Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
26/11/2013

Frankfurt Trust: head of portfolio management departs

Winfried Hutmann, a member of the managing board and for 12 years head of portfolio management, will be leaving Frankfurt Trust, the asset management firm for BHF-Bank, as his 60th birthday approaches, a press statement on 25 November announced.Gerhard Engler, head of institutional clients, will serve in the role in the interim.
26/11/2013

US funds take over RE management from Banco Popular

Banco Popular on 25 November announced the sale of its real estate affiliate, in a transaction valued at nearly EUR800m. The bank has signed an agreement in principle with the US investment funds Varde Partners and Kennedy Wilson to sell them the affiliate, a statement says. The real estate activity of the bank will now be managed via a company controlled by these two funds, and in which Banco Popular will hodl a stake. “The net book value of credit which the new firm will manage will be about EUR9.35bn, while real estate assets will total about EUR6.5bn,” says Banco Popular in a statement. The operation is expected to be completed it he next few weeks. Several banks in the country have already sold all or part of their real estate management affiliates. Last week, Santander announced that it has signed an “agreement in principle” with the US investment fund Apollo, to sell it the Altamira affiliate. At the end of September, the La Caixa group, the parent company of CaixaBank, sold 51% of its affiliate Servihabitat to its US investment fund TPG.
26/11/2013

Manulife AM recruits head of European institutionals clients

Manulife Asset Management has recruited James Wheeler as head of sales for institutional clients in Europe and the Middle East based in Hong Kong, Investment Europe reports. In the past nine years, he worked at Legal & General Investment Management in London, and was responsible in particular for relationships with European institutional clients. At the same time, Manulife AM has promoted James Chen to head of the instituitional and international client relationship activity. He had been responsible for the same area solely for Asia.
26/11/2013

Major British investors to survey end clients

A group of seven major British asset management firms have decided to initiate in inquiry into the needs of end investors, Investment Week reports. The seven asset management firms which have joined forces, Aberdeen, henderson, Investec, J.P. Morgan Asset Management, Old Mutual Global Investors, Schroders and Threadneedle, are proposing to investigate comprehension by the general public of the asset management sector, its products and terminology. “We have created a syndicate of seven asset management firms with the objective of having better understaning of the motives of end clients when they but investment products on the basis of a detailed research project,” explains Nick Ring, head of distribution at Threadneedle. “We will also focus on knowledge of the investment universe by clients, as well as their attitude on risk,” he adds. The initiative may also be related to renewed attention by the regulator, the Financial Conduct Authority (FCA), to products sold by managers. “We would like companies to take the needs of investors into account when they develop and distribute products and we would also like them to take measures to take the needs of their target markets into account,” William Amos, director of wholesale banking and investment management at the FCA, explains.
26/11/2013

Allianz Popular launches guaranty fund

On 21 November, the CNMV registered a new product of the Eurovalor range, offered by Allianz Popular Asset Mnagement, the Eurovalor Garantizado Telecommunicaciones.At maturity (5 February 2018), the fund guarantees capital subscribed until 14 Janyary 2013, plus 3% of the sum retained in the fund until 15 January 2014 (in the form of a mandatory share redemption).In addition to this a supplement of 17.5% is paid if, at maturity, the value of four shares from the telecommunications sector (Deutsche Telekom, Orange, Telefónica and Vodafone) is equal to or higher than their initial share price, which corresponds to an effective maximal annual rate of return of 4.83% for subscriptions maintained between 13 January 2014 and 5 February 2018. CharacteristicsName: Eurovalor Garantizado Telecomunicaciones, FIIsin code: ES0170262002Front-end fee: 5%AMC: 1,27 %Depository bank fee: 0,08%Early redemption penalty: 5 %Minimum initial subscription: EUR600
26/11/2013

Henderson sells two shopping centres in Switzerland

For about EUR57m, Henderson Global Investors has sold two shopping centres located in Switzerland to individual investors in the Middle East, which had been part of the portfolio of its Luxembourg-registered real estate FCP Herald, specialised in distribution. They are the Champs Fleuris centre (12,000 square metres) located in Matran in the canton of Fribourg, and the Les Grosses Terres shopping centres (7,000 square metres), located in Étoy in the canton of Vaud.The Herald FCP is aimed at German and internatinoal institutional investors.
26/11/2013

Natixis GAM recruits for institutional management team

Natixis Global Asset Management (NGAM) has recruited Alex Wharton as manager in the institutional client development team in the United Kingdom, and Fred McNeill as manager in the consultant relationship team in the United Kingdom, Investment Europe reports. Wharton worked previously at Capita Employee Benefits, while McNeill worked at Neptune Investment Management. They will both be based in London. Laura Devoucoux will also join the consultant relationship team as a manager. She joins from Natixis Asset Management in Paris.
26/11/2013

