Les banques centrales repoussent leurs limites
Les annonces spectaculaires de la Banque du Japon font plonger le yen et les taux longs
Un institutionnel français sur deux n';est pas convaincu par d' engagement des gérants en matière d' investissement responsable
Après avoir interrogé 66 caisses de retraite et de prévoyance, mutuelles, banques, fondations et associations - qui représentent entre 200 et 300 milliards d’euros d’actifs sous gestion - dans les premiers mois de l’année 2013, Amadeis, le cabinet de conseil spécialisé dans la gestion a conclu qu’un investisseur français sur deux n’est pas convaincu par l’engagement des gérants en matière d’investissement responsable, rapporte L’Agefi. Les investisseurs préfèrent se concentrer sur les performances et ils craignent que l’ISR ne conduise à une déperdition de rendement. Seuls 24% d’entre eux ont élaboré des projets ISR en 2013, contre 25% pour l’année précédente et ce d’autant que certains estiment que l’impact de cette stratégie est nul en matière de responsabilité sociale.
L'OTAN en Belgique a lancé un appel d'offres sur 4 mandats de gestion
Le fonds de pension à contributions définies de l’Organisation du Traité de l’Atlantique Nord (OTAN) dont le siège social pour l’Europe se situe à Bruxelles, vient de lancer une recherche de gérants pour 4 mandats : sur les obligations d’Etats sur des obligations aggregate (Etats et entreprises) sur des obligations corporates sur des actions internationales. Le questionnaire ci joint peut être complété en français ou en anglais, sachant que la date limite de réponse est fixée au 16 avril 2013 à 16h00. La personne en charge du suivi de l’appel d’offres, Chris Piekoszewski indique qu’il est encore trop tôt pour connaître la taille de chaque lot, le niveau d’encours sera fixé après l'étude des propositions des gérants. Ces mandats s’inscrivent dans le cadre d’un nouveau portefeuille qui sera implémenté cette année par le fonds de pension de l’OTAN. La sélection des sociétés de gestion devra être terminée d’ici la fin juin, poursuit Monsieur Piekoszewski. Jusqu'à présent, le fonds de pension de l’OTAN est investit dans 7 fonds : deux fonds de trésorerie (un libellé en euro et un autre en USD), deux fonds d’obligations internationales (un libellé en euro et un autre en USD), un fonds d’obligations eurozone et deux fonds d’actions (un libellé en euro et un autre en USD).
Les créations d'emplois aux Etats-Unis à leur plus bas niveau en neuf mois
L'économie américaine a créé nettement moins d’emplois qu’attendu en mars, le nombre de créations étant tombé à son plus bas niveau en neuf mois, montrent les statistiques officielles publiées vendredi par le département du Travail. L’administration a recensé 88.000 créations de postes non agricoles en mars, son niveau le plus bas depuis juin 2012. Le nombre de créations d’emplois pour février a en revanche été révisé à la hausse, de 236.000 à 268.000. Les chiffres de janvier ont également été révisés à la hausse, de 119.000 à 148.000. Le taux de chômage a diminué à 7,6%, son plus bas niveau depuis décembre 2008, contre 7,7% en février (inchangé). Les économistes l’anticipaient à 7,7% pour le mois de mars. La publication de ces chiffres a provoqué un décrochage des marchés actions.
BlackRock enregistre en Espagne son fonds EM Absolute Return
Funds People rapporte que la CNMV a donné son agrément de commercialisation en Espagne au fonds BSF BlackRock Emerging Markets Absolute Return que gèrent Sam Vecht et Henry Wigan. L’indice de référence de ce produit est le libor USD trois mois.
05/04/2013
Denjoy Capital Partners recruits a COO
P { margin-bottom: 0.08in; }A:link { } Denjoy Capital Partners, a hedge fund firm founded by a former partner of Brevan Howard Asset Management, has recruited Ian Bickerstaffe as chief operating officer, Financial News reports. The firm, which has slightly under USD200m in assets, is planning to raise several hundreds million dollars.
