Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
11/09/2012

Öhman Fonder recrute un responsable taux

La société de gestion suédoise Öhman Fonder a recruté Sven Elowson en tant que responsable de la gestion taux et crédit. L’intéressé travaillait précédemment chez Swedbank où il était head of treasury investment. Il a aussi été chez DnBNOR Asset Management, Skandia et Carlson Investment Management.
11/09/2012
Fonds

Ashburton lance un fonds d'actions indiennes

La société de gestion Ashburton, basée à Jersey, a lancé le 10 septembre un fonds dédié aux actions indiennes, Indian Equity Opportunities, qui sera géré le spécialiste des actions asiatiques Jonathan Schiessl, rapporte Fund Web.Ce fonds ouvert domicilié à l'île Maurice investira en priorité dans des sociétés indiennes ou des sociétés actives sur d’autres marchés mais dérivant une part significative de leur croissance du marché indien. L’investissement minimum est de 100.000 dollars.
Fonds
11/09/2012
Fonds

Barings prépare un fonds d'obligations en yuans offshore

Sous réserve d’un agrément du régulateur, le britannique Baring Asset Management a annoncé le 10 septembre qu’il compte lancer le Baring China Bond Fund qui sera géré de Hong-Kong par Sean Chang, head of Asian debt, recruté récemment en provenance de HSBC Global Asset Management (lire Newsmanagers du 3 mai). Ce fonds sera investi en instruments de dette liés à la Chine et libellés en yuans offshore (CNH).
Fonds
11/09/2012
Fonds

Les commissions de surperformance ne garantissent pas des rendements supérieurs

En moyenne, 62,1 % des fonds à rendement absolu commercialisés au Royaume-Uni facturant des commissions de surperformance ont dégagé des rendements supérieurs à zéro sur 12 mois, ce qui est inférieur à la proportion de fonds sans commission de performance qui ont affiché des rendements positifs (63,5 %), montre une récente étude de Lipper.En prenant en compte le fait que certains fonds ont une existence plus longue que d’autres, le résultat est de 67 % pour les fonds avec des frais de performance et de 67,5 % pour les fonds qui en sont dépourvus.Un constat (d’échec) qui explique peut-être que l’utilisation de commissions de performance par les fonds britanniques (unit trusts et OEIC) a tendance à décliner depuis 2004, date à laquelle l’interdiction de cette pratique a été levée.Ainsi, en 2007, 34 fonds avaient adopté des commissions de performance, un nombre qui est monté à 81 en 2010, relève Lipper. Aujourd’hui, 80 fonds revendiquent cette pratique, soit seulement 3 % de l’ensemble de l’univers des fonds britanniques. Cela reflète non seulement un ralentissement des lancements de fonds dotés d’une telle structure, mais aussi la fermeture de ces fonds ayant des commissions de performance ou la suppression de ces frais. Résultat, alors que 112 fonds ont eu à un moment ou à un autre de leur existence des commissions de performances, aujourd’hui, le total est de 28,6 % inférieur à ce niveau.
Fonds
11/09/2012
Fonds

Les actifs des fonds sous-performants s'élèvent à près de 33 milliards de livres

Près de 33 milliards de livres d’actifs sont logés outre-Manche dans des fonds sous-performants, selon la dernière enquête de Chelsea Financial Services, rapporte Fund Web.Le nombre de fonds sous-performants est passé de 84 à l’occasion du dernier sondage réalisé en février dernier, à 130 fonds. Parmi les fonds les plus sous-performants épinglés par Chelsea financial Services figurent UBS UK Smaller Companies (12 millions de livres d’encours), Allianz Global Eco Trends (8 millions de livres), Neptune Japan Opportunities (102 millions de livres), Standard Life Investments UK Opportunities (137 millions de livres), ou encore JPM Cautious Total Return (426 millions de livres).
Fonds
11/09/2012
Fonds

