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04/10/2013
Fonds

UBS ETFs réduit ses TFE

Clemens Reuter, head UBS ETFs, a indiqué à Fondsprofessionell que sa maison à décidé d’abaisser le taux de frais sur encours (TFE) de nombreux ETF avec effet au 16 septembre.D’autre part, afin que les investisseurs soient avertis des coûts supplémentaires encourus avec les ETF à réplication synthétique, notamment les frais liés au swap, UBS ETFs a décidé de publier parallèlement au TFE un «drag level» qui offre une transparence complète. Le «drag level» sera calculé par UBS une fois par an au 31 juillet et vaudra pour les douze mois suivants.
Fonds
04/10/2013
Fonds

UBS ETFs réduit ses TFE

Clemens Reuter, head UBS ETFs, a indiqué à Fondsprofessionell que sa maison à décidé d’abaisser le taux de frais sur encours (TFE) de nombreux ETF avec effet au 16 septembre.D’autre part, afin que les investisseurs soient avertis des coûts supplémentaires encourus avec les ETF à réplication synthétique, notamment les frais liés au swap, UBS ETFs a décidé de publier parallèlement au TFE un «drag level» qui offre une transparence complète. Le «drag level» sera calculé par UBS une fois par an au 31 juillet et vaudra pour les douze mois suivants.
Fonds
04/10/2013
Fonds

iShares rationalise son offre de produits EMEA

Suite à l’acquisition de l’activité ETF de Credit Suisse, iShares a modifié sa palette de produits proposés dans la région EMEA (Europe, Moyen-Orient, Afrique), rapporte Investment Europe.Dans le cadre de ces modifications, iShares va notamment fermer 15 ETF à compter du 24 octobre 2013 pour diverses raisons, dont surtout le peu d’intérêt des investisseurs pour ces véhicules. Les fonds concernés comprennent 8 fonds d’Ishares et 7 fonds issus de Credit Suisse.iShares a aussi repositionné les versions capitalisantes des iShares FTSE 100 UCITS ETF, iShares S&P 500 UCITS ETF et iShares S&P 500 - B UCITS ETF avec un total des frais sur encours de 15 points de base afin de répondre à l’intérêt croissant des investisseurs institutionnels pour des ETF peu coûteux et transparents. Les versions distribuantes de ces produits n’ont pas été modifiées.
Fonds
04/10/2013

BlackRock compte augmenter son effectif en Suisse de 25 %

A l’occasion de l’inauguration officielle des nouveaux locaux de BlackRock sur la Bahnhofstrasse à Zurich, Martin Gut, country head pour la Suisse, a indiqué que le gestionnaire américain pourrait bientôt employer sensiblement plus de 100 personnes à Zurich et Genève, contre 80 actuellement, rapporte finews.Ce sera de la croissance organique après que BlackRock ait acheté la multigestion de Swiss Re et l’activité ETF de Credit Suisse, ce qui a permis d’augmenter l’encours à près de 120 milliards de dollars.Par ailleurs, a annoncé Martin Gut, BlackRock est sur le point de créer une société de gestion et d’administration de fonds de droit suisse. Les pourparlers avec la Finma sont prometteurs, a précisé le manager.
04/10/2013

LB(Swiss) Investment élargit son offre

Filiale à 100 % de Frankfurter Bankgesellschaft (Suisse), le zurichois LB(Swiss) Investment AG annonce le 3 octobre avoir ajouté au 1er octobre un nouveau pôle à ses activités, la représentation en Suisse des fonds étrangers. Cela vient compléter les activités de création et gestion de fonds ainsi que de conformité et de gestion du risque.En tant que centre de compétence, LB(Swiss) Investment offre à ses clients potentiels son expertise de la législation helvétique en matière de fonds, ce qui permet de développer une stratégie commerciale. De plus, le business model est conçu de manière à exclure les conflits d’intérêt, notamment en évitant toute situation de concurrence entre la société et ses clients, a souligné Marcel Weiss, directeur général.
04/10/2013

