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11/10/2013

Legg Mason envisage de la croissance externe en Asie

Le groupe américain Legg Mason envisage de se développer en Asie par le biais d’opérations de croissance externe, rapporte Asian Investor.Le patron de Legg Mason, Joseph Sullivan, qui a récemment bouclé l’intégration de Fauchier Partners au sein de sa filiale Permal, envisage d’autres transactions de ce type en Asie, où il espère notamment renforcer sa présence en Chine.Joseph Sullivan indique par ailleurs ne pas souhaiter se lancer dans les ETF, sauf peut-être dans le segment des ETF actifs.
11/10/2013
Fonds

Changements de gérants chez Fidelity

Teera Chanpongsang de Fidelity va abandonner la gestion du fonds OEIC Emerging Asia le 1er novembre, afin de pouvoir reprendre le OEIC South East Asia (2,1 milliards de livres), rapporte Investment Week. Le OEIC Emerging Asia sera désormais géré par Dhananjay Phadnis, qui gère le Fidelity Funds Indonesia et travaille dans la société depuis 2004.
Fonds
11/10/2013

iShares noue un accord avec la Poste italienne

iShares vient de signer un accord de coopération avec Poste Italiane qui permettra aux investisseurs d’acheter des ETF iShares sur la plate-forme en ligne BancoPosta, rapporte Bluerating. De plus, pendant 6 mois, les ETF iShares cotés à Milan pourront se négocier sans commissions de réception et de transmissions d’ordres pour des acquisitions d’au moins 1.000 euros. « Notre accord avec Poste Italiane est stratégique dans le développement de l’éducation financière et dans la promotion de la connaissance auprès du public retail des ETF », résume Emanuele Bellingeri, responsable iShares en Italie.
11/10/2013

ABN Amro organise sa multigestion

La sicav luxembourgeoise ABN Amro Mutli-Manager Funds compte désormais 45 fonds, qui sont surtout des fonds de mandats et de fonds de fonds dont la sélection est assurée par AAAdvisors, une filiale établie à Paris et Amsterdam, et la gestion par le français Neuflize OBC investissements, rapporte Fonds Nieuws.Les fonds concernés, dont certains (des ex Fortis et ABN Amro AM) sont encore officiellement sous la coupe de BNP Paribas, comportent des produits actions et obligations, de performance absolue, diversifiés, à horizon et profilés pour des contrats d’assurances.
11/10/2013

Optimix prend les rênes d'Add Value Fund Management

Le gestionnaire néerlandais Optimix, dont l’encours se situe à environ 1,6 milliard d’euros, a acquis pour un montant non divulgué 45 % d’Add Value Fund Management auprès de Keijser Capital Asset Management, filiale de Keijser Capital, rapporte Fonds Nieuws.L’acquéreur possède une option pour acheter 35 % supplémentaires d’Add Value FM d’ici à deux ans. Le fonds Add Value, dont l’encours est remonté à 62 millions d’euros après avoir atteint un pic de 100 millions puis chuté considérablement, restera géré par Hilco Wiersma et Willem Burgers, qui détiendront chacun 10 % d’Add Value FM.
11/10/2013
Fonds

Morgan Stanley propose des parts institutionnelles de mutual funds

Dix-huit mutual funds de Morgan Stanley Investment Management (MSIM) auront désormais des parts IS (super institutional) sans frais de distribution, de tenue de compte ou d’agence de transfert. Ces parts sont conçues principalement pour les plans d'épargne retraite affichant plus de 250 millions de dollars, mais seront également accessibles à des investisseurs moyennant un investissement initial minimum de 10 millions de dollars.La création de ces parts institutionnelles de mutual funds américains correspond à une volonté d’augmenter la transparence et de réduire les frais pour des plans d'épargne à contributions définies et d’autres plates-formes institutionnelles.
Fonds
11/10/2013

