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13/12/2011

Asian mutual fund assets still on the rise

Assets in Asian mutual funds have fallen 3% for Asia ex Japan in first half 2011, to USD1trn, due to mediocre market performance and net outflows in the two largest markets, China and Korea, according to an annual report from Cerulli on distribution trends in Asia (“Asian Distribution Dynamics 2011.”) Assets under management fell by 7.9% in China and 6.6% in Korea, while the other markets in Asia ex Japan had growth of greater or lesser amounts. Cerulli estimates that assets may increase to USD1.1trn by the end of the year.The research agency finds that the fundamental trend is headed upwards. In the past four years, to 2010, assets in funds in the region, including China, Korea, India, Taiwan, Hong Kong and Singapore, have posted average annual growth of 13.9%. Assets in Chinese funds have showsn the highest growth, at 29.4%, followed by India (17.6%). According to Cerulli, the trend is likely to continue until 2015 at a more modest annual pace of 11.2%, meaning that assets under management will total about USD1.8trn by 2015.
13/12/2011

BlackRock, Rogge and Mellon to manage Chilean pension fund assets

With the assistance of the consultant Strategic Investment Solutions and the finance ministry, the central bank of Chile has selected BlackRock and Rogge Global Partners to manage the assets of the corporate bond allocation from the nation’s pension reserve fund, while Mellon Capital Management and BlackRock have been granted the equities mandate, Funds People reports.The Fund managers USD4.49bn in assets, of which 20% will be invested in corporate bonds, and 15% in international equities.The transfer of assets will take place in the period from 1 March 2012 to 28 February 2013.
13/12/2011

GE Capital Real Estate launches Gateway, targets office properties

GE Capital Real Estate has raised EUR400m from third-party investors, Agefi reports, to create a new vehicle entitled “Gateway,” which will invest in office properties in London, Paris, Berlin, Hamburg, Frankfurt, and Munich. The total size of the asset base will be EUR1bn, with an investment period of two years, which may be extended by one year, the newspaper reports.
13/12/2011

Axa announces results of “Shareplan 2011”

More than 26,000 people at AXA, representing more than 23% of staff concerned, have signed up for “Shareplan 2011,” the 2011 employee shareholding plan, announced by the insurer on 23 August.Total subscriptions come to over EUR332m, corresponding to the issue of nearly 37 million new shares, subscribed to at a price of EUR8.43 per share for the traditional offering, and EUR9.10 for leveraged shares. The new shares are eligible for dividends from 1 January 2011, a statement says.At the conclusion of this year’s campaign, employees at AXA control about 7.4% of its capital and 8% of voting rights.
13/12/2011

CalPERS renews real estate consulting contract

The Californian pension fund CalPERS on 12 December announced that it has renewed its real estate consulting contract with the Pension Consulting Alliance (PCA), whose mandate was expiring. As of 30 September 2011, the value of the real estate portfolio of CalPERS totalled USd19.1bn, up 26% compared with the first nine months of the previous year.
13/12/2011

Lombard Odier IM recruits ING CIO

On Monday, Lombard Odier Investment Managers (LOIM, CHF33.7bn in assets as of the end of September) announced that it has recruited Jan Straatman as chief investment officer (CIO). It is a newly-created position.Straatman will be based in London, will begin in his new role on 1 March 2012, and will report to Hubert Keller, managing partner at Lombard Odier and co-head of LOIM with Thierry Lombard.For two years, Straatman had been CEO and CIO of Pearl Group in London; from 2001 to 2006 he was CIO for capital markets at the Dutch pension fund ABP Investments.Mark Weber, currently a member of the managing committee at ING IM United States, will replace Straatman as CIO of ING, and will take on responsibility for Europe and Asia.
13/12/2011

LDE acquires FTSE International from Pearson

The London Stock Exchange (LSE) on Monday announced that it has signed an agreement with the Pearson group to acquire its 50% stake in FTSE International. The transaction, which is valued at GBP450m (EUR527m), will be completed in first quarter 2012, and will make LSE the sole proprietor of the index provider, in which it had already controlled the other half.
13/12/2011

Friends Life recruits from LV=AM

The insurance firm Friends Life has recruited the bond specialist team from LV=Asset Management, to direct strategies for this asset class, at a new entity dedicated to asset management, Friends Life Investments, which will be launched next year, Investment Week reports. Michael Wright, previously head of bonds at LV=AM, becomes director for fixed income. In this role, he will be in charge of asset allocation and direct management of government bond strategies. John Hampton will continue to handle the corporate bond portfolios as head of credit. He will oversee all institutional corporate portfolios, under the direction of Wright. Purna Bhudia and Nigel Bradshaw, who had previously worked with Hampton, will continue in their roles at Friends Life Investments as corporate bond fund managers.
13/12/2011

