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05/02/2014

Robeco mulls to open an office in London

P { margin-bottom: 0.08in; }A:link { } Robeco has confirmed to IPE.com that it is mulling to open an office in London. A spokesperson has indicated that the Dutch asset management firm had studied the possibility of setting up a foothold in London as part of its growth strategy in Europe and the United States in the coming years. It adds that an office in London would be home mainly to a sales team, while the Robeco headquarters would remain in Rotterdam.
05/02/2014

M&G Investments recruits a manager from Danske Capital

M&G Investments has appointed John William Olsen to its global equities fund management team. He will start in April. John William Olsen has 16 years’ experience in equity investment. Most recently he was a portfolio manager at Danske Capital in Copenhagen where he managed the firm’s Global Stock Picking, Global Select and European Select equity funds. He joined Danske Capital from Danske Bank in 1998, working first in Danish equities and then global telecommunications and technology equities analysis.
05/02/2014

French SRI players mobilize to create SRI label

P { margin-bottom: 0.08in; } The Association financière de la gestion d’actifs (AFG), AFNOR, the Comité intersyndical de l’épargne salariale (CIES), Finansol, the Forum pour l’investissement responsable (FIR), Novethic, the Observatoire pour la responsabilité sociétale des entreprises (ORSE) and Paris Europlace have signed a joint statement expressing plans to create an SRI label. “The signatories feel that an SRI label which is publicly recognized and which would be supported by public incentives would make it possible to accelerte the growth of SRI, improve information for savers and to better orient the savings of French investors to businesses and public entities which are more outstanding in terms of the quality of their CSR, which contribute to sustainable development, and/or which favour ecological transition,” the declaration published yesterday says.
05/02/2014

Assets under management top EUR3trn despite shortage of inflows

P { margin-bottom: 0.08in; }A:link { } The year 2013 was marked by low growth of 3.1% of total assets under management in France, which now total EUR3.023trn, according to annual statistics unveiled on 4 February by the French financial management association (AFG). This development is largely due to a rebound on the equity markets, as inflows were largely disappointing, the professional association notes. Passing USD3trn is a result of the combined growth of mandates and foreign funds managed in France (+5.2%) and French-registered funds, which, however, have grown only by 1.2%. Assets under management under mandates excluding foreign-registered OPCs have increased by 5.4%, to nearly USD1.3trn. Financial management of foreign-registered OPCs in France top USD200bn (+4%), as a result of increased distribution to non-resident clients. With nearly EUR900m for alternative investment funds (FIA), net assets in French-registered OPC funds totalled USD1.523trn as of the end of 2013, up by EUR17bn for the year, compared with EUR119bn in 2012.
05/02/2014

Lazard AM sets up shop in Dubai

P { margin-bottom: 0.08in; }A:link { } Lazard Asset Management (AM) is scaling up its presence in the Middle East. The US asset management firm, which has been present in Bahrain since 2008, and which has been managing assets for clients in the region since 1992, on 4 February announced that it is opening a new office in Dubai. On this occasion, Lazard AM has recruited Farah Foustok as managing director and senior executive officer of the Dubai office. Foustok, former CEO and chief investment officer at ING Investment Management Middle East, will be responsible for leading the growth and development of the activities of Lazard AM in the Middle East, including management of local investments and sales and distribution of strategies from the US firm in the region. Meanwhile, Lazard AM has recruited Fadi Al Said as director and analyst/portfolio manager, also from ING Investment Management Middle East, where he served as head of investments and portfolio manager. Al Said will lead a team of five people in charge of managing equity strategies in the Middle East and frontier markets for local and international clients.
05/02/2014

Gottex Fund Management opens an office in Stockholm

P { margin-bottom: 0.08in; }A:link { } According to Finews, the Swiss wealth management firm Gottex Fund Management, a specialist in alternative management, has decided to open a representative office in Stockholm, in order to meet the growing demand of Scandinavian clients for its products. The office will be led by Peter Seippel, head of Scandinavian activities at Gottex Fund Management.
05/02/2014

European money market funds exposed to non-collateralised banking sector shares

Fitch Ratings’ 4Q13 reports on Europe-domiciled money market funds (MMFs) show that US dollar- and sterling-denominated funds in their search for yield have increased their unsecured financial exposures.As of December 2013 US dollar funds have seen their unsecured exposure to financial issuers rise to 71% of average portfolio assets, up from 57% a year ago. A similar shift was witnessed in sterling MMFs, albeit to a lesser extent, with unsecured financial exposures growing to 82% from 75%. Euro-denominated funds, on the other hand, have reduced their unsecured exposure to financials to 64% from 67%.
05/02/2014

Syz planning to outsource support services

P { margin-bottom: 0.08in; }A:link { } According to Le Temps, the bank Syz on Tuesday announced internally that it is planning to outsource its support services, known as the back-office units in financial jargon, in order to reduce its costs, according to sources inside the establishment. According to these sources, talks were said to be in progress to outsource these functions to the specialist company B-Source. When contacted, the Geneva-based private bank replied that it had taken “no decision.”
05/02/2014

