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29/10/2013

AUM at UBS group down in third quarter

Asset management activities at the UBS Group have posted good overall performance, particularly due to the good performance of the markets. Assets invested by the group totalled CHF2.339trn as of the end of third quarter, down by CHF9bn compared with the previous quarter.Assets under management in Wealth Management were up by CHF9bn to CHF871bn, due to the positive performance of the markets for CHF17bn, net inflows of CHF5bn, partly offset by negative currency effects of CHF13bn.Assets invested with Wealth Management Americas were down by CHF12bn to CHF831bn. In US dollars, assets invested were up by USD27bn to USD919bn, reflecting a positive evolution of the markets for USD25bn, and positive net inflows.Assets invested by Global Asset Management were down by CHF6bn to CHF580bn as of 30 September 2013, compared with CHF586bn as of 30 June 2013, due to negative currency effects of CHF13bn, and net outflows from funds, partly offset by the good performance of the markets for CHF13bn.
29/10/2013

Santander AM manages more under mandates than in funds

As of 30 September, assets at Santander Asset Management in the form of managed portfolios and mandates totalled EUR23.057m, topping the volume in investment funds, which totalled EUR22.275m, Funds People reports.In total, assets at Santander AM as of the end of September came to EUR152.8bn, of which 89% were in Spain, Brazil, the United Kingdom and Mexico, with Spain accounting for 39% of the total, Brazil for 27%, the United Kingdom for 16%, and Mexico 7%.
29/10/2013

UK intelligence warns asset management firms against cyber-attacks

UK intelligence agents have held a series of meetings with several major asset management firms (Legal & General, F&C and Aviva) to seek to counter the growing threat of cyber-attacks, Financial Times fund management reports. They have asked representatives of the asset management firms to make information security a priority. This reflects fears on the part of intelligence of cyber-attacks on businesses.
29/10/2013

Assets under management on Axa Elevate up 45% in Q3

Assets under management on the Axa Elevate platform have risen 45% in third quarter 2013, from GBP4.8bn in third quarter 2012 to GBP6.9bn in third quarter 2013, largely due to net inflows of GBP1.5bn, Investment Week reports. The Architas investment platform, for its part, has posted growth of 12% to its assets under management to GBP12.6n in one year, while assets in the Corporate Investment Services unit were up 35% to GBP3.7bn. Assets under management at Axa Wealth gained 18%, to a total of GBP24.6bn as of the end of September, compared with GBP20.8bn one year earlier.
29/10/2013

BlueCrest recruits from Brevan Howard

The alternative asset management firm BlueCrest Capital Management has recruited a team of credit traders from Brevan Howard, the news agency Bloomberg reports. The team of five people is reported to have left Brevan Howard in August this year, according to the register of the Financial Conduct Authority. One of the enw recruits, Leslie Wayne, is reported to have started at BlueCredit on 18 October this year, while Wayne joined Brevan Howard last year, from Goldman Sachs. Since the end of 2009, BlueCrest has more than doubled its assets under management, which now total about USD35bn.
29/10/2013

JP Morgan AM convertibles unit posts USD1bn in inflows YTD

Antony Vallee head of the convertibles team at JP Morgan Asset management in the Asset Management Solutions group, is satisfied with the current fiscal year. “2013 is a very good year for convertibles. All strategies have worked well,” Valle tells Newsmanagers at a press seminar held by JP Morgan in London.Net inflows have totalled about USD1bn since the beginning of the year, the firm states. Assets under managemetn total about USD5.6bn. In other words, JP Morgan is one of the top actors in a niche area which includes largely smaller businesses.Vallee insists on the essential role that diversification plays. “Diversification is very important in our activity, both sectorally and geographically. The pace of issues in the United States has accelerated due to rising long interest rates; in Asia, issues have stabilised with a very low issue volume, while in Japan there are a lot of small issues, which are not enough to compensate for major redemption flows to come. Europe is continuing on the path of last year, after a very calm summer. Valuations are correct, perhaps a little high in investment grade, the highest in the market,” says Vallee.
29/10/2013

