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26/04/2013

Schroders recruits two for its LDI team

Schroders has announced two newly created senior appointments to support the continuing growth of its LDI team, based in London.Daniel Morris joins as LDI Solutions Manager; part of his role will be to work closely with new and existing clients and their advisers to understand their requirements and objectives and translate these into effective portfolios and strategies. He joins Schroders with over a decade of actuarial and investment consultancy experience at Towers Watson and AON Hewitt.Lef Sigalos joins Schroders Independent Group Risk team as Investment Risk Manager. In this role he will focus on Multi-Asset Investment and Portfolio Solutions, including LDI. He joins from F&C Asset Management where he undertook a number of senior positions over the past ten years, all with a specific focus on derivative investment risk and LDI. Most recently, Sigalos was Head of Investment Risk for F&C.
26/04/2013

Head of credit leaves SLI

P { margin-bottom: 0.08in; } The head of credit at Standard Life Investments, Andrew Sutherland, will be leaving the firm after a 30-year career, Investment Week reports. He will be replaced by his colleague, Craig MacDonald, currently head of investment-grade credit.
26/04/2013

Taxation: European Commission asks Denmark to change tax rules for foreign investment institutes

The European Commission has formally requested Denmark to change its taxation of dividends distributed to foreign investment institutes with minimum taxation (investeringsinstitutter med minimumsbeskatning). In Denmark, dividends distributed to funds registered as «investment institutes with minimum taxation» are exempted from tax, but only if the institute is Danish. The Commission considers that the Danish tax rules discriminate against «investment institutes with minimum taxation» from other Member States. This breaches the freedom to provide services and the free movement of capital as set out in the EU Treaties. Following the letter of formal notice sent by the Commission on 30 April 2012 (first stage of the infringement), today the Commission is requesting Denmark to change its legislation within two months to bring it in line with EU law (second stage of the infringement). If Denmark does not comply, the Commission may decide to refer the case to the EU’s Court of Justice.
26/04/2013

Net subscriptions to Spanish funds in April

P { margin-bottom: 0.08in; } According to provisional statistics from VDOS, Spanish funds are reported to have taken in net subscriptions from 1 to 19 April of EUR672m, of which EUR624m went to bond products, Funds People reports.With the addition of EUR3.852bn in net inflows in first quarter, the total of EUR4.5bn represents more than half of net outflows in 2012 overall.In addition, in the period from 1 to 19 April, market appreciation brought an extra EUR250m, bringing assets as of 19 April to EUR134.172bn.
26/04/2013

Source prépare deux ETF innovants

De passage à Paris, où il a vivement critiqué le projet de taxe sur les transactions financières (TTF) qui risque de priver les ETF de toute rationalité économique, au moins dans le G11, Ted Hood, CEO de Source, a indiqué que sa maison compter lancer le mois prochain deux ETF inédits.Le premier serait focalisé sur les master limited partnerships (MLP) américaines actives dans les domaines d’infrastructures liées à l’exploitation du gaz/pétrole de schiste (chemins de fer, oléoducs/gazoducs, installation de stockage). Elles sont cotées à la Bourse de New York, exonérées d’impôts etversent des dividendes élevés. Ce fonds sera un produit à structure synthétique.Le second devrait être un ETP sur l’or avec un overlay de performance, selon la technique dite du covered buy-write consistant à vendre des options d’achat légèrement hors de la monnaie et à encaisser les primes.C’est une sorte d’arbitrage entre la volatilité implicite et la volatilité effective et cette méthode, rétropolée, aurait permis de dégager un rendement supérieur de 250 points de base par an à l'évolution du prix de l’or.A fin mars, Source gérait environ 13,7 milliards de dollars et avait enregistré depuis le début de l’année des souscriptions nettes de 500 millions d’euros.
26/04/2013

