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05/03/2014

Assets at Schroders France up by EUR3.7bn as of the end of 2013

P { margin-bottom: 0.08in; } Assets distributed in France by Schroders totalled EUR3.7bn as of the end of December 2013, compared with EUR3.5bn one year earlier, Nuno Teixeira, CEO of Schroders France, announced on 4 March at a press conference. Net inflows totalled EUR100m, and revenues were up 30%. Teixeira emphasised the growing interest of investors in France, as elsewhere in the world, in multi-asset class strategies, especially the Global Multi Asset Income strategy, which is also well-positioned in the Lipper rankings. The Schroders group is expected to release its results in the next few days, but the consensus would have it that net inflows may total about GBP9.4bn, with a 20% increase in revenues and an increase in profits of about 30%.
05/03/2014

BlackRock: Richard Plackett takes a sabbatical

P { margin-bottom: 0.08in; } Richard Plackett of BlackRock will be takng a six-month leave from 1 April this month, and will be leaving his portfolios to other members of the team, Investment Week reports. Plackett is responsible for the British small and midcaps team in the alpha strategies group.
05/03/2014

Pimco raises a USD5.5bn fund

P { margin-bottom: 0.08in; } The aura of Pimco is still intact. The giant bond management firm has raised USD5.5bn for its Bank Recapitalization and Value Opportunities II fund (known as Bravo II), according to an anonymous source cited by eFinancial News. The vehicle, directed and led by Dan Ivascyn, aims to repurchase undesirable assets from the balance sheets of banking groups in Europe and the United States, including residential and commercial real estate assets. Pimco is not doing this for the first time. The Bravo II fund follows the previous Bravo I fund, launched in 2011, which raised USD2.4bn.
05/03/2014

RS IM launches a fund dedicated to emerging market equities

P { margin-bottom: 0.08in; } The Californian asset management firm RS Investment Management on 3 March announced the launch of a small caps fund dedicated to emerging markets. The fund will be managed by Michael Reynal, portfolio manager and head of the investment team dedicated to emerging markets. The RS Emerging Markets Small Cap fund is aimed at all investors, both retail and institutional.
05/03/2014

Goldman finances a fund for entrepreneurial women

P { margin-bottom: 0.08in; } Goldman Sachs and the World Bank are launching a fund which will raise USD600m in capital for 100,000 entrepreneurial women in developing countries, the Financial Times reports. The initiative will be unveiled on Wednesday in Washington. The bank will invest USD50m, and the World Bank USD100m.
05/03/2014

New head for Banca Albertini Syz in Bologna

P { margin-bottom: 0.08in; } Banca Albertini Syz has appointed Giovanni Fracasso as the new head of its Bologna affiliate in Italy, Funds People Italia reports. Fracasso had for several years been a private banker in the bank for the Emilia-Romagna region.
05/03/2014

Anima Sgr on track for its IPO

P { margin-bottom: 0.08in; } The Italian asset management firm Anima Sgr is in good form for its forthcoming initial public offering, Bluerating reports. Buerating Anima Holding in 2013 earned consolidated net profits of EUR120m, three times more than in 2012. Assets totalled EUR46.6bn, up 14% compared with the end of 2012, largely due to net inflows of EUR3.4bn.
05/03/2014

InverCaixa and Banco Madrid launch two new bond funds

P { margin-bottom: 0.08in; } InverCaixa Gestión and Banco Madrid Gestión are adding to their product ranges. The two asset management firms have launched two new bond funds on the market, Funds People reports. InverCaixa has baptised FonCaixa Cartera Renta Activa, a mixed international bond vehicle. For its part, Banco Madrid has launched Liberbank Plus, a bond vehicle deominated in euros. The FonCaixa Cartera Renta Activa fund is a fund of funds which invests at least 70% of its assets in public or private debt issued by members or non-members of the OECD, without a pre-determined duration in terms of credit quality, including savings, money market instruments not traded on organized markets but which each offer liquidity. The part not invested in debt will target equities on all global markets, including emerging markets. Its management and deposit commissions are set, respectively, at 0.9% and 0.1%. For its part, the Liberbank Plus fund will invest in private or public bonds issued by OECD countries, including savings and money market instruments which are not listed but are liquid. However, the vehicle will not invest in emerging countries, and will have no exposure to currency risks. The minimal investment is EUR6, and management and deposit commissions are set, respectively, at 1% and 0.07%.
05/03/2014