Chinese asset manager sends employees to train in London

One of the largest Chinese asset management firms, China Jiantou Trust, has sent 23 executives on a business trip to London to be trained in the British fund market, which suggests that the firm is planning to set up shop in Europe, Financial Times fund management reports. Employees took a two-day course at the London School of Business and Finance. According to the director of the course, the firm may open or acquire a wealth management firm in London, and is exploring the European market. China Jiantou Trust has the equivalent of USD32bn in assets under management.
29/10/2013

Threadneedle appoints head of wholesale solutions

Threadneedle Investments has appointed Richard Vincent to the role of head of wholesale solutions.In this newly created position, Richard Vincent will be responsible for promoting and developing Threadneedle’s multi-asset investment solutions for the UK and global intermediary markets, working closely with Threadneedle’s head of multi-asset allocation Toby Nangle and head of Mmnaged funds Alex Lyle. Richard Vincent was previously proposition director for Skandia investment Group/Old Mutual Wealth, responsible for investment solution development. He will be based in London, reporting to Nick Ring, head of distribution.
29/10/2013

M&G recruits from BlackRock

David Parsons, senior product strategist in sterling fixed income at BlackRock, has been recruited as an investment specialist by M&G Investments, to join the institutional public debt team, with GBP32bn in assets, where he will report directly to Jenny Williams, head of institutional public debt.Institutional public debt is one of the four teams in the fixed income management unit at M&G, alongside alternative credit, real estate debt and leveraged finance.
29/10/2013

F&C and Fusion Wealth offer protected shares

For seven funds* from the F&C MM Lifestyle and F&C MM Navigator ranges, F&C Investments and Fusion Wealth have started marketing on the Fusion Wealth Platform new D-class shares, a product launched in January 2013 designed to protect an investor’s original investment against a shortfall of up to GBP150,000 at death. According to F&C, these shares are the first of their kind in the UK.The funds are managed by Rob Burdett and Gary Potter, multi-manager co-heads of F&C Investments. Investors up to the age of 79 are able to buy into the protected share class on a whole of life basis, with no medical underwriting required. The annual management charge for the share class is 0.75 per cent for the Lifestyle range, and 1 per cent for the Distribution (Navigator) Fund, i.e. just 0.25 per cent higher than the corresponding funds’ standard B and C class shares.* F&C Lifestyle Defensive, F&C Lifestyle Cautious, F&C Lifestyle Balanced, F&C Lifestyle Growth, F&C MM Navigator Distribution Inc and Acc, F&C MM Navigator Moderate Acc et F&C MM Navigator Boutiques Acc
29/10/2013

Azimut concludes acquisition of 55% of a company based in Singapore

The Italian asset management firm Azimut has finalised the acquisition of 55% of the Singapore-based Thenaeum, which managed the equivalent of USD22.4m as of 30 September.The operation will be subject to subscriptions to a capital increase of EUR1.5m to finance the business plan. The agreement also allows for buy and sell options and engagements by the current management of Athenaeum to cooperate with Azimut to grow activities in Singapore.
29/10/2013

Hedge funds pay cost of new regulatory requirements

The institutionalisation of the hedge fund industry is continuing, with increased attention to due diligence, risk management and the management of transparency. Meanwhile, the regulatory environment continues to develop, which creates uncertainty, and some significant complexity in pricing, according to a study by KPMG, the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) (“The cost of compliance : 2013 KPMG/AIMA/MFA Global Hedge Fund Survey.”)The study funds that hedge fund managers want to respect the new regulatory requirements, and that they have decided to bear the additional costs rather than passing them on to their clients. Nearly two thirds of respondents (64%) say they are dedicating up to 5% of their total operating expenditures to new regulations, while 21% say they are committing more than 10% of their operating expenditures.Smaller hedge funds appear to be spending more than their large competitors. More than 35% of hedge funds with less than USD250m in assets under management dedicate more than 10% of their operating expenditures to regulations. No hedge fund with more than USD5bn, and only 14% of those with total assets of USD1bn to USD5bn fall into in this category.
29/10/2013

