Tikehau IM nombra a Gen Oba director de Desarrollo Internacional y Marketing

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Tikehau IM Names Gen Oba as Marketing and International Development Director
Foto: Moyan Brenn, Flickr, Creative Commons. Tikehau IM nombra a Gen Oba director de Desarrollo Internacional y Marketing

Tikehau IM ha nombrado a Gen Oba como director de Desarrollo Internacional y Marketing.

Oba apoyará al equipo de gestión ejecutivo de Tikehau IM para expandir con más fuerza la firma en Francia y en el exterior. Será responsable del desarrollo de la estrategia de marketing de la gestora y del desarrollo de las relaciones de la firma con los grandes clientes internacionales.

Oba se une a Tikehau Capital tras 18 años en Bank of America Merrill Lynch, donde gestionaba y desarrollaba las relaciones con clientes internacionales clave, ejecutaba las principales estrategias y transacciones de mercado de capitales y en su última fase sirvió como managing director de Banca de Inversión.

Empezó su carrera en 1996 en Rothschild en París y luego se unió a BNP Paribas en Nueva York. Es licenciado por la H.E.C.

Recta final para conocer el destino de Allfunds: podría haber recibido 18 ofertas de compra

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Banco Santander Receives 18 Bids to Buy Allfunds
Pixabay CC0 Public Domain. Recta final para conocer el destino de Allfunds: podría haber recibido 18 ofertas de compra

La plataforma de distribución de fondos de inversión Allfunds, en manos de Santander (25%), Intesa San Paolo (50%) y las firmas de capital riesgo Warburg Pincus y General Atlantic (25%) podría venderse a finales de mes. Así lo indican fuentes del mercado y varios medios españoles, que hablan de un precio de en torno a 2.000 millones de euros. Según el diario Cinco Días, los accionistas habían recibido 18 ofertas o muestras de interés por la plataforma.

Desde Allfunds declinan hacer comentarios al respecto, al igual que desde uno de sus principales accionistas, Santander.

Sin embargo, fuentes cercanas al proceso señalan que el próximo viernes 13 de enero es el tope para recibir las muestras de interés y que ya hay 18 encima de la mesa, dice el diario español. “Después habrá un plazo adicional para realizar ofertas más en firme, con el objetivo de que la lista corta de candidatos esté disponible en la última semana de este mes y los dueños puedan evaluar si alguna de las propuestas cuadra con sus objetivos económicos”, según la información publicada por Cinco Días.

Entre los candidatos se habla de las firmas de private equity como Bain Capital –que podría pujar junto a Advent, y Hellman & Friedman-, Cinven, Permira y BC Partners.

De fracasar finalmente las ofertas, dichas fuentes hablan de una colocación en bolsa de la plataforma, posibilidad que anticipó Santander el pasado noviembre pero que las fuentes del mercado consideran menos probable que una venta en toda regla.

En noviembre del año pasado, Santander alcanzó un acuerdo con Warburg Pincus y General Atlantic para recomprar el 50% de participación en su gestora. Santander llegó a un acuerdo, como parte de la transacción, para que Warburg Pincus y General Atlantic se acabaran deshaciendo de su participación en Allfunds Bank a través de una venta o de una operación de salida a bolsa. Intesa San Paolo, que tiene el 50% de Allfunds, explora esa posibilidad de venta.

Creada en 2000 y en manos a partes iguales de los grupos Santander e Intesa Sanpaolo, Allfunds cuenta en la actualidad con 249.000 millones de euros en activos bajo administración y ofrece unos 50.000 fondos de 550 gestoras. Tiene presencia local en Italia, España, Reino Unido, Suiza, Chile, Colombia, EAU, Luxemburgo y, ahora, Singapur y cuenta con clientes institucionales y firmas especializadas de 38 países.

Allfunds Bank sigue inmerso en una estrategia de expansión internacional. Hace unos días, la entidad comunicaba que se encuentra en proceso de lanzamiento de un centro operacional en Singapur con el objetivo de dar servicio a los negocios locales así como a aquellos de Hong Kong y Taiwán. Y con la idea de llegar a alcanzar más centros de negocio en el continente con el tiempo.