Wells Fargo ferme un fonds aux nouveaux investisseurs

En raison de l’ampleur des souscriptions, Wells Fargo Asset Management va fermer le 21 septembre son fonds US All Cap Growth aux nouveaux investisseurs, parce que le volume des rentrées limite l’efficacité de l’allocation de l’équipe de gestion aux petites capitalisations, rapporte Investment Europe. Le fonds a attiré 550 millions de dollars depuis le début de l’année.En substitution, Wells Fargo AM proposera aux clients d’acquérir des parts du fonds US Premier Growth, qui est géré par la même équipe, mais positionné uniquement sur les moyennes et grandes capitalisations.Les deux fonds sont des compartiments de la sicav luxembourgeoise de Wells Fargo, Worldwide Fund.
Fonds
11/09/2012

Aquila Capital et ECPI coopèrent dans l'ESG

Aquila Capital a signé un accord de coopération avec le groupe italien ECPI, qui lui fournira des données extra-financières pour ses investissements dans le domaine agricole. Les deux sociétés travailleront ensemble dans la mise en place de critères ESG dans les produits d’Aquila Capital et au respect de ces critères.
11/09/2012
Fonds

Swiss & Global lance un fonds d'obligations émergentes

Avec le fonds de droit luxembourgeois JB Emerging Markets Corporate Bond Fund, conforme à la directive OPCVM IV, Swiss & Global Asset Management vient d'élargir (le 28 août) sa gamme de fonds d’obligations émergentes avec un produit de dette d’entreprises qui offrent des rendements supérieurs et de meilleurs fondamentaux que les titres comparables des pays industrialisés.Le nouveau fonds mise sur une combinaison des approches macro-économique (top-down) et de sélection de valeurs (bottom-up) ; il est géré par Enzo Puntillo (head of fixed income emerging markets et co-gérant du JB Emerging Markets Corporate Bond Fund), Dorthe Fredsgaard Nielsen et Tania Minella.CaractéristiquesDénomination : Julius Baer Multibond – Emerging Markets Corporate Bond FundCode Isin: LU0784392382Indice de référence : JPM Corporate Em. Markets Bond Index DiversifiedCommission de gestion : 1,20 %
Fonds
11/09/2012

East Capital signe un accord de distribution en Italie

La société de gestion suédoise East Capital a signé un accord de distribution avec la plate-forme italienne FinecoBank, filiale d’UniCredit, rapporte le site Internet transalpin Bluerating. Cet accord prévoit que FinecoBank distribuera deux fonds actions de la maison nordique : East Capital (Lux) Russian Fund et East Capital (Lux) Eastern European Fund.
11/09/2012
Fonds

Popular Gestión absorbe les fonds d'Allianz Gestión

Dans la ligne de l’alliance stratégique conclue entre le Banco Popular et Allianz (lire Newsmanagers du 25 mars 2011), Popular Gestión (5.885 millions d’euros à fin août) a absorbé les sept fonds d’Allianz Gestión (52 millions), rapporte Funds People.Dans le détail, les fonds Allianz Selección Moderado, Allianz Selección Emprendedor, Allianz Selección Bolsa et Allianz Mixto sont absorbés par le fonds Cartera Gestión Equilibrada de Popular Gestión, tandis que les fonds Allianz Renta Fija Ahorro, Allianz RF Corto Euroland et Allianz Selección Conservadora sont fondus dans le Eurovalor Conservador Dinámico.
Fonds
11/09/2012

Principal launches a US equity fund

Principal Global Investors has announced the launch of a US value equity fund, which aims to single out the best opportunities in the large cap sector in the country, Citywire reports. The Edge Equity Income fund, registered in Dublin, will be managed by the group’s US affiliate, Edge Asset Management, and at that firm by Dan Coleman and David Simpson.
11/09/2012

Paulson bounces back

In August, the Gold Fund by John Paulson gained 11%, which has reduced losses since the beginning of the year to 15%, according to Bloomberg, cited by Investment Week. The Paulson Advantage and Paulson Enhanced fund have also gained ground.
11/09/2012

