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21/02/2014

ING IM recrute un nouveau gérant crédit

ING Investment Managers (IM) vient de recruter Evan Moskovit, en provenance de Sheperd Financial Partners, au poste de responsable mondial du crédit investment grade, rapporte Citywire Global. Evan Moskovit, qui était basé à Boston, a officiellement rejoint le gestionnaire d’actifs néerlandais en décembre et a d’emblée occupé son rôle de gérant de fonds. Selon le site d’information, Evan Moskovit aurait ainsi pris en charge la gestion du fonds ING (L) Renta Fund Global Investment Grade Credit, jusque-là géré à titre intérimaire par Roel Jansen suite au départ en mai 2013 d’Anders Arendal. Evan Moskovit, qui affiche 26 ans d’expérience dans le secteur de la gestion d’actifs, a occupé précédemment le poste de directeur des investissements et responsable des gérants de portefeuille chez Sheperd Financial Partners, après avoir officié pendant 14 ans comme responsable du fixed income chez Sun Capital Advisers.
21/02/2014

Nomination chez CalPERS

Le fonds de pension californien CalPERS a annoncé la nomination avec effet immédiat de Dan Bienvenue au poste de senior investment officer (SIO) pour le portefeuille Global Equity. Dan Bienvenue occupait déjà ses fonctions en intérim après le départ en juin 2013 d’Eric Baggesen, affecté à d’autres fonctions au sein de CalPERS.Dan Bienvenue a rejoint CalPERS en 2004 après avoir occupé les fonctions de gérant de portefeuille senior chez Barclays Global Investors à la tête d’un portefeuille d’actions internationales de 55 milliards de dollars.Dans ses nouvelles fonctions, Dan Bienvenue sera responsable de la mise en œuvre et de la gestion de la stratégie d’investissement pour un portefeuille mondial d’actions totalisant 141,8 milliards de dollars.Les actifs sous gestion de CalPERS s'élèvent actuellement à près de 284 milliards de dollars.
21/02/2014

CNP Assurances accroît ses bénéfices de 8,3 % en 2013

De «bonnes performances 2013». Tel est le constat établi par Frédéric Lavenir, directeur général de CNP Assurances, lors de la publication des résultats annuels du premier assureur vie français. De fait, l’an dernier, la compagnie a dégagé un résultat net part du groupe de 1,030 milliard d’euros, en hausse de 8,3 % sur un an. Son chiffre d’affaires a progressé de 4,6 %, à 27,7 milliards d’euros, tiré principalement par la bonne tenue de ses activités en Amérique latine où son chiffre d’affaires progresse de 4,9 % pour atteindre 3,1 milliards d’euros. En France, en revanche, son activité est nettement moins dynamique, le chiffre d’affaires accusant un repli de 1,8 %, à 21,1 milliards d’euros, «du fait de la baisse du segment épargne euros», explique CNP Assurances. Toutefois, dans l’Hexagone, l’activité unités de compte a progressé de 35,6% avec un chiffre d’affaires qui atteint 1,5 milliard d’euros à fin 2013.Sur le segment assurance-vie capitalisation, CNP Assurances accuse en France une décollecte nette de 348 millions d’euros, dont +423 millions en épargne unités de compte et -771 millions d’euros en épargne euro. Pour l’ensemble du groupe, la collecte nette est demeurée positive à 1,6 milliard d’euros en 2016. Résultat: ses encours moyens ont crû de 2,1 % pour atteindre 298,7 milliards d’euros fin 2013, contre 292,4 milliards fin 2012.
21/02/2014

