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18/02/2014

Fidelity recrute deux personnes en Italie

Fidelity Worldwide Investment a recruté deux personnes dans son équipe italienne, rapporte Bluerating. Rosario Sarcone rejoint la société en tant que senior sales manager dédié à la clientèle wholesale, après avoir travaillé chez PineBridge et Carmignac Gestion. Alberto Mussini est recruté en tant que manager fund selection units. Il rejoint l’équipe de Matteo Buonomini. Il a travaillé précédemment chez Banca Imi, Aletti Gestielle et Aureo Gestioni.
18/02/2014
Fonds

Forte collecte sur les fonds norvégiens en janvier

En janvier, les fonds commercialisés en Norvège ont enregistré des souscriptions nettes de 60 milliards de couronnes norvégiennes, selon l’association locale des professionnels de la gestion Verdipapirfondenes forening (VFF). Cette collecte a été tirée par les fonds fixed income, qui ont engrangé 56 milliards de couronnes, et les investisseurs institutionnels, qui ont placé 56,9 milliards de couronnes.Par ailleurs, la société norvégienne DNB Asset Management a enregistré des souscriptions nettes de 49,5 milliards de couronnes.
Fonds
18/02/2014

Partners Group cherche des possibilités d'investissement en Asie

La société d’investissement Partners Group, qui vient de boucler un programme d’investissements de 1,5 milliard d’euros (Newsmanagers du 14 février), précise qu’une bonne partie de ce programme pourrait être investie en Asie.Selon Asian Investor, jusqu'à 40% du programme pourrait être investi dans des opérations de buy-out sur le marché des PME asiatiques.
18/02/2014
Fonds

Aquila lance un nouveau fonds obligataire mondial

La société de gestion suisse Aquila & Co, basée à Zurich, a lancé un nouveau fonds obligataire mondial conçu pour neutraliser les effets liés à l’environnement de taux d’intérêt bas, croit savoir Citywire. Baptisé Solitaire Global Bond, ce véhicule Ucits domicilié au Liechtenstein peut investir au moins à 90 % dans des obligations libellées en dollars et jusqu’à 10 % dans des obligations d’autres devises. Le fonds se concentrera principalement sur des obligations notées BBB d’une duration moyenne de 4,2 ans. Ce fonds affichait 12,5 millions de dollars d’actifs à son lancement et est disponible en dollars, en euros (hedged) et en francs suisse (hedged).
Fonds
18/02/2014

French money market funds do well in January

The year is starting out well for French collective asset management. In January, French-registered OPCVM funds have seen an increase in their assets of 2.78%, to EUR776.9bn, with a very strong increase in money market assets. The growth totals 8.74%, (or EUR23.3bn), far ahead of funds investing in bonds (+1.83%) and convertibles (+2.27%). For their part, funds investing in equities which have seen their assets under management fall 1.95%, despite a positive inflow effect in some categories. In its extract of its monthly rating, EuroPerformance – a SIX Company states that inflows to low-risk short-term assets show a rupture with previous months. However, the performane at the beginning of the year show a reversal of this trend. For the equity fund categories overall, the performance effect has played an essential role. All categories monitored by Europerformance have seen their assets under management decline, while the “equities Europe,” “equities America” and “equities Asia/Pacific” categories have received net inflows of EUR925m, EUR38.59m and EUR109.4m, respectively. Their respective markets, on average, have lost 1.37%, 2.06%, and 2.675%. The two categories with cumulative net outflows and a negative market effect are MENA equity funds and international equity funds. The first of these categories lost EUR28m, while the second lost EUR822.11m, with an average decline in performance of 0.04% for MENA funds and -2.42% for international equity funds.
18/02/2014

Aquila launches a new global bond fund

The Swiss asset management firm Aquila & Co, based in Zurich, has launched a new global bond fund designed to neutralize the effects of low interest rates, Citywire reports. The UCITS vehicle domiciled in Liechtenstein, entitled Solitaire Global Bond, may invest at least 90% in bonds denominated in US dollars, and up to 10% in bonds in other currencies. The fund will concentrate primarily on bonds rated BBB with an average duration of 4.2 years. The fund had USD12.5bn in assets at its launch, and is available in US dollars, euros (hedged) and Swiss francs (hedged).
18/02/2014

