Renaissance AM, la société d’investissement quantitatif fondée par Jim Simons, a décidé de fermer ses bureaux de Londres d’ici le mois de juin « en raison d’un environnement plus strict concernant les règles de commercialisation des fonds alternatifs en Europe », rapporte Bloomberg.

Le promoteur et gestionnaire américain d’ETF Wisdom Tree Investments a annoncé le 17 avril avoir bouclé l’acquisition du fournisseur d’ETP britannique Boost ETP.Wisdom Tree va renforcer sa présence en Europe et pouvoir développer une plateforme européenne offrant une gamme d’ETF au format Ucits sous la marque Wisdom Tree tout en poursuivant la gestion et le développement des ETP collatéralisés de Boost.Les fondateurs de Boost, Hector McNeil et Nik Bienkowski, seront les co-CEO de la nouvelle entité Wisdom Tree Europe.Les ETF sous gestion de Wisdom Tree s'élèvent actuellement à environ 33,1 milliards de dollars.

L’agence d'évaluation financière Fitch Ratings a confirmé les notes AAAmmf de 39 fonds monétaires européens. Les actifs de ces fonds représentent un encours cumulé de 271 milliards d’euros à fin mars 2014.Ils sont gérés par Aberdeen AM, Amundi, BNP Paribas AM, CCLA IM, Federated Investors, Goldman Sachs AM, Ignis AM, Insight AM, JPMorgan AM, L&G IM, Lombard Odier IM, Morgan Stanley IM, Natixis AM, Invesco, SSgA et SWIP.

Axa Real Estate Investment Managers SGP, filiale d’Axa Real Estate, a été choisie pour gérer Kronborg limited, un fonds investi dans la dette d’immobilier commercial de 485 millions d’euros créé par cinq fonds de pension danois (Sampension, TDC Pension, AP Pension, JØP et DIP).Pour le compte de ce fonds, Axa Real Estate investira dans des senior loans de taille importante sur toutes les classes d’actifs, dont les bureaux, les biens retail, les entrepôts logistiques et les hôtels en Europe continentale et plus particulièrement au Royaume-Uni, en France et en Allemagne. Les investissements seront réalisés en partenariat avec ceux des autres clients de la plate-forme dette d’Axa Real Estate de 7,9 milliards d’euros.

P { margin-bottom: 0.08in; } The British asset management firm Brooks Macdonald on 17 April published assets of GBP5.92bn for its discretionary funds as of the end of March, for growth of 4.2% compared with 31 December 2013 (GBP5.68bn). This growth was driven both by positive market effects of about GBP30m, and net inflows of GBP215m in the past quarter. “Year on year, discretionary assets under management have increased 16%,” says Chris Macdonald, CEO of Brooks Macdonald, in a statement. Meanwhile, advised funds under management total GBP413m, an increase of 10.5% compared with the end of 2013 (GBP374m). Lastly, real estate assets under management at the Braemer Estate entity total GBP1.13bn as of 31 March, for an increase of 6.27% compared with the end of December 2013 (GBP1.07bn).

P { margin-bottom: 0.08in; } Amundi is planning to launch five products aimed at discretionary managers and multi-managers, in an effort to strengthen its brand in the United Kingdom, FT Adviser reports. The French group is planning to launch products on retail platforms once it has gained ground with professionals, says Jerry Devlin, head of distribution in the United Kingdom. Amundi is known in the UK for its ETFs, but the firm has built a British sales team to promote its actively-managed products, FT Adviser reports.

P { margin-bottom: 0.08in; } Citywire reports that BlackRock has closed the BlackRock Mining Opportunities fund. The fund, launched two years ago and managed by Evy Hambro, had been invested in small and midcaps specialised in the mining sector. Assets in the fund, which had fallen victim to significant redemptions, had fallen below GBP1m (EUR1.22m), Citywire states.