Banque Raiffeisen : légère progression des actifs gérés au 1er semestre

Banque Raiffeisen a annoncé mercredi 2 octobre une hausse de 1 % des avoirs sous gestion au premier semestre 2013 par rapport au 31 décembre 2012. La progression est de 2,7% par rapport au 30 juin 2012. Au niveau des revenus, la progression du résultat sur intérêts s’établit à 5,2%, en ligne avec la croissance des volumes. Les commissions quant à elles sont en augmentation et reflètent surtout le recours croissant des clients à des solutions de placement alternatives. Les coûts d’exploitation sont en hausse en raison de l’augmentation du nombre d’employés et des frais liés à la mise en production de la nouvelle plateforme informatique, indique un communiqué.
04/10/2013

Azimut veut se développer en Asie

Le groupe de gestion italien Azimut Holding et le gestionnaire indépendant basé à Singapour Athenaeum ont conclu un accord pour lancer des activités en partenariat sur le marché local, selon un communiqué publié le 2 octobre.S’il obtient les autorisations requises, Azimut, par l’intermédiaire de AZ International Holdings, rachètera 55% du capital de la société de gestion au travers d’une augmentation de capital qui permettra de financer le projet de partenariat. L'équipe dirigeante d’Atheaeum devrait rester aux côtés d’Azimut pour développer l’activité asiatique au cours des prochaines années.
04/10/2013

Hedge funds grow on repo market

Hedge funds and other parallel banking operators are growing on the repurchasing market, as new rules render this activity less attractive for banks, the Financial Times reports. Among other players who are active in this area are Och-Ziff and Moore Capital, the newspaper says.
04/10/2013

More managers leave SAC Capital

According to Institutional Investors’ alpha, relaying the New York Times DealBlog, three more managers have left the hedge fund management firm SAC Capital Advisors, which is facing a lawsuit for insider trading. The three specialists, based in London, are Alidod Shirinbekov, Woei Chan and Paul Crouch.
04/10/2013

Creation of a DD platform for hedge funds

A group of seasoned asset management professionals, Ezra Zask, Ralph DiMeo, Robert Krause, Wendy Robertson and Matthias Knab, who have already done more than 1,000 due diligence reports on hedge funds, have founded the platform Hedge Fund Due Diligence Exchange (HFDDX), which offers members an online marketplace to anonymously reconcile their needs with those of other participants, at http://www.hfddx.com/. When two or more members would like due diligence on the same fund, this reduces the cost proportionately.However, HFDDX does not recommend managers, and does not assist members to find funds which suit their needs.
04/10/2013

La Française and Ofi AM merge their incubation operations

La Française and Ofi AM on Thursday, 3 October announced that they are merging their incubation activities at NExT AM and NewAlpha AM. The new merged entity will have 49 investments, EUR1.3bn in cumulative seed money commitments, 26 active partners, and a total of EUR6.2bn in assets managed by 260 employees at partner asset management firms.NewAlpha AM is now 40% contorlled by La Française via its affiliate NExT AM, 25% by Ofi AM via NewAlpha Advisers, and 35% by the founders of NewAlpha AM within the entity NewAlpha Partners. NewAlpha AM will become the manager for third parties in the new ensemble, and will take over the management of the NExT Invest fund.The new entity, whose brand name has not yet been decided, aims to become the European leader in asset management incubation, “and one of the top two or three worldwide,” says the chairman of the board of NewAlpha AM, Antoine Rolland.
04/10/2013

US institutional assets may rise by 30% from now to 2018

The U.S. institutional market is going to increase 30% to USD19 trillion in assets within the next 5 years, expects Cerulli Associates. As of year-end 2012, the institutional market held USD14.5 trillion in assets under management. «The shift from defined benefit (DB) to defined contribution (DC) is continuing,» explains John Hsu, senior analyst at Cerulli. «DC markets continue to grow faster than DB markets and we anticipate that trend will continue."Cerulli highlights an opportunity for asset managers who have shifted their focus to DC to leverage existing relationships with corporate DB plan sponsors, allowing them to win DC mandates and potentially extend to custom target-date solutions.
04/10/2013