SSgA launches an ETF of inflation-linked emerging market bonds

P { margin-bottom: 0.08in; } State Street Global Advisors is launching an ETF on the German stock exchange of emerging market inflation-linked bonds, the SPDR Barclays EM Infation-Linked Local Bond UCITS ETF. It becomes the 1,027th ETF listed on the XTF segment of the Xetra electronic platform from Deutsche Börse. The ETF has a total expense ratio of 55 basis points. It will track an index which measures the performance of inflation-linked government bonds from nine emerging countries denominated in local currencies, with the weight of each country limited to 20%. The countries included in the index are Brazil, South Africa, Mexico, Chile, Turkey, Israel, Korea, Thailand and Poland. ISIN code: IE00B7MXFZ59
26/04/2013

Comgest loses a distribution specialist

P { margin-bottom: 0.08in; } Comgest Deutschland, announcing the arrival of Andreas Franz as investor relations manager (see Newsmanagers of 25 April), neglected to mention that Christoph J. Zitt is leaving the same position after eight years, to “take on other professional challenges,” Institutional Money has learned from a farewell letter sent by Zitt.
26/04/2013

Assets at Santander AM up 5% in Q1

P { margin-bottom: 0.08in; } Assets under management in the asset management unit of the Santander group as of the end of March totalled EUR161.5bn (of which about EUR48bn were for other entities of the group), up 5% compared with December 2012, and 13% year on year, according to figures released at the publication of the group’s quarterly results.In Spain, assets under management at Santander AM (which the group is putting once more on the block) increased 3% compared with the end of December 2012, to a total of EUR52.1bn. In Brazil, assets under management totalled EUR48.1bn, up 6% compared with fourth quarter.Funds managed in the United Kingdom rose 2% to EUR25.5bn, while in Mexico, assets under management totalled EUR11.4bn, up 1%.
26/04/2013

Repsol allows Temasek to join its board of directors

P { margin-bottom: 0.08in; } The board of directors at the Spanish firm Repsol has decided to allow the Singapore sovereign fund Temasek to join it, after the latter bought up a 5.04% stake in the oil group previously held by the business itself (see Newsmanagers of 5 March).In a CNMV filing, Repsol states that the external representative of Temasek who has been appointed as a director is Rene Dahan, formerly of ExxonMobil.
26/04/2013

Catella replaces its CEO

Johan Ericsson has informed the Board of directors that he intends to leave his position as Chief Executive Officer of Catella AB during 2013, to continue in another senior role within Catella. A process will therefore be initiated of seeking his successor. Johan Ericsson will remain in his post until a new CEO is appointed.
26/04/2013

Ashmore opens an office in Indonesia

P { margin-bottom: 0.08in; } The British asset management firm Ashmore has opened an office in Indonesia, and has recruited 11 people for it, Asian Investor reports. It is planning to recruit two more heads of sales this year. The local investment team is composed of fie people. Ashmore already launched its first two funds in Indonesia in February, a domestic all-cap fund, and a small caps product. An Indonesian bond product will be launched in the next few weeks.
26/04/2013

Erste Sparinvest reshuffles its Austrian equity management

P { margin-bottom: 0.08in; } Manfred Zourek will be joining the risk management team at Erste Sparinvest (EUR27bn), leaving the management of the Austrian equity fund ESPA Vienna to Michael Kukacka, who is joining the firm, but will retain the position of CEO of its sister company Ringturm, Citywire reports.ESPA Vienna will on 6 June become a feeder fund for the RT Österreich Aktienfonds, which will make it easier to sell the product outside the firm’s traditional markets in Austria and Germany. In addition, Kukacka has taken over management of the RT Zukunftsvorsorge Aktienfonds, which had been managed by Thomas Irmler. Irmler (who had also managed the RT Österreich Aktienfonds) will be leaving Erste Sparinvest in the next few weeks, following divergences of opinion about management strategy.
26/04/2013

