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08/07/2013

Korea's LS AM looks to increase international exposure

P { margin-bottom: 0.08in; } Lee Yun Kyu, the new head of the Korean asset management firm LS Asset Management, would like to increase the firm’s international exposure and exposure to the retail market, Asian Investor reports. LS AM is planning to launch co-branded solutions in partnership with foreign asset management firms. LS AM would also like to increase its international exposure through alternative products, including hedge funds, funds of hedge funds, real estate funds, and private equity funds. In its own market, the firm estimates that it is excessively dependent on institutional clients, and would like to increase its presence on the retail segment with new products, including co-branded vehicles. The firm is hoping to increase its assets under management to USD3.2bn by the end of the year, compared with USD2.6n currently.
08/07/2013

123Venture group raises EUR175m in first half

P { margin-bottom: 0.08in; } Since 1 January, 123Venture has announced inflows of EUR175m, of which EUR65m were for the ISF campaign (TEPA law). The remaining EUR110m were raised for themed private equity funds focused on mezzanine debt, tangible assets and non-renewable energies, a statement says.“This is a historic inflow. We have posted more inflows in the past 6 months than in any complete year since our creation, and for the first time, FCPRs have taken the lead on tax revenues,” says Olivier Goy, chairman of 123Venture. Xavier Anthonioz, deputy CEO, says “This inflow is primarily the fruit of the rise in influence of family offices in private equity. In addition to clients who come for the intrinsic qualities of the asset class we also have a growing number of corporate clients who use our solutions to optimise taxation on capital tains from sales within re-employment and job creation regimes.” The dynamic initiated for first half will allow 123Ventures to top EUR1bn in assets under management by the end of the year. The gorup currently has EUR980m in assets under management.
08/07/2013

Eric Borremans to join Pictet AM

P { margin-bottom: 0.08in; } The head of ESR and SRI development at BNP Paribas Investment Partners, Eric Borremans will “soon” join Pictet Asset Management as a “sustainability expert.” In this role, he will replace Christoph Butz, who will now dedicate himself exclusively to the management of the Pictet-Timber fund, alongside Gabriel Micheli.
08/07/2013

Gottex has finalised the acquisition of Frontier

P { margin-bottom: 0.08in; } The investment fund Gottex Fund Management on 5 July announced in a statement that it has finalised the acquisition of Frontier Investment Management, whose assets under management total USD550m in various advantageously priced Multi-Asset products. The operation was announced in March. On that date, Gottex stated that the acquisition price combined Gottex shares and an amount in cash, which would be paid over the next two years, depending on future earnings at Frontier. The statement released on 5 July does not include further financial details. The founder and CEO of Frontier, Michael Azlen, retains a significant stake in capital as well as management of the firm. He has also enlarged the management at Gottex.
08/07/2013

Spanish banks may not call in another round of aid

P { margin-bottom: 0.08in; } Spanish banks at this time may not need additional Euorpean funds, according to a document prepared by the European Commission and the European Central Bank (ECB) which Reuters obtained on Friday.The European Union last year made EUR100m available to the Spanish government, which was used to assist financial establishments hit by five years of virtually uninterrupted recession and the collapse of a real estate bubble.Madrid used only EUR41.3bn of the credit line offered to it. “At this stage, there is no reason to consider other uses of the programme,” the document states. Euorpean funds were used to recapitalise nationalised banks and to provide capital for FROB, the country’s bank bailout fund.According to the document seen by Reuters, a return to profitability in the sector represents a major challenge due to the low interest rates and an increase in non-performing loans. “If these negative trends with respect to jobs, real income and the solvency of businesses extends beyond what is projected, that would increase risks, especially for the most fragile banks,” it says.
08/07/2013