Strong inflows to Norwegian funds in January

In January, funds on sale in Norway posted net inflows of NOK60bn, according to the local association of asset management professionals, Verdipapirfondenes forening (VFF). These inflows were driven by fixed income funds, which posted NOK56bn in inflows, and institutional investors, who invested NOK56.9bn. The Norwegian firm DNB Asset Management recorded net inflows of NOK49.5bn.
18/02/2014

Three former Barclays employees charged in Libor scandal

UK’s Serious Fraud Office, responsible for investigating the Libor inter-bank lending rate scandal, on 17 February announced in a statement that it is making further charges in the case. Criminal charges have been filed by the SFO against three former employees at Barclays Bank: Peter Charles Johnson, Jonathan, James Mathew, and Stylianos Contogoulas, in connection with manipulation of Libor. It is alleged they conspired to defraud between 1 June 2005 and 31 August 2007. They will face court dates at a time to be determined in the future. The new charges bring the number of people charged by the SFO in Great Britain to 6, after the agency asked for a budget hike in January to complete its investigation.
18/02/2014

New record for activist fund launches

Launches of activist funds reached their highest level in five years in 2013, Financial Times fund management reports. Eight activist asset management firms were founded last year, five of them in the United States. By comparison, only five groups of activist funds were created in 2012 and 2011 respectively, and all but one were based in the United Sttaes, according to data from Activist Insight.
18/02/2014

Partners Group seeking investment opportunities in Asia

The investment company Partners Group, which has recently completed a EUR1.5bn investment programme (Newsmanagers of 14 February) states that a good portion of the programme may be invested in Asia. According to Asian Investor, up to 40% of the programme may be invested in buyout operations on the Asian SME market.
18/02/2014

European vote on money market funds postponed

Should constant net asset value funds be banned? At what pace? And what capital requirements are to be placed on them in the meantime? In the absence of an agreement over a debate in the European Parliament scheduled for 17 February, a majority of members of the Econ commission have finally decided to delay it until later, Agefi reports. In reality, some EMPs would not be upset to see the bill be binned after the term, in the absence of a vote in Parliament. The most likely outcome remains, however, that members of Parliament will announce a verdict on 3 March, but the likelihood that talks with finance ministers will succeed before the end of the term are very poor, the newspaper notes.
18/02/2014

ING IM Renta Fund Global High Yield fund tops EUR5bn

Assets under management in the ING (L) Renta Fund Global High Yield fund have topped EUR5bn, ING Investment Management indicates. Despite concerns related to a rise in interest rates, the high yield sector is continuing to attract investors, with attractive returns in the bond universe, all the more since the sensitivity to interest rates is less marked than in high yield. Tim Dowling, head of global high yield at ING Investment Management, expects returns of about 5%, and estimates that there is still room to manoeuvre to continue to tighten spreads, which limit the impact of an interest rate rise.
18/02/2014

Hedge funds seeking managers for distressed assets

Hedge fund management firms are raiding staff of investment banks and consulting firms to build up their teams for distressed assets, Financial Times fund management reports. The attraction of this asset class has risen since the financial crisis, but many hedge funds are just beginning to buid their teams in this area. The hedge funds Och Ziff, Centerbridge Partners, Beach Point Capital Management and Monarch Alternative Capital have added to their European distressed asset management teams, according to several recruitment experts who have asked for anonymity. This is also the case for BYG Pactual and Tikehau.
18/02/2014

Open-ended real estate funds post record inflows

German open-ended real estate funds last year posted net inflows of over EUR4.5bn, the highest level recorded in five years, according to statistics released by the ratings agency Scope Ratings. Scope reveals that its figures mark a difference of about EUR1bn from the statistics published by the German asset management association BVI, due to the fact that Scope does not take into account assets which are undergoing liquidation.
18/02/2014

Siemens launches a venture capital fund

The German group Siemens on 17 February announced the launch of a venture capital fund with EUR100m, the Industry of the Future fund, which will invest as a priority in young startups in technology or promising sectors. The fund has already invested in two firms, the Lagoa company based in Montreal and the US firm CounterTack, based in Boston.
18/02/2014