Lyxor AM adds two physical ETFs to its range

P { margin-bottom: 0.08in; } Lyxor AM is extending its physical replication ETF product range with the listing of two new products on NYSE Euronext Paris: the Lyxor Euro Stoxx 300 (DR) and Lyxor Emerging Markets Local Currency Bond (DR). The first of these reproduces the performance of the Stoxx 600 equity index, while the second replicates the performance of bonds denominated in local currencies, issued by governments of emerging countries, via the benchmark index JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified. Liquidity in the fund is actively managed, Lyxor AM says.Characteristics:Lyxor Euro Stoxx 300 (DR)ISIN code: LU0908501058
26/04/2013

Axa WF Framlington Global Small Cap licensed for sale in France

P { margin-bottom: 0.08in; } Axa Investment Managers on 25 April announced that it is releasing the Axa World Funds (WF) Framlington Global Small Cap fund, which invests in small and midcaps on developed and emerging markets, for sale in France.The fund is managed by Isabelle de Gavoty, head of the European investment team specialised in small and midcaps at Axa Framlington.Axa WF Framlington Global Small Cap, founded on 7 January 2013, complies with European UCITS IV standards, and is domiciled in Luxembourg. It has retail and institutional share classes, with no minimum investment for retail share classes, and with a minimum investment of EUR5m for institutional asset classes.The fund is already licensed for sale in Luxembourg, and Axa IM is planning to register the fund in other European jurisdictions.
26/04/2013

Franklin Templeton absorbs the Mexican firm Heyman y Associados

P { margin-bottom: 0.08in; } The Mexican independent institutional asset management firm Heyman y Associados SC will be absorbed into Franklin Templeton Investments Mexico, but the details and price of the acquisition have not been disclosed.Hayman y Associados manages or advises assets of about USD1.1bn (as of 31 March 2013). The team is led by Timothy Heyman, who has spent more than 30 years in Mexico, and who was chairman of ING Baring Grupo Financiero (México), S.A. de C.V., as well as of the brokerage firm Baring, S.A. de C.V. Casa de Bolsa. He will be the CEO of the new affiliate Franklin Templeton Servicios de Asesoría Mexico, S. de R.L. de C. V (“FTSAM”), and chairman and board member at Franklin Templeton Asset Management Mexico, S.A. de C.V. (“FTAM”), a local mutual fund management firm.
26/04/2013

Carmignac Gestion had inflows of EUR1.5bn in first quarter

P { margin-bottom: 0.08in; } In first quarter 2012, Carmignac Gestion has posted a net inflows of EUR1.5bn. Fréderic Leroux, global manager, has stated at a press conference on the firm’s investment strategy that net subscriptions went largely to three funds: Carmignac Patrimoine, Carmignac Emerging Patrimoine and Carmignac Capital Plus, an international fund which invests in money market and bond assets, which was relaunced in February this year due to its good results. These three mutual funds now have assets under management of EUR25.5bn, EUR2bn, and EUR1bn, respectively.“By comparison,” says Leroux, global manager, “in 2012, inflows at Carmignac Gestion totalled EUR4.5bn, of which EUR2bn went to Carmignac Patrimoine and EUR1.5bn to Carmignac Emerging Patrimoine.”
26/04/2013

Assets under management at Raymond James up 10%

P { margin-bottom: 0.08in; } Assets under management at Raymond James as of the end of March totalled a record USD51bn, up 10% compared with the end of December 2012, and 30% compared with the end of March 2012, according to figures released by the firm. Assets under administration also rose sharply, to USD407bn, up 5% compared with the previous quarter, and 39% year on year.
26/04/2013

AG2R La Mondiale posts inflows of EUR1.7bn in 2012

P { margin-bottom: 0.08in; } The social protection group AG2R La Mondiale has announced net inflows for the 2012 fiscal year of EUR1.7bn, of which EUR1.3bn were for life and retirement insurance, in a market which has seen net outflows (EUR3.4bn, according to FFSA figures) for the first time since the early 1980s, according to a statement released on 25 April.Assets under management were up 13.4%, at EUR76.6bn.Inflows for all activities totalled EUR16.6bn, up 7.5%, with EUR7.8bn for Agirc Arrco complementary retirement contributions, up slightly, and EUR8.5bn (+14.9%) for insurance contributions. Contributions to retirement life insurance were up by more than 35%, to EUR2bn, with contributions to life savings insurance up 12.6% to EUR4bn.
26/04/2013