Heading into the Easter weekend emerging markets equity and bond funds were both on course to post a third consecutive week of inflows, according to EPFR. But daily data showed the pace of inflows ebbing in the face of renewed political tensions in the Ukraine and disappointing economic data from China. US fund groups, meanwhile, were absorbing their own one-two combination of punches from a mixed first quarter corporate earnings seasons and the demands of the April 15 tax deadline. Combined daily data for the six days ending April 15 show all equity funds posted collective net inflows of USD287 million as commitments to most major groups were largely offset by over USD7 billion in US equity fund redemptions. Outflows from US money market funds in excess of USD40 billion also swamped solid commitments to European and Japanese funds, resulting in net redemptions for all money market funds of USD36.5 billion. Bond funds took in USD2.07 billion.

P { margin-bottom: 0.08in; } Anima Holding in March posted net subscriptions of EUR1.3bn, which brings net inflows in first quarter to about EUR2.4bn. The announcement was made the day after the initial public offering of the Italian asset management firm.

P { margin-bottom: 0.08in; } The US asset management firm and ETF promoter Wisdom Tree Investments on 17 April announced that it had completed the acquisition of the British ETP provider Boost ETP. Wisdom Tree will increase its presence in Europe, and will be able to develop a European platform to offer a range of ETPs int UCITS format under the Wisdom Tree brand, while continuing to manage and develop collateralized ETPs from Boost. The founders of Boost, Hector McNeil and Nik Bienkowski, will be the co-CEOS of the new entity Wisdom Tree Europe. ETFs under management at Wisdom Tree currently total about USD33.1bn.

P { margin-bottom: 0.08in; } Two new countries, the Philippines and Thailand, have joined the four initial signators of the Asian passport project (AFRP), with Australia, New Zealand, Singapore and South Korea, Asian Investor reports. The regional passport project, whose launch is scheduled for 2016, may include up to eight members, it is said. On the model of the European passport, the Asian passport may allow funds domiciled in a participating country to be distributed directly in other participating jurisdictions.

P { margin-bottom: 0.08in; } Aberdeen Asset Management Deutschland AG has announced that on 25 April, it will release a new tranche of indemnisation for EUR161.9m, to investors in the open-ended real estate fund Degi International. The funds paid to investors now represent a cumulative total of nearly EUR730m, or EUR20.25 per share, compared with EUR45.36 on 14 October 2010, before the decision to liquidate the fund. The next payment to investors is expected to come on 15 October this year.

P { margin-bottom: 0.08in; } The asset management firm for the German savings banks, Deka, in 2013 posted net outflows of EUR4.8bn, compared with EUR87m the previous year, according to figures released on 16 April. This development is largely due to a doubling of institutional assets to EUR5.4bn, compared with EUR2.6bn the previous year. Meanwhile, the retail unit reduced its inflows to EUR0.7bn, from EUR2.5bn the previous year. Assets under management at Deka were up by about EUR7bn, to a total of EUR169.8bn. Economic profits (profits by IFRS accounting standards before taxes, plus the results of revaluation of financial instruments) totalled EUR502m, comapred with EUR519m the previous year.

P { margin-bottom: 0.08in; } As of the end of March 2014, Austrian funds had EUR146.8bn in assets under management, up 1% since the beginning of the year, the Austrian VÖIG association of asset management firms stated. The increase was sustained by market effects, while redemption demands in the period totalled EUR300m. Net redemptions totalled EUR255m in the month of March alone. Since the end of 2008, Austrian funds posted growth of 16.5%, VÖIG notes, adding that it is still 10 percentage points short of returning to the level of assets managed in 2007 before the financial crisis.

P { margin-bottom: 0.08in; } In wealth management activities, assets under management that generate commissions at Morgan Stanley have risen 17% in first quarter compared with the previous quarter, to a total of USD724bn, Morgan Stanley announced on 17 April in a release of its quarterly results. Quarterly inflows totalled USD19bn. Earnings from wealth management rose 4% in first quarter, to USD3.6bn, while taxable profits were up 16%, to USD691m. In investment management activities, assets under management or under supervision rose from USD341bn a year ago to USD382bn as of the end of March 2014. Net inflows for the quarter totalled USD6bn. Earnings for the division were up 15%, to USD740m, for taxable profits of USD263m (+41%). Net profits for the US group were up 56%, to USD1.5bn.

