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14/01/2014
Fonds

L'encours des ETF/ETP atteint 2.400 milliards de dollars

Une collecte nette de 24,5 milliards de dollars et un effet marché positif ont porté en décembre les actifs sous gestion des ETF/ETP au niveau record de 2.400 milliards de dollars, selon les premières estimations communiquées par ETFGI. Le secteur comptait fin 2013 5.090 ETF/ETP, au travers de 10.172 cotations émanant de 218 fournisseurs sur une soixantaine de marchés.Les actifs des ETF/ETP ont ainsi augmenté de 23% l’an dernier sous l’effet d’un effet marché positif et d’une collecte nette de 242,8 milliards de dollars. La collecte nette des seuls ETF/ETP actions s’est élevée à 240,1 milliards de dollars, les souscriptions dans les ETF/ETP obligataires s'élevant à 22,3 milliards de dollars. Les ETF/ETP de matières premières ont en revanche subi une décollecte nette de 39,7 milliards de dollars.iShares arrive en tête des meilleurs souscripteurs, avec une collecte nette de 61 milliards de dollars, devant Vanguard (60,2 milliards de dollars). Viennent ensuite loin derrière SPDR avec 18,3 milliards de dollars, PowerShares avec 15,4 milliards de dollars et WisdomTree avec 14,4 milliards de dollars.Durant l’année écoulée, 611 ETF/ETP ont été lancés, émanant de 102 fournisseurs, contre 595 produits pour 2012 émanant de 104 fournisseurs. On observe en outre que 245 ETF/ETP ont été fermés en 2013, contre 206 en 2012 et seulement 72 en 2011.
Fonds
14/01/2014
Fonds

Progression historique des encours pour les fonds espagnols

La gestion d’actifs a le vent en poupe en Espagne. En 2013, les actifs sous gestion des fonds de valeurs mobilières espagnols ont en effet progressé de 31,5 milliards d’euros, soit +25,8 % sur un an, pour atteindre 153,8 milliards d’euros, selon l’agence EFE qui fait référence à des données publiées par Inverco, l’association des sociétés de gestion locale. Cette dernière note que le secteur enregistre ainsi sa meilleure performance depuis 15 ans.Cette réussite est à mettre au crédit d’une très forte collecte nette qui a dépassé les 23 milliards d’euros sur l’ensemble de l’année 2013, permettant ainsi au secteur de récupérer «largement les rachats enregistrés en 2011 et 2012», selon Inverco. Mieux, les fonds de placements ont enregistré l’année passée un rendement moyen annuel de 6,37 %. Sans surprise, le classement des sociétés de gestion en Espagne reste largement dominé par le trio Santander, BBVA et La Caixa. Santander affiche ainsi 25,6 milliards d’encours, en hausse de 38 %, suivi par BBVA avec 22,2 milliards d’euros d’actifs sous gestion (+16,8) et La Caixa avec 21,7 milliards d’euros d’encours (+27,14 %).
Fonds
14/01/2014

JO Hambro IM devient Waverton Investment Management

La boutique britannique de gestion JO Hambro Investment Management (IM) a annoncé le 13 janvier qu’elle changeait de nom pour adopter celui de Waverton Investment Management. Ce changement fait suite à la vente de JO Hambro IM par Credit Suisse en 2013 à son management et au groupe financier coté bermudien, Somers Limited.La société de gestion fournit une gestion de portefeuille discrétionnaire à des clients privés, des fondations et autres institutions. En outre, elle propose une gamme de fonds offshore à travers ses fonds Waverton basées à Dublin.
14/01/2014

Jupiter vendrait sa gestion privée

Jupiter Fund Management envisage de vendre son activité de gestion de fortune, représentant un encours de 2,2 milliards de livres, rapporte le Sunday Times. Une offre de rachat non sollicitée a conduit la société à évaluer l’avenir de ce pôle. Plusieurs sociétés d’investissement spécialisée dans la clientèle privée, dont Rathbones, Towry et Quilter, seraient intéressées par l’activité, estimée à 50 millions de livres. Le pôle clientèle privée de Jupiter représente 7,5 % de ses encours totaux, précise le Sunday Times.
14/01/2014