Spain: Six new passively-managed funds launched

P { margin-bottom: 0.08in; } BBVA AM, Santander AM and Espirito Santo Gestión have launched six new passively-managed funds on the Spanish market, Funds People reports. Three of them are from BBVA AM, two from Santander AM, and one from Espirito Santo Gestión. The funds are the BVA Bonos Patrimonio Rentas IV, BBVA Bonos Rentas VI, BBVA Oportunidad Acciones, Santander Objetivo Rendimiento Europa III, Santander Duo Europa 2019 and ESAF Bolsa Indice 65.
05/03/2014

Spain in top 3 markets for net inflows in 2013

P { margin-bottom: 0.08in; } The Spanish asset management market has had a red-letter year. According to data released by Lipper Thomson Reuters and reported by Funds People, Spain takes third place among countries with the highest net inflows in 2013, with nearly EUR20bn in net subscriptions. The country is topped only by Luxembourg and Ireland, in the “International” category, with a total of EUR157bn in net inflows. Last year, net subscriptions went primarily to bond funds, for which net inflows totalled EUR17bn, according to Lipper data. Spain has also become the second-place European country, excluding the International category, in terms of inflows to equity funds, with EUR2.8bn, putting it behind only Sweden (EUR4.2bn).
05/03/2014

Algebris recruits a macro specialist

P { margin-bottom: 0.08in; } The hedge fund firm Algebris Investments, founded eight years ago by Davide Serra at Morgan Stanley, has recruited Stephen Hynes, Financial News reports. Hynes will provide analysis dedicated to macro themes in the financial sector.
05/03/2014

Vontobel appoints a head of Swiss institutional clients

P { margin-bottom: 0.08in; } Vontobel has appointed Daniel Signer as head of Swiss institutional clients. In this position, he replaces Lukas Bolfing, who since October 2013 had served as director of sales for Multi Asset Class Investing Boutique Europe at the asset management firm. Signer had been a member of the institutional clients team since November 2013.
05/03/2014

Mixed balance sheet for British asset management in January

P { margin-bottom: 0.08in; } The British asset management industry has had a highly contrasted performance in january 2014. According to data released on 4 March by the Investment Management Association (IMA), the British professional association, net inflows totalled GBP205m for funds domiciled in the UK as of the end of January. In January 2013, these net inflows totalled GBP609m. However, performance has been highly disparate depending on the client. Retail net inflows totalled GBP1.116bn, exceeding GBP1bn for the tenth consecutive month. However, outflows totalled GBP911m from the institutional segment. As of the end of January, assets under management totalled GBP756.9bn, compared with GBP691.4bn as of the end of January 2013. By asset class, equities have confirmed their popularity with retail clients, with net subscriptions of GBP464m as of the end of January. They are followed by the property asset class, with GBP232m in net subscriptions, and multi-asset class, with GBP213m in inflows. However, fixed income has seen outflows of GBP229m in January to retail clients. The best-selling product in January was the Targeted Absolute Return fund, for which net subscriptions from retail clients totalled GBP343m, the highest level since December 2009. It outpaced the UK Smaller Companies fund (GBP214m in net inflows) and the property fund category (GBP232m in net subscriptions).
05/03/2014

BMO GAM launches an asset management activity in Asia

P { margin-bottom: 0.08in; } The Canadian asset management firm BMO Global Asset Management has opened its first office in Asia in Hong Kong, and has announced plans to add to its investment team, Citywire Global reports. The Canadian group [whose parent company has launched a bid for F&C AM -ed] has appointed Amit Prakash as managing director of BMO Global Asset Management (Asia). He is joined by Clarence Chan as director and manager.
05/03/2014

Kornelis Buursma joins ING IM

P { margin-bottom: 0.08in; } Kornelis Buursma has joined ING Investment Management as senior manager for development of institutional activities in the Netherlands, according to a statement released on 4 March. Burrsma previously worked at the pension fund PGGM.
05/03/2014

L'UE promet 11 milliards d'euros à l'Ukraine

L’Union européenne est prête à fournir à l’Ukraine une aide financière de 11 milliards d’euros dans les deux prochaines années par le biais de dons et de prêts, a déclaré mercredi le président de la Commission européenne Jose Manuel Barroso. Cette assistance se fera en concertation avec la Banque européenne pour la reconstruction et le développement (Berd) et la Banque européenne d’investissement (Bei) et est subordonnée en partie à la conclusion d’un accord entre Kiev et le Fonds monétaire international (FMI). «Le paquet combiné pourrait consister en un soutien global d’au moins 11 milliards d’euros dans les deux prochaines années, provenant du budget de l’UE et des institutions financières internationales fondées sur l’UE», a expliqué Jose Manuel Barroso.
05/03/2014

