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01/09/2011

Oriol Delman promoted as president and CEO of CatalunyaCaixa Inversió

Oriol Delman, the former deputy CEO of Caixa Manresa and most recently CEO of CatalunyaCaixa Inversió, who oversaw the merger of the management firms of the Caixa Catalunya group, Caixa Tarragona et Caixa Manresa, has been appointed as president and CEO of the new entity, Funds People reports. The product range from the three management firms has been rationalised, and reduced from a total of 40 products to 17 traditional funds.
01/09/2011

Robeco aims for 60% institutional assets by 2014

Global Pensions reports that as of the end of June, total assets at Robeco were down slightly, to EUR149.3bn from EUR149.6bn twelve months previously, due to a heavy depreciation of the US dollar and falling markets. CEO Robert Munsters says that in first half, net subscriptions from institutionals represented 47% of total net inflows (see Newsmanagers of 31 August), which totalled EUR4.9bn, following institutional net outflows of EUR4.9bn in January-June 2010. Robeco’s objective is to increase the proportion of assets managed for institutional investors from 50% to 60% by 2014.
01/09/2011

Pimco launches a "go anywhere" bond fund

Pimco is seeking to win over investors with a new bond fund which is intended to earn positive returns in all market environments, by relying on a wide range of bond strategies, the Wall Street Journal reports. The Pimco Credit Absolute Return Fund, launched on Wednesday, may use hedge fund strategies such as short positions. It will be managed by Mark Kiesel, head of corporate bond portfolios at Pimco.
01/09/2011

S&P launches a new Latin American index

The index provider S&P Indices has launched the first in a series of indices designed to measure the performance of the MILA (Mercado Integrado Latino Americano) Integrated Market platform, a trading vehicle which combines the stock markets of Chile, Colombia and Peru. The S&P MILA 40 measures the performance of the largest and most liquid caps on the MILA platform.
01/09/2011

SEC opens a consultation on use of derivatives by mutual funds

The Wall Street Journal reports that on 31 August, the SEC launched a market consultation to gather the opinions of the public about the use of derivatives by mutual funds, an element which obviously had not been provided for in the law of 1940. The consultation will remain open for 60 days.The question is largely, on the one hand, of how leverage should be calculated for derivatives used by funds, and on the other hand, to determine whether the SEC should issue rules governing the way in which funds are to value derivatives in their portfolios. The SEC currently forbids the use of derivatives by ETFs as a precaution.
01/09/2011

Le M&G Dividend va doubler de taille

Prudential va fusionner son trust Equity Income (563 millions de livres) dans le fonds M&G Dividend (497 millions) dans le cadre d’une réorganisation de sa gamme de fonds, créant ainsi un portefeuille de 1 milliard de livres, rapporte Investment Week. Le gérant du fonds sera Alex Odd.
01/09/2011

Prudential merges several M&G funds of funds

Prudential is to merge its Equity Income trust into the M&G Dividend fund, as part of a series of consolidations aiming to improve performance and lower costs, Investment Week reports. The merger of the Income trust, whose assets under management total GBP563m, and the M&G Dividend fund (GBP497m) will create a fund with assets of over GBP1bn. Several other mergers are planned, including that of the Prudential International Growth trust (GBP96m) with the Global Growth fund, managed by Greg Aldridge, which has about GBP855m. The operations are subject to the approval of shareholders in September, to go into effect in October.
01/09/2011

Sanlam Fund Solutions recruits director of Titan Fund Management

Fundweb reports that, as part of its “ambitious growth plans” following the acquisition of Border Asset Management this year, Sanlam Fund Solutions (Principal Investment Management group) has recruited Barry Cowen, who had been director of Titan Fund Management (Mauritius), after also serving at SocGen Investment Management and George Pech International. Cowen will be in charge of management and development of the retail product range for the British market.
01/09/2011

