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20/01/2014

Yves Perrier joins board of directors at LCH.Clearnet

Yves Perrier, CEO of Amundi, will join the board of directors at LCH.Clearnet Group next month, Financial News reports, whose information was confirmed by a spokesperson for the French asset management firm. The arrival comes as a reinforcement of the presence of client asset management firms at LCH.Clearnet on the board, which is largely composed of representatives of stock markets and investment banks.
20/01/2014

Warburg Pincus buys a stake in Source

The US private equity firm Warburg Pincus has acquired a majority stake in the ETF provider Source from a group of banks including Bank of America Merrill Lynch and Goldman Sachs, the Financial Times reports. The operation, organised by the former head of iShares, Lee Kranefuss, now one of the heads of Warburg Pincus, will provide Source with capital to strengthen its range in Europe, and to make acquisitions in other markets. The investment will value Source at USD300m, or 2% of assets under management (USD15bn).
20/01/2014

Andbank adds to private banking team

Andbank is continuing to add to its teams in private banking. The Andorran-French group, which last year acquired the private banking activity of Inversis, has recruited Alberto García as senior private banker for its offices in Alicante and Murcia, Funds People reports. Before joining Andbank, García worked at Banco Banif for nine years as director of wealth. The appointment of García confirms the ambitions of Andbank in private banking. In October, the banking group recruited four new directors for its offices in Barcelona and Madrid.
20/01/2014

Women in ETF sector unite

A group of women working in the ETF sector are creating a network entitled Women in ETFs, Financial News reports. The club was created by Joanne Hill, head of investment strategy at ProShares, Sue Thompson, head of the registered investment adviser group at BlackRock, Linda Zhang, head of research at Windhaven Investment Management, Deburah Fuhr, partner at ETFGI, and Michelle Mikos, head of development at Invesco PowerShares.
20/01/2014

DeAWM recruits its CIO for Asia-Pacific

Deutsche Asset &Wealth Management (DeAWM) has appointed Elke Schoeppl-Jost as chief investment officer for Asia-Pacific. She will be based in Hong Kong and Singapore, and will be responsible for leading investment teams responsible for equities, fixed income and multi-asset classes throughout the region. Schoeppl-Jost had previously been chief investment officer at BEA Union Investment in Hong Kong.
20/01/2014

Goldman Sachs launches a short-duration Euro bond fund

Goldman Sachs Asset Management (GSAM) is making its “short-duration” bond range Euro with the launch of a new dedicated fund. The vehicle, entitled Goldman Sachs Euro Short Duration Bond Portfolio, will invest primarily in investment-grade securities and variable range short-term debt denominated in euros. Management fees will range from 0.40% to 0.80%, depending on the share purchased. Minimal investment is set at GBP1,500.
20/01/2014

Mergers and absorptions stated for Natixis AM Funds in 2013

Natixis AM has released effective dates on its website for mergers and absorptions of various French-registered funds, which will become sub-funds of its Luxembourg Sicav Natixis AM Funds. The sub-fund Natixis Euro Aggregate has absorbed the FCP Natixis Impact Aggregate Euro from 18 November 2013. The Natixis Credit Opportunities has absorbed the FCP Natixis Performance Crédit Opportunities from 20 November 2013. Lastly, the Seeyond Europe Minivariance sub-fund has absorbed the Seeyond Europe Minvariance from 27 November 2013.
20/01/2014

Assets under management up 80% at Polar Capital

Assets under management at the British boutique Polar Capital as of the end of December totalled GBP7.95bn, up 80% compared with their levels at the end of March 2013 (GBP4.4bn), according to the most recent statistics from the firm. Assets under management are up 14% compared with their levels as of September (GBP6.97bn). Polar Capital states, however, that the closure of its British equity desk resulted in a reduction of GBP179m in its assets under management, and that, as a result, inflows in the quarter to the end of December are down compared with the previous quarters. In the three months to the end of December, Polar Capital has attracted a net total of nearly GBP1bn.
20/01/2014

“We have strategically opted for a strong positioning on long-term assets”

