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11/12/2013

Japanese investors seek foreign bonds

Japanese investors are flocking to bonds issued outside Japan, in the hopes of taking advantage of the weak Japanese yen, the Wall Street Journal reports. Asset managers have purchased JPY2.6trn (or USD25bn) more in foreign bonds than they have sold, according to statistics from the minister of finance. This is the fifth consecutive month that Japanese investors have been net buyers of foreign bonds. Since 30 June, they have purchased JPY9.1trn in bonds.
11/12/2013

Sovereign funds exposed to China

Sovereign funds, led by the Norwegian fund, are taking advantage of a regain in IPOS in Hong Kong to increase their exposure to China, the Financial Times observed. The Norwegian fund is proving one of the foremost investors in Chinese businesses this year, despite commercial frictions between Oslo and Beijing. At the end of September, the oil fund had 2.1% of its equity porfolio of USD480bn invested in China, compared with 1.7% one year earlier.
11/12/2013

Oppenheimer fined by Finra

The US financial sector watchdog, Finra, has fined Oppenheimer & Co USD675,000 for charging excessive fees for transactions on municipal bonds and for failing to set up an appropriate surveillance system. Finra has also required the investment firm to pay back over USD246,000 plus interest to affected clients. In addition, the head of transactions on municipal onds, David Sirianni, has been fined USD100,000, and has been suspended for a period of 60 days.
11/12/2013

Germans continue to shun equity funds

In the first ten months of the year, German open-ended equity funds have seen net redemptions of EUR6.70bn (including EUR2.35bn in October), compared with USD6.63bn in the corresponding period of last year, according to statistics from the German BVI association of asset management firms. In total, German asset management firms attracted a net total of EUR61.32bn in January-October, compared with EUR66.9bn in the first ten months of last year, according to statistics from the German BVI association of asset management firms. Overall, German asset management firms attracted a net EUR61.32n in January-October, compared with EUR66.9bn in the first ten months of 2012, with net inflows of EUR16.39bn, compared with EUR14.99bn for open-ended funds, and EUR53.63bn, compared with EUR50.08bn, for institutional funds (Spezialfonds). Mandates other than investment funds have seen a net outflows of EUR8.7bn, compared with net inflows of EUR1.83bn in January-October last year.
11/12/2013

Bank Gutmann hires SRI specialist from Sarasin

Susanne Müssauer, head of Austrian institutional clients and a specialist in sustainable management since 2004 at Banque Sarasin, is joining the Viennese private bank Gutmann, where she will be responsible for setting up a specific line of “sustainable investment” products, to allow clients to have products which meet their environmental, social and governance (ESG) expectations.
11/12/2013

Assets down at Raiffeisen CM

At a time when assets under management in all Austrian funds as of the end of October were up by EUR3.4bn, or 2.3% in ten months, to EUR147.8bn, assets at Raiffeisen Capital Management (RCM) were down by 1.8%, or 6.4%, to EUR26.7bn, which represents a market share of 18.1% on the national market.This reduction is primarily due to a loss of institutional mandates, as assets have fallen to EUR1.8bn, or 10.2%, or EUR15.4bn. Assets in open-ended funds were down by EUR0.1bn, or 0.7%, to EUR11.3bn.
11/12/2013

One asset management firm out of every two wants to launch multi-strategy products in the next 12 months

New research from global analytics firm Cerulli Associates indicates that "We saw a flurry of new CEFs early this year," comments Dan Roberts, analyst at Cerulli. "CEF managers indicated the next 12 months present an excellent opportunity for the industry to raise assets." In the new Products and Strategies 2013: The Changing Landscape of Product Development and Delivery report, Cerulli focuses on asset managers' product strategy and development across different asset classes (e.g., fixed income, alternatives) and vehicles (e.g., collective trust funds (CTFs), exchange-traded funds (
11/12/2013

US equities: ERAFP mandates for Natixis, Robeco and Morgan Stanley

After a restricted RFP issued in March, France’s Etablissement de retraite additionnelle de la fonction publique (ERAFP, EUR15bn) has awarded active mandates to manage US equity funds to Natixis AM and Robeco Institutional Asset Management. Financial management will be outsourced to Loomis, Sayles & Company and Robeco Boston Partners, while a third standby mandate has been awarded to Morgan Stanley IM.The portfolios will primarily be invesfted in US equities, with a long-term investment outlook and an objective of outperformance compared with the MSCI USA Index. It will use conviction-based management without a tracking error limit.
11/12/2013

AllianceBernstein launches a fund dedicated to emerging market consumption

AllianceBernstein is offering a fund dedicated to consumer spending on emerging markets, which will be primariliy aimed at companies which are expected to participate in a fast-growing consumer market, Citywire reports. The AllianceBernstein Emerging fund will be a fund domiciled in Luxembourg, managed by Tassos Stassopoulos, who currently co-manages several other funds, including the Alliancebernstein Global Growth and US Thematic Research funds. The fund will use an original approach for research and portfolio construction, with three parameters: top-down, bottom-up, and one which sets it apart from the others, a component called “grassroots” which involves observation of the behaviour of emerging market consumers.
11/12/2013

