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20/02/2014

MainFirst launches a UCITS fund targeting CLOs

MainFirst, the asset management firm based in Frankfhrt, has launched what it says is the first UCITS fund to invest in collaterialized loan obligations (CLO), Citywire Global reveals. The vehicle, entitled MainFirst CLO Investment Grade Fund, is domiciled in Luxembourg and will concentrate as a top priority on the investment grade portion of the CLO market, senior secured loans representing 90% to 95% of the exposure of the portfolio. The fund will be managed by the head of corporate credit, Norbert Adam, alongside fund managers Klaus Ripper, Michael Hombach and Stamatia Hagenstein.
20/02/2014

Simon Mendelson joins DeAWM to head up development in North America

Deutsche Asset & Wealth Management (DeAWM) has appointed Simon Menselson as managing director and head of development and product management for the Americas region. Mendelson previously worked at BlackRock as global head of product development. In his newly-created role, Mendelson will be head of development, implementation and positioning of solutions and investment products available in the Americas region. The appointment of Mendelson follows the recruitment in North America of more than 12 wealth management executives.
20/02/2014

AllianceBernstein recruits a director for defined contribution activities

According to eFinancial News, AllianceBernstein has recruited Michelle Inskip as its new director of client relationships for its defined contributions activities. The US firm states that Inskip will work with Tim Banks, head of the customer relationships strategy within the retirement activity. Inskip previously worked at Schroders in the United Kingdom and Ireland on the team dedicated to relationships with consultants. She previously served for 7 years at Insight Investment as director of management of consultant relationships.
20/02/2014

Asset management at Natixis posts EUR13bn in inflows in 2013

In 2013, the asset management business line at Natixis posted net inflows of EUR13.4bn. Excluding money market funds, net inflows total EUR20bn, the bank says, suggesting that money market funds have seen outflows of EUR6.6bn. The level of net inflow was very high in the United States, Natixis is pleased to announce: USD18bn for the Equity Value expertise at Harris Associates. The “non-traditional” expertise at Loomis, Sayles & Co has permitted inflows of USD10bn to fixed income. In Europe and the United States, “alternative” expertise (Alpha Simplex, Gateway, H2O, OSSIAM, etc.) developed more recently, generated EUR3.4bn in inflows in 2013, the bank continues. In total, as of the end of 2013, assets under management totalled EUR629bn vs EUR591bn as of 31 December 2012. The net banking proceeds from asset management, for its part, is up 10% in 2013 compared with 2012, to EUR1.832bn.
20/02/2014

Blackstone buys a stake in a hedge fund

The US Blackstone group, which would like to play the first roles in the hedge fund sector, has bought a minority stake in the alternative asset management firm Senator Investment Group, whose assets under management total about USD6.7bn, the news agency Bloomberg reports.
20/02/2014

Mid-sized funds perform better than large ones

Investors would have done better to buy a mid-sized fund rather than a large fund in the past five years in the income equity category, a study by FE Trustnet cited by Financial Times fund management finds. An equally weighted portfolio of the main UK Equity Income fund has earned 88% since January 2009, while the average fund earned 104%.
20/02/2014

Nomura AM recruits an emerging market manager

Nomura Asset Management U.K. Ltd. (NAM UK) has hired Nick Payne as a Latin American portfolio manager to bolster its coverage across the region.He joins from Rexiter Capital Management where he was head of Latin American equities as well as managing emerging markets equity portfolios. Nick Payne ‘s appointment bolsters Nomura’s dedicated emerging markets team in London, which has gathered momentum since the appointment of Jonathan Bell (formerly of Pictet) as its head in May
20/02/2014

Departure of a money market manager from BlackRock

Stuart Niman, managing director of BlackRock, is leaving the firm and abandoning the management of the BlackRock Cash Fund, with GBP586m, FundWeb reports. He was also manager of the BGF Euro Reserve fund. The two products will be taken over by Bea Rodriguez.
20/02/2014

Three managers leave RLAM

Three managers from Co-operative have left Royal London Asset Management following the integration of the two firms, Investment Week reports. They are Linda Disforges, Neal Foundly and Daniel Fox.
20/02/2014

Mercer recruits an investment head for the Middle East

Following the departure of Mailesh Shah, Mercer’s investment consulting leader for Middle East who worked at Mercer for 25 years, the consultancy firm has appointed Ben Gunnee as its new head of investment consulting for the Middle East and Africa, Asian Investor reports. Gunnee is taking an enlarged role compared with Shah, who becomes head of “investment” activities for India, the Middle East, Turkey and Africa. He will aim to distribute and promote investment solutions from Mercer in these markets, dividing his time between Dubai and London. Gunnee had previously been director for Europe at Mercer Sentinel, an entity which advises clients on investment and execution operations.
20/02/2014

Turkey, new area for growth for wealth managers

Large Turkish entrepreneurial families are increasingly interested in planning their wealth management strategies for their descendants, according to a study carried out by Campden Wealth in partnership with UBS. The study finds that wealth management remains by far a family matter in Turkish businesses. Half of the sample surveyed (30 high net worth families in summer and autumn 2013) say they have more than 75% of their wealth invested in their activity, while the remainder is invested in real estate and investment grade bond management. The entrepreneurs who invested more than 25% of their wealth outside their activities have engaged as a priority in real estate and private equity. The younger generations seem much more interested in a more sophisticated wealth management approach, with the largest selection criteria for a wealth manager being trust and track record, the study finds.
20/02/2014