Vanguard lists funds on Standard Life platform

Standard Life has added 12 of Vanguard’s core index funds to its pensions platform. The new funds will be available to both retail and corporate clients.The funds, which include both bond and equity index funds, will be available on the platform from 16 December 2011, with the exception of the SL Vanguard US Equity Pension Fund which will become available from the end of January 2012.Tom Rampulla, managing director at Vanguard UK comments: «Standard Life will be the first defined contribution (DC) platform in the UK to offer Vanguard funds».
13/12/2011

UMR Corem preparing a cross-border Belgian pension financing organism

Charles Vacquier, CEO, has told IPE that the French firm UMR Corem is planning to create a Belgian-registered pension financing organism (OFP) by the end of first half 2012, which would be a cross-border entity for defined contributions. The product could be operational by 1 July next year.IPE says the plans represent a victory for the Belgian retirement sector, which for years has been seeking to attract foreign actors for cross-border activities, at a time when France has not yet brought itself into compliance with the 2003 professional retirement institutions (IORP) directive, which requires that second-pillar support entities such as UMR Corem comply with Solvency II regulations.The OFP entity, which will have initial capital of EUR3m, and will be managed in Nantes, will sign an agreement with UMR which would allow the firm to transfer second-pillar pension assets to it.UMR Corem will also seek external clients for the OFP fund, initially from firms located in the euro zone.
13/12/2011

Morningstar modernises classification of FI funds

Morningstar will now apply a new sectoral classification system to the fixed income fund universe, with six “super-sectors” (Government, Municipal, Corporate, Securitized, Cash & Equivalents and Derivatives), up from four categories previously, with 17 primary sectors (up from 13), which in turn are subdivided into 72 secondary sectors. The system used previously had consisted of two “tiers.”The objective with the change is to provide a more detailed picture of the strategy and investments of each fund. The new system will also take into account international bond funds and emerging markets.
13/12/2011

ETF assets increase less rapidly than expected in 2011

ETF assets are projected to have increased by less than 5% by the end of this year, rather than the previously expected 5-10%, due to the debt crises and controversy over synthetic replication products, Deutsche Bank reports. The bank states that increases in assets under management totalled only 3.5% in January-November, Handelsblatt reports.The slower pace of growth is noticeable particularly in Europe, where net subscriptions fell back to EUR17.6bn in the first eleven months of the year, compared with EUR30.6bn in the corresponding period of last year. In Asia, net subscriptions totalled USd18.7bn, compared with USD10.7bn.
13/12/2011

ETF assets down in Europe

Compared with the end of 2010, assets in ETFs in Europe as of 30 November were down by USD11.5bn, to USD273.5bn, but “other ETPs” products (ETCs and ETNs) were up USD3.5bn, to USD34.8bn, according to the most recent edition of the ETF Landscape newsletter from BlackRock. However, the number of ETFs as of the end of November came to 1,226, compared with 1,072 eleven months earlier, while “other ETPs” products increased to 566 from 521. At end-November, ETPs as a whole had assets of USD308.3bn, after net redemptions of USD1.29bn in November. Since the beginning of the year, these products have posted net subscriptions of UDS26.67bn, compared with USD50.27bn in all of 2010.
13/12/2011
Gestion d'actifs

Le GIE AGIRC-ARRCO porte de l'intérêt pour les ETF principalement pour les fonds tactiques

Lors d’un débat organisé par Ossiam, Philippe Goubeault (Directeur financier du GIE Agirc-Arrco) a été interrogé sur l’usage des ETF en tant qu’investisseur institutionnel. Ce sont des véhicules que la réglementation de l’Agirc-Arrco permet d’utiliser tant que les actifs sous jacents sont éligibles. Les ETF représentent, pour l’institution, un intérêt dans les fonds tactiques mais le poids de ces véhicules est tout de même faible dans son portefeuille. L’institution en possède 10% (2/3 sont des OPCVM de droits étrangers et 1/3 de droit Français).
Gestion d'actifs
13/12/2011

Pioneer offers a multi-asset class fund

With the new Multi Asset Real Return sub-fund from Pioneer Funds, Pioneer on 17 November created a European mirror of a US product, with USD227.2m in assets, managed by the same team, including Michele Garau assisted by Kenneth Taubes, head of investment management US, and Howard Weis as associate portfolio manager, Citywire reports. Conviction-based bets are hedged with small exposures to asset classes with low correlation.
13/12/2011