Creations of French asset managers at a high level

P { margin-bottom: 0.08in; } It has been a constant in the sector for three years. Alongside a wave of consolidation and rationalisation in the sector, the dynamic of creation of portfolio management companies (SGP), particularly entrepreneurial ones, has been confirmed in France in 2013. Following 34 creations the previous year, 38 new portfolio management firms were licensed in 2013, according to statistics from the French asset management association (AFG). The number of companies came to 613 at the end of 2013, compared with 604 at the end of 2012.
05/02/2014

Covered bonds may include liqudity ratio

P { margin-bottom: 0.08in; } In the context of ongoing debate about the liquidity coverage ratio (LCR), the association of actors in the covered bond sector, the European Covered Bond Council (ECBC) on 4 February published a document which recommends that covered bonds be included in the highly liquid (level 1) class of assets under proposed LCR rules. “The inclusion of covered bonds in level 1 assets would make it possible to limit dependence on government debt in the European banking sector, and would facilitate the objective of delinking the government sector from the banking sector,” says Luca Bertalot, president of the association, in a statement.
05/02/2014

S&P Dow Jones Indices launches a European low volatility returns index

P { margin-bottom: 0.08in; }A:link { } The index provider S&P Dow Jones Indices on 4 February announced the launch of a new index which combines the two investment themes on the basis of volatility and returns. The S&P Europe 350 Low Volatility High Dividend index measures the performance of 50 companies that pay high dividends of the S&P Europe 350 index, which meet requirements for diversification, volatility and liquidity. This combination of low-volatility themes and high dividends has already been applied to the S&P 500 index.
05/02/2014

Hedge funds ask question of succession

P { margin-bottom: 0.08in; } Many hedge fund managers who started up their activities in the 1990s are now dreaming of retirement, the Financial Times observes. Two camps are shaping up. Many are choosing to give money back to investors and to close the business. Others feel that their company can survive them, and for that reason, succession plans at hedge funds have become a priority in recent years. Succession may be more or less simply. The transition could be easier for a quantitative fund, for example. However, large institutional investors now consider succession plans to be vital.
05/02/2014

Toward a restart of the sukuk market in 2014

P { margin-bottom: 0.08in; }A:link { } After a mixed year in 2013, the sukuk market may this year rebound to top USD100bn for the third consecutive year, the agency Standard & Poor’s estimates in a study published on 4 February. Sukuk issues launched by businesses and infrastructure vehicles from the Gulf region are expected to post double-digit growth in 2014, largely due to enormous infrastructure financing needs. In 2013, issue volumes fell by 13%. For the first time since 2007, corporate issues rose 20% last year, at a time when government issues were down by 265. This trend may continue in 2014 and 2015. In African countries, government sukuks may slowly make a place for themselves as a means of diversification compared with traditional Asian issuers of the Gulf region. However, Standard & Poor’s estimates that new regulatory conditions are necessary to strengthen market regulations, lower barriers to entry and to deepen the liquidity of these markets.
05/02/2014

VTB Capital IM launches a regional bond fund

P { margin-bottom: 0.08in; }A:link { } VTB Capital Investment Management has launched a bond fund dedicated to Russia and the Community of Indepdendent States, Citywire reports. The Luxembourg-domiciled fund, VTB Capital IM Russia & CIS Debt, was launched with seed capital of USD40m and USD20m in non-binding engagements. The fund will invest in bonds denominated in local currencies and hard currencies from all governments of the region, including high yield and investment grade debt from governments, local authorities and businesses. The bond team from the Russian boutique manages USD3.2bn in assets, while the group has a total of USD7.5bn in assets under management.
05/02/2014

Axa IM launches a new multi-asset fund in Spain

P { margin-bottom: 0.08in; } Axa Investment Managers (Axa IM) has registered a new multi-asset class fund in Spain, entitled Axa WF Global Income Generation, Funds People reports. The vehicle, already launched throughout Europe in early January (see Newsmanagers of 14 January 2013), is a Sicav fund domiciled in Luxembourg, which offers share classes both to institutional and to retail investors. Its objective is to generate regular revenues, by investing in a combination of assets from quality issuers which offer long-term capital growth. The investment process is based on a bottom-up approach, while concentrating on three key factors: diversification, dynamic asset allocation, and risk reduction. The vehicle may invest both in bond asset classes (high yield, investment grade corporate bonds, etc.), equities, and real estate. The management of the fund will be carried out by Anne Gagliardini, who will work with a team of four senior managers, while benefiting from the research of Axa IM in all asset classes.
05/02/2014