ETC granted license to release actively-managed ETFs

P { margin-bottom: 0.08in; } Index Universe reports that Exchange Traded Concepts (ETC), a specialist in white-label ETF products based in Oklahoma City, has been issued the necessary licenses to release actively-managed ETFs. The firm estimates that it will be in a position to apply for licenses for actively-managed ETFs within the next few weeks.
26/04/2013

KKR profits from equity gains

P { margin-bottom: 0.08in; } The Wall Street Journal reports that quarterly gains at the private equity investor KKR exceeded Wall Street analysts’ predictions, as equity gains shifted the profitability of the 2006 buy-out fund into a higher gear.Net profits at KKR by GAAP accounting standards in January-March rose to USD193.4m, compared with USD190.4m in the corresponding period of last year, while economic net profits, which include the performance and value of private equity investments, fell by about 9% to USD627.6m, which nonetheless remains higher than analysts’ projections. Proceeds from the sale of shares in companies KKR had previously taken public, as well as an uptick in the fees it collects, helped the firm to generate distributable, or cash, earnings of USD290.6, up 77% yoy.
26/04/2013

S&P licenses State Street to launch an ETF

P { margin-bottom: 0.08in; } The index provider S&P Dow Jones Indices on 25 April announced that it has granted an operating license for its S&P Pan Asia Dividend Aristocrats Index to State Street Global Advisers, to allow it to launch an ETF based on the index. The S&P Pan Asia Dividend Aristocrats Index measures the performance of components of the S&P Pan Asia Broad Market Index (BMI), which has pursued a policy of annual dividend growth for at least seven years.
26/04/2013

La France va adjuger une nouvelle OAT 10 ans

L’Agence France Trésor a annoncé l’adjudication, le lundi 29 avril, d’un montant global compris entre 6,8 et 8 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,6 et 4 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 01/08/13, entre 1,6 milliard et 2 milliards d’euros de bons à 22 semaines à échéance du 03/10/13, et entre 1,6 milliard et 2,0 milliards d’euros de bons à 52 semaines à échéance du 30/04/14. L’AFT adjugera aussi le jeudi 2 mai, un montant compris entre 7 et 8 milliards d’euros d’obligations assimilables du Trésor (OAT), dont une nouvelle ligne de référence à 10 ans, la 1,75% mai 2023.
26/04/2013

Le rendement des bons à six mois italiens à un plus bas record

Le rendement des bons du Trésor à six mois de l’Italie est tombé à son plus bas niveau jamais mesuré, à l’occasion d’une adjudication au cours de laquelle les investisseurs se sont montrés optimistes sur les chances d’Enrico Letta, président désigné du Conseil, de former un gouvernement. Rome a vendu huit milliards d’euros de titres de dette arrivant à échéance en octobre, à un rendement de 0,503% contre 0,83% lors d’une adjudication semblable en mars.
26/04/2013

La BoJ calme le jeu

Après avoir lancé le mois dernier un programme de rachats d’actifs d’une ampleur historique visant à doubler la masse monétaire en deux ans pour sortir le pays de la déflation, la Banque du Japon a indiqué ce matin avoir laissé sa politique monétaire inchangée à l’issue de la réunion de son comité. Les prix à la consommation, hors alimentaires et pétroliers, sont restés en baisse de 0,5% sur un an en mars. Loin de l’objectif des 2% visé par la BoJ.
26/04/2013

Un incident technique perturbe le CBOE

Un incident technique sur le Chicago Board Options Exchange (CBOE) la plus grosse plateforme d'échanges d’options aux Etats-Unis, a paralysé hier pendant plus de 3 heures le courtage d’options très populaires sur les marchés américains, comme l’indice S&P 500 et l’indice VIX de la volatilité. «Il s’agissait bien d’un incident interne à notre système» affectant la validation de certains ordres, a indiqué le groupe.

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