Wikimedia CommonsFoto: mattbuck. Vanguard y PIMCO capturan el 61% de las suscripciones netas en Estados Unidos
Long-term open-end funds saw inflows of $243.2 billion in 2012, according to Morningstar. Money continued to flow out of actively managed stock funds and into all manner of bond funds, with yields across many fixed-income sectors either at or near all-time lows. Since the end of 2008, assets in taxable-bond funds have more than doubled, climbing from $1.1 trillion to $2.5 trillion, with approximately 65 percent of the increase attributable to net inflows. When municipal-bond funds are included, inflows for fixed-income funds have exceeded $1.0 trillion since the beginning of 2008.
Additional highlights from Morningstar’s report on mutual fund flows:
2012 outflows from actively managed U.S.-stock mutual funds surpassed those seen in 2008 despite the fact that the S&P 500 was up 16 percent for the year. Even when exchange-traded funds are included, large-cap U.S.-stock funds have seen net outflows over the trailing five-year period and in each of the last four years.
Intermediate-term bond funds attracted the greatest inflows of any Morningstar Category for the fourth year in a row, taking in $109.9 billion in 2012. This was almost three times the inflows of $37.5 billion seen by the runner-up, short-term bond.
Vanguard and PIMCO captured 61 percent of net inflows in 2012, compared with 30 percent in 2011 and 46 percent in 2009.
DoubleLine Total Return Bond, which has a Morningstar Analyst Rating of Neutral, tallied 2012 inflows of $19.6 billion to edge out Gold-rated PIMCO Total Return, which collected $18.0 billion, for the year’s greatest open-end fund inflows. The inclusion of BOND, the ETF incarnation of PIMCO Total Return that saw inflows of $3.8 billion in 2012, would move Bill Gross into first place in terms of overall inflows.
Mapa con las oficinas de Apex en todo el mundo. Apex wins $1 billion client following approval to service UK authorised funds
Apex Fund Services, one of the world’s largest independent fund administration companies, announces that WAY Fund Managers, the UK provider of fund hosting services to the wealth management sector, has selected Apex to service all of its 47 funds with combined assets under management of over $1 billion.
Having received UK regulatory approvals, Apex is one of a few global fund administrators with the capability to provide services to UK managers with both UK authorised and offshore funds in the same location.
As part of a collaboration agreement, Apex and WAY Fund Services are to begin cross selling each other’s services. Apex will introduce clients to WAY Fund Managers’ platform and at the same time offer its Order Management System (OMS) and Portfolio Management System (PMS) technologies to WAY clients.
KKR today announced that Jorge Fergie is joining the firm as Managing Director to head its São Paulo, Brazil office and business development in Brazil, effective March 1, 2013.
“As one of the world’s largest economies, Brazil is an important area of growth for KKR. Jorge Fergie is a great leader for our business and we’re confident he will further enable us to find and act on good opportunities for our investors.”
In this role, Jorge will work with KKR’s global investment teams and KKR Capstone, operational improvement experts who work exclusively with our portfolio companies, to lead KKR’s investment activity in Brazil.
Henry Kravis and George Roberts, Co-Founders and Co-Chief Executive Officers of KKR, stated: “As one of the world’s largest economies, Brazil is an important area of growth for KKR. Jorge Fergie is a great leader for our business and we’re confident he will further enable us to find and act on good opportunities for our investors.”
Prior to this appointment, Mr. Fergie spent nearly 29 years at McKinsey & Company (“McKinsey”) where he was instrumental in establishing McKinsey’s business in Brazil and throughout Latin America. He is a seasoned executive who has served as an advisor to governments and leading Latin American and multinational companies, supporting them in major transformational programs, including identifying and implementing operational improvements, restructurings and privatization programs. He most recently led the Private Equity practice at McKinsey in Brazil and Latin America. Prior to that he led the Media and Telecom practices and worked in a wide variety of key sectors of the economy.
“We are very excited to have Jorge join us and work with Henrique Meirelles to continue building our business in Brazil. Jorge’s deep strategic and operational expertise and history of helping companies achieve their ambitions fits well with our investment approach,” said Alex Navab, Member of KKR and Co-head of the firm’s private equity business in the Americas. “Jorge’s appointment is an important milestone in our growth in and commitment to Brazil.”
In June, 2012, KKR appointed Henrique Meirelles, former Governor of the Central Bank of Brazil and former President of FleetBoston’s Corporate and Global Bank, as a Senior Advisor to the firm.
Henrique Meirelles commented, “Brazil continues to be fertile ground for investment opportunities. Jorge is well-respected in the business community, and I look forward to continuing to build out a high quality and differentiated investment team in Brazil with him and the rest of KKR’s global team to benefit Brazilian companies and KKR’s investors.”
