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11/03/2014
Fonds

Le gérant espagnol ICR ferme ses fonds de fonds

Le gestionnaire d’actifs espagnol ICR Institutional Investment Management a notifié au régulateur local, la CMNV, sa décision de liquider ses deux fonds de fonds Alpha Multistrategy IICIICIL et son fonds nourricier Alpha Plus IICIICIL, rapporte Funds People. Fin 2013, l’encours cumulé de ces deux véhicules dépassait modestement les 74 millions d’euros.
Fonds
11/03/2014

Franklin Templeton étoffe son équipe commerciale en Espagne

Franklin Templeton Investments renforce ses équipes de ventes en Espagne. La société de gestion vient en effet de recruter Reyes Brañas pour son bureau de Madrid au poste de commercial junior, rapporte Funds People. Son rôle consistera à assister l’équipe commerciale avec l’objectif d’améliorer la qualité de service et d’information aux clients. Elle participera aussi activement à la commercialisation des produits de la compagnie à travers le canal des agents financiers du marché espagnol. Le mois dernier, Franklin Templeton avait déjà procédé au recrutement de Javier Villegas au poste de directeur des institutions financières mondiales et des consultants pour les Amériques. Sa mission est de renforcer et de coordonner les relations avec cette cible de clientèle notamment en Amérique Latine et de développer la stratégie de distribution de la société de gestion auprès des principaux partenaires de la région.
11/03/2014

Le fonds souverain coréen nomme un nouveau directeur des investissements

Korean Investment Corporation, le fonds souverain de Corée du Sud qui gère 74 milliards de dollars d’actifs, vient de recruter un nouveau directeur des investissements en la personne de Choo Heung-Sik, un ancien banquier central, rapporte Asian Investor. L’intéressé remplace ainsi Lee Dong-Ik, qui a quitté ses fonctions en janvier.Choo Heung-Sik officiait précédemment au sein de la Banque de Corée en tant que responsable de la gestion des réserves de l’institution, poste qu’il occupait depuis novembre 2011 et dont il a démissionné le mois dernier. Auparavant, il a été directeur des investissements de la Banque de Corée jusqu’en 2010. De 2008 à 2010, Choo Heung-Sik a travaillé au sein de la Banque Mondiale.
11/03/2014

LGIM envisage de lancer des ETF

Legal & General Investment Management envisage de lancer une activité ETF, rapporte le Financial Times fund management. Ali Toutounchi, managing director des fonds indiciels chez L&G, estime que les ETF renforceraient l’offre de LGIM aux autres investisseurs. « Cela nous donnerait accès à un marché totalement différent : gérants de fonds, hedge funds, traders (…) ». Il estime aussi que cela permettrait d’accéder bien plus facilement au marché des particuliers.
11/03/2014

Départ du vice président de Old Mutual Wealth

Peter Mann, actuellement vice-président de Old Mutual Wealth, a annoncé son départ de la société après douze années de collaboration, rapporte Citywire. Il occupait le fauteuil de vice-président depuis octobre 2013. Même si Peter Mann va rester au sein de la compagnie jusqu’à la mi-année, son poste ne sera pas remplacé, a indiqué Old Mutual Wealth.
11/03/2014

Le « père des ETF » est prêt à investir

Lee Kranefuss, qui a bâti iShares et a vu ses actifs croître de zéro à 600 milliards de dollars d’actifs en 2010, fait son retour sur le marché des ETF. Et il a de l’argent à dépenser, rapporte le Financial Times fund management qui l’a interviewé. Celui que l’on appelle « le père des ETF » a noué un accord avec Warburg Pincus en 2012 pour trouver des opportunités d’investissement dans les ETF et la gestion d’actifs. Sa première opération a été d’acquérir une participation majoritaire dans Source. D’autres devraient suivre. « Nous avons du capital disponible pour mener des acquisitions stratégiques qui ont du sens, mais il faut être très discipliné », indique Lee Kranefuss. L’autre objectif du dirigeant est de développer Source aux Etats-Unis. La société a déjà présenté une candidature pour lancer des produits cotés aux Etats-Unis cette année.
11/03/2014

AEW Europe a enregistré plus de 2,7 milliards de transactions en 2013

AEW Europe, groupe européen spécialisé en investissement et gestion d’actifs immobiliers pour compte de tiers, a enregistré en Europe plus de 2,7 milliards de transactions en 2013. Au cours de l’an dernier, AEW Europe a également levé de nouveaux capitaux pour un total de 1,6 milliard d’euros, dont 500 millions d’euros au titre de 3 nouveaux mandats avec des stratégies core et value-added au Royaume Uni, en France et en Italie.
11/03/2014
Fonds

