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30/07/2013

Baisse de l’encours d’UBS à fin juin

Les «actifs investis» du groupe UBS ressortaient au 30 juin à 2.348 milliards de francs, ce qui représente une diminution de 25 milliards sur fin mars, dont 8 milliards imputables à la division Wealth Management, 2 milliards à Wealtth Management Americas et 13 milliards à global asset management. Wealth Management enregistre un résultat avant impôts de 557 millions de francs au deuxième trimestre, contre 664 millions au trimestre précédent, Wealth Management affiche un bénéfice avant impôts de 557 millions contre 664 millions pour janvier-mars et enfin le bénéfice avant impôt de Global Asset Management ressort à 138 millions de francs contre 190 millions.Au total, le groupe UBS affiche un bénéfice net de 690 millions de francs contre 988 millions pour janvier-mars et 524 millions pour la période correspondante de 2012.
30/07/2013
Fonds

Hausse de l'encours des ETF de Vanguard en Europe

A fin juin, les actifs gérés dans des ETF domiciliés en Europe (en Irlande) par l’américain Vanguard Group se montaient à 1,4 milliard de dollars contre 1,3 milliard un mois plus tôt (lire Newsmanagers du 18 juin).Aux Etats-Unis, Vanguard a enregistré une collecte nette de 26 milliards de dollars pour ses 67 ETF, ce qui constitue le meilleur résultat du secteur, précise un communiqué.Les encours des ETF de la marque en Australie et au Canada se situent chacun à environ 1 milliard de dollars. Et Vanguard précise avoir fait admettre son premier ETF à la négociation sur la Bourse de Hong-Kong en mai.A l'échelon mondial, les actifs gérés dans des ETF par Vanguard représentaient 281 milliards de dollars au 30 juin.
Fonds
30/07/2013
Fonds

GLG lance un fonds multi classes d'actifs de performance absolue

Le 29 juillet, GLG Partners LP, filiale de gestion discrétionnaire de Man Group, a entamé la commercialisation du GLG Total Return Fund qui est confié à l'équipe macro & relative value (MARV) dirigée par Jamil Baz et Sudi Mariappa. Les paris stratégiques seront assurés par un comité d’investissement que dirige Jamil Baz tandis que James Ind, qui a récemment été recruté en provenance de Russell Investments, sera responsable de la gestion du portefeuille au jour le jour.Le nouveau produit est un fonds coordonné qui pourra investir dans plusieurs classes d’actifs liquides comme les actions, les devises, des obligations souveraines, les monnaies, le crédit, les taux et les matières premières en utilisant une approche value et une stratégie souple à base de paris macro-économiques et d’une sélection rigoureuse de valeurs.Le GLG Total Return Fund offrira une liquidité journalière et l'équipe de gestion s’efforcera de générer une surperformance de 500 points de base par rapport au Libor sur des périodes glissantes de trois ans, avec une volatilité ex ante d’environ 7 %.La commission de gestion est fixée à 0,75 % et GLG ne facturera pas de commission de performance.
Fonds
30/07/2013

Reyl nomme un COO à Londres

Le suisse Reyl & Cie attend ce mardi pour annoncer en français avoir promu Gideon Wittenberg COO et senior client manager de Reyl & Co (UK) LLP, dont le bureau londonien a été ouvert le 22 février. Sur son compte LinkedIn, Gideon Wittenberg indique avoir rejoint Reyl en mai 2013, en provenance de SG Hambros.Le nouvel arrivant assistera Ladislas Safyurtlu, managing partner, dont la mission est de développer l’activité de Reyl au Royaume-Uni tant pour ce qui concerne les fonds d’investissement que pour le «private office» et la banque d’investissement.
30/07/2013

Jim O'Neill va travailler pour le ministère de l'Education

Jim O’Neill, l'économiste à qui l’on doit l’acronyme BRIC et ancien président de la division de gestion d’actifs de Goldman Sachs, va rejoindre le board du ministère britannique de l’Education, rapporte Investment Week. C’est le ministre de l'Éducation Michael Gove qui lui a demandé de le rejoindre à l’automne. Jim O’Neill s’est illustré en matière d'éducation en fondant l’œuvre de bienfaisance Shine, qui a récolté plus de 17 millions de livres pour soutenir la scolarité d’enfants défavorisés.
30/07/2013