Jorge Fergie added, “KKR is a pioneer of the private equity industry, and I am delighted to be joining such a world-class business. I was drawn to the firm because of its long track record of success around the globe, its philosophy of long-term, value-added investing and differentiated capabilities that will drive its long-term success in Brazil. KKR doesn’t just offer capital; it seeks to be a partner to leading local companies and entrepreneurs.”
Mr. Fergie holds a M-Sc. Degree in Industrial Engineering from Stanford University. Currently he is a member of the Executive Committee of the São Paulo Biennale.
KKR conducts business in Brazil through its subsidiary, KKR do Brasil Gestão de Investimentos e Participações Ltda.
. Davos Financial Group Received International Recognition as “Best Offshore Corporate Service Provider”
Demonstrating strong leadership, commitment to excellence and innovation in the complex economic conditions of the markets it operates in, Davos Financial Group was awarded the “Best Offshore Corporate Services Provider – Switzerland 2012.”
“Certainly, operating in different countries not only positions us as an international financial advisory firm, but additionally allows us to provide our customers access to a wide variety of platforms and investment instruments available in the financial market today”
The New Europe Industry Awards, presented last December, aim to emphasize those organizations that achieved the highest standards in what are the most competitive sectors of their industry. By acknowledging the current pioneers they expect to offer valuable resources for the senior management, thereby ensuring that as new challenges arise, those who offer solutions are always close by. Among the companies recognized worldwide is Credit Suisse.
In that regard, David Osio, CEO of Davos Financial Group, said: “We strive daily to offer our clients and partners the highest standards in service, maintaining a strict control in the operations of Davos Financial Group’s affiliated companies, as well as the enforcement of regulations in the markets where they operate.”
This recognition has been achieved because Davos Financial Group has positioned and established itself as an excellent international consulting firm that seeks to provide its customers access to a wide variety of platforms and investment instruments present in the current financial market. This has been possible through the implementation and strict adherence to rules and regulations.
With offices in Geneva, New York, Miami, Panama City and St John’s, the companies that are part of Davos Financial Group have been working since 1993 to provide the most robust and innovative financial advisory, with the benefit of globalized presence.
“Certainly, operating in different countries not only positions us as an international financial advisory firm, but additionally allows us to provide our customers access to a wide variety of platforms and investment instruments available in the financial market today,” said David Osio.
Northern Trust announced today it has been appointed by Bridgewater Associates, one of the world’s largest global hedge fund managers, to independently replicate certain middle and back-office services for its approximately $140 billion in assets under management, as part of Bridgewater’s ongoing back office transformation plan.
In a role that will create approximately 100 jobs in Chicago and Stamford, Conn., Northern Trust will provide broad middle-office and back-office services including replicating various administrative processing, trade processing, valuation, real-time reporting, cash management, accounting and collateral management services.
These services will be furnished by Northern Trust independently, as well as mirroring and quality checking middle and back-office services provided by another firm. Northern Trust’s independent review and validation of results will provide Bridgewater Associates and its investors an enhanced level of oversight and controls with respect to fund administration and middle and back-office functions. The arrangement is planned to go live in 2014.
Since Northern Trust acquired hedge fund administrator Omnium from Citadel in July of 2011, the marketplace has delivered a strong response to the combination of Northern Trust’s trusted name and global scale along with industry-leading, technology-driven hedge fund administration services designed to support high volume and highly complex investment strategies.
Bridgewater Associates is a global leader in institutional portfolio management with approximately US$140 billion in assets under management, including US$75 billion in its Pure Alpha strategies (a hedge fund/GTAA/Portable alpha strategy) and US$65 billion in All Weather, a diversified beta strategy/risk parity portfolio. Bridgewater began investment operations in 1975, and is a pioneer in risk budgeting and the separation of alpha and beta, managing Portable Alpha/GTAA, Hedge Fund, Optimal Beta/Risk Parity, Currency Overlay, Global Fixed Income and Inflation-Indexed Bond mandates. Bridgewater manages these portfolios for a wide array of institutional clients globally, including public and corporate pension funds, foreign governments and central banks, university endowments and charitable foundations.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$749.7 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology.
BNY Mellon, the global leader in investment management and investment services, has named Judy L. Hu as chief marketing officer, effective Feb. 1, 2013. Widely recognized for her global expertise in brand-building and business-to-business marketing, she will report to R. Jeep Bryant, executive vice president for marketing and corporate affairs. Hu joins BNY Mellon from General Electric Company, where she has served as global executive director of advertising and branding since 2002.
