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13/03/2014

Cathay Capital obtient l'agrément AIFM

L’autorité des marchés financiers (AMF) a agréé Cathay Capital en qualité de société de gestion «AIFM». «L’obtention de cet agrément marque une étape supplémentaire dans l’histoire de Cathay Capital, après son agrément par l’AMF en 2006 en tant que première société d’investissement franco-chinoise indépendante, et sa désignation en 2012 pour gérer le fonds franco-chinois pour les PME», souligne un communiqué publié le 12 mars. La demande d’agrément est une démarche volontaire de Cathay Capital, qui dispose aujourd’hui de 420 millions d’euros sous gestion, pour accompagner sa montée en puissance et traduire la maturité de son organisation, précise le communiqué.
13/03/2014

Western Asset nomme un co-responsable de la dette émergente

Western Asset Management Company, l’une des filiales de Legg Mason, a promu Chia-Liang Lian au poste de co-responsible de l’équipe dette émergente, sous la direction de S. Kenneth Leech, co-directeur des investissements de la structure.Chia-Liang Lian travaillera aux côtés de Keith Gardner, qui a l’intention de prendre sa retraite en avril 2016 après avoir passé près de 22 ans au sein de la société américaine. Cet arrangement « permet de créer un plan de succession de deux ans pour l’équipe dette émergente », commente Western Asset dans un communiqué.La nomination de Chia-Liang Lian, spécialisé sur les marchés obligataires asiatiques, prendra effet en avril 2014.L’intéressé partagera son temps entre Pasadena, le siège de Western AM, et son bureau de Singapour jusqu’en 2015, date à laquelle il s’installera à Pasadena. Western Asset a aussi promu Desmond Soon, l’un des membres de l’équipe d’investissement de Singapour, au poste de co-responsable des investissements en Asie.Chia-Liang Lian est arrivé chez Western Asset en 2011, après avoir passé six ans chez Pimco en tant que responsable des portefeuilles Asie émergente. Desmond Soon, de son côté, a rejoint Western Asset en 2012, en provenance de ST Asset Management.
13/03/2014

Anima veut entrer en Bourse d’ici à juin

Anima vise une introduction en Bourse sur les six premiers mois de cette année, a déclaré l’administrateur délégué de la société, Marco Carreri. La date dépend de la Bourse de Milan et de la Consob, le régulateur, rapporte Bluerating.
13/03/2014

Les fonds de pension britanniques ont de l’appétit pour les stratégies multi-asset

Les stratégies de multi-classes d’actifs ont pleinement les faveurs des fonds de pension britanniques. Selon un sondage réalisé auprès de 64 gérants de fonds de pension publiques ou privés par Baring Asset Management, 83% des personnes interrogées ont aujourd’hui une exposition à ces formes de stratégies d’investissement. Ce chiffre représente une très forte évolution par rapport aux précédents sondages: ils n’étaient que 70 % il y a six mois et 65 % il y a un an à avoir une telle exposition.En parallèle, l’étude met en exergue la préoccupation croissante des fonds de pension sur les thématiques de la volatilité et du risque. De fait, parmi les gérants ayant récemment modifié l’allocation d’actifs de leurs fonds, 60 % ont agi de la sorte pour réduire la volatilité tandis que 40 % d’entre eux ont modifié leur allocation d’actifs afin de mieux faire correspondre leurs actifs à leurs passifs. A contrario, 33% des gérants ont fait de tels changements pour obtenir un meilleur rendement de leurs fonds. Afin d’atténuer la volatilité du marché, 44 % des personnes interrogées ont mieux diversifié leurs actifs tandis que 42 % ont déclaré avoir passé plus régulièrement en revue leurs portefeuilles d’investissements. Enfin, 36 % des gérants ont déclaré avoir changé leurs actifs pour se diriger vers des produits multi-classe d’actifs.
13/03/2014

Les investisseurs à la recherche de rendements font fi de la crise des émergents

Le Mexique a placé un milliard d’obligations à 100 ans libellées en livre sterling, rapporte L’Agefi. Loin des tensions politiques au Venezuela, le pays, qui bénéficie d’une notation BBB assortie d’une perspective stable auprès de S&P et Fitch, a réussi à attirer plus de 2 milliards de livres d’ordres malgré un rendement abaissé à 5,75%. La poursuite des entrées nettes de capitaux dans le pays, d’un montant de 21 milliards de dollars en 2013, a propulsé le taux de détention de la dette locale par des investisseurs étrangers à un record de 40% (contre 27% mi 2012), soit 140 milliards de dollars (11% du PIB).
13/03/2014

