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08/09/2014

Temasek et JTC envisagent de fusionner quatre filiales

Le fonds souverain de Singapour Temasek et le groupe JTC ont engagé des négociations exclusives afin d’explorer la fusion de leurs quatre filiales, Ascendas Pte Ltd, JURONG International Holdings Pte Ltd (toutes deux JTC), Surbana International Consultants Holdings Pte. Ltd et Singbridge Group, qui pourrait donner naissance à une plateforme intégrée dédiée au développement urbain durable, selon un communiqué publié le 4 septembre.Les deux sociétés entendent ainsi mieux répondre aux énormes besoins d’urbanisation en Asie et sur d’autres marchés.
08/09/2014

ERI Scientific Beta: Efficient Minimum Volatility strategy posts best returns in 2014

p { margin-bottom: 0.1in; line-height: 120%; } The EDHEC-Risk Institute has announced the performance of the ERI Scientific Beta indices in the month of August. The Low Dividend Yield index posted the best returns in the equity universe for developed countries, with returns relative to a broader cap-weighted index of 0.97%. However, in the same period, the Value index has posted the lowest relative returns (-0.09%). Since the beginning of the year, the best-performing strategies for the equity universe in developed countries are those based on the Efficient Minimum Volatility strategy, both in absolute terms (9.03%), and in relative terms (2.01%). At the other extreme, the Maximum Deconcentration strategy has the worst performance, in absolute (7.77%) and in relative terms (0.74%).
08/09/2014

Vanguard AM cuts TER on six products

p { margin-bottom: 0.1in; line-height: 120%; } Vanguard Asset Management on 5 September announced a downward revision of its pricing for six products, including two ETFs and four index-based mutual funds. The new pricing will be applied both to new and to old clients. The new cuts follow a series of reductions in recent months. The total expense ratio (TER) for the Vanguard S&P 500 UCITS ETF is lowered from 0.09% to 0.07%, while the Vanguard FTSE Emerging Markets UCITS ETF falls to 0.25% from 0.29% previously. For mutual funds, the TER on the Vanguard US 500 Stock Index Fund falls from 0.20% to 0.10%, while the Vanguard Emerging Markets Stock Index Fund falls from 0.40% to 0.27%, the Japan Stock Index Fund from 0.30% to 0.23%, and the Vanguard Pacific ex-Japan Stock Index Fund from 0.30% to 0.23%. As of the end of July 2014, assets under management at Vanguard in Europe totalled USD85bn.
08/09/2014

Eaton Vance launches Richard Bernstein Market Opportunities Fund

p { margin-bottom: 0.1in; line-height: 120%; } The asset management firm Eaton Vance Management, an affiliate of the Eaton Vance group, has announced the launch of a mutual fund managed with a total return approach, the Eaton Vance Richard Bernstein Market Opportunities Fund (Class A: ERMAX, Class C: ERMCX, Class I: ERMIX). Richard Bernstein, CEO and chief investment officer (CIO) of Richard Bernstein Advisors LLC, the company which sub-advises the fund, is one of the managers of the fund, alongside Matthew Griswold, director of investments at Richard Bernstein, and Henry Timmons, senior quantitative analyst at Richard Bernstein. The fund uses a macro top-down approach to identify cyclical, long-term investment themes in all parts of the world. The fund can define long and short positions on equities, bonds, currencies, commodities and other asstes, including exposures from ETFs. The typical exposure in in a range up to a maximum of 150% long and 50% short positions. Assets under management at Eaton Vance and affiliated companies as of the end of July totalled USD288.2bn.
08/09/2014

Investors attracted by diversified and sector funds

Cash started moving out of Money Market Funds for the first time in five weeks in early September as investors in Europe and the US returned from their summer holidays. But, when it came to putting that cash to work, caution prevailed. Equity Funds with US, diversified global or sector mandates and Bond Funds with multi-asset strategies attracted the strongest flows during the week ending September 3 while most Country Fund groups struggled, as did High Yield and Floating Rate Bond Funds.Retail investors made the strongest statement in the wake of the Labor Day holiday as their commitments to Emerging Markets Equity Funds hit an 82 week high, helping that fund group post net inflows for the 14th time in the past 15 weeks. Overall, EPFR Global-tracked Equity Funds took in $6.18 billion during the week, thereby extending their longest run of inflows since April, and Bond Funds absorbed $2.14 billion while $20.7 billion flowed out of Money Market Funds. Over $600 million in retail commitments during the seven days ending Sept. 3 helped EPFR Global-tracked Emerging Markets Equity Funds extend their current inflow streak to six consecutive weeks despite a shift away from Asia ex-Japan Equity Funds, which recorded their biggest outflow since the first quarter. Foreign investors looking at the Asia-Pacific region may be switching their attention to Australia, where a new and more-business friendly government has been rolling back taxes on carbon emissions and the mining sector. Over $1 billion has flowed into Australia Equity Funds over the past month and year-to-date inflows are now north of the $2 billion mark.
08/09/2014