Wealth management advisers continue to dominate British market

In the United Kingdom, wealth management advisers (independent financial advisers, or IFAs, and multi-tied advisers) maintained their market share in the year 2011 to the end of March at 43%, according to a study published on 31 August by the FSA.However, banks and building societies increased their market share from 22% to 29% in the year 2011 to the end of March, while the market share for insurers held stable at about 13%.The FSA points out that these statistics do not take into account sales via platforms, which are widely used by advisers, and whose market share is thus probably above 43%.Retirement policies were the best-selling product in the year under review, representing 36% of total sales. Advisers sold 58% of these retirement products.
01/09/2011

F&C recruits for UK institutional sales team

F&C has added to its UK institutional sales team, according to reports in the British press. Simon Bentley has been hired as client director, and Simon Mooney has been hired as institutional sales director. Lydia Puricelli has also joined the firm as marketing manager in charge of UK institutional marketing, from Jupiter Asset Management. Bentley joins from UBS Global Asset Management, while Mooney was at P-Solve Asset Solutions.
01/09/2011

Argonaut hires a COO

The asset management boutique Argonaut Capital Partners has appointed Edward James as chief operating officer, as previously announced. The move comes as the firm becomes independent of Ignis (see Newsmanagers of 25 August 2011). Edward James joins from Octopus Investments, where he was chief operating officer. He has 15 years of experience in the sector, and has also worked at Euroclear and Gerard Asset Management.
01/09/2011

A good start for Citic Securities hedge fund, launched in June

The CSI RMB Fund, launched in mid-June by Citic Securities International Investment Management (CSIM), has already attracted assets of USD50m, Asian Investor reports. Craig Lindsay, managing director and COO of CSIIM, hopes that the fund will take in at least USD100m in the first year, and up to USD1bn eventually. The fund, domiciled in the Cayman islands, has posted positive returns, though this is only in the two months since its launch. On the basis of a projected 5% to 7% per year appreciation for the Chinese renminbi, the fund is expected to earn returns of 15% to 20% per year.
01/09/2011

Permal offers fund shares denominated in Chinese renminbi

The London-based fund of hedge funds Permal (which was acquired by Legg Mason in 2005) is now offering shares denominated in Chinese renminbi for two of its funds of funds, Permal Fixed Income Holdings (USD5.7bn) and Permal Macro Holdings (USD6bn). Renminbi shares in the Permal Fixed Income Holdings fund will be launched at the end of September, with a launch of shares in the second fund to follow soon after. Permal has recently intensified its focus on the Chinese market, with the recruitment in June of a China expert, Zhiwu Chen, professor of finance at Yale, as chief advisor.
01/09/2011

Private equity investments up

In first half 2011, private equity investors made more than EUR3.13bn in investments in German businesses, compared with EUR2.32bn in each of the two previous six-month periods, the German BVK private equity association states.The increase was sustained over the period under review, as investments totalled EUR1.84bn in April-June, compared with EUR1.29bn in January-March.
01/09/2011

Slight increase in ETF assets in July

As of the end of July, assets under management in ETFs worldwide totalled USD1.4448trn, compared with USD1.4427trn as of the end of June, an increase of 0.1% in one month, according to statistics from the BlackRock Investment Institute. Total assets were up 10.2% compared with USD1.3113trn as of the end of December.In total, as of 31 July BlackRock counted 2,487 ETFs listed 6,370 times on 51 stock markets, from 148 issuers. The number of ETFs in preparation totalled 1,051, compared with 1,037 as of the end of June, and 970 one year previously.Year to date, the number of ETFs has increased 15.7%, with 419 funds launched, 12 withdrawn from trading, and 20 merged.The top three providers remain unchanged: iShares (BlackRock) as of the end of July had 475 ETFs, up from 474 as of the end of June, with total assets of USD618.1bn, compared with USD620.7bn, and a market share of 42.8%, compared with 43%. State Street Global Advisors (SSgA) remains in second place, with an unchanged number of ETFs (137), assets under management of USD204bn, compared with USD204.2bn one month previously, and a market share of 14.2%, compared with 14.1%. In third place, Vanguard still has 69 funds, but its assets have fallen by USD1bn, to USD174.5bn, and its market share now stands at 12.1% compared with 12.2%.
01/09/2011

