Funds People rapporte que Banco Mediolanum vient de lancer Mediolanum Carmignac Strategic Selection, un fonds de fonds d’investissement mondial du gestionnaire français censé offrir une solution à moyen/long terme avec un contrôle de la volatilité grâce à une gestion active. Ce produit vient compléter les fonds de fonds BlackRock Global Selection et Morgan Stanley Global Selection, qui font partie de la gamme Mediolanum Best Brands.Le portefeuille est composé de 11 % de fonds d’actions internationales, de 7 % de fonds d’actions européennes, de 19 % de fonds diversifiés mondiaux, de 19 % de fonds diversifiés européens et de 44 % de fonds d’obligations internationales.Mediolanum opère une sélection parmi les fonds flexibles de Carmignac Gestion. Le droit d’entrée s'échelonne entre 0 % et 5,5 % en fonction notamment du montant investi et de la classe de part. Quant à la commission de gestion, elle peut aller de 1,65 % à 1,95 % en fonction de la classe de parts.
Jorg Sunderman, qui était jusque récemment directeur des études de marché chez le néerlandais Robeco, a rejoint début juillet Canara Robeco Asset Management comme COO, rapporte Fondsnieuws.Canara Robeco AM est une co-entreprise de Robeco et de l’indien Canara Bank sur le marché indien. La société gère des fonds d’actions et obligataires.Chez Robeco, Jorg Sunderman est remplacé par Margret Smits.
Mike Gould, qui était directeur de la conformité chez Russell Investments, a été recruté comme directeur de la stratégie pour le retail de l’Investment Management Association (IMA), rapporte Fundweb. L’intéressé sera chargé de la stratégie en matière de distribution de fonds et du marché retail, dont les retraites.
Russell Investments vient de nommer Mike Clark au poste de directeur de l’investissement socialement responsable, rapporte Citywire. Le gestionnaire basé à Londres a choisi son actuel head of Sustainability Council pour occuper ce nouveau poste. Il aura pour mission première de développer l’offre de Russell dans l’investissement responsable et de s’assurer de bon suivi des Principes de l’investissement responsable des Nations Unies (UN-PRI) signés par Russell.
A compter du 1er octobre, Christoph Mauchle deviendra membre du group executive management de VP Bank où il sera responsable du pôle nouvellement créé «client business». En fait la banque liechtensteinoise se réorganise et le pôle client business résulte de la fusion au 1er juillet de la division Banking Liechtenstein & Regional Markets avec la division Private Banking International.Christoph Mauchle arrive de chez Credit Suisse, où il était head of private banking pour les marchés allemand, luxembourgeois et autrichien.Dans la nouvelle organisation qui sera en place au début du quatrième trimestrte, le group executive management se composera de quatre personnes : Alfred W. Moeckli (CEO), Christoph Mauchle (client business) Juerg W. Sturzenegger (COO)) et Siegbert Näscher (CFO).Fredy Vogt demeure président du conseil d’administration.
Le 18 juillet, la Liechtensteinische Landesbank AG (LLB), dont l’encours au 30 juin se situait à 50,5 milliards de francs, a fourni des indications préliminaires sur ses comptes semestriels qui doivent officiellement être publiés le 29 août, en indiquant que plusieurs facteurs exceptionnels ont réduit son bénéfice pour janvier-juin 2013 à 14 millions de francs (contre 61,6 millions pour la période correspondante de 2012). Sans ces charges exceptionnelles, le bénéfice net aurait été de 72 millions de francs suisses.La LLB, qui fait état de souscriptions nettes de 210 millions de francs au premier semestre, précise avoir constitué une provision de 31 millions de francs pour son litige avec les autorités fiscales américaines. Ce conflit a par ailleurs obligé la LLB à surseoir jusqu'à nouvel ordre à la vente de swisspartners Investment Network AG, ce qui induit une charge exceptionnelle de 14 millions de francs. La fermeture de LLB Suisse a généré une charge de 10 millions de francs et les provisions pour restructuration se montent à 4 millions.
