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13/03/2013

Transamerica awards administration of its funds to State Street

P { margin-bottom: 0.08in; } State Street Corporation and Boston Financial Data Services (Boston Financial), a joint venture of State Street and DST Systems, have been retained by Transamerica Asset Mangement (an affiliate of Aegon NV) to provide a complete range of investment services on assets totalling USD55.5bn.The contract covers fund administration (financial reporting, expense administration, compliance monitoring) by State Street, which already has a relatively longstanding relationship with Transamerica. State Street is already custodian and accounting services provider to mutual funds from Transamerica.For Boston Financial, which, for its part, is a new partner of Transamerica, for shareholder recordkeeping, investor & intermediary servicing and compliance services.
13/03/2013

Recruitment agency for AM execs created

P { margin-bottom: 0.08in; } Derek Braddok and Bill Matthews, who had been partners at the recruitment agency specialised in executive search for the asset management and the financial servies sector HigdonBraddockMatthews, have joined forces to create a similar firm, BraddockMatthews LLC, which will initially have offices in New York and Boston.They plan to serve a client base of asset management firms, hedge funds, private equity firms, investment banks, brokerage firms, charities, and retail investors.BraddockMatthews will start up with a team of five other people, four of whom are former colleagues, and Crosby Haynes, who joins from Raines International.
13/03/2013

Managers may also have their bonuses capped

P { margin-bottom: 0.08in; } So far, portfolio managers are only concerned spectators in the debate on bonus limits, Financial Times Fund Management reports. But observers of the sector agree that regulators will be likely to copy proposals to limit the size of bonuses as compared with salaries to a proportion of 1:2 and 2:2 with forthcoming reforms. The fear is that prohibition of bonuses which exceed salaries may be enshrined into law when the UCITS V directive comes into effect in 2015, FTfm reports.
13/03/2013

Tyndall AM launches a corporate bank loan fund

P { margin-bottom: 0.08in; } The Sydney-based asset management firm Tyndall AM has launched a fund of bank loans issued to Australian businesses rated investment grade, Asian Investor reports. The fund will be dedicated largely to Japanese clients, due to the weak yen. Tyndall AM was acquired two years ago by Nikko Asset Management, for a total of USD80m, As of the end of 2012, its assets under management totalled AUD23bn, or slightly over EUR18bn.
13/03/2013

State Street launches two ETFs for Australian clients

P { margin-bottom: 0.08in; } With the SPDR S&P® World ex-Australia (aconym on ASX: WXOZ) and the SPDR S&P World ex-Australia (Hedged) Fund (WXHG), State Street Global Advisors (SSgA) is offering Australian investors exposure to international equities. The first fund will be listed on the ASX in a few weeks, while the second will follow shortly.SSgA currently (as of 28 February) has over AUD3bn in the form of ETFs on the Australian market.
13/03/2013

Tracker funds cost more than actively-managed funds

P { margin-bottom: 0.08in; } British tracker funds, which have assets of over GBP6bn, have very uncompetitive annual fees, according to a study undertaken by Bestinvest, MoneyMarketing reports. Bestinvest finds that the annual fees for the major British tracker funds fell in a total range of 0.15% to 1.5%. The two largest British retail tracker funds are the Virgin UK Index tracking fund (GBP2.4bn in assets), whose annual fees total 1%, and the Legal & General (N) Tracker Trust fund (GBp1.2bn), whose annual fees are 1.15%. Bestinvest cites several other tracker funds, whose total annual fees range from 0.8% to 1.5%. Bestinvest estimates that such fee levels are excessively high and unnecessary. According to Ben Seager-Scott, a senior analyst at Bestinvest, “there is no reason to pay more than 0.4% per year in fees for a tracker or an ETF. What our research clearly shows is that despite the fact that these strategies are passive, it remains highly important to be active in the selection of funds when choosing a tracker fund.”
13/03/2013

Assets under management up at Henderson Property

P { margin-bottom: 0.08in; } Assets under management at Henderson Property last year rose by GBP100m to a total of GBP12.5bn, according to statistics released by the firm on 12 March. Transactions over the year as a whole represented a cumulative total of GBP1.7bn. As of 31 December 2012, client engagements totalled GBP0.9bn. Investment projects currently represent an overall total of about GBP1bn. In France, following the acquisition of Horizon Investment Management France SAS, assets under management increased from EUR570m to over EUR1bn.
13/03/2013

