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11/04/2014

Jupiter recruits head for institutional business

The British asset management firm Jupiter has recruited Martin Harris, previously head of distribution at Kames Capital, to serve as head of its activity dedicated to institutionals, Fundweb reports. Jupiter has stated that Harris’ duties are to provide the development of this activity internationally.
11/04/2014

Head of Asia quits Winton Capital

Charles Allard has left Winton Capital, the British hedge fund firm where he had been chairman for Asia, to join the software firm Ve Interactive in Hong Kong, AsianInvestor has learned. A spokesperson has told the website that a replacement was not planned for the moment. “But Winton is developing in the region, in the sense that we are opening offices in Sydney and Tokyo this year,” he adds.
11/04/2014

SAC Capital pleads guilty in US court

US judge Laura Swain has accepted a plea of guilt from SAC Capital, and ordered it to pay a fine of USD1.8bn for insider trading, ending a long investigation which required the hedge fund firm to close its door to outside investors, the Financial Times reports. “The crimes committed by the defence were striking for their size and striking for their failure to respect the law,” the judge commented.
11/04/2014

Azimut posts record inflows in first quarter

The Italian asset management firm Azimut posted net inflows in March of EUR237m. In first quarter, inflows totalled over EUR1.5bn, an all-time record for the group, according to a statement. Total assets under administration are EUR25.6bn, including EUR22.6bn in assets under management.
11/04/2014

Plans for a merger in Italian asset management

Prelios and Fortress have signed a preliminary agreement over a potential merger of their respective activities in asset management and non performing loans management, Bluerating reports. The idea is to merge Prelios Sgr and Torre Sgr, on the one hand, both companies active in the management of real estate assets, and Prelios Credit Servicing and Italfondiario on the other hand, which operate in non performing loans.
11/04/2014

Italian investors seduced by foreign investments

86% of Italian investors say they are placing a part of their portfolio abroad, a new study by Legg Mason Global Asset Management, cited by Bluerating, finds. This is the highest percentage in Europe. 71% of British citizens invest outside their own borders, while 68% of the French do so, 64% of Spaniards, and 61% of Germans. Among the Italians who are already investing in countries other than their own or who are planning strongly to do so, 53% feel emerging markets represent the most attractive investment opportunity in the next few months.
11/04/2014

Fred Alger Management to target Europe

P { margin-bottom: 0.08in; } The US asset management firm Fred Alger Management is planning to launch two funds in Europe, Fundweb reports. It is awaiting the permission of local regulatory authorities for these products, which both reflect existing US funds. Fred Alger Management is also seeking permission to open an office in London.
11/04/2014

BlackRock leads for European inflows in February

In February, BlackRock was the asset management firm which posted the strongest inflows to its long-only funds (excluding money markets), the most recent statistics from Lipper reveal. The US giant attracted a net EUR4.1bn, while the market overall posted inflows of EUR45.1bn.With EUR3.5bn, the Norwegian Den Norske Bank is in second place, thanks to the DNB AM Kort Obligasjon 2 fund, a Norwegian institutional bond fund, which attracted EUR3.3bn in February. The fund also made Norway the most dynamic market in Europe, with net inflows of EUR3.9bn in February.Schroders takes third place, with EUR2bn.Lipper also finds that bond funds were preferred by investors in February, with net inflows of EUR20.1bn, followed by equity funds (EUR14.3bn) and balanced funds (EUR9.1bn). Money market funds saw outflows of EUR9bn.
11/04/2014

Swedish investors pull out of equities in March

In March, equity funds on sale in Sweden posted net outflows of SEK8.5bn (EUR0.9bn), according to the most recent statistics by the local investment fund association, Fondbolagens Förening.This disaffection is due to uncertaintaies surrounding Ukraine, says Pia Nilsson, CEO of the association. Russian equity funds saw net outflows of SEK1.2bn (EUR0.1bn). But Sweden and global funds (-SEK1.6bn), Eastern Europe (-SEK1.4bn) and North America (-SEK1.2bn) also suffered.These redemptions benefitied bond funds, which in March posted net inflows of SEK5.7bn (EUR0.6bn), and to a lesser extent balanced funds (+SEK3.8bn) and money markets (+SEK3.4bn).Overall, all funds on sale in Sweden posted net inflows of SEK6.9bn in March (EUR0.8bn) and SEK29.8bn (EUR3.3bn) since the beginning of the year.As of the end of March, Swedish funds represented assets of SEK2.559bn (EUR283bn), a record level, of which about 55% are invested in equity funds.
11/04/2014