Amundi aims for EUR100bn in SRI assets in 2 years

Amundi would like to increase its assets in socially responsible investment from EUR66bn as of the end of June 2013, to EUR100bn, in two years, Yves Perrier, CEO of the asset management firm of the Crédit Agricole group, announced on Thursday at a press conference. As of 30 June, Amundi had a total of EUR750bn in assets under management. In order to develop its SRI assets, th asset management firm is planning to rely on two vectors. The first is the transformation of traditional funds into SRI funds, as have already been done in money markets (which now represent 37.76% of SRI assets). Pierre Schereck, director of corporate savings and SRI at Amundi, says, for example, that in employee savings, EUR10bn out of EUR20bn are not yet SRI and could be. The other vector is inflows, although Perrier claims that demand for SRI is “marginal,” particularly on the part of retail investors. Three quarters of SRI assets at Amundi are managed for institutional investors. At the conference, Perrier also discussed the choice to certify the firm’s SRI precedures with Afnor Certification, and to drop the Novethic labels. “There were disagreements about the procedure at Novethic, which has more exclusions than ours,” he explains. “The point of friction is the selectiveness rate,” Anne-Catherine Husson Traore, CEO of Novethic, confirms. Perrier also supports the creation of a European, rather than French, SRI label. SRI procedures at Amundi are based on environmental, social and governance analysis of 4,600 issuers. This makes it possible to construct portfolios with a universal best-in-class approach. Extra-financial research has also been made available to all managers, who are, however, not required to use it.
04/10/2013

LB(Swiss) Investment extends its product range

The Zurich-based LB(Swiss) Investment AG, a wholly-owned subsidiary of Frankfurter Bankgesellschaft (Switzerland), announced on 3 October that on 1 October it added a new business unit to its activities, namely the provision of representation for foreign funds in Switzerland. This comes in addition to activities to create and manage funds as well as compliance and risk management.As a centre of expertise, LB(Swiss) Investment offers its potential clients expertise in Swiss fund legislation, which permits the development of commercial strategy. In addition, the business model is designed to exclude conflicts of interest, particularly to avoid any situation of competition between the firm and its clients, Marcel Weiss, CEO, says.
04/10/2013

BlackRock plans to increase personnel in Switzerland by 25 %

At the official inauguration of new BlackRock premises on Bahnhofstrasse in Zurich, Martin Gut, country head for Switzerland, says that the US asset mangaement firm may soon employ considerably more than 100 people in Zurich and Geneva, compared with 80 currently, finews reports.This will be organic growth, after BlackRock acquired the multi-management activities of Swiss Re and the ETF activities of Credit Suisse, which made it possible to increase assets to nearly USD120bn.Gut has announced that BlackRock is also about to found a fund management and administration company in Switzerland. Talks with Finma are promising, the manager says.
04/10/2013

UBS ETFs cuts its TERs

Clemens Reuter, head of UBS ETFs, has told Fondsprofessionell that his asset management firm has decided to cut the total expense ratios (TER) for several of its ETFs with effect from 16 September. In order for investors to be aware of the additional costs involved with synthetic replication ETFs, particularly costs related to the swap, UBS ETFs has also decided to publish a parallel “drag level” TER, in order to offer complete transparency. The “drag level” rate will be calculated by UBS once per year, on 31 July, and will apply for the following 12 months.
04/10/2013

iShares rationalizes EMEA product range

Following its acquisition of the ETF activities of Credit Suisse, iShares has modified its range of products on offer in the EMEA region (Europe, the Miiddle East and Africa), Investent Europe reports. As part of the changes, iShares will close 15 ETFs from 24 October 2013 for various reasons, particularly a lack of interest on the part of investors in these vehicles. The funds concerned include 89 funds from iShares and 7 funds from Credit Suisse.iShares has also repositioned the capitalisation versions of the iShares FTSE 100 UCITS ETF, iShares S&P 500 UCITS ETF and iShares S&P 500 - B UCITS ETF with a total expense ratio of 15 basis points, in order to meet rising demand from institutional investors for inexpensive and transparent ETFs. The versions of these products placed on sale have not been modified.
04/10/2013

