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14/03/2013

Deutsche WM As-Pac COO founds his own firm

P { margin-bottom: 0.08in; } Christian Camenzind, currently COO for Wealth Management for Asia Pacific at Deutsche Bank, will be leaving his position in the middle of the year, Finews reports, citing an internal memo from the firm. According to reports in Finews, the Swiss citizen would like to remain in Singapore. He is reported to have founded a firm entitled Crapera Capital, specialised in advisory and management mandates.
14/03/2013

Assets in SWFs may reach USD5.6trn by end-2013

P { margin-bottom: 0.08in; } For the fourth consecutive year, assets in sovereign wealth funds (SWFs) in 2012 increased to a record level of USD5.2trn, three quarters of its in Asia and the Middle East, according to statistics from TheCityUK. The organisation to promote the London financial centre claims that assets in sovereign funds may reach USD5.6trn by the end of 2013. In its most recent report on SWSFs, TheCityUK finds that sovereign funds all diversified their portfolios last year. This development has led to a reduction in the size of transactions, as well as an increase in allocations to emerging markets.Real estate has also benefited from this will to diversify, with a 30% increase in investment in the asset class to USD10bn in the past twelve months. The major beneficiary of the development was London, which has attracted one sixth of all global investment by sovereign funds since 2005.The report also finds that direct investment by SWFs last year fell to their lowest levels in six years, at USD57bn, but the activity rebounded in fourth quarter.
14/03/2013

Amundi lists another ETF in Frankfurt

P { margin-bottom: 0.08in; } Deutsche Börse on 12 March announced that the Amundi ETF MSCI Europe ex Financials has been admitted to trading on the XTF segment of the Xetra electronic platform. It is a French equity product (FR0011340413), which charges fees of 0.30%, and replicates the MSCI Europe ex Financials Index. It is the 1,025th ETF to be listed on XTF.
14/03/2013

DWS releases Chinese bond fund

P { margin-bottom: 0.08in; } With the DWS Invest II China High Income Bond fund, DWS is releasing a Luxembourg-registered Chinese high yield bond fund, founded on 15 February, in Germany. It is the high yield counterpartt of the DWS Invest China Bonds fund (USD1bn as of 28 February), which invests primarily in quality Chinese bonds. The two products also bet on the potential appreciation of the Chinese yuan.The new fund focuses on securities issued in US dollars, but the portfolio is hedged for currency risks between the US dollar and the yuan. About two thirds of the portfolio is invested in high yield bonds, and thus one third is invested in investment grade bonds. Most of the funds is invested in bonds rated between BBB and B.The fund is managed by Thomas Kwan and Wonnie Chu of Harvest (a Chinese asset management firm in which DWS controls 30%), which are also responsible for the DWS Invest China Bonds.CharacteristicsName: DWS Invest II China High Income Bonds LCHISIN code: LU0826450719Front-end fee: 3%Management fee: 1.1%
14/03/2013

TIAA-Cref supports agricultural research

P { margin-bottom: 0.08in; }A:link { } The US asset management firm TIAA-Cref will award USD5bn to a new agricultual research centre at the University of Illinois in the next three years, the Financial Times reports. The idea is to transform agriculture into an asset class comparable to real estate. TIAA_Cref has owned agrucltural land since 2007, and has USD4bn in assets under management in agricultural real estate worldwide.
14/03/2013

SEC agrees with major US banks

P { margin-bottom: 0.08in; }A:link { } The SEC has expressed its agreement with the opinion of four major US banks (JPMorgan Chase, Bank of America, Citigroup and Morgan Stanley) who do not want shareholders to be allowed to vote on potential spinoffs of their activities, Agefi reports. The US regulator finds proposals by labour unions and religious associations to require a shareholder vote “vague and poorly defined,” and they therefore will not have to feature on the agenda for general shareholders’ meetings at these major financial establishments.
14/03/2013

In April, four out of five major EM funds will be closed

P { margin-bottom: 0.08in; } According to InvestmentNews, the Oppenheimer Developing Markets Fund (USD33bn) will be closed to new investors in April. This means that out of the five largest emerging market funds, only the second-largest, the American Funds New World Fund (USD20bn) will remain open to subscriptions.The Lazard Emerging Markets Fund (USD16bn) has been closed to new clients since 2010, while since the beginning of this year, Aberdeen and Virtus have also closed subscriptions to their Emerging Markets Fund (USD10bn) and Emerging Markets Opportunities Fund (USD8.3bn).
14/03/2013

