uni devrait passer sous 1% dans les six prochains mois, a déclaré mercredi la Banque d’Angleterre dans son rapport trimestriel sur l’inflation. Cette dernière est tombée à un plus bas de cinq ans de 1,2% au Royaume-Uni, s'éloignant de l’objectif de 2% de la BoE. «Le principal risque à la baisse provient de la baisse d’activité dans la zone euro, qui pèserait sur les exportations britanniques et pourrait être associée à un regain de volatilité sur les marchés financiers», indique le rapport. Dans ce contexte, la banque centrale prend note que les marchés ont, depuis ses dernières projections économiques en août, repoussé à octobre 2015, au lieu du début 2015, la date à laquelle il la voient amorcer son cycle de hausse des taux.

Le président de l’exécutif régional de Catalogne, Artur Mas, a proposé hier au gouvernement espagnol d’ouvrir un dialogue permanent sur l’indépendance de la Catalogne. Il veut aussi que Madrid prenne des mesures économiques de sorte que la région autonome profite davantage des dépenses publiques du pays. Si Madrid ne répond pas favorablement à ces demandes, il provoquera des élections régionales anticipées qu’il transformerait en référendum d’indépendance par procuration.

Selon un document du ministère des Finances allemand consulté par Reuters, Berlin envisage de réduire ses participations dans Deutsche Telekom et Deutsche Post afin de profiter de leur forte valorisation boursière, permettant ainsi à l’Etat de dépenser davantage afin de relancer une économie allemande en voie de ralentissement. La vente d’actions de la Deutsche Bahn est aussi évoquée dans ce document.

Le Labor Market Conditions Index, un indice construit par la Fed pour synthétiser les mouvements de 19 indicateurs sur le marché du travail américain, s’est amélioré en octobre. Le changement est évalué à +4,37 points d’indice, toute hausse étant équivalente à une amélioration des conditions du marché.

Unibail-Rodamco a annoncé lundi avoir conclu un accord avec Allianz, afin de lui céder sa part dans le complexe Nicétoile, situé à Nice. La part du groupe dans l’actif comprend 15.389 mètres carrés commerces et 2.018 m2 de bureaux ainsi que 1.852 places de parking. Le montant total de la transaction s'élève à 312,5 millions d’euros représentant un taux de rendement initial de 5,0%. Le centre commercial sera géré par Hammerson qui co-investira aux côtés d’Allianz à hauteur de 10%. La réalisation de la transaction devrait intervenir au premier trimestre 2015.

Le gouvernement entend compenser le dérapage budgétaire lié notamment aux opérations extérieures de la France par environ 2,2 milliards d’euros d’annulations de crédits cette année, selon le site internet des Echos. Ces mesures d'économies supplémentaires devraient être inscrites dans le projet de loi de finances rectificative (PLFR) qui sera présenté aujourd’hui par Bercy, ajoute le journal.

Les deux gérants affichent une collecte nette supérieure à 20 milliards d'euros sur neuf mois.

Les deux gérants affichent une collecte nette supérieure à 20 milliards d'euros sur neuf mois.

La banque centrale a abandonné son corridor sur le rouble mais se réserve le droit d'intervenir sans limite de montant en cas de risque financier.

Le groupe français souhaite accompagner les petites sociétés en phase de développement qui ont des besoins de trésorerie.

Pour Christian Dargnat, le président de l'Efama, l'infrastructure nécessaire à la désintermédiation du financement des entreprises reste «balbutiante».

Christian Dargnat, président de l’Efama, le lobby des gérants européens, juge balbutiante l’infrastructure nécessaire à la désintermédiation du financement.

Selon une étude réalisée par State Street, 81% des fonds de pension seraient prêts à emprunter cette voie afin de réaliser des économies.

Les entreprises auraient tendance à surfacturer certaines de leurs transactions commerciales. De quoi masquer des entrées d'argent spéculatif.

Interrogée par le quotidien à quelques jours d’un vote décisif du conseil de Paris, la maire Anne Hidalgo défend le projet de la tour Triangle, en expliquant qu’il s’inscrit dans un territoire à forte dominante économique, à côté du Parc des expositions et de Balard et qu’il répond à un besoin de bureaux neufs. Elle ajoute que «5.000 salariés travailleront sur place et des milliers d’emplois seront créés de manière directe et indirecte par les travaux», sans oublier les retombées liées à la fiscalité acquittée par les entreprises. Enfin, «cela ne coûte rien aux Parisiens puisque c’est Unibail-Rodamco qui finance les 500 millions d’euros du projet».

Un panel d'économistes conseillant le gouvernement allemand prévoit une croissance de la première économie d’Europe de 1% l’an prochain et va réviser ses prévisions pour cette année à +1,2% contre +1,9% précédemment, selon le quotidien. Il ajoute que ce panel, qui doit dévoiler ses dernières prévisions aujourd’hui, a tenu compte des risques géopolitiques et des difficultés économiques au sein de la zone euro.