Softbank becomes the second-largest firm on Tokyo stock exchange by market cap

The market capitalisation of the telecommunications operator SoftBank on 3 October exceeded that of the banking group Mitsubishi UFJ Financial Group (MUFG), to become the second largest on the Tokyo stock exchange, after Toyota. The share price of SoftBank on Thursday rose 4% to JPY7530 (EUR56.96), after significant rises already during recent trading sessions, a level not seen since November 2005. The market capitalisation of SoftBank on Thursday at the end of the day was JPY9.040trn (about EUR68bn), compared with JPY8.725trn for MUFG and more than JPY21.550trn for Toyota.
04/10/2013

Credit Suisse eyes SG private banking in Asia

Finews reports that according to Reuters, Credit Suisse is said to be in the running to acquire the private banking activities of Société Générale in Asia. Ten banks submitted bids, including at least one US company, Credit Suisse, Standard Chartered, DBS and HSBC.The asset is estimated to be worth USD600m, with USD13bn in assets.
04/10/2013

Replacement of director at Tokio Marine AM

Chiow Wei Lee has resigned from his role as chief investment officer at Tokio Marine Asset Management International (TMAI), Citywire Global reports. His resonsibilities have been taken over by the current CEO, Kenji Kodama. Lee will leave his position on 13 November this year. Assets under management at TMAI total about USD3.5bn.
04/10/2013

UBS O'Connor opens first Asian hedge fund to investors

The alternative asset management entity UBS O’Connor (UBS group), whose assets under management total about USD5.2bn, is planning to open its first Asian hedge fund to investors by the end of the year, according to the news agency Bloomberg.The fund, which started the month of August with internal capital, is managed by John Bradshaw and David Perrett from New York.
04/10/2013

Major operations are on the rise again in mergers and acquisitons

According to the most recent statistics from Dealogic, large operations are rising again, boosting global activity since the beginning of the year, Les Echos reports. 18 operations of over USD10bn were announced between January and September 2013, totalling nearly USD550bn. But the global M&A market remains reduced in terms of the number of operations.
04/10/2013

AuM in investment funds down 3% in second quarter

Investment fund assets worldwide decreased 3.5 percent during the second quarter to stand at EUR 22.94 trillion at end June 2013, according to statistics from the European fund and asset management association (EFAMA). Worldwide net cash inflows amounted to EUR 109 billion, compared to EUR 320 billion in the previous quarter. A sharp reduction in net inflows to equity and bond funds explains this result. Long-term funds (all funds excluding money market funds) continued to register net inflows amounting to EUR 193 billion during the second quarter, albeit down from the record net inflows of EUR 402 billion registered in the previous quarter. Worldwide equity funds attracted EUR 28 billion in net new money during the quarter, while bond funds registered net inflows amounting to EUR 31 billion, down from EUR 143 billion in the previous quarter. Balanced funds recorded reduced net inflows of EUR 57 billion, down from EUR 74 billion in the first quarter. Net outflows from money market funds remained relatively steady at EUR 84 billion during the quarter, compared to EUR 82 billion in the previous quarter. Europe, which registered net outflows of EUR 53 billion during the quarter, accounted for much of these outflows. At the end of the second quarter, assets of equity funds represented 38 percent and bond funds represented 23 percent of all investment fund assets worldwide. The asset share of money market funds was 15 percent and the asset share of balanced/mixed funds was 11 percent.
04/10/2013

