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14/09/2012

Lyxor to launch physical ETFs by year's end

Lyxor Asset Management (“Lyxor”) on 13 September has announced the launch of a range of physical replication ETFs by the end of 2012, beginning with ETFs based on bond indices. The move may be interpreted as a change in Lyxor’s strategy, which has always privileged synthetic replication, and which was defended tooth and nail throughout the controversy that raged over replication techniques last year. During that sometimes passionate debate, Lyxor defended synthetic replication, while Anglo-American firms such as BlackRock held by physical replication. The debate appears to be over now, but it may have driven some parties to reconsider their positions. At any rate, Lyxor does not hesitate to suggest that its product range deserved some revision. “In order to fully satisfy investor demand, Lyxor has decided to develop this approach, in order to offer its clients ‘the best of both worlds’ in the ETF universe,” Lyxor says in a statement. Regardless of the type of replication proposed, Lyxor ETFs will retain the same level of quality in terms of transparency, effectiveness (low tracking error) and liquidity, Lyxor says.
14/09/2012

Bruno Vanier creates an asset management firm

Bruno Vanier, a former fund manager at EDRAM, is preparing to launch his own asset management boutique specialised in emerging markets, Citywire Global can reveal. Gemway Assets will be partly owned by La Financière de l’Echiquier, which is reported to have acquired a 34% stake, according to reports in Citywire.
14/09/2012

Nine shares replaced in ASPI Eurozone index

Nine shares will be joining the ASPI Eurozone index, including shares in 120 publicly-traded firms with top ratings in the euro zone from Vigeo for the environment, human rights, human resources, social engagement, behaviour on the markets and corporate governance. They are Fiat, Aegon, Sor, Belgacomm, Foncière des Régions, Eurazeo, Biomérieux, ArcelorMittal and Enel Green Power. At the same time, eight shares will be leaving the index: Commerzbank, Crédit Agricole, OMV, Metro, ETS Colruyt, Lufthansa, Pirelli & C and Dassault Systems. In addition, TF1, which will be removed from the universe of the Euro STOXXSM benchmark index, will also leave the index. The changes in the composition of the index will be applied after the end of trading on Friday, 21 September 2012, and will take effect from the start of the following trading day, Vigeo states.
14/09/2012

Syz & Co selects a new benchmark index for its emerging market fund

The performance of the Oyster emerging opportunities fund will now be measured against a new benchmark index: SYZ Emerging Markets, an index created by the research division of Syz&Co. The benchmark had previously been the MSCI Emerging Markets NR Net USD, Investment Europe reports. The new index is equally weighted between the 21 shares of the MSCI EM index, with an adjustment for market liquidity levels.
14/09/2012

First State opens office in Germany

First State Investments International on Thursday announced that it is opening an office in Frankfurt, and recruiting David Gaschik as head of sales for Germany.Gaschik previously worked at UBS Global Asset Management and UBS Wealth Management, in Germany, where he held several positions, including head of distribution for wealth management and head of private banking clients.At First State, he will report to Marc Bishop, head of sales for Europe.First State has been present on the German market since 2001, and its funds are now available via most major banks, a press statement says. Among its clients, the Australian firm counts multi-managers, managers of funds of funds, family offices and insurers.“In the next few months, we will be focusing on developing relationships with our clients in Germany, and prospecting for new institutional clients, in collaboration with our team dedicated to emerging market debt, led by Helene Williamson, founded in autumn 2011,” says Mark Lazberger, CEO of First State Investments.The opening of the office in Frankfurt comes as part of an expansion strategy in continental Europe by First State, and follows the opening of an office in Paris a few months ago.
14/09/2012

Russell offers emerging market exposure indices

Russell Investments has introduced the Russell Geographic Exposure (GeoExposure) Index Series in response to increasingly integrated global markets. A new methodology identifies developed global companies with significant exposure to targeted geographic regions or countries. The resulting indexes provide clients exposure to emerging markets through an index of developed market companies. The Russell GeoExposure Index Series, four new indexes developed from existing Russell Global Indexes, follow a transparent and rules-based methodology to identify companies with exposure to emerging markets, and then adjusts the weight for each company within the index to reflect the significance of this exposure. To address this challenge Russell has aligned with leading data classification firm Revere Data LLC, an industry expert in financial statement analysis, to capture geographic revenue information. The Series initially consists of four indexes based on Russell Global Indexes: Russell 1000® Emerging Markets GeoExposure Index Russell Developed Large Cap Emerging Markets GeoExposure Index Russell Developed Europe Large Cap Emerging Markets GeoExposure Index Russell Developed ex-North America Large Cap Emerging Markets GeoExposure Index
14/09/2012