Axiom AI se dote d'un département commercial intégré

Dans le but de renforcer sa politique commerciale, Axiom AI a annoncé la création de son département commercial intégré afin de distribuer ses fonds auprès de sa clientèle de conseillers en gestion de patrimoine indépendantes, de family offices, de sociétés de gestion de portefeuille et de banquiers privés, selon un communiqué publié le 10 octobre. A cet effet, la société a recruté Bertrand Wojciechowski en qualité de directeur et Alexis Jarnoux au poste de responsable commercial.Bertrand Wojciechowski, était précédemment chez Label Finance, Third Party Marketer (TPM) en charge du développement commercial et du marketing de 2010 à 2013. Il avait vocation à accompagner les sociétés de gestion indépendantes (Banque Transatlantique, Axiom-AI) auprès du réseau des CGPI, des plateformes bancassurances et multi-gérants (banque privée, family office, SGP,…)Alexis Jarnoux était précédemment chez Label Finance de février 2011 à août 2013, en qualité de chargé d’affaires, en charge de la commercialisation des fonds de la Transatlantique Gestion et d’Axiom AI sur le marché des CGPI, family offices, sociétés de gestion de portefeuilles et banquiers privés.
11/10/2013

Prudential Retirement ajoute douze fonds externes à sa plate-forme

Désormais, la plate-forme de gérants de gérants de Prudential Retirement (groupe Prudential Financial) comporte 78 fonds institutionnels sous-conseillés par des gestionnaires externes, y compris des produits immobiliers, ce qui est une nouveauté. La société vient en effet d’admettre les douze nouveaux fonds suivants sur cette plate-forme destinée aux promoteurs de fonds d'épargne retraite :- Large Cap Value / Becker Capital Fund (Becker Capital) - Large Cap Value / Ceredex Value Advisors Fund (Ceredex Value Advisors) - Large Cap Value / Nuveen Asset Management Fund (Nuveen Asset Management, LLC) - Large Cap Growth / Brown Fund (Brown Advisory) - Large Cap Growth / Fayez Sarofim Fund (Fayez Sarofim & Co.) - Mid Cap Value / Invesco Fund (Invesco Advisers, Inc.) - Mid Cap Value / WEDGE Fund (WEDGE Capital Management LLP) - Mid Cap Growth / American Century Fund (American Century Investment Management, Inc.) - Small Cap Growth / Palisade Capital Management Fund (Palisade Capital Management, LLC) - Real Estate / American Century Fund (American Century Investment Management, Inc.) - Real Estate / Cohen & Steers (Cohen & Steers) - International Blend / Neuberger Berman Fund (Neuberger Berman)
11/10/2013
Fonds

FlexShares lance un ETF d'actionss d'infrastructures

Après l’annonce par Stoxx du lancement d’un nouvel indice sur les actions du secteur mondial des infrastructures (lire Newsmanagers du 10 octobre), FlexShares ETF, filiale de Northern Trust, a officiellement annoncé le lancement du FlexShares Stoxx Global Broad Infrastructure Index Fund qui réplique le Stoxx Global Broad Infrastructure Index. Ce produit, dont le code mnémonique est NFRA, est coté sur la plate-forme NYSE Arca et affiche un taux net de frais sur encours de 0,47 %. Il a été créé le 10 août 2013.
Fonds
11/10/2013

Azimut boucle l’acquisition de Legan au Brésil

La société de gestion italienne Azimut vient de boucler l’acquisition de 50 % du brésilien Legan Administração de Recursos via AZ Brasil Holdings, une holding de droit brésilien créée par AZ International Holdings pour prendre des participations stratégiques dans la région.Legan est une société de gestion spécialisée dans les stratégies à faible volatilité et qui gérait au 4 octobre l’équivalent de 172 millions d’euros, soit 19 % de plus que le 6 septembre, date de l’annonce de l’accord.L’opération comportera une acquisition auprès des associés fondateurs, pour environ 3,3 millions d’euros, et la souscription à une augmentation de capital pour une contrevaleur d’environ 3,4 millions d’euros afin de financer le business plan. L’accord prévoit aussi des options d’achat et de vente et l’engagement de la direction de Legan à travailler avec Azimut pour faire prospérer l’activité au Brésil sur le moyen-long terme.Avec cette acquisition, l’italien Azimut tisse un peu plus sa toile internationale. La société indépendante est déjà présente au Luxembourg, en Irlande, en Chine, à Monaco, en Suisse, en Turquie et à Taïwan.
11/10/2013