Le maintien du rythme de croissance chinois reste incertain

Lors d’un discours prononcé ce matin à l’ouverture de la session annuelle du Parlement chinois, le Premier ministre Li Keqiang a laissé inchangé le très attendu niveau-cible de croissance du PIB du pays pour l’année 2014 à 7,5%, après une croissance de 7,7% enregistrée en 2012 et 2013. Un objectif ambitieux dans la mesure où Pékin s’est également engagé à accélérer le rythme des réformes, à contenir les risques d’endettement et à «entrer en guerre contre la pollution». Le groupe d'énergie solaire Chaori Solar Energy Science & Technology a indiqué aujourd’hui ne pas être en mesure de faire face à une échéance de 89,8 millions de yuans (10,7 millions d’euros) d’intérêts dus vendredi sur des obligations émises en 2012, signant ainsi le premier défaut sur le marché de la dette en Chine.
05/03/2014

Le PEA-PME est officiellement créé

Le décret d’application de l’article 70 de la loi de finances 2014 portant création du PEA-PME et extension du plafond du PEA a été publié au Journal Officiel. Les grandes lignes des critères d’éligibilité des PME ETI à ce PEA PME étaient déjà connues: sociétés françaises ou européennes soumises à l’IS (ou impôt équivalent), employant moins de 5.000 salariés, réalisant un chiffre d’affaires de 1,5 milliard d’euros maximum ou ayant un total de bilan inférieur à 2 milliards. De quoi permettre à Euronext de lancer officiellement l’indice CAC PME destiné à suivre les performances de 20 à 40 (40 aujourd’hui) valeurs françaises éligibles au nouveau dispositif.
05/03/2014

Bruxelles hausse le ton contre le déficit de la France

La Commission européenne presse la France de poursuivre ses efforts de consolidation budgétaire, estimant que la hausse continue de sa dette publique depuis 2010 constituait un risque pour son économie mais aussi celle de l’ensemble de la zone euro en cas de turbulences sur les marchés. Malgré les mesures de consolidation budgétaire mises en oeuvre depuis 2010, «l’endettement public continue d’augmenter» en France, s’inquiète Bruxelles dans la recommandation publiée ce midi. «Ceci accroît le risque d’exposition de la France à des turbulences sur les marchés qui se propageraient à l'économie réelle, mais aussi à l’ensemble de la zone euro» au vu du poids de la France, ajoute-t-elle. La France est avec la Slovénie le seul pays de la zone euro à recevoir une recommandation de la Commission. Selon les prévisions formulées la semaine dernière par Bruxelles, le déficit de la France s'éleverait à 4% du produit intérieur brut cette année puis à 3,9% pour 2015, à politique inchangée, alors que la France a promis à ses pairs européens de le ramener sous 3% à cette échéance.
05/03/2014

La croissance en zone euro est confirmée à 0,3% pour le quatrième trimestre

Le produit intérieur brut de la zone euro a augmenté de 0,3% au quatrième trimestre 2013 par rapport aux trois mois précédents, a confirmé Eurostat. Par rapport à la même période de 2012, la hausse du PIB est de 0,5%. Le PIB n’avait augmenté que de 0,1% au troisième trimestre par rapport au deuxième.
05/03/2014

Pierre Moscovici veut une régulation européenne du bitcoin

Le ministre français de l’Economie et des Finances a plaidé mardi pour une concertation européenne sur la régulation des monnaies virtuelles telles que le bitcoin pour assurer la transparence de ce marché. «Il ne s’agit pas de bannir ces monnaies mais il faut en assurer un encadrement précautionneux», a-t-il déclaré à l’occasion d’une visite chez Tracfin.
05/03/2014

Legg Mason rachète QS Investors

Le gestionnaire américain reprend pour un montant non dévoilé QS Investors, conseil auprès de clients institutionnels pour des stratégies actions et alternatives. QS Investors gère 4,1 milliards de dollars d’encours et fournit ses conseils sur une centaine de milliards de dollars d’actifs. Legg Mason enregistrera 35 millions de charges de restructurations et s’attend à un effet positif sur les résultats en 2015.
05/03/2014

Pimco boucle un fonds pour des actifs bancaires

Le gérant obligataire vient de boucler un fonds de 5,5 milliards de dollars pour acquérir des actifs bancaires en Europe et aux Etats-Unis. Baptisé Bank Recapitalization and Value Opportunities II (Bravo II), il cible notamment des RMBS et des CMBS. Bravo II suit les 2,4 milliards de dollars récoltés par son prédécesseur en 2011. Il est piloté par le directeur adjoint des investissements, Dan Ivascyn.
05/03/2014

La banque de Russie joue une partie serrée

La puissance de feu de la banque centrale russe, qui a modifié sa politique de change lundi, n’est pas aussi élevée qu’il y paraît. Sur 500 milliards de dollars de réserves, ING estime à 150 milliards la part pouvant réellement servir à des interventions sur le marché des devises.

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