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02/02/2012

Profits down for asset management at Nomura

Pre-tax profits for the asset management arm of Nomura totalled JPY4.2bn in third quarter 2011-2012, down 10% compared with the previous quarter, and 24% compared with third quarter of the previous fiscal year. Assets under management were down slightly compared with second quarter of the fiscal year, due to net inflows of JPY96.8bn into ETFs, which offset redemptions observed elsewhere.
02/02/2012

Nicolas Rousselet to develop fund of hedge fund activities at Unigestion

Unigestion on 1 February officially announced the appointment of Nicolas Rousselet as managing director, head of hedge funds, as Newsmanagers reported at the time of his predecessor’s departure (16 December 2011). Rousselet will be based in Geneva, and will lead development of fund of hedge fund activities at Unigestion, which has over EUR2.9bn in assets under management for institutional clients. With the support of the investment committee dedicated to hedge funds, he will continue research efforts at Unigestion to offer high added value investment solutions to diversify the traditional asset allocation of institutional investors.
02/02/2012

Asset management firms continue to be created in 2011

The dynamic of creation of portfolio management firms (SGP), particularly entrepreneurial firms, continued in 2011, according to estimates from the French financial management association (AFG). Overall, 39 asset management firms were founded last year, compared with 44 the previous year. About 10 firms are still in the foundation process. The number of active asset management firms now exceeds 600, at a total of 608, up from 592 in 2011 and 567 the previous year. In other words, net foundations of new firms has slowed to 16, from 25 the previous year. The AFG’s estimates also confirm statistics already published by Morningstar and Europerformance. Overall assets under management (in mutual funds and mandates) have fallen 4.1%, to EUR2.636trn as of the end of December, a contraction of about EUR114bn. This dvelopment is largely the result of a coincidence of a slight rise in assets under management in mandates (+1.9%, to EUR1.430trn, taking into account foreign-registered funds), and a decline in French-registered mutual funds (-10.4%, or EUR140bn, to EUR1.206trn).
02/02/2012

Amundi changes the name of a govies ETF

The asset management firm Amundi Investment Solutions has modified the name of its ETF AAA Govt. Bond EUROMTS (FR0010930636) fund to Amundi ETF Govt. Bond Highest Rated EuroMTS Investment Grade ETF. The fund of euro zone government bonds with the highest ratings from the three major ratings agencies replicates the EuroMTS Highest-Rated Government All-Maturity. Assets as of the end of December totalled EUR40.99m.
02/02/2012

Investec products to be distributed in Germany by Sal. Oppenheim

The Cologne-based wealth management firm Sal. Oppenheim (Deutsche Bank group) has obtained exclusive rights to offer funds from Investec Asset Management in Germany, Investment Europe reports. Products from the South African/British asset management firm will be included in the OPFT fund range from March. Investec also states that it is planning to develop its own distribution in continental Europe.
02/02/2012

La Caixa sells its depository activities to CECA

CaixaBank has sold its investment fund, Sicav and individual pension fund depository division to the Confederación Española de Cajas de Ahorros (CECA) for EUR100m, Funds People reports. The sale price may rise by a further EUR50m, depending on the performance of the activity sold. CaixaBank will retain management and sales of products whose administration and custody will be transferred to CECA.
02/02/2012

Alternative multi-management: Rothschild & Cie Gestion makes a first acquisition

Rothschild & Cie Gestion has acquired an alternative multi-management firm, Héritage Asset Management. The firm has acquired a 100% stake in the target business, for an undisclosed amount. The move is a sign of the firm’s ambition to develop even further in this type of management.“This is a first step,” says Denis Faller, managing partner and head of multi-management activities, who has been appointed as head of the new team resulting from the merger of in-house experts and thos from Héritage AM. In other words, the asset management firm has built its capacities in this area, but is still seeking even larger acquisition targets.In practice, Héritage Asset Management will become known as Rothschild Investment Solutions. Laurent Levenq, founder of the independent firm in 2003, will be the CEO and head of development.In terms of human resources, Faller will repatriate Héritage AM teams currently located in offices on the Champs Elysées in Paris, to offices at Rothschild & Cie Gestion. That team will include 15 professionals in Paris, with some personnel in London and New York.Currently, Héritage AM manages three alternative multi-management mutual funds: two ARIA III funds and one contractual fund. However, the combination of the two asset management teams will allow for the launch of new products conceived by Faller. A Solvency II compliant, a level 2 fund dedicated to institutional investors may be one of the projects of the new unit.
02/02/2012

