La foncière Unibail-Rodamco a annoncé le 13 février avoir signé un accord afin d’acquérir auprès du Groupe Stadium, promoteur initial de CentrO, sa part dans la société détenant l’actif, s’associant ainsi à Canada Pension Plan Investment Board (CPPIB).Situé à Oberhausen, au coeur de la Ruhr, l’une des régions les plus peuplées d’Allemagne, CentrO est l’un des plus grands et des plus performants centres commerciaux allemands. Ouvert en 1996 et agrandi de 17 000 m² en 2012, CentrO s'étend aujourd’hui sur 232 000 m² de commerces et de loisirs. Situé dans une zone de chalandise de plus de 3 millions d’habitants, le centre attire près 25 millions de visites par an, certains clients venant même des Pays-Bas. L’investissement en fonds propres pour Unibail-Rodamco n’excédera pas 535 millions d’euros, dont 469 millions d’euros payés à la signature. La transaction représente un taux de rendement de 4,4% et un prix moyen par m² de 7 800 euros.Le centre commercial dispose d’un potentiel de croissance future important, notamment grâce à l’introduction des dernières initiatives opérationnelles du Groupe Unibail-Rodamco (dont la Dining Experience et le label 4 étoiles) et aux possibilités d’extension et de rénovation. L’acquisition de CentrO offre une opportunité unique à Unibail-Rodamco de renforcer sa présence en Allemagne et d’y accélérer son développement après l’acquisition, en 2012, de participations dans mfi AG, 2ème propriétaire, opérateur et développeur de centres commerciaux en Allemagne, ainsi que dans Ruhr Park, l’un des plus grands centres commerciaux d’Allemagne. Elle permet également d’offrir aux enseignes partenaires du Groupe un accès aux meilleurs centres commerciaux allemands.Après avoir finalisé cet accord, Unibail-Rodamco comptera 1,5 millions de m² et 27 centres commerciaux en Allemagne, dont 20 gérés pour compte de tiers par mfi. Sont prévues en outre les livraisons des projets de Recklinghausen, Mönchengladbach et Osnabrück entre le second semestre 2014 et la fin 2016, qui renforceront le portefeuille de mfi de 100 000 m² de surfaces supplémentaires.

Dans l’univers de la gestion alternative américaine, les comptes gérés et les « fund-of-one » affichent une popularité grandissante auprès des investisseurs institutionnels, observe Cerulli Associates. Les « funds-of-one » sont des structures d’investissement sur mesure dédiées à un seul investisseur. La différence principale avec les comptes gérés (ou « managed accounts »), que l’on ne présente plus, est que dans ces dernières structures, les actifs sont détenus et contrôlés par l’investisseur, tandis que pour les « funds-of-one », la société de hedge fund garde le contrôle. « La demande pour les actifs alternatifs de la part des investisseurs retail et institutionnels s’est récemment accélérée », explique Michele Giuditta, directeur associé chez Cerulli.« Les sociétés de gestion élargissent la palette des options offertes pour mieux répondre aux besoins et aux objectifs des clients, et améliorent les véhicules et les structures utilisées pour proposer ces produits, poursuit-il. Depuis le retournement des marchés en 2008, les comptes gérés et les structures « fund-of-one » ont vu leur popularité croître parmi les investisseurs. Ces structures fournissent aux investisseurs institutionnels des contrôles, une transparence et une liquidité accrus, ainsi que des frais plus faibles. »

AEW Europe SGP, filiale à 100% d’AEW Europe, a acheté pour le compte de l’ERAFP (Etablissement de Retraite Additionnelle de la Fonction Publique) l’immeuble Christophe Colomb 2 situé au 4/10 rue Mozart à Clichy à proximité de la station du RER C « Saint Ouen » et du futur prolongement de la ligne 14 du métro.Cet immeuble de bureaux, acquis auprès d’IVG Institutional Funds, d’une surface d’environ 8.700 m² est loué par Nexans depuis la livraison de l’immeuble en 2001. Le locataire occupe actuellement 88% de la surface de l’immeuble.Lors de cette opération, l’acquéreur était conseillé par l’Etude Prud’homme et Baum et le vendeur par l’Etude Thibierge.

Selon des données fournies le 13 février par le cabinet VDOS Stochastisc, les encours des fonds communs de placements espagnols ont enregistré une progression de 2,34 % en janvier pour atteindre 162,29 milliards d’euros. Sur le mois écoulé, les souscriptions nettes se sont élevées à 3,2 milliards d’euros, selon VDOS Stochastisc.