05/04/2013
LGIM recruits for LDI team
P { margin-bottom: 0.08in; } The British firm Legal & General Investment Management (LGIM) has announced that it has recently recruited three portfolio construction managers for its liability-driven investment (LDI) team, which as of the end of December managed mandates with total assets of GBP199bn. That brings personnel on the LDI team to 20 fund management professionals.The three new recruits for the unit are Alastair Mills (formerly of Cardano), Anne-Marie Cunnold (formerly of BlackRock), and Florent Herelle, who has been transferred from the tracker fund team at LGIM.The portfolio construction team for LDI funds is led by Eve Finn.
05/04/2013
M&G reduces stake in St James's Place
P { margin-bottom: 0.08in; }A:link { } M&G Investments has reduced its stake in the capital of SJP from 5% to 3.37%. According to Investment Week, the decline comes following a reduction of its stake in Lloyds, which on 11 March was lowered from 57% to 37% of capital. M&G holds shares in the Recovery fund from St James’s Place, which has GBP7.6bn in assets.
05/04/2013
BNP Paribas Quantitative Strategies liquidates its only ETF
P { margin-bottom: 0.08in; } Less than one year after the launch of its only ETF, BNP Paribas Quantitative Strategies LLP will be liquidating the commodity product Stream S&P Dynamic Roll Global Commodities Fund, whose ticker on the NYSE Arca platform is BNPC. The last day of trading will be 12 April.On its website, Stream ETFs claims that due to current market conditions, it is appropriate to voluntarily remove shares in the product from trading.According to Index Universe, the fund, which replicates the S&P GSCI Dynamic Roll Excess Return Index, which covers futures contracts on 24 commodities, atrracted about USD20m in 10 months, and has posted returns of nearly 7%.
05/04/2013
Lyxor AM and Canyon Capital Advisors join forces to launch an event-driven credit fund
P { margin-bottom: 0.08in; }A:link { } Lyxor Asset Management has teamed up with the California-based hedge fund management firm Canyon Capital Advisors to launch a UCITS credit fund based on event-driven strategy. The fund will be available on the Alternative UCITS platform from Lyxor, and will have a diversified exposure to the high yield corporate debt and distressed markets, equities, convertible bonds and residential mortgage-backed securities, Citywire states. The new fund will be denominated in euros, US dollars and pounds sterling. Lyxor AM recently announced the launch of a UCITS fund which aims to replicate the Diversified Program from Winton Capital Management, whose strategy is based on seeking out applications of scientific research to financial markets (see Newsmanagers of 19 March 2013).
05/04/2013
UCITS HFs underperform non-UCITS products
P { margin-bottom: 0.08in; }A:link { } Overall, UCITS-compliant hedge funds are more volatile and underperform their counterparts which are not subject to the UCITS directive, and the country of domicile of a fund is a significant indicator of its potential performance, as those based in Europe show a risk-adjusted performance lower than those registered elsewhere. These are the findings of a survey conducted by the Edhec-Risk Institute of a sample of more than 24,000 individual hedge funds.The study finds that UCITS-compliant hedge funds underperform non-UCITS hedge funds, in total performance as well as risk-adjusted performance. However, UCITS-compliant funds are characterised by more ‘favourable’ liquidity, and, when the liquidity parameter is taken into account, returns for UCITS and non-UCITS hedge funds tend to converge.Edhec also points out that non-UCITS hedge funds in general have volatility and risk far lower than those of non-UCITS hedge funds, which is clearly due to obstacles to the transposition of risk management techniques.Lastly, the study finds that the performance of funds may fluctuate according to the country of domicile, as European funds show lower risk-adjusted returns than funds from other regions, with the best results for funds domiciled in the United States and Asia-Pacific. A similar divergence is also found between the various countries of domicile for UCITS-compliant hedge funds. Funds domiciled in Ireland and Luxembourg generate very similar returns.
05/04/2013
iShares remain top ETP provider
P { margin-bottom: 0.08in; }A:link { } In first quarter 2013, ETPs worldwide have posted inflows of USD70.1bn, of which USD7.5bn were in Europe, according to the BlackRock Institute. Of this total, iShares attracted USD24.7bn and USD6.2bn, respectively.Worldwide, Sttae Street Global Advisors (SSgA0 has posted net outflows of USD3.1bn, while Vanguard has posted net inflows of USD10.9bn.In Europe, Deutsche AWM (db x-trackers) has posted inflows of USD0.9bn, while Lyxor has seen net redemptions of USD1bn.UBS and Amundi, for their part, have seen net subscriptions of USD0.7bn and USD0.6bn, respectively.
