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27/05/2013
Fonds

UBS propose deux ETF de matières premières

Depuis vendredi, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) compte 1.022 produits, avec l’adjonction d’un nouvel ETF lancé par l’irlandais UBS ETFs plc et qui est disponible en parts institutionnelles (UBS ETFs plc – CMCI Composite SF (USD) I-acc) et retail (UBS ETFs plc – CMCI Composite SF (USD) A-acc). Du fait que les classes de parts ont des codes différents, elles sont chacune comptée pour un ETF.L’indice de référence est le CMCI Composite Index, qui fait partie de la gamme des Constant Maturity Commodity Index (CMCI). Selon la Deutsche Börse, les deux nouveaux ETF permettent pour la première fois aux investisseurs de participer à la performance de 28 contrats de matières premières en dollars avec au maximum sept échéances chacun.La pondération des cinq secteurs de matières premières du CMCI, énergie, métaux précieux, métaux industriels, agriculture et bétail sur pied, s’effectue à hauteur des deux tiers en fonction de facteurs économiques (taux d’inflation et PIB des Etats-Unis, de l’UE et du Japon) et pour le tiers restant en fonction de la liquidité (open interest et volume du marché). Caractéristiques : Dénomination : UBS ETFs plc – CMCI Composite SF (USD) I-acc Code Isin : IE00B56HZD74 TFE : 1,12 %Dénomination : UBS ETFs plc – CMCI Composite SF (USD) A-accCode Isin : IE00B53H0131 TFE : 1,29 %
Fonds
27/05/2013
Fonds

iShares lance quatre ETF en Italie

La plate-forme ETF du groupe BlackRock, iShares, a élargi son offre obligataire disponible sur la Bourse italienne avec le lancement de quatre ETF offrant des expositions diversifiées au segment des obligations d’entreprises.Il s’agit de : iShares Barclays Euro Corporate Bond ex-financials, iShares Markit iBoxx $ High Yield Capped Bond, iShares Morningstar $ Emerging Markets Corporate Bond et iShares Global Corporate Bond.
Fonds
27/05/2013

Axa IM Italie remporte deux nouveaux mandats

Axa Investment Managers Italia a obtenu deux nouveaux mandats pour la gestion de fonds de pension, rapporte Bluerating, qui cite l’hebdomadaire Il Mondo. La société gérera le compartiment diversifié actions du fonds de pensio Previp pour un montant de 60 millions d’euros et une durée de cinq an. Il gérera aussi une partie des ressources du compartiment « stabilité » de Fonchim, le fonds de pension d’entreprises pour les salariés de l’industrie chimiquie et pharmaceutique pour un montant de 360 millions d’euros, jusqu’en janvier 2016.
27/05/2013

Décollecte de 53 millions d'euros pour Rothschild & Cie en 2012

Rothschild & Cie a fait état, dans le Balo du 24 mai, d’une décollecte de 53 millions d’euros pour 2012. «Dans un contexte de forte volatilité, les investisseurs se sont massivement détournés des actifs risqués», note l'établissement. Dans le détail, ces sorties nettes sont dues principalement à l’activité de distribution en France, tandis que les activités Institutionnels et Banque Privée ont terminé l’année 2012 en collecte positive.Pour autant, explique Rothschild & Cie, «les performances des marchés en 2012 ont été exceptionnelles, tant pour les actions que pour les actifs obligataires qui affichent des progressions de l’ordre de 20 % sur l’exercice. Cette hausse a profité à l’ensemble des expertises de la société, les principaux OPCVM de la gamme affichant des surperformances significatives par rapport à leurs indices, ce qui leur permet de se classer parmi les meilleurs fonds français sur l’année, mais également sur le long-terme."L’exercice 2012 a été marqué par deux opérations de croissance externe :l’acquisition de la société Héritage Asset Management, spécialisée en multi-gestion alternative et de la société HDF Finance, spécialiste reconnu de la multi-gestion alternative, gérant environ 900 millions d’euros d’actifs, rappelle l’ établissement.
27/05/2013
Fonds