Strong inflows to ETPs in August

In August, ETF/ETPs worldwide posted net subscriptions of USD12.1bn, compared with USD5.3bn in the corresponding month of last year, according to statistics from the BlackRock Institute, bringing the total in January-August to USD139.9bn, while asstes as of 31 August totalled USD1.763trn. According to ETFGI, the research agency founded by Deborah Fuhr, net inflows in the first eight months of the year and assets under management at the end of the period totalled USD143bn and USD1.762trn, respectively (see Newsmanagers of 7 September).The BlackRock statistics also show that net subscriptions were strongest in the United States (USD5.5bn in August, and USD98bn in January-August), and in Europe (USD4.4bn and USD15.4bn). By product category, net inflows in the first eight months of the year totalled USD50.8bn for bond products, USD54.8bn for equities from developed countries (of which only USD1.7bn went to European equity products), USD22.7bn for emerging market equities, and USD8.7bn for commodity ETPs.The ETPs which posted the strongest net subscriptions in the first eight months of the year were the Vanguard MSCI Emerging Markets fund (USD9.79bn), the iShares iBoxx $ Investment Grade Corporate Bond (USD5.75bn), and the iShares iBoxx $ High Yield Corporate Bond fund (USD4.92bn). The fourth fund is the Huatai-Pinebridge CSI fund (USD3.98bn for January-July).
11/09/2012

ESMA warns against online investment pitfalls

In a document published in 21 languages, the European Securities Markets Authority (ESMA) has issued a warning to retail investors against the pitfalls of online investment over the Internet.ESMA finds that “sometimes high pressure and aggressive selling/marketing techniques are used to entice (...) to invest, or to use particular websites,” and that “Not all firms operating on the internet have permission to offer investments.” Additionally, the agency says, “ESMA, and the authorities in Member States, have observed an increase in investor complaints regarding unauthorised activities by firms on the internet. Although financial regulations apply to advertising, not all the advertising you see complies with these. For example, there may be no, or little, investor information; and sometimes the information provided is misleading.” ESMA’s key messages in the 4-page release are:•Be aware of the potential risks involved in online investing.•Check if the firm is authorised.•Be wary of promises of high returns.•Be aware of software that automatically generates transactions for you.•Take special care when you’re asked to provide your credit card details.•If you do not understand what’s on offer, do not invest.
11/09/2012

Swiss & Global launches an emerging market equity fund

With the Luxembourg-registered fund JB Emerging Markets Corporate Bond Fund, which complies with the UCITS IV directive, Swiss & Global Asset Management on 28 August extended its range of emerging market bond funds with a corporate debt product which offers higher returns and better fundamentals than comparable securities from industrialised countries.The new fund relies on a combination of top-down and bottom-up approaches; it is managed by Enxo Puntillo, head of fixed income emerging markets, and co-manager of the JB Emerging Markets Corporate Bond Fund, Dorthe Fredsgaard Neilsen, and Tania Minella.CharacteristicsName: Julius Baer Multibond – Emerging Markets Corporate Bond FundISIN code: LU0784392382Benchmark index: JPM Corporate Em. Markets Bond Index DiversifiedManagement commission: 1.20%
11/09/2012

Wells Fargo closes fund to new investors

Due to the scale of subscriptions, Wells Fargo Asset Management will be closing its US All Cap Growth fund to new investors in 21 September, since the high volume of inflows limits the effectiveness of allocation by the management team to small caps, Investment Europe reports. The fund has attracted USD550m since the beginning of the year.As a substitute, Wells Fargo AM will be offering clients an opportunity to acquire shares in the US Premier Growth fund, which is managed by the same team, but which is positioned solely on mid and large caps.The two funds are sub-funds of the Luxembourg Sicav from Wells Fargo, Worldwide Fund.
11/09/2012