Quatre capital-investisseurs en lice pour Altamira

Selon Expansión, il ne reste plus dans la course pour acheter la filiale immobilière du Santander, Altamria, que quatre candidats. Le vendeur a ouvert la data-room aux capital investisseurs Cerberus, Apollo, Centerbridge et Starwood.
11/10/2013
Fonds

Faible collecte en août pour les fonds européens

En août, les fonds commercialisés en Europe ont enregistré des souscriptions nettes de 3,5 milliards d’euros, soit un niveau bien inférieur aux 33,6 milliards d’euros de juillet, selon les dernières statistiques de Lipper.La collecte a été portée par les fonds monétaires en euros, qui ont engrangé 10,2 milliards d’euros. Arrivent ensuite les fonds actions européennes (+3,4 milliards d’euros), les fonds d’allocation d’actifs (3,2 milliards d’euros) et les fonds obligataires à court terme (1,8 milliard d’euros).Pour Lipper, ce mouvement vers les fonds monétaires et les produits à courte duration en euros pourrait signaler une augmentation de l’aversion au risque des investisseurs européens.Les fonds obligataires en revanche ont vu sortir 6,3 milliards d’euros. Ils restent néanmoins la classe d’actifs la plus dynamique depuis le début de l’année, avec des souscriptions nettes estimées à 91,2 milliards d’euros, sur un total de 157,7 milliards d’euros.DeAWM a été la société qui a enregistré la plus forte collecte sur ses fonds long terme (hors monétaires) en août avec 1,2 milliard d’euros, devant JP Morgan (+0,8 milliard d’euros) et BlackRock (0,8 milliard d’euros).
Fonds
11/10/2013

ProShares releases "noble" ETF

ProShares, based in Bethesda, Maryland, on 10 October announcd the launch of the S&P 500 Aristocrats ETF, whose ticker on NYSE Arca is NOBL. According to the ETF provider, the fund invests in equities in highly “select” companies of the S&P 500 which have increased their dividends over at least 25 consecutive years. It is based on the S&P 500 Dividend Aristocrats, which was launched in 2005, and which has since then outperformed the S&P 500 with lower volatility.The index is equally weighted, and currently covers 54 firms. The fund charges 0.35%.
11/10/2013

Hedge fund FX Concepts shuts down

FX Concepts, a hedge fund specialised in currencies, has announced that it will be winding down in the face of an environment if no longer understands, Les Echos reports. It has lost about 10% this year, after holding stable in 2012. It lost 19% the previous year. The hedge fund, founded in 1981, had over USD13bn in assets under management before the 2007 crisis. Since that peak, its assets have fallen off due to repeated negative performance of the hedge fund, which was largely based on models, and which now has 10 employees, down from 60 at its peak. The coffers of the fund are virtually empty, with barely USD600m. The firm may be acquired by another fund or a more generalist hedge fund.
11/10/2013

Pictet recruits for Portugal and Brazil

Tiago Forte Vaz, vice president responsible for advising at Espiritu Santo Bank Advisors (an affiliate of Espiritu Santo Bank Miami), has been recruited by Pictet Asset Management, according to Funds People.He becomes head of commercial development for the private banking unit at Pictet for Portugal and Brazil. He will report to Gonzalo Rengifo, CEO of Pictet AM for the Iberian peninsula and Latin America.Among his missions, Forte will be responsible for developing asset management for institutional investors, pension funds, banking networks, private banks, family offices, insurers and platforms.He replaces Amancio Pérez, who has been appointed as head of commercial development at the private bank for Brazil.
11/10/2013

Regulations may cost European asset managers USD500m p.a.