Positive momentum for frontier markets

At a time when emerging markets are experiencing turbulence, inflows to funds dedicated to frontier markets are gaining momentum. The low correlation with developed and emerging markets is one of the reasons for this sustained interest in frontier markets, which, however, suffer from a deficit of liquidity which dampens the ardour of asset managers, Cerulli observes in the October issue of the “Cerulli Edge - Global Edition.” Assets under management in frontier funds remain modest: they are naturally mostly in the millions rather than the billions. But inflows are rising, and creations of funds of funds are increasing. “Global institutional investors are increasingly inclined to dedicate a small percentage of their emerging market allocation to frontier markets, probably not more than 1% to 3%, but that represents a considerable increase compared with the situation five, or even three, years ago,” says Barbara Wall, director at Cerulli Associates. “Inflows appear to be going primarily to markets which offer the best infrastructure and liquidity, and then to the ones which offer low correlation with other asset classes,” says Yoon Ng, associate director at Cerulli. Actively-managed long-only funds dominate the field, but they are now facing rising competition from ETFs, whose assets under management have risen by more than 50% since the beginning of the year.
04/10/2013

Azimut wants to grow in Asia

The Italian asset management froup Azimut Holding and the Singapore-based independent asset management firm Athenaeum have signed an agreement to launch activities in partnership on the local market, according to a statement released on 2 October. If it obtains the required athorisation, Azimut, via AZ International Holdings, will acquire 55% of capital in the asset management firm via a capital increase, which will make it possible to finance the planned partnership. The management team at Athenaeum will remain alongside Azimut to develop Asian activities in the next few years.
04/10/2013

M&G recruits EM specialist

M&G Investments has hired Claudia Calich to its Retail Fixed Interest team. The team manages more than EUR36 billion of assets as at 30 June 2013.Claudia Calich joins M&G on 18 October 2013, reporting to head of team Jim Leaviss.For much of the last decade she was at Invesco in New York, most recently as head of emerging markets debt and senior portfolio manager, and before that at a number of US based financial institutions.
04/10/2013

OMGI reshuffles bond team

Old Mutual Global Investors has appointed Stewart Cowley, who was heading the fixed income team, to the newly created role of investment director, fixed income and macro. Meanwhile, Christine Johnson has been promoted to head of fixed income, reporting to Stewart Cowley.In his new role, Stewart Cowley will be able to focus 100% of his time on managing his existing institutional accounts, GBP927m Old Mutual Global Strategic Bond Fund, USD200m Dublin-based Old Global Strategic Bond Fund, USD42m Old Mutual Global Bond Fund, and GBP102m Old Mutual Managed Fund. He will also develop and market a new macro fund which will be managed by himself and supported by Hinesh Patel. As well as managing her team, Christine Johnson will continue to manage the GBP422m Old Mutual Corporate Bond and GBP40m Monthly Income Bond Funds. She will continue to be supported by Tim Barker, head of credit research, Lloyd Harris, Senior Credit Analyst and Bastian Wagner, assistant portfolio manager.Old Mutual has also recently recruited two persons to boost its capability in the high yield area. Deepa Abraham joined the company in August as a senior credit analyst to work alongside Bastian Wagner. Simon Prior will also join the team as a credit analyst on 14 October from Old Mutual Group. Old Mutual Global Investors will seek to increase the resource in the fixed income team within the global bond area.
04/10/2013

Jupiter hires senior manager from HSBC Global AM

On 6 November, Richard Wilson, senior manager, global client propositions at HSBC Global Asset Management since January 2013, will become head of marketing at Jupiter Asset Management.Before joining HSBC GAM, Wilson was Director of Marketing & Distribution Services at Henderson Global Investors (HGI) from April 2009 to October 2012, and Marketing Director at New Star Asset Management from January 2003 to April 2009.
04/10/2013

Lloyds nearing agreement over sale of SWIP

The British bank Lloyd’s is reportedly nearing a sale of Scottish Widows Investment Partnership (SWIP), according to Fund Web, relaying rumours reported by the Daily Mail, at a time when the possibiilty of such an operation has been a leading topic for several months. Among the potential buyers are Aberdeen Asset Management, Macquarie and Natixis. The candidates are, however, reported to be reticent about the price being asked (GBP400m to GBP500m).
04/10/2013

Investec offers shares which comply with RDR regulations

Investec Asset Management has announced the launch of share classes which comply with RDR regulations in its full range of OEIC funds domiciled in the United Kingdom, Investment Europe reports. The asset management firm is offering shares which charge fees of 0.65% as an annual management charge (AMC).

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