 

Colbert Narcisse, nombrado director del negocio internacional de Morgan Stanley Wealth Management

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Colbert Narcisse Appointed Morgan Stanley WM´s New Head of International Wealth Management
Foto: LinkedIn . Colbert Narcisse, nombrado director del negocio internacional de Morgan Stanley Wealth Management

Morgan Stanley WM ha elegido a Colbert Narcisse para ser el nuevo director del negocio internacional de Morgan Stanley Wealth Management, en sustitución de James Jesse, con efecto inmediato.

Funds Society pudo confirmar con un portavoz de la firma que las anteriores responsabilidades de Colbert, como director de estrategia y desarrollo de productos en la división de Soluciones de Inversión de Morgan Stanley, se repartirán entre miembros del equipo existente. La compañía no hace comentarios más allá de eso en este momento.

Narcisse se unió a la división de Investment Management de Morgan Stanley en 2011, como director de inversiones alternativas, según LinkedIn. Anteriormente ocupó varios cargos en Merrill Lynch.

Por su parte, James Jesse dejó la compañía recientemente, como confirmó el viernes pasado Morgan Stanley. Jesse se unió a la división de Renta Fija de la firma en el año 2000 y pasó a formar parte de la unidad de Wealth Management en 2006.

November Was Negative for the Investment Fund Market

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In its latest Global Fund Market Statistics Report for November from Thomson Reuters Lipper, Otto Christian Kober, Global Head of Methodology at Thomson Reuters Lipper, highlights the main movements in assets under management in the global collective investment funds market, which fell US$ 133.3 billion (-0.4%) for November and stood at US$ 36.66 trillion at the end of the month.

Estimated net inflows accounted for US$ 28.2 billion, while US$ 161.5 billion was removed because of the negatively performing markets. On a year-to-date basis assets increased US$ 1,644.2 billion (+4.7%). Included in the overall year-to-date asset change figure were US$ 515.0 billion of estimated net inflows.

Compared to a year ago, assets increased US$ 1,340.3 billion (+3.8%). Included in the overall one-year asset change figure were US$ 606.6 billion of estimated net inflows. The average overall return in U.S.-dollar terms was a negative 1.8% at the end of the reporting month, underperforming the 12-month moving average return by 2.0 percentage points and underperforming the 36-month moving average return by 1.7 percentage points.

Fund Market by Asset Type, Novemeber

Most of the net new money for November was attracted by money market funds, accounting for US$ 67.9 billion, followed by equity funds and real estate funds, at US $18.2 billion and US$0.2 billion of net inflows, respectively. Bond funds, at negative US$ 39.3 billion, were at the bottom of the table for November, bettered by mixed-asset funds and alternatives funds, at US$ 7.6 billion and US$ 6.7 billion of net outflows, respectively. All asset types posted negative returns for the month, with equity funds at minus 0.8%, followed by alternatives funds and commodity funds, both at minus 1.6% returns on average. Bond funds, at negative 3.0%, bottom-performed, bettered by money market funds and mixed-asset funds, at negative 2.3% and negative 2.0%, respectively.

Fund Market by Asset Type, Year to Date

Most of the net new money for the year to date was attracted by bond funds, accounting for US$ 446.5 billion, followed by money market funds and commodity funds, with US$ 160.7 billion and US$ 24.3 billion of net inflows, respectively. Equity funds, with a negative US$87.0 billion, were at the bottom of the table for the year to date, bettered by alternatives funds and mixed-asset funds, with US$ 33.3 billion of net outflows and US$ 5.6 billion of net outflows, respectively. The best performing funds for the year to date were commodity funds at 7.1%, followed by equity funds and mixed-asset funds, with 4.4% and 3.7% returns on average. Alternatives funds, at negative 1.3% bottom-performed, bettered by money market funds and real estate funds, at negative 0.8% and negative 0.7%, respectively.