Ignis va fermer deux fonds actions au Royaume-Uni

Ignis Asset Management remet à plat sa gamme actions au Royaume-Uni. Selon Citywire, la société de gestion a en effet l’intention de fermer deux fonds, à savoir UK Enhanced Income et UK Focus gérés respectivement par Graham Ashby et Mark Holden, en raison de leur contreperformance. De fait, le fonds UK Enhanced Income (9,9 millions de livres d’actifs) a eu un rendement de 16,9 % au cours des trois dernières années à fin janvier, contre une hausse de 32,2 % pour l’indice FTSE 350 Higher Yield. Pour sa part, le UK Focus (63,5 millions de livres), lancé en 2002, a enregistré un rendement de 4,7 % sur les trois dernières années, contre 27,7 % pour le FTSE All Share.Ces deux fonds seront officiellement clôturés le 7 avril, sous réserve du feu vert du régulateur local, la FCA, et des actionnaires. Les investisseurs auront le choix de se faire rembourser leurs actifs ou de les transférer sans aucun frais vers d’autres produits d’Ignis.Par ailleurs, toujours selon Citywire, la société de gestion britannique a annoncé son intention de fermer le 14 avril son fonds dédié au Japon, le Japan Tracker Fund doté de 22,3 millions d’actifs.
Fonds
11/03/2014

BNP Paribas recrute un ex-responsable multi classes d’actifs de BlackRock

BNP Paribas Investment Partners a recruté Colin Graham en tant que CIO et responsable de l’allocation d’actifs tactique et de la recherche dans son équipe solutions multi classes d’actifs (Multi Asset Solutions ou MAS), a annoncé lundi la société.L’intéressé vient de BlackRock où il officiait en tant que co-responsable de l’équipe stratégies multi classes d’actifs globales.Dans ses nouvelles fonctions, il sera basé à Londres et travaillera sous la direction de Charles Janssen, responsable des solutions multi classes d’actifs. Il dirigera les stratégistes, économistes et analystes de l’équipe et aura la responsabilité globale du processus d’allocation d’actifs tactique. L’équipe MAS de BNP Paribas IP représente un encours de 53 milliards d’euros au 31 décembre 2013 et compte plus de 50 professionnels de l’investissement répartis entre Amsterdam, Bruxelles, Hong Kong, Londres et Paris.
11/03/2014

Franklin Templeton marque des points chez les institutionnels

Après des années d’efforts soutenus, Franklin Templeton a réussi à se faire reconnaître auprès des investisseurs institutionnels allemands, rapporte le Börsen Zeitung. Dans un entretien au quotidien, Reinhard Berben, responsable de Franklin Templeton Investment Services, indique que les actifs sous gestion pour le compte d’investisseurs institutionnels atteint désormais 2,6 milliards de dollars. Un montant multiplié par deux en l’espace de trois ans, se félicite Reinhard Berben.
11/03/2014

UK insurers to unload corporate bonds in sterling

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Insurance companies are planning to reduce their exposure to bonds denominated in pounds sterling by GBP50bn by 2020, which will drive the cost of borrowing up for businesses, according to the consultant Cazalet Consulting, cited by Financial Times fund management. Insurers control about half of the debt for businesses denominated in pounds sterling in circulation, representing GBP343bn. Solvency 2 regulations are driving insurers to diversify into assets such as infrastructure, residential real estate and private loans.
11/03/2014

Buffett recommends that his wife invests passive

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Warrenn Buffett has stated in the most recent report from Berkshire Hathaway that in his will, he recommends that his wife invest the money he is leaving her 90% in a very low-cost index fund based on the S&P 500, and 10% in short-term government bonds, Financial Times fund management reports. Concerning the index fund, “I suggest funds from Vanguard,” the star investor says.
11/03/2014

F&C Investments wins a USD446m mandate

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Things are going well for F&C Investments (F&C). The British asset management firm has won a USD446m mandate from the Eastern European Fund Board following the departure of the current manager, Nevsky Capital, which has “resigned” with effect from 30 April 2014, F&C announced on 10 March. The British asset management firm will therefore assume the management of the Eastern European Fund, a UCITS investment vehicle based in Dublin with USD466m in assets as of 3 March 2014. The objective for the fund remains unchanged: to increase capital by investing in companies which are listed in Eastern Europe, or in companies with a significant exposure in the region. F&C has also announced plans to introduce a “highly competitive” institutional share class for existing clients and new clients without a performance fee.
11/03/2014