Groupama : forte progression de l’activité unités de compte en 2013

Groupama a définitivement tourné la page de la crise. Après avoir accusé une perte de 589 millions d’euros en 2012, l’assureur mutualiste a dégagé un résultat net bénéficiaire de 283 millions d’euros en 2013. Son chiffre d’affaires ressort, quant à lui, en recul de 2,3 %, à 13,7 milliards d’euros. Une évolution qui «traduit la stratégie du groupe consistant à privilégier la rentabilité sur le chiffre d’affaires», explique-t-il dans un communiqué.Symbole de cette politique, son chiffre d’affaires en assurance de la personne sur le marché français a accusé une baisse de 7,8 % à 5,6 milliards d’euros, en raison de «la stratégie sélective du groupe qui consiste à privilégier la commercialisation des contrats d’épargne/retraite individuelle en unités de compte (UC) aux dépens des contrats en euros», souligne l’assureur.Une orientation qui semble porter ses fruits. De fait, Groupama a connu une très forte croissance de son activité d’assurance vie orientée sur les UC. Ainsi, en France, sa collecte nette en UC est positive à 260 millions d’euros «grâce à une activité en hausse de 56,8 %», précise l’assureur. Désormais, la collecte brute d’épargne individuelle en UC représente 28 % de sa production et, au global, les encours UC augmentent de 46 % pour représenter 13,3 % des encours d’épargne individuelle, contre 9% au 31 décembre 2012. A contrario, sa collecte nette en France sur les fonds en euros est négative à -1,2 milliard d’euros. En 2014, Groupama entend bien poursuivre sa stratégie de diversification de l’épargne vers l’UC et l’épargne bancaire, «avec une structure cible de collecte de 1/3 euros, 1/3 UC et 1/3 banque», avance la compagnie d’assurance.
21/02/2014

Hausse timide de l’encours des fonds de pension espagnols en janvier

Selon des données publiées par VDOS Stochastics, l’encours des fonds de pension individuels espagnols a timidement progressé de 0,85 % en janvier, pour atteindre 57,6 milliards d’euros contre 57,1 milliards en janvier 2013. Cette évolution est principalement tirée par le rendement des portefeuilles, soit 442,8 millions d’euros tandis que les souscriptions nettes ressortent à 64 millions d’euros.Sur le mois de janvier, Renta 4 affiche la plus forte collecte nette, avec 82,4 millions d’euros de souscriptions nettes, suivie par Bankia (24,8 millions d’euros) et CaixaBank (23,6 millions d’euros). A l’inverse, la palme de la plus forte décollecte revient à BBVA, avec 29,96 millions d’euros de rachats en janvier, devant Caser (-27,98 millions) et Allianz (-18,36 millions).Pour autant, avec un encours de 10,6 milliards d’euros à fin janvier 2014, BBVA reste le numéro un du secteur avec 18,52 % de parts de marché. Le groupe bancaire est suivi par CaixaBank (8,3 milliards d’euros d’encours) et Santander (8 milliards d’euros d’encours). A fin janvier, les dix premiers acteurs concentrent près de 82 % des encours des fonds de pension individuels espagnols.
21/02/2014

UBS gathered the largest net ETF/ETP inflows in January

In January, UBS gathered the largest net ETF/ETP inflows in Europe with USD1.8bn, followed by iShares with USD1.3bn and Lyxor with USD1.2bn net inflows, according to ETFGI. Meanwhile, ZKB experienced the largest net ETF/ETP outflows in January with USD223m, followed by Deka with USD179m.ETFs and ETPs listed in Europe received net inflows of USD5.4 billion in January 2014. They were composed of equity ETFs/ETPs gathering net inflows of USD4.0bn, followed by fixed income ETFs/ETPs with net inflows of USD2.1bn, while commodity ETFs/ETPs experienced net outflows of USD705m.The pattern for net flows in January was very different for ETFs and ETPs listed in the United States which suffered net outflows of USD15.5 billion with equity ETFs/ETPs having the largest net outflows of USD 15.9 bn, followed by commodity ETF/ETP net outflows of USD1.2bn, while fixed income ETFs/ETPs gathered net inflows with USD566m.
21/02/2014