Invesco RE recruits head of asset management for Europe

Invesco Real Estate (Invesco RE) has appointed Etienne Dupuy as senior director in charge of its asset management activities in Europe, replacing Neil Harris, who left to join Starwood Capital last year, Funds Europe reports. Dupuy will be based in Paris, and will oversee a team of 16 asset managers throughout Europe. Dupuy is also joining the executive board at the company. Before joining Invesco RE, Dupuy had for five years served as CEO of BNP Paribas Real Estate Investment Services. He had previously spent 9 years at Axa Real Estate Investment Managers. Invesco Real Estate has USD55.7bn (EUR41bn) in assets under management, of which USD7.3bn are in Europe.
18/02/2014

US firms court European ETF market

The US firms Guggenheim, ProShares and Charles Schwab are seeking the best way to enter the European ETF market, Financial Times fund management reports. William Belden, head of ETF business at Guggenheim, confirms that his group is studying a list of potential merger and acquisition targets. John Sturiale, senior vice president of product management at Charles Schwab Investment Management, states that his firm has carried out studies of an entry into the European ETF market. ProShares, for its part, has begun to explore opportunities outside the United States. Recently, two US firms have acquires ETF asset management firms in Europe: Warburg Pincus has acquires a majority stake in Source, and WisdomTree has acquired Boost.
18/02/2014

Newton launches a growth fund aimed at charities

Newton Investment Management, which belongs to the BNY Mellon group, has launched a growth fund, the Newton Growth Fund for Charities, a sub-fund of the new British OPC BNY Mellon Charities Funds aimed at British charity investors. The principal manager of the fund is Simon Nichols, of the global multi-asset class team at Newton. The fund has a range of indices as references, reflecting the main asset classes in which the fund invests, including 37.5% in the FTSE All Share Index, 37.5% in the FTSE World ex UK (£) Index, 20% in the FTA British Government All Stocks Index, and 5% in the 7-day LIBID. The minimal investment in the fund is GBP5,000, and the commission has been set at 0.60% per year.
18/02/2014

Schroders joins BVI federation

The German affiliate of the British asset management group Schroders has joined the German asset management association BVI as a full member, according to a statement released on 17 February. The British asset management firm is one of the first to take advantage of the opening of the professional association to foreign actors, announced in October 2013.
18/02/2014

Fidelity adds to bond team in Germany

Fidelity Worldwide Investment on 17 February announced the launch of a horizon fund which comes as an addition to its bond range in Germany. The fund, Fidelity Laufzeit 2018, which has been designed in close collaboration with its distributor partners, will invest in bonds maturing in 2018 and redeemed at part, Fidelity says in a staement. The subscription period runs fom 17 February to 14 April 2014. In addition to government and corporate investment grade bonds, the fund may also expose itself to emerging market bonds, with the opportunity to invest up to 40% of its portfolio in high yield bonds with a rating of BB+ or below. Management fees total 0.3% per year for institutional Y shares (ISIN: LU1021906885). The minimal investment for institutionals is EUR750,000.
18/02/2014

Scope recruits in London

The German ratings agency Scopt ratings on 17 February announced the appointment of Marco Troiano as associate director in charge of ratings for banks based in London. Troiano will initially be responsible for the analysis and ratings of a number of European banks. Troiano previously worked at Standard & Poor’s as a banking analyst, and at Berenberg. Before joining Scope, he served as an independent analyst on the European banking sector.
18/02/2014

Private equity outstrips renewable energies

Private equity firms are abandoning the renewable energy sector after a series of fruitless investments, Financial Times fund management reports. About 87% of private equity funds specialised in renewable energies earned lower than median returns. Among them are products from HgCapital, Impax, InfraRed, BlackRock and Foresight, according to Preqin.
18/02/2014

Arden launches a UCITS format fund of hedge funds

Arden Asset Management is adding to its product range. The asset management firm, based in New York and London, has unveiled a new fund of hedge funds that complies with UCITS regulations, FundWeb reveals. The Ireland-domiciled vehicle, entitled Arden Diversified Alternative Strategies, will adopt a multi-management approach to invest in hedge funds.
18/02/2014