Vice president leaves Old Mutual Wealth

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Peter Mann, currently vice president of Old Mutual Wealth, has announced his departure from the firm after twelve years of collaboration, Citywire reports. He had served as vice president since October 2013. Although Mann will remain at the firm until mid-year, he will not be replaced, Old Mutual Wealth reports.
11/03/2014

Argos Investment Managers accelerates its development in the United Kingdom

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } As announced earlier this year, the Geneva-based asset management firm Argos Investment Managers is hoping to develop in Europe, especially in France and the United Kingdom. With this in mind, Argos IM has recruited Nick Hamwee as head of British activities. He claims in Investment Europe that “the turnover of bonds to equities begun in 2013 is favourable to asset management boutiques.” According to Investment Eirope, Argos Investment Managers has assets under management of EUR320m.
11/03/2014

HSBC GAM recruits a former director of Legal & General

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Simon Ellis, former managing director of Legal & General Investments, has joined HSBC Global Asset Management (HSBC GAM) in the newly-created role of global head of client segments, FT Adviser reports. His mission will be to oversee the development of a large part of the clients of HSBC GAM, including pension funds and sovereign funds. Ellis left L&G Investments in January last year after three years at the firm. In his career, he has also served in senior roles at Fidelity, Axa Investment Managers and Henderson.
11/03/2014

LGIM plans to launch ETFs

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Legal & General Investment Management is planning to launch an ETF activity, Financial Times fund management reports. Ali Toutounchi, managing director of index-based funds at L&G estimates that ETFs would strengthen the range from LGIM for other investors. “That would give us access to a totally different market: fund managers, hedge funds, traders...” He also claims that this would allow for easier access to the retail market.
11/03/2014

BNP Paribas hires an ex-multi asset head of BlackRock

BNP Paribas Investment Partners (BNPP IP) has hired Colin Graham as CIO and head of TAA & research in its MultiAsset Solutions (MAS) team. He joins BNPP IP from BlackRock (formerly Merrill Lynch Investment Managers), where he was co head of the Global Multi Asset Strategies team.Colin Graham is based in London and reports to Charles Janssen, head of Multi Asset Solutions. In his role he leads the MAS team’s strategists, economists and analysts and has overall responsibility for the tactical asset allocation process.BNP Paribas Investment Partners’ Multi Asset Solutions team offers a broad range of multi asset expertise including balanced portfolios, multi management, absolute return, liability driven strategies, risk overlay and fiduciary management. The team manages EUR 53 billion (as at 31.12.13) of client assets and consists of over 50 investment professionals based in Amsterdam, Brussels, Hong Kong, London and Paris.
11/03/2014

Activists increase corporate bond risks

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The growing power of activist hedge funds has increased the risks associated with holding corporate bonds, Moody’s warns. Bondholders may confront “a rising wave of negative credit events” this year, according to the agency, which cites a rise in the number of activist campaigns against corporate management. “Businesses will take measures to satisfy or ward off activists, which will leave them with less money to pay off their debts,” the study cited by the Financial Times says.
11/03/2014

“Father of ETFs” is ready to invest

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Lee Kranefuss, who built iShares and has seen its assets increase from zero to USD600bn in assets in 2010, is returning to the ETF markets, and he has money to spend, Financial Times fund management reports on the basis of an interview with him. The man known as the “father of ETFs” signed an agreement with Warburg Pincus in 2012 to find investment opportunities in ETFs and asset management. His first deal was to acquire a majority stake in Source. Others are expected to follow. “We have capital available to carry out strategic acquisitions which make sense, but we need to be very disciplined,” says Kranefuss. The other objective for the director is to develop Source in the United States. The firm has already appliced to launch products listed in the United States this year.
11/03/2014

Highbridge manager to found his own firm

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Adam Bernstein, a portfolio manager for nine years at Highbridge Capital Management, is planning to leave the firm with two colleagues to found a new hedge fund firm, the Wall Street Journal reports, citing sources familiar with the matter. Bernstein supervises one of the largest and most profitable portfolios from Highbridge, a firm controlled by JP Morgan Chase. Hoffman, head of equity trading, is also leaving.
11/03/2014

An ex-employee of Cyrus Conseil arrives at EdRAM

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The arrival of David Zerbib on the European sales team at Edmond de Rothschild Asset Management, which the website H24 Finance announced on the morning of Monday, 10 March, was confirmed soon thereafter by the asset management firm. Zerbib will work on the team led by Michel Dinet, head of IFA partners, in the department of Philippe Cormon, head of European Third Party Distribution at EdRAM. The new arrival will be responsible for monitoring independent advisers in Paris and the western region, as well as entrepreneurial asset management firms. Before joining EdRAM, Zerbib worked at Cyrus Conseil for 2 years.
11/03/2014

