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09/11/2012

Nette hausse du chiffre d'affaires d'Avenir Finance

Le groupe Avenir Finance a enregistré au titre du troisième trimestre 2012 un chiffre d’affaires de 6,59 millions d’euros, en hausse de 21% par rapport au troisième trimestre 2011. Pour 3,574 millions d’euros, il a été réalisé via la gestion d’actifs et pour 3,022 millions d’euros par la gestion privée. Soit des hausses de 22 % et 20 % respectivement pour ces deux domaines d’activité par rapport au troisième trimestre 2011.Par ailleurs, les actifs gérés ou distribués par Avenir Finance Investment Managers se sont élevés à 678 millions d’euros, en progression de 37% depuis le début de l’année.
09/11/2012
Fonds

Pyxis Capital lance un ETF de crédits bancaires

Le 7 novembre, le texan Pyxis Capital (2,4 milliards de dollars d’encours) a fait admettre à la négociation sur la plate-forme NYSE-Arca le Pyxis iBoxx Senior Loan ETF (acronyme : SNLN) qui réplique le Markit iBoxx USD Liquid Leveraged Loan Index couvrant les 100 plus liquides leveraged loans négociables. Ce produit est chargé à 0,55 %.
Fonds
09/11/2012

Philippe Zaouati prend la présidence de la commission ISR de l'AFG

Philippe Zaouati, directeur général délégué de Natixis AM et président du groupe de travail « Responsible Investment » de l’Association européenne des gestionnaires d’actifs (Efama), devient président de la Commission Investissement Socialement Responsable de l’AFG.Il succède à Thierry Deheuvels (Oddo Asset Management) qui a occupé la présidence de la commission pendant plus de dix ans.
09/11/2012

Pioneer recrute trois dirigeants commerciaux en Asie

Pioneer Investments vient de recruter trois personnes en Asie afin de renforcer son maillage commercial dans la région.Martin Park est nommé directeur commercial en Corée, basé à Singapour. Il vient de HSBC Global Asset Management (Hong Kong) Limited où il était le responsable d’équipe pour l’activité institutionnelle coréenne depuis 2007.Hiromi Wada rejoint Pioneer en tant que représentant pour le Japon. Il était précédemment chez Itau Japan Asset Management où il s’occupait de l’activité institutionnelle et retail depuis trois ans.Enfin, Matthew Marks devient directeur commercial institutionnel pour l’Asie hors Japon et Corée, à Singapour. Cet Australien était récemment directeur de l’activité institutionnelle de Prudential Asset Management à Singapour.Les trois nouvelles recrues seront placées sous la direction de Jack Lin, responsable Asie et Moyen-Orient.
09/11/2012
Gestion d'actifs

La Caisse de pensions Jura pastorale a procédé à quelques ajustements tactiques

D’après Pierre André Shaffter, administrateur de la Caisse de pensions de la Collectivité ecclésiastique cantonale de Jura pastorale, le rendement de la caisse devrait s’avérer satisfaisant en 2012. Il estime que celui-ci devrait se situer entre 3 et 4 % contre 1,5 % en 2011. La Caisse de pensions Jura pastorale, qui gère 28 millions de francs suisses pour 155 actifs et 70 retraités, n’a pas fait évoluer son allocation tactique : 53% d’obligations, dont 18% à l'étranger, 13% d’actions suisses et 13 % d’actions étrangères, 14% d’immobilier, 5% de liquidités et 2% de placements alternatifs. Depuis le début de l’année, elle a procédé à quelques ajustements tactiques : « augmentation de l’exposition dollar en achetant des ETF des secteurs de l’assurance et de l’automobile », et « allégement de l’exposition aux actifs japonais ». Le comité de placements qui se réunit prochainement pour définir les grilles d’investissement ne devrait pas revoir l’allocation stratégique, conformément à la « politique de stabilité » de l’institution. Jura Pastorale gère en direct son allocation, en lien avec les banques du canton du Jura. Pour l’immobilier, dont la part n’a pas évolué au niveau de la Suisse, les actifs sont répartis entre USB Sima, La Foncière, le fonds immobiliers romand FIR, Immofonds et Swisscanto pour l’immobilier international. Les placements alternatifs concernent deux fonds de matières premières. Le taux de couverture de la caisse de pensions est de 98,9 %, ce qui est jugé satisfaisant par Pierre André Shaffter. « La baisse prochaine de notre taux technique à 3,5 % devrait ramener le taux de couverture à 97 % à fin 2012 » conclut-il.
Gestion d'actifs
09/11/2012

