Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
27/10/2011

Profits up at Morningstar

In the first nine months of this year, net profits at Morningstar Inc totalled USD70.4m, compared with USD62.9m in the corresponding period of 2010, on earnings up 17% to USD472.8m. Excluding acquisitions and forex effects, earnings rose 10.8%.In third quarter 2011, however, Morningstar shows net profits of USD21.4m, compared with USD24.7m in July-September 2010, despite a 14.5% incrase in its earnings, to USD160.1m.In the Investment Management unit, which includes all activities related to asset management, for which at least 60% of revenues comes from asset-based commissions, assets advised and under management in the Investment Consulting operation as of 30 September totalled USD128.1bn, 21.2% higher than one year previously.Assets advised and under management by the Retirement Solutions division total USD36.3bn, compared with USD31.6bn as of 30 September 2010.Lastly, for the “Morningstar Managed Portfolios” division, assets under management have increased by about USD300m in one year, to a total of USD2.8bn as of 30 September.
27/10/2011

Profits down at Ameriprise

In third quarter 2011, Ameriprise Financial saw a decline in its net profits to USD271m from USD346m in July-September last year, with the obtraction due to a one-time charge of USD106m.By GAAP accounting standards, the asset management business unit at Ameriprise, which includes the British asset management firm Threadneedle and the US firm Columbia Management, earned pre-tax profits of USD97m, compared with USD104m in third quarter 2010.The affiliate Threadnnneedle had USD96bn in assets as of the end of September, compared with USD102bn one year earlier; it has seen net outflows of USD0.8bn in the quarter under review, with net redemptions of USD1.2bn to retail clients, and institutional net subscriptions of USD1.4bn. In third quarter of last year, Threadneedle had net subscriptions of USD1.1bn.At Columbia, assets as of 30 September totalled USD325bn, compared with USD347bn one year previously. Net outflows in third quarter totalled USD4.8bn, compared with USD4.1bn in July-September 2010.
27/10/2011

Revenues up 4% for Axa’s asset management

Axa’s Asset Management revenues were up 4% to Euro 2,443 million for the first nine months, mainly driven by higher performance fees and real estate transaction fees at AXA IM as well as higher research fees at AllianceBernstein. Assets Under Management were down Euro 59 billion versus December 31, 2010 at Euro 837 billion: �� Net flows of Euro -33 billion comprised of: - Euro -35 billion at AllianceBernstein, primarily from institutional clients, - Euro +2 billion at AXA IM, mainly driven by Euro +3 billion on Money Market, Euro +2 billion at AXA Private Equity and Euro +2 billion at AXA Framlington, partly offset by Euro -1 billion on Fixed Income and Euro -4 billion at AXA Rosenberg. �� Market impact: Euro -20 billion mainly at AllianceBernstein. �� Forex impact: Euro -2 billion as a result of the slight depreciation of the USD versus the Euro
27/10/2011

Assets under management fall again at AllianceBernstein

Assets under management at AllianceBernstein (Axa group) totalled USD402bn as of 30 September, down 12.8% compared with 30 June, and 15.8% (more than USD75bn) compared with the end of September 2010, the firm announced in a statemwnt on 26 October. As of the end of August, assets were down USD53bn compared with the end of December 2010. In terms of institutional assets (USD224.1bn), net outflows in third quarter totalled USD9bn, compared with nearly USD15bn in second quarter. In retail (USD109.8bn), net outflows totalled USD4.4bn, compared with USD2bn in second quarter. In the private client segment (USD68.1bn), redemptions totalled USD2bn, compared with USD26bn one quarter earlier. In total, outflows have totalled USD15.4bn, compared with USD19.5bn. Net profits distributable to shareholders for third quarter thus totalled USD90.98m, compared with USD114.14m for second quarter.
27/10/2011