Cheyne Capital tops USD500m in assets for its UCITS range

P { margin-bottom: 0.08in; } Cheyne Capital Management, a London-based alternative asset management firm with more than USD6.5bn in assets under management, has seen assets in its UCITS funds reach USD575m, Two years ago, they totalled only USD30m. Cheyne Capital has five UCITS funds: Cheyne European Mid Cap Equity Fund, Cheyne Glboal Credit Fund, Cheyne Convertibles Absolute Return Fund, Cheyne European Real Estate Bond Fund and Cheyne South East Asia Long/Short (Malacca) Fund.
05/02/2014

ERI Scientific Beta brings transparency to smart beta indices

P { margin-bottom: 0.08in; }A:link { } The smart beta speicalist ERI Scientific Beta on 4 February announced that all smart beta indices, totalling 2,958, avaiable on the platform http://www.scientificbeta.com are now available under totally transparent terms. This transparency allows Scientific Beta indices to comply fully with the recommendations of the European Securities Markets Association (ESMA) concerning the transparency of financial indices. It also allows for counterparties on the index market to analyse the track records published by ERI Scientific Beta.
05/02/2014

Amundi opens a subsidiary in Poland

French asset manager Amundi opens a subsidiary in Poland, Amundi Polska, after it has received the regulatory approval required from the Polish Financial Supervision Authority, the KNF3. Based in Warsaw, Amundi Polska is headed by Eric Bramoullé who is chief executive officer as well as president of the management board. The other members of the management board are: Ludmila Falak-Cyniak - chief investment officer, Kazimierz Fedak - chief sales & marketing officer and Julien Bernard - chief operating officer. Eric Bramoullé comments: “The opening of Amundi Polska TFI S.A. illustrates our wish to be closer to our clients as well as partners and to establish a lasting footprint in Poland. Poland is a high potential market, which is leader in asset management in Central and Eastern Europe where Amundi Polska TFI S.A. aims to become a key player”.
05/02/2014

Mercuria lorgne le trading de matières premières de JPMorgan

Reuters croit savoir de sources proches que la banque américaine est entrée en négociations exclusives avec le courtier dirigé par deux anciens cadres de Goldman Sachs en vue de lui céder son activité de trading de matières premières, notamment de pétrole et de métaux. Mercuria a ainsi devancé Macquarie et Blackstone. Le montant de la transaction pourrait atteindre 3,3 milliards de dollars.
05/02/2014

L’intégration du marché électrique s’étend au Nord de l’Europe

L’intégration du marché électrique européen a franchi hier une nouvelle étape avec une extension du couplage des marchés au Royaume-Uni et un renforcement des liens avec les pays nordiques. Les Bourses européennes spécialisées vont ainsi plus facilement pouvoir acheter et vendre de l'électricité du jour pour le lendemain entre 15 pays réunis au sein de ce couplage des marchés d’Europe du Nord-Ouest, sous réserve des capacités de connexion entre réseaux nationaux.
05/02/2014

Le fonds souverain du Koweit va investir 500 millions d'euros en Italie

Le fonds souverain du Koweit va investir 500 millions d’euros dans des entreprises transalpines en coordination avec le Fonds stratégique d’investissement de l’Italie, a annoncé le président du Conseil Enrico Letta. L’accord sera formellement conclu en mars. Il prévoit la création d’une société d’investissement dotée de 2,5 milliards d’euros, dont 80% proviennent du FSI italien et le solde de Kuwait Investment Autority. Le fonds du Qatar et le Fonds russe d’investissement direct ont déjà conclu des accords similaires pour investir dans des entreprises de la Péninsule.
05/02/2014

S&P prédit une croissance du marché des sukuks

Dans une étude publiée hier, l’agence Standard & Poor’s estime que le montant potentiel des émissions obligataires conformes au droit islamique dans le monde en 2014 devrait dépasser 100 milliards de dollars. Elle table sur une croissance cette année, après un recul de 13% des volumes d'émissions en 2013. A quelque 115 milliards de dollars, ceci constitue tout de même le deuxième plus gros montant de placement de sukuks après le record de 2012.
05/02/2014

La TVA sur la presse en ligne baissera au 1er février

Les députés français ont adopté hier à l’unanimité une proposition de loi socialiste harmonisant les taux de TVA applicables à la presse imprimée et à la presse en ligne pour alléger le fardeau fiscal de cette dernière. Cette proposition de loi ramène, à compter du 1er février 2014, de 20% à 2,1% le taux de TVA pour les services de la presse en ligne. Le coût de cette mesure est estimé à 5 millions d’euros.
05/02/2014

Le FSB signale des progrès dans la régulation des dérivés OTC

Dans le cadre des engagements pris pour réformer la réglementation des produits dérivés de gré à gré (OTC), les pays du G20 se sont mis d’accord sur le fait que tous les contrats de dérivés OTC devaient être portés à la connaissance des référentiels centraux, a annoncé hier soir le Conseil de stabilité financière (FSB), en ajoutant que des progrès avaient été également réalisés dans la construction des infrastructures de marché nécessaires à la mise en œuvre de ces réformes.

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