Le fonds souverain chinois peine à trouver un nouveau président

La Chine peine à trouver un nouveau président pour son fonds souverain de 500 milliards de dollars, le China Investment Corporation, les candidats craignant un cadeau empoisonné, rapporte le Financial Times.Ainsi, le maire adjoint de Shanghai, Tu Guangshao, rechigne à prendre le poste, tandis que Yi Gang, un gouverneur adjoint de la banque centrale, l’a déjà refusé.Le portefeuille du fonds souverain pourrait contenir de mauvaises surprises et les candidats redoutent d’en être tenus responsables en cas de contre-performances.
Fonds
27/05/2013

Sarasin réorganise son comité exécutif

Bank Sarasin a annoncé le 27 mai les nominations d’Edmond Michaan au poste de CEO et d’Eric Sarasin au poste de CEO adjoint dans le cadre de la fusion de la Bank Sarasin et de Bank J. Safra. Edmond Michaan est actuellement chief executive officer de Bank J. Safra (Switzerland) tandis que Eric Sarasin est responsable du pôle banque privée. Tous deux vont intégrer le comité exécutif de la banque.Avec l’arrivée de ces deux personnes, Joachim H. Straehle, qui était CEO, quitte le groupe «pour se consacrer à d’autres intérêts».
27/05/2013

Forte expansion de Fisch Asset Management

Fisch Asset Management (FAM), leader mondial des obligations convertibles, affiche à ce jour selon Le Temps 50 employés, avec 8,3 milliards de francs d’actifs sous gestion, contre 7,3 milliards en 2012, 4,6 milliards en 2010 et 421 millions en 2000.La société suisse gère trois fonds d’obligations convertibles, un «opportuniste global», un «défensif global» et un fonds «durable» avec la collaboration de la Banque Sarasin. Il est également au bénéfice d’un contrat exclusif de gestion des obligations convertibles pour Schroders (depuis 2008).
27/05/2013

Malaysian pension fund increases international exposure

P { margin-bottom: 0.08in; } The Employee Provident Fund (EPF), the Malaysian public pension fund, one of the largest in the Asia-Pacific region, with assets under management of about USD177bn, has increased its international exposure to 17.55%, compared with 14% one year previously, Asian Investor reports.The sovereign wealth fund has USD1.3bn invested in real estate, bonds and international equities.
27/05/2013

Union makes major investment in Warsaw

P { margin-bottom: 0.08in; } For about EUR120m, the German firm Union Investment Real Estate (UIRE) has acquired the Senator office building in Warsaw (25,000 square metres) from the local promoter Ghelamco. The property will be added to the portfolio of the open-ended real estate fund UniImmo: Europa. It is the first investment by the fund in Poland.
27/05/2013

Carmignac funds available on Raymond James platform

P { margin-bottom: 0.08in; }Carmignac Gestion has announced that its funds are now available on the Raymond James platform in the United Kingdom. Raymond James will carry the full range of UK‐registered Carmignac funds with GBP shares classes. They include Carmignac Patrimoine, Carmignac Emerging Patrimoine, Carmignac Emergents and Carmignac Commodities.
27/05/2013

Church of England torn between morals and returns

P { margin-bottom: 0.08in; } The Church of England expects returns from the fund managers in which it invests its GBP5.2bn in assets 500 basis points higher than inflation, in order to be able to extend its financial reach, pay the pensions of employees, and support parishes in need, the Frankfurter Allgemeine Zeitung reports. In 2012, the performance of the global equity portfolio was 15.1%, while the UK equity portfolio returned 16%. Overall, investments generated a gain of 9.7%, more than the target of 8.1%.In order to achieve this result, the Church of England doubled its allocation to hedge funds to 10%. It is planning to place more capital in hedge funds and private equity, but only within the ethical rules of its EIAG investment committee. It condemns short-selling, militates for exclusion (pornography, weapons, tobacco, gambling, alcohol, and usury) and practices engagement to exercise ethical pressure on 40 groups in which it invests, particularly in the commodity, banking and energy sectors. It aims to achieve better agreements on bonuses and better respect for the environment by these firms.
27/05/2013