La société de gestion danoise Maj Invest arrive à Londres

La société de gestion danoise Maj Invest a ouvert un bureau à Londres et a recruté Christine Bergstedt comme senior client relationship manager, rapporte le site suédois Fondbranschen. L’intéressée était précédemment directeur commercial pour la clientèle institutionnelle chez Barings. Elle a aussi travaillé chez Aviva Investors.
14/01/2014

Invesco Allemagne nomme un resposable des ventes

Invesco Allemagne a nommé Norbert Welp au poste de responsable des ventes. L’intéressé était jusqu’en mars 2013 responsable du bureau allemand de Pioneer Investments à Munich, précise Fondscheck.de. Dans ses nouvelles fonctions, il supervisera la commercialisation des produits Invesco auprès des réseaux bancaires.
14/01/2014

Changements de gérants chez DWS

Fondsweb indique que plusieurs fonds de DWS Investment ont changé de gérant. Basler-International DWS (Isin DE0008474297) est désormais géré par Gerrit Rohleder et co-géré par Michael Ficht. DWS Top Portfolio Balance (LU0868163691) est maintenant géré par Julia Ollig, assistée par Werner Eppacher. Enfin, le fonds DWS Invest US Value Equities sera dorénavant piloté par Katharina Seiler et co-géré par Ivo Weinoehrl.
14/01/2014
Fonds

DeAWM acquiert deux immeubles

La division fonds immobiliers de Deutsche Asset & Wealth Management (DeAWM) a fait deux transactions pour le compte de son fonds immobilier offert au public Grundbesitz Europa, selon Fondscheck.de. La première acquisition concerne l’immeuble «WestendDuo» à Francfort, racheté pour environ 240 millions d’euros à CBRE Global Investors. L’actif compte 30.000 m2 de surface. En région parisienne, le fonds a racheté le projet immobilier «In Situ» pour 104 millions d’euros à une filiale de Vinci Immobilier et Nexity Entreprises. L’immeuble devrait être livré en 2015. Grundbesitz Europa pèse environ 4 milliards d’euros et compte 48 actifs immobilier dans son portefeuille.
Fonds
14/01/2014

KBL epb conclut un accord de partenariat avec le Forum économique mondial

KBL European Private Bankers (KBL epb) a annoncé le 13 janvier son partenariat avec le Forum économique mondial, une organisation internationale indépendante qui s’engage à améliorer l’état du monde en associant les leaders mondiaux pour façonner les ordres du jour mondiaux, régionaux et sectoriels.Aux termes de cet accord, KBL epb, dont les actifs sous gestion s'élèvent à quelque 41 milliards d’euros, devient à la fois Industry Associate Partner for Banking & Capital Markets et Regional Associate Partner for Europe. Ainsi KBL epb prendra part à des événements majeurs tels que la réunion annuelle de Davos et le Forum économique mondial Europe, MENA et Eurasie qui aura lieu cette année à Istanbul, Turquie.
14/01/2014

La société de gestion de Banco Popolare serait à vendre

Aletti-Gestielle, la société de gestion du groupe italien Banco Popolare, serait à vendre, selon des informations d’Il Sole – 24 Ore. La société, présidée par Mario Valletta gère un encours de 24,8 milliards d’euros et se place à la douzième place dans le classement des sociétés de gestion italiennes. Parmi les acquéreurs potentiels figure Azimut. Un éventuel rapprochement donnerait naissance à un groupe de 67 milliards d’euros d’encours. Mais d’autres sociétés, italiennes et étrangères, seraient intéressées.
14/01/2014

Former LTCM head to launch a hedge tracker fund

The former co-head of Long Term Capital Management in London, Hans Hufschmid, is returning to investing with his first tracker fund to follow the hedge fund industry, the Financial Times reports. His firm, Altß, will build an investment portfolio which will aim to reflect the fund universe, with larger weightings for the most common strategies, such as equity long/short or fixed income trading. Altß is based in New York and has already raised USD100m.
14/01/2014