ETFs in Europe: Lyxor loses second place to db x-trackers

Total assets under management by European ETFs as of the end of July totalled USD324.4bn, 1% more than one month earlier (321.2bn), and up from 31 December 2010 by 14.2%, or USD40.4bn, of which USD27.1bn were net subscriptions, according to the BlackRock Investment Institute.In this environment, iShares has continued to lead the pack by far: the BlackRock affiliate, whose assets under management as of the end of July totalled USD119.2bn, a market share of 36.2%, took in USD5.2bn in net subscriptions in July, out of a total of USD7.9bn, and USD14.6bn out of a total of USD27.1bn in the first seven months of the year.A change has, however, taken place in the top three: as of the end of June, Lyxor Asset Management (Société Générale) remained in second place, with assets of USD53.5bn, and a 16.7% share of the European market, followed by db x-trackers (Deutsche Bank), with USD51bn and 15.9% of the market. As of the end of July, second place goes to db x-trackers, with USD52.1bn and a market share of 16.1%, while Lyxor falls back to third place with USD50.1bn and 15.4% of the market.Lyxor’s decline is partly due to the fact that the asset management firm has seen as heavy outflows in July (USD1.1bn) as in the first seven months of the year (USD3.6bn).However, db x-trackers has seen net subscriptions of USD2bnin July, and of USD2.5bn in January-July.Second place in the rankings for net subscriptions in the first seven months of the year goes to UBS Global Asset Management, with USD4.2bn, and assets as of the end of July of USD11.7bn, which puts the management firm in sixth place in Europe, after the leading three and Credit Suisse Asset Management (USD18.9bn and USD2.1bn in net subscriptions in January-July), and Zurich Cantobank (USD14.6bn and USD0.5bn).
01/09/2011

Julius Baer publishes its first report on Asian high net worth individuals

In cooperation with the independent brokerage firm CLSA, the Swiss firm Julius Baer on 31 August published its first “Julius Baer Wealth Report,” focusing on themarket for high net worth individuals (HNWI) in Asia.At the time of the survey’s release, the Swiss group also launched the new Julius Baer Lifestyle Index, which tracks consumer prices in the Asia-Pacific region, and the rate of inflation particular to them. It takes into account a basket of 20 luxury goods and services representative of the consumer spending of HNWI, from high-end shops and businesses located in Hong Kong, Shanghai, Singapore and Mumbai. In the twelve months to the end of April, the index has risen 11.7%, while the conventional consumer price indices have risen only 5.1% at the same time. This shows that the cost of living for HNWI in Asia is becoming more expensive much more rapidly than the average.According to the report’s predictions, the number of HNWI in Asia is expected to reach 2.82 million in 2015, with total wealth of USD15.81trn. Their total number in 2010 was 1.16 million, with USD5.6trn in assets. However, Julius Baer points out that the appreciation of Asian currencies may generate as many as 600,000 dollar millionaires by 2015.In the baseline scenario, China alone would have about 1.4 million HNWI by 2015, with wealth of USD8.76trn.
01/09/2011
Fonds

Bons débuts pour le hedge fund de Citic Securities lancé en juin

Le CSI RMB Fund, lancé à la mi-juin par Citic Securities International Investment Management (CSIIM), a déjà collecté un encours de 50 millions de dollars, rapporte Asian Investor.Craig Lindsay, managing director et COO de CSIIM, espère drainer au moins 100 millions de dollars durant la première année et jusqu'à 1 milliard de dollars par la suite.Le fonds domicilié aux îles Caïman a, depuis son lancement, il est vrai seulement un peu plus de deux mois, enregistré des performances positives. Sur la base d’une appréciation du renminbi de 5 à 7% par an, le fonds devrait dégager un rendement de 15 à 20% par an.
Fonds
01/09/2011

