Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
23/05/2013

Eurizon imports umbrella fund to Spain

P { margin-bottom: 0.08in; } The CNMV has issued a sales license for Spain to Eurizon MM Collection, a Luxembourg-registered Sicav umbrella fund from the Italian firm Eurizon Capital, with three sub-funds specialised in Japan, China and Brazil, respectively, Funds People reports. They are Daiwa Equity Japan, managed by Daiwa AM, Itaú Equity Brazil Domestic Dynamics, managed by Itaú Unibanco, and Guosen RMB Fixed Income, managed by Guosen Securities.
23/05/2013

Emerging market hedge funds continue to post inflows in first quarter

P { margin-bottom: 0.08in; } In first quarter 2013, hedge funds dedicated to emerging markets posted net inflows of USD1.8bn, according to the most recent edition of the HFR Emerging Markets Hedge Fund Industry Report. Inflows totalled USD3bn in fourth quarter 2012. Assets under management by emerging market hedge funds set a new record at over USD151bn, up by USD12bn compared with the end of December 2012. The HFRX Multi-Emerging Markets index gained 5.9% in the first four months of the year. Despite declines for the Chinese (Shanghai Composite) and Korean (Kospi) stock market indices, the HFR China and HFRX Korea indices have posted respective gains of 8.8% and 10%.
23/05/2013

Tundra to launch Asian equity fund

P { margin-bottom: 0.08in; } The Scandinavian firm Tundra Fonder has launched an Asia ex-Japan equity fund for the former BankInvest emerging market specialist Jon Scheiber, Citywire Global reveals. Scheiber left BankInvest in May 2012, and joined Tundra in early 2013. The fund will have a quantitative approach, and will be entitled Tundra QuAsia fund.
23/05/2013

Consolidation continues in mutual fund sector

P { margin-bottom: 0.08in; } In first quarter 2013, 435 funds were launched in Europe, whilst a total of 600 funds (396 liquidations and 204 mergers) were withdrawn from the market during the same period, as the industry continues to consolidate its fund ranges, according to Lipper.During the first three months of the year, 435 funds were launched in Europe, the lowest number for Q1 results of the last five years. This reflects a decrease of 46% compared with the peak in Q1 2010 and a decrease of 14% compared to the same period in 2012, when 506 funds were launched.The number of liquidations is also at its lowest Q1 level for the past five years. The 396 liquidations in first quarter 2013 were 30% fewer than the peak of 566 in first quarter 2009. Compared with first quarter 2012, the number of funds decreased by 20%.As at the end of March 2013, there were 31,854 mutual funds registered for sale in Europe, including 8,581 in Luxembourg and 4,907 in France.Equity funds continued to dominate the fund market in Europe, with 37% of the funds available for sale, followed by mixed-asset funds at 25%. Bond funds stood at 22%, whilst money markets represented 5%.
23/05/2013

Partners Group pulls out of Cabot Credit Management

P { margin-bottom: 0.08in; } The Swiss firm Partners group (EUR28bn) has announced that it has resold its stake in the British firm Cabot Credit Management (GBP7.7bn in assets) to an affiliate of the private equity firm J.C. Flowers & Co, for a sum which has not been disclosed.In April 2011, Partners Group acquired a stake in Cabot in conjunction with AnaCap Financial Partners, to facilitate the merger between Cabot Financial and Apex Credit Management, in a transaction which is expected to be completed in the very near future.
23/05/2013

Hedge fund supported by Nomura and Reservoir closed

P { margin-bottom: 0.08in; } Occitan Capital Partners, a hedge fund firm founded by former Nomura and Boussard & Gavaudan traders, is closing down after two years of losses, Financial News reports, citing four sources familiar with the matter. The firm had received investments from Reservoir Capital Group and Nomura.
23/05/2013

Newton adds to its bond unit

P { margin-bottom: 0.08in; } The asset management firm Newton, which is part of BNY Mellon Investment Management, has announced the recruitment of Khuran Sharih to the newly-created position of high yield analyst in the Global Fixed Income team, according to a statement released on 21 May. Sharih will work alongside Sebastien Poulin, who joined the team in February 2012. He will report directly yo Parmeshwar Chadha, who is responsible for more than GBP1bn in assets under management in high yield. Sharih previously worked at Cairn Cpaital as a senior credit analyst.
23/05/2013