Swedish boutique launches a small and micro-cap equity fund

p { margin-bottom: 0.1in; line-height: 120%; } The Swedish boutique Didner & George has launched a European equity fund dedicated to small and micro-caps, which will be managed by Henrik Sandell, who has recently joined the firm. Sandell previously worked at Swedbank Robur. Two thirds of the new fund will be invested in companies based in Europe, where most of their earnings in the region are generated. The benchmark for the fund is the MSCI Europe Small Cap TR USD.
08/09/2014

iShares recruits sales resources in Spain

p { margin-bottom: 0.1in; line-height: 120%; } The asset management firm iShares, an affiliate of BlackRock, is recruiting for its sales team in Spain, with the arrival of Javier Garcia Diaz, who will report to Ivan Pascual, director of sales for iShares for the Iberian peninsula, Funds People reports. Garcia arrives from F&C Investments, where he served for six years in London as head of sales for Spain and Latin America. Before that, Diaz worked at the Madrid office at BlackRock from 2005 to 2008 in a sales position.
08/09/2014

David Benmussa joins Amundi

p { margin-bottom: 0.1in; line-height: 120%; } David Benmussa has joined Amundi to take responsibility for external distribution in France. Benmussa left BlackRock in August, where he had been responsible for development of ETF iShares activities in Paris since 2011. In 2002, he was responsible for distribution activities serving private banks, networks and insurers in France and Monaco at Schroders.
08/09/2014

Invesco adds to multi-management team

p { margin-bottom: 0.1in; line-height: 120%; } Invesco Asset Management on 5 September announced the recruitment of Claudia Raoul as a manager on its multi-management team based in Paris, led by Bernard Aybran, also deputy CEO of the asset management firm. Raoul joins from the LCF Rothschild group, where for six years she served as analyst/manager on the multi-management team, responsible for bond and diversified funds of funds. Raoul, 37, began her career in 1999 in the financial department at Ferrostaal AG in Bucharest, a German metallurgy company. In 2004, she joined the investment consulting firm bfinance in Paris, as a fund analyst, responsible for advising institutional client accounts.
08/09/2014

Cedrus AM tops EUR100m in assets under management

p { margin-bottom: 0.1in; line-height: 120%; } The asset management firm Cedrus AM, which has been in existence for 18 months, has topped EUR100m in assets under management in four OPCVM funds, the firm announced on 5 September in a statement. Assets advised in funds of funds, for their part, represent EUR300m. Clients of Cedrus AM currently come from the institutional world. The increasingly marked attraction for IFAs of using the resources of an asset management firm will in the near future allow Cedrus AM to undertake diversification in the area of distribution. This development confirms that sustainable and responsible thematic investments may sustain lively interest from investors, particularly when the approach is focused particularly on generating returns. This dynamic accelerated with the launch of the Megatrends equity fund, which now has over EUR50m in assets. This strategy makes it possible to invest in an unfrozen manner in three themes: energy transition, management of resources, and health issues. Via a diversified portfolio and a sustainable vision of investments, the management of the fund meets the fundamental challenges which our civilization will need to confront in the next few decades.
08/09/2014

Sabine Rabald appointed deputy CEO of Edmond de Rothschild

p { margin-bottom: 0.1in; line-height: 120%; } Edmond de Rothschild bank has appointed Sabine Rabald as deputy CEO. She will join the executive board at the financial firm. Rabald, 44, has worked at the bank since 1995. Since January 2004, Rabald has served as director of the administration department, and she is chairman of the executive board at Edmond de Rothschild Asset Management in Switzerland.
08/09/2014

Temasek and JTC plan to merge four affiliates

p { margin-bottom: 0.1in; line-height: 120%; } The Singapore sovereign fund Temasek and the JTC group have entered exclusive negotiations to explore a merger of their four affiliates, Ascendas Pte Ltd, JURONG International Holdings Pte Ltd (both JTC), Surbana International Consultants Holdings Pte. Ltd and Singbridge Group, to create an integrated platform dedicated to sustainable urban development, according to a statement released on 4 September. The two firms intend to better meet enormous needs for urbanization in Asia and other markets.
08/09/2014

