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17/10/2013

FoF manager launches mutual fund

Palmer Square Capital Management, a fund of fund management firm specialised in alternative management, on 15 October announced the launch of a third mutual fund.The Palmer Square Fountain Short Duration High Income Fund will be managed by the credit team at Palmer Square and the affiliates company Fountain Capital.The fund will be distributed by the parent company of Palmer Square, Montage Investments, whose assets under management totalled about USD18bn as of the end of September.
17/10/2013

AllanceBernstein becomes next to offer Z-class shares

From 16 October, AllianceBernstein is offering non-revenue Z-class shares without 12b-1 fees or sub transfer agency fees and with no minimum initial investment requirement, aimed at defined-contribution retirement savings schemes. They will be without which will be AllianceBernstein funds’ lowest-priced share classthe for the following funds: •AllianceBernstein Core Opportunities Fund (ticker ADGZX) •AllianceBernstein Discovery Value Fund (ABSZX) •AllianceBernstein Equity Income Fund (AUIZX) •AllianceBernstein Global Bond Fund (ANAZX) •AllianceBernstein Growth and Income Fund (CBBZX) •AllianceBernstein High Income Fund (AGDZX) Some other asset management firms have also created similar Z-class shares, such as Threadneedle and Invesco, which have begun to sell them in the Netherlands.
17/10/2013

JP Morgan AM strenghten EM research team

JP Morgan Asset Management is in the process of building a larger internal team of analysis for its emerging market funds, in order to reduce its dependency on sell-side research, Financial News reports. The decision comes after Richard Titherington, head of emerging markets at the asset management firm, expressed concerns about the quality of research coming from external sources.
17/10/2013

Invesco Perpetual overhauls UK equity team

Due to the announced departure of its star manager, Neil Woodford, Invesco Perpetual is reorganizing its British equity management team. The responsibilities of Woodford will be assigned to Mark Barnett and Ciaran Mallon. Barnett will also become the new head of UK equities at Invesco Perpetual, a position currently held by Woodford.Barnett and Mallon have been working with Woodford for 17 and 8 years, respectively, Invesco points out.The ICVC funds affected by Woodford’s departure on 29 April 2014 are the following:Invesco Perpetual Distribution FundInvesco Perpetual High Income FundInvesco Perpetual Income FundInvesco Perpetual Monthly Income Plus FundWoodford had been working at Invesco Perpetual for 25 years, and has GBP33bn in assets under management. The manager would like to create a new asset management firm.
17/10/2013

M&G releases global corporate bond fund

BaFin has issued a sales license for Germany to the M&G Global Corporate Bond Fund (see Newsmanagers of 2 September and 2 October), managed by Ben Lord. The product, released on 5 September, invests 80% to 100% in investment-grade corporate bonds from the entire world, but can allocate 0% to 20% to high yield bonds or public securities.CharacteristicsName: M&G Global Corporate Bond FundISIN codes:GB00BBCR3846 (accumulation A class shares in US dollars)GB00BBCR3J50 (A-H accumulation shares in hedged euros)Front-end fee: 4%Management commission: 1%Minimal initial subscription: USD1,000 or EUR1,000
17/10/2013

Schroders offers fund aimed at German life insurers

With the Schroder SSF Multi-Asset 80, UK asset manager Schroders has released a type of guaranteed multi-asset class fund on the German and Austrian markets which includes active control of volatility, including a systematic reduction in risks due to volatility, if and should it briefly exceed 12%. Over the long term, volatility is expected to total a maximum of 7% to 10%. The objective for the product presented as an open-ended fund will be to outperform the Libor by 400 basis points.Management will be carried out by the team of Gregor Hirt, head of multi-asset, Continental Europe. The fund offers an 80% guarantee on the net asset value required for dynamic hybrid products, so that the maximal risk of loss is limited to 20% per month. The external guarantee for the new Schroders fund is provided by BNP Paribas.The product has ben developed jointly with German insurers. It has already been subscribed to by LV 1871 and two other insurers are now convinced of the attraction of the product: Gothaer Lebensversicherung and ARAG Lebensversicherung, Schroders states.CharacteristicsName: Schroder SSF Muti-Asset 80ISIN code: LU0941339474Total expense ratio: “less than 2%”
17/10/2013

Majedie AM modifies its teams

Majedie Asset Management has undertaken a series of changes to its team to allow Chris Reid to concentrate on other funds, including the Majedie UK Income fund, Citywire Global reveals. The manager has abandoned the management of the Majedie Tortoise fund, however.
17/10/2013