S&P Dow Jones and SAM update DJ Sustainability indices

An annual revision of the Dow Jones Sustainability (DJSI) sustainable development indices by Dow Jones Indices and SAM (Robeco group) has resulted in an update of the global index and its regional sub-indices for Europe, North America, Asia-Pacific and Korea.For the DJSI World index, 340 shares will be retained, with 41 added and 41 removed, starting from the opening of the markets on 24 September. Among the additions, the largest in terms of free-float capitalisation are Microsoft, Canadian National Railway and Target Corp, while the three largest firms to be removed from the index are IBM, GlaxoSmithKline and United Technologies.The DJSI Europe index will gain 17 entries and lost 23, for a total of 166 businesses.
14/09/2012

Irish asset management continues international drive

The Irish Funds Industry Association (IFIA) will open representative offices in Shanghai, Frankfurt and Sydney, bringing the number of branch offices worldwide to ten, the professional association announced at its annual conference on 13 September.The association began its international offensive last year, with the opening of offices in the United States, in Atlanta, New York and Chicago, and in Europe and London. Since then, the IFIA has opened offices in Singapore, Tokyo and Hong Kong.According to the CEO of the association, Pat Lardner, “this all demonstrates the IFIA’s commitment to being present on all the major growth markets, in order to better promote Ireland as the ideal jurisdiction for investment funds distributed internationally. We would like to be available to assist asset managers to find the solutions, products and expertise that Ireland can offer in a constantly-changing international regulatory environment.”In other words, the asset management sector in Ireland clearly wishes to defend and strengthen its position in relation to continental European competition, and particularly in response to activism on the Luxembourg market, which has a strong presence on all major markets worldwide.
14/09/2012

Rob Leary to leave ING US

Rob Leary, CEO of ING US, will be leaving his job, Mutual Fund Wire reports, citing an internal memo of which the website has obtained a copy. The asset management firm will soon either hold an IPO or be sold, the article reports. Leary is not expected to be replaced. ING US will be restructuring its activities. The duties of the CEO will now be passed to Alain Karaoglan, the current executive vice chairman. He will also oversee Jeff Becker, head of Investment Management activities.
14/09/2012

Franklin Templeton France appoints an account manager

Franklin Templeton France on 13 September announced the appointment of Jérémy Silvera, who becomes an account manager in the sales team, serving entrepreneurial asset management firms, private banks and wealth management firms in the southern and western parts of France and Paris. Silvera, 27, holds a Master 2 Trading & Asset Management degree from ESLSCA. He has served in internships at Crédit Agricole CIB, in sales of fixed income structured products, and Edmond de Rothschild Asset Management, in sales of funds to institutional clients in France. Silvera joined the Franklin Templeton group in January 2011 as sales support.
14/09/2012

Robert Higginbotham takes charge of institutional services at T. Rowe Price

T. Rowe Price has recruited Robert Higginbotham has head of international services to insitutionals, Investment Europe reports. He will be responsible for development of all services to institutional investors outside the United States. He will be based in London, and will begin in October. He previously worked at Fidelity Worldwide, where he served as chief executive for Europe, the Middle East and Africa.
14/09/2012

Dexia and Pictet post inflows in Italy

In second quarter 2012, Dexia posted the largest net inflows in Italy, according to a quarterly report published by the Italian asset management association Assogestioni. The asset management firm, which will soon be sold, has posted EUR1.6bn in inflows between April and June, of which EUR1.59bn went to open-ended funds. In second place is another foreign group, Pictet, which has taken on EUR926m (entirely to open-ended funds). Third place goes to Poste Italiani, with EUR733m. These are followed by three foreign groups: Amundi (EUR722m), Franklin Templeton Invesments (EUR534m) and Axa (EUR419m).
14/09/2012

Aviva rationalises its retirement product range

Aviva will be closing four of its products to new investors, as it estimates that they are redundant alongside the firm’s retirement product range, Investment Week reports.The products concerned are self-invested personal pensions (SIPP), and the Income Drawdown, Your Pension Protector and Crystallised Pension Plan programmes. All of these products will be closed on 23 November this year. But Aviva’s decision does not affect existing clients, who will have access to the same functionality for all products after that date.
14/09/2012