Bankinter Gestión, la filiale de gestion d’actifs de la banque éponyme, vient de recruter Sebastián Larraza au sein de son équipe de gérants avec pour mission de renforcer les mesures de contrôle quantitatif des risques pour la gestion des fonds et des portefeuilles, selon Funds People. Jusque-là, Sebastián Larraza officiait chez Ahorro Corporación Gestión en tant que directeur de l’absolute return, de la multigestion et de la gestion alternative.

Deux fonds de pension néerlandais, dont l’identité n’est pas précisée, viennent de lancer un appel d’offres portant sur des club deals dans l’immobilier résidentiel européen, à l’exclusion des Pays-Bas, rapporte le site IPE.La société de conseil Grontmij Capital Consultants a été chargée de piloter cet appel d’offres. La taille des investissements sera comprise entre 10 millions de dollars et 30 millions de dollars par mandat. Les deux fonds de pension disent préférer une approche active mais pourraient accepter des approches core, value-add (à haute valeur ajoutée), opportunistes ou sectorielles (spécifiques ou diversifiées).

P { margin-bottom: 0.08in; } Two Netherlands-based pension funds whose identities have not been disclosed have launched a request for proposals for club deals in European residential real estate, excluding the Netherlands, the website IPE reports. The consulting firm Grontmij Capital Consultants has been retained to lead the request for proposals. The size of inveatments will total between USD10m to USD30m per mandate. The two pension funds say they prefer an active approach, but may acept core, value-add, opportunistic or sectoral (diversified or specific) approaches.

P { margin-bottom: 0.08in; } Two Netherlands-based pension funds whose identities have not been disclosed have launched a request for proposals for club deals in European residential real estate, excluding the Netherlands, the website IPE reports. The consulting firm Grontmij Capital Consultants has been retained to lead the request for proposals. The size of inveatments will total between USD10m to USD30m per mandate. The two pension funds say they prefer an active approach, but may accept core, value-add, opportunistic or sectoral (diversified or specific) approaches.

P { margin-bottom: 0.08in; } BlackRock is offering five mutual funds which will aim to provide long-term performance corresponding to the returns tied to BlackRock CoRI retirement indices. CoRI indices help investors to estimate the future annual returns from their current savings at the age of 65, or inversely, estimate the savings effort recommended to reach a certain level of income at 65. The five funds on offer are the following: - BlackRock CoRI 2015 Fund (BCVAX) - BlackRock CoRI 2017 Fund (BCWAX) - BlackRock CoRI 2019 Fund (BCXAX) - BlackRock CoRI 2021 Fund (BCYAX) - BlackRock CoRI 2023 Fund (BCZAX) These products are invested as a priority in bonds, but may also invest in other financial instruments. They will be managed by Scott Radell and James Mauro of the North America portfolio solutions unit, within the alpha bond strategies unit dedicated to the Americas region at BlackRock.

P { margin-bottom: 0.08in; } The global unlisted equity fund managed by David Samra and Daniel O’Keefe at Artisan Partners will be closed to most new investors at the end of this week, Citywire reports. The fund has USD14.1bn in assets.

P { margin-bottom: 0.08in; } The OECD on 13 February unveiled its standard model for the exchange of information, a single new global standard for the automatic exchange of data between tax authorities worldwide, which will be presented to G20 finance ministers in 10 days’ time. Jurisdictions will be required to procure information from their financial institutions and automatically exchange them with other jurisdictions on an annual basis. The standard defines the information to be exchanged, the institutions which will be subject to declaration. The types of account and the taxpayers concerned, and the reasonable diligence procedures to be followed by financial institutions. The OECD will officially present the standard for adoption by the G20 finance ministers at their meeting on 22 and 23 February in Sydney, Australia. In 2013, the G20 invited the OECD to develop a global standard for the automatic exchange of information, and remains the factor driving progress toward the establishment of greater tax transparency worldwide. More than 40 countries have agreed to adopt the standard.

P { margin-bottom: 0.08in; } Bankinter Gestión, the asset management affiliate of the bank by the same name, has recruited Sebastián Larraza for its management team. Larraza will be responsible for strengthening quantitative risk management measures for the management of funds and portfolios, according to Funds People. Larraza had previously served at Ahorro Corporación Gestión as director of absolute return, multi-management and alternative management.