Asian hedge fund assets up moore than 16% in 2013

Assets in Asian hedge funds last year rose 16.3% to reach USd147bn, as investors are engaging primarily in global strategies, such as macro, to the detriment of vehicles dedicated to a single country, Asian Investor reports, based on statistics from Eurekahedge. The growth in assets is due to the positive performance of the markets for a total of USD10bn, and a net inflow of USD10.6bn. The sector last year posted 143 fund launches and 109 closures. After good results last year, the beginning of 2014 is more laborious. Asia ex Japan hedge funds are down 0.79% in January.
21/02/2014

ING IM recruits a new credit manager

ING Investment Managers (IM) has recruited Evan Moskovit, from Sheperd Financial Partners, to the position of global head of investment grade credit, Citywire Global reports. Moskovit, who had been based in Boston, officially joined the Netherlands asset management firm in December, and has already taken up his role as fund manager. According to the website, Moskovit has taken charge of managing the ING (L) Renta Fund Global Investment Grade Credit fund, which had previously been managed for the interim by Roel Jansen following the departure of Anders Arendal in May 2013. Moskovit, who has 26 years of experience in the asset management sector, previously served as chief investment officer and head of portfolio managers at Sheperd Financial Partners, after spending 14 years as head of fixed income at Sun Capital Advisors.
21/02/2014

Lombard Odier publishes smart beta indices on Bloomberg

Lombard Odier Investment Managers on 20 February announced the publication by Bloomberg of its proprietary FWD Smart Beta indices, calculated independently. Since the launch of smart beta strategies based on bonds four years ago, Lombard Odier IM has invested in other asset classes. At the end of December 2013, assets under management in bond strategies, equities and commodities totalled USD5bn. The 14 strategies now available on Bloomberg are the following: Bonds (calculated by Bloomberg Indexes) LOIM FWD Global Government (code Bloomberg LOFEOEC) LOIM FWD Global Corporate (LOFGUIGH) LOIM FWD Global BBB-BB (LOFGU5BH ) LOIM FWD Euro Government (LOFEURG) LOIM FWD Euro Responsible Corporate (LOFEIGR) LOIM FWD Euro BBB-BB (LOFE5B) LOIM FWD Emerging Local Currency Bond (LOFEMLU ) Equities (calculated by Russell Investments) LOIM FWD Global Equity Risk Parity (LOGLORPN) LOIM FWD Emerging Equity Risk Parity (LOGEMRPN) LOIM FWD European Equity Risk Parity (LOEURRPN ) LOIM FWD North American Equity Risk Parity (LONAMRPN) LOIM FWD Asia Pacific Equity Risk Parity (LOAPARPN) Commodities (calculated by BNP Paribas) LOIM FWD Commodities Risk Parity (LOIMCOTR) LOIM FWD Commodities Risk Parity ex-Agri (LOIMCXTR)
21/02/2014

Susan Wagner at BlackRock proposed for board at Swiss Re

The Swiss Re group announced on 20 February on the occasion of the publication of its annual results that its board of directors is proposing to elect Susan Wagner, founding partner of BlackRock and already chair of the US group’s supervisory board. Swiss Re has also announced the appointment of David Cole, previously chief risk officer (CRO), to the position of chief financial officer (CFO). He succeeds George Quin, who in December announced his departure for Zurich Insurance, from 1 May. Cole joined Swiss Re in 2011, after serving as CRO and CFO at the Netherlands-based bank ABN Amro. His current seat will be occupied in due course.
21/02/2014

Neuberger Berman launches an absolute return bond fund

Neuberger Berman Group is proposing a new global strategy, the Neuberger Berman Unconstrained Bond Fund, an absolute return fund which seeks to profit from market inefficiencies. The fund will use the full spectrum of credit and securitisation, with total flexibility on duration (positive, negative or neutral). The fund will be managed by Andy Johnson, the head of global investment grade bonds, Jon Johnson, a senior portfolio manager based in London, and managing directors Thomas Bardas, David Brown, Ugo Lancioni and Thomas Marthaler.
21/02/2014

