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11/02/2014
Fonds

Schroders lance un fonds dédié aux actions émergentes

Le britannique Schroders a lancé un fonds dédié aux actions émergentes et plus particulièrement aux petites capitalisations, rapporte Citywire.Le Schroder ISF Global Emerging Markets Smaller Companies fund, domicilié au Luxembourg, est actuellement en incubation et vise en priorité les investisseurs institutionnels.
Fonds
11/02/2014
Fonds

Aviva Investors liquide un fonds immobilier

Aviva Investors va liquider son fonds Property Investment de 78,9 millions de livres en raison de sa taille qui le rend économiquement non viable, rapporte FT Adviser. Le fonds avait atteint 200 millions de livres début 2011. De faibles performances et des rachats ont conduit à la chute de ses encours.
Fonds
11/02/2014

Seven Capital lance un fonds d'investisserment alternatif

La société indépendante Seven Capital Management, spécialisée en gestion de performance, devrait officiellement annoncer ce mardi, selon nos informations, le lancement d’un nouveau produit, Le BlackSnake, un fonds d’investissement alternatif sous régulation AIFM qui vient d’obtenir l’agrément de la CSSF (Commission de surveillance du secteur financier).Le nouveau fonds, qui s’inspire d’une stratégie existante de CTA, couvrira un ensemble de classes d’actifs élargi avec entre autres la gestion de matières premières et de change. Seven Capital Management a par ailleurs choisi Caceis au Luxembourg pour être le dépositaire et l’administrateur de fonds de Seven Lux SICAV-SIF dont le compartiment BlackSnake bénéficie du premier passeport européen en gestion alternative directe, selon un communiqué publié le 10 février par Caceis. Pour mémoire, Seven Capital Management est la première société de gestion alternative en France à avoir reçu en août dernier l’agrément AIFM (Alternative Investment Fund Managers) délivré par l’Autorité des marchés financiers (AMF).
11/02/2014

Barings en France collecte malgré les émergents

Malgré son exposition significative aux marchés émergents, Barings en France a réussi à terminer l’année 2013 sur une collecte nette de 80 millions d’euros, a indiqué à Newsmanagers Benoît du Mesnil du Buisson, président de Baring Asset Management France.Les actifs sous gestion s’inscrivaient fin décembre 2013 à un peu plus de 1 milliard d’euros contre 900 millions d’euros fin 2012. Au niveau du groupe, les actifs sous gestion sont demeurés stables à environ 44 milliards d’euros.Pour l’année en cours, Barings en France compte sur des produits lancés récemment et qui ont reçu un bon accueil auprès des investisseurs. Il s’agit notamment du Baring European Opportunities Fund lancé en octobre dernier et dont les actifs sous gestion atteignent 150 millions d’euros.Egalement parmi les fonds poussés cette année, une stratégie d’allocation, le Baring Euro DAA Fund, lancée il y a tout juste un an, qui dans sa version britannique affiche un encours de quelque 10 milliards d’euros. Barings France compte également sur une stratégie globale dédiée aux marchés frontières, le Baring Frontiers Markets Fund, lancé fin avril 2013, et qui affiche un encours de 40 millions d’euros.
11/02/2014
Fonds

Les fonds à coupon raflent 60 % de la collecte italienne

En 2013, les fonds italiens ont enregistré des souscriptions nettes de 48,7 milliards d’euros, soit leur meilleure année depuis 1999. Ce retour en grâce a surtout été favorisé par les banques qui, à la faveur d’un changement radical de politique commerciale, ont recommencé à proposer des fonds, et notamment des fonds à coupon. Selon l’analyse menée par Plus24, sur les 48,7 milliards d’euros drainés par les fonds, environ 30 milliards d’euros se sont dirigés vers des fonds à coupon, soit 61 % du total. Le journal précise qu’il s’agit d’une estimation basse, les sociétés de gestion n’ayant pas toutes communiqué leurs données. Parmi les sociétés les plus actives en termes de fonds à coupon figurent Eurizon (10 milliards d’euros de collecte sur les fonds à coupon en 2013), Pioneer Investments (5,5 milliards), Aletti Gestielle (4,7 milliards), Anima (4,1 milliards) et Arca (1,5 milliard).Pour Plus24, le succès commercial de ces fonds à coupon s’explique surtout par la rémunération intéressante que les réseaux de vente peuvent immédiatement engranger.
Fonds
11/02/2014

Kairos Partners recrute un ancien de Franklin Templeton

La société de gestion italienne Kairos Partners, dont Julius Baer détient une participation, vient de recruter Amir Kuhdari en tant que directeur commercial.L’intéressé a travaillé ces sept dernières années chez Franklin Templeton Italia, où il était sales manager et responsable du retail.
11/02/2014