Robeco vise 60 % d'encours institutionnels pour 2014

Global Pensions indique qu'à fin juin les encours totaux de Robeco ont reculé à 149,3 milliards d’euros contre 149,6 milliards douze mois auparavant, à cause de la forte dépréciation du dollar américain et de la baisse des marchés.Le CEO Roderick Munsters a précisé qu’au premier semestre, les souscriptions nettes des institutionnels ont représenté 47 % des rentrées totales (lire notre dépêche du 31 août) qui se sont montées à 4,9 milliards d’euros, après des sorties nettes institutionnelles de 4,9 milliards d’euros pour janvier-juin 2010.L’objectif de Robeco est d’augmenter d’ici à 2014 à 60 % contre 50 % actuellement la part des actifs gérés pour le compte d’investisseurs institutionnels.
01/09/2011

Mirae recrute un responsable des pays nordiques

La société de gestion coréenne Mirae Asset Global Investments Group a recruté Karl Waltré en tant que responsable des pays nordiques dans le cadre de sa stratégie d’expansion en Europe. Il s’occupera des clients existants de la société et aura pour mission de développer l’activité «wholesale» et «retail». Placé sous la responsabilité d’Elliot Berman, il sera basé à Londres. Précédement, Karl Waltré était directeur du développement chez Aviva Investors où il était chargé de la clientèle dans les pays nordiques et les Etats baltes.
01/09/2011

Pimco peine à décoller sur les actions

En 2009, Pimco (groupe Allianz Global Investors) avait recruté Neel Kashkari, un ancien du Département du Trésor et de Goldman Sachs, pour qu’il transforme le plus gros gestionnaire «obligations» du monde en un grand acteur sur les actions, note The Wall Street Journal. Depuis lors, Pimco n’a lancé que deux fonds d’actions qui ne pèsent qu’un peu plus de 0,1 % des 1.300 milliards de dollars de ses encours, et l'équipe de Neel Kashkari ne compte que 20 professionnels de l’investissement.Et les performances manquent de lustre : le fonds Pathfinder (1,5 milliard de dollars) géré par deux anciens de Franklin Templeton, Anne Gudefin et Charles Lahr, ne gagnait au 30 août que 0,4 % depuis le début de l’année contre 0,89 % pour son indice de référence, le MSCI monde. Quant au fonds d’actions émergents (376,1 millions de dollars) lancé en mars, il affiche une perte de 10 % au 30 août contre 8,04 % pour le MSCI marchés émergents.
01/09/2011
Fonds

Pimco lance un fonds obligataire "tout terrain"

Pimco tente de séduire les investisseurs avec un nouveau fonds obligataire censé dégager un rendement quel que soit l’environnement de marché grâce à une large palette de stratégies obligataires, rapporte le Wall Street Journal. Lancé mercredi, le Pimco Credit Absolute Return Fund pourra utiliser des stratégies de hedge funds, comme les positions vendeuses. Il sera géré par Mark Kiesel, le responsable des portefeuilles d’obligations d’entreprises de Pimco.
Fonds
01/09/2011

Changement à la tête de la recherche sur les gérants chez Morningstar

La division investment management de Morningstar (250 personnes implantées à Chicago, Londres, Melbourne, Paris, Shenzhen, Sydney, Tokyo et Toronto) a depuis le 31 août un nouveau patron de la recherche sur les gérants, William Harding.L’intéressé, qui sera subordonné à Thomas Idzoreck, CIO et directeur de la recherche pour la division, était depuis 2006 directeur de la recherche chez Morningstar Investment Services (MIS). Dans ses nouvelles fonctions, il sera chargé de promouvoir les meilleures pratiques en matière de recherche sur les gérants ainsi que de sélection de gérants.Peng Chen, president de la division investment management, a souligné que l’une des principales stratégies de croissance pour Morningstar consiste à faire du groupe un leader mondial dans le domaine des fonds de fonds.
01/09/2011