05/04/2013
Aquiline and Genstar buy wealth management activities of Genworth
P { margin-bottom: 0.08in; }A:link { } The private equity firms Aquiline Capital Partners and Genstar Capital have announced their acquisition of Genworth Wealth Management from Genworth Financial for a total of USD412.5m. The acquisition includes Genworth Financial Wealth Management, the management consulting platform, and the alternative investment specialist Altegris.
05/04/2013
Tundra Fonder launches a frontier market fund
P { margin-bottom: 0.08in; }A:link { } Tundra Fonder, a Swedish asset management firm specialised in emerging markets, is launching a frontier market fund, Tundra Fonder Opportunities Fund, Realtid reports. The fund will invest in Bangladesh, Vietnam, Nigeria, and Pakistan.
05/04/2013
Bankia combines asset management and private banking
P { margin-bottom: 0.08in; }A:link { } As part of a reshuffle to simplify structures and make the decision-making process more flexible, Bankia has decided to unite asset management at Bankia Fondis and Bankia Pensiones, and private banking, with a total of EUR15bn in assets, within its retail banking unit, led by Fernando Sobrini, Funds People reports.Asset management will now be part of the retail bank, whereas it had previously been part of the wholesale bank. The head of management for private banking and asset management will be Jaime González Lasso de la Vega, who had previously been head of private banking, while Rocio Eguiran remains as head of Bankia Fondos and Bankia Pensiones.Funds People also states that Bankia is creating a business banking division, which will include business banking, capital markets and corporate finance activities, which will be merged under the leadership of Gonzalo Alcubilla, previously head only of corporate banking.
05/04/2013
M&G recruits in Benelux
P { margin-bottom: 0.08in; } Luuk Veenstra, who has been a senior investment manager at PGGM Investments, has been recruited by M&G Investments for the newly-created position of director, institutional business development, Benelux. Before PGGM, he worked in New York and London, at RBC Capital Markets and NIBC, Fondsnieuws reports.
05/04/2013
BlackRock registers EM Absolute Return fund in Spain
P { margin-bottom: 0.08in; }A:link { } Funds People reports that the CNMV has issued a sales license for Spain to the BSF BlackRock Emerging Markets Absolute Return fund, managed by Sam Vecht and Henry Wigan. The benchmark index is the libor USD three month.
05/04/2013
iShares plans to push min-vol ETFs in Europe
P { margin-bottom: 0.08in; }A:link { } Stephen Cohen, head of iShares EMEA investment strategy & insights, announced on a visit to Paris on 4 April that minimum volatility ETFs posted inflows fo EUR4.1bn worldwide in first quarter, equivalent to more than USD1.4bn per month, compared with an average of USD416m in 2012. There are now 34 funds of this type worldwide, with total assets of USD11.2bn.The idea is to offer products with an improved risk/return profile in periods when investors are returning to equities, but remain cautious. The products will receive particular attention from iShares sales teams in Europe in the next few months, alongside bond funds, such as short-duration ETFs and ETFs focused on corporate bonds, with hedging for currency risks. However, needless to say, the firm will continue to highlight its equity products as well.iShares has limited its minimum volatility range to four products (global, United States, Europe and emerging markets), each of which take slightly different forms on each side of the Atlantic. In the United States, where funds of this type were launched in October 2011, assets total USD5.79bn (as of 3 April), with USD2.6bn for the MSCI USA product, and USD1.77bn for the MSCI Emerging Markets fund.In Europe, where these products got a much later start (30 November 2012), assets under management remain low, and clients are still in a discovery phase. The two largest ETF funds in this part of the range are the ones replicating the MSCI Emerging Markets Min. Vol., with USD69m, and the MSCI World Min. Vol., with USD50m. ETFs based on the S&P 500 Min. Vol. and MSCI Europe Min. Vol., for their part, have assets of USD8.4m and USD5.4m.