Stoxx launches an index of European securities exposed to emerging markets

With the Stoxx Europe 600 EM Exposted Index, Stoxx Ltd on 10 December launched an index covering companies of the Stoxx Europe 600 which earn a substantial part of their revenues in emerging countries, which allows them to be exposed to growth market via liquid securities.The new index is intended to be used as a benchmark for actively-managed funds, and as a basis for replication for ETFs or other investable products.The Stoxx Europe 600 EM Exposed Index is calculated on price, in net and gross. It is available in euros and US dollars. Its composition will be revised each year in September.
11/12/2013

Inflows to Swedish funds boosted by balanced funds

Funds on sale in Sweden in November recorded net inflows of SEK3.2bn, or EUR0.355bn, according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. Inflows were boosted by balanced funds, which attracted SEK4.5bn (EUR0.5bn). Equity funds posted net subscriptions of SEK0.3bn. Money market funds and hedge funds, however, have seen respective outflows of SEK0.9bn and SEK0.8bn. Since the beginning of the year, funds on sale in Sweden have posted net inflows of SEK66bn (EUR7.3bn), and as of the end of November, assets totalled SEK2.433bn (EUR271bn), of which 55% are in equity funds.
11/12/2013

Asian Frontier Captial offers a Vietnam fund

The asset management firm Asia Frontier Capital (AFC) is accepting subscriptions to a new Vietnam fund which has been open since 10 December, Asian Investor reports. The new fund, AFC Vietnam Fund, with initial assets of USD50m, will invest in small and midcaps listed on the Hanoi and Ho Chi Minh stock exchanges. The fund will avoid the banking sector, however, and will be exposed only to insurers and brokers. According to the founder and COO of AFC, Thomas Hugger, Vietnam is less expensive than other Asian markets.
11/12/2013

Vanguard reopens two bond funds

US-based Vanguard has reopened access to the High-Yield Corporate Fund (USD16.1bn), managed by Wellington Management Company, which was closed in May 2012, to all investors, as well as the Intermediate-Term Tax-Exempt Fund (USD33.7bn), closed in February 2013. In both cases, Vanguard pre-emptively suspended subscriptions to prevent a steep rise in assets from disadvantaging existing shareholders.However, the Valley Forge, Pennsylvania-based asset management firm has announced the immediate closure of subscriptions to the Capital Opportunity Fund (managed by Primecap Management Company) for most new accounts. The fund, with USD11.4bn, was previously closed in 2004, and then reopened for a restricted group of investors in 2007, and to all subscribers in April 2013. Since that date, assets have increased by more than USD2bn.
11/12/2013

Gabelli renames a fund

Gabelli Funds has changed the name of The Gabelli Value Fund to The Gabelli Value 25 Fund. The name change highlights the fund’s overweighting of its core 25 equity positions and underscores the upcoming 25th anniversary of the fund’s inception.The fund, managed by Christopher J. Marangi and Mario J. Gabelli, was launched in 1989 to invest in a concentrated portfolio of equity securities believed to have favorable prospects.
11/12/2013

BNY to provide logistics for db x-trackers Harvest CSI 300 ETF

Deutsche Asset & Wealth Management (DeAWM) has selected BNY Mellon Asset Servicing as custodian, administrator and transfer agent for its db x-trackers Harvest CSI 300 China A-Shares Fund (ticker: ASHR), launched on the US market more than a month ago (see Newsmanagers of 7 November). The product is the first ETF physically investing in Chinese A-class shares, with a renminbi qualified foreign institutional investor (RQFII) license.
11/12/2013

Le déficit courant de la France se réduit en octobre

Le déficit des paiements courants en France s’est contracté à 2,1 milliards d’euros en octobre, contre 3,6 milliards, chiffre révisé en baisse, en septembre, a indiqué ce matin la Banque de France. Cette évolution reflète principalement le recul du déficit des échanges de biens à 5 milliards en octobre contre 5,7 milliards un mois plus tôt, ainsi que la hausse de l’excédent du compte des services, à 3,3 milliards contre 2,6 milliards.
11/12/2013

Enrico Letta promet des mesures pour stimuler la croissance

Le Président du conseil italien a annoncé une série de réformes institutionnelles et économiques (révision de la loi électorale, baisse de la fiscalité…) visant à tirer la troisième économie de la zone euro hors de la récession, en se fixant notamment comme objectif un produit intérieur brut (PIB) en hausse de 1% en 2014 et de 2% en 2015.
11/12/2013