Assets in smart beta strategies doubled in 2013

The popularity of smart beta strategies is not letting up. According to Towers Watson, its own clients carried out twice as many investments in these strategies in 2013, with about USD11bn in 180 portfolios, compared with USD5bn in investment in nearly 130 portfolios in 2012. The results is that institutional clients at Towers Watson have allocated USD32bn to smart beta strategies worldwide, via a total of nearly 500 portfolios. Data compiled by the consultant also show that its clients – pension funds, sovereign funds and insurers – have selected alternative asset classes totalling over USD12.5bn, four times more than five years ago. Among alternative assets, real estate has sustained the most interest in 2013, with more than USD4bn in investment, one quarter of it in smart beta. This is followed by hedge funds (USD3bn in investment), then infrastructure (USD2bn), one third of which was also in smart beta strategies. In the same period, Towers Watson has observed that Private Equity attracted about USD1.5bn, while illiquid credit (distresed debt and loans) attracted about USD1bn in assets.
21/02/2014

Founder of Citadel makes donation to Harvard

The hedge fund manager Kenneth Griffin, who graduated from Harvard in 1989, has donated USD150m to the prestigious US university, the Wall Street Journal reports. It is the largest donation in the history of the school. Griffin founded Citadel, which has assets under management of USD17bn, in 1990.
21/02/2014

Quarterly profits up 24% at Eaton Vance

It has been a mixed balance sheet at Eaton Vance for first quarter. After the first three months of its 2014 fiscal year, ending on 31 January 2014, the US asset management firm has earned USD360.3m in income, up 13% compared with first quarter 2013. At the same time, its quarterly net results are up 24%, to a total of USD76.7m, compared with USD62.1m one year previously. However, Eaton Vance has seen a net outflow of USD1.1bn in this first fiscal quarter, compared with net inflows of USD5.4bn in first quarter 2013, and USD3.9bn in fourth quarter 2013. Redemptions were concentrated on four strategies: global income and alternatives, large cap value equities, managed options, and lastly, municipal bonds. “Due to a growing interest in our multi-sector income and global allocation strategies, and due to prospects for improvement in our results for startegies which now show net outflows, we are expecting better flows for the balance of our fiscal year,” Thomas E. Faust, the chairman and Ceo of Eaton Vance, says optimistically in a statement. Assets under management rose 12% year on year to a total of USD278.6bn as of the end of January 2014, compared with USD247.8bn as of the end of January 2014. However, assets are down 1% compared with USD280.7bn as of 31 October 2013.
21/02/2014

New head of Newton Capital Management for North America

Newton, part of BNY Mellon, has hired Jim Wylie as head of North America for Newton Capital Management responsible for leading and developing Newton’s North American distribution and client servicing business. Based in New York, he reports to Helena Morrissey, CEO of Newton Investment Management.Jim Wylie was most recently chief marketing officer and executive managing director of Turner Investment Partners. Prior to that, he was global head of sales at Acadian Asset Management.
21/02/2014

JPMorgan AM to launch its first ETFs

JPMorgan Asset Management is preparing to launch ETFs in first half 2014, and is investing heavily in the preparations for this launch, Ignites reports, citing executives at the firm. “What is driving us is that we have clients who would like to see us managing ETFs,” says Bob Deutsch, head of ETF business at JPMorgan. The firm is expected to obtain the approval of the authorities to launch ETFs in the next few weeks. Its first product is not expected to be active. The firm has submitted an application for a global smart beta equity ETF in October. But over the long term, JPMorgan will focus on actively-managed ETFs.
21/02/2014