05/04/2013
SEB ImmoInvest sells three properties for EUR300m
P { margin-bottom: 0.08in; }A:link { } Frankfurt-based SEB Asset Management has announced that it has sold the Grand Hyatt and Maritim hotels in Berlin to an affiliate of Al Faisal Holding, and a 10,300 square metre Berlin office building to a real estate fund management firm. The sales, totalling EUR300m, concern assets from the portfolio of the open-ended real estate fund SEB ImmoInvest, whose liquidation by 30 April 2017 was decided eleven months ago (see Newsmanagers of 9 May 2012).Since 8 May 2012, the fund has sold a total of 35 properties. In 2012, SEB ImmoInvest redistributed about EUR1.3bn to its shareholders, or more than 20% of total assets. The next distribution will take place this summer.
05/04/2013
John Paulson back in form
P { margin-bottom: 0.08in; }A:link { } All funds by John Paulson have posted gains since the beginning of the year except his smallest hedge fund, the Financial Times reports. Advantage Plus gained 8.2% in March, with returns of +4.6% since the beginning of the yar, according to a letter sent to investors on Thursday. Those results were largely driven by investments in financial sector and cyclical stocks
05/04/2013
Insurers bring dynamism to French SRI market
P { margin-bottom: 0.08in; }A:link { } Private insurance companies now account for 44% of institutional SRI assets in France, a total of EUR47.2bn, out of EUR107.2bn, compared with 39% in 2011, and only 13% in 2010, the most recent statistics from Novethic for the French SRI market in 2012 reveal. With the addition of mutual insurers, the overall market share for insurance is as much as 51% in 2012, or EUR54.7bn, which represents slightly over one third of he total French SRI market, valued at EUR149bn. This growth in assets from insurers drove the French SRI market in 2012. Overall, the French SRI market, including institutionals and retail clients, grew by 29% in 2012, to EUR149bn. This is a slowdown compared with 2011, when the market grew by 69%. It continues to be dominated by institutionals, with 72% of assets (EUR107.2bn).
05/04/2013
80% of French SRI market controlled by 10 players
P { margin-bottom: 0.08in; } The top 10 asset management firms for socially responsible investment assets accounted for 80% of the French SRI market in 2012, with EUR149bn, according to rankings published for the first time by Novethic.In a further sign of market concentration, the top player, Amundi, with EUR65bn, has captured nearly half of all assets under management for retail and institutional investors. The second-largest, Allianz GI France, is far behind, with about EUR15bn. Third place goes to BNP Paribas IP, with slightly over EUR10bn.All other players trail behind with under EUR10bn. In declining order, they are Mirova, OFI, Generali Investments Europe, Axa IM, Groupama IM, Edmond de Rothschild AM and Neuflize OBC Investissements.In total, Novethic counts 40 asset management firms with French clients. In terms of resources allocated to SRI, the agency finds that about 90 extra-financial analysts (full-time equivalent) are employed in the Paris financial centre.
05/04/2013
ERAFP puts six equity mandates at stake
P { margin-bottom: 0.08in; } As part of its policy to extend its investment universe in line with the five values of its SRI charter, the French pension fund Etablissement de retraite additionnelle de la fonction publique (ERAFP) is launching a restricted request for proposals to award three France small cap equity portfolio management mandates, and three other mandates for United States mid and large caps.By way of information, ERAFP states, the volumes invested over three years may come to about EUR150m for France equities,a nd EUR300m for US equities.In both cases, the initial duration of the tender is five years, with a possible extension of the contract by ERAFP for three successive periods of one year each.
05/04/2013
Coverage rate for pension funds up in March
P { margin-bottom: 0.08in; }A:link { } The average coverage rage for the liabilities of US corporate pension funds in the month of March rose 1.9 percentage poitns to 82.6%, its highest level since March 2012, according to BNY Mellon Investment Strategy & Solutions Group. In the month under review, assets in pension funds increased by 2.1 percentage points, due to the good performance of the stock markets, which were affected only to a limited extent by the Cypriot crisis. Liabilities fell by 0.3%, while the discount rate increased by 4 basis points to 4.09% for Aa-rated businesses.
