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02/05/2013
Fonds

WisdomTree compte lancer trois ETF d'actions émergentes

Le gestionnaire new-yorkais WisdomTree a sollicité de la SEC l’agrément de commercialisation pour trois ETF d’actions émergentes, rapporte Index Universe. Ces produits couvrent des titres de 17 pays : Brésil, Chili, Chine, République tchèque, Hongrie, Inde, Indonésie, Corée du Sud, Malaisie, Mexique, Philippines, Pologne, Russie, Afrique du Sud, Taiwan, Thaïlande et Turquie. Il s’agit des fonds WisdomTree Emerging Markets Consumer Growth Fund, WisdomTree Emerging Markets Low Volatility Equity Fund et WisdomTree Emerging Markets Dividend Growth Fund.
Fonds
02/05/2013
Fonds

Vanguard abaisse les TFE de trois ETF obligataires

Le taux de frais sur encours du Vanguard Short-Term Bond ETF (acronyme sur NYSE : BSV), du Vanguard Long Term Bond ETF (BLV) et du Vanguard Intermediate Term Bond ETF (BIV), des fonds obligataires, ont été réduits le 29 avril par Vanguard à 0,10 % contre 0,11 % précédemment Le BSV affiche un encours de 28,5 milliards de dollars et a drainé des souscriptions nettes de 2,69 milliards depuis le début de l’année, après déjà 1,8 milliard pour 2012, souligne Index Universe.Le fonds BIV (17,1 milliards d’encours), a collecté 1,54 milliard de dollars l’an dernier et 1,84 milliards depuis le 1er janvier.Enfin, le BLV gère 5,79 milliards de dollars. Il a attiré 279 millions de dollars en 2012 et supporté de minimes sorties nettes depuis le début de cette année.
Fonds
02/05/2013

Progression de 2% des actifs sous gestion de Legg Mason

Les actifs sous gestion du groupe de gestion d’actifs Legg Mason ont progressé de 2% au quatrième trimestre au 31 mars de l’exercice 2012-2013 pour s'établir à 664,6 milliards de dollars contre 648,9 milliards de dollars à fin décembre 2012. La hausse par rapport à fin mars 2012 est de 3%.La hausse des actifs a été favorisée par un effet marché positif de 12,1 milliards de dollars et par une collecte de 5,4 milliards de dollars liée à l’acquisition de Fauchier qui vient d'être bouclée. Ces éléments ont été partiellement effacés par des rachats pour un montant de 1,8 milliard de dollars. Au 31 mars, l’obligataire représentait 55% des actifs sous gestion, contre 24% pour les actions et 21% pour le monétaire. Les actifs d’origine américaine représentent 61% du total. Sur l’ensemble de l’exercice au 31 mars, le groupe accuse une perte de 353,3 millions de dollars ou 2,65 dollars par action, alors qu’il avait dégagé un bénéfice net de 220,8 millions de dollars, ou 1,54 dollar par action pour l’exercice précédent. Au quatrième trimestre Legg Mason a toutefois dégagé un bénéfice net de 29,2 millions de dollars après une perte de 453,9 millions de dollars au troisième trimestre qui avait été affectée par des provisions de dépréciation sur des actifs intangibles.
02/05/2013
Fonds

AEW Europe acquiert des commerces à Paris pour le compte de Fondis

AEW Europe agissant en tant qu’investisseur et asset manager pour le compte du fonds Fondis – un véhicule d’investissement spécialisé dans les commerces en France - a annoncé mardi avoir acquis deux lots de commerce situés rue de Passy à Paris. Ces unités commerciales totalisent environ 700 m² et sont louées aux enseignes de prêt-à-porter COS (enseigne du Groupe H&M) et Sud Express. Le fonds dispose encore d’une capacité d’investissement d’environ 250 millions d’euros, indique un communiqué.
Fonds
02/05/2013

Hausse du bénéfice d'Invesco

Invesco Ltd a déclaré le 30 avril un bénéfice net distribuable de 222,2 millions de dollars pour janvier-mars 2013, contre 158,7 millions de dollars pour octobre-décembre et 193,9 millions pour la période correspondante de l’an dernier.Le dividende trimestriel sera majoré de 30 % à 22,5 cents par action, a précisé Martin L. Flanagan, president & CEO.L’encours à fin mars s’est situé à 729,3 milliards de dollars contre 687,7 milliards au 31 décembre et 672 milliards au 31 mars 2012. Les souscriptions nettes ont totalisé 19,2 milliards de dollars au premier trimestre de cette année, contre 1 milliard pour le quatrième trimestre 2012 et 8,1 milliards pour janvier-mars de l’an dernier.L’effet de marché a généré une augmentation d’encours de 31,4 milliards de dollars contre 4,9 milliards en octobre-décembre, tandis que l’effet de change a contribué pour 9 milliards de dollars à la hausse des actifs gérés qu’il avait amputés de 1,2 milliard de dollars le trimestre précédent.
02/05/2013

