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14/04/2014

Investment arm of IBA may merge with IMA

P { margin-bottom: 0.08in; } The investment division of the British association of insurance companies, IBA, may merge with the British investment management association (IMA), Fundweb reports. Talks are already far advanced over a merger which may take place in June. The operation would result in the creation of a new organization, which would have a new name, and a new president. The current president of the IMA, Dougie Ferrans, will resign in the next few months. The transaction, which also stipulated that the information service for voting practices of institutional investors is joining the IMA, subject to the agreement of the boards of the two professional associations. “This is a very important strategic decision for the IMA and its members. We would now be in a position to speak with a single coherent voice about all issues and activities which investment management deals with when serving our clients and final beneficiaries,” says the head of the IMA, Daniel Godfrey, cited by Fundweb.
14/04/2014

Jupiter posts inflows in first quarter

Jupiter Fund Management delivered GBP547m of net inflows, of which GBP465m went to its mutual funds, in the three months to 31 March 2014. Assets under management increased to GBP32.2bn, against GBP31.6bn as of the end of December 2013.
14/04/2014

Millennium recruits a manager

P { margin-bottom: 0.08in; } Millennium Management has recruited a portfolio manager, Marko Soldo, from its rival GMT Capital, Financial News reports. The hedge fund firm of Izzy Englander, which has USD21.8bn in assets under management, is continuing to add to its asset management team based in London.
14/04/2014

Two commodity traders launch a hedge fund

P { margin-bottom: 0.08in; } Two former commodity traders from Glencore and Goldman Sachs, Paul Schurman and Patrik Sundberg, have launched a hedge fund for oil and agriculture, Tulos Capital, Financial News reports. The fund, founded in 2013, opened to investors in February 2014. It plans to raise about USD500m in the next few years.
14/04/2014

Comeback on emerging markets gathers pace

Emerging markets remained in the spotlight during early April as key equity indexes hit fresh year-to-date highs and Greece’s successful bond issue showed that appetite for riskier, more rewarding assets is alive and well. The week ending April 9 saw emerging markets equity funds record their biggest inflow since mid-1Q13, according to EPFR. In dollar terms two global emerging markets ETFs accounted for the bulk of the inflows.Overall, equity funds collectively absorbed a net USD11.2 billion. Europe equity funds took in over USD1 billion during the week. Bond funds posted inflows of USD6.2 billion. US, Europe, emerging markets and global bond funds all took in between USD1.25 billion and USD1.8 billion, adds EPFR. On the money market side, USD19.7 billion worth of redemptions from US money market funds handily offset modest flows into their European and Japanese counterparts.
14/04/2014

Asset management firms miss out on EUR1bn in profits

P { margin-bottom: 0.08in; } European asset management firms are missing EUR1bn in annual profits by not taking advantage of the freedoms that European regulations offer them, a McKinsey study cited by Financial Times fund management reveals. The consulting firm indicates that asset managers who have remodelled their activities in line with the UCITS IV directive (which allows groups to sell funds throughout the European Union, without having an asset management firm in each country) should see an increase in their profits of at least 15%.
14/04/2014

BlackRock calls on European businesses to invest

P { margin-bottom: 0.08in; } BlackRock has called European chiefs to order. The US asset management giant has sent a letter to 150 large European corporates, asking them not to abuse dividends and share buybacks, if the remuneration of shareholders is achieved to the detriment of future growth, Les Echos reports, on the basis of a copy of the letter it has obtained. It is the same letter which BlackRock sent to the S&P 500 corporate heads at the end of March. “After the financial crisis, many companies haven’t dared to invest in their future growth, and that concerns us,” writes Larry Fink, chairman and CEO of BlackRock. “Too many companies have reduced their investments, and even increased their debt to be able to increase their dividends and their share buybacks. … The redistribution of cash to shareholders should be part of a balanced management strategy. If it is done for bad reasons and to the detriment of investment, it could threaten the ability of the company to sustainably generate long-term returns.”
14/04/2014

Santander liquidates a convertible bond fund

P { margin-bottom: 0.08in; } Santander has taken a hit. The Spanish banking group has decided to liquidate a convertible bond fund, at a time when two investors have announced plans to make substantial redemptions, Citywire Global reports. The Santander Convertible Bond fund will be officially closed on 15 April. Two investors in one share class in the fund have recently announced plans to withdraw their investments, which represent 97.37% of total assets in the fund, the British website says. Considering the size of the redemptions, Santander clearly had no other choice than to liquidate the fund. The Luxembourg-domiciled fund, launched in May 2010, had since September 2011 been managed by Philippe Muñoz. According to Lipper data revealed by Citywire, the vehicle had EUR2.01bn in assets under management on 31 March, far from its peak of EUR6bn in March 2011.
14/04/2014

