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23/09/2013

TwentyFour wins bond mandate from Aviva Investors

TwentyFour Asset Management has been selected to manage a new bond mandate for the multi-mangement team at Aviva Investors, Investment Week reports. The management team at the firm consists of eight people, including founding partners Rob Ford, Ben Hayward, Gary Kirk and Eoin Walsh.
23/09/2013

Aviva overhauls its multi-asset activity

Aviva Investors has appointed Hassan Johaadien and Bruno Derdoura to co-manage the Diversified Asset fund and the Diversified Asset strategy, following the departure of Mirko Cadinale to Russell Investments, Financial News reports. Johaadien is responsible for tactical asset allocation research at Aviva. Sedoura is reponsible for strategic asset allocation for multi-asset class portfolios.
23/09/2013

Trusts increasingly in use at Skandia

Skandia International, the offshore activity of Old Mutual Wealth, has reported spectacular growth of 430% snce 2006 in the percentage of bonds in its offshore trust portfolios. Skandia claims that investment adivsers, who have identified the advantages related to trusts, will continue to increase their use of this vehicle. In 2006, Skandia says, only 8.2% of bond portfolios from Skandia International were placed in trusts. In the wake of significant modifications in 2006 to the fiscal treatment of inheritance in trusts, the use of trusts has picked up in 2012, as bond portfolios from Skandia International were 43.2% used in trusts.
23/09/2013

Profits down at Neptune

After GBP21m in 2011, Neptune Investment Management on Friday declared pre-tax profits of GBP12.8m, while assets as of the end of December totalled GBP5.8bn, compared with GBP6.3bn one year earlier, Fundweb reports.
23/09/2013

Equity funds post inflows of nearly USD26bn in one week

A decision by the US Federal Reserve to maintain its exceptional support for the economy, which was more or less anticipated by institutional investors, drove the S&P 500 to new peaks, favouring unprecedented inflows to equity funds.The week ending 18 September saw equity funds take in a net USD25.94bn, eclipsing the old record set in late third quarter 2007, according to statistics from EPFR Global.US equity funds in particular attracted a net total of nearly USD17bn, Actively-managed funds posted modest subscriptions to small and midcaps funds, while large caps funds stood out with a significant turnover from growth towardsa value funds. Inflows to ETFs, which are responsible for most subscriptions for the week, mostly went to large and midcap funds. Bond funds posted outflows for the eighth consecutive week, while money market funds have posted modest inflows, and subscriptions to Japanese and European funds have largely offset redemptions from US money market funds.
23/09/2013

SPDR ETF launches fund of US high yield bonds

SPDR ETF, the tracker platform from State Street Global Advisors (SSgA) on 20 September announced the launch of a new bond ETF on the Xetra segment from Deutsche Börse. The SPDR Barclays 0-5 Year US High Yield Bond UCITS (ticker: SYBK (EUR) offers access, in a single transaction, to US short-term, high yield bonds, on securities with a maturity shorter than five years.“Like businesses which have improved their balance sheets since the global fniancial crisis, the underlying fundamentals of credit markets remain robust, which results in an anticipation of lower default rates than their historic level of 4.9%,” says Olivier Paquet, director of SPDR ETF in France.53 SPDR ETFs are now available to investors in Europe. This launch follows the recent introduction of three new short-term bond ETFs on Deutsche Börse and the London Stock Exchange.
23/09/2013

Julie Rachilne joins Turenne Capital

The private equity fund Trenne Capital Partenaires, whose assets under management total over EUR450m, is continuing to develop its health care unit, with the arival of Julie Rachline as chief investment officer. Julie Rachline has nearly ten years of experience in health care in various and complementary professions. She was most recently at L3S Partnership, an executive search agency dedicated to the recruitment of directors in the area of health care (major groups, SMEs, startups, medications, medical equipment and sevices) or scientific direcftors at instituitons, including ANSM (formerly AFSSAPS).
23/09/2013

Good growth outlooks at Henderson GI

Assets at Henderson Global Investors on the French market continued to increase in 2013. As of the end of June, assets under management totalled about EUR1.6bn, after being solidly beneath EUR1bn in 2012. As of the end of August, inflows were positive to the tune of about EUR200m, and the trend remains positively oriented, Patricia Kaveh, director of development for Henderson GI in France, Monaco and Geneva told Newsmanagers on 20 Spetember at an investors’ conference. Kaveh also states that development in this market, recently cited by the CEO of Henderson GI, Andrew Formica (see Newsmanagers of 09/09/2013), is expected by the end of the year to bring the opening of an office in Geneva. A planned joint venture in real estate with the pension fund TIAA-CREF, announced at the end of June 2013 (see Newsmanagers of 06/25/2013) is expected to be completed in early March 2014.
23/09/2013

Emannuelle Hsu joins Cedrus AM

The active sustainable management specialist Cedrus AM on 20 September announced the arrival of Emanuelle Hsu on the sales and marketing team as head of sales development. With this recruitment, Cedrus AM hopes to accelerate its presence serving institutional distribution personnel. Hsu previously worked at GFS as head of development for France and internationally serving multi-management and institutional investor clients. Cedrus AM, founded in 2012, has over EUR350m in assets managed and advised, including EUR52m in assets under management and EUR320m in assets advised.
23/09/2013