Kempen CM reduces fees for some Netherlands funds by half

Fonds Nieuws reports that Kempen Capital Management has decided to reduce management commissions for its funds registered in the Netherlands by half, in a move which comes in the regulatory context of a prohibition on commissions in the country from 1 January 2014. In 2015 at the latest, all investment funds on sale in the Netherlands to end clients will have to be free of commissions. Previously, up to half of the management commission was used to pay off distributors.Shares without commissions have been created for Kempen CM funds registered in Luxembourg.
29/10/2013

BNP Paribas IP launches “minibond” fund in Italy

BNP Paribas Investment Partners has launched a closed-ended fund dedicated to bond issued by small and mid-sized Italian companies (minibonds), Bluerating reports, citing Marco Barbaro, deputy director of the Italian asset management firm from the French group. BNP Paribas Bond Italia PMI will be reserved for qualified investors.
29/10/2013

Winning comeback for Italian equity funds

In the past 12 months, the funds which offer the best returns have been the ones specialised in the Italian market, Plus, the weekly supplement of Il Sole – 24 Ore reports. The Milan stock exchange has gained 21.4%, compared with 18.8% for the Stoxx. In the Italian equity category, the best fund is Fondersel PMI, a product which invets in small and midcaps, which in 12 months has gained 47.15%. The worst is the Euromobiliare Azioni Italiane, which has earned 23.4%.
29/10/2013

Diamant Bleu opens office in Montreal

Hugues Le Maire, co-founder with Christian Jimenez of Diamant Bleu Gestion (EUR180m) in 2009, will continue to manage the FCP Diamant Bleu Monde LFP (EUR20m) from the French firm’s new office in Montreal.Initially, the «light» license obtained from the Canadian authorities allows Le Maire to continue to manage the fund as close to the market as possible, isolating the noise coming from Europe, “where most managers share the same information and the same investment strategies,” Le Maire tells Newsmanagers. The Monde fund has large allocations to US and Canadian equities as well as Brazilian bonds, and is bathed an in environment of concerns which is highly different from those of the European microcosm.“Montreal has several advantages: language, being a genuine hub for the entire North American continent, and being regulated by a local authority which is ultimately very similar to the French AMF,” Le Maire says.In a second phase, if the experience is positive, it will be time to request licenses not only to manage but also to sell funds in Canada, the manager says. But the offices of Diamant Bleu Gestion (in which La Francaise AM controls a 15% stake via NExtAM) will remain in Paris, where six people currently work.
29/10/2013

Qatar fund goes into impact investing

The Qatari sovereign fund (USD100bn in assets) is seeking to soften its image as an aggressive buyer of trophy assets, by investing in projects with social or environmental objectives, the Financial Times reports. Sources familiar with the matter say that the Qatar Investment Authority has begun to explore impact investing, which seeks to combine returns from private equity investment and measurable improvements in social and environmental areas. A month ago, Qatar Holding made an initial investment of about USD400,000 to improve the agricultural supply chain in East Africa.
29/10/2013

Sparinvest offers HY target date fund

The Danish asset management firm Sparinvest is initially opening subscriptions to the Sparinvest – High Yield Value Bonds Short Duration 2017 fund (ISIN code: LU0975253583) until 14 November. The bond fund has a set maturity date, designed to generate returns of about 6.5%, to 7.5% per year over the next four years.For this product, the asset management team led by Klaus Blaabjerg will use the Sparinvest value strategy to build a portfolio of about 70 positions. “The fund also counts among its advantages a short duration of only two years,” the firm says.
29/10/2013

Hervé Falciani se dit prêt à coopérer avec la Suisse

Par crainte de la prison, l’ex-informaticien de la filiale genevoise de HSBC, Hervé Falciani, indique être prêt à négocier avec la Suisse pour trouver un accord. Interviewé conjointement par la chaîne suisse et TV5 Monde, le Franco-Italien entend néanmoins avoir la garantie d’un statut de protection. Il aurait livré des fichiers portant sur plus de 127.000 comptes d'évadés fiscaux présumés à la France en 2009.
29/10/2013