Tax agreement with United Kingdom proves less lucrative than expected

P { margin-bottom: 0.08in; } The implementation of a taxation agreement signed with the United Kingdom is proceeding as planned, but the first indications from some banks in Switzerland suggest that the proportion of British non-tax compliant assets in Switzerland are lower than had initially been expected, according to a statement released on 5 July by the Swiss Bankers’ Association (ASB). As part of the agreement, British clients were required to decide by the end of May 2013 whether they would like to chose a single tax charge to pay for the past, or rather disclose assets to the British tax authorities, the association says. The lower level of non-compliant assets is primarily due to the fact that many clients have the status of “non-domiciled” resident in the United Kingdom. These clients are not taxable in the United Kingdom and are therefore not affected by the agreement. However, many British clients have opted for spontaneous declaration, which is less surprising in light of recent developments in Switzerland concerning the announced passage of a global standard for automatic exchange of information. “These two developments are now resulting in the fact that tax revenues sent to the United Kingdom through the single payment are lower than expected. It is therefore not ruled out that the guarantee amount paid by banks, of CHF500m, may not be recovered, or only partly recovered,” the professional association concludes.
08/07/2013

DeAWM overhauls its passive management product range

P { margin-bottom: 0.08in; } Institutional Money reports that Simon Klein, head of sales ETFs & ETCs for Europe and Asia, has announced that Deutsche Asset & Wealth Management (DeAWM) is adapting its passively-managed product range to current and future demand on the part of investors. This will result in the liquidation of ETFs and ETCs for which inflows have been inadequate, but particularly for the launch of new products in segments which DeAWM feels will sustain major demand from clients. Applications for sales licenses have already been submitted for some of these. Among the future ETFs and ETCs will be currency-hedged products based on equity indices, inflation-linked bonds worldwide, government bonds worldwide and Spanish and Italian government bonds, and lastly on equity indices of some countries and regions. The funds may use physical or synthetic replication.
08/07/2013

Diapason launches a smart beta investment platform

P { margin-bottom: 0.08in; } The commodity specialist Diapason Commodities Management has launched a smart beta investment platform for commodities, “Virtuoso,” which will be aimed at institutional investors and consultants in the United States and Europe from July 2013, Hedgeweek reports. Virtuoso is present as a completely custom investment platform, designed to generate alpha compared with investments in indices, including the Diapason Commodity Index or other indices such as the Dow Jones-UBS Community Index. The platform aims for returns 4% to 6% above the index selected according to the constraints on the portfolio. It is aimed at pension funds, insurers and other institutional investors who are exposed to the commodity asset class through benchmark indices.
08/07/2013

Fund manager leaves Skagen

Portfolio manager Torkell Eide is departing norwegian asset manager Skagen after 4 years. Lead manager Kristian Falnes remains at the helm of the global equity fund together with portfolio managers Søren Milo Christensen and Chris-Tommy Simonsen. Skagen Global currently has EUR 5.2 billion in assets under management.Torkell Eide is leaving Skagen and will return to former employer Ako Capital, a London-based investment organisation.
08/07/2013

Pension fund coverage rate improves

P { margin-bottom: 0.08in; } According to Mercer figures, assets at corporate pension funds of the S&P 1500 have 88% of their liabilities covered, the highest coverage ratio since October 2008. It is up by 14 percentage points since the beginning of the year, the Financial Times notes. “These figures prove that pension funds are exposed to high volatility and their situation can evolve rapidly, says Richard McEvor, head of the financial strategy group at Mercer.
08/07/2013

Greenwich hedge fund index down 1.15% in June

P { margin-bottom: 0.08in; } The Greenwich Global Hedge Fund Index is down 1.15% in the month of June, according to initial estimates. The index has performed better than the S&P 500, which lost 1.34% in the month, and the MSCI World Index (-2.61%). Equity market neutral and event-driven strategies were the only ones to show gains in the month under review, with gains of 0.03% and 0.58%, respectively. For the half as a whole, the event-driven strategy has gained 7.74%.
08/07/2013

Deutsche Bank planning to create 1,000 jobs in Dublin in hedge fund services

P { margin-bottom: 0.08in; } Deutsche Bank may create up to 1,000 new jobs in Dublin, where it is in the process of creating a new international centre which will offer hedge fund administration services, the Irish Independent newspaper reports. The newspaper states that Deutsche Bank already has slightly over 300 employees in the Irish capital. Administration services for hedge funds at Deutsche Bank have existed since 1998 in the capital, but in 2011, the firm took off again with the creation of a centre of excellence for hedge funds.
08/07/2013