Chinese government creates an agency to serve newly arriving insurers

P { margin-bottom: 0.08in; } The China Insurance Regulatory Commission (CIRC) has set up a new commission which will be responsible for inspecting and issuing a license to insurers who would like to enter the Chinese market. Each candidate will be subject to an audit and the issuance of a license will be subject to a vote by the comission, Z-Ben Advisors reports. The commission will be responsible for real estate insurance, personal insurance (life, health and retirement), mutual insurance, special insurance, reinsurance, and even asset management firm affiliates of insurers. The objective is to improve the health of the sector by increasing the quality and visibility of audits.
30/07/2013

Aberdeen loses only GBP2.7bn in AUM despite GBP3.4bn in outflows

P { margin-bottom: 0.08in; } As of 30 June, total assets at Aberdeen Asset Management plc, which has acquired Artio Global Investors (GBP6.7bn in assets under management) and SVG Advisers (GBP4.3bn), totalled GBP209.6bn, compared with GBP212.3bn as of the end of March, according to an interim management statement released on 29 July. Net outflows exceeded a decline of GBP2.7bn in assets, totalling GBP3.4bn, of which GBP0.3bn are due to Artio, while market, performance and currency effects, for their part, wiped out a net GBP10.3bn of total assets under management in the period.Martin Gilbert, CEO, says that in gross terms, net inflows in second quarter totalled GBP9.66bn, meaning that in the first nine months of the year to 30 September, they total GBP34.26bn, In the last three quarters under review, Aberdeen posts net inflows of GBP1.04bn.Aberdeen is pleased that net outflows largely affected the least profitable products. Gross subscriptions to the global emerging market strategy were down due to measures taken to restrict inflows, which resulted in net outflows of GBP926m, but Asia-Pacific funds saw net inflows of GBP744m.The report states that nearly GBP2.5bn in net redemptions took place in June.
30/07/2013

Nordea accused of covering up legal problems at Aletheia

P { margin-bottom: 0.08in; } In September 2012, investors were informed that the Nordea 1 North American Growth fund, managed by Aletheia, had fallen to USD53.5m, compared with USD468m two years previously, and would be merged with the Nordea North American All-Cap sub-fund, managed by Eagle Asset Management.On this subject, Financial Times Fund Management (FTfm) reports that several former Nordea employees accuse their former employer of completely concealing from investors the fact that Aletheia, the US outsourced management firm, and its head, Peter Eichler, were sentenced to a fine by the SEC for various fraud and accounting irregularities. In addition, the state of California has imposed a fne of USD2m on the firm, which Aletheia was not able to pay, leading to its bankruptcy.Nordea claims that the accusations by its former employees on the subject of legal issues and accusations concerning Aletheia and Eichler had virtually no impact on the performance of the fund.
30/07/2013

ETF assets up at Vanguard in Europe

P { margin-bottom: 0.08in; } As of the end of June, assets under management in ETFs domiciled in Europe (Ireland) by the US firm Vanguard Group totalled USD1.4bn, compared with USD1.3bn one month earlier (see Newsmanagers of 18 June).In the United States, Vanguard has posted net inflows of USD26bn for its 67 ETFs, which represents the best results in the industry, a statement says.Branded ETF assets in Australia and Canada each total about USD1bn. And Vanguard states that it admitted its first ETF to trading on the Hong Kong stock exchange in May.Worldwide, assets under management in ETFs by Vanguard totalled USD281bn as of 30 June.
30/07/2013