Carmignac: head of UK distirbution departs

Matthew Wright, who had been head of distribution for the United Kingdom, is joining the hedge fund boutique NewSmith Asset Management, as a partner in charge of British and European distribution, fundweb reports. Wright joined Carmignac in October 2011 [ed].
26/11/2013

Two highly-placed women in asset management quit their jobs

Two of the most influential women in the asset management sector are leaving their jobs, Financial News observes. Anne Healy is resigning from her position as senior managing director for the United Kingdom and Ireland at MFS Investment Management, while Penny Green will leave the general management of the Superannuation Arrangements of the University of London.
26/11/2013

Fidelity campaigns against short-termist corporate policies

The asset management group Fidelity has written to the boards of director of more than 400 businesses to alert them to its intention to vote against proposed management pay scales from the month of January 2014 if no changes are made, as an incentive to promote long-term vision, Investment Week reports. In a letter seen by the Sunday Times, the global CEO of Fidelity, Dominic Rossi, says that incentive programmes affecting directors are still far too complex and do not require directors to hold onto shares for a sufficiently long time. According to Fidelity, shares awarded to directors as part of bonus programmes should have to be held for at least three years. In the longer term, Fidelity, which is campaigning against short-termism, is militating for share awards to directors to be subject to a five-year lock-in clause. According to a survey carried out recently by Fidelity of practices on the FTSE 350 concerning remuneration, only 14 companies (compared with 6 in 2012) have incentive plans which extend for as much as five years. And 53 companies (compared with 25 previously) are in an intermediate position, with plans that run for 3 to 5 years.
26/11/2013

97% of finance professionals feel that regulations won't stop a crisis

97% of financial services professionals feel that not enough has been done to prevent a future market crash, despite numerous reforms, Financial Times fund management reports, citing a survey by Kinetic Partners. 52% of those surveyed feel that regulatory changes have not created adequate protections.
26/11/2013

Axa REIM and Norwegian fund buy a tower in Munich

AXA Real Estate Investment Managers, acting on behalf of AXA France Insurance Companies, and Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, have acquired the SZ Tower in Munich for an anticipated price of EUR164.1 million from Prime Office REIT-AG.The SZ Tower is a 62,200 m², 28 storey, prime office building in Munich which is fully let to, and serves as, the headquarters of a German publishing group (Süddeutsche Zeitung). The transaction, which is expected to complete before the year-end, gives each partner in the joint venture a 50 percent stake in the building.
26/11/2013

Euronext and Vigeo carry out semiannual review

Vigeo and Euronext have carried out a semiannual review of their Euronext-Vigeo indices. The revision will take effect from 2 December. The range of Euronext-Vigeo indices is composed of seven indices. The weighting of these indices reflects the capacity of businesses to control their social responsibility risks, and to deploy the most extensive engagements in favour of sustainable development.The composition of the index is updated twice per year, in June and December. The range of Euronext-Vigeo indices is composed of the following seven indices: Euronext-Vigeo France 20, Euronext-Vigeo UK 20, Euronext-Vigeo Benelux 20, Euronext-Vigeo US 50, Euronext-Vigeo Eurozone 120, Euronext-Vigeo Europe 120 etEuronext-Vigeo World 120.Updates to the Euronext-Vigeo indices in December 2013 are marked by the entry of issuers in the real estate sector. These businesses have significantly improved their engagements for the integration of ESG principles and objectives into their strategies, operations and reporting, Vigeo says in a statement.
26/11/2013

Russell European indices show strong gains YTD

European equities have posted very good results in 2013, and the Russell Development Europe index has posted returns of 19.8% since the beginning of the year, with gains of 4.3% in fourth quarter (performance as of 19 Novemebr), according to the most recent Russell statistics, published on 25 November. In Europe, “central” and “peripheral” countries have posted excellent results. Germany is up 7.0% in fourth quarter, and 22.6% since the beginning of the year, while Italy (+9.4%), Ireland (+8.0%) and Norway (7.5%) have posted remarkable results in fourth quarter (countries composeing the Russell Development Europe index as of 19 November). Since the beginning of the year, Ireland is up 38.4%, compared with 34.2% for Finland, 23% for Spain, and only 6.5% for Luxembourg.
26/11/2013

FCA launches consultative paper on dealing commissions

The Financial Conduct Authority (FCA) on Monday proposed improvements to the rules and new guidance over investment managers’ use of client commissions. These changes, will ensure that charges paid by consumers for executing trades and related services - known as «dealing commission» - are fairer and more transparent, a press release stresses.The main proposals that will be consulted on in the new consultation paper include:•Clarifying the criteria for research goods and services that can be purchased by investment managers with dealing commission paid from customers’ funds;•Defining ‘corporate access’ and providing guidance on how investment managers should treat corporate access under the use of dealing commission rules; and•Guidance on making mixed-use assessments where investment managers purchase bundled brokerage services that contain both research and non-research elements, to ensure that only research is paid for with dealing commission.
26/11/2013

