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28/01/2014

Unigestion plans assault on Canadian market

P { margin-bottom: 0.08in; } Unigestion is continuing its international development. The Swiss asset management firm, based in Geneva, has opened an office in Toronto, in order to conquer Canadian institutional clients, eFinancial News reports. As a part of that effort, Unigestion has recruited Heather Cooke, formerly of Mercer Global Investments Canada, whose mission will consist precisely of setting up this asset management activity for local institutional investors. The asset management firm will target pension funds and foundations as a top priority. Meanwhile, the firm is seeking to recruit a senior head in charge of distribution for its Toronto office. Unigestion is not starting out with a completely blank page in the country. In 2011, the asset management firm won its first mandate in Canada from Desjardins, a Quebec company specialised in financial services.
28/01/2014

Six asset management firms misused client money

P { margin-bottom: 0.08in; } The Financial Conduct Authority has discovered that at least six asset management firms have misused client money to pay brokers to hold meetings with directors of businesses in the past five years, Financial Times fund management reports. The regulator did not disclose the names of the six asset management firms concerned.
28/01/2014

M&G registers a fund in Germany

P { margin-bottom: 0.08in; } M&G Investments has registered the M&G Income Allocation Fund for sale in Germany, according to a statement released on 27 January. The fund, managed by Steven Andrew, aims for annual returns of 4%. The strategy, launched in November last year, is already available in many European countries, including France.
28/01/2014

DeAWM launches an ETF of German SMEs

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) on 27 January announced the launch of the db x-trackers Mittelstand & MidCap Germany UCITS ETF (DR), which will invest directly in German large and midcaps. The ETF will invest in all 70 shares of the underlying index, larger than other indices such as the MDAX, which includes only 50 companies. DeAWM states that about 30% of the index is composed of businesses in which the founders or management control at least 5% of capital. Annual fees: 0.40% ISIN/WKN code: IE00B9MRJJ36 / A1T795 Bloomberg code: XDGM GY
28/01/2014

Vontobel AM appoints a new head for German market

P { margin-bottom: 0.08in; } Vontobel Asset Management has recruited Christian Hoeg as head of the asset management firm for the German market, das investment reports. He will also be responsible for bond management. In his new position, Hoeg replaces Beate Meyer, who will from April be responsible for the partnership between Vontobel and the Australian banking group ANZ.
28/01/2014

PCA Investments closes a hedge fund and cuts back staff

P { margin-bottom: 0.08in; } The Asian asset management firm PCA Investments has decided to close a multi-strategy hedge fund, after a decision by the Chinese sovereign fund China Investment Corp (CIC), the only large investor in the strategy, to pull out of the fund, the Wall Street Journal reports. PCA Investments has also closed its Hong Kong office, which was primarily focused on investment in Asian equities. At least five jobs are rumoured to have been lost. The future of the Beijing office does not appear certain.
28/01/2014

Zurich releases a new range in the United Kingdom

P { margin-bottom: 0.08in; } The Swiss insurance group Zurich is launching Zurich Horizon Investment Solutions, a new investment range consisting of multi-asset class funds with various risk profiles, which will be managed by Threadneedle Investments, Investment Week reports. Threadneedle Investments, which was in the past controlled by Zurich, manages a large proportion of the insurance and pension fund assets of the Swiss group.
28/01/2014

Japanese institutionals awarding a growing number of mandates to foreign asset managers

Myriad changes--macro and micro--support a Japanese institutional move to award mandates to foreign managers. Sub-advised funds accounted for 65% of investment trust assets under management at June 30, 2013, up from 61% in 2008, according a joint report from Cerulli Associates and Nomura Research Institute, Ltd (NRI). Sub-advisory arrangements can take two basic forms, either in a discretionary mandate (¥12.4 trillion, US$126.5 billion, as of June 30, 2013), or a fund of funds brief (¥15.0 trillion). Hybrid arrangements account for another ¥12.1 trillion assets under management (AUM). The sub-advisory market offers ample opportunities for foreign managers, particularly in areas like foreign equity and foreign real estate investment trusts where sub-advised funds account for more than 90% of AUM. «Gradual diversification of Japanese banks’ portfolios from Japanese Government Bond (JGB) to foreign securities and changes to pension fund governance spell greater opportunities for foreign managers,» said Yoon Ng, Asia Research Director at Cerulli Associates.
28/01/2014