Boston Consulting Group: les banques d'investissement à l'heure des choix

Les établissements devront faire des choix radicaux dans le nouveau monde de la banque d’investissement, estime le Boston Consulting Group (BCG) dans son dernier rapport sur le secteur, rapporte L’agefi. Derrière des établissements de premier plan sur les marchés de capitaux, qui tirent leur force des activités sur les marchés de taux, change et matières premières (FICC) comme JPMorgan, Goldman Sachs, Deutsche Bank et Barclays, le BCG distingue des banques aux RoE autour de 16% grâce aux économies d'échelle mais aussi des grandes banques portées sur les actions qui pourraient devenir des «institutions de haute couture», spécialisées dans les produits pour une clientèle sophistiquée (hedge funds, banques privées.). On pense à la Société Générale en dérivés actions. En tirant profit des relations de proximité tissées avec leurs clients, ces activités pourraient dégager des RoE de 13-14%.
02/05/2013
Fonds

Matthews Asia lace un fonds petites capitalisations

Matthews Asia vient de lancer le Matthews Asia Small Companies Fund, un fonds investi sur les petites capitalisations en Asie hors Japon, rapporte Investment Europe. La société de gestion étoffe ainsi sa gamme de fonds UCITS domiciliée au Luxembourg.
Fonds
02/05/2013

Progression de 4% des actifs sous gestion de Pohjola au premier trimestre

Les actifs sous gestion du groupe de services financiers Pohjola, l’un des plus importants en Finlande, ont progressé de 4% au premier trimestre pour s'établir à 34,2 milliards d’euros, contre 32,7 milliards d’euros à fin décembre 2012.Les clients institutionnels reprèsentent 19,8 milliards d’euros, les OPC 10,3 milliards d’euros et la banque privée 4,1 milliards d’euros. Le pôle gestion d’actifs est légèrement bénéficiaire mais le coefficient d’exploitation s’est détérioré à 58% au premier trimestre, encore loin de son objectif de 45%.
02/05/2013
Fonds

FinEx fait coter le premier ETF sur la Bourse de Moscou

Funds Europe rapporte que FinEx Group se targue d’avoir fait admettre le premier ETF à la négociation sur la Bourse de Moscou. Il s’agit en fait du FinEx Tradable Russian Corporate Bonds UCITS ETF qui est coté à Londres depuis deux mois.Ce fonds réplique l’indice Barclays EM Tradable Russian Corporate Bond.BNY Mellon est le conservateur et l’administrateur du fonds.
Fonds
02/05/2013

Assets in funds at Bankinter up 20% in Q1

P { margin-bottom: 0.08in; } A fall in returns on deposits have provoked an increase in net subscriptions to investment funds at Bankinter, where assets increased to EUR6.01bn as of the end of March, compared with EUR5.03bn as of the end of December. One year earlier, it totalled EUR4.84bn. The increase in assets under management is due to in-house funds from Bankinter Gestión de Activos (+EUR764m, to EUR4.349bn), and to products from foreign asset management firms (+EUR219m, to EUR1.663bn).Assets in private banking as of 31 March totalled EUR14.8bn, which represents an increase of 3.7% compared with EUR14.3bn as of the end of December. Lastly, assets in pension funds totalled EUR1.45bn as of the end of first quarter, compared with EUR1.39bn three months previously, and EUR1.31bn as of 31 March 2012.Net profits for the Bankinter group increased by 1.9% in January-March compared with the corresponding period of last year, to EUR50.4m, from EUR49.4m.
02/05/2013

Vincent Kaufmann promoted to deputy director of Ethos

P { margin-bottom: 0.08in; } The Ethos Foundation and Ethos Services have appointed Vincent Kaufmann as deputy director from 1 May. He will assist Dominique Biedermann, director. He will also remain as head of wealth management, controlling and IT development.Kaufmann has been a member of the board at Ethos Services since 2011. He joined Ethos in 2004 as a corporate governance analyst, and then successively as a senior analyst and deputy head of corporate governance.
02/05/2013