Ian Henderson steps down from JPM Global Natural Resources Fund

J.P. Morgan Asset Management has announced that Ian Henderson, named manager of the JPM Global Natural Resources fund (more than EUR2bn in assets under management), will step away from the day-to-day management of the fund at the end of January 2012. Full responsibility for the funds will pass to Neil Gregson, who has worked alongside Ian for the past 12 months. Ian Henderson will remain in an advisory capacity until March 2013, and Neil Gregson will be the named manager of the fund, assisted by the natural resources team. Neil Gregson joined J.P. Morgan Asset Management’s natural resources team in September 2010, bringing with him a wealth of experience having spent almost 20 years at Credit Suisse Asset Management as head of emerging markets and related sector funds. In this role, he was responsible for USD10 billion in assets under management. During his time at Credit Suisse Asset Management, Neil Gregson also managed gold and natural resource equity funds. After qualifying as a mining engineer, Neil Gregson began his career holding various positions at mining and natural resource companies, including a role as a mining investment analyst at South African company Gold Fields. The JPM Global Natural Resources fund has delivered an annualised return of 8.83% since the fund’s inception in December 2004 (performance of the A(acc) EUR share class, net of fees, as at 30th September 2011).
27/10/2011

First State launches an emerging market bond fund

The British asset management firm First State Investments (Commonwealth Bank of Australia group) has announced the launch of the First State Emerging Markets Bond Fund, a British-registered ICVC which will be offered to investors in Britain and continental Europe. An offshore version of the fund will be launched soon. The new product, with 50 to 120 positions, will be managed by Helene Williamson (ex F&C), and her new emerging markets debt team, based in London. It will invest primarily in bonds and currencies considered strong, issued or guaranteed by governments, financial establishments, or businesses in emerging markets. The bonds will be denominated primarily in US dollars, and issued by governments or quasi-governmental entities. The objective will be to outperform the benchmark index, JPMorgan EMBI Global Diversified Index. The First State Emerging Markets Bond Fund includes eight share classes, of which four are denominated in euros.
27/10/2011

Vulpes IM hires a manager from Fidelity

The alternative management firm Vulpes Investment Management, based in Singapore, has recruited a former manager from Fidelity, Martin Shenfield, as senior portfolio manager. Shenfield will be in charge of managing the Testudo Fund, which invests in publicly-traded and non-publicly traded equities, commodities and bonds.
27/10/2011

Carmignac Gestion recrute chez BlackRock

Carmignac Gestion vient d’annoncer le recrutement de Kai Volkmann au poste de responsable pour le marché allemand. Cette nomination fait suite au départ de John Korter (lire NewsManagers du 26.10.2011). Le nouveau «country head» de la société de gestion parisienne prendra ses fonctions en janvier 2012 et dirigera le nouveau bureau que Carmignac Gestion a prévu d’ouvrir à Francfort. Kai Volkmann était jusqu'à présent responsable des ventes retail pour l’Allemagne au sein de BlackRock, poste qu’il a occupé pendant sept ans. Après son récent départ, ses fonctions ont été confiées à ancien supérieur, Andrej Brodnik, qui est head of retail business pour l’Allemagne, l’Autriche et l’Europe de l’Est chez BlackRock.
27/10/2011

Carmignac Gestion hires a new head for Germany

Carmignac Gestion has hired Kai Volkmann as head of country Germany. This recruitment follows John Korter’s departure (see NewsManagers of 26.10.2011). The new «country head» of the French asset manager will take his position from January 2012. He will head the new office Carmignac plans to open in Frankfurt. «His principal objective will be to further develop the firm’s relations with financial distributors in Germany, under the responsibility of Davide Fregonese, global head of sales and marketing. A strong local presence and its unique experience will help Carmignac Gestion reinforce the service to existing and new clients in the country, in keeping with its long term commitment to such a strategic market», according to the asset manager. Before joining Carmignac Gestion, Kai Volkmann was head of retail sales for Germany at BlackRock. He brings more than 10 years of experience in the asset management sector, including 4 years with JPMorgan Fleming Asset Management.
27/10/2011