P { margin-bottom: 0.08in; } The British Financial Conduct Authority has emphasised in a preliminary study the shortfalls in the defined-benefit pension market in the United Kingdom, which are damaging to the interests of savers, according to the regulator. 80% of savers could get a better pension at retirement by changing providers, which would on average bring them an additional GBP1,500. Small pensions are particularly affected, as they have less choice, as many providers are not available to them, according to the FCA. Savings plan comparison websites lack transparency and appear unsatisfactory, according to the preliminary study. The regulatory authority would like more competition and openness in the savings market. A consultation to identify areas for improvement has been opened for a month. The FCA is also launching a more detailed study of competitiont on the defined-benefit pension market.

Aberdeen is planning to launch a new property fund of funds product to be named the Aberdeen Asia Enhanced Core Property Fund of Funds, likely to target returns of 8-10% per annum. Aberdeen Asset Management has also closed Aberdeen Asia III Property Fund of Funds, its third property fund of funds targeting Asia Pacific. Asia III, which raised USD512 million including co-investment capital, will invest across the risk spectrum, from core to opportunistic strategies, and is targeting returns of at least 13% per annum. This is the latest in a suite of funds of funds raised by Aberdeen to invest in Asia Pacific real estate markets on behalf of its institutional client base. The prior funds of funds, AIPP Asia and AIPP Asia Select, were raised in 2006 and 2007 respectively, and are fully deployed.The Aberdeen Asia Pacific Property Multi-Manager team comprises seven people, based in Singapore, and led by Puay Ju Kang. The Asia Pacific Property Multi-Manager team has funds under management in excess of USD1.6 billion.

P { margin-bottom: 0.08in; } Total return at Zurich Insurance last year totalled only 1.3%, compared with 7% the previous year. The net return is down to 3.5% from 4.4% the previous year. The Swiss group had about USD208bn in investments under management at the end of 2013. Fixed income products represent 85.6% of the portfolio of the largest Swiss insurer.

The European Securities and Markets Authority (ESMA) on February 13 launched a consultation on Guidelines on Alternative Performance Measures (APMs). The aim of the guidelines is to encourage European issuers to publish transparent, unbiased and comparable information on their financial performance in order to provide users with a better understanding of their performance. Some examples of APMs include EBIT (Earnings Before Interest & Tax), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), free cash flow, underlying profit or net-debt. The Consultation Paper follows on from ESMA’s decision to review and replace the 2005 CESR Recommendation on APMs with Guidelines under Article 16 of the ESMA Regulation to tackle concerns about APMs used by issuers.The proposed guidelines are aligned with other regulations and guidance issued by securities regulators in the United States, Australia and Canada on this matter, according to a press release. The closing date for responses to this consultation is 14 May 2014 and ESMA expects to publish the final guidelines in the fourth quarter of 2014.

Long-term UCITS (UCITS excluding money market funds) registered increased net sales of EUR 31 billion, compared to EUR 21 billion in November, according to the European Fund and Asset Management Association (EFAMA). In 2013, long-term UCITS net sales totalled EUR 320 billion.Net sales of equity funds totalled EUR 20 billion, up from EUR 10 billion in November, as balanced funds recorded a rise in net sales to EUR 13 billion, up from 8 billion in November. However, net sales of bond funds returned to negative territory in December with net outflows of EUR 6 billion compared to net inflows of EUR 6 billion in the previous month. Money market funds registered large net outflows of EUR 19 billion, which can be explained by cyclical end-year withdrawals. Net inflows into UCITS amounted to EUR 13 billion, down from EUR 18 billion in November. Total net assets of UCITS increased 0.1 percent in December to EUR 6,929 billion, whilst non-UCITS assets grew by 0.3 percent to EUR 2,799 billion.