Fidelity continues development on ETF market, with the help of BlackRock

P { margin-bottom: 0.08in; } Fidelity Investments is increasingly counting on BlackRock to grow on the ETF market. The number of iShares ETFs which may be traded with no commissions by Fidelity clients is expected to more than double to 65, according to a statement released on 13 March by Fidelity and BlackRock. iShares ETF will be used in managed accounts from Fidelity in the next few months, and BlackRock will help Fidelity to develop ETFs tied to sectoral strategies. In exchange, BlackRock may directly contact a larger number of US retail investors. BlackRock and Fidelity in 2010 agreed to distribute 25 iShares funds to Fidelity clients with no fees. The number of funds increased to 30 one year later. The 65 funds now available with no fees include the ten Core ETF funds from iShares launched in October, and vehicles which invest in other Us and international equities, bonds, and commodities.
14/03/2013

Brevan Howard moves four from London to Geneva

P { margin-bottom: 0.08in; } The hedge fund management firm Brevan Howard has moved four partners from the United Kingdom to Geneva, Finews reports, citing efinancialcareers. Luigi Buttiglione, Alistair Hollingdale, Boris Vladimirov and Laime Ait Said are no longer registered as managers with the UK Financial Services Authority. In 2010, Brevan Howard transferred its headquarters and 50 employees from London to Geneva.
14/03/2013

Sales for Invesco in continental Europe reorganised

P { margin-bottom: 0.08in; } Miguel Rona, who had been appointed as co-head of retail distribution for continental Europe at the same time as Sergio Trezzi (see Newsmanagers of 20 September 2011) is leaving Invesco, while Mark Armour is taking over as director of Invesco for the EMEA region.As a result, Sergio Trezzi has been promoted to become the sole head of sales & client service for crossborder retail in continental Europe. He will be responsible for retail commercial activities of the asset management firm in France, Greece, Italy (which he continues to direct personally), Germany, Austria, Scandinavia, Benelux and the Iberian peninsula.Iñigo Escudero has been promoted to director of retail sales for Spain, Portugal and Latin America, duties which had previously been assumed directly by Rona.
14/03/2013

Montanaro AM slows subscriptions to its small cap fund

P { margin-bottom: 0.08in; } Montanaro Asset Management is preparing to introduce a 4% commission on all subscriptions by new investors to its popular European Smaller Companies fund, Citywire Global reports. Current clients will not be affected by the charges. The introduction of the commission is intended to slow flows, after the fund reach EUR1bn in assets under management.
14/03/2013

Malaysian asset management firms dominate Islamic finance

P { margin-bottom: 0.08in; } Four Malaysian asset management firms are among the top ten Islamic asset management firms, according to the first rankings of this type undertaken by Asian Investor. Three firms from Saudi Arabia are among the top ten, as well as one South African firm. Assets under management by the top 50 Islamic asset management firms total USD7.29bn, which are about 45% invested in bonds, money markets and sukuk, while the remaining 10% is dedicated to Islamic private equity and other alternative asset classes. Islamic finance continues to be driven largely by the issue of Sharia-compliant bonds, or sukuk, but the sukuk market, which has assets of about USD100bn, remains very small compared with the global bond market, whose assets total about USD100trn.
14/03/2013

Nextam adds a sub-fund to its Sicav

P { margin-bottom: 0.08in; } The Italian asset management firm Nextam has launched a new sub-fund of its Nextam Partners Sicav, the Nextam Partners Capital International Aig, whose management is outsourced to Capital International, Bluerating reports. The fund invests in businesses which distribute sustainable dividends.
14/03/2013

Strong mutual funds sales in February

P { margin-bottom: 0.08in; }A:link { } US long-term mutual funds have attracted a further net USD51.9bn in February, following USD87.2bn in January, Morningstar reports, adding that ETFs also succeeded in attracting a net USD7.7bn despite heavy net redemptions from products focused on precious metals. Diversified emerging market funds attracted USD6.2bn.Money market funds, for their part, have seen net outflows of USD30.5bn in February.For managers, the strongest net subscriptions in February went to Pimco, with USD8.530bn, followed by Vanguard, with USD8.154bn. T. Rowe Price posted inflows of USD2.997bn, followed by Franklin Templeton (USD2.472bn) and J.P. Morgan (USD2.340bn).
14/03/2013