New products take 6 to 9 months in gestation

Nearly 60% of asset management firms dedicate at least nine months to launching a new product, according to an annual survey recently published by Cerulli (“Cerulli Quantitative Update : Retail Products and Strategies 2011.”) From the time of initial conception of the product and its effective launch, 53% of managers take six to nine months, while a minority (6%) manage to bring out a product in the space of three to six months. Managers are under sales pressure to launch new products as soon as possible, and these new products often sustain strong inflows. But nonetheless, 29% of asset managers spend nine to twelve monhs developing products, and 12% of respondents need a year or more. The two longest stages in the development of products are research and defining the product, on one hand, and regulatory approval on the other. Nearly 75% of managers estimate that the complexity of a product is the most influential factor in their development projects. According to Cerulli, this observation is related to the current trend for alternative products, with more than 25% new products under development in the alternative sphere.
27/10/2011

Outflows continue from Italian funds

Open-ended funds on sale in Italy in September had net outflows of EUR4.7bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Since the beginning of the year, they have seen outflows of EUR13.8bn. In this environment, assets fell from EUR436.8bn as of the end of August to EUR424bn as of the end of September, of which 61% were invested in foreign-registered products. In September, all asst classes showed losses. The heaviest outflows were from bond funds (-EUR1.3bn), equity funds (EUR1.1bn) and money market funds (-EUR1bn). With the addition of mandates and closed funds, the Italian asset management industry as a whole has seen net outflows of EUR6bn. Assets as of the end of September totalled EUR950bn (of which 49% were in funds), compared with EUR971.8bn as of the end of August. Among the few groups to have seen inflows in September were Poste Italiane (+EUR247.7m), Finanziaria (EUR50.9m), and Mediolanum (+EUR30.5m). At the other extreme, companies with the heaviest redemptions were Pioneer (-EUR2bn), BNP Paribas (-EUR650m), and Ubi Banca (-EUR649m).
27/10/2011

Universal recruits a head for its real estate unit

Marcos J. Joos, who had been head of portfolio management for institutional real estate funds at Commerz Real, where he had been responsible for EUR2.7bn in assets, was recruited on 1 October by Universal-Investment as director of management for the real estate portfolio.He will be in charge of transaction management, asset management, financing and liquidity management.Universal-Investment has recently been licensed by BaFin to launch and administer real estate funds (see Newsmanagers of 20 October), and is planning to specialise in institutional funds.
27/10/2011

AllianceBernstein loses a mandate

The British pension fund Highland County Council has withdrawn a management mandate from AllianceBernstein for an equities allocation of GBP200m, though the firm retains another smaller mandate, the website IPE reports. AllianceBernstein is reported to have lost the equities mandate due to highly mediocre performance.
27/10/2011

Aberdeen AM recruits a development specialist

Aberdeen Asset Management has recruited a development specialist, who will be wholly dedicated to the long-only multi-manager fund range. This range has over GBP10bn in assets (as of 31 August). Aidan Upton had previously worked at Architas as an investment development manager.
27/10/2011

Asset management in Asia may double in size by 2015

The Asia ex Japan asset management sector may double in size by 2015, to a total of as much as USD4trn in assets under management, according to a study by Cerulli on behalf of Citi and Mirae Asset, Asian Investor reports. Assets have nearly doubled since 2006, to EUR1.17trn, but this growth has been related primarily to performance. In 2009 and 2010, mutual funds saw a net outflow. Verulli estimates that the growth of ETFs, especially in China, may significantly leverage growth in assets under management in Asia. Currently, Hong Kong is the largest market in the region, with USD28bn in assets under management. ETFs of the Asia-Pacific ex Japan region as of the end of April represented total assets of nearly USD60bn.
27/10/2011