P { margin-bottom: 0.08in; } With a new shareholder and a new name, Dexia Asset Management, now known as Candriam Investors Group, can at last dream of the future. “We are aiming for growth of 8% to 10% in our assets per year, supposing that markets gain 4-5% per year,” says Naïm Abou-Jaoudé, CEO of Candriam. “Over five years, that makes 50% more assets, which would allow us to exceed the EUR100bn mark.” Currently, assets at Candriam, which has been acquired by the US firm New York Life, total EUR73bn, after a peak in 2007, at EUR105bn. “We will finally be able to regain lost market share and return to our leading position, now that the weight of history and our uncertainties over the sale are behind us,” Abou-Jaoudé says. The two drivers of growth in assets will be distribution, which represent 28% of assets, and institutionals, which acount for the remainder. Abou-Jaoudé is placing a lot of hope in distribution clients, who had previously been cooled by the sales process and the reputation of the former parent company. Also, it is notable that 35% of assets are managed for Belfius (ex-Dexia) and BIL, under “long-term partnerships.” International activities are not forgotten, and Candriam plans to add to its institutional team in Germany, focused on distribution, recruit a head of consultants in England, and add to staff in Switzerland. “We are in development mode,” says Abou-Jaoudé, who confirms that teams from Dexia AM will remain in place. Lastly, Candriam will also be able to create new products, with the launch of a total return income fund, a European private investment fund and an optimum value private equity fund for insurers. Abou-Jaoudé does not rule out offering funds from investment boutiques of New York Life to European invetors, but that is in the consideration stages at present. The shareholder may also place assets with Candriam, but it is also too soon to say about that.

European asset managers are set to rationalise further, but a widespread mergers and acquisitions spree is unlikely, Fitch Ratings says. “We do not expect widespread M&A because there are not many large candidates left and deals can bring considerable risks. There could be stark cultural differences among managers and they may also face investor outflows. Other challenges include a negative impact on an asset managers’ credit profile if an acquisition involves debt funding, regulatory hurdles in the approval phase and over-paying in a competitive market, particularly if a bidding war is triggered”, according to the rating agency. Nevertheless, Fitch Ratings expect some further selective M&A activity among European asset managers, particularly where institutional investors increasingly demand scale, such as alternative investment, private equity and real estate. The agency also expect the acquisition of smaller specialists to remain popular ways for asset managers to add competences, products, clients or distribution channels. Finally, European asset managers have also generated interest from overseas parties. These transactions enhanced growth platforms and increased geographical diversification of previously North American- or Asian-focused funds.

P { margin-bottom: 0.08in; } Last year, 27 new open-ended German real estate funds were offered to investors, according to data from the Berlin-based ratings agency Scope. Of these funds, only 4 invest internationally as a priority, compared with 9 out of 68 in 2012. In detail, 2 specialise in the United States, one in Australia, and one in Belgium. Although the number of funds specialised in international real estate has fallen year on year, the issue volume is far larger, Scope notes. These issues accounted for 18% of the total issues registered by German real estate funds in 2012, which will increase to 34% in 2013. One of the explanations of this increasing weight is the size of real estate funds specialised in foreign assets, which are up sharply.

P { margin-bottom: 0.08in; } According to data supplied on 13 February by the VDOS Stochastic company, assets in Spanish common investment funds have risen by 2.34% in January, to a total of EUR162.29bn. In the past month, net subscriptions totalled EUR3.2bn, according to VDOS Stochastic.

P { margin-bottom: 0.08in; } The Swedish asset management firm East Capital has licensed its Chinese equity fund East Capital China Fund for sale in Italy, Bluerating reports. The main investment themes for the product are rapid Chinese economic growth and outlooks for a revaluation of the yuan compared with other global currencies.

P { margin-bottom: 0.08in; } Syz & Co has launched the Oyster multi-asset inflation shield fund in Italy, under the name Oyster Mais, Bluerating reports. The portfolio is invested in bonds, equities and commodities.

P { margin-bottom: 0.08in; } SPGP is adding to its sales force. The asset management firm led by Cédric Chaboud has recently built a distribution team through the recruiment of processionals from major market players. Sassan Golshani, 37, has joined SPGP as director of development and marketing. Golshani, formerly of Richelieu Finance Gestion Privée, KBL, was previously director of Global Investment Managers, the asset management firm of the Global Investment Services group. Golshani will rely on a team of two people, which is expected to grow rapidly, according to SPGP. Marie-Alex Robert, 25, joins the firm in the position of external head of sales. After an initial experience at Fédéral Finance in 2011, she previously served at the Global Investment Services group at its affiliate specialised in distribution of external funds as development representative for France and International. Henri Rayot, 30, is appointed as Institutional sales representative for Europe (Benelux, Switzerland and Germany). Rayot, formerly of Oddo Securities and Crédit Agricole CIB in Frankfurt, joined SPGP in 2012, initially to sell equity and bond funds to institutional investors in Europe (Switzerland, Benelux and France).