Profits marginally down at Ameriprise in 2011

In 2010, net profits at Ameriprise Financial fell 10% to USD1.076bn, from USD1.097bn. The parent company of Columbia Management and Threadneedle nonetheless posted a growth in its operating profits to USD1.639bn, from USD1.574bn.Total assets under management were down 3% for the year to USD527.57bn, from USD541.94bn, while assets under administration were down slightly by 2% to USD103.75bn, compared with USD105.52bn.However, pre-tax profits in the asset management business unit increased 33%, to USD436m, from USD318m in 2010.Columbia has posted a contraction in its assets for the year, to USD326.12bn, compared with USD355.49bn, with net outflows of USD14.72bn, compared with USD12.33bn the previous year.At Threadneedle, however, assets under management increased to USD113.57bn, compared with USD105.65bn twelve months earlier. The British asset management firm has posted net subscriptions of USD10.58bn compared with net outflows of USD506m in 2010.
02/02/2012

C-Quadrat recruits a manager

Robert Piribauer, most recently head of quantitative and qualitative fund analysis and management of model portfolios for third-party funds in the area of bonds at Pioneer Investments, was recruited on 1 February by the Austrian-German firm C-Quadrat KAG. He will join the fund management team, and will be responsible for strengthening expertise in the area of qualitative and quantitative fund analysis.Meanwhile, C-Quadrat KAG has appointed two members of its managing board to the managing board at its affiliate C-Quadrat Investment. They are Andreas Wimmer, who will be responsible for marketing and communication, and Markus A. Ullmer, who will take charge of legal affairs, risk management and human resources.
02/02/2012

Successful integration of Sal. Oppenheim by Deutsche Bank

The asset and wealth management (AWM) unit of Deutsche Bank last year earned pre-tax profits of EUR767m, the bank announced on 2 February in a statement. This more than tripling of annual profits reflects the successful integration of Sal. Oppenheim and cost reduction measures, the bank says.Assets invested at the AWM unit as of 31 December totalled EUR813bn, up by EUR33bn, of which EUR28bn are in Asset Management in the strict sense.The Private Clients and Asset Management business unit (PCAM), which includes AWM, has posted record pre-tax profits of EUR2.5bn, of which EUR1.8bn were for the Private & Business Clients unit. The Deutsche Bank group has posted pre-tax profits for the year of EUR5.4bn, compared with nearly EUR4bn the previous year. Post-tax profits for the group totalled EUR4.3bn, compared with EUR2.3bn previously.
02/02/2012

F&C scales up institutional distribution in Germany

Matthias Hansmann, a client adviser at Bantleon Bank in Switzerland, is joining F&C in Frankfurt as director of institutional distribution, Das Investment reports. Hansmann will report to Claus-Dieter Heidrich, director of the Frankfurt branch.
02/02/2012

East Capital launches second Baltic real estate fund

The Swedish firm East Capital on 1 February has announced the launch of the East Capital Baltic Property Fund II by East Capital Real Estate AS, its second real estate fund specialised in commercial real estate, but also including logistical and office properties in the three Baltic countries, especially Estonia. East Capital Explorer will provide EUR10m for the new product, which will aim to collect EUR40-50m.The East Capital Baltic Property Fund II, a closed fund in Luxembourg FIS format, is aimed at professional and institutional investors. The investment period is set at 5 years, and management commission is 2%. The fund will mature in 7 years, which may be extended once for a maximum of three years.
02/02/2012

Long-term savings need to be clearly encouraged and not penalised

A few days after the announcement of a new increase in savings taxation, the French financial management association (AFG) on 1 February, at a press conference, expressed its opposition to this approach, which contradicts what would be the optimal course of action. “Ongoing increases in taxes on savings and its volatility, which have been increased further in the past few weeks, completely discourage retail investors from returning to long-term investments, particularly in equities, while regulation of institutional investors is increasingly driving them to short-term investments,” the president of the AFG, Paul-Henri de la Porte du Theil, says. The tax on financial transactions, which is emblematic of these current changes, will be applied in only one country and will inevitably have negative consequences for French asset management and the financing of the French economy. The AFG president has also denounced the weakness of Europe compared with US regulations, such as the FATCA law; these US laws are in practice international weapons to defend US competitiveness. In the chapter on European regulations, the AFG says that at the necessary level of balanced regulations, all market actors would be required to submit to consistent frameworks and controls. This is the reason that the emblematic PRIPS legislation is necessary, as it provides a “deferred, consistent vector of harmonisation between the various products and policies available to retail clients.”
02/02/2012

