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18/01/2013

Assets up and profits down at BNY Mellon in 2012

As of 31 December, assets under management at BNY Mellon totalled USD1.4trn, up 10% compared with the end of 2011, when they were down by 8%. Assets under custody or administration, for their part, increased by 9% for the year, to USD26.7trn.Net subscriptions to long-term products totalled USD56trn for the year 2012 as a whole, including USD14bn in fourth quarter.Lastly, BNY Mellon has announced that its net profits in 2012 had fallen marginally, to USD2.523bn, from USD2.569bn in 2011.
18/01/2013

Good results for Schwab asset management in 2012

Assets under management at Schwab at the end of 2012 totalled USD431.31bn, compared with USD399.35bn at the end of December 2011, according to figures released by the US bank at a presentation of its fourth quarter results. Management and administration commissions totalled USD2.04bn in 2012, compared with USD1.93bn the previous year, of which USD539m were in fourth quarter, compared with USD458m in fourth quarter 2011.
18/01/2013

Bank of America: record profits for asset management unit

In 2012, and in the fourth quarter of last year, the global wealth & investment management unit at Bank of America has posted record net profits, of USD2.223m and USD578m, respectively, comapred with USD1.718m and USD272m the previous year. Meanwhile, commission reenues have also set new records, at USD6.12bn for 2012 as a whole, and USD1.6bn in October-December.The pre-tax profit margin came to 21%, compared with 16% in 2011.At the end of December, assets under management totalled USD698.1bn, compared with USD635.6bn, with the increase of USD62.5bn due both to rising markets and to net subscriptions to long-term products.Overall, net profits at Bank of America totalled USD4.188bn in 2012, compared with USD1.446bn in 2011.
18/01/2013

Morningstar launches an index to hedge against inflation

Morningstar on 18 January announced the launch of the Morningstar US Real Asset Index, an index consisting of a diversified portfolio of liquid assets, which would provide protection against inflation, including Treasury Inflation-Protected Secuities (TIPS), REITs, commmodities, and commodity futures. The index includes about 40% TIPS, 30% commodity futures, 15% REITs and 15% securities related to commodities, including mining froups and companies involved in the transport of commodities. The index will be revised on a weekly basis.
18/01/2013

Aberdeen wants to limit inflows to its emerging market equities

The Scottish asset management firm Aberdeen Asset management has announced in its report on fourth quarter 2012, released on Thursday, that it is planning to slowdown incoming inflows to its emerging market equities, “to ensure performance is not compromised,” as it is no longer comfortable with the high rate of net inflows. Global emerging market equity strategies attracted a net total of GBP1.696bn in the last three months of last year, following GBP1.281bn in third quarter 2012. Inflows to Asia-Pacific equities, for their part, totalled GBP1.424bn, followsing GBP719m. These two universes drove overall inflows to Aberdeen in fourth quarter of the year (the first quarter of its fiscal year), which totalled GBP1.1bn, with GBP3.1bn for equities. Bonds, real estate, money market and “solutions” posted negative flows. In this context, assets under management at Aberdeen AM increased by 3% in the last three months of the year, to GBP193.4bn.
18/01/2013

ETF Securities scales up retail distribution

Frank Spiteri, a specialist in equity derivative trading at KBC Financial Products, and more recently responsible for sales and trading of ETFs at the broker Peel Hunt, has been recruited by ETF Securities (UK) Limited as head of distribution for the Europe, Middle East and Africa (EMEA) region. He will focus on sales of ETPs to retail clients, and will report to Matt Johnson, head of distribution for the EMEA region.
18/01/2013

Carmignac recruits in UK

Nick Casey joined the British sales team of Carmignac Gestion on January 14th to strengthen relationships with UK intermediaries via platforms, life companies and IFAs. He will report to Matthew Wright, head of country – United Kingdom.Before joining the French asset manager, Nick Casey worked at Aviva for 22 years, the last 6 of which were with Aviva Investors in London, specialising in IFA distribution.Following the opening of an office in London in April 2012 and with this hiring, Carmignac Gestion confirms its commitment to the UK market with five fully dedicated sales. Recently, a sales manager and an office manager have been hired.Over the last three years, 76 new staff have been hired across Europe to support Carmignac Gestion’s growth, adds the French asset manager. The fund management team has been further strengthened by the arrival of thirteen fund managers and analysts since 2010.
18/01/2013

Former Brevan Howard founder launches a family office

Chris Rokos, co-founder of the alternative asset management firm Brevan Howard, has founded a family office in central London, in Mayfair, the newsagency Reuters reports. Rokos left Brevan Howard last year, following a cutback of his asset management portfolio. In the Sunday Times rankings of the largest fortunes in the hedge fund sector, Rokos came in 15th, with estimated wealth of GBP230m. Other hedge fund managers are planning to wind down their activities due to increasingly strict regulation of the sector, such as the AIFM directive.
18/01/2013