Bill Fleckenstein prépare un nouveau fonds short-only

Le gérant de fonds alternatifs basé à Seattle prévoit de lancer en début d’année prochaine un nouveau fonds actions dédié aux positions courtes (short-only). Il espère ainsi constituer un socle d’investissement de 200 millions de dollars. Dans un entretien accordé à Moneybeat, Bill Fleckenstein dit observer «des valorisations vraiment stupides d’activités qui pourraient très bien en être ou ne pas en être», en se référant notamment à Twitter.
29/10/2013

Le «tapering» de la Fed ne fait plus recette

Avec des taux futures eurodollars revenus à leur plus bas de mai, les marchés de taux ont totalement revu leurs anticipations d’une baisse des rachats d’actifs de la Fed, qu’ils n’attendent pas avant mars 2014. Ils seront sensibles à une inflexion du ton du communiqué publié mercredi.
29/10/2013

IEX fait valoir sa spécificité

Ouverte depuis vendredi, la plate-forme de trading américaine se targue d’être la toute première ATS (Alternative trading system) détenue par les gestionnaires à savoir le «buy-side». IEX n’entrerait ainsi pas en concurrence avec les courtiers et permettrait de mettre en œuvre des services réellement pertinents pour les gestionnaires, selon son directeur général Brad Katsuyama dans un entretien à Reuters.
29/10/2013

La BoE veut prendre son temps sur les taux

David Miles, membre du Comité de politique monétaire de la Banque d’Angleterre, a assuré qu’une hausse trop rapide des taux serait «catastrophique». Il ne convient pas d’agir à chaque bonne nouvelle sur le front économique, mais d’attendre que le taux de chômage ait baissé de façon significative, a indiqué le banquier central à la BBC.
29/10/2013

Les finances de Detroit jugées dans un état désastreux

Au quatrième jour d’une audience qui doit décider de l'éligibilité de la ville de Detroit au régime des faillites, l’administrateur d’urgence, Kevyn Orr, a estimé que les finances locales étaient dans un état choquant lorsqu’il a pris son poste. Le gouverneur du Michigan Rick Snyder a également été invité à s’exprimer.
29/10/2013
Gestion d'actifs

Unéo intégre des stock-pickers en portefeuille depuis le début de l'année

Pascal Pigot, Directeur général adjoint d’Unéo, à la rédaction de www.institinvest.com : Depuis le début de l’année, nous avons cherché à intégrer des stock-pickers en portefeuille. Nous avons ainsi investi dans le fonds AAA actions agroalimentaire de Natixis AM mais aussi dans un fonds de EDRAM et dans un troisième géré par Pastel & Associés ». Le portefeuille d’Unéo qui s'élève à 372 millions d’euros d’encours, est composé à 65% de produits de taux, plus précisément à 50% de mandats gestion assurantielle composés pour moitié d’obligations corporate et pour moitié d’emprunts d’Etat, et par ailleurs, 15% d’OPCVM présents sur la dette monde, la dette émergente et les taux variables. Il comprend également 11% d’actions (large cap zone euro et internationales), 4% de private equity (logés dans la poche actions), mais aussi 14% d’actifs de diversification (obligations convertibles, gestion alternative, infrastructures et comptes à terme) et enfin 6% d’immobilier.
Gestion d'actifs
28/10/2013

IEX fait valoir sa spécificité

Ouverte depuis vendredi, la plateforme de trading américaine se targue d’être la toute première ATS (Alternative trading system) détenue par les gestionnaires à savoir le «buy-side». IEX n’entrerait ainsi pas en concurrence avec les courtiers et permettrait de mettre en œuvre des services réellement pertinents pour les gestionnaires, selon son directeur général Brad Katsuyama dans un entretien à Reuters.

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