Solactive launches an index of green bonds

P { margin-bottom: 0.08in; } The German index provider Solactive on 12 March announced the launch of the Solactive Green Bond Index, the first index on the market to offer exposure to green equities, on the basis of data provided by Climate Bonds Initiative, a nonprofit body which works to mobilize the bond market over climate change issues. A green bond is a bond issued in the form of debt on the market which aims to finance projects which generate environmental or social benefits, and which can therefore involve areas as diverse as renewable energy, energy efficiency, social housing, education, etc. The concept was developed in 2007 by the World Bank and the European Investment Bank.
13/03/2014

Kempen extends field of action on French market

P { margin-bottom: 0.08in; } Kempen Capital Management is extending its range of funds in France. The Netherlands-based asset managemnt firm on 11 March announced that it has achieved a license from the Autorité des marchés financiers (AMF) for two new bond funds which will now be available for sale in France. The funds, entitled Kempen (Lux) Euro Sustainable Credit Fund (classe J aimed at institutional investors) and Kempen (Lux) Euro Credit Fund Plus (classes I and ID aimed at institutional investors), offer “an opportunity for French investors to access niche products in the bond segment,” Kempen Capital Management explains in a statement.
13/03/2014

Western Asset appoints a co-head of emerging market debt

Western Asset Management Company, a wholly-owned subsidiary of Legg Mason, has promoted Chia-Liang Lian to co-head of the emerging markets debt team, reporting to S. Kenneth Leech, co-chief Investment officer of Western Asset. He will serve as co-head alongside Keith Gardner, who intends to retire in April of 2016, after nearly 22 years with Western Asset. “The appointment will create a two-year succession plan for the emerging markets debt investment effort”, according to Western Asset. The appointment is effective in April of 2014. Western Asset also promoted Desmond Soon, one of the Singapore investment team members, to co-head of investment management, Asia, also effective April 2014. Chia-Liang Lian joined Western Asset in 2011. Prior to joining Western Asset, he spent approximately six years with Pacific Investment Management Company (PIMCO), where he served as head of emerging Asia portfolio management. Desmond Soon joined Western Asset in 2012 from ST Asset Management, where he was a portfolio manager.
13/03/2014

Cathay Capital granted AIFM license

P { margin-bottom: 0.08in; } The French Autorité des marchés financiers (AMF) has licensed Cathay Capital as an AIFM asset management firm. “The issuance of this license marks a further step in the hisotry of Cathay Cpaital, after its licensing by the AMF in 2006 as the first independent French-Chinese investment company, and in 2012, its appointment to manage the French-Chinese fund for SMBs,” a statement released on 12 March states. The license application is a voluntary move on the part of Cathay Capital, which now has EUR420m in assets under mangemnt, to assist in its growth and express the maturity of its organization, the statement says.
13/03/2014

Vanguard positions itself on active ETFs

P { margin-bottom: 0.08in; } Vanguard is planning to launch ETF versions of its actively-managed funds, Ignites reports. The US asset management firm submitted an application to the Securities and Exchange Commission last week which would allow it to launch actively-managed ETFs as a share class of existing funds.
13/03/2014

Hedge fund managers face Truman Show markets

P { margin-bottom: 0.08in; } In the film “The Truman Show,” the eponymous hero lives in a world which appears charming, but slowly he notices that something is fishy. He is in fact trapped inside a film controlled by hidden directors, and discovers with horror that he is the star of a reality TV spectacle. The question that several large hedge funds are beginning to ask themselves is whether investors will also wake up and realize that they are living in a Truman Show market, where the highly accommodating monetary policy of central bankers has created a false reality that will come to an end, the Financial Times observes. Seth Klarman, manager of the hedge fund Baupost Group, says investors have developed a false sense of security which creates even greater risk of sudden correction.
13/03/2014