BarCap launches a new range of hedge fund indices

With the Manager Access Indices, Barclays Capital (BarCap) has launched a range of investable indices which aim to provide instruments to measure a liquid exposure to certain specific hedge fund strategies. The first product in the series will focus on long/short strategies.Each of the indices allows for exposure to a single hedge fund strategy, and direct exposure to a manager. The objective is to list managed accounts on several specialised managed account platforms, rather than traditional hedge funds, which makes it possible to extend the universe for components of the index, and provides access to at least weekly liquidity.Anthony Lazanas, managing director, index, portfolio and risk solutions at BarCap, says that the new range of indices allows investors access to funds which use specific investment strategies, while also benefiting from the transparency and diversification of multiple managed accounts platforms.Arik Ben Dor, director, quantitative portfolio strategy group, says that the methodology used to construct the indices is based on the ability to identify consistent performance of funds, with a proprietary measurement tool. The weighting mechanism overweights funds which are the most likely to sustainably outperform their counterparts, with a system of constraints which aims to limit the risks of concentration and fat tails.
27/10/2011

L'Europe scelle le sort de ses banques

A l’issue d’une nuit des longs couteaux, dirigeants européens et créanciers privés se sont entendus sur une décote de 50% sur la dette grecque
Conseil de l'union européenne. 26 octobre 2011. Photo: C.union européenne
27/10/2011

Le Qatar couvre 25% de ses ventes de pétrole pour 2012

Imitant le Mexique, Le Qatar a couvert un quart de sa production de pétrole pour 2012 afin de se protéger contre une possible baisse de prix l’an prochain, selon le quotidien qui cite des sources pétrolières et bancaires.
PIRF 1
27/10/2011

La BNS est en passe de gagner son pari

La Banque nationale suisse (BNS) a réussi à affaiblir le franc, après avoir annoncé le 10 septembre ne plus tolérer un change inférieur à 1,20 pour un euro. Certes, elle n’a pas lésiné sur les moyens. La base monétaire a explosé, passant de 13 à 45% de PIB. Mais on peut se demander si le jeu en valait la chandelle. Même si l’appréciation du franc réduit la croissance, les exportations vers la zone euro ne représentent jamais que 17% du PIB suisse.
27/10/2011

Le chômage en France renoue avec un pic de 11 ans

Le nombre de demandeurs d’emploi en catégorie A (ceux n’ayant exercé aucune activité au cours du mois) a augmenté en France métropolitaine de 26.000 (+0,9%) le mois dernier pour s'établir à 2.780.500, selon le ministère du Travail et Pôle Emploi. Sur un an, le nombre de chômeurs en catégorie A croît de 3% et atteint son plus haut niveau depuis début 2000.
27/10/2011

Bond surprise des ventes de logements neufs aux Etats-Unis

Les ventes de logements neufs aux Etats-Unis ont bondi de 5,7% en septembre, soit au rythme le plus élevé en cinq mois. Selon le département du Commerce, les ventes sont ressorties en rythme annuel à 313.000 unités, contre 296.000 en août. Le prix de vente médian a toutefois reculé de 3,1% le mois dernier, à 204.400 dollars, au plus bas depuis octobre 2010.
27/10/2011

Recul des commandes de biens durables outre-Atlantique

Les commandes de biens durables aux Etats-Unis ont reculé de 0,8% en septembre, soit un peu moins que ce que le marché attendait (-0,9%), selon les chiffres du département du Commerce. La baisse d’août a été confirmée à 0,1%. Hors transports, la statistique affiche en revanche une hausse de 1,7%, après un recul 0,4% en août, révisé de -0,1%.
27/10/2011

L’OCDE attend du Brésil des réformes indispensables

Dans sa dernière étude consacrée au Brésil, l’OCDE estime que de nouvelles réformes sont nécessaires pour stimuler la croissance à long terme, encourager l’investissement et réduire encore la pauvreté. L’OCDE prévoit en outre que la croissance du PIB tombera au-dessous de 4 % au cours des deux prochaines années.

Sujets d'actualité

Tous les sujets