A l’approche de son 80ème anniversaire, Henderson Global Investors a annoncé le lancement de sa nouvelle image."La société souhaite mieux refléter son héritage de société de gestion reconnue et sa présence grandissante à l'échelle internationale», indique un communiqué publié le 20 janvier."Grâce à une croissance organique et à des acquisitions au Royaume-Uni et à travers le monde, la société a amélioré de façon significative sa présence et ses réseaux de distribution au niveau mondial au cours des dernières années. Sa nouvelle image vise à marquer cette évolution et élargir l’attrait de la marque auprès des investisseurs internationaux», précise le communiqué.“Notre stratégie reste centrée sur nos clients et vise à la fois le segment du retail et les institutions internationales. Les changements apportés à notre identité visuelle constituent la première phase du développement de notre marque et ont pour objectif d’attirer des clients internationaux de plus en plus sophistiqués», explique Rob Page, directeur général du marketing, cité dans le communiqué. «La seconde phase concernera l’évolution de nos principales valeurs : «Knowledge " et «Shared» (connaissance, partage). Nous sommes actuellement en train de mettre en place un plan de communication de premier ordre en concertation avec plusieurs de nos principaux clients. Cette démarche est totalement conforme à notre philosophie, centrée sur la satisfaction de nos clients», ajoute-t-il.

JP Morgan Asset Management a annoncé le recrutement d’Andrea Hohlachoff au poste de responsable des plateformes et de l’assurance au sein de son équipe de ventes de fonds au Royaume-Uni. Ancienne responsable des solutions d’investissement pour l’Europe, le Moyen-Orient et l’Afrique chez SEI, Andrea Hohlachoff aura pour mission de développer des partenariats stratégiques avec les compagnies d’assurance, les plateformes de distribution et les «supermarchés» de fonds. Elle travaillera sous la direction d’Andrew Larkin, responsable mondial des relations stratégiques. Ce rôle nouvellement créé s’inscrit dans le cadre d’un remaniement plus large, annoncé en décembre dernier, des équipes de ventes de JP Morgan AM au Royaume-Uni.

Arrivé dans le groupe en septembre dernier, Henry Dixon va désormais piloter le fonds phare d’actions britanniques de GLG, le GLG UK income fund, rapporte Investment Week.Depuis l’annonce l’an dernier du départ de John White, ce fonds, dont les encours s'élèvent à 65 millions de livres, a été géré brièvement par Nick Judge et Charlie Long. Henry Dixon devra notamment tenter d’améliorer les performances du fonds qui a dégagé un rendement de 87,9% sur les cinq dernières années, soit un peu moins que le rendement moyen de 94,2% du secteur de l’IMA (UK Equity Income). Le fonds est également en retrait par rapport à la concurrence sur des périodes plus courtes.

La société de gestion alternative Ivaldi Capital, basée à Singapour, vient d’annoncer le recrutement de trois collaborateurs dans son équipe, rapporte Citywire.Ivaldi a notamment recruté Robert Hart, un spécialiste des stratégies long/short equity qui rejoint justement l'équipe de Singapour pour gérer un fonds long/short dédié à l’immobilier. Robert Hart a travaillé précédemment chez Morgan Stanley à Hong Kong.Les deux autres recrues vont intégrer le bureau de Londres. Johan Karlsson, précédemment executive director au sein de la division gestion du risque chez Morgan Stanley à Hong Kong, prendra la tête de l'équipe chargée de la gestion du risque. James Oliver, précédemment co-responsable du trading chez GLG à Londres, va de son côté mettre en place et diriger l'équipe chargée des transactions.

P { margin-bottom: 0.08in; } Man Group and Marshall Wace have remained unaffected by an investigation by the New York attorney general to determine whehter US banks provided a selection of asset management firms with warnings about changed in recommendations on stocks, Financial Times fund management reports, citing sources familiar with the matter. The two firms do offer products which are based on the recommendations of brokers. But none were contacted by the US regulators as part of the investigation, which has led BlackRock to announce that it will no longer survey analysts in order to obtain more information about their opinions.

P { margin-bottom: 0.08in; }A:link { } Hedge funds in December posted net outflows of about USD4.4bn, but for the year 2013 overall, assets in the sector rose 10.1%, or about USD262bn, to a total of USD2.860trn, according to estimates by eVestment Investors. Performance counts for about USD190.1bn of this result. In other words, the total observed at the end of 2013 is near the record of USD2.940trn registered in June 2008. In terms of strategy, inflows to equity hedge funds exceeded credit in fourth quarter for the first time since third quarter 2011. Inflows to equity funds totalled USD32.3bn for the year as a whole, while credit inflows totalled USD79.6bn.