UCITS funds post inflows of nearly EUR50bn in February

UCITS enjoyed a second consecutive month of strong net inflows in February amounting to EUR 49 billion, albeit down from EUR 69 billion in January, according to The European Fund and Asset Management Association (EFAMA). This drop in net inflows can be attributed to negative net flows out of money market funds during the month.Long-term UCITS (UCITS excluding money market funds) attracted net inflows of EUR 51 billion, being the largest net inflows since January 2013, and up from EUR 40 billion in January 2014. Net sales of bond funds jumped during February to EUR 24 billion from EUR 13 billion in January and equity funds enjoyed increased net inflows of EUR 12 billion compared to EUR 10 billion in January. balanced funds recorded net sales of EUR 12 billion, down from EUR 15 billion.Total non-UCITS recorded net sales of EUR 11 billion, down from EUR 13 billion in January. Net inflows into special funds (funds reserved to institutional investors) remained constant at EUR 9 billion during the month.Total assets of UCITS increased 2.4 percent in February to EUR 7,140 billion. Total assets of non-UCITS rose 0.9 percent in February to EUR 2,849 billion.
11/04/2014

Amundi launches two new equity ETFs in Spain

P { margin-bottom: 0.08in; } Amundi is extending its ETF product range on the Spanish market. The French asset management firm has registered two new funds with the local regulator, the CNMV, namely the Amundi EFT MSCI Europe Minimum Volatility UCITS ETF and Amundi ETF Russell 2000 UCITS ETF, Funds People reports. The first of these funds replicates the MSCI Europe Minimum Volatility Net Total Return Index, and aims to facilitate exposure for the investor to European stock markets, while assuming a lower level of risk and without introducing a bias in terms of country, sector of activity or management style. The second ETF replicates the sub-fund of the Russell 2000 Net index in its absolute return version: it is an indicator which covers 10% of all US small cap equities. The products have a share class in euros and one on US dollars, and allow investors diversified exposure to the domestic US market.
11/04/2014

Assets at AllianceBernstein down in March 2014

The US asset management firm AllianceBernstein on 10 April announced a decline in its assets under management of 1%, to USD454bn as of the end of March, compared with USD458bn as of the end of February. This negative performance is related to a net outflow in the past month, as outflows to institutionals exceeded net inflows to private client and retail, the asset management firm explained in a statement.
11/04/2014

Fidelity plans to develop a collective equity trading platform

Fidelity Investments is quietly developing an equity trading platform which will allow large asset management firms to avoid many problems, which they say lead to costly and unfair trading, according to reports in the Wall Street Journal. The asset management firm feels that the new venue will represent an improvement over dark pools, since it will be a collaboration between large asset management firms, and the improvement in efficiency in terms of transaction costs will be a higher priority in terms of profitability. The project, entitled Sakura, will also prevent high-frequency traders from interacting with orders. Fidelity is reported to have started asking around other asset management firms about the project. According to the Financial Times, which is also reporting the information, BlackRock is rumoured to be interested.
11/04/2014

Mike Shiao abandons management of the Invesco PRC Equity fund

P { margin-bottom: 0.08in; } The Cinese equity specialist Mike Shiao has resigned from his position at the Invesco PRC Equity fund, whose assets under management total EUR1.08bn, according to Citywire. Shiao had been co-manager of the Chinese equity fund since June 2012, when he succeeded Samantha Ho. Shiao will be based in Hong Kong, and will retain his position as head of equities for Invesco Taiwan, the regional affiliate of Invesco. Joseph Tang, who has been head of the strategy since July 2007, remains principal manager of the fund. He will now be assisted by Wendy Wang, previously an analyst in the team dedicated to Chinese equities. The Invesco PRC Equity A Annual Dist USD fund has earned returns of 10.27% in the three years to the end of February 2014, compared with 9.46% for the benchmark index, the MSCI China 10/40, over the same period.
11/04/2014

Appointment at ING IM

P { margin-bottom: 0.08in; } ING Investment Management has appointed Matthijs Claessens as head of development for activities in the institutional client segment in the Netherlands, Financial Investigator has learned. The appointment was effective from 1 April.
11/04/2014

Large asset management firms want to create their own market

P { margin-bottom: 0.08in; } Several large asset management firms are in talks to create a common market for equity trading, in order to end a technological trajectory provoked by high-frequency trading firms, the Financial Times reports. Fidelity has surveyed its rivals about routing their trades through a central market which would rival traditional stock markets and liquidity dark pools. BlackRock is rumoured to be one of the companies interested in the project, entitled Sakura.
11/04/2014