Pour Fitch, le sommet de l'UE accroît la pression sur les notes

Fitch Ratings a estimé hier que l’incapacité des dirigeants européens à trouver une solution «globale» à la crise de la dette avait accru la pression à court terme sur les notes souveraines des pays de la zone euro. Le sommet des chefs d’Etat et de gouvernement de l’Union a débouché vendredi sur un accord ébauchant un nouveau traité intergouvernemental censé faire avancer l’intégration économique au sein de la zone. «Il semble qu’une ‘solution globale’ à la crise actuelle ne soit pas d’actualité», selon Fitch. «L’approche graduelle retenue implique des coûts économiques et financiers supplémentaires par rapport à une solution globale immédiate. Cela signifie que la crise se poursuivra à des niveaux d’intensité variables tout au long de 2012 et probablement au-delà, jusqu'à ce que la région soit en mesure de connaître une reprise économique solide», ajoute l’agence.
13/12/2011

GE Capital Real Estate lève 400 millions d’euros

Pour un nouveau véhicule baptisé «Gateway» et destiné à investir dans l’immobilier de bureaux à Londres, Paris, Berlin, Hambourg, Francfort, et Munich, GE Capital Real Estate a levé 400 millions d’euros auprès d’investisseurs tiers. La taille totale de la base d’actifs devrait atteindre un milliard d’euros avec une période d’investissement de deux ans, pouvant être prolongée d’une année.
13/12/2011

Truffle Capital s’implante à São Paolo

Le groupe de capital-risque a annoncé qu’il allait s’implanter début 2012 à São Paolo au Brésil, ce qui lui permettra de tirer parti du potentiel de ce pays afin d’y développer les sociétés de son portefeuille et «d’investir dans des sociétés innovantes brésiliennes prometteuses», notamment dans les technologies de l’information.
13/12/2011

Baisse du déficit américain en novembre

Le déficit budgétaire américain a reculé à 137,3 milliards de dollars en novembre, contre 150,39 milliards un an plus tôt et 139 milliards de dollars anticipé par le consensus Reuters, a annoncé hier le Trésor américain. Le déficit sur l’ensemble de l’exercice débuté en octobre s'élève à 235,77 milliards, contre 290,83 milliards sur la même période l’année précédente.
13/12/2011

Goldman Sachs se développe dans les fonds à dividende

La filiale de gestion d’actifs de la banque américaine a fait part du rachat d’un fonds commun de placement spécialisé dans les actions à dividendes élevés. Goldman Sachs Asset Management s’offre ainsi, pour une somme non dévoilée, Rising Dividend Growth Fund, un fonds de 153 millions de dollars détenu par Dividend Growth Advisors.
13/12/2011

Les fonds d’arbitrage engrangent les souscriptions

Les fonds alternatifs devraient terminer 2011 sur un volume de souscriptions nettes cumulées qui n’aura jamais été aussi élevé depuis la faillite de Lehman Brothers. L’indice GlobeOp Capital Movement a augmenté de 1,55 point à 141,01 points ce mois-ci, dépassant la barre des 140 points pour la première fois depuis octobre 2008.
13/12/2011

Pas de hausse d'impôts en Espagne

L’Espagne n’augmentera pas la pression fiscale pour résoudre ses difficultés budgétaires, a déclaré hier le Parti populaire (PP), dont le leader, Mariano Rajoy, a prôné l’austérité pour réduire les déficits et la dette. Le porte-parole du PP a expliqué qu’une augmentation de la fiscalité serait malvenue alors que la croissance faiblit et que l'économie peine à créer de l’emploi.
13/12/2011

Les CoCos européens éveillent l'intérêt

L’Autorité bancaire européenne a détaillé les caractéristiques de nouveaux titres hybrides qui permettront aux établissements de combler leur déficit de capital d’ici fin juin 2012. Les banques pourraient surtout en émettre dans le cadre d’opérations d'échange de dette.
13/12/2011

L’inflation chinoise en pente douce

Selon Li Daokui, conseiller de la Banque populaire de Chine cité par le journal, la hausse des prix à la consommation devrait ralentir à un rythme de 2,9% l’année prochaine. Li Daokui anticipe également une baisse du prix des biens immobiliers, et table sur une poursuite des mesures déjà engagées par Pékin cette année pour relancer l’activité.
13/12/2011

La Chine pose ses conditions à l’aide européenne

Pékin va soumettre son aide à l’Europe à certaines conditions, dont le soutien du Vieux continent à l’accès de la Chine au statut d’économie de marché, indique au journal le directeur du centre de recherche économique de l’Université de Peking, Yao Yang. Ce dernier reconnaît néanmoins que la faillite de l’euro sera néfaste à la Chine, laissant le dollar comme seule monnaie de réserve.
12/12/2011

Le LSE prend le contrôle total des indices FTSE

Le London Stock Exchange a annoncé lundi matin le rachat de 50% des indices FTSE International, dont il détenait déjà l’autre moitié, au groupe Pearson. A 450 millions de livres, le prix valorise la cible à 22,5 fois son Ebitda 2010, «un niveau qui semble très élevé» selon les analystes de RBS. En prenant le contrôle à 100% des indices FTSE, la Bourse de Londres espère ainsi relancer ses activités de dérivés et de produits indiciels.

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