P { margin-bottom: 0.08in; }A:link { } The year 2014 is shaping up well for the hedge fund industry. According to a survey conducted by Barclays of 190 investors representing USD490bn in assets, entitled “Waiting to Exhale,” the sector may earn up to USD80bn (EUR59bn) in net inflows in 2014, for growth of about 25% compared with 2013. This would be the largest net inflow in the industry since 2007, the study says. USD285bn may be redistributed to hedge funds in the current year. In total, the money in play in the industry may reach a cumulative USD365bn. About 60% of net inflows are expected to come from institutional investors, while public or private pension funds alone represent nearly 45% of future inflows. The remaining 40% of these net inflows are expected from private investors, where private banks and wealth managers may be the major sources of capital for hedge funds, with about USD25bn in net inflows expected this year. These are very good signs after a year in 2013 that was considered disappointing by many investors. “More than 90% of these investors are planning to maintain or increase their current allocations to hedge funds,” says Lou Molinari, head of “capital solutions” at Barclays.

AXA Real Estate Investment Managers has announced that over the last 18 months it has completed, on behalf of its clients, 11 value-add transactions in 6 European countries for a total volume of EUR1.4 billion.AXA Real Estate’s strategies are primarily focussed on office, retail, logistics, hotel and alternative real estate assets in the principal markets of the United Kingdom, Germany, France and the Nordics, whilst also taking advantage of specific market opportunities in Italy, Spain, Netherlands, Poland and Belgium. Value-add acquisitions already completed in the last 18 months include: the acquisition of the landmark NH Grand Hotel Krasnapolsky in the centre of Amsterdam for EUR157 million; the EUR172 million acquisition of an office portfolio in Barcelona from Generalitat de Catalunya, which was the AXA Real Estate’s first office acquisition in Spain since the global financial crisis in 2008; the acquisition of two prime office and retail buildings at the Bodio Center business park, in Milan, from Aberdeen Asset Management for EUR63.9 million, which represented AXA Real Estate’s largest acquisition in Italy since 2010; the acquisition of an office and light-industrial complex in the ‘Peri-Defense’ district of Paris for EUR61.8 million.

P { margin-bottom: 0.08in; }A:link { } The number of investors in international funds on sale in Spain has topped one million in the country, according to data released in the most recent quarterly bulletin from the CNMV, the Spanish regulator. According to data released for the end of September, the reuglatory authority counted precisely 1,001,473 participants in foreign management funds, or 22.14% more than in September 2012. Total assets registered in foreign funds on sale in Spain for the first time topped EUR50bn as of the end of September 2013, for growth of 32% compared with September 2012, and 33.5% comapred with the end of 2012. Unsurprisingly, the CNMV has observed a significant rise in the number of international collective management institutions registered in Spain, for a total of 772 as of the end of September, compared with 754 in 2012. In detail, the regulator has counted 409 foreign funds and 363 companies. The large majority are domiciled in Luxembourg (317), France (274) and Ireland (97).

P { margin-bottom: 0.08in; }A:link { } The board of directors at Global Investment Services and the new board of directors at Aeolian Fund (whose members were appointed at the general shareholders’ meeting on 30 December 2013), on 10 January 2014 signed an updated cross-border merger treaty agreement, according to a statement released on 20 January. The exchange parity will now be 10 Global Services shares for 19 shares in Aeolian Fund (compared with 2 shares in Global Investment Services for 5 shares in Aeolian Fund previously). The joint cross-border merger treaty agreement for the absorption of Aeolian Fund into Global Investment Services is now available on the website (www.globalinse.com) and at request from the headquarters of the firm.

Dominique Carrel-Billiard, who had left the head of Axa Investment Managers in July last year, will join La Financière de l’Echiquier as CEO. He will begin on 1 April 2014.His arrival follows the departure of Stéphane Toullieux, who left the business on Monday “to dedicate himself to new personal and professional projects,” a statement from La Financière de l’Echiquier says.Toullieux joined the asset management firm in 2011 as head of commercial development. He was appointed as CEO and member of the board of directors in 2006.Financière de l’Echiquier now has assets under management of EUR7.5bn, and the firm has opened its first foreign office in Milan.

P { margin-bottom: 0.08in; }A:link { } Société Générale Securities Services in Italy has won a mandate from Franklin Templeton Strategic Allocation Funds to act as an Italian paying agent, SGSS has announced in a statement. SGSS has an IT platform that guarantees the migration of portfolios, ongoing monitoring of distribution and automated transaction flows. The firm provides a range of securities services, including settlement, custody and depository banking, fund administration, cash management and transfer agency services. Franklin Templeton Strategic Allocation Funds is a range of Luxembourg-registered Sicav funds distributed in Italy by Franklin Templeton Investments.