Assets under management at Crédit Agricole (Switzerland) up in 2012

P { margin-bottom: 0.08in; } Assets under management at the Swiss affiliate of the French Crédit Agricole group totalled CHF44.9bn, compared with CHF44bn as of the end of 2011, an increase of 2%, according to a statement released on 30 April. The private banking sector is the largest activity of the Swiss affiliate, with a 70% contribution to its revenues, “despite a contrasted environment and continued pressure on the Swiss banking model,” the bank says. In 2012, Crédit Agricole (Switzerland) completed its installation in Hong Kong, where a branch was opened in 2011. Crédit Agricole (Switzerland) last year earned consolidated net profits of CHF130.2m, down 17.6% compared with 2011.
02/05/2013

Profits up at DeAWM

P { margin-bottom: 0.08in; } Pre-tax profits for the Asset & Wealth Management operation of Deutsche Bank in first quarter 2013 totalled EUR221m, compared with EUR208m in January-March 2012, according to a complete report by the bank, published on 30 April.
02/05/2013

Assets up for Popular funds as of the end of March

P { margin-bottom: 0.08in; } Investment funds at Banco Popular as of 31 March posted assets of EUR7.5464bn, compared with EUR7.2719bn as of the end of December, and EUR7.4371bn twelve months previously, a quarterly report released on 30 April states.Assets under management in wealth management were up to EUR744m compared with EUR720.4m as of 31 December, but down compared with EUR837.5m as of the end of March 2012.Lastly, assets at pension funds increased by 1.3% in first quarter, to EUR4.9777bn, higher by 3.9% than as of 31 March 2012.Popular recorded a net distributable income of EUR104.22m, compared with EUR100.18m in the corresponding period of last year.
02/05/2013

Assets and profits up for AllianceBernstein

P { margin-bottom: 0.08in; } As of the end of March, total assets under management at AllianceBernstein totalled USD443.2bn, USD13.2bn, or 3.1%, more than three months previously, and USD24.1bn, or 5.8%, more than as of 31 Mach 2012, the group has announced.Net subscrptions totalled USD2.6bn in first quarter 2013, compared with USD5bn in October-December, and net outflows of USD12.1bn in the corresponding period of last year. Net inflows to institutional management totalled USD3.3bn in January-March this year, compared with USD2.9bn in October-December, while retail inflows were limited to USD0.2bn, compared with USD5.3bn in fourth quarter 2012. For private clients, AllianceBernstein posted net outflows of USD0.9bn in January-March 2013 compared with USD3.2bn the previous quarter.Net distributable income at AllinceBernstein (the operating partnership) in first quarter increased ato USD114.5m, compared with USD71.7m in October-December, and USD87.3m in the corresponding period of last year.Net income at AllianceBernstein Holding (the publicly-traded partnership) totalled USD38.2m, compared with USD26.2m the previous quarter, and USD26.7m in first quarter 2012.
02/05/2013

Lyxor adds to cross-asset research team

P { margin-bottom: 0.08in; } In April, Rob Koyfman, who had been head of macro and thematic trading strategy at Citi, joined the cross-asset research team at Lyxor Asset Management in New York. He reports to Jeanne Asseraf-Bilton, global head of cross asset research.Koyfman says on his LinkedIn profile that his specialities are macro analysis, the transposition of macro convictions on ETFs and equities, backtesting, transversal analysis of asset classes, and options.Before joining Citi in June 2010, he spent one year as a senior strategist at Caxton Associates, after six years at Goldman Sachs.
02/05/2013

CalPERS Adds Invesco Real Estate as Multifamily Real Estate Manager

The California Public Employees’ Retirement System (CalPERS) has selected Invesco Real Estate as a new manager for its Multifamily Real Estate Program. The partnership, named Institutional Core Multifamily Investors, will invest in multifamily properties, focused in the western US region. The Institutional Core Multifamily Investors partnership is a multiyear program that will fund with an initial allocation of $250 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select target markets in the West and Midwest U.S. CalPERS currently holds approximately $2 billion in assets in its multifamily program, with a total of $24.5 billion in the Real Assets portfolio.
02/05/2013