German asset management: EUR21.3bn in net inflows in January

P { margin-bottom: 0.08in; } Open-ended funds attracted a net EUR6.4213bn in January, while institutional funds had inflows of EUR9.737bn, and mandates attracted EUR5.1938bn, meaning that German asset management in January posted net subscriptions of EUR21.3527bn, compared with EUR25.1076bn in December, and EUR3.3728bn in the corresponding month of last year, according to statistics from the German BVI asset management association.BVI also states that 445 open-ended funds were launched last year, while 318 were withdrawn from the market. In 2011, there were 419 launches and 436 discontinuations.The association also notes that in Europe on average, assets were 49% managed in funds, and 51% in mandates. In France, the proportion is 54/46, while in Germany 84% of assets are managed in funds, and 16% in mandates, precisely the inverse of the proportion that prevails on the Dutch market.
14/03/2013

AGI, Union, BlackRock and Deutsche Bank post inflows in January

P { margin-bottom: 0.08in; } On the German asset management market, net subscriptions to open-ended security funds in January totalled EUR5.4156bn.As usual, Allianz Global Investors stands out, with inflows of EUR884.9m, followed by Union Investment (co-operative banks) with EUR645.8m.Third place goes to BlackRock (wth its iShares ETFs), with EUR369.2m, more than db x-trackers, from the Deutsche Bank group, with EUR344.4m. Overall, the Deutsche Bank group shows inflows of EUR208.2m.However, outflows have continued at Deka (savings banks), where net outflows totalled EUR956.7m in January. For its part, ETFlab, the ETF affiliate of Deka, attracted EUR159.5m.
14/03/2013

Pre-tax profits up 4% at Brooks Macdonald

P { margin-bottom: 0.08in; } The wealth management group Brooks Macdonald in the half ending on 31 December reported 4% growth in its pre-tax profits to GBP4.26m, according to statistics released on 13 March. Assets under discretionary management as of the end of December totalled GBP4.62bn, an increase of GBP1.1bn, or 31%, over six months, and of GBP414m, or 11.8%, after the acquisition of Spearpoint is taken into account.
14/03/2013

Progression de 4% du bénéfice imposable de Brooks Macdonald

Le groupe de gestion de fortune Brooks Macdonald a fait état pour le semestre au 31 décembre d’une progression de 4% de son bénéfice avant impôts à 4,26 millions de livres, selon les chiffes publiés le 13 mars. Les actifs sous gestion discrétionnaires totalisaient fin décembre 4,62 milliards de livres, soit une augmentation de 1,1 milliard de livres ou 31% sur les six mois et de 414 millions de livres ou 11,8% net de l’acquisition de Spearpoint.
14/03/2013

Very strong rise in subscriptions at M&G in 2012

P { margin-bottom: 0.08in; } Last year, net subscriptions at M&G Investments totalled GBP16.881bn, compared with GBP4.385bn in 2011. This result includes a 49.9% share for the British asset management firm in the profits of PPM South Africa, which was consolidated to 100% in 2011, according to the Prudential Plc (The Pru) annual report. Overall, the asset management unit of the Pru posted inflows of GBP18.507bn, compared with GBP5.018bn, excluding money market funds.External assets in M&G funds as of the end of December totalled GBP111.868bn, compared with GBP91.948bn twelve months previously, while assets under management totalled a record GBP228bn, compared with GBP201bn twelve months previously. The proportion of assets which originate from countries other than the United Kingdom increased to 29% as of the end of 2012, from 25% one year earlier.Operating profits for M&G by IFRS accounting standards in 2012 come to GBP371m, compared with GBP357m. The Pru has posted IFRS operating profits of GBP2.533bn (+25% compared with 2011).
14/03/2013

Old Mutual recruits for executive board

P { margin-bottom: 0.08in; } Paul Feeney, CEO of Old Mutual Wealth, will on 1 April be joining the executive committee of the Old Mutual group, along with Ralph Mupita, CEO of Old Mutual Emerging Markets, and Carlton Hood, the new group customer director, Investment Week reports. The three will report to Paul Hanratty, CEO of Old Mutual Long Term Savings, who also becomes COO of Old Mutual.
14/03/2013