Allianz GI recruits head for its new “insurers” unit

Bernard Weninger, Head of European Insurance and Pension Solutions Marketing and ALM at Bank of America Merrill Lynch International in London, was on 1 November recruited as head of the new European Insurance Group at Allianz Global Investors (AGI) in Frankfurt.He will be responsible for relationships with clients throughout Europe in the area of primary insurance and reinsurance, institutional client segments which AGI is now planning to develop.He will report to James Dilworth, CEO of AGI for Europe.
09/11/2012

Pioneer recruits three heads of sales for Asia

Pioneer Investments has announced the appointment of three senior sales executives across key markets in Asia under the direction of Jack Lin, head of Asia and Middle East. Martin Park joins as sales director Korea, from HSBC Global Asset Management (Hong Kong) Limited, where he was the team head of its Korean institutional business from 2007. He will be based in Sinagapore.Hiromi Wada has been appointed as Japan representative. He joins from Itau Japan Asset Management, where he was working on its institutional and retail businesses over the past 3 years. Finally, Matthew Marks joins as sales director institutional Asia, based in Singapore. He was most recently a director of institutional business with Prudential Asset Management in Singapore.
09/11/2012

Schroders to offer Chinese bond strategy in Europe

The British firm Schroders will soon be offering a strategy based on Chinese bonds to European investors, initially in Luxembourg, and subsequently on the French market, Rajeev De Mello, head of Asian fixed incoe management, has announced on a visit to Paris. As of the end of September, the strategy had assets of about USD585m, largely in the hands of Asian clients. This strategy represents a real opportunity for European investors seeking diversification, De Mello claims, adding that the returns on ten-year Chinese bonds are currently 3.2%, a performance which Australian bonds cannot rival. In the Asian bond sector, assets under management at Schroders as of the end of September totalled about USD7.2bn, up 10% compared with the end of 2011. The most popular strategies were Asian credit, with assets up sharply to USD1.11bn as of the end of September, Hong Kong bonds (USD1.1bn), and Singapore bonds (USD468m).
09/11/2012

PRI launches discussion on responsible investment in hedge funds

The UN-backed Principles of Responsible Investment (PRI) Initiative on Thursday issued a discussion paper on hedge funds to help its asset owner signatories better understand the risks associated with particular hedge fund strategies and instruments and the implications these may have for the performance of their portfolios and the broader market. It also outlines some actions that investors can take to improve the governance of hedge funds. The paper has been produced in response to growing interest from PRI signatories about how responsible investment relates to alternative investment strategies and instruments, including high frequency trading, leverage, shorting and the use of derivatives by hedge fund managers. According to PRI’s 2011 Reporting and Assessment survey, 137 signatories have some exposure to hedge fund investments, including 74 asset owners. “Many signatories have significant allocations to hedge funds and the PRI has a growing number of hedge fund manager signatories. However, there is currently no clear consensus on what being a responsible investor in hedge funds actually entails,” said Rob Lake, director of responsible investment at PRI.
09/11/2012

UBS hires back laid off staff

The Swiss bank UBS, which last week announced that it is laying off 10,000 employees worldwide, is already backpedalling. According to Finews, citing reports by Reuters, the firm may have laid off staff too hastily, and is now lacking personnel in certain areas. Several people are reported to have been contacted for re-recruitment by UBS.
09/11/2012

BlackRock recruits a head of sales for Germany

Christian Machts, managing director of Commerzbank Asset Management, will in early 2013, in January or April, succeed Andrej Brodnik as head of the Frankfurt office of BlackRock, and will serve as director of retail for Germany, Austria and Eastern Europe, Das Investment reports. Brodnik left the business at the end of June.
09/11/2012