Aberdeen completes acquisition of Artio Global Investors

P { margin-bottom: 0.08in; } Aberdeen Asset Management and its affiliates have announced that they have completed the acquisition of Artio Global Investors Inc., a U.S. publicly-listed asset manager, effective as of the close of business on May 21, 2013. Aberdeen has paid consideration of USD179.7 million, based on a price of USD2.75 per share. This represents a premium of USD46.3 million over Artio’s unaudited net asset value as of March 31, 2013. This acquisition will expand Aberdeen’s U.S. business, deepen its distribution network in the region and add to its existing fixed income capabilities. As of May 17, 2013, Artio managed assets of approximately USD10.6 billion.
23/05/2013

Rothschild recruits for WM unit

P { margin-bottom: 0.08in; }A:link { } Tracy Collins, a senior associate partner in the charities team at Sarasin & Partners, will in July 2013 join Rothschild Wealth Management as director of the charities team. She will be based in London, and will report to Nadu Patel, head of charities in the wealth management unit in the United Kingdom. Patel joined from Morgan Stanley Wealth Management in 2010.Meanwhile, Mark Kary, who joined Rothschild in 2010 and was appointed as head of wealth management in 2012 (he is the former CEO of Polar Capital), has announced the recruitment of Charles Costa Duarte and Jake van Beever, to form a team of wealth management client advisers. The two men had previously worked at TSB Private Banking, where they were responsible for assisting ultra-high net worth (UHNW) retail clients.
23/05/2013

WisdomTree launches high dividend equity ETF

P { margin-bottom: 0.08in; } The range of WisdomTree high dividend equity ETFs on 22 May gained an additional reference, in the WisdomTree U.S. Dividend Growth Fund (NasdaqGM ticker: DGRW).The product aims to replicate the fundamental weighting index WTDGI, which covers about 300 companies which pay dividends and combine the best characteristics for growth and quality as measured by long-term growth outlooks and returns on owners’ equity.The total expense ratio is 0.28%.
23/05/2013

Two new ETFs from Lyxor listed in Paris

P { margin-bottom: 0.08in; } NYSE Euronext has announced that on 22 May, two ETFs from Lyxor Asset Management were admitted to trading on the Paris stock exchange, bringing the total number of ETFs listed on European markets of NYSE Euronext to 660, of which 576 are primary listings.The products, both of which charge fees of 0.40%, are the LYX Unlev VIX EUR (ticker: ULVO), which replicates the S&P VIX Futures Enhanced Roll, and the LYX Unlev VIX USD (ULVX), which uses the same index.
23/05/2013

Lyxor launches strategy dedicated to senior European debt

P { margin-bottom: 0.08in; }A:link { } Lyxor is offering a new investment strategy in senior European debt, “Lyxor European Senior Debt,” which will be released by the British affiliate of Lyxor, Lyxor AM announced on 22 May at a press conference.The LBO loans market is not highly trafficked by institutional investors, who are generally exposed to senior loans via collateralized loan obligations (CLO). “The asset class is not highly present among institutionals, but the market is rather large to construct diversified portfolios,” says Thierry de Vergnes, head of debt management at Lyxor AM. The European loan market was driven by 245 businesses in 2011 and 2012, which borrowed a total of about EUR72bn. In first quarter 2013, EUR15bn in loans were issued.The financial crisis has resulted in the emergence of more favourable conditions for purchasers of loans at a time when investment capacity in CLOs is in the process of fading away. Weaker demand by European CLOs, whose reinvestment periods are generally maturing, and higher capital needs on the part of banks have led to an increase in margins on primary issues. This improvement in investment conditions has modified the investor base, as debt funds and direct investors are gradually replacing CLOs and banks. A considerable advantage compared with high yield bonds which have a set coupon is that loans have variable rate coupons, which represent partial coverage in the event of a rise in interest rates.The strategy offered by Lyxor, whose capacity may reach EUR200m, aims to generate annual returns 6% to 7% above the Eurbor 3-month rate on a 6 to 8 year horizon. Retail shares will aim to deliver annual revenues of approximately the Euribor 3-month +5%.
23/05/2013