CS and SG offer the best mobile apps for high net worth clients

P { margin-bottom: 0.08in; } A growing number of wealth managers are entering the mobile app space aimed at high net worth clients. The best products are currently said to be those from Credit Suisse and Société Générale, according to a study undertaken by the website “My PrivateBanking” (“Mobile Apps for Wealth Management.”) On a scale of 60 points, Credit Suisse scores a total of 52, followed by Société Générale (49 points), ABN Amro (48 points, JP Morgan (46 points), and US Trust (46 points). The authors of the study point out the efforts shown by wealth management firms to offer easy-to-use apps. However, integration of content is highly variable according to the app. Social networks are still among the channels that are not yet well taken into account in applications.
08/07/2013

BNY Mellon appoints head of distribution for APAC

P { margin-bottom: 0.08in; } Mark Speciale, who is already based in Singapore, where he had been vice president, head of sales & client service, Asia-Pacific ex-Japan at Capital International, is joining BNY Mellon in the same city as head of international distribution, Asia Pacific (APAC).Speciale will report to Alan Harden, CEO of BNY Mellon Investment Management for the APAC region, and PaterPaul Pardi, head of global distribution at BNY Mellon Investment Management in London.
08/07/2013

FCA holds consultation on information rules for advisers

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has published a consultation document which proposes an amendment to the rules on information about lawsuits, which, according to the Authority, would cover all reatai ladvising activities. The firms are required to send the FCA a report every six months on potential lawsuits it may have been faced with. But the regulator remarked that some companies had interpreted the regulation as allowing them to exclude some activities offered by their advisers, including advising on equities and derivatives.
08/07/2013

German asset management fears it is at a disadvantage in Europe

P { margin-bottom: 0.08in; } Thomas Richter, CEO of the German BVI association of asset management firms, is concerned that regulatory texts currently under debate by the European Parliament does not treat funds, certificates, home loans and life insurance equally, the Börsen-Zeitung reports.The association is critical of the current form of the IMD 2 directive, since it plans to regulate the distribution of insurance products less strictly than the European Commission proposes.For the PRIPS product information directive, Richter regrets that national governments are attempting to remove capitalisation life insurance from the field of application of the text.Although the BVI approved the Commission’s proposals to create a new ELTIF format for European long-term funds in principle, Richter claims that the formula is not attractive enough to invetors, ELTIF is costly and complicated to launch, and investors are not allowed to withdraw before the end of the fund, which will limit demand, making it no more than a niche product.
08/07/2013

Legg Mason confirms launch of an income fund

P { margin-bottom: 0.08in; } Legg Mason Global Asset Management has confirmed the launch of the Legg Mason ClearBridge Tactical Dividend Income fund, Fundweb reports.The product is domiciled in Dublin, and is a clone of a fund based in the United States with USD417m in assets. It will be managed by Mark McAllister and Peter Vanderlee.The fund will focus on master limited partnerships (MLPs), equities oriented to energy and high-dividend equities, and will invest in real estate investment trusts, directly or indirectly.
08/07/2013

Odey wants to slow subscriptions to an absolute return fund

P { margin-bottom: 0.08in; } Odey Asset Management will charge front-end fees of 4% from 10 July for all new subscribers to the UK Absolute Return fund with assets of GBP629m, Investment week reports. This is intended to slow investment in the fund, managed by James Hanbury, and to protect performance for current shareholders.
08/07/2013

Assets in Chinese funds down 12.5% in first half

P { margin-bottom: 0.08in; } Assets under management by Chinese funds as of 30 June totalled CNY2.440trn, which represents a constraction of CNY350bn (or USD57bn) compared with the end of December, Z-Ben Advisors reports. This is the largest half yearly contraction in three years. It comes due to the volatility of equity markets and a steep contraction in liquidity.The top 10 players, China AMC, Harvest, E-Fund, Southern, Bosera, GF, ICBC Credit Suisse, Full Goal, Hua An and Dacheng, control a 49% market share.
08/07/2013

Gottex a finalisé l'acquisition de Frontier

Le fonds d’investissement Gottex Fund Management a indiqué le 5 juillet dans un communiqué avoir finalisé l’acquisition de Frontier Investment Management, dont les actifs sous gestion s'élèvent à 550 millions de dollars dans divers produits Multi-Asset avantageux au niveau des coûts. L’opération avait déjà été annoncée au mois de mars.A cette date, Gottex avait précisé que le prix de l’acquisition combinait des actions Gottex et une somme au comptant, qui sera payée sur les deux prochaines années, en fonction des recettes futures de Frontier. Le communiqué du 5 juillet ne comporte pas plus de détails financiers.Le fondateur et directeur général (CEO) de Frontier, Michael Azlen, conserve une part conséquente du capital ainsi que la direction de sa société. Il viendra également grossir les rangs des dirigeants de Gottex.
08/07/2013