SPGP confirms desire to expand internationally

P { margin-bottom: 0.08in; } Cédric Chaboud, who has been head of SPGP for only a few months, is continuing to work double-time to relaunch the firm. After setting up a team dedicated to distribution, reinforcing the private management team, and recruiting an equity trader more recently, Chaboud on 10 April, at a press conference, confirmed his desire to develop internationally. “We have a lot of investors abroad and we would like to be able to assist them as part of a proximity relationship,” says Chaboud. Hence the opening, previously reported by Newsmanagers, of an office in Brussels (Newsmanagers of 28 January 2014), and potentially also offices in London, Luxembourg, or Milan. The plans for the future also include launching new strategies. Meanwhile, assets under management at the firm appear to be rising. They stood at about EUR720m at the end of December 2013, and are now at about EUR800m.
11/04/2014

A departure from SWIP in North America

P { margin-bottom: 0.08in; } Deborah LaBerge, head of the North American business at Scottish Widows Investment Partnership, will resign following the acquisition of the company by Aberdeen Asset Management, Financial News has learned. She joined SWIP in 2006.
11/04/2014

A managing director leaves BlackRock

P { margin-bottom: 0.08in; } BlackRock has confirmed that Philip Brides, managing director based in London, who had about GBP1.2bn in assets under management, will be leaving the firm where he spent 12 years to move abroad, Financial News reports. His new role has not yet been disclosed.
11/04/2014

Norwegian pension funds earned returns of 10.7% in 2013

P { margin-bottom: 0.08in; } Returns on Norwegian pension funds last year gained nearly 3 percentage points, to a total of 10.7%, largely due to the good performance of equity markets, according to statistics released by the financial sector authority Finanstilsynet, IPE reports. The performance of life insurance companies, whose equity allocations are far lower than those of pension funds, last year slipped to 5.9% from 6% previously.
11/04/2014

L'AFT adjugera des obligations indexées le 14 avril

L’Agence France Trésor annonce vendredi l’adjudication, le jeudi 17 avril, d’un montant compris entre 7,0 et 8,0 milliards d’euros d’obligations assimilables du Trésor (OAT) de maturité moyenne, dont une nouvelle ligne de référence à deux ans. L’AFT adjugera le même jour entre 1,0 et 1,5 milliard d’euros d’OAT indexées sur l’inflation de la zone euro (OATei) et sur l’inflation française (OATi). L’opération à taux fixe portera sur la nouvelle ligne à deux ans, la 0,25% novembre 2016, qui sera adjugée pour la première fois, et sur l’OAT 1,0% mai 2019. L’opération sur indexées portera sur les OATei 0,25% juillet 2018 et 0,25% juillet 2024, et sur l’OATi 2,1% juillet 2023.
11/04/2014

Fitch devient positif sur le Portugal

Après le retour de la Grèce hier sur les marchés internationaux de la dette, le Portugal a bénéficié ce matin d’une amélioration de la perspective de la note BB+ qu’attribue Fitch à sa dette de long terme, de «stable» à «positive». Un relèvement pourrait ainsi faire revenir la note du pays en catégorie investissement. L’agence a en outre très fortement révisé à la hausse ses perspectives de croissance du PIB portugais à 1,3% cette année et 1,5% en 2015, contre 0,2% et 1% précédemment. «L’ajustement de la balance des paiements du Portugal au sein de la zone euro se fait à un rythme plus rapide qu’anticipé. Les améliorations dans les indicateurs de compétitivité prix et non prix se reflètent dans la performance des exportations (la plus forte en zone euro en 2013) et par le passage à un excédent des comptes courants de 0,4% du PIB après un déficit de 12,6% du PIB en 2013», se félicite Fitch. Le gouvernement portugais a fait savoir le week-end dernier qu’il avertira ses partenaires européens lors de la réunion de l’Eurogroupe la semaine prochaine sur le calendrier d’une éventuelle sortie du programme d’aide internationale.
11/04/2014

L'Ukraine veut acheter du gaz à la France et à l'Allemagne

L’Ukraine espère pouvoir bientôt acheter du gaz à l’Europe pour assurer son approvisionnement dans le cas où la Russie réduirait ses livraisons après le refus de Kiev de payer le prix «politique et non économique» réclamé par Moscou, son premier fournisseur, a déclaré vendredi son ministre de l’Energie, Iouri Prodan. Des discussions sont en cours avec l’allemand RWE et avec GDF Suez.
11/04/2014