Un fonds de pension canadien démarre un hedge fund en interne

Le Canada Pension Plan Investment Board (175 milliards de dollars d’actifs) lance un hedge fund « maison » dans son bureau de Londres, rapporte Financial News. Pour cela, le fonds de pension canadien a recruté Dureka Carrasquillo de Tranberg Capital. Alain Carrier, responsable pour l’Europe de CPPIB, indique que le fonds veut embaucher une équipe de quatre à cinq professionnels qui bâtira un portefeuille long/short ciblant l’Europe, le Moyen-Orient et l’Afrique.
11/02/2014

Le fonds de pension Etera choisit State Street pour l'administration de fonds

Le fonds de pension finlandais Etera Mutual Pension Insurance Company (Etera) a attribué un mandat à State Street pour lui fournir une gamme de solutions pour fonds de pension. Portant sur plus de 5,6 milliards d’euros d’actifs sous gestion, les prestations de State Street comprendront des services de conservation de titres, de comptabilité de fonds, de prêt-emprunt de titres, de compensation de produits dérivés, de gestion de collatéral, de routage d’ordres OPCVM, et de services de suivi quotidien du risque."Les investisseurs institutionnels ont besoin d’accéder aux données en temps réel pour optimiser leurs décisions d’investissement. Cela contribue à expliquer pourquoi presque 90 % d’entre eux prévoient d’investir dans des systèmes de gestion et d’exécution des ordres au cours des trois prochaines années», commente Paola Bergamaschi, responsable EMEA des solutions dédiées aux fonds de pension chez State Street.
11/02/2014

Horizons widening for asset management

The asset management industry may be looking at a bright future. According to a study released by PwC, assets under management worldwide, which now total about USD63.9trn, may see stratospheric growth, to a total of USD101.7trn by 2020, an annual growth rate of nearly 6%.In other words, asset management firms are increasingly expected to occupy the foreground, as European banks alone are expected to see a deficit in owners’ equity of USD380bn in the next five years, PwC estimates.Global AUM growth will be driven by pension funds, HNWIs and sovereign wealth funds, according to PwC. In 2012, the AM industry managed 36.5% of assets held by pension funds, sovereign wealth funds (SWF), insurance companies, mass affluent and high-net-worth individuals (HNWI). PwC predicts that by 2020 the AM industry will manage USD101.7 trillion of clients’ assets, implicitly assuming the penetration rate to remain constant. However, given the AM industry is successful in penetrating these clients assets further, PwC believe that the AM industry would be able to increase their share of managed assets by 10% to a level of 46.5%, which would in turn represent a USD130 trillion in global AUM. Also, assets under management in the South America, Asia, Africa, Middle East economies are set to grow faster than in the developed world in the years leading up to 2020, creating new pools of assets that can potentially be tapped by the AM industry. However, the majority of assets will still be concentrated in the US and Europe.
11/02/2014

PwC expects mergers and acquisitions to continue in 2014

P { margin-bottom: 0.08in; } After a stable period following the crisis, the number of merger and acquisition operations put into action by French groups rose in 2012 and 2013, with a slight increase in the size of the businesses acquired, and reduced interest on the part of buyers in emerging markets, according to a study by the auditing and consulting firm PwC, covering merger and acquisition operations by French industrial groups between 2009 and 2013. In 2014, PwC predicts a slight increase in these operations, with particular interst in acquisitions in developed countries (France, other countries of Europe, and the United States), and an increase in the average size of target businesses.
11/02/2014

Myra launches a multi-asset class fund of funds

P { margin-bottom: 0.08in; } The investment boutique Myra Capital is proposing to launch a new multi-asset fund of funds to offer a more diversified approach to the market, Citywire reports. The Mura Solidus Global fund will be domiciled in Luxembourg, and may be launched in early March, after obtaining regulatory clearance. The absolute return strategy will invest as a priority in actively-managed funds and ETFs.
11/02/2014

DeAWM launches a low-cost ETF range

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) is launching the “Core ETF” range, which will have a total expense ratio (TER) of 0.09% per year, or 9 basis points. The low-cost range includes ETFs which are already part of the offerings from the asset management firm, but which will have their fees reduced. This includes the X-trackers FTSE 100 UCITS ETF (DR), whose TER will be cut from 0.30% to 0.09% per year, and the db X-trackers DAX® UCITS ETF (DR), whose TER will be lowered from 0.15% to 0.09% per year. The 9 bp range will be complemented by the db X-trackers Eurostoxx 50 (DR), which will soon (during 1st quarter 2014) be converted to physical replication and will be complemented by another ETF of the MSCI USA index. “With this range of low-cost ETFs, we are seeking both to improve our range of current investors, and to extend our base of investors. With low TER, liquidity, transparency and visibility, this new range will interest a wide range of investors,” says Reinhard Bellet, head of DeAW Passive Asset Management, in a statement. With this initiative, DeAWM is entering the price war on the ETF market, which already involves Vangaurd, BlackRock and Lyxor.
11/02/2014

