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17/02/2014

Martin Currie merges two funds dedicated to Japan

P { margin-bottom: 0.08in; } Martin Currie is proposing to merge the Martin Currie Japan fund, managed by John Millar, with the Japan Alpha fund, managed by John-Paul Temperley and Claire Marwick, Investment Week reports. The Martin Currie Japan fund, whose assets under management total GBP46m, has a strategy smilar to that of the Japan Alpha fund, whose assets total GBP63m. Over the year, the two funds show similar returns, but over a long period, the differences are more marked. The Japan fund shows returns of 26.5%, compared with an average of 37.3% for the sector, and a return of 55.6% for the Alpha Japan fund.
17/02/2014

Schroders restrucures Cazenove range

P { margin-bottom: 0.08in; } Schroders has changed the domicile of five funds registered in the Cayman Islands to its Luxemburg range, and merged three of the products as part of the integration of Cazenove Capital Management, Money Marketing reports. The funds concerned by the transfer are: Cazenove UK Dynamic Absolute Return, Cazenove European Alpha Absolute Return, Cazenove European Equity Absolute Return, Cazenove UK Equity Absolute Return and Cazenove Leveraged UK Equity Absolute Return. Cazenove European Equity Absolute Return, Cazenove UK Equity Absolute Return and Cazenove Leveraged UK Equity Absolute Return have been merged, and become Schroder ISF European Equity Absolute Return.
17/02/2014

Assets under management at Lombard Odier top CHF200bn

P { margin-bottom: 0.08in; } In their last year as indefinitely liable bankers, the partners at Lombard Odier welcomed the news of a good fiscal year. “Our total assets rose 10% to a total of CHF207bn as of 31 December 2013, compared with USD189bn one year previously,” Thierry Lombard has told the newspaper Le Temps. Concerning the profitability of the Geneva-based bank, Lombard says that it is “in line with the previous fiscal year.” More details will become available on 30 June 2014, when the bank will for the first time be required to publish its financial results. The only detail released at this stage is that the increase in assets under management is largely due to institutional and international private cliens. Institutional clients now represent one quarter of assets under management, or about CHF45bn.
17/02/2014

Bordier plans to grow in Africa

P { margin-bottom: 0.08in; } Khalil Marcos, head of the Africa desk at the Geneva-based private bank Bordier & Cie, is planning to add to its African base, the news agency Bloomberg reports. Assets under management for African clients now total CHF300m. The head, a former commodity trader at Glencore who then worked for Credit Suisse before joining Bordier, would like to double this amount in the next two years, adding to its teams and concentrating on the sub-Saharan African market, and small businesses in the region.
17/02/2014

Creation of funds increasing sharply in China

P { margin-bottom: 0.08in; } The Chinese market regulatory commission (CSRC), which has recently accelerated its licensing procedure for mutual funds, on 45 January issued permission to launch new products, an increase of 50% compared with January 2013, Asia Asset Management reports. Slightly over 62% of products approved in January are hybrid funds, sectoral ETF funds and money market funds. This is a highly marked evolution compared with the first half of last year, when 8-% of funds approved were bond products. Among the funds licensed in January are eight ETFs, including four managed by China Southern Asset Management.
17/02/2014

Lombard Odier launches a risk-based approach for its private clients

P { margin-bottom: 0.08in; } Lombard Odier has launched an investment approach which applies the experience developed in pension funds for its employees. The multi-strategy approach aims to offer private clients high and diversifeid returns over a market cycle. Lombard Odier is now offering its private clients two strategies: LO Selection Vantage 1500, and LO Selection Vantage 3000. The methodology constructs portfolios designed to optimize diversification via risk factors, in order to deliver better risk-adjusted performance throughout the market cycle. Instead of asking clients what their expectations in terms of returns are, the approach at Lombard Odier based on risk determins their tolerance to potential risk (drawdown). From there, the bank constructs a risk budget based on average losses that a portfolio might sustain in the worst case, over a 20-year period. Lombard Odier constructs portfolios which combine external and internal strategies, on the basis of transparency, track record and liquidity, which offer exposure to developed and emerging market equities, government bonds, corporate bonds and commodities. The strategies from Lombard Odier, LO Selection Vantage 1500 and LO Selection Vantage 3000, are registered in the Netherlands, Spain, France, Belgium, the United Kingdom and Luxembourg. They are in the process of being registered in Switzerland.
17/02/2014