Lloyds Banking Group nets about GBP520m from of SJP sale

P { margin-bottom: 0.08in; } The sale of a part of the stake in St James’s Place by Lloyds Banking group is expected to bring in gross proceeds of about GBP520m, according to a statement from the British banking group published on 12 March.Lloyds Banking states that it has placed 101,703.070 shares, at a price of GBP5.10 each, which corresponds to a total of about GBP520m.Following the conclusion of the operation, which is expected to occur on 15 March, Lloyds Banking Group will control about 37% of capital in St James’s Place.Lloyds Banking Group has agreed not to further reduce its stake in St James’s Place for a period of one year.
13/03/2013

Assets under management at Close Brothers up 6%

P { margin-bottom: 0.08in; } Assets under management at the asset management unit of Close Brothers rose 6% in the six months to the end of February, to GBP8.9bn, according to a statement released on 12 March. The increase is largely due to positive market effects, while subscriptions were offset by redemptions. The asset management unit finished the half with operating profits of GBP1.1bn, where the corresponding period of the previous fiscal year brought a loss of GBP2.6m. The group has also reported an operating profit of GBP77.3m for the half, compared wih GBP66.8m previously.
13/03/2013

Skandia loses its head of investment marketing

P { margin-bottom: 0.08in; } Michelle Andrews, marketing director, will take over the functions of the head of investment marketing, which will be left vacant at the end of this month following the departure of Graham Bentley, Fundweb reports. Relationships with fund management groups, which Bentley had also directed, will be transferred to the investment solutions team led by James Millard.
13/03/2013

Promotion for Tilman Hickl at UBS

P { margin-bottom: 0.08in; } Tilman Hickl, CEO of UBS Real Estate KAG in Munich, has been promoted to head global real estate – Europe at UBS Global Asset Management, a newly-created position, effective 15 March, fondsprofessionell.de reports. Hickl, who takes command of the real estate unit for all of Europe except Switzerland, temporarily remains a member of the board at UBS Real Estate KAG.His successor as CEO will be Christian Paul. The new head of global real estate – Germany and CEO will be Christine Bernhofer, currently CFO.
13/03/2013

Long-term funds returns to inflow levels last seen seven years ago

P { margin-bottom: 0.08in; } European long-term funds (excluding money market funds) in January recorded net inflows of EUR54.4bn, a level not seen since January 2006 (EUR56.1bn), Lipper reports.These inflows were driven by bond funds, which for the seventh consecutive month attracted over EUR20bn. More precisely, sales totalled EUR23.7bn, which brings the 7-month average to EUR23.2bn.Equity funds in January did not disappoint, with net inflows of EUR20.8bn, compared with EUR13.3bn in December 2012. It is the first time that the asset class has topped EUR20bn since December 2010, Lipper notes.Money market funds saw outflows of EUR4.5bn.In January, the three asset management firms which posted the strongest net sales were Pimco, BlackRock and Franklin Templeton, with EUR4.1bn, EUR3.7bn and EUR3.5bn, respectively. The three firms were also the ones which have accounted for the most inflows in the past 10 years, according to Lipper.
13/03/2013

Morgan Stanley launches a fund dedicated to mortgage market

P { margin-bottom: 0.08in; } Morgan Stanley Investment Management (MSIM) on 11 March announced the launch of the Morgan Stanley Investment Funds (“MS INVF”) Global Morgage Securities Fund. “The fund will offer attractive returns by investing in a portfolio of mortgages and securities mortgage instruments issued by government agencies and private institutions,” a statement from Morgan Stanley IM says. The new fund adopts a constand and thematic “bottom-up” type investment logic, which combines global macroecnomic analysis, research and sectoral trend analysts to create a diversified portfolio of securitised products. Research teams at MSIM Global Mortgage seek to identify opportunities to create potential value in all segments of the securitisation market. The construction of portfolios is undertaken in three stages: identification of the security, deployment and evaluation. “We concentrate on our clients – in difficult market conditions, our objective is to develop products which offer our clients access to various asset classes. The Global Mortgage Securities Fund leverages the expertise of Long-Only investment professionals and helps our clients to achieve their investment objectives.” says Arthur Lev, head of MSIM Long-Only Business.
13/03/2013

Santander starts to rationalise its product range

P { margin-bottom: 0.08in; } On 8 March, the CNMV issued a license in response to a request from Santander Asset Management to merge several Banif and Banesto products into Santander funds.In detail, the Santander Depositos Plus fund is authorised to absorb the Banif Fondepositos, Fondo Depositos Plus and Banesto Fondepositos funds, while the Santander Renimiento fund has received a license to absorb the Santander Renta Fija Flotante, Banif Corto Plazo, Banif Selección Emergentes and Banesto Ahorro.The funds are all managed by Santander Asset Management, whose assets totalled EUR18.26bn as of the end of February, in 237 funds, of which 58 (totalling EUR3.3bn) carry the Banesto brand name, and 35 (with EUR2.5bn) carry the Banif name.
13/03/2013

