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16/10/2014

EFG Asset Management se lance sur le marché espagnol

Le gestionnaire d’actifs EFG Asset Management, filiale du groupe EFG International, vient de faire enregistrer auprès du régulateur espagnol, la CNMV, sa sicav New Capital Ucits Fund domiciliée en Irlande, afin de développer son activité en terre ibérique, rapporte Funds People. A travers cette sicav, la société de gestion a décidé d’enregistrer huit compartiments de sa gamme de produits, à savoir cinq fonds actions et trois fonds obligataires.
16/10/2014

Inflows to Ucits slowdown

Net sales of UCITS amounted to EUR 38 billion in August compared to EUR 59 billion in July, according to the European Fund and Asset Management association. This reduction in net sales can be attributed to reduced net sales of equity and money market funds during the month.Long-term UCITS (UCITS excluding money market funds) posted net inflows of EUR 29 billion, down from EUR 41 billion in July. Net sales of equity funds broke even during August, compared to net inflows of EUR 12 billion in the previous month. Bond funds also registered a slight decrease in net sales to EUR 15 billion, from EUR 17 billion, while balanced funds registered net sales of EUR 11 billion compared to EUR 15 billion in July. Money market funds registered net inflows for the second consecutive month in August registering net sales of EUR 9 billion, down from EUR 18 billion in July. Total net assets of UCITS stood at EUR 7,769 billion at end August 2014, representing a 2.0 percent increase during the month. Total net assets of non-UCITS increased 1.2 percent to stand at EUR 3,081 billion at month end. Overall, total net assets of the European investment fund industry stood at EUR 10,850 billion at end August 2014.
16/10/2014

State Street GA launches first SSG ETF of international convertible bonds

p { margin-bottom: 0.1in; line-height: 120%; } State Street Global Advisors (SSGA) this Wednesday, 15 October, announced the launch of the first publicly-traded ETF of international convertible bonds on the Xetra platform from the stock market operator Deutsche Börse. The vehicle, entitled SPDR Thomson Reuters Global Convertible Bond Ucits ETF, aims to offer investors “transparent exposure at optimised cost, with the risk/return profile unique to this asset class,” the asset management firm says in a statement. Concretely, the new ETF reproduces the Thomson Reuters Qualified Global Convertible Index, which currently includes convertible bonds from issuers worldwide, denominated in several currencies. It also brings investors exposure both to the characteristics of bonds and to those of equities, the asset management firm says. “SSGA has been managing convertible bonds in passive management in ETF format for more than five years in the United States, with more than USD3bn in assets under management, covering the liquid portion of the US convertible bond market,” says Olivier Paquier, head of SPDR ETF, the affiliate of SSGA, for France, Monaco, Spain and Portugal, cited in a statement. With the launch of this new product, there are now 59 SPDR ETFs available in Europe.
16/10/2014

Vontobel AM launches flexible global bond fund

Vontobel Asset Management has launched a global bond fund, Vontobel Fund - Bond Global Aggregate, for its new head of fixed income, Hervé Hanoune, who used to work for Amundi Asset Management. The actively managed Vontobel Fund - Bond Global Aggregate invests in government and corporate bonds, currencies, high-yield bonds and emerging debt. Hervé Hanoune aims to outperform the Barclays Global Aggregate Hedged. At his former employer Amundi Asset Management, Hervé Hanoune headed the Global Aggregate Management team and managed global-aggregate bond strategies worth around four billion US dollars.
16/10/2014

French asset management loses more than EUR14bn in September

p { margin-bottom: 0.1in; line-height: 120%; } In September, French asset management posted losses totalling EUR14.05bn, according to data from Europerformance-SIX Telekurs, a decline of 1.73%, to EUR774.48bn. Treasury funds were largely responsible, with net outflows of EUR16.206bn, representing a decline of 5.61% in their assets for the month. Equity funds overall continued to attract investors, as this asset class posted net inflows of EUR170.23m, a variation of 0.32% in assets for the month. Lastly, convertible bond funds did not fare well: the outflows totalled EUR78.86bn (-2.50% of their assets in the month).
16/10/2014

Neuberger Berman lists three funds on Skandia Vita

p { margin-bottom: 0.1in; line-height: 120%; } Neuberger Berman will on 20 October launch three funds on its Skandia Vita platform, used by 25 financial advisers, 15 territorial banks and a range of brokers and insurance agents, Bluerating reports. They are the Neuberger Berman Absolute Return Multi Strategy, Neuberger Berman Short Duration Emerging Market Debt and Neuberger Berman US Equity Long Short funds, which come in addition to the Neuberger Berman Short Duration High Yield, Neuberger Berman China Equity and Neuberger Berman US Real Estate Securities funds.
16/10/2014