Aberdeen Asset Management Deutschland a annoncé que la distribution semestrielle de juillet 2013 aux porteurs de parts du fonds immobilier offert au public DEGI Europa, dont la liquidation a été décidée en octobre 2010 et qui doit s’achever le 30 septembre 2013, est reportée à septembre.Ce retard est expliqué par le fait que le paiement des immeubles en vente se prolongera jusqu’à septembre. Une partie de ces recettes sera utilisée pour rembourser les crédits.Le fonds* affichait encore fin mai un encours de 691,6 millions d’euros.Au 30 septembre, le reliquat du fonds sera transféré à la banque dépositaire, la Commerzbank.* Isin : DE0009807800
Le premier agent de transfert à adhérer à la plate-forme de fonds d’investissement Vestima de Clearstream est Latin Clear Panama. Cela offre un accès aux marchés financiers latino-américains et de nombreux fonds d’investissement domiciliés à Panama seront disponibles sur Clearstram pour le routage des ordres, l’exécution des transactions et la conservation, a annoncé la Deutsche Börse le 17 juillet.Pour les marchés financiers latino-américains, Vestima offre une efficacité opérationnelle et une sécurité accrue grâce à une exécution avec la formule DVP (delivery versus payment) qui autorise un échange synchronisé de liquidités et de valeurs mobilières entre le commercialisateur du fonds et l’agent de transfert.Latin Clear est un point d’accès central pour les fonds latino-américains dans la mesure où cette plate-forme offre des services de règlement pour d’autres pays comme le Costa Rica, le Nicaragua, le Salvador et le Venezuela. De plus, Latin Clear prépare l’accès au marché de la République dominicaine.
P { margin-bottom: 0.08in; } The European Securities Markets Authority (ESMA) on 18 July announced that it has approved seven co-operation agreement between securities commissions and their counterparts worldwide responsible for the surveillance of hedge funds, private equity funds and real estate funds. At a meeting in July, the Council of Supervisors at ESMA approved memoranda of understanding (MoUs) with authorities in the Bahamas, Japan, Malaysia, Mexico and the United States. Negotiations are continuing with the Chinese regulator. ESMA has now negotiated a total of 38 agreements on behalf of the 31 national securities commissions in the European Union and the European Economic Area. The agreements allow for exchanges of information, cross-border on-site visits, and mutual assistance with enforcement of respective supervision laws. In May, ESMA approved 31 memoranda of understanding with other regulators outside Europe.All of these agreements represent preconditions set by the alternative investment fund management directive (AIFMD) to allow asset management firms in third-party countries to access markets in the European Union or manage funds through outsourcing from managers in EU countries, after 22 July 2013. Memoranda are signed with: Commodity Futures Trading Commission, United States of America; Financial Services Agency of Japan; Ministry of Economy, Trade and Industry of Japan Ministry of Agriculture, Forestry and Fisheries of Japan; Securities Commission, Malaysia; National Banking and Securities Commission of the United Mexican States; and Securities Commission of the Bahamas.
P { margin-bottom: 0.08in; } Aberdeen Asset Management Deuschland has announced that its semiannual distribution in July 2013 to shareholders in open-ended real estate funds DEGI Europa, whose liquidation was decided in October 2010, and which must complete by 30 September 2013, has been postponed to September.The delay comes due to the fact that payment for properties being sold will extend until September. Some revenues will be used to pay off debt.The fund (ISIN code: DE0009807800) as of the end of May still had assets of EUR691.6m.As of 30 September, the remainder of the fund will be transferred to the depository bank, Commerzbank.
P { margin-bottom: 0.08in; } Funds People reports that Banco Mediolanum has launched Mediolanum Camignac Strategic Selection, a global investment fund of funds from the French asset management firm, which is intended to offer a mid- to long-term solution with volatility control through active management. The product comes as an addition to the BlackRock Global Selection and Morgan Stanley Global Selection funds of funds, which are a part of the Mediolanum Best Brands range.The portfolio is composed of 11% international equity funds, 7% European equity funds, 19% global diversified funds, 19% Euorpean diversified funds, and 44% international bond funds.Mediolanum makes a selection of flexible funds from Carmignac Gestion. Front-end fees vary from 0% to 5.5%, depending on the total invested and the asset class. The management commission may vary from 1.65% to 1.95%, depending on the share class.
P { margin-bottom: 0.08in; } A survey by Cerulli Associates of US asset management firms finds that 42% estimate that institutional clients are their largest class of clients, while 24% feel that this category is larger than the others.Despite the fact that these asset management firms admit that there is a secular shift in favour of beta strategies these professionals are aware that institutional managers also need alpha. These strategies have higher margins, and can help asset management firms to combat pressure on commissions in passive strategies.Cindy Zarker, director of Cerulli Associates, says that asset management firms feel that demand from institutional investors as from retail clients for liquid alternative products is continuing to drive increases in mutual fund assets. They estimate that in ten years, the percentage of alternative mutual funds as a percetage of total mutual fund assets will reach 13.6%, compared with 2.2% as of the end of 2012.Cerulli also observes that the competition is leading asset managers to adopt a more flexible approach in order to satisfy the needs of each institutional client, in order to win new mandates. And when they set up net products in order to adapt to demand from institutional investors, product developers use a wider range of structures.