Equity funds suffer outflows of nearly USD10bn

With key European Central Bank and US Federal Reserve meeting ahead, investors remained defensive in the first five days of September. EPFR global-tracked equity funds surrendered a net USD9.9 billion during the week ending Sept. 5, with emerging markets equity funds accounting for USD1.8 billion of that total, and US equity funds posted outflows of over USD8bn, due to redemptions from large cap ETFs. Government bond funds underwent redemptions totalling over USD1bn, for all maturities. However, high yield bond funds attracted about USD1.6bn. Bond funds overall poasted inflows of USD3.19bn in the week to 5 September. EPFR Global reports that emerging market bond funds have seen inflows of over USD32bn since the beginning of the year. Money market funds finished the week to 5 September with net inflows of USD4.6bn. Commodity funds posted inflows of over USD1bn for the third consecutive week.
11/09/2012

Öhman Fonder recruits a head of fixed income

The Swedish asset management firm Öhman Fonder has recruited Sven Elowson as head of fixed income and credit management. Elowson previously worked at Swedbank, where he had been head of treasury investment. He has also worked at DnBNOR Asset Management, Skandia and Carlson Investment Management.
11/09/2012

Vanguard recruits a PineBridge veteran

The US firm Vanguard Investments has recruited Linda Luk as head of intermediated distribution for Asia, Asian Investor reports. Luk, who left PineBridge Investments a few months ago, is based in Hong Kong, and will work to develop Vanguard’s activities in the region. In early September, Vanguard also recruited Jackson Loi as associate director for institutional sales. He previously worked at Syz in Hong Kong.
11/09/2012

Axa Asia plans to diversify in alternative management

Asian Investor reports that Axa Asia is hoping to increase its alternative investments to 7% to 8% of Asian assets under management, to the detriment of allocation to equities in the region. Currently, the French group dedicates about 1% of its assets from the general life insurance account (USD12bn in assets) to hedge funds, infrastructure, private equity and real estate. The current allocation, which stands at about USD120m, may increase to USD800m, distributed between real estate (4%), private equity/infrastructure (2%) and hedge funds (1%). The objective is to reach this new distribution within two years, says Arnaud Mounier, chief investment officer at Axa Asia.
11/09/2012

La Française AM launches cross-border master-feeder fund

La Française AM and La Française AM International have received permission from the Luxembourg (CSSF) and French authorities (AMF) to launch a cross-border master-feeder fund, which they claim will be the first UCITS IV-compliant product of this kind in France. The fund will be operational from 2 October 2012.The firm plans to establish a Luxembourg-registered master fund, which will be associated with a French-registered feeder fund. This move will allow the firm “to adapt the product range to the constraints and needs of investors, depending on their country of domicile,” a statement says.LFP Trend Opportunities, the master fund domiciled in Luxembourg, will be aimed at international institutional clients, while the LFP Multi Trends feeder fund, domiciled in France, will be aimed both at institutional and retail clients, primarily in France. As a part of the deal, LFP Multi Trends, formerly a fund of funds, would become a directly-managed fund as a feeder of the equity fund LFP Trend Opportunities, a Luxembourg-registered fund specialised in themes associated with new challenges related to globalisation.Patrick Rivière, CEO of La Française AM, says in a statement that “Luxembourg is a base for international development.” Other projects are under study.Primary characteristics of LFP Multi Trends:French-registered LFP fundMinimal initial subscription: noneSubscription commissions: Maximum 4% including taxes, not reinvested in the fundWithdrawal penalties: noneOther fees: 3.65% total including taxesISIN code: FR0010834390
11/09/2012

Claire Rodrigue joins Montségur Finance

Claire Rodrigue, a former manager at Comgest, who left that firm at the end of June, according to information obtained by Newsmanagers, has joined Montségur Finance, apparently as CIO. She is expected to present at a conference on 19 September in Aix-en-Provence, organised by Finaveo et Associés, with three asset management firms, on the subject of “management of European growth equity funds.”
11/09/2012