Hedge funds see net redemptions in third quarter

p { margin-bottom: 0.1in; line-height: 120%; } Hedge funds in third quarter 2014 posted net redemptions of USD13.3bn, according to Eurekahedge. In September, the Eurekahedge Hedge Fund index remained at 0%, while the MSCI World finished the month down 1.86%. Since the beginning of the year, hedge funds are up 3.87%, slightly below the MSCI index, which gained 3.99%.
16/10/2014

Spanish funds post inflows of USD2.7bn in September

p { margin-bottom: 0.1in; line-height: 120%; } In the month of September, Spanish common investment funds have posted net inflows of USD2.679bn, 58% more than in the previous month, according to data from Inverco, the Spanish professional association for asset management. Since the beginning of the 2014 fiscal year, net subscriptions have totalled USD29.63bn. Due to this positive dynamic, assets under management total USD188.62bn, up 1.4% compared with the month of August. Since the beginning of the year, assets in the sector have risen by USD34.79bn, up 22.7% compared with the end of 2013.
16/10/2014

Richard Pease leaves Henderson for a new boutique

p { margin-bottom: 0.1in; line-height: 120%; } The famous European equity manager Richard Pease will leave Henderson to join the new asset management firm Crux Asset Management, the British press is reporting. He will take his fund, the Henderson Special Situations Fund, with him, with assets totalling GBP1.1bn. According to Investment Week, Pease has over GBP2bn in assets under management for Henderson. James Milne, co-manager of the European Special Sits fund, will also join Crux, and an analyst will be recruited to assist the two men. A former salesperson from Henderson, Mark Little, will be responsible for distribution at the company, while Giles Kidd-May, formerly of Jupiter, will be responsible for marketing. The firm will be led by Alistair Reid. Pease was one of the star managers at New Star, a company which was subsequently acquired by Henderson in 2009.
16/10/2014

Petercam Institutional AM accelerates its development on Austrian market

p { margin-bottom: 0.1in; line-height: 120%; } Austrian investors now have direct access to a range of funds from Petercam Institutional Asset Management. The Belgian asset management firm has obtained a sales license for 25 Belgian-registered funds, investing in equities, bonds and multi-asset class funds, sub-funds of the Petercam B Fund and Petercam L Fund Sicavs. “We have initially entered the Austrian market via our Frankfurt office, but the registration of a certain number of our funds in Austria will allow us to accelerate our development in this important market for our European presence,” says Ives Hup. There is currently no sales office in place. This function is still provided by the Frankfurt office, the head of sales for France and Italy says. As of the end of June, assets at the Belgian asset management firm totalled EUR15bn.
16/10/2014

Assets under management up 14% at Bank of America

p { margin-bottom: 0.1in; line-height: 120%; } The unit dedicated to global wealth & investment management at Bank of America has posted 14% growth in its assets under management year on year, the US banking group has revealed, announcing its quarterly results. As of the end of September 2014, assets totalled USD888bn, compared with USD780bn as of the end of September 2013. In the past three months, this unit has posted net inflows of USD11.2bn to long-term products, for its 21st consecutive quarter of net inflows, and inflows of USD5.9bn to liquidity products. In third quarter, global wealth & investment management activities earned net profits of USD813m, compared with USD720m in third quarter 2013, up by 13%. Earnings, for their part, are up 6%, to USD4.66bn as of the end of September 2014, comapred with USD4.39bn at the end of September 2013.
16/10/2014

Assets at BlackRock up 10% in third quarter

At the publication of its quarterly results, the US asset management firm BlackRock has reported 10% growth in its assets under management, at the end of third quarter 2014. As of the end of September, its assets totalled EUR4.524trn, compared with EUR4.096trn one year previously.In the past quarter, the asset management firm posted net inflows of USD28.7bn, of which more than 60% came from iShares, its affiliate dedicated to ETFs, which posted USD18.2bn in net subscriptions in the past three months. At the same time, institutional investors contributed net inflwos of GBP5.6bn, while retail funds brought in USD5bn. By type of asset class, equity funds took in USD10.2bn, while fixed income funds received USD11.1bn. Net inflows to multi-asset class funds totalled USD7.4bn.Driven by this positive dynamic, BlackRock has earned profits of USD917m as of the end of September, compared with USD730m one year previously, an increase of nearly 26%. Its operating profits, for their part, have risen 20%, to a total of EUR1.1bn. Its quarterly earnings come to USD2.85bn, up 15.2% year on year.
16/10/2014