Four major asset management firms called to talks over size

P { margin-bottom: 0.08in; } BlackRock, Fidelity, Pimco and Vanguard were called to meet international regulators in London last week to determine whether the major asset management firms should be considered systemically important financial institutions (SIFIs), Financial Times Fund Management reports. The talks, which were held at the headquarters of the Financial Conduct Authority, suggest that the Financial Stability Board and IOSCO have determined to push ahead with the subject. The two authorities are concentrating on large funds, with the view that those with more than USD100bn should be evaluated for their systemic importance, while US regulators are focusing on firms.
17/02/2014

DeAWM recruits for its Edinburgh office

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) is adding to its staff in Scotland. The asset management firm, an affiliate of the Deutsche Bank group, has recruited John James and Mike Gore as senior investment managers at its Edinburgh office, Citywire reveals. The two new recruits join Charles Mullin, head of this location. Before joining DeAWM, Gore was senior investment manager and managing partner at Adam & Company Investment Management, while John James served at Blackadders. The two recruitments follow a series of departures last year from the Edinburgh office at DeAWM, including Grant Milne, former head of the office.
17/02/2014

Aviva Investors loses chief investment officer

P { margin-bottom: 0.08in; } Changes are afoot at Aviva Investors. According to NewsManagers, Jean-François Boulier, chairman of the board at Aviva Investors France and CEO of Aviva Investors Europe, has been appointed in december as chief investment officer in charge of global fixed income. His role will be tasked with the development of the global fixed income team and he is already working with two people based in London. At this stage, the name of the chief investment officer in charge of equities has not been unveiled. This appointment follows the departure of Shahid Ikram, chief investment officer (CIO) at Aviva Investors, who left the asset management firm in December. Ikram had already been serving in this position for two years, after serving as head of sovereign debt and absolute return between January 2007 and March 2012. He had previously served as head of government debt and absolute return at Morley Fund Management, a brand which has since disappeared.
17/02/2014

"Nous voulons doubler la part des institutionnels dans nos encours"

Legg Mason fêtera en 2014 son dixième anniversaire de présence sur le marché français. Dans un entretien avec Newsmanagers, Vincent Passa, directeur de la distribution en France, Monaco et Benelux depuis 2007, se félicite de ses résultats commerciaux obtenus en 2013. L'objectif d'un encours de 1 milliard de dollars pour le marché français est à porté de main. En 2014, Legg Mason Paris espère notamment bénéficier de l'intérêt grandissant des institutionnels pour la diversification géographique. Clientèle qui devrait, à terme, représenter un tiers des encours.
17/02/2014
Fonds

BlackRock nomme un directeur financier pour l’Asie-Pacifique

Andrew Reynolds vient d’être nommé au poste nouvellement créé de directeur financier et de responsable de la stratégie pour la zone Asie-Pacifique chez BlackRock, révèle Asia Asset Management. Basé à Hong-Kong, il rejoindra la société de gestion le 25 février et sera rattaché localement à Mark McCombe, senior managing director et président pour l’Asie-Pacifique de BlackRock. Andrew Reynolds sera également responsable des bureaux de Taiwan et de Corée du Sud. Avant de rejoindre BlackRock, Andrew Reynolds a travaillé chez CLSA de 2000 à 2013, assumant notamment le rôle de directeur des opérations au niveau mondial et de directeur général pour l’Asie de 2012 à 2013.
Fonds
17/02/2014

Bordier veut se développer en Afrique

Khalil Marcos, le patron du desk Afrique à la banque privée genevoise Bordier & Cie, veut développer son assise africaine, rapporte l’agence Bloomberg. Les actifs gérés pour le compte de clients africains s'élèvent actuellement à 300 millions de francs suisses.Le responsable, un ancien trader sur matières premières de Glencore qui a travaillé ensuite pour le Credit Suisse avant de rejoindre Bordier, souhaite doubler ce montant dans les deux prochaines années en musclant son équipe et en se concentrant sur le marché de l’Afrique sub-saharienne et les petites entreprises de la région.
17/02/2014
Fonds