Capital Group opens branch in Milan

P { margin-bottom: 0.08in; } The US investment firm Capital Group has opened a local branch in Milan as part of a development of its private management distribution in Europe, Investment Europe reports. At the same time, Vlasta Gregis has joined the firm as head of development for Italy. She had previously been at Aviva Investors. The move follows the recent appointment of Grant Leon, formerly of Aberdeen Asset Management, as head of sales for the Private Wealth Distribution activity at Capital.
23/05/2013

Private banking profits down at ABN Amro

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the private banking unit at ABN Amro totalled EUR35m, compared with EUR57m in the corresponding period of last year, which was marked by significant one-time profits. In addition, the decline is due to a slight decline in margins and a higher level of pension costs.As of 31 March, assets in the private banking unit totalled EUR165.1bn, compared with EUR163.1bn three months previously, with inflows and outflows evenly balanced.
23/05/2013

Dexia AM builds presence in Switzerland

P { margin-bottom: 0.08in; } Stefan Paulus, a specialist in funds at Bank Julius Baer, has been recruited as senior relationship manager at Dexia Asset Management, to serve institutional clients in German-speaking Switzerland and Liechtenstein. About 80 funds (equities, bonds, SRI, hedge funds) from Dexia AM are licensed for sale in Switzerland.
23/05/2013

Vanguard launches four more ETFs in Europe

Vanguard Asset Management has launched four new Irish-domiciled ETFs, complementing the five ETFs that it brought to the European market in 2012. The broadening of Vanguard’s ETF line-up underscores the firm’s commitment of providing low-cost, physically backed ETFs to investors, according to a press release. The four Vanguard ETFs newly listed on the London Stock Exchange are:Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF and Vanguard FTSE All-World High Dividend Yield UCITS ETF.
23/05/2013

Balderton invests over USD10m in social networks

P { margin-bottom: 0.08in; }A:link { } The London-based fund Balderton Capital has invested USD10.7m in a startup based in Lausanne, Urturn (formerly known as Webdoc), which develops a social network complementary to Facebook and Twitter. Urturn has raised a record total of USD13.4m, according to a statement from Balderton released on 22 May.
23/05/2013

Temasek acquires 10% of Markit

P { margin-bottom: 0.08in; }A:link { } The Singapore sovereign fund Temasek has bought a stake of about 10% in the London-based firm Markit, specialised in financial data and services, Les Echos reports. The operation, totalling about EUR500m, values Markit at about USD5bn. Three years ago, an investment by the private equity firm General Atlantic Partners valued Markit at USD3bn.
23/05/2013

Oliver Fischer leaves FPM for Charlemagne Capital

P { margin-bottom: 0.08in; } The head of distribution to professionals at FPM Frankfurt Performance Management, Oliver Fischer, will on 3 June join Charlemagne Capital as head of Germany/Austria, the German media is reporting. Fischer will replace Davut Deletioglu, who has decided to leave the company after 10 years.
23/05/2013

GLG makes capital gains by shorting Bankia

P { margin-bottom: 0.08in; }A:link { } Cinco Días reports that, since the close of trading on 29 April, Bankia shares have lost 87.6% of their value. Although retail investors were not able to play on this decline by selling shares as there were no more shares available to be lent, the British hedge fund management firm GLG Partners on 17 April declared a short position representing 0.52% of capital in Bankia, or 103,700 shares.Without any leverage, shares which were worth EUR12 and have now fallen to EUR1.40 will have brought GLG capital gains of EUR1.1m in slightly over one month.
23/05/2013

Lyxor moves seven ETFs to physical replication

P { margin-bottom: 0.08in; }A:link { } Seven French-registered, UCITS-compliant ETFs replicating EuroMTS investment grade bond category indices have been moved by Lyxor Asset Management from a synthetic replication formula to a physical replication formula, fondsweb.de reports.The products are the following:LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (FR0010222224)LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE (FR0010037234)LYXOR ETF EUROMTS 5-7Y INVESTMENT GRADE (FR0010411413)LYXOR ETF EUROMTS 7-10Y INVESTMENT GRADE (FR0010411439)LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE (FR0010037242)LYXOR ETF EUROMTS 15+ Y INVESTMENT GRADE (FR0010481093) andLYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE (FR0010028860)
23/05/2013