BlackRock in first quarter 2014 recorded net long term inflows (excluding money market management) of USD26.7bn. That has allowed it to increase its assets to USD4.4trn as of the end of March, an increase of 2% compared with the end of December, and 12% compared with first quarter 2013.The largest asset management firm in the world has posted net inflows of USD14bn from retail investors, including USD9.8bn internationally. In this segment, flows have largely been directed to the fixed income range (USD6.1bn).iShares, the ETF platform of the group, for its part, took in a net USD7.8bn, of which USD3.2bn were in the United States, and USD4.8bn in Europe.For institutional clients, BlackRock has posted net inflows of USD4.9bn, with index-based management compensating for net redemptions from active management (-USD12.6bn).In total, the US asset management firm earned net profits of USD762m in first quarter, up 20% compared with the corresponding period of last year.

P { margin-bottom: 0.08in; } Earnings from asset management activities at Goldman Sachs in first quarter totalled USD1.57bn, up 20% compared with first quarter 2013, but down 2% compared with fourth quarter 2013, according to statistics released on 17 April by the US group. Assets under supervision increased by USD41bn, to a total of USD1.08trn. Long-term assets in particular were up by USD54bn, including a net inflow of USD40bn, largely to fixed income.

P { margin-bottom: 0.08in; } In 2014, Fidelity in France posted net inflows of USD465m, bringing assets under management to USD9.315trn. The funds with the largest inflows were FF Iberia Fund, FF America Fund, FF Emerging Markets Fund, FF Italy Fund, Inflation Linked Fund, and Fidelity Europe, the firm tells Newsmangers. Due to demand for funds investing in countries of Southern Europe, such as Italy and Spain, these have been temporarily closed to new subscribers since the end of last year. Among institutional investors, the asset management firm has recently been selected by the French Fonds de réserve pour les retraites (FRR) after a restricted request for proposals launched on 17 May 2013, to select an active European small caps equity mandate. The lot for which Fidelity was selected with three other firms is for a total of about EUR500m.

P { margin-bottom: 0.08in; } Baring Asset Management has recruited two people for its commercial development in Canada and the United States, Investment Europe reports. Michael Annis joined the firm as head of sales and development for Canada. He will be based in Toronto, and joins from JP Morgan Asset Management.. Kieran Stover has been recruited as vice president in charge of sales and development, based in Portland. He joins from Kleinwort Benson Investors International.

P { margin-bottom: 0.08in; } It has been a tough start to the year for Carmignac Gestion. The French asset management firm has seen a decline in its assets of 6.3% in first quarter 2014. Its assets under management have thus fallen below EUR50bn for the first time since 2011. As of 31 March 2014, its assets totalled EUR49.928bn, compared with EUR53.298bn as of the end of 2013. The level of assets, however, remained above EUR45.863bn as of the end of 2011. This decline is largely due to a significant outflow in the first three months of the year. “We have posted good returns for our bond management, but our global funds were more jostled,” admitted Didier Saint-Georges, a member of the investment board at Carmignac Gestion, at a press conference. There was an underperformance in conviction management.” In first quarter, the asset management firm saw a net outflow of EUR2.8bn, about 4% of assets as of the end of 2013, despite a net inflow of EUR400m to bond management. The Carmignac Investissement fund has suffered from disappointing US growth related to unfavourable market effects, which weighed down the portfolio. “We were positioned for a recovery of the US economy, but the bad weather prevented this recovery and had rather demultiplied effects on our equity funds,” admits Frédéric Leroux, global manager at Carmignac Gestion. Carmignac Patrimoine has also had a “disappointing” first quarter, according to Rose Ouahba, head of the fixed income team, which was characterised by outflows of EUR1.8bn. Lastly, like many asset management firms, Carmignac Gestion was fully affected by a defiance of investors to emerging markets, which are “considered the poor parents of global growth,” says Leroux. As a result, the Carmignac Emergents fund has seen outflows of EUR300m in first quarter.

P { margin-bottom: 0.08in; } The slump in the tech sector and the rotation on emerging markets has been driven by hedge funds more than long-term investors, says Larry Fink, CEO of BlackRock, according to the Financial Times. “ Long-term investors have not been spooked by this volatility, but shown remarkable resilience in attitude,” he says.