P { margin-bottom: 0.08in; } For second quarter 2013, the wealth management division of Morgan Stanley (formerly Global Wealth Management Group) has reported pre-tax profits of USD655m, compared with USD597m in first quarter and USD410m in the corresponding period of 2012. Meanwhile, pre-tax profits from asset management (investment management, ex asset management) fell to USD160bn in April-June, from USD187bn in the first three months of the year. However, it has nearly quadrupled compared with USD43bn in the corresponding period of 2012.For wealth management, assets totalled USD1.8trn as of the end of June, but client assets in fee-based accounts totalled USD629bn. In this area, net inflows totalled USD10bn in the quarter under review.In asset management, assets under management or administration as of 30 June totalled USD347bn, compared with USD311bn one year earlier. During second quarter 2013, net subscriptions totalled USD9.8bn.Across the Morgan Stanley group, net profits in April-June totalled USD980m, compared with USD962m in the previous three months, and USD591m in second quarter 2012.
P { margin-bottom: 0.08in; } Schroders has today announced the appointment of Thomas Guyot as Head of Property Investment for France. He joins the Paris-based team, and will direct the expansion of Schroders Property on the Frech real estate market. Schroders has been managing real estate funds since 1971, and now has EUR12.4bn in real estate assets under management (as of 31 March 2013). Guyot will be responsible in particular for investing pan-European funds managed by Schroders in France. He will join the European investment team, within which he will report to Tony Smedles, head of pan-European funds at Schroders. Thomas Guyot began his career as a consultant at Boston Consulting Group in Paris in 1997, and then worked in the real estate unit at Morgan Stanley, before becoming director of acquisitions and CEO of the Compagnie La Lucette. Following its acquisition by ICADE in 2010, he will continued to work for ICADE as head of commercial real estate.
P { margin-bottom: 0.08in; } For January-June, BlackRock on 18 July reported net profits by US-GAAP accounting standards of USD1.361bn, of which USD729m were in second quarter, and USD554m in first quarter, comapred with USD1.126bn in first half 2012.Assets as of the end of June totalled USD3.875trn, down 2% compared with USD3.93641trn as of the end of March, but up 8% compared with 30 June 2012.For long-term products, retail funds attracted a net USD5.076trn (to USD414.38bn as of the end of June), while iShares has seen a net outflow of USD963m, for assets of USD774.4bn. For its ETF brand, BlackRock states that net outflows over the long term are the result of outflows of USD7.2bn from emerging market equity funds, USD2bn from bond funds, and USD2.1bn for commodity funds. These outflows more than offset net subscriptions of USD3.6bn attracted to the Core Series product range, USD2bn attracted to minimal volatility equity funds in the United States, and USD2.2bn attracted to iShares European equity products.Long-term institutional products attracted USD7.794bn, and as of 30 June have total assets of USD2.37568trn.Lastly, the report states that assets in money market funds in second quarter fell 3%, or USD8.8bn, to USD252.6bn, and that total assets under advisory fell 13%, to USD40bn, due to planned liquidations from portfolios.
P { margin-bottom: 0.08in; } A team of 13 people based in Hong Kong and Shanghai, including portfolio managers, analysts and traders, has been made responsible for the launch and management of the Neuberger Berman Greater China Equity Fund (tickers: NCEAX, NCECX and NCEIX), which will invest in equities in businesses based in continental China, Hong Hong, Taiwan and Macau. The two lead portfolio managers are managing directors Yulin (Frank) Yao and Lihui Tang.The objective is to generate attractive total returns with a portfolio of 30 to 50 positions, large and mid-cap equities, selected according to a bottom-up, “research driven” approach, with a value bias, and the ability to invest in securities which do not belong to the benchmark (MSCI China Index).Yao, who is also vice chairman of Neuberger Berman for Asia-Pacific, directs a team which already manages USD1.7bn for institutional and retail investors in other Neuberger Berman products as well as some private funds and managed accounts, ranging from Chinese A-class equities to greater China equities.The two major investment themes are related to economic growth. They are, on the one hand, sectors which depend on consumer spending, such as agriculture, automotive, leisure, food and beverage, hygiene and retail commerce, and on the other, infrastructure, with equipments, machinery and utilities.Neuberger Berman had USD214bn in assets under management as of the end of June.