Eaton Vance recruits a CIO from Goldman Sachs AM

Eaton Vance Management is adding to its teams. The US asset management firm, based in Boston and an affiliate of the Eaton Vance group, has announced the appointment effective from 29 April 2014 of Edward J. Perkin as chief investment officer in charge of equities. He replaces Duncan W. Richardson, who retired in October 2013. The position had been occupied for the interim by Thomas Faust, chairman and CEO of Eaton Vance. Before joining Eaton vance, Perkin had served as chief investment officer in charge of equities for international and emerging markets at Goldman Sachs Asset Management. He was based in London and oversaw a team of 50 people composed of analysts and portfolio managers located in eight different locations. Eaton Vance Management manages US or global equity portfolios with total assets of USD39.2bn as of the end of December 2013 for individual and institutional investors via funds and managed accounts.
18/02/2014

Partners Group invests in US firm MultiPlan

A group led by the investment company Starr Investment and the Swiss wealth management firm Partners Group on 17 February announced the acquisition of the US firm MultiPlan from Silver Lake and BC Partners. The terms of the transaction have not yet been disclosed. MultiPlan, founded in 1980, offers cost management solutions in the health sector. The business has a network of 900,000 health service providers, and its own system, which permits savings of about USD11bn on 40 million loans.
18/02/2014

Nomura sells a stake in Fortress

The Japanese Nomura group has earned a capital gain of USD205m on its sale of a stake in the US alternative asset management firm Fortress Investment Group, the news agency Bloomberg reports. Nomurs has sold a 12% stake in Fortress for a total of USD363.4m. The capital gain on this sale will be integrated into the results from fourth quarter as of the end of March, a spokesperson for Nomura says. The Japanese group acquired a 15% stake in December 2006. Assets under management at Fortress total about USD58bn.
18/02/2014

Skandia recruits a head of institutionals

Skandia in Sweden has recruited Anders Jonsson as head of sales for institutional clients, while the firm is preparing to offer asset management services to this category of investors, Fondbranschen reports. Jonsson joins from DNB in Sweden, where he was CEO for about 10 years. Skandia is working to launch four funds for institutionals. The first to be released will be a corporate bond fund, The other three concern real estate, private equity and commodities.
18/02/2014

Fidelity recruits two in Italy

Fidelity Worldwide Investment has recruited two people for its Italian team, Bluerating reports. Rosario Sarcone joins the firm as senior sales manager dedicated to wholesale clients, after working at PineBridge and Carmignac Gestion. Alberto Mussini is recruited as manager fund selection units. He joins the team of Matteo Buonomini. He previously worked at Banca Imi, Aletti Gestielle and Aureo Gestioni.
18/02/2014

Head of Fidelity UK to retire

Hugh Mullan, managing director at Fidelity Worldwide Investment in the United Kingdom, will be leaving the firm in April this year to take a one-year sabbatical, Citywire reports. Mullan, who joined Fidelity in 2008 as chief operations officer for Europe, had been director of the British activity since March 2012. He will be temporarily replaced by Jim Burton, current director of marketing at the personal investment branch of Fidelity Investments in the United States. But the asset management firm is seeking a full-time replacement, and hopes to be able to announce an appointment by the end of the year.
18/02/2014

Hargreaves publishes new price schedule

The British firm Hargreaves Lansdown has written to asset management firms to detail the new fee structure which awaits them from 1 March, due to the discontinuation of commissions previously paid to managers on platforms, Money Marketing reports. The prohibition on commissions for platforms officially comes into effect on 6 April. The platform states that it will charge up to GBP10,000 per mission when carrying out operations for asset management firms. The new price grid includes simple events, complex events, treatment of pricing errors and obligatory information publications. Events classified as “simple,” which include, for example, administrative cotst related to modifications to a fund, will be charged at GBP500 plus GBP6.75 per client. In 2012, such an event required contacting about 730 clients, Hargreaves states. The average cost for such an event is estimated to have been GBP5427.50.

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