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings has confirmed the ratings of AAAmmf for 39 European money market funds. Assets in the fund represent a cumulative total of EUR271bn as of the end of March 2014. They are managed by Aberdeen AM, Amundi, BNP Paribas AM, CCLA IM, Federated Investors, Goldman Sachs AM, Ignis AM, Insight AM, JPMorgan AM, L&G IM, Lombard Odier IM, Morgan Stanley IM, Natixis AM, Invesco, SSgA and SWIP.

P { margin-bottom: 0.08in; } Karl Dasher, the head of Schroders for North America, is aiming to double revenues for the firm coming from the United States to 20% in the next three to five years, Financial News reports. To do that, the head is aiming to change the way in which US investors view Schroders: not only as an emerging markets, international equities and commodity specialist, but also as a strategic partner for more traditional asset classes.

AXA Real Estate Investment Managers SGP, an affiliate of AXA Real Estate Investment Managers, has been appointed as investment manager for the Kronborg limited, a new EUR485 million commercial real estate debt vehicle formed by five Danish pension funds comprising Sampension, TDC Pension, AP Pension, JØP and DIP.AXA Real Estate Investment Managers SGP, won the mandate following a competitive pitch process and, on behalf of the fund, will invest in large size senior loans across all asset classes, including offices, retail, logistics and hotels. Targeting opportunities in Western Europe, with a focus on the UK, France and Germany, investments will be made alongside other clients within AXA Real Estate’s EUR7.9 billion debt platform.

P { margin-bottom: 0.08in; } The British group 3i on 17 April announced that it made a proceed of GBP67.6m from the initial public offering of the animal health specialist firm Phibro Animal on the Nasdaq. 3i has reduced its stake in the firm’s capital to 7%, from 30% previously. A loan of USD24m has also been repaid to 3i.

P { margin-bottom: 0.08in; } Now EUR4bn. After announcing EUR3bn in assets under management on 31 December, the asset management firm led by Bruno Crastes, H2o AM, has posted growth in its assets of about 33% in the space of one quarter. The additional EUR1bn is due to the success of the firm with central banks in Asia. In detail, the inflow is due to new clients, “but especially to clients who renewed their confidence in us,” Crastes told Newsmanagers. Assets under management have also increased due to the success of some open-ended funds in the range, including H2O Multibonds, which now represents EUR420m, and H2O Adagio, with assets of EUR160m.

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners has recruited Synthia Sweeney as head of the Europe, Middle East, and Africa (EMEA) region, and four major client segments worldwide, including businesses and foundations, insurance companies, pension funds, and official institutions. Sweeney will be based in London, and will begin on 13 May 2014, and will be responsible for activities serving institutional clients in particular. Sweeney previously worked for Aetna and JP Morgan, and since 2001, for HSBC Global Asset Management, where she was responsible for distribution activities serving businesses and official institutions.

P { margin-bottom: 0.08in; }The California Public Employees’ Retirement System (CalPERS) board of administration on April 16 approved new contribution rates for the State of California and contracting school districts beginning July 1, 2014.The State will pay a total of approximately USD4.3 billion towards pensions and schools will pay USD1.2 billion. These required contributions are an increase by more than $450 million for the State and $55 million for school employers over current rates.The State pension plan is approximately 66 percent funded while the school plan stands approximately at 80 percent as of June 30, 2013.

P { margin-bottom: 0.08in; } All Funds Bank, the Spanish funds distribution platform, has recruited Chris Edge from JP Morgan to take over its Luxembourg business, Funds Europe reports. Edge had previously been managing director at JP Morgan, where he spent 20 years in various roles, particularly in the United Kingdom and South Africa. He recently left the US bank, initially, to pursue entrepreneurial activities. The recruitment confirms the international ambition of All Funds Bank, which is now present in Spain, Italy, the United Kingdom, Chile, Dubai, Switzerland and Luxembourg. According to its website, the platform offers services from 450 fund managers, and distributes over 38,000 funds.

P { margin-bottom: 0.08in; } ING IM is preparing an agreessive version of its multi-asset class absolute return fund, Citywire Global reports. The fund, entitled First Class Multi Asset Premium, will be added to the Luxembourg range from the asset management firm. The management of the fund will be handed to the multi-asset class team at ING IM.