Partners Group and Equis Fund invest USD250m in solar energy

P { margin-bottom: 0.08in; } The wealth manager Partners Group and the investment fund Equis Fund on 27 January announced an investment of USD250m in developing a solar platform in Japan. Other investors have joined the consortium, including Babson Capital, LGSuper and Quantas Superannuation; they will finance the construction of the photovoltaic installation. The site will begin to be operational in second half, Partners Group says in a statement. The installation will be operated by Japan Solar and Nippon Renewable Energy KK (NRE). Equis Fund is presented as one of the largest private investment funds in the energy and infrastructure sector, with about USD960m in assets under management in Tokyo, Hong Kong, New Delhi, Manilla, Bangalore and Chengdu.
28/01/2014

UK boutique plans to launch an AIFM-compliant fund of funds

P { margin-bottom: 0.08in; } The British asset management boutique Aurum Funds is planning to launch a fund of hedge funds which will comply with the terms of the AIFM directive, Citywire reports. The new fund, dedicated to European professional investors, will be one of the first to comply with the directive. The fund is expected to invest in traditional assets, while guaranteeing low volatility and low correlation.
28/01/2014

Kempen launches six funds in Italy

P { margin-bottom: 0.08in; } The Netherlands-based asset management firm Kempen Capital Management has licensed six funds for sale in Italy, according to a statement released in Italy on Monday. They are the Kempen (Lux) European Small Cap Fund, Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Plus Fund, Kempen (Lux) European High Dividend Fund, Kempen (Lux) Global Property Fundamental Index® Fund and Kempen (Lux) Global Sovereign Fundamental Index® Fund. The sub-funds, which belong to the Luxembourg-registered Sicavv Kempen International Funds, will be available to institutional and retail investors. Cor Dücker, international business development manager for Italy, estimates that Italy will be an increasingly important market for Kempen.
28/01/2014

Allianz GI loses its head for Northern Europe

P { margin-bottom: 0.08in; } After four years as head of Allianz Global Investors for northern European countries, Johnan Hamilton has left the firm, the Swedish website Fondbranschen reports. Allianz Gi still has three employees in Stockholm, but it is unclear who will take charge of the office.
28/01/2014

M&G recruits from Goldman Sachs in Asia

P { margin-bottom: 0.08in; } M&G Real Estate has recruited Ng Chiang Ling, a former Goldman Sachs executive, for the newly-created position of director of acquisitions in Asia-Pacific, Asian Investor reports. Ng will be based in Singapore, and last month began in her new role, in which she will oversee acquisitions by M&G in Australia, Singapore and Hong Kong. Ng previously served for 15 years at Goldman Sachs in the merchant banking division, where she already focused on acquiring assets for property funds in Asia.
28/01/2014

SSgA lists seven ETFs in Milan

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) has listed seven new ETFs on the Milan stock exchange, Bluerating reports. That includes three short duration bond ETFs: SPFR Barclays 0-3 year US US Corporate Bond UCITS ETF, SPDR Barclays 0-3 year Euro Corporate Bond UCITS ETF and SPDR Barclays 0-5 year US High Yield Bond UCITS ETF. Three more are high-dividend ETFs: SPDR S&P Global Dividend Aristocrats UCITS ETF, SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF and SPDR S&P UK Dividend Aristocrats UCITS ETF. The last new fund is the S&P 400 US Mid Cap UCITS ETF.
28/01/2014

Hugau Gestion to launch a global equity fund

P { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Hugau Gestion is planning to launch Hugau Actions Monde, a new fund for which it has received a license from the Autorité des marchés financiers (AMF). The fund invests in international large caps and will likely be managed by Catherine Hugel. The target asset allocation is 80% composed of equities, and 20% of 1-3 year corporate bonds. To start out, the fund will privilege the United States and Europe, and will underweight emerging markets, where the purge is not yet complete, according to Hugau Gestion. From a sectoral standpoint, the fund will overweight financials and euro zone equities, where “there is some catching up to do.”
28/01/2014

Nasdaq OMX opens an office in Bangalore

P { margin-bottom: 0.08in; } The market operator Nasdaq OMX on 27 January announced that it is opening an office in India, in Bangalore. The new location will be responsible for developing new technologies and improving the existing range. It will work to develop the next generation of platforms dedicated to investor relationships.
28/01/2014