Les hedge funds chinois suscitent la méfiance

Les hedge funds chinois dégagent des rendements spectaculaires, mais les investisseurs étrangers restent méfiants à leur égard, analyse le Financial Times dans un long article sur le sujet. « Les gérants que nous voyons en Chine affichent vraiment de très bons chiffres, mais ils sont trop opaques. Personne ne sait trop comment ils font », commente un investisseur interrogé par le journal. Dans l’ensemble, les hedge funds grande Chine ont enregistré en 2013 un gain de plus de 19 %, selon Eurekahedge.
Fonds
17/02/2014

BaFin issues AIFM license for first time

P { margin-bottom: 0.08in; } The German regulatory authority, BaFin, has issued its first compliance license under the AIFM directive to the real estate fund Publity Performance Fonds Nr. 7 from the asset management firm Leipziger Publity AG, according to a statement from the firm released on 14 February. The AIFM directive was transposed into German law in July 2013, but this is the first AIFM-compliant fund to be licensed for sale, a statement says.
17/02/2014

Towers Watson calls on institutionals to revise their equity strategies

P { margin-bottom: 0.08in; } Institutional investors are expected to revise their approach with respect the construction of their equity portfolios, in order to benefit from innovations in the sector, according to an article in the new publication “Equity Investing: Insights into a better portfolio.” The article emphasizes that the bricks used to build an equity portfolio are no longer limited to active and passive management, with weighted indices according to cap size. Now a third pillar needs to be aded: smart beta, which aims for systematic factors or thematic investment to capture specific premiums, generally at a very low cost. “Developments on the equity markets and in the sector have added complexity and depth, in terms of products available and portfolio construction tools. It is not enough to get an allocation to earn beta and one or two active managers to construct an equity portfolio. The asset-holder now faces the challenge of developing his own portfolio construction tools, or to delegate this task to third parties,” says Jim MacLachlan, global head of equity research at Towers Watson. Institutionals need to become adept in manager selection and portfolio construction, in order to identify qualified asset managers from a universe that includes thousands of competing products. A basic principle is to ensure that managers are “best in class” and offer specific strategies which cann’t be replicated elsewhere at low cost. Institutionals may introduce new cost-benefit criteria, for example by putting place a long/short portfolio in paralle with a long-only strategy, or developing more activist strategies.
17/02/2014

Institutional investors increasingly interested in advanced smart beta

A new State Street Global Advisors study finds strong appetites for advanced beta solutions among the institutional investor community. Among those surveyed, 42% say they have already committed a portion of their portfolios to advanced beta, while a further 24% say they intend to do so at some point in the future. “Advanced beta” refers to systematic, rules-based strategies that provide investors with a way to gain exposure to factors in addition to traditional market beta across both equities and fixed income.Three-quarters of respondents say that advanced beta is a viable alternative to traditional index strategies, and two-thirds say that it is a viable alternative to active management. Investors have placed more emphasis on investment outcomes associated with certain factor exposures.European institutional investors are outpacing their North American counterparts in the adoption of advanced beta strategies. Almost one-quarter of European respondents have allocated 20% or more of equities in their portfolio to advanced beta, compared with just 4% of those from North America.Investors who have already committed funds to advanced beta, or are planning to do so, are most likely to adopt low-valuation and/or low-volatility strategies. Overall, 39% of investors currently with an allocation to advanced beta are using one or both of these approaches.
17/02/2014

La foncière Hammerson boucle un bon millésime

Hammerson, troisième foncière britannique par la capitalisation boursière, a annoncé une hausse de 5,7% de son actif net réévalué en 2013, à 573 pence par action. Le groupe a précisé que les Terrasses du port, son nouveau centre commercial à Marseille, ouvrira ses portes début mai.
17/02/2014