Deutsche A&WM launches a China ETF in Milan

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management and Harvest Global Investments are launching a physical replication ETF on the Milan stock exchange based on the CSI300 index, composed of Chinese A-class equities. The db x-trackers CSI00 Index UCITS ETF (DR) is, according to its promoter, the first ETF compliant with UCITS in Italy to offer investors direct access to the Chinese equity market.
11/02/2014

Growth of shadow banking is still far from offsetting the shrinkage in bank balance sheets

P { margin-bottom: 0.08in; } Although many banks have made substantial progress in reducing the size of hteir balance sheets, they still have some way to go to meet the requirements of regulators and investors. At a time when an economic recovery is emerging in the United Kingdom and continental Europe, parallel or shadow banking is continuing to grow both in terms of volume and offerings. The agency Standard & Poor’s estimates, however, that the growth of shadow banking in western Europe could be slowed by some factors despite clear signs of a growing need for financing alternatives.
11/02/2014

IOSCO consults on code of conduct for ratings agencies

P { margin-bottom: 0.08in; } The international organisation of securities commissions (IOSCO) on 10 February published a consultation document on the foundations of a code of conduct for ratings agencies, which proposes significant changes to the current code from the organisation. The code was revised in 2008, after the bursting of the financial bubble, to introduce terms to improve the quality of information as well as reflections on the resolution of conflicts of interest related to the role of ratings agencies with issuers in the creation of structured products.
11/02/2014

Gottex releases a fund in Sweden

P { margin-bottom: 0.08in; } Gottex Fund Management has launched the Swedish multi-asset class UCITS fund Gottex Balanserad Fund, on the Swedish life insurance platform Folksam, Hedge Week reports. The fund is invested in nine asset classes, including global and Swedish equities, emerging markets, real estate, commodities and hedge funds. The Swiss firm has at the same time opened an office in Stockholm (see Newsmanagers of 5 February).
11/02/2014

Hedge fund Fenician recruits a CEO

P { margin-bottom: 0.08in; } The London-based hedge funds Fenician Capital has recruited Andrew Crane of Investcorp as its CEO, Financial News reports. Crane had previously worked for VHC Partners and Fielity Investments.
11/02/2014

Source recruits a director of intermediaries in the United Kingdom

P { margin-bottom: 0.08in; } The ETP provider Source has recruited Dominic Clabby as director of intermediaries in the United Kingdom and Ireland, Fund Web reports. He will cover platforms, intermediaries and independent financial advisers. Clabby was previously at Axa Elecate.
11/02/2014

Duke Street sells Marlin Financial Group to Cabot Credit Management

P { margin-bottom: 0.08in; } Duke Street, a British private equity firm majority owned by the French asset management boutique Tikehau, has announced that it has signed an agreement to sell its stake in Marlin Financial Group, one of the leaders in debt repurchasing in the United Kingdom, to Cabot Credit Management Limited. The transaction values Marlin at about GBP295m, a statement says.
11/02/2014

Ofi AM adds to its convertibles team

P { margin-bottom: 0.08in; } Stanislas Grenet, in charge of the credit arbitrage activity at Ofi Asset Management, is joining the convertible bond team at the asset management firm Ofi AM, led by Nancy Scribot–Blanchet et Olivier Ravey. Grenet will continue his credit arbitrage management activity. He reinforces the new team for the creation and management of synthetic convertibles. Grenet joined ADI Alternative Investments in 2006 as a manager-analyst for convertibles, and was later taken over by the Ofi group.
11/02/2014

Schroders launches a fund dedicates to emerging market equities

P { margin-bottom: 0.08in; } The British firm Schroders has launched a fund dedicated to emerging market equities and particuarly to small caps, Citywire reports. The Schroder ISF Global Emerging Markets Smaller Companies fund, domiciled in Luxembourg, is currently in incubation and is aimed at institutional investors as a top priority.
11/02/2014

Aviva Investors liquidates a real estate fund

P { margin-bottom: 0.08in; } Aviva Investors will liquidate its Property Investment fund with GBP78.9m in assets, due to its size, which makes it economically unviable, FT Adviser states. The fund had reached GBP200m in early 2011. Weak performance and redemptions had led to the fall in assets.
11/02/2014