Ellipsis AM et Cedrus AM poursuivent leur partenariat dans la gestion ISR

A l’occasion du cinquième anniversaire du premier indice européen de fonds actions ISR et de son fonds associé, Alteane Responsible Fund, Ellipsis AM (groupe Exane) et Cedrus AM ont réitéré leur volonté de poursuivre ensemble, en France et en Europe, la promotion active de ce support d’investissement long terme.Alteane Responsible Fund est constitué à 50% de fonds actions ISR Best in Class et à 50% de fonds actions exposés aux thématiques du développement durable les mieux notés par Cedrus AM. Le fonds a dégagé une performance annualisée de + 4,64% sur 3 ans glissants.
08/07/2013

Le groupe 123Venture lève 175 millions d'euros au premier semestre

Depuis le 1er janvier, 123Venture annonce avoir collecté 175 millions d’euros, dont 65 millions d’euros au titre de la campagne ISF (loi TEPA). Le solde, soit 110 millions d’euros, a été levé sur des fonds de private equity thématiques axés sur la dette mezzanine, les actifs tangibles ou les énergies renouvelables, précise un communiqué.«C’est une collecte historique. Nous avons plus collecté au cours de ces 6 premiers mois qu’au cours de n’importe quelle année complète depuis notre création et pour la première fois les FCPR ont pris le pas sur la collecte fiscale» souligne Olivier Goy, président d'123Venture.Selon Xavier Anthonioz, directeur général délégué, «cette collecte est le fruit notamment de la montée en puissance des family offices dans le non coté. Au-delà des clients qui viennent pour les qualités intrinsèques de la classe d’actifs, nous avons également de plus en plus de clients chefs d’entreprise qui utilisent nos solutions pour optimiser la fiscalité de leurs plus-values de cession dans le cadre des régimes de remploi et d’apport cession».La dynamique enclenchée au cours du premier semestre permettra à 123Venture de dépasser le milliard d’euros sous gestion avant la fin de l’année. Le groupe gère actuellement 980 millions d’euros.
08/07/2013
Fonds

Ecureuil Technologies élargit son univers d'investissement

A compter du 9 juillet 2013, des modifications interviennent sur le portefeuille du fonds Ecureuil Technologies (*). Il pourra être investi en titres de créance négociables et instruments monétaires émis par des émetteurs ayant leur siège social dans un pays de la zone euro ayant une notation minimale A- (Agence Standard & Poor’s ou Fitch) ou A3 (Agence Moody’s). Il pourra également être composé d’OPCVM monétaires et obligataires dans la limite de 15 % de l’actif net. De fait, le fonds sera désormais exposé au risque de taux dans la limite de 15% de l’actif net. (*) Part C : FR0010083519 / Part D : FR0010089391
Fonds
08/07/2013

Les sociétés américaines versant des dividendes plus nombreuses cette année

82 % des sociétés du S&P 500, soit 410 entreprises, ont versé un dividende au deuxième trimestre 2013, le niveau le plus élevé depuis 1999, rapporte Les Echos. Hors S&P 500 aussi, les entreprises récompensant leurs actionnaires sont de plus en plus nombreuses (47,3 %). Au total, sur l’ensemble des groupes américains cotés, 591 augmentations de dividendes ont été comptabilisées ce trimestre, contre 505 il y a un an, note le quotidien.
08/07/2013

Assureurs et banquiers: les taux peuvent remonter mais doucement

Pour un assureur-vie, il n’y a rien de pire qu’une période prolongée de taux d’intérêt bas, rapporte Les Echos. Une telle situation bride leurs revenus financiers tandis que, pour les banquiers, la période actuelle est synonyme de ressources financières bon marché sur les marchés comme sur les dépôts des épargnants, qu’elles peuvent se permettre de moins rémunérer. Banquiers et assureurs peuvent donc avoir intérêt à une remontée des taux, à condition toutefois qu’elle ne soit pas trop brutale. Une hausse trop rapide des taux pourrait tourner au scénario catastrophe. Compte tenu des circonstances de marché, certains franc-tireurs pourraient en profiter pour ouvrir de nouveaux fonds plus rémunérateurs. Les épargnants pourraient alors être tentés de fermer leurs contrats pour y placer leur épargne, indique le quotidien. Côté bancaire, une hausse brutale «se répercuterait notamment au bilan via un risque de défaillance accru des créanciers compte tenu de la faiblesse de l’activité».
08/07/2013
Fonds