Increase in AUM at Close Brothers

P { margin-bottom: 0.08in; } In its “interim management statement” for the third quarter of its fiscal year ending on 31 July, Close Brothers Group plc announced on 24 May that assets in its wealth management unit increased 4% between the beginning of February and the end of April, to GBP9.2bn, compared with GBP8.9bn as of the end of January.The increase since the beginning of August 2012 totals 10%, due to market appreciation as well as to net subscriptions.
27/05/2013

RDR works to the advantage of iShares

P { margin-bottom: 0.08in; } Fundweb reports that in first quarter 2013, the period following the introduction of RDR regulations, assets in ETFs from iShares on the eight major British platforms (Ascentric, AXA Elevate, Fidelity FundsNetwork, Novia, Nucleus, Raymond James, Standard Life and Transact), increased by 16%, to GBP985m.
27/05/2013

Negative real interest rates cost savers EUR100bn per year

P { margin-bottom: 0.08in; } According to a survey by DekaBank and the German economic research institute IW, savings investors in 23 countries in which, according to the World Bank, real interest rates are negative, are arithmetically losing over EUR100bn a year as a result, the Frankfurter Allgemeine Sonntagszeitung reports. Of this total, the hardest-hit are US investors (EUR63bn) and Germans, who are losing EUR14.3bn, equivalent to 0.5% of Germany’s GDP.This total takes into account only short-term savings accounts, current accounts, and cash savings. By applying the same real negative interest rate of 1.35% to all financial savings excluding equity portfolios and direct participations in businesses, the losses in Germany would come to EUR58bn.Meanwhile, the fact hat interest rates were considerably lower in the period from 2009-2012 than they were between 2000 and 2008 has allowed the German government to save about EUR62bn.
27/05/2013

Cazenove slows access to two British equity funds

P { margin-bottom: 0.08in; } Several British media sources on Friday reported that Cazenove Capital, whose shareholders have recently voted in favour of a planned acquisition of the firm by Schroders, has decided to slow subscriptions to the UK Opportunities and UK Equity funds, managed by Julie Dean, which have nearly GBP2.5bn in assets, from wealth managers, while maintaining access via platforms.Meanwhile, Cazeonve has announced that it has been licensed by the Securities & Futures Commission and has opened a wealth management office in Hong Kong. The new office will be led by Sandy Dudgeon, managing director of Cazenove Capital Management Asia Ltd. Dudgeon will be assisted by Robert Ridland, fund director, and Catherine Chow as office manager.
27/05/2013

MSCI recruits from Credit Suisse and Pimco

P { margin-bottom: 0.08in; } The index provider MSCI has recruited two people as additions to its team dedicated to its Asian operations. René Veerman, who had previously been at Credit Suisse, will join the firm has head of portfolio analytics for Asia, based in Hong Kong. Quah Chum-Yong, formerly of Pimco, becomes vice president of South Asia client coverage, based in Singapore.
27/05/2013

New CEO at Öhman

P { margin-bottom: 0.08in; } Johan Malm, currently CEO of Öhman Fonder, has been appointed as the new CEO of the Öhman group.The Swedish asset management firm, represented in Luxembourg, has about SEK25bn, or nearly EUR3bn, in assets under management.
27/05/2013