P { margin-bottom: 0.08in; } The first transfer agent to join the Vestima investment fund platform from Clearstream is Latin Clear Panama. The agency offers access to financial markts in Latin America and numerous investment funds domiciled in Panama are available on Clearstream for the routing of orders, execution of transactions and custody, Deutsche Börse announced on 17 July. For Latin American financial markets, Vestima offers operational efficiency and increased security due to execution in delivery versus payment (DVP) formta, which allows for synchronized exchange of liquidity and securities between the fund distributor and the transfer agent. Latin lear is a central access point for Latin American funds, indsofar as the platform offers settlement services for other countries such as Costa Rica, Nicaragua, El Salvador and Venezuela. In addition, Latin Clear is preparing access to the Dominican Republic.
P { margin-bottom: 0.08in; } On 18 July, Liechtensteinische Landesbank AG (LLB), whose assets as of 30 June totalled CHF50.5bn, provided preliminary indications regarding its semiannual accounts, which will officially be published on 29 August, indicating that several one-time factors reduced its profits in Janary-June 2013 to CHF14bn (compared with CHF61.6m in the corresponding period of 2012). Excluding these one-time charges, net profits are estimated to have been CHF72m.LLB, which has reported net subscriptions of CHF210m in first half, says tat it has made a provision of CHF31m to cover its ongoing legal action with the US tax authorities. The conflict has also driven LLB to defer the sale of swisspartners Investment Network AG until further notice, which has resulted in a one-time charge of CHF14m. The closure of LLB Switzerland has led to a charge of CHF10m, and provisions for restructuring total CHF4m.
P { margin-bottom: 0.08in; } From 1 October, Christoph Mauchle will become a member of the executive managaement group at VP Bank, where he will be responsible for the newly-created “client business” unit. The Liechtenstein-based bank is reorganising the client business unit, following the merger of the Banking Liechtenstein & Regional Markets division with the Private Banking International division on 1 July. Mauchte joins from Credit Suisse, where he had been head of private banking for German, Luxembourg and Austrian markets. In the new organisation which will be in place at the beginning of fourth quarter, the group executive management will be composed of four people: Alfred W. Moeckli (CEO), Mauchle (client business), Juerg W. Sturzenegger (COO), and Siegbert Näscher (CFO). Fredy Vogt remains chairman of the board of directors.
P { margin-bottom: 0.08in; } As of 30 June, assets under management by Blackstone totalled a new record of USD229.57bn, compared with a previous record of USD218.21bn three months previously. Compared with the end of June 2012 (USD190.27bn), the increase totals 21%. This increase is due both to significant net inflows and to positive market effects. In gross terms inflows totalled USD14bn in second quarter, and USD42bn in the twelve months to the end of June 2013, of which USD40bn come from purely organic growth of new funds, products and strategies.Blackstone states that assets do not yet include USD10bn in assets managed by Strategic Partners a firm acquired from Credit Suisse (see Newsmanagers of 23 April).Blackstone says that it has USD38.5bn in “gunpowder” capital available for investment, of which USD15.6bn are in private equity, USD11.9bn in real estate, USD9.9bn in credit and USD1.1bn in “hedge fund solutions.”In the past 12 months, meanwhile, Blackstone has distributed USD28bn in capital to investors.By GAAP accounting standards, net profits at Blackstone totalled USD221.15m in second quarter, compared with USD167.63m in January-March, and a loss of USD74.96m in the corresponding period of last year.
P { margin-bottom: 0.08in; } Citing the case of Foundation Capital Partners, a private equity investor with USD2bn in assets, of which USD1bn come from a sovereign wealth fund, the Wall Street Journal reports that large investors are once again returning to hedge funds, not as clients, but as owners.This is the case for Affiliated Managers Group (AMG), Blackstone Group, Neuberger Berman Group and KKR, for example.The objective is not merely to profit from the good performance of proven managers, but to earn part of the high commissions which these hedge funds charge.