Newton IM enters partnership with Cambridge University

Cambridge University Judge Business School’s Centre for Endowment Asset Management has entered into a five-year partnership with Newton Investment Management, part of BNY Mellon. This partnership will enable the Centre to further extend its research and educational efforts in the area of long-horizon investing. In recognition of this support, the unit will be renamed the Newton Centre for Endowment Asset Management.Commenting on the new support arrangement and her firm’s partnership with Cambridge, Newton Chief Executive, Helena Morrissey CBE, said: «Newton has been a long-term supporter of the Centre for Endowment Asset Management. We share the Centre’s commitment to helping long-horizon investors make appropriate investment decisions. We look forward to collaborating with Professor Elroy Dimson and his team, and furthering the understanding of investment decisions and their impact on institutional returns. This underlines our commitment to the not-for-profit and charities sector.»
16/10/2014

Les investisseurs liquident la dette périphérique en zone euro

Le timide rebond des marchés à l’ouverture n’aura pas duré. La sévère correction enregistrée hier sur toutes les classes d’actifs à risque se poursuivait jeudi. Elle se traduit par un nouveau plongeon des Bourses et une forte tension des rendements des pays périphériques de la zone euro. Vers 13 heures, les principaux indices actions européens abandonnaient encore près de 2%. Les taux à 10 ans espagnols, italiens et portugais se tendaient respectivement de 24, 20 et 42 points de base. Depuis le début de la semaine, le 10 ans portugais est ainsi passé de 2,93% à 3,70%. Côté coeur de la zone euro, le Bund traite à 0,74% à 10 ans, alors que le rendement de l’OAT est reparti à la hausse (+9 pb à 1,23%), effaçant le repli d’hier.
Photo : Fotolia
16/10/2014

DNCA en quête d’un actionnaire industriel

Les dirigeants de DNCA aimeraient s’associer à un nouveau partenaire, tel un grand groupe de gestion d’actifs. Il succéderait à TA Associates qui pourrait vendre prochainement ses 50% de la société de gestion, dont les encours ont quasiment triplé depuis son entrée au capital en 2011.
16/10/2014

La grève d'Air France fait chuter le trafic de 10% chez ADP

Le trafic d’Aéroports de Paris a reculé de 10,4% le mois dernier en raison de la grève de 14 jours des pilotes d’Air France. La fréquentation à Roissy a reculé de 12,3% à 4,9 millions de passagers et celle d’Orly de 6,2% à 2,3 millions. Depuis le début de l’année, le trafic d’ADP est en hausse de 2,4%. Celui d’Istanbul (dont l’exploitant est détenu à 38% par ADP) augmente de 14,4% en septembre et de 13,6% depuis janvier.
16/10/2014

Tata Steel négocie la cession de ses produits longs en Europe

Le sidérurgiste indien a annoncé mercredi négocier la cession de son activité de produits longs en Europe au groupe allemand Klesch. Les sites concernés, au Royaume-Uni, en France (le site d’Hayange en Moselle) et en Allemagne, emploient en tout 6.500 personnes en comprenant les activités de distribution. Le groupe Klesch Group est présent dans la production et le négoce de la chimie, des métaux et du pétrole.
16/10/2014

Les Verts contre la déductibilité des versements au fonds de résolution

Le Sénat examine aujourd’hui un amendement des écologistes visant à supprimer la déductibilité fiscale des contributions des banques au Fonds de résolution bancaire européen. En l'état actuel, pour les banques françaises, ces contributions sont déductibles de l’impôt sur les sociétés. Si l’on retient l’hypothèse en cours d’une contribution à hauteur d’environ 30% du montant du fonds, ce sont donc plus de 5 milliards d’euros de manque à gagner fiscal.
16/10/2014
Gestion d'actifs

Les fonds veulent promouvoir un code de conduite made in France

Réalisé à partir des réponses d'une cinquantaine de sociétés de gestion, ce premier rapport annuel de l'Afic sur les sujets environnementaux, sociaux et de gouvernance (ESG) révèle que celles-ci intègrent désormais dans leur grande majorité des critères extrafinanciers dans leur activité. En revanche, des progrès doivent encore être faits du côté des entreprises accompagnées par ces sociétés de gestion. Seules 35 % d'entre elles bénéficient ainsi d'un suivi spécifique en matière ESG. Un écart lié au fait qu'une part importante de ces participations sont détenues à travers d'autres fonds.
Gestion d'actifs

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