P { margin-bottom: 0.08in; } The asset management firm Dreyfus, of the BNY Mellon group, has launched the Dreyfus Global Emerging Markets fund, an actively-managed equity fund. The affiliated firm Newton Capital Management will sub-advise the fund, with two emerging market specialists from the firm, Robert Marshall-Lee and Sophia Whitbread.

P { margin-bottom: 0.08in; } Robeco Boston Partners, a specialist in the value approach of the Robeco group, has finished the year in 2013 in flying colours. Its assets under management as of the end of December 2013 totalled nearly USD51bn, compared with USD27bn as of the end of 2012. This development is 40% due to market effects, and 605 due to net inflows. Since the beginning of this year, inflows have continued, and assets under management now total over USD54bn, with inflows of about EUR600m from the European market. The proportion of institutional assets as a part of asets now stands at about 25% to 30% and rising. Christopher Hart, manager of the Robeco BP Global Premium Equities fund, on a visit to Paris, tells Newsmanagers that Robeco Boston Partners about 6 months ago launched a global long/short strategy which may later be introduced on the European market.

Inès de Dinechin will “soon” leave Lyxor Asset Management, where she was chairman, the asset management firm of the Société Générale group has announced in a statement released on Thursday. She was appointed to the role in June 2013, after the departure of Alain Dubois. She had previously served as CEO. De Dinechin will be replaced as of yesterday by Lionel Paquin. He also joins the board of directors in the key client banking and investor solutions division.Paquin was previously head of the managed accounts platform at Lyxor since 2011. He also served as director of risks and internal control, and had been a member of the board of directors at Lyxor since September 2007.The departure comes at a time when Lyxor AM has announced that in 2013 it posted an increase in its assets under management of EUR5bn for the year, to EUR80bn.

P { margin-bottom: 0.08in; } Outflows are accelerating from asset management at BNP Paribas. In 2013, this activity, driven by BNP Paribas Investment Partners (BNPP IP) saw outflows of EUR31.4bn, despite a positive net inflow of about EUR200m in fourth quarter, according to data released by the banking group on 13 February. In 2012, the affiliate had already seen EUR18.8bn in net redemptions. The BNP Paribas group states that the outflows in 2013 largely materialised in money market funds, without giving more detail. The result is that assets under management have melted away like snow in summer, to EUR370bn at the end of 2013, compared with EUR405bn at the end of 2012, down 8.5%. BNP Paribas does not plan to rest on its laurels. In its strategic plan for 2014-2016, the group has assigned a clear objective to BNPP IP: restart inflows. This should be a challenge given the performance posted in the past few years. By 2016, BNPP IP is hoping to bring in net inflows of EUR40bn. To that end, it has set three key areas for priority development: institutinoal clients, Asia-Pacific and emerging markets, and lastly, platforms and distribution networks. The future will tell whether BNPP IP will succeed.

P { margin-bottom: 0.08in; } Allianz Global Investors (GI) plans to give a new breath of life to its Global Solutions division. The division, which now includes 90 professionals in Euorpe, Asia-Pacific and the United States, currently has over EUR60bn in assets under management for over 100 high-calibre institutional clients. The asset management firm does not plan to stop as it is on the right path. “We are aiming for growth in our assets of 10% per year, and EUR5bn more in assets this year,” says Dr. Reinhold Hafner, chief investment officer for Global Solutions at Allianz GI, on a visit to Paris on 13 February. The Global Solutions entity, founded in 2011, aims to offer clients a range of custom investment services and solutions oriented around various units: risk investment advising, retirement solutions, manager search and selection, hybrid life insurance solutions, and lastly, fiduciary management. This latter activity is still expected to grow further. “It is an area in which we have strong demand from clients,” says Hafner. Fiduciary management currently represents between EUR15bn and EUR16bn in assets under management, with about 13 or 14 clients.

New research from Cerulli Associates finds separately managed accounts and fund-of-one investment structures continue to gain popularity among institutional investors.The key difference between a fund of one and a managed account is the ownership and control of the assets. In a managed account, the assets are owned and controlled by the investor; however, in a fund of one, the hedge fund manager retains control. «Demand for alternative assets across retail and institutional channels has recently gained steam,» explains Michele Giuditta, associate director at Cerulli. «Asset managers are broadening options to better meet clients’ needs and objectives, and improving asset vehicles and structures used to package these products,» states Giuditta. «Since the market downturn in 2008, separately managed accounts and fund-of-one structures have increased in popularity among investors. These structures provide institutional investors improved control, transparency, liquidity, and lower fees.»