P { margin-bottom: 0.08in; }A:link { } The gap between the need for investment in infrastructure worldwide and the public funds available may total about USD500bn per year between now and 2030, according to a study published by Standard & Poor’s Ratings Services. According to the agency, the infrastructure financing needs may top USD3bn per year over the next 16 years. Meanwhile, public investments in the United States and Europe have returned to a range of 3% to 2% since 2009, which has led to an enormous financing shortfall to make up for. According to Standard & Poor’s insurance companies and pension funds, seeking alternative investments that offer attractive returns, may help to offset this shortfall. The agency estimates that allocations by institutionals to infrastructure may grow by about 4% of their total assets in the next five years, or more than double the levels observed currently.

P { margin-bottom: 0.08in; }A:link { } UniCredit will announce on Wednesday that it has signed an agreement with the New York hedge fund Mariner Investment Group, to offload it a part of the default risks on a portfolio of financing for energy and transportation projects representing EUR910m, the Financial Times reports. The agreement frees up capital which the Italian bank would otherwise have to hold in face of loans. Mariner, for its part, will announced that it has launched a specialist activity to manage the capital of long-term investors, which it will use to sign risk-sharing agreements with European banks confronted with new Basel 3 rules.

P { margin-bottom: 0.08in; }A:link { } The Swiss investment fund market continued to grow last year. As of the end of December 2013, their asets totalled CHF745.2bn, up CHF25 billion or 3.4% more than one year previously. This total, however, marks a contraction of 1.4% compared with the previous month, according to statistics released by the Swiss asset management fund association (SFAMA). “2013 was a year of good augury for the Swiss industry. Equity markets showed astonishing and joyous development. The feared downturn of bond markets did not manifest itself, as rates are still tending to a low level. In this context, investors were once again disposed to slowly forget their reservations and invest in funds to an increased extent. The volume on the Swiss funds market has at any dated posted record figures,” says Markus Fuchs, director of SFAMA. The month of December ended with a net outflow of slightly over CHF4bn, including redemptions of CHF2.33bn from equity funds, and CHF938m from commodity funds. In terms of market share, equity funds finished the year on top (37.38%), followed by bond funds (33.48%), strategic investment funds (11.23%), money market funds (9.35%), and real estate funds (4.39%). UBS and Credit Suisse continued to dominate the Swiss market last year, with respective market shares of 23.08% and 14.51%. They are followed by Pictet, with a market share of 6.67%, Swisscanto (5.38%) and the Cantonal Bank of Zurich (4.56%).

P { margin-bottom: 0.08in; }A:link { } Hervé Falciani, the IT specialist employed by HSBC Bank in Geneva who suddently fled Switzerland in 2008 with 127,000 names of foreign clients, still claims that his only objective was to fight tax fraud and money-laundering. Agefi Suisse has announced on its website that it has recently obtained three reports from the Federal police office, which paint the man in a much less sympathetic light. The final report from the police investigation insists on the point that Falciani was aware “of the sensitivity of the data offered” (he sought a legal opinion from a Geneva lawyer), and that despite what he claims, his goal was “to obtain money in exchange, with the sale price for the data set at USD1,000 per client.”

P { margin-bottom: 0.08in; }A:link { } Net inflows to the financial services company VZ Group rose by nearly 31% last year, to a total of CHF1.6bn, according to a statement released on 20 January. The statement does not give, however, total assets under management as of the end of December. As of 30 June 2013, the firm had about CHF11bn in assets under management. Operating profits rose by 11.7%, or less than an expected increase of 14% to 16%. This more muted than expected growth could be related to an increase in demand for standardised wealth management products, associated with set premiums, the statement says.

P { margin-bottom: 0.08in; } In a big first for Gazprombank Asset Management, the Russian asset management firm, an affiliate of Gazprombank, has announced the launch of its first UCITS fund, which will invest in emerging countries of Europe, Citywire reveals. The vehicle, entitled GBP Emerging Europe Equities and domiciled in Luxembourg, will invest in equities from Russia, the Community of Independent States (CIS), Turkey, Poland, Czech Republic, Hungary and Greece, concentrating on businesses which have solid fundamentals, potential for growth and attractive valuation. The fund, launched with initial capital of USD50m, will have the MSCI EM Europe 10/40 as its benchmark.