Net outflows from pension plans in first half

P { margin-bottom: 0.08in; } In the first six months of 2013, Spanish retirement savings plans, known as pension plans, saw net redemptions of EUR748m, of which EUR471m came from individual plans, EUR264m from corporate plans, and EUR12m from mixed plans, Funds People reports. The largest net outflows were from VidaCaixa de Seguuros y Reaseguros (EUR71m), Mapfre Vida Pensiones (EUR65m), and Santander Pensiones (EUR59m). The leader in the sector, BBVA Pensiones, for its part, has seen net redemptions of EUR46m. According to statistics from the Spanish Inverco association of asset management firms, individual pension plans as of the end of June represented 62% of total assets, compared with 37% for corporate plans, and 1% for mixed plans.
30/07/2013

Fidelity preparing 10 sectoral ETFs based on MSCI indices

P { margin-bottom: 0.08in; } Index Universe reports that Fidelity Investments has submitted applications to the SEC for ten sectoral ETFs which will be based on MSCI indices. These are the first results of a partnership signed with BalckRock (see Newsmanagers of 14 March). The funds for which licenses have been applied for are the following: Fidelity MSCI Consumer Discretionary Index ETFFidelity MSCI Utilities Index ETFFidelity MSCI Consumer Staples Index ETFFidelity MSCI Energy Index ETFFidelity MSCI Financials Index ETFFidelity MSCI Health Care Index ETFFidelity MSCI Industrials Index ETFFidelity MSCI Information Technology Index ETFFidelity MSCI Materials Index ETFFidelity MSCI Telecommunications Services Index ETF Fielity has not disclosed any tickers or total expense ratios for these products.
30/07/2013

Six consecutive months of net inflows for Italian asset management

P { margin-bottom: 0.08in; } Although well below EUR8.7bn in May and EUR6.9bn in April, inflows to Italian asset management have remained positive overall for the sixth consecutive month in June, with EUR2.54bn (of which EUR2.49bn are for foreign-registered funds). Since the beginning of this year, net subscriptions totall EUR38.36bn.However, assets as of 30 June were down by nearly EUR23bn compared with the end of May, at EUR1.24162trn, compared with EUR1.2644trn, according to statistics from Assogestioni.In detail, among open-ended funds (which had total inflows of EUR2.78bn), equity funds saw net redemptions of EUR1.22bn, while net redemptions from bond funds totalled EUR722m, but balanced and flexible funds attracted EUR1bn and EUR2.2bn, respectively. Money market funds attracted net subscriptions of EUR1.9bn.The four asset management firms which posted the highest net inflows last month were Intesa Sanpaolo (EUR826.4m), Banco Popolare (EUR721.1m), Pioneer Investments (EUR603.7m) and Amundi (EUR414.5m), The heaviest net outflows were from BNP Paribas (-EUR362.8m) and Franklin Templeton Investments (-EUR258.9m).
30/07/2013

German households smiling

P { margin-bottom: 0.08in; } An annual survey by TNS Infratest on behalf of Allianz Deutschland, undertaken between 20 and 22 June, has found that in 2013, the percentage of households which are satisfied with their savings has increased to 45%, from 38% in 2012. At the same time, 40%, compared with 33% of respondents say they are satisfied with their income, which is probably the result of recent pay increases and which has resulted in a higher propensity to spend Burkhard Keese, chief financial officer at Allianz Deutschland observes.The constitution of savings nonetheless remains “high” to “very high” for 62% of respondents, and 77% of those surveyed say they want to stick to “safe” forms of investment such as traditional savings products and retirement savings plans. However, retail estate remains the preferred savings vector.
30/07/2013

Strong increase in assets for Mapfre funds

P { margin-bottom: 0.08in; } As of 30 June, investment funds from Mapfre had assets under management up 14% compared with the end of December, at EUR2.7bn, while assets in pension funds, at USD5.1bn, were up by 3.4%, Funds People reports.The increase in assets under management is attributed to efforts on the life insurance network, net subscriptions, and performance effects.
30/07/2013