Henderson merges two funds

Henderson Global Investors will merge the Henderson Global Focus (GBP93.4m) and the Henderson International (GBP59.2m) funds, Fund Web reports. The merger will take effect from 14 November, and the fund which results will be known as Henderson World Select from 2 December. The two funds had been managed by the head of global equities, Matthew Beesley, since early 2012, and the portfolio and the objectives of the two funds are now “virtually identical.”
17/10/2013

Stoxx and Eurex Repo add to their money market product range

The index provider Stoxx and the money market specialist Eurox Repo on 16 October announced the launch of 14 new indices, which will come as an addition to the Stoxx GC Pooling Index. The additions make it possible to cover the complete interest rate curve on the money markets for up to 12 months.A financing rate is also offered which measures the inter-bank guaranteed financing rate as well as the trading volume in the euro zone on the short end of the money market curve.
17/10/2013

Managers' marketing goes global, but execution remains local

The majority of European, Asian, and U.S. managers prefer to plan global marketing campaigns at regional level-but execute the initiative locally, according to a new research from Cerulli*.Many global fund managers have overhauled their internal organization since the global financial crisis. They seek greater control over all aspects of their business, from sales strategies and marketing expenditure, to having a single brand message."More control means more centralization, either at a global or regional level. However, there is a discrepancy within the firms, because the senior decision-makers want to better control strategies and costs, but local teams, which deal with clients, are trying to stay as close to their market as possible,» says Sabrina Lacampagne, analyst at Cerulli and one of the main authors of the report. About 50% of international managers plan to increase their marketing budgets for it next year. Almost 70% of managers based in Europe and Asia plan region-specific marketing campaigns.* Global Marketing and Sales Organizations: An Industry Roadmap.
17/10/2013

SWFs take interest in Italian real estate

The sovereign wealth funds of Qatar, Singapore and Abu Dhabi have their eyes set on the Italian real estate market, and are hoping to play a role in any sale of government assets, Il Sole – 24 Ore reports. “Nearly every week we have an appointment with interested investors,” the deputy director of Hines Italia, Manfredi Catella, said on the sidelines of the Real Estate Forum in Milan on Tuesday. In addition to sovereign funds, Asian pension and life insurance funds are also interested.
17/10/2013

DVAG takes mini-stake in a DWS affiliate

Fonds Professionell has announced that the distribution network DVAG (37,000 financial advisors) has intermediated so many Deutsche Bank funds that on 11 October, as contractually specified in 2002, it obtained a 0.55% stake in DWS Holding & Service GmbH.As of the end of 2012, DVAG had intermediated 5.6% of total assets in open-ended securities funds from the Deutsche Bank group.
17/10/2013

Berenberg closes family office and an affiliate

Berenberg has confirmed to Das Investment that it is closing the family office Berenberg Office, founded in 2012, whose head, Magnus, count von Schlieffen, has already left the bank, though he arrived only in November.The oldest German bank has also announced that it is liquidating its affiliate Berenberg Private Capital (alternative investment and private equity), whose CEO, Jürgen Raeke, was fired in September.
17/10/2013

Deka hires BlackRock exec

At the start of 2014, Fondsprofessionell reports, Dieter Sutterlüti will leave Deka to become head of open-ended fund distribution at BlackRock, serving other fund managers and banks in Germany.
17/10/2013

Assets at BlackRock top USD4trn

Assets under management at BlackRock have exceeded USD4bn, with an increase of 12% in third quarter, to a total of USD4.096bn, the US group announced on 16 October in a statement. The group earned quarterly net profits of USD730m, up 13.7% comapred with third quarter 2012.The good performance of the stock markets did of course contribute to the growth of assets, but inflows were also involved. Inflows to long-term funds (excluding money markets) totalled USD25.3bn, while assets under long-term management as of the end of September totalled USD3.7977bn.More precisely, long-terrm inflows to iShares represented USD20.2bn, with inflows of USD16.4bn in the United States and USd5bn in Euorpe. A renewed appetite for emerging markets and European equities drove equity inflows to USD2.1bn near the end of the quarter, an amount which was partially wiped out by a net outflow of USD1.5bn from fixed income products.Long-term global retail represented net inflows of USD8.3bn, of which USD3.4bn were in the United States, and USD4.5bn for the Europe, Middle East and Africa (EMEA) region.On the institutional side, long-term actively-managed net inflows totalled USD0.1bn, with subscriptions of USD4.9bn for fixed income and USD2.2bn to multi-asset class products, which were widely offset largely by net outflows of nearly USD6bn from equities. Long-term index-based products resulted in net outflows of USD3.4bn, due to redemptions from equities (especially US equities) totalling USD4.9bn, which were partially compensated by net inflows to FI products of USD1.8bn.
17/10/2013