Le gérant britannique F&C passe sous pavillon canadien

Le groupe financier canadien BMO a annoncé mardi avoir conclu le rachat du spécialiste britannique de la gestion d’actifs F&C Asset Management pour 708 millions de livres (860 millions d’euros) en numéraire, afin de développer ses activités de gestion de fortune. F&C avait déclaré lundi avoir reçu une offre, ce qui avait fait gagner jusqu'à 28% à son action à la Bourse de Londres. L’accord conclu avec BMO prévoit un prix de 120 pence par action. Le groupe britannique gérait 82 milliards de livres d’encours fin 2013, en baisse de 8 milliards en trois mois.
28/01/2014

La banque centrale indienne surprend en relevant son taux directeur

La banque centrale indienne a, contre toute attente, relevé son taux directeur d’un quart de point, tout en prévenant qu’elle n’entendait pas poursuivre sur cette voie si l’inflation montrait, comme elle s’y attend, des signes d’atténuation. Le taux de prise en pension de la Reserve Bank of India passe ainsi de 7,75% à 8%. L’indice des prix à la consommation a décéléré à 9,87% en décembre, son plus bas niveau depuis trois mois, tout en restant bien supérieur au taux directeur de la RBI.
28/01/2014

L'économie britannique confirme son redressement

Le produit intérieur brut (PIB) britannique a augmenté de 0,7% au quatrième trimestre, comme attendu par les économistes, après une croissance de 0,8% sur les trois mois précédents, selon la première estimation publiée mardi par l’Office national de la statistique. En variation annuelle, le taux de croissance a atteint 2,8% au quatrième trimestre, contre 1,9% au troisième. Sur l’ensemble de 2013, la croissance du Royaume-Uni a atteint 1,9% contre 0,3% en 2012, soit la meilleure performance depuis 2007 même si le PIB reste inférieur de 1,3% au pic atteint au premier trimestre 2008 avant la récession.
Photo : Bloomberg
28/01/2014

Les lourds défis des pays émergents

Selon Hervé Goullettquer, responsable de la recherche marché de CA-CIB, après plusieurs années de rattrapage à marche forcée, ces pays sont confrontés à l'épuisement de leur modèle, au vieillissement démographique et au risque politique
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28/01/2014

La France et l'Allemagne plaident pour une TTF réaliste

La France veut faire aboutir le projet de taxe sur les transactions financières cette année en plaidant pour une approche réaliste, selon Pierre Moscovici sur France Info. « Si on fait en sorte qu’il n’y ait plus de marchés financiers en Europe, qu’il n’y ait plus de Bourses en Europe, les ressources financières iront à Londres», a plaidé le ministre, précisant que la taxe concernera entre autres «certains produits dérivés mais pas tous». Le ministre allemand des Finances Wolfgang Schäuble a déclaré hier à Paris que les deux pays veilleront à ce que la TTF ne nuise pas à l’activité du secteur financier.
28/01/2014

Le FRR lance un nouvel appel d'offres

Le Fonds de réserve pour les retraites a lancé le 24 janvier un appel d’offres visant à sélectionner un prestataire pour la gestion financière d’un mandat passif « Exposition Globale ». Ce mandat est destiné à servir d’outil d’exposition à l’ensemble des classes d’actifs du FRR. Il serait activé notamment pour permettre une exposition anticipée à certaines classes d’actifs ou en cas de besoin de remplacement temporaire d’un gestionnaire défaillant ou manquant.
28/01/2014

Ageas UK mandate State Street comme dépositaire

State Street Corporation a annoncé avoir été sélectionnée par la compagnie d’assurance Ageas pour fournir des services de dépositaire mondial et de comptabilité portant sur 4,5 milliards de dollars d’actifs au Royaume-Uni. Les prestations concerneront trois entités juridiques d’Ageas UK: Ageas Insurance, Ageas Protect et Tesco Underwriting.
28/01/2014

Euronext élargit son offre de contrats à terme sur actions

La filiale à 100% d’IntercontinentalExchange a annoncé le lancement de plusieurs contrats à terme sur actions individuelles pour un ensemble de valeurs les plus liquides cotées sur Euronext, qui viendra enrichir l’offre d’options sur actions individuelles et de contrats à terme et d’options sur indices.

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