P { margin-bottom: 0.08in; } ABP, the third-largest pension fund in the world, with Nordea and DNB Asset Management, two Scandinavian asset management firms, are reviewing their stakes in Israeli banks, out of concerns tha tthey may finance Jewish settlments in occupied Palestinian territory, Financial Times fund management reports. The three investors are calling for more information from Israeli banks about their involvement in financing settlements, which would contravene international human rights laws established under the fourth Geneva convention in 2004.

P { margin-bottom: 0.08in; } InverCaixa Gestión and Bankinter Gestión have registered the first funds of the year 2014 with the Spanish regulator, Funds People reports. According to the website, they are non-guaranteed horizon bond funds maturing in 2019. In detail, the new fund FonCaixa Valor Bolsa Euro 2 from InverCaixa Gestión states that its returns at maturity will depend on the evolution of the stock market index Eurostoxx 50 (price return). At its maturity, scheduled for the end of July 2019, the non-guaranteed performance objective will be calculated on the basis of the net asset value as of 20 March 2019, at which time 50% of the revaluation of the European index between the two dates will be applied. The vehicle will invest in public debt issued by the Spanish government, with a rating at least equivalent to BBB-. The minimal investment is set at EUR6,000 with management fees of 1.25%. The new fund from Bankinter Gestión, entitled Bankinter Renta Fija Roble 2019, stands out in the sense that its non-guaranteed performance objective is not related to a stock market index. It aims for non-guaranteed returns of 1.87%, for all invesments held until the maturity of the fund in February 2019. If the portfolio dos not reach this objective, participants will receive a separation fee within a maximal period of 10 days from the launch of the product, on 20 February 2014. The fund will invest 95% in debt issued by Spain and its autonomous regions, and up to 5% in cash. However, it may invest up to 100% in public or private bonds from OECD issuers with a minimal credit rating equivalent to a rating of BB-.

P { margin-bottom: 0.08in; }A:link { } The 2013 EIRES/IPE survey of 83 European pension funds with EUR1.290trn in assets under management finds that pension funds are more prudent than ever with the modalities of their investments in real estate. As a result of this extreme prudence, local investment continues to dominate portfolios, and the nearer the market under consideration is, the greater the probabiilty that it will be managed directly is. Out of a total of slightly over EUR86bn invested locally, EUR73.4bn are invested directly by 47 institutions, compared with EUR10.5bn invested in funds (excluding funds of funds) by 42 players. Direct investments in European, non-domestic markets represent 51.2%, or EUR15.4% of regional total allocation, compared with 27.9%, or EUR8.4bn for funds. Few institutionals invest directly (only 9), but their average investment is significant (EUR1.7bn). However, 38 pension funds have invested EUR8.4bn in indirect funds, with an average investment of EUR221m.

Threadneedle Investments has hired Nadia Grant as fund manager US equities. She joins Threadneedle on 3 February 2014 from JP Morgan Asset Management, where she was a portfolio manager focusing on US equities within the global multi-asset group, managing over USD5bn in multi-asset solutions.Nadia Grant will report to Cormac Weldon, head of US equities and will be based in London. Her recruitment brings Threadneedle’s US equities team to a total of 12, with four fund managers and six analysts. Threadneedle manages over EUR13 billion in US equities.

P { margin-bottom: 0.08in; } Aberdeen Asset Management will in 2015 put its auditing contract with KPMG, with whom it has been working for 30 years, up for grabs, Financial Times fund management reports. The decision by the British asset management firm comes after the publication of a report by the Competition Commission in the United Kingdom last year, calling for a required turnover of auditors. KPMG made GBP1.3m from Aberdeen in 2013 and 2012.

P { margin-bottom: 0.08in; } JP Morgan Asset Management (AM) has announced the recruitment of Andrea Hohlachoff as head of insurance and platforms on its funds sales team in the United Kingdom. The former head of investment solutions for Europe, the Middle East and Africa at SEI, Hohlachoff will aim to develop strategic partnerships with insurers, wrap platforms and fund supermarkets. She will report directly to Andrew Larkin, head of global strategic relationships.

P { margin-bottom: 0.08in; }A:link { } Total financial assets of Belgians reached a record EUR1.0578trn at the end of third quarter 2013, compared with EUR1.0476trn as of the end of June 2013, according to statistics released by the Belgian national bank. The increase in assets of over EUR10bn is largely due to growth in the stock markets over the summer. The growth of the financial markets has “positively affected the valuation of financial assets primarily in the form of equities, shares in OPCs and insurance products,” the national bank says, also adding that retail investors have continued to reduce the proportion of bonds in their portfolios. Deducting household debt (EUR219.4bn), the net financial wealth of Belgians totalled EUR838.4bn at the end of the month of September, which represents in increase of EUR9.2bn in third quarter.