DeAWM acquires two properties

The real estate fund division of Deutsche Asset & Wealth Management (DeAWM) has carried out two transactions on behalf of its open-ended real estate fund Grundbesitz Europa, according to Fondscheck.de. The first acquisition is the “WestendDuo” building in Frankfurt, which has been purchased for about EUR240m from CBRE Global Investors. The property has 30,000 square metres of space. In the Paris region, the fund has purchased the “In Situ” property under construction for EUR104m, from an affiliate of Vinci Immobilier and Nexity Enterprises. The property is slated for completion in 2015. Grundbesitz Europa has total assets of about EUR4bn, and has 48 properties in its portfolio.
14/01/2014

Assets in ETP/ETP total USD2.4trn

Net inflows of EUR24.5bn and positive market effects in December took assets under management in ETFs and ETPs to a record USD2.4trn in December, according to initial estimates from ETFGI. As of the end of 2013, the secotr had 5,090 ETF/ETPs, via 10,072 listings from 218 providers on 60 markets. Assets in ETF/ETP increased 23% last year, under a positive market effect and a net inflow of USD242.8bn. Net inflows to equity ETF/ETPs alone totalled USD240.1bn, as subscriptions to bond ETF/ETP totalled EUR22.3bn. Commodity ETF/ETP, however, saw net outflows of USD39.7bn. iShares leads for subscriptions, with net inflows of USD61bn, followed by Vanguard (USD60.2bn). SPDR follows far behind, with USD18.3bn, PowerShres with USD15.4bn, and WisdomTree, with USD14.4bn. In the past year, 611 ETF/ETPs were launched, from 102 providers, compared with 595 products from 104 providers in 2012. 245 ETF/ETPs were closed in 2013, compared with 206 in 2012 and only 72 in 2011.
14/01/2014

Historic increase in assets for Spanish funds

Asset management has positive momentum in Spain. In 2013, assets under management by Spanish securities funds increased by EUR31.5bn, or +25.8% year on year, to a total of EUR153.8bn, according to the agency EFE, citing data published by Inverco, the local association of asset management firms. The association notes that the sector has posted its best performance in 15 years. This success is due to very strong net inflows, which have topped EUR23bn for the year 2013 as a whole, allowing the sector to largely recuperate “redemptions suffered in 2011 and 2012,” according to Inverco. Better yet, investment funds posted average returns last year of 6.37%. Unsurprisingly, the rankings of asset management firms in Spain have largely continued to be dominated by the three firms Santander, BBVA and La Caixa. Santander has EUR25.6bn in asstes, up 38%, folowed by BBVA with EUR22.2bn in assets under management (+16.8%), and La Caixa with EUR21.7bn in assets (+27.14%).
14/01/2014

BNP Paribas launches BNP Paribas Éthique Europe 2018

BNP Paribas is for the first time in France launching a savings product backed by an “Ethical Europe Equity” index composed of European businesses with the best practices in terms of social responsibility and which meet strict financial criteria. The product, entitled BNP Paribas Éthique Europe 2018, is available from life insurance policies and financial investment accounts until 14 March 2014. BNP Paribas notes in a statement that it has placed ethical ratings at the core of its mission. In learly 10 years, BNP Paribas has beena able to demonstrate its involvement in socially responsible investment (SRI), a genuine area for development. BNP Paribas has imposed itself as an actor of reference ranked as the top bank in the global Vigeo ratings and second for SRI in France. A growing interest in socially responsible investment is demonstrated by an increase in SRI assets in the French makrte, hich have risen from EUR50.7bn in 2009 to EUR149bn in 2012.
14/01/2014

Pimco and Source launch first actively managed covered bond ETF

The asset management group Pimco and the ETF provider Source have announced the launch of the Pimco Covered Bond Source UCITS ETF (Ticker: COVR). The product allow investors to participate in the performance of globally issued covered bonds. It will combine the actively managed approach PIMCO takes to covered bonds alongside the various benefits of an ETF. The PIMCO Covered Bond Source UCITS ETF, managed by Kristion Mierau, senior vice president and head of PIMCO’s European covered bond portfolio management team, is the first actively managed covered bond exchange traded fund on the global market.Kristion Mierau said in a statement: “This expanding investment universe creates new opportunities for investors and fulfils their increasing demand for ‘safe assets’. “In the current low interest rate environment, covered bonds offer attractive risk-adjusted yields and are potentially a compelling alternative to broad European government bonds, as the asset class has historically provided higher returns with lower volatility and lower sensitivity to changes in market yield levels.” Launched on Deutsche Bourse’s ETF segment Xetra, the Pimco Covered Bond Source UCITS ETF tracks the Barclays Euro Aggregate Covered 3% Cap index, and its annual management fee is 0.38%. Distributions are paid on a monthly basis. Pimco has also entered into a cooperation with Clearstream, giving investors the possibility to order shares of an ETF through Clearstream’s Vestima platform as a mutual fund with daily fixing. This is a ‘first’ for Vestima and Pimco.
14/01/2014