Foreign funds take an interest in Spanish real estate

P { margin-bottom: 0.08in; } According to Funds People, sales by the real estate units of the savings banks, Bankia, Novagalicia and Catalunya Banc are in progress: the firms in question have already made contact with investment banks and private equity investors including funds from Morgan Stanley, Cerberus, NorthLink, Fortress and Apollo who are preparing bids for assets of the nationalised institutions.The “bad bank” Sareb is also in the process of negotiating its first major sale of a portfolio of residential properties to a group of investment funds. The properties, which may be sold for EUR200m, are largely located in Andalusia and Valencia. The buyers include Apollo Global Management, Colony Capital and the US billionaire Wilbur Ross.
27/05/2013

Van Lanschot recruits head of private banking unit

P { margin-bottom: 0.08in; } Richard Bruens, global head of private wealth management and global head of product solutions at ABN Amro Private Banking International, will on 1 August join Van Lanschot as head of its private banking activity. Bruens had been a member of the executive board at Renaissance Capital in Moscow from 2007 to 2010.
27/05/2013

Wealth management at JP Morgan fined in UK

P { margin-bottom: 0.08in; } The US bank JP Morgan was on 23 May sentenced by the British FCA to pay a fine of GBP3.1m, largely for poor knowledge of its wealth management clients.The British authority has undertaken an investigation of the wealth management sector, and found shortfalls in terms of services and controls over a period of two years. These failures in knowledge of clients exposed them to the risk of being offered advice or investments which would have been inappropriate for their profile, although no damages have been identified to date. JP Morgan states that it has imposed measures to remedy the shortfalls.
27/05/2013

Axa IM Italy wins two new mandates

P { margin-bottom: 0.08in; } Axa Investment Managers Italia has won two new mandates to manage pension funds, Bluerating reports, citing the newspaper Il Mondo. The firm will manage the diversified equity sub-fund of the pension fund Previp, for a total of EUR60m, and for five-year. It will also manage a part of the resources of the “stability” allocation of Fonchim, a corporate pension fund for employees in the chemical and pharmaceutical industries, totalling EUR360m, until January 2016.
27/05/2013

Lyxor recruits for research unit in the US

P { margin-bottom: 0.08in; } Lyxor Asset Management has announced the appointment of Frank Frecentese as deputy head of hedge fund research at its New York office. The appointment comes as a reinforcement to the expertise of Lyxor in the North American market.Frecentese previously worked at Citi Private Bank, where he had been managing director and head of global hedge fund investments.
27/05/2013

Equity funds post inflows of USD7.5bn in the week to 22 May

P { margin-bottom: 0.08in; } Outlooks for a normalisation of US monetary policy are beginning to concern investors. Due to the gradual recovery of the US economy, the US Federal Reserve may soon decide to end its policy of quantitative easing, which in first quarter contributed to the strength of equity markets.Despite these concerns, equity funds have posted a net inflow of USD7.49bn in the week to 22 May, according to statistics released by EPFR Global, which nonetheless notes an increase in interest in Japanese equity funds, although subscriptions denominated in euros to these funds are at a 75-week high.Bond funds finished the week ending on 22 May with a net inflow of USD4.49bn, while money market funds showed inflows of slightly over USD16bn.
27/05/2013

Considerable increase in assets at MainFirst

P { margin-bottom: 0.08in; } Assets under management by the Frankfurt-based MainFirst Asset Management total about EUR4bn, of which slightly over half is in the form of mandates, compared with EUR3bn as of the end of 2012, Olgerd Eichler, a partner at the MainFirst Bank group, has told Newsmanagers. Eichler is manager of the Luxembourg-registered European equity fund MainFirst Top European Ideas (50-55 positions), whose assets have now risen to EUR1.45bn after a dip, and which has posted net subscriptions of about EUR200bn since the beginning of the year. Eichler also manages three mandates totalling about EUR600m.Robert Focken, head of wholesale distribution, has also announced that the new bond fund MainFirst Emerging Markets Corporate Bond Fund Balanced, launched in fourth quarter 2012 (see Newsmanagers of 9 October) with the team recruited from Clariden Leu already has EUR200m in assets. The second team recruited last year, which comes from Deutsche Asset Management, has recently launched the MainFirst AR Multi Asset Fonds (see Newsmanagers of 7 May), while the third is expected to initially concentrate on managing mandates.
27/05/2013