RDR pares back number of financial advisers

P { margin-bottom: 0.08in; }A:link { } A study by the Association of Professional Financial Advisers (APFA) in conjunction with NMG Consulting has confirmed a trend already noted by the FSA (see Newsmanagers of 15 February): between 2011 and 2012, immediately before the introduction of RDR legislation, the number of independent financial advisers in the United Kingdom fell by nearly 10%, to 23,865, from 26,339.However, the number of licensed intermediaries increased 3%, to 14,189 in the twelve months to the end of September, including 9,066 appointed representatives, compared with 8,638, and 5,123 licensed businesses, compared with 5,135.The NMG study shows that before the introduction of RDR, 48% of income for independent financial advisers came from initial commissions (34%) and renewal commissions (14%). Meanwhile, 10% of income came from fees charged directly to clients.
14/03/2013

Qatar may invest GBP10n in the United Kingdom

P { margin-bottom: 0.08in; }A:link { } Qatari officials and ministers are reported to have begun talks with the British government to invest up to GBP10bn in infrastructure projects in the United Kingdom, the Financial Times reports. A specific fund may be created. Among the planned investments, the FT cites plans by EDF to construct a nuclear reactor in Hinkley Point. Other investments in projects to construct power plants, roads and railways are also reportedly among the potential targets.
14/03/2013

Le COO de Deutsche Bank Wealth Management Asie Pacifique crée sa société

Christian Camenzind, actuellement COO Wealth Management de Deutsche Bank pour l’Asie Pacifique, va quitter son poste en milieu d’année, indique Finews, qui cite une note interne de la société. Selon les informations de Finews, le Suisse souhaite rester à Singapour. Il aurait créé une société baptisée Crapera Capital spécialisée dans le conseil et les mandats de gestion.
14/03/2013

La scission des activités met la SEC d'accord avec les grandes banques américaines

La SEC a exprimé son accord avec l’opinion de quatre grandes banques américaines (JPMorgan Chase, Bank of America, Citigroup et Morgan Stanley) qui ne veulent pas que les actionnaires puissent être amenés à s’exprimer sur une éventuelle scission de leurs activités, rapporte L’Agefi.Emanant de syndicats et d’associations religieuses, ces propositions en faveur d’un vote des actionnaires ont été jugées par le régulateur américain «vagues et mal définies» et elles n’ont donc pas à figurer à l’agenda des assemblées générales à venir de ces grands établissements financiers.
14/03/2013

Le cabinet d'avocats Jones Day crée un pôle Projets & Infrastructures

Le cabinet d’avocats international Jones Day a annoncé le 13 mars la création du pôle Projets & Infrastructures afin d’accompagner ses clients sur des financements d’un nouveau type. Dans le prolongement de la pratique mondiale, le bureau de Paris a constitué une équipe pluridisciplinaire dédiée aux projets et infrastructures qui réunit des avocats des pratiques Energie (Laurent Vandomme et Denis Bandet), Droit public (Philippe Delelis et Nicolas Brice), Structuration de fonds (Florence Moulin et Daniel Schmidt), Banque & Finance (Frédéric Gros) et Corporate/M&A (Philippe Li dédié aux pays émergents).Cette nouvelle «pratique» s’appuie sur l’expérience des avocats du Cabinet qui, depuis plus de vingt ans, interviennent sur le développement, l’acquisition et le financement d’infrastructures, couvrant toutes les phases de développement, de négociation des contrats initiaux de partenariat ou de joint venture jusqu’au financement et à la construction des actifs. Les avocats de Jones Day conseillent les investisseurs, les promoteurs, les constructeurs, les autorités et les prêteurs sur tous types d’infrastructures, tels que des projets de centrales de production d’énergie (notamment dans le secteur des énergies renouvelables), des projets pétroliers et miniers ou des installations aéroportuaires, ferroviaires et portuaires. «Notre approche intégrée et internationale nous permet de fournir à nos clients des solutions créatives et innovantes afin d’optimiser chaque opération et de surmonter les difficultés inhérentes au développement et au financement de grands projets» a déclaré Arman Galledari, associé en charge de la pratique Projets & Infrastructures au niveau mondial.
14/03/2013

AGI, Union, BlackRock et Deutsche ont collecté en janvier

Sur le marché allemand de la gestion d’actifs, les souscriptions nettes des fonds de valeurs mobilières offerts au public se sont montées pour janvier à 5.415,6 millions d’euros.Comme à l’accoutumée, Allianz Global Investors se distingue, avec une collecte de 884,9 millions d’euros, devançant Union Investment (banques populaires) avec ses 645,8 millions d’euros.Le troisième meilleur score revient à BlackRock (avec ses ETF iShares), qui a drainé 369,2 millions d’euros, soit plus que db x-trackers, du groupe Deutsche Bank, avec 344,4 millions. Au total, le groupe Deutsche Bank a collecté 208,3 millions d’euros.En revanche, l’hémorragie continue chez Deka (caisses d'épargne), où les sorties nettes ont porté sur 956,7 millions d’euros en janvier. De son côté, ETFlab, filiale ETF de Deka a quand même réussi à attirer 159,5 millions d’euros.
14/03/2013
Fonds