Inflows of CHF1.6bn to Swiss Life AM in first quarter

P { margin-bottom: 0.08in; }A:link { } Swiss Life Asset Managers has posted net inflows in first quarter of CHF1.6bn, according to figures released on 23 May by the insurance group Swiss Life.The firm has continued its growth in the area of wealth management serving external clients, thanks to additional mandates.The group has posted net returns for non-annualised investments of 1.4% between January and March, compared with 0.9% in the corresponding period of 2012.
23/05/2013

Les marchés japonais dévissent

L’indice Nikkei a clôturé la séance en forte baisse de 7,32% à 14.483,98 points ce matin dans des volumes très importants,après la publication de l’indice HSBC traduisant les mouvements de l’activité manufacturière en Chine qui est tombé sous le seuil de contraction à 49,6 points pour le mois de mai, après 50,4 en avril. L’indice Topix plus large cédait de son côté 6,87% à 1.188,34 points.
Indices boursiers dans une rue de Tokyo, le 23 mai 2013. Photo: Tomohiro Oshumi/Bloomberg
23/05/2013

Thomas H. Lee Partners vise le crédit hypothécaire

Le fonds d’investissement et l’assureur Fidelity National Financial seraient de sources concordantes en négociations avancées pour l’acquisition du spécialiste des services en crédit hypothécaire Lender Processing. Le Wall Street Journal a le premier évoqué l’opération, misant sur une offre mixte équivalente à 33 dollars par action valorisant la cible à 2,9 milliards de dollars. Thomas H. Lee Partners prendrait 19,9% du groupe.
23/05/2013

Quilvest lève trois fonds pour 700 millions de dollars

L’activité de capital-investissement du groupe Quilvest annonce jeudi la clôture de trois levées de fonds : QS PEP 2012, QS REP II et QS Capital Strategies, pour des montants respectifs de 150, 300 et 230 millions de dollars. QS PEP est un fonds de fonds annuel de private equity mondial, QS REP intervient dans l’immobilier non coté, là aussi au niveau mondial, et QS Capital Strategies mise sur les entreprises américaines de taille moyenne. Les 80 millions de dollars engagés par des investisseurs dans ce dernier véhicule peuvent être abondés de 150 millions additionnels, via un financement en dette par la Small Business Administration (SBA) aux Etats-Unis, ce financement supplémentaire restant soumis à l’octroi d’une licence par les autorités américaines. Par ailleurs, Quilvest lance la levée de QS PEP Core, qui succédera à QS PEP, avec un objectif de 400 millions de dollars. A lire, l’entretien de Michel Abouchalache, patron du groupe, dans L’Agefi Hebdo du 23 mai.
23/05/2013

La collecte du Livret A repart à la hausse en avril

Selon les données de la Caisse des dépôts et consignations, la collecte nette du Livret A s’est établie à 3,05 milliards d’euros en avril, après 1,83 milliard en mars. La collecte du Livret de développement durable a atteint pour sa part 1,56 milliard d’euros le mois dernier, après 960 millions en mars. L’encours des deux produits s’élevait à 363,3 milliards d’euros en avril.
23/05/2013

La Pologne veut rendre son gaz de schiste plus attractif

Varsovie ne taxera pas avant 2020 la production de gaz de schiste extrait de son sol, a indiqué mercredi le ministre des Finances, afin de rendre son exploitation plus attractive après le retrait de plusieurs acteurs internationaux du secteur au cours des derniers mois. Une quarantaine de puits d’essai ont été creusés mais aucun d’eux ne devrait entrer en production avant 2015.
23/05/2013

L'économie chinoise donne des signes inquiétants

L’indice PMI du secteur manufacturier calculé par HSBC est tombé en zone de contraction de l’activité au mois de mai, à 49,6 points, après 50,4 en avril. Un chiffre décevant puisque le consensus tablait sur une stabilité de l’indice. «Il y a à présent une forte probabilité que la croissance du PIB chinois au deuxième trimestre soit plus faible qu’au premier», estime Ken Peng, économiste chez BNP Paribas.

Sujets d'actualité

Tous les sujets