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03/05/2013
Fonds

Macquarie lève un nouveau fonds de 2,75 milliards d'euros

L’australien Macquarie annonce avoir clôturé une nouvelle levée de fonds de 2,75 milliards d’euros, rapporte Les Echos. Pour ce quatrième fonds dédié aux infrastructures en Europe, Meif 4 (« Macquarie European Infrastructure Fund »), Macquarie a même dépassé son objectif initial de 1,5 à 2 milliards d’euros. Ce fonds a déjà été investi à hauteur de 500 millions d’euros dans deux opérations. Les investisseurs français représentent 15 % du montant levé.
Fonds
03/05/2013

Lars Holm-Pederson joins Realdania

P { margin-bottom: 0.08in; } Lars Holm-Pedersen has joined the Danish asset management firm Realdania as deputy chief investment officer, and will report to Gert Poulsen, Fondbranschen reports. Holm-Pedersen joins the firm from PFA Pension, where had been head of external managers. He was also responsible for fund selection at Danske Bank.
03/05/2013

Carnegie AM opens an office in Dubai

P { margin-bottom: 0.08in; } The Danish asset management firm Carnegie Asset Management Fondsmaeglerselskab A/S, a specialist in international equities, has announced that it has opened a representative office in the Dubai international financial centre (DIFC), according to the weekly newsletter Mena Fund Manager. The decision comes as part of the firm’s development strategy in the Middle East.
03/05/2013

Strong growth in assets under management at Manulife

P { margin-bottom: 0.08in; } Assets under management at Manulife (or Manuvie) totalled CAD555bn as of the end of March, compared with CAD551bn as of the end of December, and CAD511bn as of the end of March 2012, according to a statement released on 2 March. Net inflows totalled CAD12.4bn in first quarter, up 43% compared with first quarter 2012, while subscriptions to the Asia division more than doubled year on year, and subscriptions for the Americas division rose 45%. In Canada, subscriptions totalled CAAD2.4bn, up 8% compared with first quarter 2012, due to record subscriptions to mutual funds. Manulife has reported net profits eligible for distribution to shareholders of CAD540m, of which CAD147m are from investments, in first quarter, compared with CAD1.22n in first quarter 2012.
03/05/2013

Another departure from Ashcourt Rowan

P { margin-bottom: 0.08in; } The British asset management firm Ashcourt Rowan is expected to complete its restructuring plan by June this year, according to an interim report published on 2 May. As a result of the programme, which saw several managers leave the firm in 2012, assets under management totalled GBP3.7bn while discretionary assets have held stable at GBP1.6bn, as “organic growth compensated for an expected reduction in assets” due to the departure of several managers.
03/05/2013

Assets under management at Legal & General up 9% in first quarter

P { margin-bottom: 0.08in; } Assets under management at Legal & General Investment Management (LGIM) in first quarter rose 9%, to a total of GBP441bn, compared with GBP406bn as of the end of 2012, according to a statement released on 2 May. Institutional asset posted growth of 21%, to GBP52bn. Net inflows at LGIM totalled GBP5.5bn, up 113% compared with first quarter 2012. Internationally, net inflows totalled GBP6.7bn.
03/05/2013

Allfunds recruits for development in the UK

P { margin-bottom: 0.08in; } Stephan Mohna, managing director of operational services for the British platform Cofunds, will on 1 October join Allfunds Bank, a joint venture of Santander and Intesa Sanpaolo, to develop the brand in the United Kingdom.He will report to Gianluca Renzini, chief commercial officer, and will be responsible for directing the London office, which currently has GBP10bn in assets under administration for 20 British clients, Investment Europe reports.
03/05/2013

Strong inflows at Schroders in first quarter

P { margin-bottom: 0.08in; } Schroders has posted net subscriptions in first quarter of GBP5.6bn, compared with GBP1.6bn in the corresponding period of last year. That represents more than half of net inflows in 2012, which totalled GBP9.4bn. The London-based asset management firm raised a net GBP2.3bn from the institutional segment, and GBP3.5bn from intermediated clients. The private bank, however, saw outflows of GBP0.2bn. Assets increased to GBP236.5bn, compared with GBP212bn as of the end of 2012. Pre-tax profits totalled GBP115m, compared with GBP95.5m in first quarter 2012.
03/05/2013