British pension funds have appetite for multi-asset strategies

P { margin-bottom: 0.08in; } Multi-asset class strategies have the full favour of British pension funds. According to a survey of 64 public or private pension fund managers by Baring Asset Management, 83% of respondents are now exposed to mutli-asset class investment strategy. This figure represents a very strong increase compared with the previous surveys: only 70% said so six months ago, and 65% had such an exposure one year ago. Meanwhile, the study finds an increasing preoccupation on the part of pension funds for the themes of volatility and risk. Among managers who recently modified the asset allocations for their funds, 60% did so to reduce volatility, while 40% of them modified their asset allocation in order to better make their assets correspond to their liabilities. However, 33% of managers made these changes to get better returns from their funds.
13/03/2014

JP Morgan AM launches two new funds in Australia

P { margin-bottom: 0.08in; } JP Morgan Asset Management (AM) is extending its presence in Australia, where it has been present since 2010, with the launch of a wholesale activity aimed at local investors, including new funds, such as the JPMorgan Global Strategic Bond Fund and JPMorgan Emerging Markets Opportunities Fund, TheAsset.com reveals. The US asset management firm estimates that the wholesale market represents about USD448m. The JPMorgan Global Strategic Bond Fund is an unconstrained strategy which concentrates on the best investment ideas from a variety of diverse opportunities on global currency and bond markets. For its part, JPMorgan Emerging Markets Opportunities aims to outperform the MSCI Emerging Markets index, adopting a concentrated portfolio strategy based on strong conviction and the creation of value.
13/03/2014

M&G sees slowdown in inflows but record profits in 2013

P { margin-bottom: 0.08in; } In 2013, M&G Investments, the asset management business of the British insurer Prudential, recorded net inflows of GBP9.2bn, down compared with GBP16.9bn in 2012. The firm has nonetheless seen an increase in its operating profits of 23% to GBP395m, a new record. The decline in inflows is due to institutional business, whose inflows fell from GBP9.0bn in 2012 to GBP2.1bn in 2013. M&G explains, however, that the record level in 2012 included a single low-margin mandate of GBP7.6bn. Over the year, total institutional funds under management increased by 3 per cent to GBP58.8 billion.Net retail fund flows in Continental Europe reached a record level of GBP7.6 billion, a 46 per cent improvement on the previous year. European retail funds under management now total GBP23.7 billion, up 64 per cent year-on-year, and represent 35 per cent of total retail funds under management, compared with 26 per cent at the end of 2012. In the UK M&G’s business has slowed after four consecutive years as the number-one house for net retail sales between 2009 and 2012. The business did experience net outflows of GBP0.7 billion during the year.Fund sales, combined with a 15 per cent increase in equity market levels and an 8 per cent rise in bond markets, pushed total funds under management to GBP244.0 billion at 31 December 2013, 7 per cent higher than at the end of 2012. External client assets rose 13 per cent to GBP126.0 billion, nearly treble their level at the end of 2008, and accounted for 52 per cent of the total.
13/03/2014

Millennium adds to credit team

P { margin-bottom: 0.08in; } Millennium Management, the hedge fund founded by Izzy Englanger, which has USD21.8bn in assets under management, has recruited James Ter Haar for its credit team in London, eFinancialNews reports, citing a source close to the case. Ter Haar had previously been a credit portfolio manager at Lucidus Capital Partners, a hedge fund which he left last month after five years in the firm. Ter Haar will recruit three or four people and will manage a USD350m to USD450m credit portfolio.
13/03/2014

Templeton closes its fourth emerging market private equity fund

P { margin-bottom: 0.08in; } Templeton Emerging Markets Group, an affiliate of Franklin Templeton, has announced the final closure to investors of its fourth private equity fund, the Templeton Strategic Emerging Marketing Fund IV, after receiving more than USD220m in engagements, Investment Europe reports. The vehicle, founded in 2012, is managed by a team at Templeton Asset Management, led by Mark Mobius, executive chairman of Templeton Emerging Markets Group. The Templeton Strategic Emerging Marketing Fund IV has already made three investments totalling USD59m, the website notes.
13/03/2014

SLI offers a Sicav version of its continental Europe equity fund

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has launched a Sicav version of its European Equity Income fund, managed by Will James, with assets under management that total about EUR2.16bn, Citywire reports. The SLI Glo SICAV Continental European Equity Income fund was formally launched on 11 March. It uses the same startegy is the UK domiciled fund managed by James since april 2009. It invests in European equities to the exclusion of British equities. The British version of the fund invests as a priority on the Swiss market (17%), France (16%) and Sweden (11.9%). The fund earned returns of 36.4% in the three years to the end of January 2014, compared with growth of 23.86% for the benchmark index (FTSE World Europe ex UK TR EUR) in the same period.
13/03/2014