DWS propose un fonds d'obligations chinoises

Avec le DWS Invest II China High Income Bonds, DWS lance la commercialisation en Allemagne d’un fonds luxembouurgeois d’obligations chinoises à haut rendement qui a été créé le 15 février. C’est le pendant «high yield» du DWS Invest China Bonds (1 milliard de dollars au 28 février) qui investit principalement en obligations de bonnes signatures chinoises. Les deux produits misent également sur le potentiel d’appréciation du yuan.Le nouveau fonds se focalise sur des titres émis en dollars américains, mais le portefeuille est couvert du risque de change dollar/yuan. Environ les deux tiers de ce portefeuille seront investis en obligations à haut rendement et donc un tiers en obligations de catégorie investissement. L’essentiel du fonds est investi en obligations notées entre BBB et BLe fonds est géré par Thomas Kwan et Wonnie Chu de Harvest (gestionnaire chinois dont DWS détient 30 %), qui sont également responsables du DWS Invest China Bonds.CaractéristiquesDénomination : DWS Invest II China High Income Bonds LCHCode Isin : LU0826450719Droit d’entrée : 3 %Frais de gestion : 1,1 %
Fonds
14/03/2013
Fonds

Amundi fait coter un ETF supplémentaire à Francfort

La Deutsche Börse a indiqué que depuis le 12 mars l’Amundi ETF MSCI Europe ex Financials a été admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra. Il s’agit d’un produit actions de droit français (FR0011340413) chargé à 0,30 % qui reproduit le MSCI Europe ex Financials Index. C’est le 1.025ème ETF coté sur XTF.
Fonds
14/03/2013
Fonds

Les sociétés de gestion malaisiennes dominent la finance islamique

Quatre sociétés de gestion malaisiennes se trouvent parmi les dix premières sociétés de gestion islamiques, selon le premier classement du genre réalisé par Asian Investor. Trois sociétés d’Arabie saoudite figurent dans les dix premiers ainsi qu’une société sud-africaine.Les actifs sous gestion des cinquante premières sociétés de gestion islamiques s'élèvent 72,9 milliards de dollars, investis à 45% environ en actions d’un côté et à 45% en obligations, marché monétaire et sukuk, le reliquat de 10% étant dédié au private equity islamique et à d’autres classes d’actifs alternatives. La finance islamique reste très animée par l'émission d’obligations conformes à la charia ou sukuk mais ce marché des sukuk, qui représente un encours d’environ 100 milliards de dollars, reste encore très modeste par rapport au marché obligataire global dont les encours s'élèvent à environ 100.trillions de dollars.
Fonds
14/03/2013
Fonds

Les actifs des fonds souverains pourraient atteindre 5.600 milliards de dollars fin 2013

Pour la quatrième année consécutive, les actifs des fonds souverains ont augmenté en 2012 pour atteindre le niveau record de 5.200 milliards de dollars, dont les trois quarts en Asie et au Moyen-Orient, selon des statistiques communiquées par TheCityUK. L’organisme de promotion de la place de Londres estime que les encours des fonds souverains pourraient atteindre 5.600 milliards de dollars d’ici à la fin de 2013.Dans son dernier rapport sur les fonds souverains, TheCityUK souligne que les fonds souverains ont tous diversifié leurs portefeuilles l’an dernier. Cette évolution s’est traduite par une diminution de la taille des transactions ainsi que par une hausse des allocations aux marchés émergents.L’immobilier a également bénéficié de cette volonté de diversification, avec une progression des investissements de 30% dans la classe d’actifs à 10 milliards de dollars au cours des douze derniers mois. Le grand bénéficiaire de cette évolution a été Londres qui a attiré un sixième des investissements globaux des fonds souverains depuis 2005.Le rapport indique par ailleurs que les investissements directs des fonds souverains sont tombés l’an dernier à leur plus bas niveau depuis six ans, à 57 milliards de dollars, mais l’activité a rebondi au quatrième trimestre.
Fonds

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