F&C launches a small cap fund

P { margin-bottom: 0.08in; } F&C Investments will at the end of June launch a global small cap equity fund, Investment Europe reports. The F&C Global Smaller Cap Equity Fund, which complies with UCITS, will be managed by Catherine Stanley, currently manager of the F&C UK Smaller Companies Fund.
03/05/2013

SEC considers prohibition of constant NAV for “prime” MMFs

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } In a speech to the Investment Company Institute on Friday, Mary Jo White, the new chairwoman of the SEC, may discuss a staff project by the regulator to prohibit “prime” money market funds, which invest in very short-term corporate bonds, from using a constant net asset value (USD1), the Wall Street Journal reports.These funds are considered the most vulnerable to panic withdrawals. According to Crane Data, “prime” funds represent about 54% of total assets of USD2.6trn in US money market funds.
03/05/2013

Neuberger hires 22 EMD specialists including 19 from ING IM

P { margin-bottom: 0.08in; } The New York-based asset management firm Neuberger Berman Group (USD216bn in assets as of the end of March) has announced that it has recruited 22 emerging market debt specialists, including twelve portfolio managers, six credit analysts and four economists and strategies, who will join a bond platform that employs over 100 investment professionals, led by Brad Tank, CIO fixed income, and which has USD97bn in assets under management.Of the new arrivals, 19 come from ING Investment Management, where they had been responsible for USD16bn in assets. The emerging market debt team at Neuberger Berman will be led by Rob Drijkoningen, based in the Hague, and Gorky Urquieta, based in Atlanta. On average, portfolio managers have 16 years of professional seniority Among the other members of the team from ING IM are Raoul Luttik, who will continue to be based in the Hague, and Prashant Singh, in Singapore.
03/05/2013

Profits up for AM at Prudential Financial

P { margin-bottom: 0.08in; } In first quarter 2013, the asset management unit of Prudential Financial has posted operating profits of USD175m, compared with USD128m in the corresponding period of last year.Assets under management as of 31 March totalled USD1.061trn, compared with USD1.060trn three months previously. As of the end of March 2012, assets were declared to be USD636.8bn (see Newsmanagers of 4 May 2012).
03/05/2013

Strong rise in profits at WisdomTree

P { margin-bottom: 0.08in; } For first quarter 2013, the New York-based asset management firm WisdomTree, a specialist in ETFs, has declared net profits of USD7.9bn, compared with USD5.3m in October-December, and USD1.1m in the corresponding period of last year.ETF assets totalled USD25.1bn as of 31 March, largely due to USD5.9bn in net subscriptions in January-March. Assets under management totalled USD18.3bn as of 31 December, with net inflows of USD1.1bn since 1 October, and they represented USD15.7bn one year earlier, with USD2.3bn in net subscriptions in first quarter 2012.The average advisory fee remained unchanged over the three periods of reference, at 0.54%. The increase in revenues was much more modest than the increase in net profits, at 24.5% for Q4 2012, and 53.1% year on year, for increases of 49.5% and 60.44% in net profits, respectively.
03/05/2013

Blackstone plans to recruit 50,000 veterans over 5 years

P { margin-bottom: 0.08in; } The private equity firm Blackstone on 30 April announced that it has signed up to a White House initiative to support military veterans and their families, announced by Michelle Obama. It plans to recruit 50,000 military veterans at the various businesses in its portfolio over the next five years.Blackstone is also planning to set up support structures, including a management trainee programme, to help veterans reinsert themselves into private sector careers.
03/05/2013

Franklin Templeton signs up to PRI

P { margin-bottom: 0.08in; } Franklin Templeton Investments on 2 May announced that in April 20133 it signed the United Nations Principles for Responsible Investment (PRI), joining a network of international invesftors which is enacting the six key principles of the UN PRI. The PRI provide a voluntary framework which aims to encourage sustainable investment through the integration of environmental, social and governance (ESG) analysis into investment decisions and financial practices.“The various management and strategy teams at Franklin Templeton are very similar to the principles of the PRI,” says Wylie Tollette, Senior Vice President and Director of Performance and Investment Risk Analysis (PAIR). “We have reviewed the principles with all of our management teams, and we have added dedicated ESG resources to our Investment Risk team. We feel that signing the PRI is a natural extension of the ESG management practices already in place at Franklin Templeton, and of our approach to risk management,” says Tollette.Assets under management at Franklin Resources totalled USD823.7bn as of the end of March 2013.
03/05/2013