Skandia IS loses money due to RDR

The Skandia Investment Solutions platorm (GBP34.2bn in assets under management) has posted a loss of GBP11.4m in 2011, due to the costs of preparing for compliance with Retail Distribution Review (RDR) regulations, Investment Week reports. Losses in 2010 totalled GBP15m.
14/09/2012

Swiss private management under pressure

A transformation of framework conditions in Swiss private management will result in net outflows of funds from foreign clients, which may run to CHF150bn to CHF200bn by 2016, particularly in the cross-border segment, according to a survey by the aeb/rolfes.schierenbeck.associates agency. These outflows are expected to represent 5-8% of cross-border assets under management, but as much as 25-35% of cross-border assets for a typical private management bank focused on European clients.The development will result in an average decline in the gross profit margins on assets of 15 to 20 basis points by 2016. This represents an enormous challenge for the cost/income ratio at private management institutions. Without compensation on the income side or a structural reduction in costs, the cost/income ratio (CIR) for a mid-sized bank with about CHF30bn in assets under management, half of which are cross-border assets originating from key Euorpean markets, may deteriorate by as much as 75% to 100%.
14/09/2012

Reyl opens a branch offices and declares ambitions

At an opening of its Zurich offices, the Reyl group has announced that it has set at goal of CHF5bn in assets under management by the end of the year, Agefi Switzerland reports. Assets under management have risen from CHF5.6bn as of the end of July to CHF5.9bn currently. The group is hoping to double its assets under management to over CHF10bn in three years.
14/09/2012

Matteo Perruccio leaves Hermes

Matteo Dante Perruccio has resigned from his position as CEO of Hermes BPK Partners, the fund of hedge fund firm 60% owned by Hermes Fund Managers, Financial News reports.
14/09/2012

M&G Investments appoints a head

The British asset management firm M&G Investments has appointed David Halfacre as head of development for partnerships, Fund Web reports. He previously worked at JPMorgan Asset Management, where he was vice president, in charge of development for strategic partnerships.
14/09/2012

Invesco recruits three SLI managers

In order to train a multi-asset class management team in Henley, near London, as a complement to the global team in Atlanta, Invesco Perpetual has recruited three managers from Standard Life Investments (SLI), Fundweb reports. They are David Millar, who had been investment director, multi-asset investing at SLI, Dave Jubb, who had been investment director, tactical asset allocation, and Richard Batty, who had been investment director, global investment strategist.To rebuild its multi-asset class team, SLI is transferring Ian Pizer, a member of the government bonds team, who will continue to manage the ARGBS government bond fund, while generating ideas for the Global Absolute Return Strategies fund (GBP12bn). He will report to Guy Stern, head of multi-asset fund management.Roger Sadewsky, co-manager of ARGBS, will continue to manage the fund, but will also join the strategic investment group. Neil Richardson will take charge of equity strategies in absolute return portfolios.Lance Philips, investment director for global equities, will be leaving SLI, and will be replaced by Steve Weeple, who will report to David Cumming, head of equities.
14/09/2012

Two new members appointed to board of IMA

At its annual general conference on 12 September, the British Investment Management Association (IMA) appointed four new members to its board. They are Hugh Mullan, UK Managing Director at Fidelity Worldwide Investment, Mark Zinkula, chief executive officer at Legal & General Investment Management, Andrew Formic, chief executive at Henderson Global Investors, and Andrew Laing, deputy chief executive at Aberdeen Asset Management. Three members have left the board: Helena Morrissey, chief executive officer at Newton Asset Management, Alain Dromer, former CEO of Aviva Investors, and Bill Smith, chief executive officer at Lazard Asset Management.
14/09/2012

BNY Mellon transfers Pareto to Insight

For an undisclosed amount, Pareto Investment Management Ltd (GBP27bn in assets) will be acquired by Insight Invesmtent Management Ltd (GBP182bn). The two asset management firms are affiliates of BNY Mellon. The transaction is expected to be completed by 1 January 2013, pending approval by the regulator.Pareto is specialised in active and passive management of currency risks, and operates in the United Kingdom, the United States, Japan and Australia.
14/09/2012