US money market funds increase exposure to European banking sector

US money market funds increased their exposure to European financial institutions by 1% in the months of October and November, while in the same period, euro and sterling money mrkt funds reduced their investments by 8% and 5%, respectively, according to data released by Moody’s. US money market funds increased their engagements to British and French financial establishments, by 335 and 11%, respectively, in the first two months of fourth quarter. The quality of US money market fund credit has deteriorated slightly in fourth quarter, as investments in Aaa shares fell to 18% from 20% previously.
14/01/2014

Hedge fund stars see large outflows

Brevan Howard, Cantab Capital and Bluecrest were among the least well-performing hedge fund firms in 2013, Financial Times fund management reports, citing a difficult context for commodity and emerging market managers. The worst fund in 2013 recorded by HSBC was the Special Situations fund from RAB, which lost 31.4% in its third year of double-digit losses.
14/01/2014

Change of managers at DWS

Fondsweb states that several funds from DWS Investments have changed managers. Basler-International DWS (ISIN DE0008474297) is now managed by Gerrit Rohleder and co-managed by Michael Ficht. DWS Top Portfolio Balance (LU0868163691) is now managed by Julia Ollig, assisted by Werner Eppacher. Lastly, the DWS Invest US Value Equities fund will now be managed by Katharina Seller and co-managed by Ivo Weinoehrl.
14/01/2014

Invesco Germany appoints a head of sales

Invesco Germany has appointed Norbert Welp as head of sales. Welp in March 2013 became head of the German office of Pioneer Investments in Munich, Fondscheck.de states. In his new role, he will oversee sales of Invesco products to banking networks.
14/01/2014

Axa IM adds to its multi-asset fund range

AXA Investment Managers on Monday announced the launch of the AXA WF Global Income Generation, a multi-asset fund which aims to provide regular income through yielding assets from quality issuers and long-term capital growth.AXA WF Global Income Generation takes an unconstrained, multi-asset approach to generate income, balancing higher yielding assets with long-term investments for capital growth. The investment process combines the benefits of bottom up portfolio construction with a ‘3D approach’ – diversification, dynamic asset allocation and downside risk mitigation. The new fund is managed by Anne Gagliardini part of AXA IM’s Flexible Balanced team. AXA WF Global Income Generation is a Luxembourg-domiciled SICAV. It has both retail and institutional share classes and is currently registered in Luxembourg. AXA IM is considering registration across a number of other European countries.
14/01/2014

Skagen recruits a portfolio manager

Norway’s Skagen Funds has hired Johan Swahn as a new portfolio manager in the Skagen Global team.He will start on 10 March 2014 and has over thirteen years’ investment experience. He joins Skagen from Stena AB in Gothenburg where he has been working since 2008 as an investment manager of Stena Long Term Equity, a global, long-only mandate within the Stena Sphere of companies.In addition to Kristian Falnes, lead portfolio manager, Skagen Global is managed by Søren Milo Christensen and Chris Tommy Simonsen.
14/01/2014

Increase in finance industry vacancies

Vacant positions increased 17% in 2013 in the finance sector in Switzerland. As of the end of December, the field had 3,602 vacancies, compared with 4,077 at the end of 2012. This slowdown of a trend which started at the beginning of last year has been confirmed, but the first signs of cooling have been noted, acording to the most recent edition of the Finews-JobDirectory index, published on 13 January. Banks had 1,207 vacancies, insurers 1,152, and other businesses active in the financial sector 1,242 places. In fourth quarter, a downturn in vacant positions was noticeable in the banking and insurance sectors. This situation reflects the “new reality” in the banking sector, Finews-JobDirector states, with stable assets under management, but lower margins and revenues, which have a direct impact on personnel numbers. At the large banks UBS and Credit Suises, the trend remains positive. At the end of 2013, UBS had 403 vacant positions, which corresponds to a 67% increase year on year, and Credit Suisse had 261, an increase of 20%.
14/01/2014