Fund Market by Asset Type, Last Year

Most of the net new money for the one-year period was attracted by bond funds, accounting for US$ 426.9 billion, followed by money market funds and commodity funds, with US$ 220.2 billion and US$ 23.2 billion of net inflows, respectively. Alternatives funds, at negative US$ 46.3 billion, were at the bottom of the table for the one-year period, bettered by equity funds and “other” funds, with US$ 44.5 billion of net outflows and US$ 1.9 billion of net inflows, respectively. The best performing funds for the one-year period were commodity funds at 5.6%, followed by bond funds and mixed-asset funds, with 3.2% and 2.5% returns on average. Real estate funds, at negative 2.0%, bottom-performed, bettered by alternatives funds and money market funds, at negative 1.4% and negative 1.1%, respectively.

Fund Classifications, November

Looking at Lipper’s fund classifications for November, most of the net new money flows went into Money Market USD (+US$ 61.6 billion), followed by Equity US Small & Mid Cap and Equity Sector Financials (+US$ 13.7 billion and +US$ 10.6 billion). The largest net outflows took place for Bond USD Municipal, at negative US$ 9.8 billion, bettered by Bond USD High Yield and Equity Emerging Mkts Global, at negative US$ 7.5 billion and negative US$ 6.9 billion, respectively.

Fund Classifications, Year to Date

Looking at Lipper’s fund classifications for the year to date, most of the net new money flows went into Bond USD Medium Term (+US$ 115.5 billion), followed by Money Market USD and Money Market GBP (+US$ 63.2 billion and +US$ 51.2 billion). The largest net outflows took place for Equity US, at negative US$ 78.2 billion, bettered by Equity Europe and Mixed Asset CNY Flexible, at negative US$ 54.8 billion and negative US$ 49.4 billion, respectively.

Fund Classifications, Last Year

Looking at Lipper’s fund classifications for the one-year period, most of the net new money flows went into Bond USD Medium Term (+US$ 118.8 billion), followed by Money Market USD and Money Market GBP (+US$ 112.6 billion and +US$ 55.0 billion). The largest net outflows took place for Equity US, with a negative US$ 65.1 billion, bettered by Equity Europe and Mixed Asset CNY Flexible, with a negative US$ 50.8 billion and a negative US$ 34.3 billion, respectively.

China’s Wealthy Investors Remain Hungry for High Returns

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According to a survey conducted for the recently released The Cerulli Report Asian Wealth Management 2016, about 50% of the survey respondents said they expect an annual return equivalent to the one-year savings deposit rate plus 5%, which translates to a return of about 6.5% to 6.9%.

However, the survey also found that the more investment experience respondents have, the higher their return expectations. Almost 30% of the survey respondents are eyeing an annual return of more than 10%.

Earning high returns over a short period of time is always the ideal scenario for investors. As such, products that have good liquidity in the Chinese market, such as mutual funds, are typically churned regularly as investors seek to make a quick buck. Liquid mutual fund products can show an annual turnover of more than seven times, even fixed-income funds show an annual turnover of two to three times.

The pursuit of higher returns naturally leads to a preference for higher-risk products. More than 70% of the survey respondents said they want to invest in stock and equity products, including real estate investment trusts (REITs), in the next six months. Further, more than 50% of them said that they have been introduced to stocks and equity products.

Cerulli notes that this interest could be related to expectations of an eventual recovery in China’s equity markets after the collapse of A-shares in June last year. But, for now, cash and deposits are still the preferred products due to a shortage of quality assets.