UBS GAM to manage two funds for Banca Generali

P { margin-bottom: 0.08in; } UBS Global Asset Management is strenghtening its links with Banca Generali with the launch of two bond funds in the Sicav BG Sicav, distributed by the Italian institution, Bluerating reports. The funds, managed by UBS, are the BG Sicav - UBS Dynamic Credit High Yield and BG Sicav - UBS Global Income Alpha. UBS GAM has also recently been selected by Banca Generali as one of five asset management firms to be included in the new insurance policy BG Stile Libero.
13/03/2014

Unigestion develops a new method for evaluating private equity risk

P { margin-bottom: 0.08in; } As part of a recent research project undertaken in collaboration with the Ecole Polytechnique Fédérale de Lausanne (EPFL), Unigestion, which has about EUR10.9bn in assets under management, has developed a new method for evaluationg private equity risks. The innovative approach has two essential specificities: on the one hand, it is based on real cash flows from private equity funds and not, as often, on their intermediary valuations; on the other, it defines risk as the difference between the real level and the expected level of cash flows, both in terms of horizons and amounts. In other words, it evaluates risk the risk that private equity fund distribution presents to investors as lower or later than expected. Unigestion has thus set up a risk measurement known as Expected Cumulative Downside Absolute Deviation (ECDAD), which is based on fund cash flows.
13/03/2014

Wall Street bonuses at their highest since 2008

P { margin-bottom: 0.08in; } According to L’Echo, the average bonus paid on Wall Street rose 15% last year, to its highest level since the financial crisis in 2008, a report released on Wednesday by the New York state budget department reveals. The total amount of bonuses paid was USD26.7bn (EUR19.2bn) in 2013, and the average bonus was USD164,530, the newspaper states.
13/03/2014

Bankinter merges two funds dedicated to emerging markets

P { margin-bottom: 0.08in; } Bankinter Gestión de Activos has informed the Spanish regulator, CNMV, of the merger by absorption of its equity fund Bankinter Emergentes into Bankinter Indice Japon for operational reasons and so as to be able to maintain an adequate management level, Funds People reports. The fund did not have critical size to be maintained in the portfolio, as its assets were barely over EUR300,000, according to data from Inverco, the Spanish asset management association.
13/03/2014

Many active managers can no longer justify their fees

P { margin-bottom: 0.08in; } To what extend is your manager active, and what chance does he really have of beating the market, asks the Financial Times? These questions are related. A measurement of the deviation of managers from their benchmark indices can help to predict which funds will outperform. The measurement is called “active share” - the part of the portfolio of a fund which differs from its benchmark index. A well-managed tracker fund will have an active share of 0, and an esoteric fund which will contain no shares from the index will have an active share of 100. The concept was popularised by university professors Martijn Cremers and Antti Petajisto, who have made two important discoveries. Firstly, closet indexing, in which funds limit underperformance risk by staying close to the index, has become widespread in the United States. Secondly, the larger the active share of a fund is, the more chance it has of beating its index. Funds which charge active management fees but which barely stray from the index have difficulty justifying these fees. Due to the implications this may have, the fund management industry in the United States and Europe is seeking to discredit the concept.
13/03/2014

RobecoSAM creates a position for client specialists

P { margin-bottom: 0.08in; } RobecoSAM is creating a new position for Sustainability Investing Client Specialists, Finews reports. The asset management firm, which is dedicated exclusively to investment focused on sustainability, has appointed Lucas van Berkestijn and Cécile Churet to the role. They will handle the liasion between the research and product development teams and institutional investors. The two new recruits will offer investors investment solutions which are appropriate after analysis of their needs.
13/03/2014

Anima plans IPO by June

P { margin-bottom: 0.08in; } Anima is planning an IPO in the first six moths of this year, the deputy director of the firm, Marco Carreri, has announced. The date depends on the Milan Stock Exchange and Consob, the regulator, Bluerating reports.
13/03/2014