Direxion launches two inverse triple leveraged ETFs

P { margin-bottom: 0.08in; } The US asset management firm Direxion (USD6.5bn) on 1 May listed two inverse triple leveraged ETFs for trading, the Direxion Daily Brazil Bear 3x Shares (ticker: BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).The first of these funds seeks to replicate 300% of the inverse of the performance of the MSCI Brazil 25/50 index, on a daily basis and before fees, while the second has the same objective with the MSCI Korea 25/50 as its benchmark, according to a press release.Both funds charge fees of 1%.
02/05/2013

Profits up at Invesco

P { margin-bottom: 0.08in; } On 30 April, Invesco Ltd declared distributable net income of USD222.2m for January-March 2013, compared with USD158.7m in October-December and USD193.9m in the corresponding period of last year.The quarterly dividend will be increased by 30%, to 22.5 cents per share, says Martin L. Flanagan, president & CEO.Assets as of the end of March totalled USD729.3bn, compared with USD687.7bn as of 31 December, and USD672bn as of 31 March 2012. Net subscriptions totalled USD19.2bn in first quarter this year, compared with USD1bn in fourth quarter 2012, and USD8.1bn in January-March last year.Market effects generated an increase in assets of USD31.4bn, compared with USD4.9bn in October-December, while currency effects contributed USD9bn to the increase in AUM, where they had cut off USD1.2bn the previous quarter.
02/05/2013

Carlyle hires former head of Petroplus

P { margin-bottom: 0.08in; } Carlyle Group has recruited Marcel van Pecke, former head of Petroplus, to head its investments in the energy sector in Africa and Europe, the Financial Times reports. Van Poecke, from the Netherlands, had managed Petroplus when Carlyle controlled a part of it between 2005 and 2007. A team of five other managers will join the US firm this month. The team will raise a dedicated fund of about USD1.5bn.
02/05/2013

OppenheimerFunds updates its image

P { margin-bottom: 0.08in; } On 29 April, OppenheimerFunds (OFI, USD208bn as of the end of March) on 1 May announced that it has adopted a new visual identity, to modernise its retail image, which will retain the OppenheimerFunds brand name, and has created a new institutional brand, OFI Global Asset Management.
02/05/2013

Contrasted results for Federated

P { margin-bottom: 0.08in; } In first quarter 2013, net profits at Federated Investors totalled USD43m, compared with USD49.6m in October-December, and USD42.3m in January-March 2012.Assets as of the end of March totalled USD377.3bn, which represents a decline of USD2.5bn compared with 31 December, and an increase of USD13.7bn over the level recorded one year previously.On average in first quarter, assets under management nonetheless increased to USD381.2bn, compared with USD368.7bn in October-December, and USD370.1bn in the corresponding period of last year.Assets in equity funds as of 31 March 2013 totalled USD37.9bn, compared with USD35bn three months previously, and USD34.1bn as of the end of March 2012, while bond funds also showed a gain, resulting in a record USD52.8bn as of the end of March 2013, compared with USD52.7bn as of 31 December and USD46.2bn one year previously.Assets under management in money market funds and mandates totalled USD279.7bn as of the end of March this year, USD5bn less than at the end of December, and USD5bn more than as of 31 March 2012. For money market mutual funds, assets totalled USD242.7bn, which represents a decline of USD13bn compared with the end of 2012, and of 2.5% compared with its level twelve months previously.
02/05/2013

Assets under management at Legg Mason up 2%

P { margin-bottom: 0.08in; } Assets under management by the Legg Mason asset management group were up 2% in the fourth quarter of its 2012-2013 fiscal year, ending on 31 March, to a total of USD664.6bn, compared with USD648.9bn as of the end of December 2012. The increase compared with the end of March 2012 is 3%. The increase in assets was favoured by a positive market effect of USD12.1bn, and by inflows of USD5.4bn related to the acquisition of Fauchier, which has recently been completed. These factors were partly offset by redemptions totalling USD1.8bn. As of 31 March, bonds represented 55% of assets under management, compared with 24% for equities, and 21% for money markets. Assets originating from the United States represented 61% of the total. For the fiscal year ending on 31 March as a whole, the group shows a loss of USd353.3m, or USD2.65 per share, although it had earned a net profit of USD220.8m, or USD1.54 per share, for the previous fiacal year. In fourth quarter, Legg Mason has, however, earned a net profit of USD29.2m, after a loss of USD453.9m in third quarter, which was affected by provisions for depreciation of intangible assets.
02/05/2013