While at GE, Hu was a key architect behind the repositioning of the company’s historic brand through campaigns including “Imagination at Work” and “ecomagination.” Hu drove innovation across all media in key markets around the world, winning dozens of awards for effectiveness and impact. In addition, Hu developed strategies to engage clients and communities through signature sponsorships globally.
“In recent years, BNY Mellon has significantly advanced its leadership position in investment management and investment servicing, creating a company with a powerful focus on helping investors succeed,” Bryant said. “Judy has a proven track record of building brands that reflect the strength of the business. With her expertise and leadership, we will continue to build our brand by demonstrating our commitment to delivering excellence and to being invested in the success of all of our stakeholders.”
Hu’s 30-year career spans the publishing, agency and corporate sectors. Her experience at advertising agency Leo Burnett took her to Hong Kong for several years, where she was responsible for a broad range of clients including United Airlines. During Hu’s six years in leadership positions at General Motors, she created a diversity marketing team to engage minority stakeholders in the GM brand and led advertising and sponsorship initiatives.
A native of Detroit, Hu has a master’s degree in business administration from Yale University and a bachelor’s degree in English and American Literature from Harvard University.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
The European Fund and Asset Management Association (EFAMA) has released the latest international statistical release containing worldwide investment fund industry results for the third quarter of 2012. The main highlights for Q3 2012 include:
Investment fund assets worldwide increased by 2.5 percent to EUR 21.95 trillion in the third quarter of 2012. In U.S. dollar terms, worldwide investment fund assets increased 5.3 percent during the quarter to US$ 28.38 trillion. This difference reflects the depreciation of the US dollar vis-à-vis the euro during the quarter.
Total worldwide net inflows into investment funds amounted to EUR 167 billion during the third quarter, up from EUR 99 billion in the previous quarter. This increase was achieved thanks to stronger net inflows into balanced and bond funds.
Long-term funds (all funds excluding money market funds) registered increased net inflows during the quarter of EUR 175 billion, up from EUR 141 billion in the second quarter.
Bond funds continued to enjoy strong net inflows (EUR 146 billion), up from EUR 121 billion in the second quarter.
Equity funds recorded the fifth consecutive quarter of net outflows (EUR 43 billion, up from EUR 14 billion in the previous quarter).
Balanced/mixed funds registered a large increase in net sales to EUR 38 billion, compared to EUR 2 billion in the previous quarter.
Money market funds registered net outflows of EUR 9 billion, down compared to the second quarter (EUR 42 billion). The United States registered net inflows of EUR 29 billion during the quarter, marking a turnaround compared to the second quarter when net outflows amounted to EUR 53 billion. On the other hand, Europe registered net outflows of EUR 31 billion, up from EUR 1 billion in the previous quarter.
At the end of the third quarter, assets of equity funds represented 37 percent and bond funds represented 24 percent of all investment fund assets worldwide. The asset share of money market funds was 16 percent and the asset share of balanced/mixed funds was 11 percent.
The market share of the ten largest countries/regions in the world market were the United States (49.3%), Europe (28.1%), Australia (5.7%), Brazil (5.5%), Japan (3.6%), Canada (3.5%), China (1.3%), Rep. of Korea (0.9%), South Africa (0.6%) and India (0.4%).
ING Investment Management has celebrated its third, consecutive BENCHMARK Fund of the Year Awards 2012 within the Asian Bond category. These awards are given to the funds that ranked highest across several performance criteria such as 1-, 3- and 5-year returns and 3-year Sortino Ratios. To qualify for the award, funds must have been ranked in the top 5 amongst peers in terms of total returns for the 12 months ending 31 October 2012.
ING IM EMD co heads Rob Drijkoningen and Gorky Urguieta stated:“We are very proud of this achievement and believe that this award proves our long term success in the Asian Bonds space and can be attributed to our dedicated investment approach and team spirit.”
ING Investment Management (ING IM) believes that investors will continue to recognize value in Asian fixed income helping the asset class perform relatively well in 2013.
Joep Huntjens, Portfolio Manager Asian Debt for ING IM in Singapore, says: “We believe that investors will continue to invest into the region to gain exposure to Asia’s strong fundamentals and relatively-attractive valuations. Asia continues to lead in terms of economic growth which is translating into increased wealth and domestic demand. As such, Asia’s reliance on exports is declining. Not only should sovereign fiscal situations remain healthy – particularly compared with Western countries – but this should provide a healthy operating environment for companies in the region. Asian currencies have upside potential from current levels, which provides an additional source of diversified returns for investors into Asian debt.”
The asset manager notes that the lower yields in developed markets, on the back of global growth deceleration, make Asian bond yields more attractive. Headline inflation is muted in most Asian economies, though may inch higher as growth accelerates. In any event, it will not be a major concern for bond investors. ING IM predicts that Asian growth is likely to have troughed and should pick up modestly from current levels. Likewise, it also anticipates that corporate earnings will improve from 2012, making it a good environment for bond investing despite low levels of yields.