The asset management sector in Europe may be facing total costs of EUR300m to EUR500m, or EUR220m to EUR360m per year, in the next three years, to meet new regulatory requirements, according to a study by BNY Mellon, in association with Ernst & Young.These additional costs will in the next three to five years result in a “conservative” increase of 3% in operating costs and a 2% increase in total expense ratio (TER), on the basis of a stabilisation of profits at their current levels.The study, entitled “The Impending Profitability Challenge for European fund Managers,” emphasizes the growing pressure on asset management firms which are facing rising costs of compliance and investors who are demanding ever less costly products.
11/10/2013

British government plans to compensate whistleblowers

The British authorities are planning to offer financial incentives to whistleblowers, Les Echos reports. The Home Office revealed that it is considering the move as it launches the National Crome Agency (NCA) this month. The Financial Conduct Authority (FCA), for its part, will launch a consultation in 2014. Under the Dodd-Frank law passed after the crisis, the US legislator has extended the practice, which is common in North America: it claims that some whistleblowers may get 10% to 30% of the sums recuperated by the Securities and Exchange Commission (SEC).
11/10/2013

Fidelity to launch ETFs under its own brand

Handelsblatt cites reports in Bloomberg that Abigail Johnson, chairman of Fidelity, has now decided that Fidelity will launch its own ETFs and ETF funds, in cooperation with BlackRock.
11/10/2013

Integration of Roche-Brune into Primonial a success

In nine months, since Roche-Brune was taken over by Primonial as part of a transaction announced a year ago, assets at the equity management firm have increased from EUR50m to EUR120m. About EUR20m of this increase is due to market appreciation, while EUR50m correspond to net subscriptions, half of which have been attracted by the Primonial network, and membership in the group has also helped Roche-Brune to win over 25 new institutional clients, Bruno Fine, founding chairman of Roche-Brune AM, tells Newsmanagers.The integration into the multi-boutique family has been a success since in the area of asset management, Primonial has five recognized expertises: in asset allocation (Primonial AM), equities (Roche-Brune), fixed income, with AltaRocca AM, quantitative, with Quanto, and private equity with Roche Brune (through an alliance with Apicil). This has allowed the emergence of a kind of cluster with 12 talented fund managers, and the companies can draw support from the resources of the Primonial group in sales and support.
11/10/2013

US asset management firms combat toughening regulations

The largest asset management firms in the world are preparing a lobbying action in order to forestall tougher capital rules in the US and increased surveillance of their activities in the name of market stability, the Financial Times reports. They are particularly opposed to a report by the Office of Financial Research, which suggests that asset management firms with trillions of dollars in assets under management may be considered “too big to fail.”
11/10/2013

Fewer SWFs are invested in alternative assets

In the past 12 months, sovereign funds have reduced their exposure to alternative asset classes, Preqin notes in a study released on 10 October. The percentage of funds which are invested in private equity has decreased from 57% in 2012 to 45% in 2013, while funds investing in hedge funds have decreased from 38% to 31%. This decline in the percentage of sovereign funds investing in alternative assets is due to a rise in the number of funds in the past few months, as the new ones do not yet allocate assets to private equity or hedge funds in their first years of existence, Preqin notes. The appetite of sovereign funds for real estate and infrastructure remain stable, with 54% of funds exposed to real estate, and 57% to infrastructure. Private real estate has particularly attracted sovereign funds from the Middle East and North Africa region (81% of funds exposed), North America (80%) and Asia (75%).
11/10/2013

Four PE investors in the running for Altamira

According to Expansión, there are only four candidates remaining to acquire the real estate affiliate of Santander, Altamira. The vendor has opened the data room to the private equity invetors Cerberus, Apollo, Centerbridge and Starwood.
11/10/2013

Prudential Retirement adds 12 external funds to its platform

The manager of managers platform at Prudential Retirement (Prudential Financial group) now includes 78 institutional funds, sub-advised by external managers, including real estate products, which is a novelty.The firm has admitted the following 12 funds to its platform dedicated to promoters of retirement savings funds:- Large Cap Value / Becker Capital Fund (Becker Capital) - Large Cap Value / Ceredex Value Advisors Fund (Ceredex Value Advisors) - Large Cap Value / Nuveen Asset Management Fund (Nuveen Asset Management, LLC) - Large Cap Growth / Brown Fund (Brown Advisory) - Large Cap Growth / Fayez Sarofim Fund (Fayez Sarofim & Co.) - Mid Cap Value / Invesco Fund (Invesco Advisers, Inc.) - Mid Cap Value / WEDGE Fund (WEDGE Capital Management LLP) - Mid Cap Growth / American Century Fund (American Century Investment Management, Inc.) - Small Cap Growth / Palisade Capital Management Fund (Palisade Capital Management, LLC) - Real Estate / American Century Fund (American Century Investment Management, Inc.) - Real Estate / Cohen & Steers (Cohen & Steers) - International Blend / Neuberger Berman Fund (Neuberger Berman)
11/10/2013