Coupon funds boost Italian inflows by 60%

P { margin-bottom: 0.08in; } In 2013, Italian funds posted net inflows of EUR18.7bn, their best year since 1999. This return to grace has been favoured by banks, which thanks to a radical change in sales policy, have started offering funds again, especially coupon funds. According to a study carried out by Plus24, out of EUR48.7bn which were attracted to funds, about EUR30bn went to coupon funds, or 61% of the total. The newspaper stated that this is a low estimate, as asset management firms did not all disclose their data. Among the most active companies in coupon funds are Eurizon (EUR10bn in inflows to coupon funds in 2013), Pioneer Investments (EUR5.5bn), Aletti Gestielle (EUR4.7bn), Anima (EUR4.1bn), and Arca (EUR1.5bn). Plus24 claims that the commercial success of coupon funds is largely due to the attractive returns that sales networks can immediately earn.
11/02/2014

EFG AM recruits a head of equities

P { margin-bottom: 0.08in; } The Swiss equity specialist Urs Beck has joined EFG Asset Management to oversee the launch of a fund dedicated to the Swiss market, Citywire reports. Urs Beck previously worked at the Cantonal Bank of Zurich, where he was responsible for Swiss equities in institutional and retail mandates.
11/02/2014

Inflows for Barings in France despite emerging markets

P { margin-bottom: 0.08in; } Despite its significant exposure to emerging markets, Barings in France has managed to finish the year 203 with net inflows of EUR80m, Benoît du Mesnil du Buisson, chairman of Baring Asset Management France, tells Newsmanagers. Assets under management as of the end of December 2013 totalled slightly over EUR1bn, compared with EUR900m as of the end of 2012. Groupwide, assets under management remained stable at about EUR44bn.
11/02/2014

Two hedge funds face off over Argentine debt

P { margin-bottom: 0.08in; } As Argentine is facing a seond default in 13 years, two US hedge funds are playing a central role but on opposing sides in effort to help the country through its current crisis, the Wall Street Journal relates. The two firms, Gramercy Funds Management and Elliott Management, have hundreds of millions of dollars at stake. But they have adopted contrary tactics in their attempts to get their money back. Gramercy, which has USD3.9bnin assets, is advising Argentine behind the curtain on how to restore their reputation with the international community and regain access to the markets. Gamercy is facing off against Elliott, which has been fighting Argentina for years.
11/02/2014

Algebris seeking new distribution agreements in Italy

P { margin-bottom: 0.08in; } The asset management firm Algebris Investments wants to continue to grow through new sales agreements, Alessandro Alsagna, COO of the structure, which has EUR1.5bn in assets, explains to Bluerating. “In partnership with a fund with only one strategy, we have in the past few years reached the point of managing various managed accounts and six funds, three of which are in UCITS format,” the director says. To sell this range, “We have in all eight agreements with distribution networks.”
11/02/2014

Kairos Partners recruits a veteran of Franklin Templeton

P { margin-bottom: 0.08in; } The Italian asset management firm Kairos Partners, in which Julius Baer owns a stake, has recruitd Amir Kuhdari as head of sales. Kuhdari has worked for the past seven years at Franklin Templeton Italia, where he was sales manager and head of retail.
11/02/2014

Pimco teams up with GWM in Italian real estate

P { margin-bottom: 0.08in; } Pimco has signed a joint venture with GWM, a financial company controlled by the Italian Diaz Pallavicini and Rovati families, in order to invest in shopping centres and sales points in Italy and Europe, Plus24, the money supplement of Il Sole – 24 Ore, reports. The partnership will have about EUR1bn, due to a contribution of EUR500m from the two partners (70% Pimco and 30% GWM), while the rest will come from financing. GWM will manage the investments. The first investment has already been made for EUR130m: the Da Vinci shopping centre located in the vicinity of one of the Rome airports. It is the largest shopping cente in Italy, with an area of 56,000 square metres.
11/02/2014

Italian real estate funds will have more time to sell their portfolios

P { margin-bottom: 0.08in; } In the next few days, the Italian minister of the economy and finance will approve a measure which will allow asset management firms to make one-time extensions to the maturity dates for publicy-traded real estate funds, Plus24 reports. The rule will allow subscribers in the fund to share their opinions. The measure is meant to allow asset management firms to breathe, especialy those whose funds will soon be maturing, and whose portfolios are still full of real estate properties. According to the draft document obtained by Plus24, asset management firms will have to modify the rules for their funds by 30 June 2014, to insert a way to make a one-time extension to the duration of the fund for a maximal period of two years, for the purposes of completing sales of investments.

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