Flossbach von Stoch has over EUR12bn under management

P { margin-bottom: 0.08in; } One year ago, assets at the Cologne-based asset management firm Flossbach von Storch (FvS) totalled EUR6bn; they reached EUR10bn as of the end of December, and now total over EUR12bn, with a team of 90 employees, Die Welt reports.The two founders, Bert Flossbach and Kurt von Storch, control 84% of shares in the business, whose Multiple Opportunities Fonds (MOF), a diversified product, has recently topped EUR4bn in assets.In order to retain or attract talent, the two founders offer high remunerations and bonuses. They are, however, planning to develop the structure towards a partnership, on the model of a law firm, in order to provide for their succession.
27/05/2013

Chinese SWF has trouble finding a new chairman

P { margin-bottom: 0.08in; } China is struggling to find a new chairman for its USD500bn sovereign wealth fund, the China Investment Corporation, as candidates are afraid the position is a poisoned pill, the Financial Times reports.The deputy mayor of Shanghai, Tu Guangshao, is hesitant to accept the position, while Yi Gang, a deputy governor of the central bank, has already refused it.The portfolio of the sovereign wealth fund may contain unpleasant surprises, and the candidates are afraid of being held responsible in case of poor performance.
27/05/2013

Sarasin reshuffles executive board

P { margin-bottom: 0.08in; } Bank Sarasin on 27 May announced the appointment of Edmond Michaan as CEO and Eric Sarasin as deputy CEO as part of a merger of Bank Sarasin and Bank J. Safra.Michaan is currently chief executive officer at Bank J. Safra (Switzerland), while Sarasin is head of the private banking unit.Both will join the executive board at the bank. With the arrival of these two, Joachim H. Straehle, who had been CEO, will be leaving the group “to pursue other interests.”
27/05/2013

Strong growth at Fisch Asset Management

P { margin-bottom: 0.08in; } Fisch Asset Management (FAM), a global leader in convertible bonds, currently has 50 employees, according to Le Temps, with CHF8.3bn in assets under management, compared with CHF7.3bn in 2012, CHF4.6bn in 2010, and CHF421m in 2000.The Swiss firm manages three convertible bond funds, a global opportunity fund, a global defensive fund and a sustainable fund, in collaboration with Bank Sarasin. It is also under exclusive contract to manage convertible bonds for Schroders (since 2008).
27/05/2013

UBS to meet investors seeking breakup of the group

P { margin-bottom: 0.08in; } The Swiss bank UBS will next week meet with representatives of Knight Vinke Asset Management, the British investment firm which is seeking its breakup, the Wall Street Journal reported on Friday. An activist investor which is campaigning in favour of breaking up the UBS Ag group will meed top directors of the Swiss bank next week, the US financial newspaper confirms, citing a source familiar with the matter. According to the Wall Street Journal, representatives of the British Knight Vinke company will meet Tom Naratil, the CFO of the Swiss establishment. The meeting next week is preliminary and is not necessarily a sign that the management at UBS is kindly disposed to the proposals of Knight Vinke, the Wall Street Journal states. On 2 May, Eric Vinke, the founder and CEO of the activist fund, published an open letter to shareholders, in which he called on the bank to part with its wealth management and investment banking activities, claiming that the latter had weakened the reputation of the establishment. The Knight Vinke company controls a 1% stake in UBS, the largest bank in Switzerland, according to its figures.
27/05/2013

“Performance, which is a key axis of our strategy, is to be expected”

The CEO of Lyxor Asset Management since March 2012, Inès de Dinechin, has given an initial review of her activities as head of one of the largest European providers of ETFs, which has recenly topped USD100bn in assets under management. The head also describes her strategy for the next few years, and insists on her desire to develop product offerings in all directions.

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