Fidelity propose aux CGPI un logiciel de pilotage des portefeuilles

En Allemagne, Fidelity Worldwide Investments vient de mettre à disposition des CGPI une solution complète pour la gestion de fortune individuelle, SAM (pour Systematisches Anlage-Management) couvrant le conseil ainsi que la constitution et la gestion de portefeuille, l’administration de comptes, la documentation et le reporting.Le SAM couvre 8.000 fonds de 220 sociétés de gestion, dont il extrait les meilleurs (au moins 4 étoiles Morningstar) pour chaque classe d’actifs. La composition des portefeuilles est révisée trimestriellement et l’allocation est réajustée une fois par an en fonction du profil de risque. Vers la fin de la période d’investissement, le risque est réduit par un transfert vers des produits monétaires.Pour le CGPI, note Fidelity, cette formule présente l’avantage non seulement d’un gain de temps mais également celui de réduire son risque réglementaire compte tenu du module standardisé de conseil à la clientèle, étayé par une documentation détaillée.Le SAM est adaptable à chaque profil de clientèle ; il est accessible pour des portefeuilles à partir de 10.000 euros. Le droit d’entrée est de 3 % et la commission de gestion se situe à 1 % maximum, plus la TVA.
09/11/2012

Deutsche Bank appoints single head of marketing for AWM

Alexander Maresch, director of marketing for DWS since 7 July 2009, was on 8 November 2012 promoted to head of marketing for the entire new asset and wealth management (AWM) unit at Deutsche Bank. He will thus be responsible for marketing not only for DWS (retail), but also for other asset management affiliates, including db x-trackers (ETF/ETP), DB Advisors (institutionals) and RREEF (alternative), as well as the private wealth management arm of the bank.Maresch spent his entire career at the Deutsche Bank group, which he joined in 1996. He had previously been head of public distribution & marketing for Europe at DWS; he has also been responsible for the launch of the DWS brand on the US market.
09/11/2012

Allianz posts record AUM

Operating profit for Asset Management at the Allianz Group grew by 58.1 percent in the third quarter of 2012 to EUR849m, compared to EUR537mfor the third quarter of the previous year.Total assets under management grew 14.8 percent to a record EUR1.8trn at the end of the third quarter of 2012 from EUR1.6trn as of the end of September 2011. Third-party assets rose over the same period to EUR1.4trn from EUR1.2trn.The increase was 40.9 percent adjusted for foreign currency and consolidation effects. The cost-income ratio improved by 5.5 percentage points to 54.0 percent from 59.5 percent in the third quarter of 2011.Net income for the whole group reached EUR1.4bn for the third quarter of 2012, compared to EUR258m in the third quarter of 2011. In the previous year, impairments on financial sector investments and Greek sovereign bonds had heavily impacted net income.
09/11/2012

Lyxor hedge fund barometer down 0.58% in October

The benchmark index for hedge funds calculated by Lyxor lost 0.58% in October, bringing its performance since the beginning of the year to 1.56%. Nine of the fourteen strategies covered by the index finished the month with gains, including Lyxor Long/Short Credit Arbitrage, which gained 1.66% for the month, and 8.17% since the beginning of the year, and the Lyxor Fixed Income Arbitrage, which tained 0.51% for the month, and 8.76% since the beginning of the year. The worst performer was Lyxor CTA Long Term, which lost 3.58% in October, and is down 7.08% since the beginning of the year.
09/11/2012

Hedge fund pay scales on the rise

After a highly problematic year in 2011, hedge funds in 2012 returned to record assets, and pay scales have started to rise again. The average income has developed in a range from 15% up to 5% down compared with 2011, according to the most recent edition of the Glocap 2013 Hedge Fund Compensation Report, published by HFR Group and Glocap. Among the trends observed in 2012 were a prudent recruitment policy, which is expected to be renewed in 2013 with increased participations in profits and a boost in owners’ equity for hedge funds at the most established firms. The structure of pay packages will continue to develop toward the institution of long-term incentives, as investors seek higher liquidity and more transparency. Assets in hedge funds have reached a record USD2.19trn, while the HFRI composite index has gained 4.8% in the first nine months of the year. Inflows were concentrated at the most established firms. The firms whose assets under management total USD5bn or more have posted net inflows of USD43bn, while actors with less than USD5bn under management have seen net redemptions of about USD12bn. Portfolio managers and traders have benefited from significant increases in their pay scales, with increases of as much as 15% for the former, and total change ranging from -1.5% to +14% for the latter. Pay scales for portfolio managers at mid-sized firms whose performance is in the middle of the range totalled about USD1.3m, while managers of larger firms and better performance could earn more than double that. For traders, a senior employee of a major firm with middling performance income received a total income of about USD500,000.
09/11/2012