Spanish funds and Sicavs are 11.3% invested in other funds

P { margin-bottom: 0.08in; } According to statistics from the Spanish securities commission (CNMV), Spanish investment funds and Sicavs had EUR17.528m invested in other collective investment vehicles as of 31 March, which represents 11.3% of their total assets, which had increased by 5.04% in first quarter to EUR130bn for funds, and 3.7% of EUR24bn in Sicavs, Funds People reports.In January-March, funds increased their exposure to Spanish funds by 12.40%, and exposure to foreign funds by 11.14%, as investment in the form of shares in foreign funds totalled EUR7.904bn as of the end of March, while investment in shares of other Spanish funds totalled EUR3.563bn. That corresponds to 6.07% and 2.74% of total assets under management, respectively.International funds, at EUR5.261bn, represented 21.42% of assets in Spanish Sicavs, compared with EUR800m or 3.26% for Spanish funds.
30/07/2013

Assets and profits up at Artisan Partners

P { margin-bottom: 0.08in; } At the end of second quarter 2013, the US firm Artisan Partners Asset Management Inc, based in Milwaukee, had assets of USD85.79bn, compared with USD83.18bn three months earlier, and USD64.07bn one year previously. However, net inflows in April-June, at USD1.41bn, were lower than in January-March (USD2.19bn), while remaining slightly higher than the USD1.36bn posted in the corresponding period of last year.Market effects were positive to the tune of USD1.2bn, compared with USD6.66bn in first quarter; they were negative by USD1.36bn in April-June 2012.By GAAP accounting standards, net profits in April-June totalled USD5.7bn, compared with USD3bn in the previous quarter. The Artisan Partners initial public offering was completed on 12 March 2013.
30/07/2013

Promotion for Yves Trinquet at Prudential Fixed Income

P { margin-bottom: 0.08in; } After serving as a portfolio manager at Prudential Fixed Income (USD400bn in assets as of the end of March 2013), Yves Trinquet has taken care of his family and then served as a consultant. He has recently been appointed as managing director and head of quantitative research and co-head of risk management at his former employer, which is an asset management affiliate of Prudential Financial (USD1.06trn in assets), specialised in bond solutions for institutional investors.Trinquet will be responsible for the development of exclusive rate curve and credit risk models, as well as all aspects of portfolio risk management and performance analysis.He will also become the sole head of risk management, following the departure of Martin Lawlor, who has announced plans to retire in 2014.
30/07/2013

Record earnings and profits at WisdomTree

P { margin-bottom: 0.08in; } The New York-based ETF management firm WisdomTree has reported record net profits and earnings in second quarter, according to its chairman & CEO, Jonathan Steinberg. Its pre-tax profit margin totalled 33% in April-June, on average total assets of USD28.4bn.In detail, on earnings of USD37.3m, net profits in second quarter totalled USD12.2m, compared with USD29.3m and USD7.9m in January-March; in the corresponding period of 2012, net profits were limited to EUR0.1m, on earnings of EUR20.4m.As of 30 June, total assets came to USD29bn, compared with USD25.1bn three months earlier, and USD15bn one year previously. Net subscriptions were still very high, with USD5bn in April-June, compared with USD5.9bn in first quarter, and only USD0.3bn in the corresponding period of 2012.
30/07/2013

Threadneedle does well in Feri rankings

P { margin-bottom: 0.08in; } The German ratings agency Feri EuroRating Services on July 29th published its quarterly rankings for seven countries (Germany, Austria, France, Italy, the United Kingdom, Sweden and Switzerland). The now traditional names of the three British firms in these rankings is more muted, as only Threadneedle retains a strong lead, with two top spots (in the United Kingdom and Switzerland) and two second-place finishes. The rankings are based on the percentage of funds rated A or B out of the total funds from the firm on sale in a given country. Feri also distinguishes between “large” firms, with more than 25 funds rated in total, and “small” firms, with 8 to 24 funds rated. Threadneedle also ranks in second place among “small” firms in Sweden, and among the “large” firms in Germany, Austria, Italy and France.Schroders takes two top places (in Italy and France) among large firms, while Aberdeen takes one among large firms in Austria, and one for small firms, in Sweden.Franklin Templeton Investments stands out with three third place finished in the large category in Austria, Sweden and France. Statistically, in the category of large firms with at least 25 funds rated, the number of asset management firms with over 50% of funds rated A or B caries strongly: in Sweden, for example, only Invesco is over this line (52%), while in Germany, there are eight names on the board, including Investec, Threadneedle, Aberdeen, Franklin Templeton, Schroders, Fidelity, Legg Mason, and lastly JPMorgan with 50.7%.
30/07/2013