Le taux de couverture des fonds de pension s'améliore

Selon des données de Mercer, les actifs des fonds de pension des entreprises du S&P 1500 couvrent 88 % des engagements, soit le ratio de couverture le plus haut depuis octobre 2008. Il est en hausse de 14 points de pourcentage depuis le début de l’année, note le Financial Times. «Ces chiffrent prouvent que les fonds de pension sont exposés à une forte volatilité et que leur situation peut rapidement évoluer», souligne Richard McEvoy, responsable du groupe stratégie financière de Mercer.
Fonds
08/07/2013

BNY Mellon nomme un directeur de la distribution Asie-Pacifique

Déjà basé à Singapour, où il était senior vice president, head of sales & client service, Asia-Pacific ex-Japan chez Capital international, Mark Speciale rejoint BNY Mellon dans la même ville comme head of institutional distribution, Asia Pacific (APAC).L’intéressé est subordonné d’une part à Alan Harden, CEO de BNY Mellon Investment Management pour la région APAC, et à PeterPaul Pardi, head of global distribution de BNY Mellon Investment Management à Londres.
08/07/2013

AXA PE va racheter la part d'Unicredit dans HISI

La société AXA Private Equity qui détient 40% du capital d’HISI (Holding di Investimenti in Sanità e Infrastrutture), a annoncé, vendredi 5 juillet, avoir signé un accord pour l’acquisition de la participation de la banque Unicredit dans la société. «A la suite de cette opération réalisée via ses fonds d’infrastructure», précise un communiqué, «AXA PE détiendra 80% du capital d’HISI».HISI est la holding qui possède 65% de la société Genesi Uno, détentrice d’une concession de 28 ans pour la conception, la construction et l’exploitation d’un hôpital de 550 lits à Legnano (Lombardie) dont la construction s’est achevée en février 2010. AXA Private Equity a indiqué qu’elle profitera de sa position d’actionnaire majoritaire pour renforcer le soutien apporté à la stratégie de développement mise en place aux côtés de Techint, un groupe international qui détiendra les 20% du capital restant.
08/07/2013

Diapason lance une plateforme d'investissement smart beta

Le spécialiste des matières premières Diapason Commodities Management vient de lancer une plateforme d’investissement smart beta dans les matières premières, «Virtuoso», qui est présentée à des investisseurs institutionnels et des consultants aux Etats-Unis et en Europe à compter de juillet 2013, rapporte Hedgeweek.Virtuoso est présentée comme une plateforme d’investissement complètement sur mesure et conçue pour générer de l’alpha par rapport aux investissements dans les indices, y compris le Diapason Commodity Index ou d’autres indices comme le Dow Jones-UBS Commodity Index.La plateforme vise une performance de 4% à 6% au-dessus de l’indice retenu en fonction des contraintes du portefeuille. Elle s’adresse aux fonds de pension, compagnies d’assurances et autres investisseurs institutionnels qui s’exposent à la classe d’actifs des matières premières par le biais d’indices de référence.
08/07/2013
Fonds

Zebra Capital débarque en Europe

Lorenzo Goldberg rejoint Zebra Capital comme directeur du développement pour l’Europe et l’Amérique latine. Il sera basé à Madrid, rapporte Funds People. L’intéressé, qui était administrateur délégué de The Corporate Finance Boutique après avoir été associé d’Alpha One Partners et managing director de Russell Investments, est chargé de piloter l’arrivée en Europe de Zebra Capital, société de gestion fondée en 2001 par Roger Ibbotson (le créateur d’Ibbotson Associates, acheté par Morningstar).Le premier fonds coordonné est le SIG Zebra Global Equity Fund, un fonds de performance absolue long/short actions géré selon une approche comportementale. L’exposition nette au marché sera comprise entre 100 et 150 % avec un beta de 0.
Fonds

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