Boston Partners launches a new long/short fund

Boston Partner, the value approach specialist of the Robeco group, is launching a new long/short fund, entitled Robeco Boston Partners Global Long/Short Fund, Hedgeweek reports. The vehicle followed the same investment process as the Robeco Boston Partners Long/Short Research Fund, but with a wider range of global investment opportunities. The new fund, managed by Jay Feeney and Christopher Hart, already responsible for the Boston Partners Global and International Equity fund, will invest at least 40% in undervalued international equities. The Robeco Boston Partners Long/Short Reearch fund, concentrated on US equities, has increased its assets under management to over USD3bn since its launch in 2010.
20/02/2014

141 funds were domiciled in Italy in 2013

In 2013, 141 new funds were domiciled in Italy, compared with 77 the previous year, according to data from Morningstar supplied to Funds People Italia. With 39 new products, Anima was the asset management firm which launched the most funds last year, particularly in the bond category. It is followed by Eurizon Capital, with 31 funds, and Amundi, with 23 funds.
20/02/2014

Tendercapital lists its funds on Online Sim

The asset management firm Tendercapital has listed its fund on the Italian platform Online Sim, Bluerating reports. With this new product range, the range on offer from Online Sim tops 3,500 funds from 130 asset management firms.
20/02/2014

François Mouté quits as manager of two funds

François Mouté has abandoned the management of two equity funds from Neuflize OBC as part of strategic changes at the firm, Citywire Global can reveal. The US equity manager no longer manages either the Neuflize Usa Opoortunities fund, nor the Neuflize Ambition long/short fund. He has been replaced on the former fund by Eric Lafrenière, while the second fund has been taken over by David Zonena. Mouté will continue to manage the Neuflize Global fund, mandated funds, the Columbia Securities NV and the PARVEST Opportunities USA funds.
20/02/2014

Man Group steps up its search for an acquisition

Man Group is accelerating its search for an acquisition, the Financial Times reports. The aim is to diversify revenues away from the flagship fund AHL (USD12.5bn). The alternative asset management firm has USD550m in surplus capital, and according to sources familiar with the matter, will distribute money to shareholders if it does not find a target. Man Group would like to acquire a traditional asset management firm rather than another hedge fund firm, and is particuarly interested in the market in the United States.
20/02/2014

State Street appoints a director of relations with hedge funds

Jamie Gleeson joined State Street in February as managing director and head of hedge fund relationship management for Europe, the Middle East and Africa, according to eFinancial News. According to his LinkedIn profile, Gleeson from 2007 to 2013 worked at Bank of America in Asia Pacific as head of hedge fund consulting. He had previously served at Morgan Stanley, Goldman Sachs and Lehman Brothers.
20/02/2014

La reprise en zone euro reste difficile

L’accélération attendue de la croissance de l’activité dans la zone euro n’a pas eu lieu en février et les entreprises ont baissé leurs prix dans l’espoir d’augmenter le volume de leurs ventes, ce qui pourrait raviver les craintes d’une spirale déflationniste, montrent les premiers résultats de l’enquête mensuelle Markit auprès des directeurs d’achats. L’indice PMI composite de la zone euro a reculé à 52,7 contre 52,9 en janvier. Ce dernier chiffre marquait un plus haut de 31 mois. Les analystes interrogés par Reuters prévoyaient en moyenne un chiffre en hausse à 53,1. Le PMI flash des services a légèrement progressé à 51,7 après 51,6 le mois dernier mais celui de l’industrie manufacturière a reculé à 53,0 contre 54,0. En France, l’indice PMI composite s’est inscrit à 47,6 contre 48,9 en janvier, son niveau le plus bas depuis deux mois.
Photo : Fotolia
20/02/2014

Deutsche Börse maintient son dividende

L’opérateur boursier conservera un dividende stable de 2,10 euros même si le bénéfice net de 2013 a diminué d’un quart (à 478 millions d’euros), sous l’impact d’une charge de 129 millions d’euros liée au règlement d’un contentieux en relation avec l’Iran. Il a également consacré l’an passé près de 90 millions d’euros à un programme de réduction des coûts, ce qui a également pesé sur le résultat. Le chiffre d’affaires a diminué de 1% à 1,91 milliard d’euros l’an passé.
20/02/2014

Les mises en chantier chutent aux Etats-Unis

Les mises en chantier aux Etats-Unis ont subi en janvier leur chute la plus marquée depuis près de trois ans, sans doute en partie à cause des conditions météorologiques exceptionnelles. Les statistiques publiées mercredi par le département du Commerce montrent un recul de 16,0% des mises en chantier à 880.000 en données annualisées et corrigées des variations saisonnières (CVS).
20/02/2014

Paris et Berlin veulent fixer les contours de la TTF d'ici à mai

La France et l’Allemagne ont convenu mercredi deux points concernant la taxe sur les transactions financières : les deux pays soutiennent une assiette incluant tous les produits dérivés, et veulent un accord entre les 11 pays membres de la coopération renforcée avant les élections européennes de mai prochain.
20/02/2014

Man Group mise sur la croissance externe

L’objectif de la société de gestion alternative est de diversifier ses revenus et de ne plus trop dépendre de son fonds vedette AHL (12,5 milliards de dollars). Man Group possède 550 millions de dollars de surplus de capitaux et, selon des personnes proches du dossier, distribuera l’argent aux actionnaires si elle ne trouve pas de cible. Sa préférence va au marché américain.
20/02/2014

Le risque ukrainien reste circonscrit

Malgré la crise politique, le rendement des obligations polonaises à 10 ans ne se tendait hier que de 4 pb, à l’instar de celui des titres russes libellés en dollar.

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