Wells Fargo may open an office in Switzerland

P { margin-bottom: 0.08in; } Wells Fargo, which has recently opened an office in France (Newsmanagers of 18 March 2014), is considering opening a location in Switzerland for its asset management activities, Handelszeitung reports. Switzerland currently represents over 22% of assets under management in Europe for Wells Fargo Asset Management. The client base of Swiss pension funds and insurers is currently served from Paris.
14/04/2014

C-Quadrat releases a total return fund in Germany

P { margin-bottom: 0.08in; } C-Quadrat has announced that it has been granted a sales license for the German market for its C-Quadrat ARTS Total Return Special fund. The product, launched in 2004 and previously sold only in Austria, is managed with the ARTS quantitative approach, which allows for flexible management between various asset classes.
14/04/2014

Asset managers remain optimistic despite market risks

P { margin-bottom: 0.08in; } Asset managers in the United States remain optimistic about the outlooks for the US economy, and feel that the problems which are currently affecting emerging markets should not have repercussions on developed markets, according to a survey performed by Northern Trust, which covered 100 managers between 4 and 19 March. Only 11% of managers surveyed think that volatility on the financial amrkets and slowing growth in emerging countries will create a significant risk of contagion for developed markets. A smaller number than previously of asset managers, who are highly optimistic for the US economy in the next six moths, predict that interest rates will rise in the next three months (48% compared with 66% in fourth quarter 2013).
14/04/2014

Mixed fortunes for Invesco and Franklin Templeton in March

P { margin-bottom: 0.08in; } Invesco and Franklin Templeton have been on far different trajectories in the month of March. After the past month, Invesco has reported a decline of 0.5% in its assets, to USD787,3bn, compared with USD791.2bn at the end of February. “This decline is largely related to a decline in assets under management in money market funds, unfavourable performance on the market, and a net outflow from PowerShares QQQ,” [its ETF range -ed.] the US asset management firm announced. Its money market assets were down 4.1%, to a total of USD76.1bn as of 31 March, compared with USD79.4bn as of 28 February. However, “inflows to long-term products were positive for the month,” Invesco states. In the same period in March, Franklin Templeton can, however, claim growth of 0.5% in its assets, which total USD886.9bn as of 31 March, compared with USD882.2bn as of 28 February. One year previously at the same time, assets under management stood at USD823.7bn. The California firm did not disclose any information about the state of its monthly inflows, however.
14/04/2014

Bill Gross asks Mohamed El-Erian for explanations

P { margin-bottom: 0.08in; } Bill Gross, the co-founder of Pimco, has called on Mohamed El-Erian to explain why he decided to resign from this position as CEO of the asset management firm, Fund Web reports. Gross, speaking on Bloomberg TV, says the reasons for El-Erian’s departure from his former employer remain mysterious, even to him. “He only said that he wasn’t the person who could take the company forward … I want to say to him, come on, Mohamed, tell us why.”
14/04/2014

Quarterly asset management profits down 9% at JPMorgan

P { margin-bottom: 0.08in; } The asset management arm of the US bank JPMorgan had a mixed first quarter. As of the end of March, its net profits are down 9%, to a total of USD441m, compared with USD487m in first quarter 2013. Its asset management arm (which also includes private banking) has been penalised by the strong rise in costs and fees, which in the space of one year have risen by 11%, to nearly USD2.1bn. However, this activity has seen strong commercial development. Revenues rose 5% year on year, to a total of USD2.78bn in first quarter 2014. Meanwhile, in the first three months of this year, the asset management unit has posted a net inflow of USD14bn. In detail, the bank brought in USD20bn in net subscriptions to long-term products, but saw a net outflow of USD6bn from liquidity products. “This is the 20th consecutive quarter of net inflows to long-term products,” JPMorgan announced in a statement. Due to these net inflows, assets under management at JPMorgan total a record USD1.648bn, up 11% compared with first quarter 2013. In first quarter, the JPMorgan group has posted a decline of 19% in its profits for first quarter, to USD5.27bn, compared with USD6.53n one year previously. Its earnings were down 8%, to a total of USD23.86bn, compared with USD25.84bn in first quarter 2013.
14/04/2014

Anima's IPO share price set at EUR4.20

P { margin-bottom: 0.08in; } Anima Holding has completed its share offer ahead of its initial public offering, and set the price of its shares at EUR4.20, Milano Finanza reports. The price range had initially stood at EUR3.50 to EUR4.50, before being reduced to EUR4.10 to EUR4.20. Demand was 5.4 times supply, including the greenshoe option. The initial public offering is scheduled for 16 April. The valuation of the Italian asset management group therefore stands at EUR1.259bn, a multiple of 3% assets managed in 2013, and 2.6% of assets in 2014, compared with 3.2% and 3% for foreign rivals.
14/04/2014