Netherlands pension fund outsources its management to Kempen

Flexsecurity, the pension fund for the temp agency Randstad Holding, has outsourced all of its assets (EUR258m) to Kempen Capital Management, IPE.com reports. The Dutch asset management firm had already been working with the pension fund.
18/01/2013

RBC ITS abandoned by Gemini IM

RBC Investor & Treasury Services (RBC ITS), which belongs to the Royal Bank of Canada group, on 17 January announced that its Investor Services unit has been appointed as global custodian and provider of administration services to Gemini Investment Management. RBS ITS will assist Gemini with the development of its own administration and distribution services. Assets under administration at RBC ITS total about USD2.9trn.
18/01/2013

Azimut increases its stake in a Turkish business

The Italian asset management firm Azimut has increased its stake in the Turkish firm Global Menkul Değerler from 5% to 10%, through the exercise of options. The firm, listed on the Istanbul stock exchange, will sell new funds recently launched by AZ Global Portföy, the joint venture 60% owned by Azimut and 40% by Global, founded in February 2012, to Turkish clients. The operation coincides with the commercial launch of three families of products by AZ Global: Target, Formula and Trend.
18/01/2013

Vontobel AM recruits two bond analysts

David Walls and Stefan Husler have been recruited by Vontobel Asset Management, the former as a credit analyst and deputy portfolio manager for the Vontobel Fund – High Yield Bond, and the latter as a credit analyst for equipment, basic industries, and financial services.Walls had been a consultant for high yield credit at Waddell & Reed in Dallas, Texas, after becoming one of the co-founders of Three Seas Capital, and a partner, as well as portfolio manager, at Highland Capital Management.Hüsler, for his part, previously worked at UBS, Pemba Credit Advisors and Man Investments.
18/01/2013

iShares revises presentation of ETF commissions

The ETF provider iShares has revised the way in which its commissions are presented on its website for 42 ETF, IndexUniverse reports. This decision appears to indicate a desire on the part of iShares to offer investors a range of commissions which is slightly more in line with what various fund prospectuses may indicate.The iShares MSCI Emerging Markets Index Fund, which had until very recently had a total expense ratio (TER) of 0.67%, now has two TERs, one of 0.69% and one at 0.66%. The former is the TER as of 31 August 2012, while the second is the TER as of 31 December 2012. The difference between the two reflects an increase in assets in the fund during the last four months of 2012, which led to a decline in costs for investors.
18/01/2013

DoubleLine preparing three equity funds

Mutual Fund Wire relays reports in Reuters that DoubleLine Capital has filed a license application to the SEC for three equity funds, including the DoubleLine Equities Small Cap Growth Fund, which will be managed by Husam Nazer. The DoubleLine Equities Growth Fund and the DouhleLine Equities Global Technologies Fund will be managed jointly by Nazer and Brent Stallings, who were recently recruitd by the FI management firm founded by Jeff Gundlach.
18/01/2013

Neuberger Berman launches multi-asset fund

The New York-based asset management firm Neuberger Berman Group has announced the launch of the Neuberger Berman Dynamic Real Return Fund (tickers NDRAX, NDRCX, and NDRIX), which invests in several asset classes and aims to generate attractive risk-adjusted returns in various inflation environments.The product is managed by Andy Johnson, CIO for investment grade bonds, and Thanos Bardas, global head of sovereigns and interest rates. The portfolio may be invested in commodities, global inflation-linked bonds, high yield bonds, leveraged loans, US and emerging market equities, master limited partnerships (MLPs) and real estate. The managers will use a dynamic overlay system to “capitalise on short-term fluctuations in inflationary outlooks,” a statement says.
18/01/2013

Tikehau IM launches a private equity fund open to retail investors

Tikehau Investment Management, an asset management firm specialised in credit markets, has launched the FCPR Tikehau Financement Privé, its first private equity fund available to retail investors. With a minimal subscription of EUR20,000, the fund, which will be open from 31 January to 31 july 2013, allows private investors to participate in financing for mid-sized businesses. The FCPR Tikehau Financement Privé is primarily invested in financial sector securities providing access to capital (mezzanine debt).
18/01/2013

Mutual fund inflows more than tripled in 2012

Long-term mutual funds posted net subscriptions last year of USD243.2bn, compared with USD74.8bn in 2011, while net inflows to money market funds totalled USD76.84bn, compared with USD10.1bn, according to estimates by Morningstar. US equity funds continued to post net outflows (USD120bn, compared with USD87.19bn).Vanguard and Pimco captured 61% of total net subscriptions in 2012, compared with 30% in 2011, and 46% in 2010, with USD86.11bn and USD62.68bn, respectively. Two other asset management firms posted inflows of over USD20bn last year: JP Morgan, with USD25.57bn, and DoubleLine, with USD21.8bn.The fund which attracted the strongest net subscriptions was the DoubleLine Total Return Fund, with USD19.6bn, which beat out the Pimco Total Return (USD18bn), However, with the addition of the ETF version of the latter, with inflows of USD3.8bn, the fund from Bill Gross would win, says Morningstar.
18/01/2013