PIMCO: Opportunities in Quality Credit, Specialty Finance and Mortgages

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Compared with about a year ago, when PIMCO increased credit risk, they are taking less overall credit and “spread risk“, and have been shifting their portfolios into areas of the credit market where they see the most favorable risk/reward. This shift, while subtle, underscores their views on credit sectors positioned to withstand the potential changes and uncertainties in the market outlook. Specifically, PIMCO sees opportunities in the following areas in global fixed income credit sectors:

High quality corporate bonds: PIMCO favors industries tied to the U.S. consumer, including cable, telecom, gaming, airlines and lodging, which should remain supported by solid consumer fundamentals, rising confidence and prospective tax cuts. They also continue to like banks and financials, which benefit both from moderately higher interest rates and steeper yield curves as well as the potential for less onerous and costly regulation under Trump. Finally, PIMCO continues to believe mid-stream energy/MLPs/pipelines offer the most attractive risk/reward in the energy sector given higher energy prices and the prospect for a pickup in volume growth in the U.S. shale regions.

Bank capital/specialty finance: They believe select opportunities exist in U.S./UK/European bank capital securities and specialty finance companies where their bottom-up credit research seeks to identify companies with improving fundamentals. “These sectors should benefit from a gradual pickup in nominal GDP, an improvement in earnings growth and rising equity market capitalization. Current bank capital valuations have cheapened relative to high yield, and deregulation should be particularly supportive for specialty finance companies”.

Non-agency mortgages: The risk/reward on non-agency mortgages continues to look attractive given current loss-adjusted spreads and a healthy U.S. housing market, which remains supported by a solid labor market, deleveraged consumer balance sheets and favorable demand/supply.

Agency mortgages: Valuations on high-quality agency mortgages have cheapened considerably over the past few months. They are now increasingly attractive both outright as well as relative to U.S. Treasuries given the recent backup in interest rates.

 

 

 

 

Fidelity consigue en China la calificación que le permite crear productos para inversores institucionales y altos patrimonios domésticos

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Fidelity International’s Wholly Foreign-Owned Enterprise Obtains First Private Fund Management License In China
Foto: eperales. Fidelity consigue en China la calificación que le permite crear productos para inversores institucionales y altos patrimonios domésticos

Fidelity International anunció esta semana que su firma de Shanghái de propiedad totalmente extranjera se ha convertido en el primer gestor de activos global en registrarse en la Asociación de Gestión de Activos de China (AMAC en inglés) como una compañía de gestión de fondos privados.

Esta calificación permite a Fidelity International crear por primera vez productos para inversores institucionales domésticos y de alto patrimonio de China y es crucial para la estrategia a largo plazo de la firma en el gigante asiático. Fundada en septiembre de 2015 en Shanghái, FIL Investment Management Company Limited, es la primera compañía global de gestión de activos a la que se otorga esta calificación.

«Este es un hito significativo para facilitar nuestra expansión en la segunda economía más grande del mundo. Gracias al apoyo de la Comisión Reguladora de Valores de China (CSRC) y de AMAC, tenemos el honor de ser la primera empresa en recibir esta calificación de gestión de fondos privados», dijo Mark Talbot, managing directorde Asia Pacífico de Fidelity International.«Hemos estado operando en China desde 2004, ofreciendo capacidades offshore a clientes institucionales nacionales e inversionistas minoristas mediante la asociación con bancos bajo el programa de Inversor Institucional Nacional Calificado (QDII). Esta calificación amplía nuestras capacidades para dar respuesta a las necesidades de los clientes chinos de invertir tanto en el extranjero como en el mercado doméstico».

«China es crucial para nuestra estrategia de crecimiento global. Ahora podemos adoptar un enfoque a largo plazo para desarrollar las mejores soluciones para nuestros clientes que satisfagan sus necesidades de inversión y jubilación», añadió Talbot.

Fidelity International tiene oficinas de representación en Shanghái y Beijing, así como un centro operativo en Dalian, y tiene en total más de 400 empleados en China. Fidelity International tiene una cuota de 1.200 millones de dólares bajo el esquema de Inversor Institucional Extranjero Calificado (QFII), una de las mayores cifras mantenidas por cualquier administrador de fondos a nivel mundial. La cuota QFII permite a Fidelity International invertir en los mercados de capitales chinos.