P { margin-bottom: 0.08in; } In first half 2013, Primonial posted net inflows up 38.9% year on year, at EUR621m, compared with EUR447m. As of 30 June, assets under management or advised topped EUR6bn.In addition to these retail inflows, there have been specific inflows from institutional investors, related to OPCI activities managed by Primonial REIM for EUR717m, of which EUR450m were for the recent acquisition of the Adria tower at La Défense in Paris (see Newsmanagers of 9 July).“First half 2013 also allowed us to confirm the success of the Primonial SéréniPierre policy, in partnership with Suravenir, with over EUR200m distributed” in this period, a statement says.Patrimonial, which has recently (last Friday) suddenly lost its CEO and founder Patrick Petitjean, says that “the group will continue its development strategy over all asset classes in the next few months, and that “the objective of becoming the largest institutional scale wealth management firm remains, now more than ever.”
P { margin-bottom: 0.08in; } Phillip Leonardi, head of institutional sales, consultant relations and client services at The Hartford Investment Management, after serving as partner at Standish, Ayer & Wood/Standish Mellon Asset Management, has joined Intech Investment Management (USD41.7bn as of 31 March), an affiliate of Janus Capital Management, as senior managing director. He will head the consultant relations team, and will be based at the global headquarters of the group in West Palm Beach, Florida. He will report to John Brown, senior vice president, head of global client development.
P { margin-bottom: 0.08in; } Following the recent appointment of its new CEO, Choi Kwang, the Korean pension fund NPS will launch a series of requests for proposals to renew a number of contracts with custodians for various asset classes, Asian Investor reports.
P { margin-bottom: 0.08in; } According to Les Echos, sovereign funds are remaining prudent. In 2012, they undertook 270 acquisition transactions of publicly-traded equities, for a total lf USD58.4bn, according to statistics from the Sovereign Investment Lab at the Università commerciale Luigi Bocconi. Although the number of trades was up by 14% year on year, they are down 30% in value. Les Echos points out that slightly more than 1 out of every 2 dollars was spend in developed countries, for a total of USD33bn. “The gradual reorientation of funds from developed countries to emerging countries, which began three years ago, has continued: the weight of emerging markets has increased from 8.5% to 13% of their total investments between 2011 and 2012. The weight of the BRIC countries (Brazil, Russia, India, China) is down slightly, from 29.2% to 26%,” the newspaper says.
P { margin-bottom: 0.08in; } According to a survey carried out in March and April by NMG Consulting of about 400 British financial advisers, the percentage who are diassatisfied with RDR regulations has declined slightly, to 43% from 51%, ahead of the introduction of the system which will put an end to kickbacks and require that advising be paid for. Meanwhile, 48% of respondents are of the opinion that they were correct to predict that the introduction of the RDR would be difficult, and 38% say that it proved more onerous than they had predicted. Despite the challenge which compliance with the RDR may have presented, the reaction from clients is reassuring so far, NMG Consulting claims. Although the real impact of RDR on clients will take more time to become clear, 26% of advisers already report that the reaction from their clients has been positive, while 20% report a negative reaction. And 67% say that they have not lost clients following the introduction of the RDR, while only 7% say they lost more than 10 clients.Lastly, NMG Consullting notes that among advisers and paraplanners, 10% have changed their activities due to the introduction of RDR. In this segment, 58% of professionals are now providing mortgage advising, general insurance or protection contracts, but they have ceased to offer advising in wealth management, in order to avoid adopting the adviser charging system, and bringing themselves into compliance with the other requirements of RDR.
P { margin-bottom: 0.08in; } Russell Investments has appointed Mike Clark as director of socially responsible investment, Citywire reports. The London-based asset management firm has selected its current head of Systanability Council to serve in this new role. He will initially aim to develop the Russell product range in socially repsonsible investment, and to ensure that the United Nations Principles for Responsible Investment (UN-PRI), signed by Russell, are adhered to.
P { margin-bottom: 0.08in; } Jorg Sunderman, who had until recently been director of market research at the Netherlands-based Robeco, in early July joined Canara Robeco Asset Mangement as COO, Fondsnieuws reports. Canara Robeco AM is a joint venture of Robeco and the Indian firm Canara Bank on the Indian market. The firm manages equity and bond funds. At Robeco, Sunderman is replaced by Margret Smits.
P { margin-bottom: 0.08in; } Mike Gould, who had been director of compliance at Russell Investments, has been recruited as director of retail strategy for the Investment Management Association (IMA), Fundweb reports. Gould will be responsible for strategy concerning fund distribution and the retail market, including pensions.
P { margin-bottom: 0.08in; } RBC Wealth Management, an affiliate of the Royal Bank of Canada, has appointed Daniel Ellis as chief investment officer for the British isles, Investment Week reports. He will begin in his new role from 1 October. He will be based in London, and will oversee management teams for the British isles, while making additions to the wealth management product range.