Christian Paris, who arrived nearly two years ago at ING IM France with the objective of reducing the proportion of money market assets as a part of “French” assets, can claim to have satisfied this first point. These assets now represent only 7% of the total. ING IM France may have paid for this with modest inflows in 2013, but it is now able to move its management expertise to long-term asset classes which are much more lucrative for the house, and more seductive to investors. This is the source of the firm's new ambitions in France.
20/01/2014

Stong growth of assets under management for AllianceBernstein, Franklin, Invesco et Legg in 2013

The four US asset management firms – AllianceBernstein, Franklin Templeton, Invesco and Legg Mason – have had a good year in 2013, marked by a significant rise in their assets under management, according to preliminary data published recently. The winner is Invesco, with growth of 13.23% in assets in the space of one year, from USD687.7bn as of the end of 2012 to USD778.7bn as of the end of 2013. Franklin Templeton has not been left behind, with an increase of 12.44% in its assets in one year, to USD879.1bn as of the end of 2013, from USD781.8bn as of the end of 2012. The growth is more modest at AllianceBernstein and Legg Mason. AllianceBernstein, an affiliate of the Axa group, has seen an increase in its assets under management of 4.88% year on year, to a total of USD451bn as of 31 December 2013, compared with USD430bn as of the end of 2012. Legg Mason, finally, has posted growth of 4.71% in its assets in the space of one year, from USD648.9bn as of the end of 2012 to USD679.5bn as of the end of 2013. The US firm has also announced that it is anticipating total profits of USD79bn to USD83bn for the third quarter of its fiscal year, which ended at the end of 2013.
20/01/2014

Oddo AM attracts mostly international inflows

The day after a presentation to institutional investors and private banks concerning Oddo Active Smaller Companies, a new fund which will invest in small caps and which will logiclly be eligible for SME PEA, Lorenzo Gazzoletti, deputy CEO of Oddo Asset Management, discussed the “good year in 2013” that the firm had. After net inflows of EUR600m, in addition to market effects of EUR1bn, assets under management at the firm now total EUR14.3bn. This is the third consecutive year of net inflows for the firm. However, the composition of sums collected last year was considerably different from previous years. “In 2012, 80% of the EUR400m collected were invested in target bond funds, while the rest went to equity funds,” says Gazoletti. “Last year, the proportions were inverted,” he adds. In terms of clients, Oddo Am has a virtually equivalent distribution between institutional investors (55%) and the world of distribution in the larger sense of the word: private banks, IFAs, etc. (45%). In this environment, the internalisation of investors represents an important phenomenon: 65% of net inflows last year came from foreign invetors. In terms of institutionals, “the percentage from outside France is preponderant and comes more precisely from Asia and the Middle East,” says Gazoletti. The trend is expected to become stronger: Oddo Am this year plans to participate more broadly in requests for proposals from these investors. In terms of distribution, Switzerland and Italy, where Oddo has local offices, are two particularly active countries, the manager says, while in 2014 growth is expected in Germany, where from 1 January, a new country manager has been appointed.
20/01/2014

Good results overall for asset management at Morgan Stanley

The wealth management division of Morgan Stanley in fourth quarter earned pre-tax profits of USD709m, compared with USD668m in third quarter 2013, and USD562m in in fourth quarter 2012, according to figures released on 17 January. The “investment management” division, for its part, has earned pre-tax profits of USD337m in fourth quarter, compared with USD300m in the previous quarter, and USD221m one year earlier. For the year as a whole, the wealth management division has posted pre-tax profits of USD2.6bn, compared with USD1.6bn in 2012. For investment management, pre-tax profits total USD984m, compared with USD590m the previous year. In the wealth management divison, assets under management which generate commissions rose by only 26% in fourth quarter, to a total of USD697bn as of the end of December. Inflows for the quarter totalled USD11.6bn. For the investment management unit, assets under management or supervised as of the end of December totalled USD373bn, compared with USD338bn one year previously. Net inflows in fourth quarter totalled USD4.2bn.
20/01/2014