Strong growth for Reich & Tang (Natixis GAM)

P { margin-bottom: 0.08in; } The New York-based asset management firm Reich & Tang, an affiliate of Natixis Global Asset Management, on 23 July announced that its assets have topped USD32bn, which represents a 22% increase since the beginning of the year, as assets in its money market funds are up by as much as 40%.Assets in money market funds and segregated accounts represent about USD16bn, while sums administered in programmes with FDIC coverag on sale from banks and broker-dealers also totals USD16bn.Michael Lydon, CEO, says that in addition to the recent acquisition (with Nationwide Financial) of the mutual funds HighMark from UnionBanCal, he is expecting inflows of USD2bn to USD3bn in the next 45 to 60 days and that assets in money market funds will increase by about 65% this year.
30/07/2013

Decline in inflows continues at Swissquote

P { margin-bottom: 0.08in; } The Swiss financial services provider Swissquote has posted a contraction of 41.4% in its inflows to CHF379.5bn in first quarter; they were already down 55.1% to CHF280m in January-March.However, revenues were up 5.1% year on year, to CHF60.2bn, while net profits were up 19.2% compared with January-June 2012, at CHF16.6m.Lastly, Swissquote states that savings deposits as of 30 June totalled nearly CHF9.27bn, which represents an increase of 13.6% year on year. As of the end of March, the volume totalled CHF9.1bn.
30/07/2013

Assets down at UBS as of end-June

P { margin-bottom: 0.08in; } “Invested assets” by the UBS group as of 30 June totalled CHF2.348bn, which represents a decline of CHF25bn compared with the end of March, of which CHF8bn are due to the Wealth Management division, CHF2bn to Wealth Management Americas, and CHF13bn to Global Asset Management.Wealth Management has posted pre-tax profits of CHF557m in second quarter, compared with CHF664m the previous quarter. Wealth Management posts pre-tax profits of CHF557m, compared with CHF664m in January-March. Pre-tax profits for Global Asset Management total CHF138m, compared with CHF190m.Overall, the UBS group posts net profits of CHF690m, compared with CHF988m in January-March, and CHF524m in the corresponding period of 2012.
30/07/2013

Feri rankings: French managers still have room for improvement

P { margin-bottom: 0.08in; } The most recent Feri rankings, as of the end of June, of the best asset management firms by the percentage of funds rated A or B out of all funds rated from the business, finds that among firms with at least 25 products rated in France, only Lazard AM places in the top ten, with 16 A and B rated funds out of a total of 36, or only 44.4%, while Schroders leads with 34 A or B funds out of 47, or 72.4%, followed by Threadneedle, with 31 funds out of 51, or 60.8%.Among small firms, those with a total of 8 to 24 funds rated, the rankings are somewhat better, as DNCA places far in the lead with 9 funds rated A or B out of 11, or 81.8%. The Le Conservateur group placed in fourth place, with 7 funds out of 11 rated A or B, or 63.6%, while Comgest takes sixth place, with 8 funds out of 1, or 60%. These are the only three French asset management firms in the Feri rankings for France.However, Comgest takes fourth place in Germany and Austria (4.3% and 61.5%), while Natixis takes 5th place in Switzerland (58.5%) and 7th in the United Kingdom (56.3%), Lastly, LCF Rothschild takes 8th place in Italy (57.1%).
30/07/2013