P { margin-bottom: 0.08in; }A:link { } Henry Dixon, who joined the group last September, will now manage the British equity flagship fund from GLG, the GLG UK income fund, Investment Week reports. Since the announcement of the departure of John White last year, the fund, whose assets total GBP65m, have been managed temporarily by Nick Judge and Charlie Long. Dixon will seek to improve returns from the fund, which has earned returns of 87.9% over the past five years, slightly less than the average returns of 94.2% for the IMA sector (UK Equity Income). The fund is also below the competition over shorter periods.

P { margin-bottom: 0.08in; }A:link { } Asset management firms are far from having taken all the necessary actions to obtain the AIFMD label. Six months before the new regulations come into effect, set for 22 July, less than 20% of hedge fund managers have made an official request to their local regulators to obtain AIFMD authorization, according to a study undertaken by BNY Mellon of 50 companies operating in Europe, the United States, Asia, and Latin America. Only 19% of respondents had submitted an application to obtain AIFMD authorization in the course of the year 2013. The study also finds that 41% of those surveyed said they planned to submit such a request in the course of first quarter 2014, while 20% of them say they want to make such a move in the three months preceding the deadline on 22 July. Meanwhile, the survey also finds that the cost of implementing the AIFMD directive is estimated at about USD300,000.

Grande première pour Gazprombank Asset Management. Le gestionnaire d’actifs russe, filiale de Gazprombank, vient d’annoncer le lancement de son tout premier fonds Ucits qui investira dans les pays émergents d’Europe, révèle Citywire. Baptisé GPB Emerging Europe Equities, ce véhicule domicilié au Luxembourg investira dans des actions en Russie, dans la Communauté des Etats Indépendants (CEI), en Turquie, Pologne, République Tchèque, Hongrie et Grèce, en se concentrant sur des entreprises affichant de solides fondamentaux, un potentiel de croissance et une valorisation attractive. Lancé avec un capital initial de 50 millions de dollars, ce fonds aura comme indice de référence le MSCI EM Europe 10/40.

InverCaixa Gestión et Bankinter Gestión ont enregistré auprès du régulateur espagnol leurs premiers fonds de l’année 2014, révèle Funds People. Selon le site d’information, il s’agit de fonds obligataire à objectif de performance non garanti à échéance 2019. Dans le détail, le nouveau fonds FonCaixa Valor Bolsa Euro 2 de InverCaixa Gestión prévoit que sa rentabilité à échéance dépendra de l’évolution de l’indice boursier Eurostoxx 50 (Price Return). Ainsi, à son expiration prévue fin juillet 2019, l’objectif de rentabilité non garanti sera calculé sur sa valeur liquidative en date du 20 mars 2019, à laquelle s’ajoutera 50 % de la revalorisation de l’indice européen entre les deux dates. Ce véhicule sera investi dans la dette publique émise par l’Etat espagnol d’une notation au moins équivalente à BBB-. L’investissement minimum est fixé à 600 euros avec des frais de gestion de 1,125 %. Le nouveau fonds de Bankinter Gestión, baptisé Bankinter Renta Fija Roble 2019, se différencie en ce sens que son objectif de rentabilité non garanti n’est pas lié à un indice boursier. De fait, il prévoit un rendement non garanti de 1,87 % pour tout investissement conservé jusqu’à l’échéance du fonds en février 2019. Si le portefeuille n’atteint pas cet objectif, les participants bénéficieront d’un droit de séparation dans un délai maximal de 10 jours à partir du lancement du produit, le 20 février 2014. L’investissement minimal pour ce véhicule est fixé à 500 euros et les frais de gestion sont de 0,58 %. Ce fonds investira à 95 % dans la dette émise par l’Espagne et par les communautés autonomes et jusqu’à 5 % dans du cash. Toutefois, la note d’information indique que, si nécessaire, il pourra investir jusqu’à 100 % en obligations publiques ou privées d’émetteurs de l’OCDE avec une qualité de crédit minimale équivalent à une notation BB-.

Remora Partners annonce la nomination de Christian Varin au comité d’orientation stratégique, rapporte L’Agefi suisse. Entre 2010 et 2013, Christian Varin a été président du conseil d’administration de Cobepa (Compagnie Benelux Participations) , une société d’investissement privée avec 1,5 milliard d’euros d’actifs sous gestion.Il a auparavant occupé plusieurs postes au sein du groupe bancaire BNP Paribas notamment. Créée en 2011 à Lausanne par Jean-Marc Le Doussal et Gérald Neuville, associés-gérants, Remora Partners est une société de conseil en private equity dédiée aux industries de la santé, de la beauté et de la nutrition, qui finance les entreprises innovantes et en croissance.