05/04/2013
Tax authorities target Italian asset management firms
P { margin-bottom: 0.08in; }A:link { } The Italian tax authorities are asking Mediolanum to pay EUR344m in outstanding taxes and sanctions, Il Sole – 24 Ore reports in its 3 and 4 April editions. It has found that the level of commissions passed back to the firm by the Irish firm Mediolanum International Funds to its two Italian affiliates, Mediolanum Vita and Banca Mediolanum, were too low. The firm is suspected of seeking to keep revenues in Ireland, where profits are subject to much more favourable tax levels than in Italy. Azimut and Banca Fideuram are also reported to be under the eye of the tax authorities, which are focusing on Italian asset management firms with activities in Ireland or Luxembourg. In the past 10 years, the Italian asset management industry has transferred many of its headquarters abroad, largely to Luxembourg and Ireland, to take advantage of more favourable tax regimes.
05/04/2013
Consultation on commission ban opens
P { margin-bottom: 0.08in; }A:link { } A market consultation on a rule to ban commissions for the provision of financial services in the Netherlands has been launched by the finance ministry, Fondsnieuws reports.The consultation will be open until 1 May. The regulation would come into effect as part of 2014 financial market reforms.The text of the proposal is available on the website www.internetconsultatie.nl.
05/04/2013
Anouk Agnes becomes deputy director general of ALFI
P { margin-bottom: 0.08in; } The Luxembourg investment fund association (ALFI) has announced that it has elected Anouk Agnes as its deputy director general, effective immediately. She joined ALFI in April 2012 is director of communications and business development, after serving as adviser to Luxembourg’s ministry of finance.
05/04/2013
Le groupe MACSF choisit Caceis comme prestataire d’Asset Servicing
Caceis a annoncé le 3 avril que le groupe MACSF lui avait confié la tenue de compte–conservation de ses portefeuilles, représentant 20 milliards d’euros d’encours, la fourniture des données pour le reporting financier (mesure de performances, attribution obligataire, VaR, etc.) et l’enrichissement du reporting réglementaire en lien avec la directive Solvabilité II. «Caceis a proposé au groupe MACSF un modèle «front-to-back» pour récupérer et alimenter les systèmes référentiels et comptables avec des données homogènes et enrichies», indique un communiqué. Les actifs ont été transférés en février 2013.
05/04/2013
Les actifs sous gestion d'Avenir Finance IM à plus de 700 millions d'euros
Les actifs sous gestion de d’Avenir Finance Investment Managers (AFIM), le pôle de gestion d’actifs du groupe Avenir Finance, s’inscrivaient fin décembre 2012 à environ 700 millions d’euros, a indiqué le 4 avril à l’occasion d’un point de presse Cyril Lureau, directeur général délégué d’Avenir Finance.L’encours affiche une progression de l’ordre de 200 millions d’euros par rapport à fin décembre 2011 due pour l’essentiel à l’effet marché. A fin mars 2013, la collecte nette est positive, mais dans des proportions très modestes.Le pôle gestion d’actifs, qui emploie une trentaine de personnes sur un effectif total de quelque 140 personnes, comprend OFP, filiale à 33,3% depuis juillet 2012, et qui gère quelque 400 millions d’euros, ainsi que deux équipes salariées encore en phase d’incubation.L’offre, composée d’une douzaine de fonds, se décline autour de stratégies de performance absolue et d’allocation d’actifs.
Lyxor AM et Canyon Capital Advisors lancent un fonds crédit event driven
Lyxor Asset Management s’est associé au gestionnaire de hedge fund californien Canyon Capital Advisors pour le lancement d’un fonds Ucits crédit basé sur la stratégie event driven. Disponible sur la plateforme Alternative UCITS de Lyxor, il aura une exposition diversifié aux marchés de la dette d’entreprise high yield ou distressed, des actions, des obligations convertibles et les residential mortgage-backed securities, précise Citywire. Le nouveau fonds sera libellé en euros, dollars américain et livres sterling.Récemment, Lyxor AM a annoncé le lancement d’un fonds UCITS qui vise à répliquer le «Diversified Program» de Winton Capital Management dont la stratégie est axée sur la recherche scientifique appliquée aux marchés financiers (lire NewsManagers du 19/03/2013).