L'Opep ajuste sa production pour s'adapter à la demande

Selon des sources indirectes citées dans le rapport mensuel de l’Organisation des pays exportateurs de pétrole (Opep), la production du cartel a reculé à 29,63 millions de barils par jour (bpj) en novembre, se rapprochant ainsi de la prévision de demande en 2014. L’Opep prévoit que la demande pour sa production atteindra en moyenne 29,57 millions de bpj l’année prochaine, un chiffre inchangé par rapport à sa précédente estimation.
11/12/2013

L'Erafp attribue trois mandats actions

L’Etablissement de retraite additionnelle de la fonction publique (Erafp) vient d’attribuer 2 mandats actifs et 1 mandat stand-by de gestion de portefeuille d’actions américaines. Les mandats actifs ont été attribués à Natixis AM et Robeco Institutional Asset Management. La gestion financière sera respectivement déléguée à Loomis Sayles et Robeco Boston Partners. Le mandat stand-by a été attribué à Morgan Stanley IM. «A titre indicatif, les montants investis à un horizon de trois ans pourraient être de l’ordre de 300 millions d’euros», indique l’Erafp.
11/12/2013

L'économie italienne a cessé de se contracter

L'économie italienne a stagné au troisième trimestre après deux années de contraction, selon l’estimation définitive de l’institut national de statistiques publiée hier. L’Istat a relevé, de -0,1% à inchangé, son estimation de variation du produit intérieur brut (PIB) pour la période juillet-septembre. En variation annuelle, le PIB italien a baissé de 1,8%, alors que la première estimation était à -1,9%.
11/12/2013

Accord budgétaire atteint aux Etats-Unis

Les négociateurs démocrates et républicains du Congrès américain ont annoncé hier soir être parvenus à un accord sur le budget qui permettrait d'éviter une réédition de la paralysie des administrations fédérales déclenchée en octobre. La sénatrice démocrate Patty Murray et le représentant républicain Paul Ryan, les négociateurs des deux camps, devaient tenir dans la nuit une conférence de presse dévoilant les détails de leur compromis.
11/12/2013

Catella s'attaque au marché immobilier français

La société de services financiers va lancer au printemps 2014 des activités de gestion d’actifs immobiliers en France. C’est François Brisset, ancien managing director et co-fondateur de DTZ Asset Management, qui en prendra la direction. «(…) Nous avons l’intention de structurer, d’accueillir et de gérer des véhicules d’investissement pour le compte de tiers. Nous serons actifs dans l’immobilier commercial et résidentiel», indique celui-ci dans un communiqué. Catella gère en Europe 5 milliards d’euros d’encours, dont 2 milliards dans l’immobilier.
11/12/2013

Fininvest cède 5,6% du gestionnaire Mediolanum

La société holding de Silvio Berlusconi, qui détenait jusqu’ici une participation de 35,72% dans Mediolanum, a annoncé hier avoir lancé la cession de 5,61% du capital de la société de gestion d’actifs, via un placement de 41,3 millions d’actions à l’intention d’investisseurs institutionnels italiens et étrangers. Au cours de clôture d’hier soir, la part vendue par Fininvest vaut 265 millions d’euros.
11/12/2013

Macif Gestion se réorganise

Franck Dussoge, 53 ans, prend la direction générale de Macif Gestion en sus de ses responsabilités de président du directoire d’OFI Mandats, a annoncé la société hier. Il remplace Hugues Fournier, qui devient directeur financier adjoint de la Macif. La double casquette de Franck Dussoge pourrait préfigurer le rapprochement des deux sociétés de gestion, indiquent à L’Agefi plusieurs sources proches. Les deux structures ont déjà des activités voisines et concentrent les trois quarts des actifs du groupe OFI. Macif Gestion, filiale d’OFI à 66 %, a 22 collaborateurs et gérait 28 milliards d’euros à fin octobre, principalement les mandats obligataires des sociétés d’assurance de la Macif. Détenu à 34% par OFI et à 66% par des Mutuelles du Gema et de la Mutualité Française (via Ofivalmo), OFI Mandats affiche 12,4 milliards d’encours diversifiés et obligataires, gérés pour des clients institutionnels du monde de l’économie sociale. OFI est détenu à 66% par la Macif et à 34% par la Matmut.
11/12/2013

Les députés adoptent le collectif budgétaire pour 2013

Les députés français ont adopté hier par 305 voix contre 229 le projet de loi de finances rectificative (PLFR) pour 2013. Ce collectif budgétaire prévoit un déficit de l’Etat de 71,9 milliards d’euros à fin 2013 contre 62,3 milliards prévu en loi de finances initiale, soit une amélioration de 15 milliards d’euros par rapport à 2012. Le Sénat examinera le texte du 12 au 14 décembre et l’Assemblée procédera à sa lecture définitive le 19 décembre.

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