Meriten recruits from sovereign fund ADIA

The German investment boutique Meriten Investment Management, which is owned by BNY Mellon, has announced the immediate recruitment of Thomas Herbert as chief investment officer. Herbert will succeed Uwe Fuiten, who has left the firm. Herbert previously worked for the Abu Dhabi sovereign fund Abu Dhabi Investment Authority (ADIA), where he was responsible for credit research portfolios. As of the end of September 2013, assets under management at Meriten totalled EUR24bn.
20/01/2014

Biotech funds post their best returns in 2013

What categories of equity funds performed best last year? According to the German ratings agency Scope Ratings, funds dedicated to biotechnologies have posted the best average returns, while precious metals funds have posted the largest losses. After an examination of 83 equity funds, the agency finds that funds dedicated to biotechnologies earn the bets annual returns, with earnings of 52.2%. The DekaLux-Bio Tech CF (LU0348461467) stands out in this class with returns og 57.7%. This is followed by the categories Equity Italy Small Caps and Equity Finland, with returns of 375 and 36.4%, respectively. The fund category Equity Europe, very popular with investors, has earned average returns of 19.2%. Funds dedicated to precious metals performed worst, with an average loss of 48.9% over the past year. The heaviest loss, at 62.9%, was for Stabilitas-Pacific Gold Metals + P (LU0290140358). One fund in this class, HWB Gold & Silver Plus R (U0438415993), limited its losses to 9.5%.
20/01/2014

Investors flock into Europe and Japan equities

The week ending January 15 saw over USD21 billion flow out of money market funds as equity investors showed more energy, bidding up key developed market indexes to multi-year or record highs and helping equity funds record their biggest inflow since the fourth week of November, according to EPFR.During a week when collective flows into all Equity Funds totaled USD9.4 billion retail investors made their strongest showing since early August, with Europe equity funds absorbing over USD4 billion, Japan Equity Funds taking in another USD1.3 billion and flows into China Equity Funds hitting a 51 week high. Three-quarters of the money absorbed by Europe equity funds this week went into diversified regional funds with country fund groups dedicated to the UK, Spain and Switzerland accounting for much of the remainder. Retail investors made their strongest showing since early 4Q06, committing over USD1 billion against a backdrop of mixed macroeconomic data, growing concern about deflation and speculation surrounding this year’s ‘stress-testing’ of Eurozone banks.Bond Funds posted back-to-back weeks of inflows for only the second time since 2Q13 as commitments to US, Europe and Global Bond Funds more than offset further redemptions from emerging markets and Asia Pacific bond funds. Overall flows were only a fifth of the previous week’s USD5.2 billion as retail investors pulled money out of these funds for the 30th time in the past 33 weeks. At the asset class level flows into high yield bond funds climbed to a six week high as Europe high yield bond funds took in fresh money for the 28th straight week and funds with global mandates recorded their biggest net inflows since late July.
20/01/2014

Baillie Gifford appoints three new partners

The Scottish asset management firm Baillie Gifford has announced the appointment from 1 May 2014 of three new partners. The newcomers are Tom Coutts, head of the Europe equity team, Stuart Dunbar, director in charge of relationships with financial institutions in the United Kingdom, and lastly, David Henderson, director in charge of Asian clients. These promotions bring the number of partners at Baillie Gifford from 39 to 40, at a time when two other partners are retiring on 1 May, namely Mick Brewis, head of the North America equity team, and Michael MacPhee, manager of the MidWynd International fund.
20/01/2014

Thames Rival Capital loses its CEO

There has been another departure from Thames River Capital. Toby Hampden-Acton, its CEO, has left his position after nine years at the British asset management firm. In the past few weeks, the firm has already seen several departures of top managers. These movements come as part of the integration of Thames River Capital into F&C Investment, which acquired the British firm in 2010.
20/01/2014