La croissance japonaise déçoit les attentes

Le PIB japonais n’a progressé que de 0,3% au dernier trimestre de l’année dernière. Un rythme identique à celui du troisième trimestre et bien inférieur aux prévisions du consensus qui variaient entre 0,4% et 1,1% d’un trimestre sur l’autre. En cause, le commerce extérieur qui a retiré 0,5 point à la croissance, alors que le consommation a apporté une contribution positive de 0,3 point, les investissements des entreprises de 0,2 point et la construction immobilière de 0,1 point. Le consensus table néanmoins sur un nouveau statu quo de la BoJ à l’occasion de sa réunion mensuelle qui se tient aujourd’hui et demain.
17/02/2014

La hausse des prix de l'immobilier britannique s'accélère

Les prix des logements à la vente outre Manche ont progressé de 5,2% en un mois à Londres, selon les statistiques publiées lundi matin par Rightmove, le premier site d’annonces immobilières du pays. Sur un an, la hausse atteint 11,2% dans la capitale britannique. A l'échelon national, la hausse des prix en février s'élève à 3,3% par rapport au mois précédent, et à 6,9% sur 12 mois glissants.
17/02/2014

Guggenheim cherche des cibles dans les ETF en Europe

Guggenheim, fournisseur américain de produits indiciels cotés, cherche à s'étendre en Europe, notamment par croissance externe, indique lundi le Financial Times. Le groupe a dressé «une liste de cibles potentielles», selon William Belden, patron de l’activité ETF. Guggenheim a un historique de participation dans le M&A». Ces dernières semaines, le fonds de private equity américain Warburg Pincus a pris le contrôle de l’européen Source, tandis que WisdomTree a annoncé un projet de rachat de BoostETP, un fournisseur britannique.
17/02/2014

Jean-François Boulier étoffe son portefeuille chez Aviva

Jean-François Boulier a été nommé au poste de directeur des investissements en charge du fixed income à l'échelle mondiale d’Aviva Investors. Il conserve ses fonctions actuelles de président du directoire d’ Aviva Investors France et de directeur général d’ Aviva Investors Europe. Cette nomination fait suite au départ début décembre de Shahid Ikram, directeur des investissements de la filiale de gestion de l’assureur britannique.
17/02/2014

La production manufacturière américaine subit la vague de froid

La production manufacturière aux Etats-Unis a enregistré en janvier une baisse inattendue de 0,8%, la plus forte depuis mai 2009, à cause de la vague de froid qui a touché une bonne partie du pays, montrent les statistiques publiées vendredi par la Réserve fédérale. Les économistes interrogés par Reuters prévoyaient en moyenne une hausse de 0,1% d’un mois sur l’autre.
17/02/2014

La banque centrale russe adopte un biais restrictif

La banque centrale russe a laissé vendredi son principal taux directeur inchangé à un niveau de 5,5%, malgré une inflation à 6,1% bien supérieure à l’objectif de 5% que s’est fixé l’autorité. Elle a néanmoins indiqué que si les anticipations de hausse des prix venaient à dévier de leur trajectoire baissière, «la banque centrale sera prêt à durcir sa politique monétaire».
17/02/2014

L'Esma réclame une définition commune des dérivés

L’autorité européenne des marchés a adressé un courrier à la Commission européenne lui réclamant une définition urgente des dérivés, deux jours après l’entrée en vigueur de la communication obligatoire des transactions sur ces contrats financiers. Selon l’Esma, tant que cette définition commune n’aura pas été établie, les autorités nationales n’auront pas à imposer la communication obligatoire des transactions sur certains dérivés de matières premières et de changes.
17/02/2014

Les crédits bancaires ont fortement progressé en Chine

Les banques ont accordé pour 1.320 milliards de yuans (159 milliards d’euros) de nouveaux prêts en yuans en janvier, soit trois fois le niveau de décembre, a annoncé la Banque populaire de Chine sur son site internet. Le chiffre du premier mois de l’année est habituellement élevé mais il dépasse cette fois les prévisions - les économistes tablaient en moyenne sur 1.100 milliards - et il est au plus haut depuis janvier 2010.

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