ADIA recruits a global director of external equities

p { margin-bottom: 0.1in; line-height: 120%; } The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority (ADIA) has announced that it has recruited Brian Tipple as Global Head of External Equities. In his new role, he will be responsible for development, implementation and monitoring of investment strategies in the External Equities department. Tipple will be based in Abu Dhabi, and will report to Obaid Al Suwaidi, executive director of the external equities department at ADIA. Tipple had most recently worked as chief investment officer in the multi-asset and multi-strategy division of Key Private Bank, which has over USD30bn in assets under management for institutional and high net worth investors. Before that, Tipple spent about 20 years at Russell Investments, a Seattle-based investment firm which has over USD250bn in assets under management. At Russell, he served as chief investment officer for equities at the London office from 2009 to 2012, where he directed a team which managed over USD100bn invested in equities.
08/09/2014

Première hausse des prix de l'immobilier espagnol depuis 6 ans

Les prix de l’immobilier ont augmenté en Espagne de 0,8% sur un an au deuxième trimestre 2014 et ce pour la première fois depuis six ans. Leur dernière hausse en rythme annuel remontait au premier trimestre 2008, selon l’Institut national de la statistique (Ine). Les prix des logements neufs sont ceux qui ont le plus augmenté, avec une progression de 1,9%, contre 0,2% pour les logements anciens, la plus forte hausse depuis le quatrième trimestre 2007. Au premier trimestre 2014, les prix avaient reculé de 1,6%.
08/09/2014

Russell assure une gestion de transition pour Réunica

La société de gestion Russell Investments France a annoncé la finalisation d’une opération de gestion de transition de plus de 900 millions d’euros pour le groupe de protection sociale Réunica. Cette opération a consisté à faire transiter 900 millions d’euros logés au sein de deux FCP diversifiés zone euro vers 3 nouveaux fonds: 1 fonds diversifié zone euro, 1 fonds indiciel actions zone euro et 1 fonds indiciel obligataire zone euro. Elle a également intégré une phase de gestion intérimaire de portefeuille au cours de laquelle Russell a assuré la gestion passive, en ligne avec l’allocation stratégique globale de Réunica.
08/09/2014

Pétrole et banques russes dans le viseur de Bruxelles

Les sanctions économiques qui seront mises en œuvre dès demain mardi par l’Union européenne envers la Russie empêcheront les groupes pétroliers Rosneft, Gazprom et Transneft ainsi que cinq banques publiques, dont Sberbank et VTB Bank, d’obtenir des prêts sur des durées supérieures à 30 jours, indique le journal en se fondant sur des documents qu’il a pu consulter.
08/09/2014

Christine Lagarde souhaite une accélération des réformes en France

Interrogée par le quotidien, Christine Lagarde appelle la France à accélérer les réformes structurelles pour relancer l’économie. Outre l’utilisation des politiques budgétaire et monétaire, elle souligne le caractère prioritaire de la réforme du marché des services, en se félicitant de l’ouverture du chantier de la libération des professions réglementées, qui n’est «pas forcément le plus facile» à engager. La directrice générale du FMI estime que l’assouplissement du marché du travail concerne non seulement la France mais aussi «l’ensemble de la zone euro», ajoutant que «le seul pays qui progresse en la matière cette année, c’est l’Espagne».
08/09/2014

Les banques espagnoles gourmandes pour le TLTRO

Les banques espagnoles solliciteront pour 30 milliards d’euros de prêts dans le cadre du programme d’opérations ciblées de refinancement à long terme (TLTRO) annoncé par la BCE (voir aussi page 2), selon le journal qui cite le ministre de l’Economie, Luis de Guindos. «Ces prêts permettront aux entreprises et aux ménages d’avoir accès au crédit dans des conditions très avantageuses», précise ce dernier.
08/09/2014

Le prix de l’électricité pourrait augmenter de 2%

Selon le journal dominical qui se réfère à des sources ministérielles et industrielles, le prix de l’électricité en France, dont la hausse de 5% prévue au 1er août a été gelée, pourrait augmenter de 2% mais pas avant le début du mois de novembre, compte tenu des délais nécessaires à l’examen du projet par la Commission de régulation de l’énergie, l’Autorité de la concurrence et le conseil d’Etat.

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