Inflows down for Aviva Investors, in the process of redeployment

The Aviva group on 8 November announced at a publication of its interim results that its asset management unit Aviva Investors had posted net inflows of GBP2bn in the first nine months of the year, compared with GBP2.8bn in the corresponding period of 2011.This decline of GBP800m in inflows is related to a redeployment of distribution offices in Europe, the group states, adding that new mandates have been won from institutional clients in the United Kingdom, the Middle East, and the Americas in the past quarter.Assets under management as of the end of September totalled GBP274bn, compared with GBP263bn as of the end of September 2011.The group also states that it has begun an examination of the management portfolio of the group, and the product range appropriate in a low interest rate environment. Further effort is planned with Aviva Investors in order to devlop a “more convincing external product range,” a statement says. “Aviva Investors continues to serve the group well, but has not met our expectations in terms of the development of the activities concerned,” the group says.
09/11/2012

Cantab closes its strategy to new investors

Cantab Capital Partners, the systematic global macro manager, has closed its flagship CCP Quantitative strategy to new investors because it has grown to optimal capacity. The strategy was launched in 2007 with just USD30 million in assets under management; it currently manages USD4,5 billion in assets. According to Dr Ewan Kirk, CIO and founding partner of Cantab, ‘the strategy is currently at the optimal size for us to continue delivering attractive risk adjusted returns to our investors,’ he said. ‘Our efforts are focused on sustaining the performance and continuing to produce the returns with limited correlation to other CTAs and asset classes.” Based in Cambridge, England, the home of Cambridge University, Cantab prides itself on its ties to academia, applying the brainpower in its midst to systematic investing. The firm’s team consists of 37 employees, most of whom are fully dedicated to research and trading. The firm implements its investment strategy by constructing a portfolio of multiple models across three broadly uncorrelated sources of return and clusters of models – value, medium term momentum and short-term trading.
09/11/2012

Schroders records inflows in third quarter

For the three months to 30 September, Schroders recorded net inflows of GBP2.6 billion. Net inflows were GBP1.9 billion in institutional and GBP0.8 billion in intermediary, with net outflows of GBP0.1 billion in Private Banking. For the first nine months of 2012, net inflows were GBP5.3 billion (2011: £5.1 billion). Assets under management were GBP202.8 billion as at 30 September 2012, compared with GBP194.6bn as at 30 June 2012 and with GBP187.3bn at the end of 2011.Total profit before tax for the three months to 30 September was GBP88.6 million (Q3 2011: GBP101.6 million), taking profit before tax for the first nine months of 2012 to GBP266.0 million (2011: GBP317.3 million). Schroders expects a slowdown in institutional flows in the short term but demand in intermediary has picked up.
09/11/2012

Deputy CEO of EFG International leaves firm

The deputy CEO of the private banking group EFG International will be leaving his position at the end of 2012. A founding partner of EFG Financial Products, which has recently held its IPO, Lukas Ruflin will remain available to the business as a consultant and member of the board of directors, a statement released n 8 November says. Ruflin had served in the role of deputy CEO for more than three years. He will not be replaced, for reasons of cost savings, a statement says.
09/11/2012

Yves Sarasin appointed as CEO for Central and Eastern Europe at Sarasin

Yves Sarasin will take over on 1 January 2013 as director fo the markets of Central and Eastern Europe at Banque Sarasin. This market includes business with private clients in Poland and Russia with accounts in Switzerland. Yves Sarasin will be based at the headquarters of Banque Sarasin in Zurich, and will report directly to Eric G. Sarasin, head of the Private Banking division and a member of the Executive Committee at Banque Sarasin. In his previous position. Yves Sarasin set up the bank’s representative office in Poland. The former co-director Daniel Raemy will now be solely responsible for the Warsaw office.
09/11/2012

Care Group offers to measure the sustainability of funds

The Swiss firm Care Group is offering an online tool which allows subscribers to funds to test the sustainability of the product in which they are invested. The tool, on the website www.SRIFundsAdvice.com, uses more than 70 performance indicators, Finews reports.
09/11/2012

Pyxis Capital launches bank loan ETF

On 7 November, the Texan firm Pyxis Capital (USD2.4bn in assets) listed the Pyxis iBox Senior Loan ETF (acronym: SNLN), which replicates the Markit iBoxx USD Liquid Leveraged Loan Index of the 100 most liquid publicly-traded liquid loans, for trading on the NYSE-Arca platform. The product charges fees of 0.55%.
09/11/2012