Liontrust recruits for team dedicated to European equities

Liontrust Asset Management has recruited Samantha Gleave as an addition to its team dedicated to European equities, Investment Week reports. She joins the team as a manager, and will work with James Inglis-Jones and Gary West, with whom she previously worked in the 1990s at Fleming Investment Management. Gleave joins from Bank of America Merrill Lynch, where as an analysts, she covered European equities for seven years, particularly industrials.
14/09/2012

SAUL and LGIM extend partnership in LDI

The Superannuation Arrangements of the University of London (SAUL), the pension fund for the University of London, has announced that it has extended its partnership with Legal & General Investment Management (LGIM). The asset management firm will continue to provide the fund with liability-driven investment (LDI) services, a statement says. The two firms have been working together since 2001.
14/09/2012

Transfer at JP Morgan in Belgium

In a letter to clients, JP Morgan Asset Management Benelux has announced that Arnaud van der Elst is leaving his position in senior sales for Belgium & Luxembourg to become director of development at JP Morgan Private Banking in Belgium, on 1 October. Nicolas Deblauwe, country head Benelux, and Tom Vermeulen, senior sales, will handle his former responsibilities in the interim until he can be replaced.
14/09/2012

Skagen launches a fund of listed property companies

The Nordic asset manager Skagen will be launching a new equity fund – the global property fund Skagen m2. It is an actively managed global property fund that will invest in mispriced listed property companies around the world.Skagen m2 will be managed by Peter Almström, Michael Gobitschek and Harald Haukås. The new fund will be launched on 31 October 2012 and will be registered in the markets where the asset manager has marketing approval. The fund’s benchmark index will be MSCI ACWI Real Estate Net Return IMI, a global property index.Since Skagen was founded in 1993 it has only launched three equity funds.
14/09/2012
Gestion d'actifs

L'OCDE a étudié un investissement potentiel sur les obligations internationales indexées à l'inflation

Selon nos informations, l’OCDE a mené une réflexion sur l’opportunité d’investir dans un fonds ouvert d’obligations monde indexées à l’inflation. Cette décision a été motivée par des raisons administratives mais aussi par la recherche de solutions de couverture contre le risque d'érosion des rendements sur la poche obligataire (taux de rendement réel négatif). Contacté à ce sujet, Leticia Andres-Sanchez, Fund administrator de l’OCDE indique que la décision a été repoussée sine die. Aucun montant précis n’a été confirmé même si l’on évoque une dizaine de millions d’euros.
Gestion d'actifs
13/09/2012

Forte hausse des prix à la production aux Etats-Unis

Les prix à la production aux Etats-Unis ont enregistré au mois d’août leur plus forte hausse depuis plus de trois ans, en raison notamment du bond des prix de l'énergie, montrent les statistiques publiées jeudi par le département du Travail. L’indice des prix à la production (PPI) a augmenté de 1,7% le mois dernier, sa progression la plus marquée depuis juin 2009, après une hausse de 0,3% le mois précédent.
13/09/2012

La Chambre basse suisse vote une hausse du forfait fiscal

La Suisse conservera son régime spécial de faible imposition pour les étrangers fortunés mais le montant de l’impôt dont ils s’acquittent va augmenter, après un vote favorable au Parlement. La base d’imposition devrait passer à sept fois le plafond contre cinq jusqu'à présent. Les étrangers soumis à ce régime et résidant en hôtel verront, eux, leur imposition jusqu’alors basée sur deux fois le plafond passer à trois fois.
13/09/2012

La Suède baisse l'impôt sur les sociétés

Rattrapée par la crise de la zone euro, la Suède a décidé de baisser substantiellement l’impôt sur les sociétés à compter de 2013 pour relancer l’activité, a annoncé le gouvernement jeudi. L’IS passera ainsi à 22% au lieu de 26,3% actuellement, ce qui se traduira par un manque à gagner de 16 milliards de couronnes (1,88 milliard d’euros) pour les finances publiques mais rendra le pays plus attractif pour les entreprises.
13/09/2012

La banque centrale russe surprend sur les taux

A la surprise générale, la banque centrale de Russie a relevé jeudi d’un quart de point ses principaux taux d’intérêt, une décision qui reflète des inquiétudes sur l’inflation après la forte croissance des prix à la consommation. Pour justifier sa décision, l’institut a souligné qu’au 10 septembre, l’inflation avait atteint 6,3% sur un an, dépassant la fourchette fixée pour 2012. Le taux de refinancement a été relevé à 8,25%, le taux des pensions à un jour à 6,5% et le taux des dépôts au jour le jour à 4,25%.

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