JP Morgan AM courts brokers

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } JP Morgan Asset Management (JP Morgan AM) is preparing a new wave of activities with insurers at a time when these clients are seeking to outsource their investments in areas such as infrastructure, private equity and real estate, eFinancial News reports. The US asset management firm last year saw a lot of its new business coming from insurance companies in the United States, Taiwan, South Korea and Japan. It is now expecting to gain business with European insurers, particularly in Italy, Switzerland and Germany.
11/03/2014

Commerzbank Real granted AIFM license

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Commerz Real Kapitalverwaltungsgesellschaft mbH, an affiliate of Commerz Real AG (Commerzbank group), has obtained a license from the German market autority BaFin. Approval from BaFin will allow the new firm to offer and manage alternative investment funds (FIA) in Germany for both private and institutional investors. The launch of the first products is scheduled for the second half of 2014. The directors of the new firm, who benefit from the expertise of Commerz Real, are Marinela Bilic-Nosic for risk management, Heiko Szczodrowski for real estate projects and management, and Jörg Thomsen for real estate products and product development.
11/03/2014

Alceda AM authorised to launch alternative investment funds

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The German asset management firm Alceda Asset management has received a license from the German financial market aurthority (BAFin) to launch and manage alternative investment funds (FIA). The permission covers both traditional open-ended funds dedicated to stocks and bonds and closed funds reserved rather for institutional investors.
11/03/2014

Inflows to Swedish funds continue

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Funds on sale in Sweden posted net inflows in February of almost SEK12bn, or EUR1.3bn, about the same level as in January, the most recent statistics from the local fund association, Fondbolagens Förening, show. Inflows were driven by bond funds, which took in SEK6.4bn, and diversified funds, with +SEK4.3bn. Equity funds attracted SEK1.8bn. For money markets, after strong inflows in January, funds attracted only SEK79m in February. Overall, in the month of February, assets in the Swedish fund sector rose by about SEK90bn (EUR10bn) to a total of SEK2.535bn (EUR286bn). Of this total, about 56% are invested in equity funds.
11/03/2014

Handelsbanken awards a fund to a new recruit

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Handelsbanken has appointed its most recent recruit, Viking Kjellström, as its new principal manager for its global equity fund Handelsbanken Funds Global Selective, Citywire reports. Kjellström joined the Scandinavian bank last month, after serving as co-CIO of European equities at SEB. He had been manager of the SEB Europafund, which has been taken over by Magnus Högström. Kjellström succeeds David Rindegren.
11/03/2014

Spanish management firm ICR closes funds of funds

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Spanish asset management firm ICR Institutional Asset Management has notified the local regulator, the CNMV, of its decision to liquidate its two funds of funds Alpha Multistrategy IICIICIL and its feeder Alpha Plus IICIICIL, Funds People reports. As of the end of 2013, cumulative assets in the two vehicles topped EUR74m.
11/03/2014

GVC Gaesco Gestión launches a new fund of funds

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } GVC Gaeco Gestión has launched a new global fund of funds on the Spanish market, entitled 1 Kessler Casadevall, in the names of the two financial advisers in charge of the vehicle, Javier Kessler Saiz and Juan Manuel Vicente Casadevall, Funds People Reports. The benchmark indices for the funds are the MSCI World Index, for the equity portion, and the Citigroup World Aggregate Bond Index, for the bond portion. The product will invest over 50% of its assets in third-party funds from national or international managers, whether or not they are controlled by GVC Gaeco Gestión. The rest of the assets will be invested directly in equities, bonds and ETFs, up to a maximum of 49%, public or private issuers from OECD countries. However, exposure to risk from emerging countries will be limited to 20%, whie exposure to currency risks may reach 100%.
11/03/2014

Ignis to close two equity funds in United Kingdom

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Ignis Asset Management is levelling out its equity range in the United Kingdom. According to Citywire, the asset management firm is planning to close two funds, the UK Enhanced Income and the UK Focus funds, managed by Graham Ashby and Mark Holden, respectively, due to their negative performance. The UK Enhanced Income fund (GBP9.9m in assets) has earned returns of 16.9% in the past three years to the end of January, compared with gains of 32.2% for the FTSE 350 Higher Yield index. For its part, the UK Focus fund (GBP63.5m), launched in 2002, has posted returns of 4.7% in the past three years, compared with 27.7% fo the FTSE All Share.

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