Azimut WM recruits a new director for Tuscany

P { margin-bottom: 0.08in; } Azimut Wealth Management has recruited Iacopo Corradi as managing director for the Tuscan region, Bluerating reports. Corradi joins from Banca Esperia, where he had been head of the Tuscan affiliate. The wealth management arm of Azimut has 150 wealth managers, and total assets of over EUR5bn.
14/04/2014

BlackRock continues its shopping spree on Milan stock exchange

P { margin-bottom: 0.08in; } In Italy, BlackRock has bought up 6.846% of Ei Towers, as part of a 25% stake sale in the capital of the transmission tower specialist company by Mediaset, made last week, Bluerating reports. The stake is held through seven funds.
14/04/2014

L'encours des Perco a augmenté de 28% en 2013

L’encours total géré dans les Perco (Plan d’épargne pour la retraite collectif) s’établit au 31 décembre 2013 à 8,6 milliards d’euros, en hausse de près de 28 % par rapport au 31 décembre 2012, selon les chiffres de l’Association française de la gestion financière. Les flux bruts d’alimentation ont dépassé 1,7 milliard d’euros (+7%). Au 31 décembre 2013, près de 1.540.000 salariés, sur les 4,8 millions couverts, ont déjà effectué des versements, soit une progression de + 23 % en un an. Environ 180.000 entreprises de toutes tailles proposaient fin 2013 l’accès à ce véhicule d’épargne retraite à leurs salariés, soit 18.000 entreprises de plus qu’en 2012.
14/04/2014

L'immobilier londonien atteint des niveaux record

Les prix des transactions immobilières à Londres ont progressé de 3,6% en mars, pour atteindre une moyenne de 572.348 livres, un niveau record selon le baromètre établi par Rightmove. En un an, la hausse atteint près de 16%. Dans l’ensemble de l’Angleterre et du Pays-de-Galles, les prix ont augmenté de 2,6% en mars, également au plus haut (262.594 livres en moyenne).
14/04/2014

L'Europe adopte le réglement sur les abus de marché

Le Conseil de l’Union européenne a officiellement adopté le règlement sur les abus de marché et la directive sur les sanctions pénales applicables aux abus de marché. Cette adoption fait suite aux votes favorables du Parlement européen sur ces textes. «Il y aura désormais une tolérance zéro pour les opérations d’initiés et les manipulations de marché», ont déclaré dans un communiqué Viviane Reding, commissaire européenne à la Justice, et Michel Barnier, commissaire européen au Marché intérieur et aux Services, selon lesquels «la perspective d’une possible condamnation, dans toute l’Union, à une peine de prison aura un effet dissuasif sur les auteurs d’abus de marché». Les Etats membres auront deux ans, à partir du mois de juin, transposer la directive dans leur droit national.
14/04/2014

Les bourses occidentales n’ont pas atteint leur plafond

Les sociétés européennes bénéficient d’une croissance mondiale assez solide et d’un environnement de taux d’intérêt encore favorable, indique Eric Turjeman, directeur adjoint mondial des gestions actions d'Amundi
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14/04/2014

L'allemand Symrise va reprendre Diana

Symrise, numéro quatre mondial des arômes et des parfums, a déposé une offre ferme d’achat sur Diana, détenu par Ardian (ex-Axa Private Equity). Les deux sociétés sont entrées en négociations exclusives. Dans un communiqué publié samedi, le groupe allemand évoque un investissement de 1,3 milliard d’euros et précise avoir déjà réglé la question du financement relais. Le groupe basé à Holzminden s’attend à conclure l’accord au troisième trimestre 2014. L’opération valorise Diana, qui compte un pôle de nutrition animale, à environ 14 fois l’excédent brut d’exploitation (Ebitda) 2013. «Bien que l’interêt de Symrise pour Diana soit apparu dans les médias en février, la direction devra apporter quelques explications lundi matin lors d’une présentation aux analystes étant donné que la principale activité de Diana est la nutrition non pas humaine mais animale. De plus, le prix est élevé», estime le courtier Liberum.
14/04/2014

Réforme du FMI : le G20 Finances presse Washington

Les ministres des Finances des pays membres du G20 ont donné vendredi aux États-Unis jusqu'à la fin de l’année pour ratifier le projet de réforme du Fonds monétaire international et menacé de continuer sans eux dans le cas contraire. Dans leur communiqué final, ils font part de la «profonde déception» que provoque le retard pris dans le processus de ratification.
14/04/2014

Canberra se désole des objectifs du G20 sur la croissance

La progression trop lente vers les objectifs de croissance économique fixés par le G20 cette année est «inacceptable», a déclaré hier le ministre australien de l’Economie et des Finances Joe Hockey. Les ministres des Finances du G20 ont promis d’avoir «des plans réels et effectifs pour relever l'économie mondiale de 2% supplémentaire» avant leur réunion en Australie au mois de septembre. Or, ils en sont très loin, a déploré le ministre.

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