Assets under management at BofA Merrill Lynch up 13%

The asset management operation of the BofA Merrill Lynch group based in the Global Wealth and Investment Management unit in third quarter earned net profits of USD719m, up 26% compared with third quarter 2012, according to figures released on 16 October.Sales of long term funds virtually doubled year on year, to a total of USD10.3bn. Assets under management as of the end of September totalled USD779.6bn, up by USD86bn, or 13% compared with third quarter 2012.
17/10/2013

Assets under management at BNY Mellon up 13%

Assets under management at BNY Mellon rose 13% year on year in third quarter, to a new record total of USD1.530trn, according to a statement released on 16 October. This increase is due both to the good performance of the markets and to inflows. Long-term net inflows totalled USD32bn in third quarter, while short-term subscriptions totalled USD13bn. Long-term funds were invested largely in liability-driven investment (LDI) and alternative stratgeies, as well as in equity and tracker funds. Assets under custody or administration as of the end of September totalled USD27.4trn, up by 4% year on year, and 5% compared with the previous quarter. The group earned net profits of USD706m in third quarter, compared with USD833m in second quarter, and USD720m in third quarter 2012.
17/10/2013

Les instituts allemands abaissent leurs prévisions 2013 et 2014

Les grands instituts allemands de conjoncture ont divisé par deux leur projection de croissance de l’Alllemagne pour 2013, à 0,4%, évoquant un net retournement à la baisse de la production industrielle cet hiver. Ils ont également revu jeudi en légère baisse leur estimation de croissance pour l’an prochain, à 1,8%, alors qu’ils prévoyaient 1,9% en avril.
17/10/2013

Bercy ne veut pas de TTF sur les transactions intraday

Le gouvernement ne souhaite pas que la taxe sur les transactions financières (TTF) soit étendue aux opérations intraday, a appris hier Reuters auprès du ministère du Budget. Un amendement au projet de loi de Finances pour 2014 adopté la semaine dernière en commission prévoit d'élargir la TTF aux transactions intraday.
17/10/2013

BlackRock dépasse les 4.000 milliards de dollars d'actifs

BlackRock affichait 4.096 milliards de dollars sous gestion au 30 septembre, une hausse de 12% sur un an et de 6% par rapport à la fin juin 2013. Le gestionnaire d’actifs américain a dégagé 2,4 milliards de dollars de revenus sur le trimestre écoulé (+7% sur un an) pour un résultat net de 730 millions.
17/10/2013

TPG et Ivanhoe Cambridge investissent dans la logistique en Europe

TPG Capital et Ivanhoe Cambridge, le bras armé du fonds de pension du Québec dans l’immobilier, ont annoncé le rachat de PointPark Properties (P3). Ce dernier, basé à Prague, détient 48 plates-formes logistiques et entrepôts en Europe, et près de 1,5 million de mètres carrés. Propriété d’Arcapita, un fonds bahreïni en faillite, P3 avait été valorisé en 2012 à 760 millions d’euros lors d’un projet de cotation qui n’a finalement pas abouti, selon des documents cités par Bloomberg.
17/10/2013

Renaissance Capital lance un ETF centré sur les IPO

La société d’investissement et de recherche américaine dédiée à la couverture des introductions en Bourse a lancé son premier fonds indiciel coté (ETF) centré sur ce marché. La cotation de ce nouveau produit financier a débuté hier sur Nyse Arca sous le symbole «IPO».
17/10/2013

Londres ouvre une enquête formelle sur les changes

Le régulateur financier de Hong Kong est devenu hier le premier en Asie à se pencher sur les soupçons de manipulation du marché des changes, tandis que le Royaume-Uni a ouvert une enquête formelle. Les échanges quotidiens sur ce marché sont estimés à 5.300 milliards de dollars.
17/10/2013

Washington trouve in extremis une issue

Les sénateurs, qui devaient être suivis dans la foulée par les représentants, ont voté hier un texte permettant de mettre un terme à l’impasse budgétaire.

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