Invercaixa takes over management of funds from Banco Valencia

P { margin-bottom: 0.08in; } As La Caixa in November took control ot Banco de Valencia, Invercaixa has taken over management of 16 funds from Banco Valencia, which had previously been managed by Nordkapp, recently acquired by Banco Madrid, Funds People reports. As a result, Invercaixa has paid an indemnity to Banco Madrid, an affiliate of Banca Privada de Andorra (BPA), for rupture of a sales agreement which had tied Banco de Valencia to Nordkapp.Invercaixa has assets of EUR15.6bn in investment funds, in addition to which it now has EUR200m from Banco de Valencia. Invercaixa may soon also take over EUR2.2bn in assets managed by Banca Civica Gestión de Activos.
13/03/2013

Netherlands boutique launches two funds

P { margin-bottom: 0.08in; } The Netherlands-based asset management boutique Cyrte Investments has launched two equity funds which are intended to capitalise on the rising spending of consumers of new technologies, Citywire reports. The Delta Lloyd L. Cyrte Global Fund and the Delta Lloyd L Cyrte LatAm fund will be housed in a Sicav, the first from the Netherlands firm. They will be managed by Peter van Rooyen.
13/03/2013

JP Morgan Am owns more than 2% of Azimut

P { margin-bottom: 0.08in; } JP Morgan Asset Management controls 2.051% of the Italian asset management firm Azimut Holding, Bluerating reports, citing information from Consob, the Italian securities commission.
13/03/2013

Natixis AM wins mandate from Italian PF

P { margin-bottom: 0.08in; } Natixis Asset Management has received a management mandate for EUR50m from the Previp pension fund, for its balanced bond allocation, Bluerating reports. The allocation is 75% invested in bonds denominated in euros, and 25% in global equities. The mandate will be managed by the Institutional & Network Solutions team.The Previp pension fund as of the end of 2012 had assets of EUR1.4bn under management in 4 allocations.
13/03/2013

Global X offers ETF combining dividends and low vol

P { margin-bottom: 0.08in; } On 4 March, the New York-based Global X notified the SEC that it had launched Global X SuperDividend U.S. ETF (NYSE Arca acronym: DIV), which will replicate the INDXX SuperDividend U.S. Low Volatility index, and will charge 0.45%. The product is expected to be admitted to trading on 12 March.The index is equally weighted. It includes 50 ordinary shares in companies, MLPs, and US REITs, which offer both high dividends and low volatility when the beta for each share is compared with the market benchmark index.
13/03/2013

New manager for UK Equity High Alpha fund from Standard Life

P { margin-bottom: 0.08in; } Equity analyst Henry Flockhart has replaced Ed Leggets as manager of the Standard Life Investments UK Equity High Alpha fund, Fund Web reports. Flockhart joined the asset management firm in 2010. Leggets will continue to manage the SLI UK Equity Unconstrained fund.
13/03/2013

Skandia IM funds rebrand as Old Mutual

P { margin-bottom: 0.08in; } Since 11 March, British-registered funds managed by Skandia Investment Management Ltd will all adopt the Old Mutual prefix, Old Mutual Global Investors (OMGI) has announced, the change follows a name change for Skandia IM, which has become Old Mutual Investment Management Ltd.A list of affected funds is available as an attachment.
13/03/2013
Fonds

State Street lance deux ETF pour ses clients australiens

Avec les SPDR S&P® World ex-Australia (aconyme sur l’ASX : WXOZ) et le SPDR S&P World ex-Australia (Hedged) Fund (WXHG) qu’il vient de lancer, State Street Global Advisors (SSgA) propose aux investisseurs australiens une exposition aux actions internationales. Le premier sera coté sur l’ASX dans quelques semaines, le second devrait suivre assez rapidement.SSgA gère actuellement (28 février) plus de 3 milliards de dollars sous forme d’ETF sur le marché australien.
Fonds
13/03/2013
Fonds

Tyndall AM lance un fonds de prêts bancaires

La société de gestion basée à Sydney Tyndall AM vient de lancer un fonds de prêts bancaires octroyés à des entreprises australiennes notées en catégorie d’investissement, rapporte Asian Investor. Un fonds dédié notamment à une clientèle japonaise confrontée à la faiblesse du yen.Tyndall AM a été rachetée il y a deux ans par Nikko Asset Management pour un montant de 80 millions de dollars. A fin 2012, ses actifs sous gestion s'élevaient à 23 milliards de dollars australiens, soit un peu plus de 18 milliards d’euros.
Fonds
13/03/2013