ING IM adds to team in Scandinavian countries

ING Investment Management (ING IM) has hired Martin Philip to service clients and promote ING Investment Management’s (ING IM) investment offering in the Nordic market. He will work together with the Nordic business development team and have a focus on the Swedish market from his base in Stockholm. Martin Philip is a Swedish national with 13 years industry experience and most recently had the position of head of distribution and client support at Skandia Investment Group in the UK.
21/02/2014

Axa asset management posts EUR8bn in inflows in 2013

Asset management at the Axa group has posted net subscriptions of EUR8bn. But the two affiliates of the insurance group have had very contrasted dynamics. Axa Investment Managers (Axa IM) has earned a net inflows of EUR12bn, primarily from real estate transactions and bond products, while AllianceBernstein has seen a net outflows of EUR4bn. At AllianceBernstein, “net inflows to bond products was more than compensated by a net outflows from equities, primarily to the institutional investment and private client segment,” the Axa group says in a statement. In total, at the end of 2013, assets in the asset management unit at Axa totalled EUR893bn, down 1% compared with 2012. In detail, assets under management at Axa IM are down 1.2%, from EUR554bn at the end of 2012 to EUR547bn at the end of 2013. Assets at AllianceBernstein are down 0.85%, from EUR349bn at the end of 2012 to EUR346bn at the end of 2012. Earnings for asset management were up 3.5% in 2013, to a total of EUR3.46bn. Earnings at Axa IM total EUR1.36bn, up 3%, while those at AllianceBernstein total nearly EUR2.1bn, up by nearly 4%. Lastly, operating profits in the asset management unit have risen by 5.5%, to EUR400m. These operating profits are up by 16.4% at AllianceBernstein, to EUR185m, while they are down by nearly 2%, to EUR216m, at Axa IM.
21/02/2014

Appointment at CalPERS

The California Public Employees’ Retirement System (CalPERS) has named Dan Bienvenue the senior investment officer (SIO) for global equity, effective immediately. Bienvenue had been serving as the Acting SIO for Global Equity since June 2013 after Eric Baggesen took another leadership position within the CalPERS Investment Office.Dan Bienvenue joined CalPERS in 2004 after serving as a principal and senior portfolio manager with Barclays Global Investors, leading an international equity portfolio management team responsible for USD55 billion across developed and emerging markets. In his new role, Bienvenue is responsible for implementation and management of investment strategy and policy for the pension fund’s USD141.8 billion portfolio in publicly traded equity investments worldwide. Assets under management at CalPERS currently total nearly USD284bn.
21/02/2014

Inflows at Rathbones up 28.6%

Rathbone Brothers last year posted a net inflow of GBP2.7bn, up 28.6% compared with the previous year, according to provisional annual results. Assets under management have increased 22.2% for the year, from GBP18bn to GBP22bn as of the end of 2013. Pre-tax profits in the past year as of 31 December totalled GBP44.2bn, up by nearly 15% compared with the previous year.
21/02/2014

JP Hambro reshuffles its equity management team in the United Kingdom

JP Hambro Capital Management (JOHCM) has reshuffled its equity management team in the United Kingdom as of the end of 2013, Citywire Global reports. Alex Savvides has abandoned his role as support manager for the UK Growth Fund, which continues to be managed by Mark Costar, to concentrate exclusively on the management of the UK Dynamic Fund. Savvides is replaced on the UK Growth Fund by Vishal Bhatia, who in turn is abandoning his role as support manager to Savvides on the UK Dynamic Fund. The analyst Tom Matthews, who joined JP Hambro in November 2013, will now take over the support role from Savvides.
21/02/2014

BNP Paribas IP adds to institutional marketing team

BNP Paribas Investment Partners (BNPP IP), the asset management arm of the eponymous bank, has added to its instituitonal marketing team, based in London, with two new hires. The asset management firm has recruited Kate Hudson for the position of head of European institutional marketing. She had previously successively led marketing activities at Prudential Group, AIG Investments and Pinebridge Investments. At the same time, Gaurav Tandon joined BNPP IP from HSBC in the position of digital specialist. At HSBC Global Banking and Markets Group, he served as senior head of digital marketing, in charge of digital marketing strategy and the digital vision of the bank.
21/02/2014