AUM at Franklin Resources up by nearly USD100bn in one year

P { margin-bottom: 0.08in; } The US asset management group Franklin Resources has reported an increase of USD41.9bn, or 5% of its assets under management, in the second quarter of its fiscal year, ending on 31 march, to USD823.7bn, according to a statement released on 30 April. This development is due to a positive market effect of USD24.5bn, and a net inflow of USD18.3bn. Year on year, the increase in assets under management was 14%, or USD98bn, due to a positive market effect of USD67.6bn, and a net inflow of USD26.3bn. Net profits in the quarter totalled USD572.8m, compared with USD51.61m the previous quarter, and USD503.2m in the quarter to the end of March 2012.
02/05/2013

WisdomTree plans to launch three emerging market ETFs

P { margin-bottom: 0.08in; } The New York-based firm WisdomTree has applied to the SEC for a sales license for three emerging market ETFs, Index Universe reports. The products cover equities in 17 countries: Brazil, Chile, China, Czech Republic, Hungary, India, Indonesia, South Korea, Malaysia, Mexico. Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.The products are the WisdomTree Emerging Markets Consumer Growth Fund, WisdomTree Emerging Markets Low Volatility Equity Fund and WisdomTree Emerging Markets Dividend Growth Fund. Acronyms and total expense ratios for the products have not been disclosed.
02/05/2013

Vanguard slashes TER on three bond ETFs

P { margin-bottom: 0.08in; } The total expense ratio for the Vanguard Short-Term Bond ETF (NYSE ticker: BSV), the Vanguard Long Term Bond ETF (BLV) and the Vanguard Intermediate Term Bond ETF (BIV), bond funds, were reduced by Vanguard on 29 April to 0.10%, compared with 0.11% previously.The BSV fund has assets of USD28.5bn, and has attracted net subscriptions of USD2.69bn since the beginning of the year, after USD1.8bn in 2012, Index Universe reports.The BIV fund (USD17.1bn in assets) has posted USD1.54bn in inflows last year, and USD1.84bn since 1 January.The BLV fund has USD5.79bn in assets under management. It brought in USD279m in 2012, and has seen minimal net outflows since the beginning of this year.
02/05/2013

Dreyfus (BNY Mellon) launches infrastructure bond fund

P { margin-bottom: 0.08in; } The IPO for the new Dreyfus Municipal Bond Infrastructure Fund on 29 April concluded with USD254.25m raised, BNY Mellon has announced. The product is a closed-end bond fund, dedicated to infrastructure, which has been listed since 26 April on the New York Stock Exchange, under the acronym DMB. If the banking consortium (Morgan Stanley, Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith Incorporated), exercises its greenshoe option in full, the proceeds from the sale may reach USD292.31m, on the basis of a price of USD15 per share.The objective is to provide investors with high revenue exempt from Federal income taxes. The fund is “sub-advised” by Standish Mellon Asset Management Company, and managed by Christine L. Todd, chairwoman of Standish, Jeffrey Burger, Daniel Rabasco and Thomas Casey.Dreyfus Corporation (USD294bn) and Standish (USD167bn) are both boutiques of the BNY Mellon galaxy.
02/05/2013

Raiffeisen launches two funds

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen Capital Management has appointed Peter Schlagbauer to manage two newly-created “parity-based mixed asset” funds, Citywire reports. The funds will be entitled Raiffeisen-GlobalAllocation-StrategiesDiversified and Raiffeisen-Global-DiversifiedGrowth.
02/05/2013

Madoff: Thema lawsuit against HSBC opens

P { margin-bottom: 0.08in; } A lawsuit filed by the fund Thema International against HSBC began on Tuesday in Dublin, Agefi Switzerland reports. The fund, whose promoter had been Genevalor, is suing the bank on the grounds that it failed to fulfil its role as depositary, including verification of the existence of assets. Thema is seeking EUR1bn, according to Bloomberg. HSBC is facing 50 lawsuits related to the Madoff scandal in Ireland, and claims it has solid arguments in its defense. According to a lawyer for Thema, HSBC is responsible for losses, as it appointed Madoff as sub-depositary for the fund.
02/05/2013

US MMFs reduced their exposure to the euro zone in March

P { margin-bottom: 0.08in; } Exposure of US money market funds to euro zone banks in the month of March fell due to concerns on the part of investors about recent events in Italy and Cyprus, according to a statement released by Fitch Ratings on 30 April.As of the end of March 2013, allocations by US money market funds to euro zone banks represented 13.2% of assets under management in the Fitch sample, compared with 16% as of the end of February. Despite this decline, allocations to euro zone banks were up by more than 70% compared with the end of June 2012.

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