JP Morgan AM détient plus de 2 % d’Azimut

JP Morgan Asset Management détient 2,051 % de la société de gestion italienne Azimut Holding, selon Bluerating, qui cite les relevés de la Consob, commission italienne des valeurs mobilières.
13/03/2013

Natixis AM remporte un mandat auprès d’un fonds de pension italien

Natixis Asset Management a obtenu un mandat de gestion de 50 millions d’euros de la part du fonds de pension Previp pour la poche «diversifiée obligataire», rapporte Bluerating. Cette poche est investie à 75 % dans des obligations libellées en euros et à 25 % dans des actions mondiales. Le mandat sera géré par l’équipe Institutional & Network Solutions. Le fonds de pension Previp détenait fin 2012 un actif de 1,4 milliard d’euros sur 4 poches.
13/03/2013

Création d'une agence de recrutement pour la gestion d'actifs

Derek Braddok et Bill Matthews, qui étaient associés de l’agence de recrutement spécialisée dans la gestion d’actifs et le secteur des services financiers HigdonBraddockMatthews, viennent de créer ensemble une entité similaire, BraddockMatthews LLC, qui disposera dans un premier temps de bureaux à New York et Boston.Ils comptent servir une clientèle de sociétés de gestion, de hedge funds, de firmes de private equity, de banques d’investissement, de firmes de courtages, de fondations et d’investisseurs particuliers.BraddockMatthews démarre avec une équipe de cinq autres personnes, dont quatre anciens collègues et Crosby Haynes, qui vient de Raines International.
13/03/2013

Départ programmé du DG de Carlyle Real Estate

Selon le site Business Immo, Eric Sasson, directeur général des opérations immobilières Europe de Carlyle Real Estate Europe va quitter la société d’investissement dans le courant de l’année. Catherine Simoni prend la tête des activités françaises de Carlyle Real Estate Europe et Christopher Finn lui succède par intérim à la tête des activités européennes, indique le site.Opérationnel fin 2013-début 2014, le nouveau fonds lancé par Eric Sasson investira principalement en France et en Grande-Bretagne.
13/03/2013
Fonds

Carlyle cherche de nouveaux investisseurs pour son fonds de buyout

Le groupe Carlyle a décidé de réduire à 50.000 dollars l’investissement minimal dans son nouveau fonds de buyout, rapporte l’agence Reuters sur la base de documents remis à la Securities and Exchange Commission (SEC).Un abaissement spectaculaire par rapport aux tickets d’entrée imposés précédemment qui s’inscrivaient entre 5 millions et 20 millions de dollars. Le nouveau fonds, CPG Carlyle Private Equity Funf LLC, sera accessible aux «investisseurs accrédités», à savoir ceux disposant d’un patrimoine net supérieur à un million de dollars ou des revenus supérieurs à 200.000 dollars au cours des deux années précédant l’investissement.Les concurrents de Carlyle, KKR, Blackstone et Apollo Global Management, ont déjà lancé des mutual funds visant les investisseurs retail par le biais de leurs plateformes de gestion d’actifs institutionnelles.Carlyle se fait accompagner pour vendre ce nouveau fonds par le conseiller en investissement Central Park Advisers.
Fonds
13/03/2013

Le précompte mobilier coûtera à la Société Générale

Selon le document de référence du groupe Société Générale, une partie de la dotation de 300 millions d’euros aux provisions pour risque juridique annoncée mi-février est liée à une récente décision du Conseil d’Etat au sujet du «précompte mobilier», rapporte L’Agefi. Ce dispositif fiscal pénalisant pour les entreprises françaises a été jugé contraire au droit européen, et a été abandonné. Plusieurs groupes, dont Accor et Rhodia, ont poursuivi l’Etat en réclamant au fisc la restitution du trop-perçu. Mais Accor et Rhodia ont été en partie désavoués par le Conseil d’Etat le 10 décembre dernier. Or, la SocGen qui ne commente pas précise le quotidien, a acquis en 2005 auprès de deux entreprises - dont Rhodia - ce droit à restitution. L’ exposition de la Société Générale au titre du précompte s'élève à 1,5 milliard d’euros. Avec la décision du Conseil d’Etat, la créance que la banque détenait sur le fisc vaut beaucoup moins que prévu, d’où les dotations supplémentaires.
13/03/2013
Fonds

TPG envisage de lancer un fonds immobilier

TPG Capital Management envisage de lancer son premier fonds immobilier avec un objectif d’au moins 1 milliard de dollars, selon le Wall Street Journal.La société compte commencer à lever des fonds dans le courant du second semestre 2013. Si TPG atteint son objectif, son fonds sera le deuxième plus important après celui de Lehman Brothers lancé en 2001 qui avait levé 1,6 milliard de dollars.
Fonds

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