Richland Asian Absolute Return hedge fund closed

P { margin-bottom: 0.08in; } Richland Capital Management has USD100m in assets under management in two hedge funds, which include the best-known hedge funds in Asia, finews reports. The Richland Asian Absolute Return fund, launched in 2006 by Eve Lo, formerly of Credit Suisse, has since its inception earned only positive returns. According to sources familiar with the matter, cited by Reuters, the fund is expected to close. Finews has not been able to confirm these reports, nor obtain details as to the reasons for the closure.
03/05/2013

Warren Buffett's lieutenants hit the jackpot

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Wall Street Journal reports that the two hedge fund managers recruited by Warren Buffett, Todd Combs and Ted Wechsler, may make as much as USD27m in bonuses, and maybe much more, for 2012. The bonuses will reflect double-digit outperformance they have achieved compared with the S&P 500.
03/05/2013

Assets under management down at BNP Paribas

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Assets under management in asset management at BNP Paribas totalled EUR404bn as of 31 March, compared with EUR405bn as of 31 December 2012. The profession “had asset outflows, in particular in money market funds, but good asset inflows in emerging markets,” a financial statement released on Friday morning states. Overall, the Investment Solutions unit, which, in addition to asset and wealth management, includes insurance, personal investors and real estate, grew this quarter its assets under management2 by 1.9% compared to 31 December 2012 and 2.9% compared to 31 March 2012 at 906 billion euros. Net asset inflows were 3.1 billion euros this quarter with very good inflows at wealth management, especially in Asia and in the domestic markets. Insurance in France, Asia and Latin America also had strong asset inflows, just like personal investors, especially in Germany. Investment Solutions’ revenues, which totalled 1,563 million euros, were up 2.8% compared to the first quarter 2012.The division’s gross operating income, at 509 million euros, was up 7.2% compared to the same period a year earlier. Pre-tax income rose 12.7% compared to the first quarter 2012, to 541 million euros.
03/05/2013

SAC Capital threatens to claw back employees' bonuses

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } SAC Capital, the USD15bn hedge fund firm at the centre of a vast insider trading investigation, is reportedly considering clawing back the bonuses from all employees subject to regulatory or penal sanctions, the Financial Times reports. The move was announced on Thursday by the founder of SAC, Steve Cohen, in a letter to investors obtained by the British newspaper.
03/05/2013

One in three pension funds has difficulty keeping up with regulations

P { margin-bottom: 0.08in; } According to a survey by State Street Corporation, one third of European pension funds feels that keeping up with the pace of new regulations is either “difficult” or “very difficult,” while 46% estimate that the task is “slightly” difficult. Only 21% of respondents consider regulatory requirements of regulators and ratings agencies do not represent a challenge.The study was based on 150 responses from pension funds based in Germany, Italy, the Netherlands, Scandinavia, Switzerland, and the United Kingdom.
03/05/2013

FTT worries asset management firms

P { margin-bottom: 0.08in; } Several major European asset management firms are warning that the size and impact of the financial transaction tax may discourage investment in businesses with strong growth, the Financial Times reports. Among those who are expressing concerns of this nature are the CEOs of Allianz Global Investors, Fielity and APG Asset Management.
03/05/2013

First Trust launches senior loans ETF

P { margin-bottom: 0.08in; } The New York-based asset management firm First Trust on 2 May introduced the First Trust Senior Loan ETF (ticker: FTSL) on NASDAQ. The product, specialised in senior loans, is actively managed, so as to generate attractive risk-adjusted returns in absolute terms over the long term.First Trust states that the fund offers protection against rises in interest rates due to the fact that most of the senior loans in which the portfolio is invested are floating rates. The ETF also provides a way to diversify investments, due to the low historical correlation between senior loans and other asset classes.The fund charges fees of 0.85%.
03/05/2013