«Creemos firmemente que una presencia local en China es clave no sólo para entender las necesidades de los clientes, sino también para identificar activamente las oportunidades de inversión», dijo Daisy Ho, managing director de Asia Pacífico excluido Japón de Fidelity International.

 

Assets Under Management in the European ETF industry Up in November

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The latest European ETF Market Review from Thomson Reuters Lipper shows that positive market impacts in combination with net inflows led to increased assets under management in the European ETF industry (€496.1 bn) for November, up from €483.8 bn at the end of October.

Detlef Glow, Head of EMEA research at Thomson Reuters Lipper is the author of the report  that also found that:

The increase of €12.3 bn for November was mainly driven by the performance of markets (+€7.5 bn), while net sales contributed €4.8 bn to the assets under management in the ETF segment.

Equity ETFs (+€8.2 bn) posted the highest net inflows for November.

The best selling Lipper global classification for November was Equity US (+€2.6 bn), followed by Equity Global (+€2.0 bn) and Equity Europe (+€1.2 bn).

BNP Paribas, with net sales of €1.4 bn, was the best selling ETF promoter in Europe, followed by Source (+€0.9 bn) and Vanguard Group (+€0.8 bn).

The ten best selling funds gathered total net inflows of €4.2 bn for November.

iShares Core S&P 500 UCITS ETF USD (Acc) (+€0.7 bn), was the best selling individual ETF for November.

2016 Fund Flows = all about QE

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Bank of America Merrill Lynch Research Team has published the 2016 year end Funds Flow Report. “QE drove fund flows in 2016, but the past two months has been all about reversing this trend. Even though high-grade and EM debt funds have been the main beneficiaries of QE-mania, recent developments have shifted momentum to the negative side.” They find.

Equities have been the biggest loser in 2016, with outflows mounting to $100bn, as investors flocked to QE-eligible assets. HY funds closed the year on negative territory in terms of flows, despite the recent rebound. Commodities were the biggest winner for most of 2016, but rising rates reversed the strong inflow seen over the first part of the year.

Last week of the year…

High grade funds had their first week of inflows after seven weeks of outflows, and the inflows were spread across a wide range of funds. High yield funds continued to see inflows for a fourth week, at a strong $1bn+ rate. The inflows of the last week of the year came across the board. Global, US and European-focused funds in Europe recorded strong inflows.

Government bond funds flows flipped back to positive territory after two weeks of relatively heavy outflows. Money market funds weekly flow data point to a third week of outflows, albeit marginal. Overall, fixed income funds flows flipped back to positive after seven weeks of outflows. European equity funds recorded a marginal outflow last week.

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Amundi Unveils Water Fund

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French asset management giant Amundi has soft-launched a water fund, the Amundi KBI Aqua fund on 16 December 2016.

The inception of this new strategy comes after the acquisition of KBI Global Investors (formerly Kleinwort Benson Investors) by Amundi in August 2016. KBIGI runs four natural resources strategies including the KBIGI Water Strategy for institutional clients.

The Amundi KBI Aqua fund, domiciled in France, aims to invest globally in companies of the water sector, an investment universe of around 150 stocks. It will consist of a portfolio of 50 stocks.

Stocks selected will be these of companies that provide solutions to prevent and/or address water shortage issues, make a significant part of their turnover or that are recognized as leaders in the water sector.

Services, infrastructure and technology remain among sectors targeted by the Amundi KBI Aqua Fund.

According to fund literature, the stock selection will rely on a qualitative and fundamental approach including the assessment of the earning growth potential of companies and of their capabilities to achieve constant growth over the long term; the assessment of specific risks by studying the companies’ business models, management, long-term strategies, competitive edges and financial health; the assessment of the companies’ relative and absolute values.

The equity exposure of the fund will be comprised between 80% and 120% of its net assets, regardless of geographic areas or market capitalization.

The Amundi KBI Aqua fund can also invest up to 30% in companies with headquarters in emerging markets.

Amundi has over EUR 1 trillion in assets under management as of end of September 2016.