ETF Securities admitted to SIX Swiss Exchange as a new ETF issuer

SIX Swiss Exchange on 11 September announced that it is integrating ETF Securities as a new issuer of Exchange Traded Funds. The provider of products, founded in 2003, is based in London. That year, it gained international notoriety by creating the first ETP to replicate physical gold worldwide. Since 2008, ETF Securities has also launched ETFs, and is one of the top European issuers of exchange-traded prodcuts (ETP). According to Alain Picard, Head Product Management at SIX Swiss Exchange, “the eight new ETFs traded on SIX Swiss Exchange provide an attractive complement to the existing range of exchange-traded funds. Our ETF segment now includes 880 listed products.”
11/09/2012

Assets in underperforming funds total nearly GBP33bn

Nearly GBP33bn in assets in the UK are invested in underperforming funds, according to the most recent survey by Chelsea Financial Services, Fund Web reports. The number of underperforming funds has increased from 84 at the last survey in February this year to 130 funds. Among the most underperforming funds highlighted by Chelsea Financial Services are UBS UK Smaller Companies (GBP12m in assets), Allianz Global Eco Trends (GBP8m), Neptine Japan Opportunities (GBP102m), Standard Life Investments UK Opportunities (GBP137m), and JPM Cautious Total Return (GBP426m).
11/09/2012

Performance fees do not guarantee higher returns

On average, 62.1% of absolute return funds on sale in the United Kingdom which charge performance fees delivered positive 12-month rolling returns, which is lower than the percentage of funds which charge no performance fees which have posted positive returns (63.5%), a recent Lipper survey finds.Taking into account the fact that some funds have been in existence longer than others, the result is 67% for funds with performance fees, and 67.5% for funds which do not charge performance commissions.This finding may go to explain why the use of performance commissions by British funds (unit trusts and OEIC) have been on a falling trend since 2004, when the practice was once again allowed.In Lipper’s 2007 survey, 34 funds had adopted a performance fee structure, a number that had risen to 81 funds in our 2010 analysis, a 138% rise that showed a clear acceleration of interest. But the number of funds with these fees today actually stands at 80 – just 3% of the entire UK funds universe. This reflects not only a slowing of funds being launched with performance fees, but also the closure (or merger) of funds and the removal of performance fees. The result is that, while 112 funds had performance commissions at one time or another in their history, the total is currently 28.6% lower than that level.
11/09/2012

Barings prepares a bond fund denominated in Chinese offshore yuan

Pending permission from the regulator, the British asset management firm Baring Asset Management on 10 September announced that it is planning to launch the Baring China Bond Fund, which will be managed in Hong Kong by Sean Chang, head of Asian debt, who has recently been recruited from HSBC Global Asset Management (see Newsmanagers of 3 May). The fund will invest in debt instruments related to China and denominated in offshore yuan (CNH).
11/09/2012

Ashburton launches an Indian equity fund

The asset management firm Ashburton, based in Jersey, on 10 September launched a fund dedicated to Indian equities, Indian Equity Opportunities, which will be managed by the Asian equity specialist Jonathan Schiessl, Fund Web reports. The open-ended fund, domiciled on the island of Mauritius, will invest primarily in Indian companies, or companies which are active in other markets, but which derive a significant proportion of their growth from the Indian market. The minimal investment is USD100,000.
11/09/2012

Algebris launches a long-only fund

Algebris Investments has confirmed the launch of its Algebris Financial Credit Ucits fund, specialised in debt securities and financial instruments issued by major banks worldwide, the Italian website Blueating reports. The product is the first long-only fund from the alternative management firm, and will invest in Tier 1 and Tier2 hybrid subordinate bonds, CoCo bonds, preferential equities and senior bonds, the expected total return is from 6% to 10%.
11/09/2012

GLG offers RDR-compatible shares

Like many other asset management firms, GLG will be introducing 0.75% shares with no trail commission and platform fee for 11 of its funds domiciled in the United Kingdom, Investment Week reports.British retail investors will also have access to institutional share classes in UCITS-compliant funds from GLG and Man Group domiciled in Luxembourg from next year.

Sujets d'actualité

Tous les sujets