Anima Holding fixe le prix de son IPO vers le haut de la fourchette

Anima Holding, l’actionnaire de la société de gestion Anima SGR, a fixé à 4,20 euros par action le prix de son introduction à la Bourse de Milan, soit dans le haut de la fourchette dont l’amplitude avait été resserrée entre 4 et 4,25 euros. A ce prix, le groupe est valorisé 1,26 milliard d’euros. Selon Anima, la demande a représenté plus de cinq fois l’offre. Les cotations doivent débuter le 16 avril. L’opération est dirigée par Goldman Sachs, UBS, Banca IMI and UniCredit.
11/04/2014

Bill Gross invite Mohamed El-Erian à s'expliquer

Alors que le départ de Mohamed El-Erian de Pimco en début d’année a mis la gouvernance du gestionnaire d’actifs sous les projecteurs, Bill Gross, le gérant star du groupe, est revenu sur la question lors d’un entretien à Bloomberg TV. Il a fait mine de s’interroger sur les raisons du départ de l’ancien directeur général. «Il nous a simplement dit qu’il n'était pas l’homme de la situation pour pousser l’entreprise vers l’avant, a déclaré Bill Gross. J’aurais envie de dire: ‘allez, Mohamed, explique-nous pourquoi’».
11/04/2014

Manuel Valls ne s'interdit rien sur les cessions de participations de l'Etat

Le gouvernement ne s’interdit rien quant à d'éventuelles cessions de participations de l’Etat dans des entreprises, selon le Premier ministre, qui a insisté sur la nécessité de maintenir une forte présence dans les secteurs stratégiques. Le ministre de l’Economie, Arnaud Montebourg, qui accompagnait le Premier ministre sur un site de Thales à Gennevilliers, a souligné que l’Etat disposait de 71 participations, d’une valeur de 110 milliards d’euros, et qu’il n’y aurait, de sa part, «pas de diminution d’influence dans les entreprises» même si, quand ces participations sont «non exploitées», l’Etat préfère vendre pour investir ailleurs.
11/04/2014

Legg Mason dépasse les 700 milliards de dollars sous gestion

Le gestionnaire d’actifs américain a publié des encours de près de 702 milliards de dollars à fin mars dernier, contre 679 milliards fin décembre 2013 et 665 milliards à fin mars 2013. L’obligataire représente 365 milliards, devant les actions (186 milliards) et le monétaire (150 milliards). Sur le mois de mars, le gérant a cependant connu une légère décollecte en fixed income et en actions.
11/04/2014

Statu quo pour la Banque d'Angleterre

La Banque d’Angleterre a laissé sa politique monétaire inchangée hier, un statu quo anticipé par les marchés. Le taux directeur reste à 0,5%, son plus bas niveau historique, et la BoE n’a apporté aucune modification à son programme d’assouplissement quantitatif (QE, quantitative easing) de 375 milliards de livres.
11/04/2014

Les encours d'ISR progressent en France

Les encours des produits d’investissement socialement responsable atteignent 169,7 milliards d’euros à fin 2013, en hausse annuelle de 14% selon l’enquête Novethic. Détenu aux deux tiers par des investisseurs institutionnels, l’ISR maintient sa clientèle de particuliers (50 milliards) grâce à l’épargne salariale et à l’assurance vie. Pour rendre compte de la diversification des pratiques, le centre de recherche sur l’investissement responsable présente désormais le marché français en quatre tendances. Outre les fonds ISR purs, il chiffre l’intégration ESG, qui consiste à intégrer dans la gestion classique des critères environnementaux, sociaux et de gouvernance (ESG) sans en faire des produits ISR spécifiques, à 440 milliards, soit 15% des actifs sous gestion. Novethic évalue également les exclusions d’entreprises ou de secteurs à 1.636 milliards. Enfin, 340 actions d’engagement actionnarial, qui consiste à interpeller les entreprises sur leurs pratiques, ont été menées pour des encours d’une quarantaine de milliards.
11/04/2014

L’inflation a atteint 0,4% en mars en France

Les prix à la consommation ont augmenté de 0,4% le mois dernier en France sous l’effet du rebond des prix des produits manufacturés après les soldes d’hiver, selon l’Insee. Sur un an, le rythme de progression tombe toutefois à 0,6%, contre 0,9% à fin février. L’indice des prix harmonisé IPCH, qui permet des comparaisons avec les autres pays de la zone euro, a progressé de 0,5% en mars et de 0,7% sur 12 mois, au plus bas depuis octobre 2013.

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