UCITS HFS index down slightly in October

The UCITS HFS index, which measures the performance of UCITS products which rely on hedge fund strategies, has lost 0.04% in the month of October, after three consecutive months of positive returns. Since the beginning of the year, the UCITS HFS index has gained 2.73%. Five strategies of the index finished the month in positive territory, with gains of 0.71% for credit, 0.53% for US equities, and 0.74% for global macro. Credit and fixed income remain the only two strategies to have posted monthly gains since the beginning of the year, with respective gains over nine months of 7.55% and 4.97%.
09/11/2012

TCI reopens to subscriptions

The activist fund The Children’s Investment Fund (TCI) is reopening to subscriptions, Institutional Investor reports. The hedge fund has also created three new share classes, which will charge reduced fees. TCI has posted returns of 18% in the first nine months of the year.
09/11/2012

Sovereign funds own 36% of the Italian stock exchange

In 2012, sovereign funds control about 36% of total capitalisation on the Italian stock exchange, and their investments have increased significantly since 2011, when they totalled EUR500m, according to a study by the bank Monte Paschi di Siena (MPS) of 60 sovereign funds, Investment Europe reports. Sovereign funds this year invested about EUR1.5bn into the Italian economy, according to the study. The Norwegisn sovereign fund still has the largest weight in the Italian economy, with a total of EUR4.7bn invested in equities, EUR6.3bn in bonds, and EUR4.2bn in government bonds. Assets at sovereign funds, which have increased from USD2bn to USD5.1bn in the past five years, may total USD10bn by 2015, according to projections by MPS.
09/11/2012

Philippe Zaouati takes over as chairman of SRI committee at AFG

Philippe Zaouati, deputy CEO of Natixis Am and chairman of the Responsible Investment working group of the European Fund and Asset Management Association (EFAMA), will become Chairman of the Socially Responsible Investment Committee of the AFG. He succeeds Thierry Deheuvels (Oddo Asset Management), who had served as chairman of the committee for more than six years.
09/11/2012

Amundi posts EUR10.7bn in inflows in nine months

Assets under management at Amundi as of the end of September 2012 totalled nearly EUR711bn, up 7.9% compared with the end of December 2011, Crédit Agricole announced on 9 November at a presentation of the group’s results. Net inflows totalled EUR10.7bn in the first nine months of 2012, and market and forex effects represented +EUR41.4bn.Amundi has improved its competitive position with a strong increase in its market share in France, gaining 1.4 percentage points between December 2011 and September 2012, to 26.1%. Commercial development in Europe outside France has borne fruit, with strong increases in assets through third-party distributors (+20.9% of assets in nine months) and corporate. Lastly, Amundi is one of the top four firms for inflows in Japan, India and Korea.Inflows from outside the network totalled EUR20.5bn in the first nine months of 2012, with EUR13.9bn for the institutional and corporate segment, and EUR1.6bn for the third-party distributors segment, largely in Europe outside France.In the first nine months of the year, gross operating profits total EUR528m, and are up +14.8% (+1.8% excluding one-time elements). This includes a high level of performance commissions (EUR107m in the first nine months of the year, compared with EUR53m in the corresponding period of 2011).
09/11/2012

Assets up at Prudential Financial

A report from Prudential Financial for third quarter announces that assets under management totalled USD1.005trn as of the end of September, compared with USD901bn as of the end of December, and USD871bn twelve months previously.Operating profits for asset management increased to USD187bn in July-September 2012, compared with USD123m in the corresponding period of last year, but they contracted by USD356m in the first three quarters of this year, compared with USD504m in January-September 2011.
09/11/2012

BBVA overtakes Santander in assets

For the first time since January 2009, there has been a change in the leader in the securities fund management industry in Spain, although the difference between the top two players is only EUR135m, Funds People reports. The acquisition of Unnim Gestions by BBVA and net redemptions from Santander meant that as of the end of October, BBVA once again became the largest firm by assets, with EUR19.174bn under management, compared with USD19.038bn for Santander, according to statistics from the Spanish Inverco association of asset management firms.However, according to statistics from VDOS, Santander remains the largest Spanish asset management firm as of the end of October, with a market share of 17.02%, compared with 15.16% for BBVA.

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