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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

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

ECGS signs a partnership with Manifest

The pan-European governance specialist ECGS has announced that it has selected Manifest Information Services to provide it with custom research and voting recommendations concerning British and Irish publicly-traded firms. From this year, Manifest, which covers about 6,000 companies, will supply ECGS with custom analysis of the governance and remuneration policies for companies according to ECGS requirements.
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

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

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

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

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

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

Asset management firm of Banco Popolare rumoured to be up for sale

Aletti-Gestielle, the asset mangement firm owned by the Italian Banco Popolare group, is reportedly up for sale, according to reports from Il Sole – 24 Ore. The firm, led by Mario Valletta, has assets under management of EUR24.8bn, and places second in the rankings of Italian asset management firms. Among the potential buyers is Azimut. A potential merger would create a group with EUR67bn in asstes. But other firms, both Italian and foreign, are also reportedly interested.
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).
14/01/2014

City recruiting again

The number of new jobs in the financial services sector in London in December increased for the first time in 22 months, according to a survey published on 13 January by the financial services recruitment firm Astbury Marsden. 1,340 new City jobs were created in December, up 67% compared with December 2012, but down 46% on a busier than normal November. Astbury Marsden says that City firms continue to support growth in equities and derivatives trading as trading volumes hold up. While a recent jump in IPO activity has led investment banks to put increased resources into those teams supporting deal-making and execution teams. However, 27,915 new jobs were created during 2013, a decline of 21% on the 35,115 new roles created during 2012, and the sector has continued to suffer from the effects of the 2007-2009 financial crisis, which led many banks to lay off employees and pull out of certain activities. “What we are seeing is very far from a return to aggressive hiring, but it is a good sign that banks are thinking again about growth,” says Mark Cameron, CEO of Astbury Marsden.
14/01/2014

Norwegian oil fund continues to invest in real estate

The Norwegian oil fund NBIM, which manages the assets of the government pension fund, and the US firm MetLife, on 13 January announced that they have made two additional investments in Washington and San Francisco, as part of their recently-signed partnership. Investments by the Norwegian fund total USD480m, within the announced key distribution under the partnership, by which NBIM will own 47.5% of new engagements, compared with 52.5% of MetLife. With these new stakes, NBIM is resolutely continuing its policy of investing in real estate, with a declared goal of increasing its stake of 5% of assets in the portfolio, compared with about 1% currently.
14/01/2014

L'Unédic prévoit une dette à 22,1 milliards d'euros fin 2014

Le bureau de l’Unédic a adopté le 14 janvier une prévision de déficit de 4,3 milliards d’euros en 2014, contre un déficit confirmé à 4 milliards pour 2013. La nouvelle prévision est fondée sur l’hypothèse d’une croissance de + 0,8% et sur une poursuite modérée du nombre de demandeurs d’emploi indemnisés (+13.900 sur l’année). L’Unédic table au passage sur 200 millions d’euros de cessions immobilières. La dette, qui atteignait 17,8 milliards d’euros fin décembre, passerait à 22,1 milliards d’euros fin 2014. Les charges financières de la dette grimperaient de 274 à 318 millions d’euros, sur la base d’un taux de financement moyen de 2%, contre 1,75% à l'émission en 2013.
14/01/2014

Madrid espère 0,3% de croissance au quatrième trimestre 2013

La croissance de l'économie espagnole devrait avoir atteint 0,3% au dernier trimestre de l’année 2013, a indiqué hier le ministre de l'économie Luis de Guindos. Celui-ci s’exprimait devant les parlementaires espagnols et a dit s’attendre à une accélération de la croissance en 2014.
14/01/2014

Les prêts à l'industrie plongent en France

En novembre 2013, l’encours total de crédits mobilisés aux entreprises s’élevait à 806,9 milliards d’euros, en hausse de 0,2% sur un an, selon les chiffres de la Banque de France. La progression se monte à 1% si l’on tient compte des lignes de crédit mobilisables mais non tirées. Si les encours de crédits à l’industrie plongent de 5,6% en rythme annuel, ceux aux activités immobilières des entreprises augmentent en revanche de 3,1%.
14/01/2014

Les perspectives de croissance des pays avancés s'améliorent

Les perspectives de croissance continuent de s’améliorer dans la plupart des économies avancées, a indiqué hier l’OCDE. L’indicateur composite avancé mensuel de l’organisation, conçu pour anticiper les points de retournement de l’activité, ressort en global à 100,9, en hausse de 0,2 point d’un mois sur l’autre. Celui des pays du G7, en hausse de 0,1 point à 101,0, indique une consolidation de la croissance. Pour la France il progresse de 0,1 point, à 100,3, signalant une inflexion positive.
14/01/2014

Surcoûts en vue pour la défense britannique

Le système de recrutement en ligne du personnel des armées au Royaume-Uni, confié à la société privée Capita, ne sera pas opérationnel avant avril 2015, soit avec deux ans de retard sur la date initiale, rapporte le journal qui se fonde sur un document du ministère de la Défense britannique. Plus de 16 millions de livres (19 millions d’euros) ont été dépensés pour ce projet qui souffre de nombreuses défaillances informatiques.
14/01/2014

Sabine Lautenschläger défend une politique monétaire orthodoxe

La candidate allemande au remplacement de son compatriote Jörg Asmussen au directoire de la BCE, a vanté hier les mérites d’une politique monétaire orthodoxe, prévenant par exemple que des taux bas n'étaient pas dénués de risques. Ses propos, des réponses écrites aux questions posées par des parlementaires européens en amont de son audition par le Parlement, laissent deviner une proximité plus étroite avec les opinions défendues par la Bundesbank, dont Sabine Lautenschläger est actuellement vice-présidente, qu’avec celles de Jörg Asmussen. Le départ de ce dernier pour le gouvernement de coalition conduit par Angela Merkel prive ainsi Mario Draghi d’un allié précieux au sein d’un directoire chargé de mettre en œuvre la politique monétaire de la banque centrale. Le Parlement européen se prononcera jeudi sur la candidature de Sabine Lautenschläger et la décision définitive sera prise par le Conseil européen.
14/01/2014

L’endettement de la France préoccupe Michel Barnier

Dans un entretien accordé au quotidien, le commissaire européen aux Services financiers estime que «la dette excessive» de la France et «une compétitivité qui s’érode» sont les deux principales faiblesses du pays. Il indique que les sujets que devra traiter le prochain président de la Commission européenne porteront notamment sur la stratégie industrielle, les infrastructures, le marché unique, la sécurité et l’immigration.

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