Pioneer plans to increase assets to EUR263bn by 2018

Pioneer Investments’ assets under management are planned to increase from EUR174 billion as of December 2013 to EUR263 billion at year-end 2018, according to the new five-year strategic plan from its parent company UniCredit.In 2013, the Italian asset management firm recorded net inflows of EUR9.6bn, after redemptions of EUR5.8bn in 2012. In the fourth quarter alone, inflows totalled EUR2bn, of which EUR1.7bn were from external clients.EUR86.8bn of current assets are managed for Italian clients, EUR35.3bn for US clients and EUR16.8bn for German clients. Captive assets represent 53% of assets and external clients represent the remaining 47%, a level which has remained stable for the past three years.
13/03/2014

New CEO at Generali Real Estate

P { margin-bottom: 0.08in; } Christian Delaire has been appointed as CEO of Generali Real Estate, Bluerating reports. He will serve in the role from April 2014. Since 2009, Delaire had been general manager at AEW Europe.
13/03/2014

Asian real estate attracts investors worldwide

P { margin-bottom: 0.08in; } Asian real esate has positive momentum. Despite less favourable economic outlooks in the region, investors at the beginning of this year are choosing investment in Asian private real estate, Preqin finds in a recent study. European investors are the most enthusiastic for Asian real estate, with 41% wishing to invest in early 2014, compared with 18% last year. 17% of North American investors were taking aim at private real estate in Asia at the end of February 2014, compared with 9% in July 2013. In Asia, 71% of investors are preferring local private real estate compared with 57% previously. This appetite for the asset class has sustained fundraising forAsian private real estate specialist funds. Funds which had a final closing in 2013 raised a total of USD10.5bn, compared with USD7.9bn in 2012 and USD5.4bn in 2011, according to Preqin.
13/03/2014

Peripheral European countries issued record high yield bonds in 2013

P { margin-bottom: 0.08in; } High yield bond issues in the five countries which represent the periphery of the euro zone, Italy, Spain, Portugal, Greece and Ireland, last year doubled to USD24bn, representing 27% of total issues in the European Union, according to a study published on 13 March by the financial ratings agency Moody’s (“Record High-yield issuance in euro area periphery.”) The development was favoured by the stabilization of ratings, the percentage of negative outlooks for businesses, which was down to 22% compared with 63% during the year. The return of confidence is also accompanied by a decline in the average quality of issuer credit. High yield issue activities in peripheral countries are expected to remain high in 2014, Moody’s predicts, citing refinancing needs at banks, which are continuing to cut back their balance sheets. Italy will continue to lead issuers, but will be rivalled by Spain.
13/03/2014

ESMA notes an improvement in market conditions in second half of 2013

The European Securities and Markets Authority (ESMA) has published its Report on Trends, Risks and Vulnerabilities No. 1, 2014, and its Risk Dashboard for 4Q 2013. Overall, ESMA’s report finds that EU securities markets and investment conditions in the EU improved in the second half of 2013, based on better macro-economic prospects, which also contributed to reduced systemic risk in that period. However, overall risks remained at high levels for EU securities markets as reflected by the rapid propagation of uncertainty from emerging markets countries to EU markets early 2014.
13/03/2014

Long-term funds attract EUR23.7bn in January

The European funds industry enjoyed net inflows of EUR23.7 bn to long-term mutual funds in January 2014, according to Lipper.The net inflows into long-term mutual funds were mainly driven by flows into equity funds (+EUR12.9bn) and mixed-asset funds (+EUR7bn). In addition, bond funds saw net inflows of EUR5bn. On the other side of the table, commodity funds (-EUR0.6bn) showed moderate net outflows.Single fund market flows for long-term funds showed a mixed picture for January, with Norway (+EUR3.8 bn), France (+EUR2.9 bn), and Spain (+EUR2.0 bn) leading the table. Meanwhile, the United Kingdom (-EUR0.8 bn), the Netherlands (-EUR0.7 bn), and Denmark (-EUR0.6 bn) stood on the other side.Money market – with estimated net inflows of EUR24.0 bn – was the best selling asset class overall for January.Den Norske Bank (DNB), with net sales of EUR5.7 bn, was the best-selling group of long-term funds for January, ahead of BlackRock (+EUR3.0 bn) and Deutsche Asset & Wealth Management (+EUR1.9 bn).

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