Axiom AI sets on an integrated sales department

In order to strengthen its commercial policy, Axiom AI has announced the creation of its integrated Sales Department, to distribute its funds to client Independent Financial Adivisers, Family Offices, portfolio mangement companies and private banks, according to a statement released on 10 October. To this end, it is creating a team of experts, and appointing Bertrand Wojciechowski as Direcror, and Alexis Jarnoux as Head of Sales. Wojciechowski had previously been at Label Finance, a third-party marketer (TPM), in charge of sales and marketing development, from 2010 to 2013. He was responsbile for assisting independent asset management firms (Banque Transatlantique, Axiom-AI) to access the network of independent financial advisers (IFAs), banking-insurance platforms and mult-managers (private banking, family office, etc.) Jarnoux had previously been at Label Ifnance from February 2011 to August 2013, as representative in charge fo sale of funds form Transatlantique Gestion and Axiom AI to IFAs, family offices, portfolio management firms and private bankers.
11/10/2013

Legg Mason planning external growth in Asia

The US firm Legg Mason is planning to develop in Asia through external growth operations, Asian Investor reports. The head of Legg Mason, Joseph Sullivan, who recently completed the integration of Fauchier Partners into its affiliate Permal, is planning other transactions of this type in Asia, where in particular he hopes to increase the firm’s presence in China. Sullivan also says that he would not like to launch ETFs, except perhaps in the active ETF segment.
11/10/2013

AXA IM offers new liability-driven investment solutions in UK

AXA Investment Managers on 10 October announced the launch of a range of pooled funds to meet the specific needs of pension funds, to cover their liabilities. The range of funds, which comes as an addition to the range of liability-driven investment (LDI) solutions, comes in three formulas (nominal, real and inflation only), each of which includes five offers with different maturities, in order to offer pension funds coverage solutions adapted to sensitivity and maturity. Programmes may hedge their sensitivity to interest rates and inflation in an approved, segregated manner, and liabilities may be covered with issues ranging from 10 to 50 years.
11/10/2013

S&P Dow Jones Indices launches Islamic bond indices

The index provider S&P Dow Jones Indices on 10 Octoebr announced the launch of the S&P Mena Bond & Sukuk Index as ell as the two sub-indices, S&P Mena Bond Index and S&P Mena Sukuk Index. With the exception of the S&P Mena Bond Index, each index on offer is Sharia-compliant. The S&P Mena Bond & Sukuk Index covers a range of bonds which are denominated in US dollars, which aim to measure the performance of Islamic bonds (sukuks) in the Middle East and North Africa (MENA). The index measures the performance of companies based in the following countries: Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Tunisia, United Arab Emirates and Yemen.
11/10/2013

ABN Amro organizes multi-management

The Luxembourg Sicav ABN Amro Mutli-Manager Funds now includes 45 subfunds, which are primarily funds of mandates and funds of funds selected by AAAdvisors, an affiliate based in Paris and Amsterdam, and managed by the French firm Neuflize OBC Investissements, Fonds Nieuws reports.The funds concerned, some of which (formerly from Fortis and ABN Amro AM) are still officially run by BNP Paribas, include equity and bond, absolute return, diversified, target date and profiled products for insurance policies.
11/10/2013

French Riviera attracts ultra-high net worth individuals

According to the Candy GPS Report (see attachment), published on 10 October by Deutsche Asset & Wealth Management (DeAWM), Svills World Research and Candy & Candy, ultra-high net worth retail investors tend to choose the French Riviera as a priority for luxury homes. It is also in this region that five-bedroom villas are most expensive, with an average of USD28.5m. This type of property is worth USD24m in Monaco, and USD23m in Barbados.The CPS Report (for Global Prime Sector) finds that the increase in the number of ultra-high net worth individuals (UNHWI), which was 34% between 2009 and 2012, has driven up prices in luxury “enclaves,” and that a particuarly large number of Russian and Middle Eastern individuals are taking positions in this niche.

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