Oriol Delmau est promu PDG de CatalunyaCaixa Inversió

Ancien directeur général adjoint de Caixa Manresa et en dernier lieu directeur général de CatalunyaCaixa Inversió, où il a dirigé la fusion entre les sociétés de gestion de Caixa Catalunya, Caixa Tarragona et Caixa Manresa, Oriol Delmau a été nommé président directeur général de la nouvelle entité, rapporte Funds People. La gamme des trois gestionnaires a été rationalisée, passant d’un total de 40 produits à 17 fonds traditionnels
01/09/2011
Fonds

L’appétit des Japonais pour les fonds Brésil pourrait diminuer

Ces deux dernières années, les Japonais ont investi un total 8.000 milliards de yens (104,3 milliards de dollars) dans des fonds Brésil, selon Lipper. Mais cette «love story» pourrait bien ne pas durer, estime le Financial Times. Les fonds ont en effet subi un double revers. La récente aversion au risque a conduit les investisseurs à se défaire de leurs actifs émergents. Parallèlement, le yen a bondi tandis que le real brésilien chutait.
Fonds
01/09/2011

La part des contrats en UC chez Swiss Life deux fois plus importante que la moyenne

Swiss Life France souhaite rendre la nature des bénéfices la moins dépendante possible des variations boursières, rapporte L’Agefi. Selon Charles Relecom, son président directeur général, c’est la raison pour laquelle, en assurance vie, la priorité a été donnée aux produits en unité de compte. L’assureur a également exclu de puiser dans sa réserve de participation aux provisions pour excédent [PPE] pour gonfler le rendement de nos produits. En chiffres, la part des contrats en unités de compte (UC) de l'établissement a augmenté de 9 points pour atteindre 31%, contre 15% pour la moyenne du marché.
01/09/2011

Alain Konrad a quitté Swiss Life AM pour rejoindre la SPGP

Directeur général délégué de Swiss Life Asset Management, également responsable de l’activité commerciale et du marketing de la société de gestion, Alain Konrad a démissionné à la mi-juillet pour rejoindre la Société Privée de Gestion de Patrimoine (SPGP) où il occupera des fonctions analogues. L’arrivée d’Alain Konrad coïncide avec la volonté de la SPGP de développer son activité. Avec un milliard d’euros d’actifs sous gestion, essentiellement issus d’investisseurs privés, le nouveau promu – il s’agit d’une création de poste - s’est donné comme objectif d’accroître la part de marché de la société de gestion, principalement auprès des conseillers en gestion de patrimoine indépendants et des investisseurs institutionnels. D’autre part, la SPGP affiche également son intention de commercialiser ses fonds hors de France. Pour cela, Alain Konrad compte s’appuyer sur les services de Third party marketers ainsi que sur son expérience qui lui a permis, au cours des dix années passées chez Swiss Life AM, de porter les encours à 4 milliards d’euros (hors capitaux issus des mandats de gestion Swiss Life) – avec une collecte de 850 millions d’euros pour la seule année 2010. Enfin, selon nos informations, SPGP devrait également enrichir sa gamme d’OPCVM en lançant prochainement un fonds d’obligations innovant.
01/09/2011
Fonds

Axa PE en négociation exclusive avec Astorg Partners pour acheter Photonis

L’Agefi rapporte qu’Axa Private Equity (Axa PE) est entrée en négociation exclusive avec Astorg Partners en vue d’acquérir Photonis, le fabricant de systèmes de photo-détection, une société que la filiale de l’assureur avait elle-même vendue à Astorg en 2008. Le prix est légèrement supérieur à 500 millions d’euros, dont 51% en fonds propres, note le quotidien.
Fonds
01/09/2011

Le directeur commercial d'UFG-LFP part pour l’Union Financière George V

Selon le site H24 Finance, David Edmond a quitté son poste de directeur commercial chez UFG-LFP mercredi 31 août pour rejoindre l’Union Financière George V rachetée l’an dernier par Crystal Finance. L’Union Financière George V conçoit et distribue des produits financiers à plus de 400 conseillers en gestion de patrimoine indépendants.

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