Jupiter to sell its private management

Jupiter Fund Management is planning to sell its wealth management business, representing assets of GBP2.2bn, the Sunday Times reports. An unsolicited buyout offer led the firm to evaluate the future of the unit. Several investment companies specialised in private clients, including Rathbones, Towry and Quilter, are reported to be interested in the activity, which is estimated at GBP50m. The private client unit at Jupiter represents 7.5% of total assets, the Sunday Times reports.
14/01/2014

Aberdeen AM and M&G join forces in real estate

Real estate is exciting the appetites of asset managers. M&G Real Estate, an affiliate of M&G Investments, and Aberdeen Asset Management, have teamed up to create a new real estate fund structure estimated at GBP210m (EUR253m). The new entity, entitled Two Rivers Limited Partnership, has already acquired 100% of the Two Rivers Shopping Park in Staines-upon-Thames in the United Kingdom. Each partner holds 50%.
14/01/2014

Multi-asset class funds in high demand in 2013

Multi-asset class funds were the category of fund in the most demand in 2013 on the British maket, according to activity figures released by the platform Skandia Investment Solutions. Throughout the past year, an average of nearly 30% of inflows each month have done to multi-asset class funds. British equity funds were the category in the second most demand, representing 18% of monthy average inflows, as interest has increased over the months, except for a dip in February. British bond funds, however, were unpopular, with only 8% of average monthly inflows. Cash represented only 0.9% of average monthly inflows.
14/01/2014

Danish asset management firm Maj Invest arrives in London

The Danish asset management firm Maj Invest has opened an office in London and recruited Christine Bergstedt as senior client relationship manager, the Swedish website Fondbranschen reports. Bergstedt was previously head of sales for institutional clients at Barings. She also worked at Aviva Investors.
14/01/2014

JO Hambro IM becomes Waverton Investment Management

Times are changing at JO Hambro Investment Management (IM). The British asset management boutique on 13 January announced that it will be changing names to become Waverton Investment Management. The change follows the sale of JO Hambro IM by Credit Suisse in 2013 to its management and the Bermuda-listed financial group Somers Limited. The asset management firm provides discretionary portfolio management to private clients, charities and other institutions. It also offers a range of offshore funds through its Dublin-based Waverton funds.
14/01/2014

Former head of Citigroup joins a hedge fund

John Havens, who was once second in command at Citigroup, is coming out of retirement to become chairman of Napier Park Global Capital, a hedge fund firm which he had supervised when it was part of the bank, the Wall Street Journal reports. He will assist the company, which has USD5.6bn in assets under management in credit to court investors. He will work three days per week at the headquarters of the Manhattan-based company.
14/01/2014

Sarasin & Partners reshuffles its equity income range

Sarasin & Partners is renewing its global equity income funds. The asset management firm, which is 60% controlled by J. Safra Sarasin bank and had GBP13.8bn in assets as of the end of 2013, has added two new vehicles to its range. The products, entitled Sarasin Global Dividend Fund and Sarasin Global Dividend Fund (Sterling Hedged), are aimed at “providing a ‘total return’ appoach to global dividend investing”, the London-based firm says. The two funds are aiming for long-term capital growth by generating returns at least 15% above the benchmark (MSCI All Countries World Index). The second fund, however, stands out as it offers hedging for currency risks for investors in pounds sterling. The funds, managed by manager and partner Mark Whitehead, will carry annual management fees of 1.5%, with a minimal investment of GBP1,000. The new vehicles come as additions to the exiting range of global equity income funds, which is being extensively overhauled. The two existing funds Sarasin International Equity Income and Sarasin Global Equity Income (Sterling Hedged) have been renamed as Sarasin Global Higher Dividend Fund and Sarasin Global Higher Dividend Fund (Sterling Hedged).

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