State Street lists 16 ETFs in Switzerland

SIX Swiss Exchange on 31 January admitted 16 SPDR-branded ETF funds from State Street Global Advisors (SSgA) to trading, including two funds based on S&P indices, seven based on Barclays Capital indices, and five based on MSCI indices. The market maker for all of the funds is Commerzbank. Management commissions vary from 0.15% to 0.65%.The funds are as follows:SPDR Barclays Capital Emerging Markets Local Bond ETF, fees of 0.65%SPDR Barclays Capital Euro Aggregate Bond ETF (0.20%)SPDR Barclays Capital Euro Corporate Bond ETF (0.20%)SPDR Barclays Capital Euro Government Bond ETF (0.15%)SPDR Barclays Capital Sterling Aggregate Bond ETF (0.20%)SPDR Barclays Capital US Aggregate Bond ETF (0.20%)SPDR Barclays Capital US Treasury Bond ETF (0.15%)SPDR MSCI ACWI ETF (0.50%)SPDR MSCI ACWI IMI ETF (0.55%)SPDR MSCI EM Asia ETF (0.65%)SPDR MSCI EM Europe ETF (0.65%)SPDR MSCI EM Latin America ETF (0.65%)SPDR MSCI Emerging Markets Small Cap ETF (0.65%)SPDR S&P Emerging Markets Dividend ETF (0.65%), andSPDR S&P US Dividend Aristocrats ETF (0.35%)
02/02/2012

Record return for ATP pension fund

The Danish pension fund ATP on 1 February announced a record return of 26% in 2011, or DKK126bn, resulting in an increase in assets to DKK579bn as of the end of December, compared with DKK475bn twelve months earlier.This performance translated into a tax burden of over DKK18bn. The reserves at ATP were increased by DKK4bn, bringing them to DKK74bn, after taxes.As of the end of 2011, ATP was paying benefits to 830,000 people, meaning that about 8 Danish pensioners out of 10 receive complementary benefits from ATP.
02/02/2012

CNMV suspends trading of two ETFs from BBVA

The listings of the ETF Acción Ibex 35 Inverso and Acción FTSE Latibex Brasil funds, both BBVA products, were suspended on 1 February by the CNMV, as dissolution and liquidation procedures for the funds had been initiated, Expansión reports.
02/02/2012

Three Edram funds licensed for sale in Spain

On 27 January, the CNMV issued registrations for three funds from the French firm Edmond de Rothschild Asset Management: Asia Leaders, Emerging Convertibles, and Euro Convictions.
02/02/2012

Deka launches a range of sustainable development funds

The central asset management firm of the German savings banks, DekaBank, on 1 February announced that it is launching three Luxembourg-registered funds from its new sustainable development range (Nachhaltigkeit), one for equities (Aktien), one for bonds (Renten) and one diversified fund (Balance). For the selection of assets, Deka has relied on the imug institute and the EIRIS agency, after the exclusion of businesses involved in the production or sale of arms, alcohol or tobacco, those which are guilty of infractions of human rights, or which are accused of corruption. Invstments are selected according to a best-in-class approach. Sustainable development criteria are also applied to issuers of government bonds and covered bonds.Lastly, the portfolio undergoes a strict financial analysis by fund managers at Deka.CharacteristicsName: Deka-Nachhaltigkeit AktienISIN code: LU0703710904Front-end fee: 3.75%Management commission: 1.25%Fixed commission: 0.18%Name: Deka-Nachhaltigkeit RentenISIN code: LU0703711035Front-end fee: 2.50%Management commission: 0.75%Fixed commission: 0.12%Name: Deka-Nachhaltigkeit BalanceISIN code: LU0703711118Front-end fee: 3%Management commission: 1%Fixed commission: 0.16%
02/02/2012

Aviva Investors redeploys staff

Following the announcement of a reorientation of its business to serve mainly institutional clients (see Newsmanagers of 1 February), Aviva Investors has announced that it has made some refinements in the area of distribution of duties. Active equities management will be moved to three locations, serving four regions: Asia and emerging markets in Singapore, European equities in Paris, and British equities in London. This is evidently on condition that clients support these changes.As the SRI desk in London will be closed, a global team will need to be established, which will handle socially responsible investment for all products of the range.Money Marketing reports that the SRI team, which has about GBP1.1bn in assets under management, is hoping to be sold off to a competitor.
02/02/2012