GLG launches AR multi-asset class fund

P { margin-bottom: 0.08in; } On 29 July, GLG Partners LP, a discretionary asset management affiliate of Man Group, released the GLG Total Return Fund for sale, which is managed by the macro & relative value (MARV) team, led by Jamil Baz and Sudi Mariappa. Strategic bets are made by an investment committee led by Baz, while James Ind, who has recently been recruited from Russell Investments, will be responsible for the day-to-day management of the fund.The new product is a UCITS-compliant fund, which may invest in several liquid asset classes, such as equities, forex, government bonds, cash, credit, fixed income, currencies and commodities, using a value approach and a flexible strategy based on macroeconomic bets and rigorous stock-picking.The GLG Total Return Fund will offer daily liquidity, and the management team will aim to generate outperformance of 500 basis points exceeding Libor over a rolling three-year period, with ex ante volatility of about 7%.The management commission is set at 0.75%, and GLG will charge no performance commission.
30/07/2013

Reyl appoints COO for London

P { margin-bottom: 0.08in; } The Swiss firm Reyl & Cie is planning to announce this Tuesday in French that it has promoted Gideon Wittenberg to the position of COO and senior client manager at Reyl & Co (UK) LLP, whose London office opened on 22 February. On his LinkedIn account, Wittenberg states that he joined Reyl in May 2013 from SG Hambros.Wittenberg will assist Ladislas Safyurtlu, managing partner, who is responsible for developing Reyl’s activities in the United Kingdom, both in the area of investment funds and the private office and investment bank.
30/07/2013

Jim O'Neill to work for Ministry of Education

P { margin-bottom: 0.08in; } Jim O’Neill, the economist who coined the acronym BRIC, and former president of the asset management division at Goldman Sachs, will join the board at the British Ministry of Education, Investment Week reports. The Education minister Michael Gove asked him to join the ministry this autumn. O’Neill has stood out in the area of education, founding the Shine programme, which collected over GBP17m to support education for disadvantaged children.
30/07/2013

Profits down at Deutsche AWM in April-June

P { margin-bottom: 0.08in; } In second quarter, pre-tax profits at the asset & wealth management (AWM) unit of Deutsche Bank totalled EUR82m, compared with EUR222m in January-March, and EUR98m in the corresponding period of last year. However, excluding one-time charges of EUR171m related to the operational excellence (OpEx) programme, profits would have been higher, and would then have been up compared with first quarter, to EUR253m.Deutsche Bank also states that “invested assets” were down by EUR27bn in second quarter, largely due to negative market and currency effects.At the Deutsche Bank group overall, net profits were down to EUR335m in April-June, compared with EUR1.661bn in first qurter, and EUR666m in the corresponding period of last year. The decline is due both to charges related to the OpEx programme and to very high litigation-related charges.
30/07/2013

Promotion at Invesco Real Estate in Germany

P { margin-bottom: 0.08in; } Robert Stolfo has been appointed as director of Invesco Real Estate in Munich. Since 2008, he has been in charge of development and customer relations for all German-speaking countries. Following the apopintment, the management of Invesco Real Estate Germany now includes four directors.
30/07/2013

Mackenzie Investments on hunt for Asian institutionals

P { margin-bottom: 0.08in; } Mackenzie Investments, an asset management affiliate of the Canadian Power Group, has recruited Arria Partners as head of distribution to Asian institutional clients, Asian Investor reports. Blake Moore, vice president in charge of distribution, says that meanwhile, the firm is seeking to acquire management teams based in Asia. Mackenzie Investments, which is active primarily in Canada, with USD63bn in assets under management, would like to develop in new markets, primarily in the United States and Asia.
30/07/2013

Two first gold ETFs launched in Shanghai

P { margin-bottom: 0.08in; } Hua An and Guotai on 29 July became the first Chinese asset management firms to list gold ETFs on the Shanghai Stock Exchange (SSE). The exchange has published a regulation applicable to subscriptions and redemptions from gold ETFs, which are required to pass through a brokerage firm, Z-Ben Advisors states.Investors are required to have an A equity or mutual fund account as well as a gold account. In addition, brokers are required to provide commodity investors with advising about risks and rules for investing in ETFs based on gold, and investors are required to sign a release stating that they have been alerted to the risks.

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