Assets under management at BCV group up 6%

Assets under management in the BCV group rose 6%, or CHF4.7bn, last year, to a total of CHF83.9bn as of the end of December, according to a statement released on 20 February. Net inflows totalled CHF1.6bn, as the original Swiss subscriptions (CHF2.9bn) were very largely compensated by outflows from offshore funds (CHF1.3bn). Assets at the parent company rose 7% to CHF76.7bn, while those at Piguet Galland were down 3%, to CHF7.2bn.
21/02/2014

Northern Trust adds to its family office unit in London

Northern Trust has added to its London-based team dedicated to family offices with two new recruitments. John leder is also appointed to the newly-created position of managing director and senior investment adviser for multi-manager solutions. Elder will be responsible for advising family offices and similar structures for the creation and monitoring of complex investment programmes. Before joining Northern Trust, Elder served in advising to family offices and institutional investors. Jonathan Lidster has been recruited as senior wealth management strategist responsible for client relations, and promoter of wealth management solutions in the EMEA region (Europe, Middle East and Africa). Lidster had previously been an independent aviser to a family office in London.
21/02/2014

Amundi loses a head of international equities

Paul-Georges Moucan, senior fund manager in the international equity unit in London, left Amundi at the end of 2013 to pursue other opportunities, a spokesperson for the asset management firm has told Newsmanagers, confirming reports in Citywire Global. Moucan’s LinkedIn profile indicates that he left his position in October 2013. “The departure took place as part of a reorganization of the equity team in London,” Amundi states. After beginning his career at Crédit Lyonnais Asset Management from 1998 to 2003, Moucan in 2004 joined Crédit Agricole Asset Management, which subsequently became Amundi. In July 2003, Amundi announced the recruitment of Nicholas Melhuish, formerly of UBS Global Asset Management, as head of international equities in London (see Newsmanagers of 2 July 2013).
21/02/2014

Schroders and Sarasin oppose mark to market

Schroders and Sarasin & Partners have signed a letter, sent to the Financial Reporting Council, the organisation which includes the UK Accounting Standards Board, to oppose mark to market, Financial News reports. They are rallying several asset management firms which are calling for a reform of British accounting standards. These include Railpen, USS Investment Management, Local Authority Pension Fund Forum, London Pensions Fund Authority, Threadneedle Investments, Royal London Asset Management, Governance for Owners, UK Shareholders Assocation and Hermes Equity Ownership Services.
21/02/2014

S&P évoque le risque de défaut de l'Ukraine

Standard & Poor’s a réduit vendredi la note de l’Ukraine pour la deuxième fois en trois semaines, jugeant que la situation politique s’est nettement dégradée et percevant un risque accru de défaut. La note souveraine a été réduite d’un cran à CCC, assortie d’une perspective négative. «Nous pensons que (la situation actuelle) est source d’incertitude quant à la continuité du soutien financier de la Russie durant 2014 et menace encore plus la capacité de l’Etat à honorer le service de la dette», explique l’agence de notation dans un communiqué. Vendredi midi, le président ukrainien Viktor Ianoukovitch a annoncé vendredi la tenue d’une élection présidentielle anticipée, un retour à la constitution de 2004 avec des pouvoirs présidentiels réduits et la formation d’un gouvernement d’unité nationale.
21/02/2014

Fitch confirme les notes de l'Irlande et de l'Autriche

L’agence de notation Fitch a annoncé vendredi avoir confirmé pour l’Irlande sa note BBB+ avec perspective stable. De même, le AAA de l’Autriche a été maintenu avec perspective stable, malgré les coûts liés à l’assainissement du bilan de la banque nationalisée Hypo Alpe Adria.

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