SCM Private plans to achieve total transparency

The asset management firm SCM Private on 1 February introduced a transparency code (the “True and Fair Code and Labelling System”) which will aim to require financial services to provide 100% transparency of commissions and investments. The move aims to deprive the sector of a commission structure which is “deliberately complicated in order to conceal the real numbers,” SCM Private says.
02/02/2012

Majedie Asset Management closes Tortoise fund to new investors

Majedie Asset Management has decided to close its Tortoise hedge fund to new investors, Investment Week reports. The fund has GBP350m in assets, exceeding its asset objective of GBP250m, set by the management firm at the time of the product’s launch in 2009.
02/02/2012

Liontrust continues to take on subscriptions

In October-December, Liontrust has announced net subscriptions of GBP15m, bringing the total in the first nine months of the fiscal year ending on 31 March to GBP74m. Liontrust has now posted six consecutive quarters of net inflows.In January 2012, the British asset management firm has also posted net subscriptions of GBP15m.Assets as of 31 Decmber totalled GBP1.364bn, compared with GBP1.192bn as of the end of September; they totalled GBP1.409bn as of the end of January 2012, putting them above GBP1.4bn for the first time since June 2009.Liontrust also states that the launch of the Liontrust Asia Income Fund (see Newsmanagers of 18 January) will occur on 5 March. Before then, the British asset management firm will be releasing the Irish fund Liontrust European Absolute Alpha Fund, a clone of the Liontrust European Long/Short Fund, domiciled in Guernsey, by the end of February.
02/02/2012

HFT IM and GF AM launch RMB bond funds

HFT Investment Management and GF Asset Management have both launched funds denominated in Chinese renminbi, aimed at retail investors in Hong Kong, Asian Investor reports. The two funds on sale from the companies fall within the quotas allocated to them under their status as renminbi qualified foreign institutional investor (RQFII). HFT IM has been granted a quota of RMB1.1bn, while GF AM has a quota of RMB900m
02/02/2012

Net redemptions from Spanish funds in January

Since March 2011, Spanish securities funds have ceased to register net subscriptions. January brought net redemptions of EUR401m, compared with EUR1.05bn in December, and EUR623m in the corresponding month of the previous year, statistics from the Inverco association of asset management firms reveal.Total assets nonetheless increased in January by 1.1%, or nearly EUR1.45bn, to a total at the end of the month of nearly EUR129.25bn.Of the 20 largest asset management firms by volume of AUM, only six have posted net subscriptions in January; the two asset management firms which posted the largest inflows were Popular Gestión, with EUR76.48bn, and Bansabadell Inversión, with EUR73.34m.However, Santander Asset Management saw outflows of EUR239.87m, CatalunyaCaixa Inversió had net redemptions of EUR129.17m, and InverCaixa Gestión has posted redemptions of EUR96.93m.
02/02/2012
Gestion d'actifs

Le Crédit Agricole de Franche Comté envisage de travailler sur les sources de surperformance en 2012

« Le monétaire coûte davantage en portage que ce qu’il ne rapporte ». C’est avec cette observation que le Crédit Agricole de Franche Comté affirme, de but en blanc, se méfier de Bâle III, et envisage de travailler sur les sources de surperformance en 2012. Déçue d’Amundi, la caisse fait désormais appel à des partenaires externes comme Sycomores AM, Barclays, LCF Rothschild à qui elle confie 30 % de son portefeuille sous forme d’OPCVM ou de fonds structurés par Barclays. Détenant 60 % de monétaire, le portefeuille de la caisse régionale a atteint un rendement de 2,8 % en 2011. Pour 2012, il est prévu d’investir dans des titres éligibles de la BCE mais sans respecter forcément le LCR, dans le but d’obtenir de meilleures performances. Le Crédit Agricole de Franche Comté reste prudent. Au sein de son portefeuille de placements lié aux variations de marché, la caisse a subit de légères pertes au niveau des actions et a délaissé ces dernières, de même que l’alternatif. En parallèle, elle favorise les titres investis en direct dans son portefeuille d’investissements, évalué en valeur nette comptable, ainsi que les covered bonds et les titres étatiques, se détournant des corporates notés AA-, peu adéquats au regard de Bâle III.
Gestion d'actifs
02/02/2012

Nasdaq OMX alourdi par des charges

L’opérateur boursier a dégagé un bénéfice de 82 millions de dollars au quatrième trimestre, soit 45 cents par action diluée, contre 137 millions (69 cents), un an plus tôt. Il attribue ce recul au refinancement de sa dette et à des charges liées à des projets de fusions et à des initiatives stratégiques.

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