Three new ETFs from Lyxor listed on Euronext Paris

P { margin-bottom: 0.08in; } Lyxor Asset Management has listed three new equity ETFs for trading on NYSE Euronext Paris, which extends the listings on the European platforms of NYSE Euronext to 673, of which 583 are primary listings. The new products are: Lyxor ETF Europe DR (MEUD), which replicates the MSCI Europe, and charges fees of 0.30%, Lyxor ETF SX5T (MSEC), which replicates the Euro Stoxx 50 with a TER of 0.20%, andLyxor ETF Japan Hedged (JPNH), which tracks the Topix Gross TF Index, and which charges fees of 0.45%.
03/05/2013

Knight Vinke calls for UBS to break up into two companies

P { margin-bottom: 0.08in; } Barely a few hours before the start of the UBS general shareholders’ meeting, Eric Knight sent out a letter in which he calls for the Swiss firm to be broken up into two parts, with the investment bank on one side, and wealth management on the other, Les Echos reports. The founder and CEO of Knight Vinke feels that the activities of the Zurich-based banking giant have “nearly destroyed” the group. “The investment bank is a very high-risk business, and these risks represent a serious threat to wealth management at UBS and to its banking network in Switzerland,” the shareholder, who holds less than a 1% stake in the bank, estimates. Shareholders nonetheless approved management pay scales, with 82.5% in favour.
03/05/2013

Markus Kaiser reappears at StarCapital

P { margin-bottom: 0.08in; } Markus Kaiser, a former member of the board of directors at Veritas Investment and a pioneer of funds of ETFs (see Newsmanagers of 18 January), will on 1 July join the board at StarCapital AG, Institutional Money reports.Kaiser’s mission will be to develop the wealth management range at StarCapital through the use of ETF-based solutions.
03/05/2013

Morningstar acquires all of Morningstar Sweden

P { margin-bottom: 0.08in; } Morningstar has acquired the 76% of Morningstar Sweden which id did not yet control from Stadsporten Citygate, and two private investors. The acquisition price was USD13m, of SEK87m.Morningstar has 25 employees in Stockholm. George Sallfeldt, CEO, will continue to direct the firm.
03/05/2013

USD2bn fund launched in China

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Fang Fenglei, non-executive chairman of the activities of Goldman Sachs in China, a well-known financial investor with close ties to the Politburo, is seeking to raise USD2bn to USD2.5bn in funds to invest in China and abroad, according to the Financial Times, citing sources familiar with the matter. The new fund, entitled “Hopu Master fund II,” is reported to have already received commitments totalling USD1bn.
03/05/2013

Zurich launches a fund with Schroders and Threadneedle

P { margin-bottom: 0.08in; } Zurich has signed a partnership with Schroders and Threadneedle to launch a default fund, Money Marketing reports. The fund, the Zurich Dynamic Lifestyle Portfolio, includes three underlying funds: Mixed Investments and DC Pre-Retirement, managed by Schroders, and the Zurich Deposit & Treasury fund, managed by Threadneedle. The new fund is designed to automatically attenuate the impact of market volatility. It also includes an automatic mechanism to reduce sensitivity to risk, which kicks in five years before the horizon date for retirement.
03/05/2013

Markus Kaiser refait surface chez StarCapital

Ancien membre de la direction générale de Veritas Investment et pionnier des fonds d’ETF, Markus Kaiser rejoindra au 1er juillet le directoire de StarCapital AG, rapporte Institutional Money.La mission du nouvel arrivant sera de développer l’offre de gestion patrimoiniale de StarCapital au moyen de solutions à base d’ETF.
03/05/2013
Fonds

Fermeture du fonds Pictet géré par Philippe Jabre

Le fonds Pictet sur les obligations convertibles dont la gestion avait été confiée à Philippe Jabre début 2010 a été fermé récemment, rapporte L’Agefi suisse. Pictet Asset Management explique avoir pris cette décision pour rationaliser sa gamme de fonds. Selon le quotidien, la volatilité du fonds et sa sous-performance par rapport à son indice ont joué un rôle central dans cette décision. Lancé début 2010, ce fonds obligations convertibles avait suscité un vif intérêt, levant 800 millions d’euros en une semaine.
Fonds

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