India launched an ETF of public sector businesses

The Indian government is planning to launch an ETF which would invest in public sector enterprises, IndexUniverse reports. According to initial indications, the ETF portfolio would include 15 to 20 profitable companies, a representative of the finance minister has stated, cited by the Wall Street Journal. It is not yet known whether the government will be abandoning its position as majority stakeholder in the selected businesses as part of the move.
18/01/2013

Vanguard drops Hansberger from one of its funds

On 14 January, Vanguard announced that the mandate for Hansberger Global Investors as advisor to the international equity fund Vanguard International Value Fund (USD6.8bn, ticker VTRIX) has not been renewed. Hansberger had been responsible for 17% of funds, and its allocation has been reassigned to two other mandate holders, Lazard Asset Management and Edinburgh Partners Limited. The proportion allocated to the former increases to 39%, while the latter rises to 34%. The other asset management firm holding a mandate from the fund is Arga Investment Management, with 24%, while the remainder is the cash allocation.
18/01/2013

Vontobel AM recrute deux gérants

Vontobel Asset Management a recruté deux gérants senior, révèle Bluerating. Il s’agit de David Walls et de Stefan Hüsler, qui rejoignent l’équipe d’investissement haut rendement et crédit.
18/01/2013

New CEO for Nordea Fonder

Maria Rengefors has been appointed as CEO of Nordea Fonder in Sweden, and will begin in the role on 1 February, Fondbranschen reports. She succeeds Sasja Beslik, who will be responsible for international socially responsible investments for the group. Rengefors is currently deputy CEO of Nordea Fonder, head of communication.
18/01/2013

NewAlpha AM signe un partenariat d'incubation avec LindenGrove Capital

NewAlpha Asset Management, la filiale du groupe Ofi dédiée à l’incubation de gérants, a annoncé, jeudi 17 janvier, avoir conclu son vingtième partenariat avec la société LindenGrove Capital. Cette dernière est spécialisée sur les stratégies de performance absolue de type «Global Macro». La société de gestion a été fondée en 2012 à Londres par Borut Miklavcic, qui a également créé en 2009 et dirigé jusqu’en mai dernier l’activité d’investissement pour compte propre de Nomura à l'échelle mondiale. Il avait également la responsabilité d’une équipe de 14 gérants répartis sur trois bureaux. Plusieurs membres de son équipe chez Nomura ont suivi Borut Miklavcic chez LindenGrove, dont deux gérants, Tom Groves et Ravin Seeneevassen, et Gianluca Squassi, en charge du risk management, précise un communiqué.Avec un premier fonds lancé mi-décembre 2012, LindenGrove Capital met en œuvre plusieurs stratégies de performance absolue, directionnelles et d’arbitrage, sur les marchés et instruments parmi les plus liquides au monde : taux d’intérêt, devises, indices actions et crédit, instruments indexés à l’inflation. Le modèle de suivi de risques et d’allocation dynamique est identique à celui exécuté chez Nomura.
18/01/2013
Fonds

Tikehau IM lance un FCPR ouvert aux particuliers

Tikehau Investment Management, société de gestion spécialisée sur les marchés du crédit, vient de lancer FCPR Tikehau Financement Privé, son premier fonds commun de placement à risques accessible aux particuliers. Moyennant un montant minimum de souscription de 20 000 euros, le fonds, qui a été ouvert du 31 janvier au 31 juillet 2013, permet aux investisseurs privés de participer au financement d’entreprises de taille moyenne.Le FCPR Tikehau Financement Privé est principalement investi en titres financiers donnant accès au capital (mezzanine).
Fonds
18/01/2013

Carmignac Luxembourg va prendre le statut de société de gestion

Dans le cadre de son développement international, Carmignac Gestion Luxembourg va demander au régulateur local, la CSSF, l’extension de son agrément au statut de société de gestion. Outre son rôle historique de distributeur global, l’entité luxembourgeoise deviendra ainsi la société de gestion de la Sicav Carmignac Portfolio et sera en mesure d’étendre l’activité de ses succursales au-delà de leur rôle actuel de promoteur local.
18/01/2013

L'AIE augmente sa prévision de demande mondiale de pétrole

Les marchés pétroliers mondiaux se tendent en raison de la hausse de la demande chinoise et de la baisse des réserves des membres de l’Opep, selon l’Agence internationale de l'énergie (AIE). Elle a augmenté sa prévision de la demande mondiale de pétrole cette année, de 240.000 barils par jour à 90,8 millions bpj. «Soudainement, le marché est plus tendu que ce que nous avions envisagé», explique l’AIE dans son rapport mensuel.
18/01/2013

Benoît Coeuré juge légitime un report de Bâle 3

Membre du directoire de la BCE, Benoît Coeuré a estimé vendredi dans un discours prononcé à Paris qu’il ne serait pas illégitime que l’Europe revoie le calendrier d’application de Bâle 3 si les Etats-Unis prennent plus de temps pour l’appliquer.

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