Interim head of UMR to remain a little longer

Christian Oyarbide, who was appointed as interim CEO of the French pension fund UMR earlier this year, will see his term extended until next year, IPE reports. Oyarbide was appointed in May to replace Charles Vaquier, and had been expected to stay until August 2013. He will now be staying one extra year, IPE reports.
23/09/2013

Strong inflows to Pictet-EUR Short Term High Yield

Roman Gaiser, head of high yield fixed income at Pictet Asset Management and former star manager at Threadneedle and F&C, on Friday in Paris announced that the Pictet-EUR Short Term High Yield fund ( LU0726357444) now has assets of EUR1.785bn, and that it has posted net inflows of EUR649.09 since the beginning of the year.The fund currently includes shares from 98 issuers and a total of 158 positions, with a turnover rate of about 40%. That makes it a “buy and hold” product, meaning that one of its unique characteristics compared with competing funds is that it invests in securities with a firm maturity of 0-4 years, which allows for effective management of duration at about 1.2 years.In general, Gaiser remains confident in the asset class, since carry remains attactive, since the quality of issues has improved, and the market has priced in a default rate of 25% for the next five years, while in reality it is about 2% per year.
23/09/2013

Source and GLG jointly offer two new ETFs

The new Source Man GLG Continental Europe Plus et l’ETF Source Man GLG Asia Plus ETFs, which will be listed on the London Stock Exchange from 23 September 2013, is based on active management whose strategy is supervised by GLG Partners LP.According to Ted Hood, CEO of Source, these Irish-registered, long-only products (see attachment) which are based on beta plus strategies, use the same approach as the Man GLG Europe Plus (EUR700m), and aim to capture outperformance related to the investment recommendations of the best equity brokers, provided especially to GLG.These investment ideas are then used to create liquid and diversified equity portfolios. These strategies aim to improve returns from contributors, using several algorithms which detect trends in widespread ideas.
23/09/2013

Thornburg IM plans additions to UCITS range

The US-based asset management firm Thornburg Investment Management is planning to add a fund to its UCITS product range within the next few months, Citywire Global reports.
23/09/2013

“Our objective is to increase our assets and to reach 15% per year”

From the beginning of the year to the end of August, 2013, iShares has posted net inflows in the Europe, Middle East and Africa region of EUR11.6bn, according to Leen Meijaard, head of sales at iShares for the region at BlackRock. These inflows are higher than in the corresponding period of last year, and come with the objetive of increasing assets by 15% per year. To continue its development, iShares is working to increase the use of ETFs by new clients, markets and segments throughout Europe.
23/09/2013

La conjoncture s'améliore en zone euro

La croissance de l’activité du secteur privé dans la zone euro a été plus marquée que prévu en septembre, grâce à la plus forte hausse des nouvelles commandes en plus de deux ans, selon les premières estimations. L’indice composite des directeurs d’achats (PMI) calculé par Markit a augmenté à 52,1 en septembre, se retrouvant à un pic depuis juin 2011, contre 51,5 en août alors que le consensus des économistes le donnait à 51,9. Comme en Allemagne et la France, c’est le secteur des services qui a tiré l’activité du privé vers le haut, avec un indice PMI à 52,1, contre 50,7 en août et un consensus de 51,1, tandis que l’activité du secteur manufacturier a décéléré, l’indice retombant à 51,1 après le plus haut de 26 mois, à 51,4 inscrit en août. En France, où l’indice avait «raté» la croissance du deuxième trimestre, le composite a passé la barre des 50 pour la première fois en 19 mois, à 50,2 points (+1,4 en un mois).
Une hausse du secteur privé plus importante que prévu en septembre. Illustration: PHB
23/09/2013

Icap va solder les poursuites concernant les taux interbancaires

Le courtier interbancaire pourrait selon le Wall Street Journal dévoiler prochainement, pourquoi pas dès mercredi, un accord avec les autorités concernant le scandale de manipulation des taux interbancaires Libor et Euribor. Icap, qui n’a pas souhaité commenter, pourrait verser moins de 100 millions de dollars pour mettre un terme aux poursuites. UBS, Barclays et RBS ont déjà écopé d’un montant d’amendes cumulées de 2,5 milliards.
23/09/2013

La Corée du Sud veut le libre-échange avec l’Asean

Selon le journal économique qui se réfère à un responsable du ministère de commerce sud-coréen, Séoul cherche à négocier un accord de libre-échange avec l’Indonésie, mais également avec le Vietnam, la Thaïlande et la Malaisie, en considérant que les barrières commerciales restent élevées avec les pays de l’Asean.
23/09/2013

JC Flowers s’intéresse à la filiale TSB de Lloyds

Le fonds d’investissement a contacté Lloyds Banking Group en vue d’une offre sur les activités TSB, que la banque britannique a scindées plus tôt dans le mois, rapporte le journal britannique. Dans le même temps, Paul Pester, nouveau patron de TSB, a déclaré que la société pourrait être rachetée avant une introduction en Bourse normalement prévue en 2014.

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