Source taken over by Warbrg Pincus

The asset management firm Source, one of the major European players in the exchange-traded product (ETP) markets, will this Monday announced that an affiliate of the private equity firm Warburg Pincus has agreed to qcquire a majority stake in Source. The existing shareholders, who include five of the largest investment banks in the world (BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley et Nomura), will retain a minority stake. The investment is a sign of the considerable potential for growth in assets and multiple possibilities for product development for investors on European ETP markets. It also strengthens the position of Source as a dynamic and independent asset manager. Lee Kranefuss, currently resident manager at Warburg Pincus, will join Source as executive chairman, and will work in close collaboration with the current management, led by CEO Tom Hood, to develop the activity.
20/01/2014

Source taken over by Warburg Pincus

The asset management firm Source, one of the major European players in the exchange-traded product (ETP) markets, will this Monday announced that an affiliate of the private equity firm Warburg Pincus has agreed to acquire a majority stake in Source. The existing shareholders, who include five of the largest investment banks in the world (BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley et Nomura), will retain a minority stake. The investment is a sign of the considerable potential for growth in assets and multiple possibilities for product development for investors on European ETP markets. It also strengthens the position of Source as a dynamic and independent asset manager. Lee Kranefuss, currently resident manager at Warburg Pincus, will join Source as executive chairman, and will work in close collaboration with the current management, led by CEO Tom Hood, to develop the activity.
20/01/2014

Hollande's pact may support rating

The “responsibility pact” for businesses announced by François Hollande on 14 January may support France’s credit rating, the ratings agency Fitch Ratings claims in a statement released on 17 January. Estimating the future impact of these reduced labour costs supposes further information about the measures to be taken, it says in a statement. “Lowering non-salary labour costs will help to increase competitiveness, and insofar as that improves the outlooks for growth in the mid-term, supports the AA+/Stable sovereign rating which we confirmed in December,” Fitch explains. However, the agency adds, the announcement “probably does not itself remove risks related to a relatively slow pace of structural reforms.”
20/01/2014

La croissance chinoise remplit les objectifs de Pékin

La croissance du PIB chinois a légèrement ralenti à un rythme annuel de 7,7% au cours du quatrième trimestre 2013, après avoir atteint 7,8% au troisième, selon les chiffres publiés par le Bureau national des statistiques chinois. Sur l’ensemble de l’année, la croissance est ainsi restée stable à 7,7% par rapport à 2012, mais ressort légèrement supérieure à l’objectif de 7,5% fixé par le gouvernement. La consommation totale a contribué à hauteur de 3,4 points au PIB chinois en 2013, l’investissement à hauteur de 4,2 points, alors que les exportations nettes ont ôté 0,3 point au PIB.
20/01/2014

L'Irlande compte profiter des annonces de Moody's

John Corrigan, le directeur général de la National Treasury Management Agency (NTMA), l’agence de la dette irlandaise, a déclaré lundi à la chaîne nationale de télévision RTE qu’il annoncerait la première d’une série d’adjudications de taille modeste «probablement dans la semaine ou les deux semaines à venir», en vue de lever au total 4 milliards d’euros d’ici à la fin de l’année. Le rendement de la dette de référence à 10 ans de l’Irlande baissait de plus de 17 points de base à moins de 3,3% lundi à la mi-journée après le relèvement de la note du pays en catégorie investisseur chez Moody’s.
20/01/2014

Warburg Pincus mise sur les ETF avec Source

La société américaine de private equity a convenu de prendre une participation majoritaire au capital du gestionnaire européen de produits indiciels cotés, dont le montant des actifs sous gestion s’élève à 15,6 milliards de dollars. Les banques actionnaires historiques de Source depuis sa création en 2009 conserveront aux côtés des salariés une part minoritaire. Warburg Pincus affiche de fortes ambitions mondiales pour son nouvel investissement.
20/01/2014

La Suisse et l’UE négocient sur la fiscalité de l’épargne

La Confédération helvétique et l’Union européenne ont officiellement débuté des négociations pour réviser leur accord sur la taxation de l’épargne. La première réunion officielle s’est tenue à Berne vendredi. L’UE souhaite un dispositif en ligne avec la révision attendue de sa directive sur la fiscalité de l’épargne et qui décourage l’évasion des capitaux détenus par les citoyens européens.

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