R Capital Management becomes Keensight

The historic hard core of private equity investment at the Rothschild group in Paris has chosen to go independent, Les Echos reports. The three partners who had made up R Capital Management for more than 10 years have renamed the structure “Keensight Capital.” “For several years, the Rothschidl group has invested in a completely integrated private equity platform. We have been offered either to join this firm, a 100% owned subsidiary of the group, or to become independent. We chose the entrepreneurial future,” explains Jean-Michel Beghin, one of the partners. Keensight Capital will not alter its strategy: allocate tickets of EUR5m to EUR30m to nich companies earning EUR10m to EUR150m in earnings and with strong growth.
26/11/2013

CPR AM develops with international activities as top priority

CPR Asset Management is going on the offensive. By the end of the year, the asset management firm is preparing to launch an international equity fund which will be anything but a “lukewarm water” product, in the words of Arnaud Faller, chief investment officer at the Amundi affiliate. The multi-style type mutual fund will allow the manager to adopt a “deep value” profile, or to invest in defensive shares, or to bet on geographical allocation.The Silver Age thematic fund from CPR AM, which invests in consumer sector shares related to an ageing population, with assets that have risen since September 2012 from EUR35m to EUR280m, will in a few weeks become eligible for investment from PEA retirement savings.This being said, CPR’s main objective is now to target the international market, with the objective of doubling AUM. year to date, CPR has experienced net inflows of EUR220m from abroad, explains CEO Jean-Eric Mercier. Totals assets managed for foreign customers presently amoint to 4.2% of total AUM, i.e. more than EUR1bn.In order to prop up foreign sales, CPR teams bet on the Silver Age fund as well as the soon-to-be-launched global equity funds. The company also has asset allocation products to help customers to invest step by step in more risky areas.
26/11/2013

Four major foreign sset managers control 5% of Ibex

In a wave of foreign investment in Spanish listed businesses, there are four big names: BlackRock, Vanguard, NBIM and BNP Paribas, Expansión reports. These four asset management firms hold stakes representing a total of EUR26.18bn, which corresponds to 5.1% of companies of the Ibex 35 index, and 60% of their investments are allocated to four companies: Santander, BBVA, Telefónica and Grifols. However, the Norwegian sovereign wealth fund [GPFG, managed by NBIM -ed.], BlackRock and Vanguard are present in 30, 25, and 21 of the companies of the Spanish flagship index, respectively.
26/11/2013

Amundi registers bond ETF in Spain

On 15 November, the CNMV registered the Amundi ETF Govt Bond Lowest Rated Euromts Investment Grade UCITS ETF, which may thus be sold in Spain, Funds People reports.The fund, which charges fees of 0.14%, has posted net inflows of voer EUR500m since the beginning of the year, and its assets total EUR825m. It offers exposure to government bonds in euro zone peripheral countries which are investment grade.
26/11/2013

Borsa Istanbul: EIRIS will provide the sustainable development index

The British agency EIRIS has announced that it has been selected by Borsa Istanbul as the provider for the future BIST Sustainability index, which will be launched at the beginning of 2014 (see Newsmanagers of 22 May). The securities will be selected on the basis of environmental, social and governance (ESG) criteria concerning corruption, governance, human rights, biodiversity, health, safety and climate change.The securities of the BIST 30 index will be analysed in a first pass, while the BIST 50 will be done in a second. The objective is to select businesses for the BIST Sustainability index which have the best ESG results, possibly well above the required minimum prerequisites. EIRIS will be asisted in research by the Corporate Governance Forum from the Turkish Sabanci University.
26/11/2013

Steep decline in risk levels for corporate bonds

In a new bi-monthly publication aimed at credit risk professionals, S&P Capital IQ confirms that risk levels overall have fallen in the past 12 months, while some secotrs anre regions remain highly risky (Credit Market Pulse : www.spcapitaliq-credit.com/credit-market-pulse -november-2013).
26/11/2013