Joep Huntjens concludes: “We expect structural inflows into the asset class to continue, which will support yields at current levels. While yields have declined over the course of 2012, we still see value opportunities in select corporate and sovereign issues and issuers. As such, we think 2013 will be a good year for bonds in general and a better year for investment managers that excel at security selection. Investments do not come without risks of course. The primary risks we see stem from events beyond our region, such as the US fiscal situation. Events such as these can put pressure on credit, but such downward moves in prices tend to
Nineteen funds have seen huge improvements in their FE Crown Fund Rating scores since they were last rebalanced in July 2012. In the latest set of results 12 funds climbed the rankings from one to four FE Crowns, while 14 funds rose from two to five FE Crowns.
The biggest leap from one to five FE Crowns was achieved by five funds:
JP Morgan Multi Manager Growth
EFA Clarion Explorer Portfolio Return
Sentinel Enterprise Portfolio
Henderson UK Property
CF Ruffer Pacific
CF Ruffer Pacific saw the most dramatic improvement, delivering the highest alpha of all funds in the Specialist sector. Henderson UK Property generated much improved outperformance with significantly lower volatility.
Funds were judged according to their three year track records to 31 December 2012 and ranked according to alpha generation, volatility and the consistency with which they have beaten their benchmarks. The top 10% of funds were awarded five FE Crowns and the > following 15% received four FE Crowns.
Seven funds achieved the top rank of five FE Crowns in their first rating (funds must have a three year track record to be rated):
Henderson European Special Situations
CIS Sustainable Diversified
Newton Managed Income
CIS Sustainable World Trust
Santander Investment Income Portfolio
Evenlode Income
Santander Sterling Government Bond
The three mixed investment strategies – CIS Sustainable Diversified, Newton Managed Income and CIS Sustainable World Trust – as well as Santander Sterling Government Bond scored particularly highly for their ability to deliver alpha and beat their benchmarks.
Evenlode Income kept volatility low compared to peers in the UK Equity Income sector, while Santander Sterling Government Bond was one of the most consistent performers within the UK Gilt sector.
Tim Wilson who runs Newton Managed Income, Mike Fox at the helm of CIS Sustainable World Trust and Richard Pease, manager of the Henderson European Special Situations Fund, are FE Alpha Managers – recognized as being within the top 10% of the UK’s fund managers.
Rob Gleeson, Head of FE Research, said: “The current rebalancing saw, as expected, an above average movement in the FE Crown Fund Ratings scores, with several funds seeing big improvements or significant downgrades. The undulation of recent years, with a post credit crunch rally followed by another correction in 2011 and the strong performance last year, has made it a difficult environment for funds; with both aggressive and defensive strategies doing well at various times over the last three years. The movement in the ratings this time round show the re-emergence of growth strategies as the dominant source of returns.”
BlueMountain Capital Management (BlueMountain), a private investment firm with over$12 billion in assets under management, is pleased to announce that James E. (“Jes”) Staley will join the firm as its ninth Managing Partner. Mr. Staley joins the firm from J.P. Morgan, where he recently served as CEO of the investment banking division. Along with becoming an integral part of the executive team, Mr. Staley will focus on cultivating relationships and developing new strategies that harness BlueMountain’s strengths, capture opportunities in the market, and deliver them to clients.
“Jes is one of the most experienced and successful leaders in the industry and has played a key role at one of the world’s most successful financial institutions. Not only has he had a front row seat for the evolution of the financial industry, but he’s also one of the most ethical people we’ve worked with,” said Andrew Feldstein , CEO and Chief Investment Officer of BlueMountain. “He shares our enthusiasm for the scale of the opportunities that exist in the market and the unique value proposition that BlueMountain delivers to its clients.”
Mr. Staley will join BlueMountain after more than 34 years at J.P. Morgan, where he served in various executive positions within the bank including heading both the Investment Bank and J.P. Morgan Asset Management. Prior to running the bank’s asset management division, Mr. Staley served as the head of J.P. Morgan’s private bank and was one of the founders of J.P. Morgan’s equities business.
Mr. Staley will join BlueMountain’s Management Committee, its Risk Committee and its Investment Committee and will purchase a stake in the firm. Proceeds from the sale will be invested in new infrastructure, technology and talent.
“I’m very excited to be joining BlueMountain at a time when sea changes in the financial industry combined with the firm’s unique strengths open up enormous possibilities to deliver value to clients,” said Mr. Staley. “I want to thank all my colleagues at J.P. Morgan, my home for the last 34 years, and I look forward to working with them in the future.”