Sovereign credit quality continues to stabilise

After several tumultuous years, global sovereign creditworthiness is likely to continue stablizing in 2014, says Moody’s Investors Service in its just-published «2014 Outlook - Global Sovereigns: Credit Quality Stabilizing After Several Tumultuous Years». As of 25 November, nearly three quarters (85) of the 124 Moody’s-rated sovereigns carry stable rating outlooks, compared with fewer than two thirds (77/120) at the start of 2013. This stabilization in rating outlooks over the course of 2013 reflects divergent trends between advanced and emerging economies.Among advanced economies, many rating outlooks have moved to stable from negative, as in the case of the US and several euro area countries. Among emerging economies, some outlooks moved to stable from positive, as in the case of China and Brazil. Moody’s believes that credit trends among advanced economies will be driven by improving growth prospects, stabilizing debt dynamics, more resilient banking systems and receding region-specific contagion risks.Emerging economies will face a continuation of the less favourable shift in credit quality that began in 2013. The rating agency believes that cyclical factors and emerging structural constraints in large emerging economies will continue to drive below-average-trend growth, weighing on commodities demand and government revenues.
26/11/2013

Société Générale Private Banking Asie attire trois finalistes

Parmi les cinq candidats à la reprise de Société Générale Private Banking Asia, DBS et ABN Amro ont remis une offre finale selon Bloomberg, ainsi que Credit Suisse, ajoute Reuters. Aucun des trois repreneurs potentiels n’a fait de commentaires mais la banque singapourienne DBS n’a pas caché son fort appétit pour des opérations de croissance externe sur son marché régional, tandis qu’ABN Amro, groupe néerlandais nationalisé, a déclaré en mars vouloir étendre ses activités internationales, y compris en banque privée. Les propositions des finalistes valoriseraient l’enseigne de la Société Générale (13 milliards de dollars d’encours) entre 300 et 400 millions de dollars (221 à 295 millions d’euros), dans le bas de la fourchette de 300 à 600 millions évoquée précédemment. UBS et Royal Bank of Scotland figuraient aussi parmi les prétendants mais leurs intentions ne sont pas connues, rappelle Reuters.
Trois finalistes pour Société Générale Private Banking Asie. Photo: PHB
26/11/2013

Le gouvernement écossais détaille ses plans pour l'indépendance

Une Ecosse indépendante gardera la reine, la livre sterling et restera dans l’Union européenne mais elle aura sa propre force de défense et collectera ses impôts, indique le Premier ministre écossais, Alex Salmon, dans un document-programme de 670 pages présenté mardi. Les Ecossais sont appelés à décider s’ils se séparent ou non de l’Angleterre lors d’un référendum organisé le 18 septembre 2014.
26/11/2013

Allianz GI se renforce sur les placements privés

Damien Guichard, gérant obligataire, et Emmanuel Daull, analyste crédit, ont rejoint Allianz Global Investors pour y développer l’activité de placements privés, a indiqué la société de gestion. Le premier était jusqu'à récemment directeur au sein de l’équipe de conseil en financement chez Oddo Corporate Finance, le second a fait ses armes chez Moody’s puis Alix Partners.
26/11/2013

L'écart budgétaire ramené à 1 milliard d'euros en Grèce

La Grèce et ses bailleurs de fonds internationaux gomment peu à peu leurs divergences concernant le budget national de 2014, a déclaré lundi le ministre des Finances grec Yannis Stournaras sur la chaîne de télévision privée Mega. Selon ce dernier, les négociations en cours et de nouvelles recettes fiscales ont permis de ramener l'écart à un milliard d’euros environ.
26/11/2013

Les promesses de ventes de logement faiblissent aux Etats-Unis

L’Association nationale des agents immobiliers (NAR) américains a annoncé que son indice des promesses de ventes, calculé sur la base des contrats de ventes signés le mois dernier, a reculé de 0,6% à 102,1, son plus bas niveau depuis décembre dernier. Il s’agit du cinquième mois consécutif de recul. Outre la hausse des taux hypothécaires, la fermeture partielle des administrations fédérales (shutdown) début octobre a découragé certains acheteurs potentiels.
26/11/2013

La Norvège assouplit les conditions de prêt à l'immobilier

Le nouveau gouvernement norvégien envisage d’assouplir les conditions de prêt à l’immobilier pour permettre une relance du marché, selon des déclarations officielles. Les banques seraient ainsi autorisées à prêter jusqu'à 90% de la valeur d’un bien, contre 85% aujourd’hui, notamment pour encourager l’accession à la propriété. Considérés en état de bulle, les prix de l’immobilier norvégien pourraient plonger de 20% dans les deux ans, selon une récente étude de Nordea.
26/11/2013

Le sort de Detroit sera fixé le 3 décembre

Le juge examinant la demande d’une protection de Detroit sous le régime fédéral des faillites (chapitre 9) rendra sa décision le 3 décembre. Un procès de neuf jours s’est conclu le 8 novembre dernier. Quelle que soit la décision du juge Steven Rhodes, elle devrait faire l’objet d’un appel.

Sujets d'actualité

Tous les sujets