Sutherland insights asset management news flash sep 15 2014

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ASSET MANAGEMENT NEWS FLASH September 16, 2014

Table of Contents Fund Flow ............................................................................................................................. 3 Performance Reporting ......................................................................................................... 7 Technology .......................................................................................................................... 16 Strategy .............................................................................................................................. 17

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Fund Flow Baring Multi-Asset sees AUM halve in a month after managers exit September 15, 2014 | Investment Week http://www.investmentweek.co.uk/investment-week/news/2364655/baring-multi-asset-sees-aumhalve-in-a-month-after-managers-exit The Baring Multi-Asset fund has lost over half of its assets in a month after Andrew Cole, Percival Stanion and Shaniel Ramjee left the group.

The fund was over ÂŁ1bn in size on 13 August, when the group announced the departure of managers Stanion (pictured), Cole and Ramjee. The trio are to join Pictet Asset Management.

Since then, the fund has fallen by more than half in terms of AUM, standing at ÂŁ491m in size at close of play yesterday, according to data from FE Analytics.

The falls come despite gains for the underlying portfolio, which has climbed 3.5% over the period.

Rod Aldridge, head of UK wholesale distribution at Barings, said: "Since we announced the changes to our team we have experienced some outflows from the Baring Multi-Asset fund, primarily from a number of large institutional clients.

"Our focus is on continuing to provide an excellent service to the range of wholesale and institutional clients that remain invested in the fund."

Barings has appointed CIO Marino Valensise to replace Stanion as head of its multi-asset group, with former Schroders global equities head Ken Lambden taking over as CIO. It has also hired former Schroders global equity manager Sonja Laud to its multi-asset team, and intends to set up a multi-asset income range under her management.

BNP Paribas merges global equity fund into new strategy September 12, 2014 | Citywire Global http://citywireglobal.com/news/bnp-paribas-merges-global-equity-fund-into-new-strategy/a771860 BNP Paribas Investment Partners has merged away an existing global equity fund into a newly created quality-focused strategy, Citywire Global has learned.

3|Sutherland Insights Asset Management News Flash Sep 16, 2014

The BNP Paribas L1 Equity World Quality Focus fund, which is Luxembourg-domiciled, was launched on 5 September.

This fund has a new fundamental research investment approach, with Sander Zondag serving as lead manager.

The launch of the new fund coincides with the closure of Zondag’s existing BNP Paribas L1 OBAM Equity World Classic Cap fund, which he had run since January 2013.

According to Lipper data, the BNP Paribas L1 OBAM Equity World Classic Cap fund had €158 million on 28 August, when it was merged just prior to the formal launch of the strategy.

It had primarily invested in the US equity market, while also having significant allocations to Switzerland, the UK, Japan and the Netherlands. In terms of sector, Zondag had favoured IT and consumer discretionary stocks.

The BNP Paribas L1 Equity World Quality Focus fund has €189.5 million in assets according to BNP Paribas Investment Partners data.

Over the three years to the end of August 2014, the BNP Paribas L1 OBAM Equity World Classic Cap fund returned 28% in euro terms. This is while its benchmark, the FTSE World TR EUR, rose 67%.

The new fund is registered for sale in Austria, Belgium, Finland, France, Germany, Hungary, Luxembourg, Netherlands, Norway, Sweden and the United Kingdom.

Legg Mason shuts Permal absolute return fund September 09, 2014 | Wealth Manager http://citywire.co.uk/wealth-manager/news/legg-mason-shuts-permal-absolute-returnfund/a771216?ref=wealth_manager_all_stories_list Legg Mason has closed an open-ended fund run by its hedge fund subsidiary Permal.

The Legg Mason Permal Global Absolute fund was managed by Christopher Zuehlsdorff and Alexander Pillersdorf, and had returned 3.6% over the past three years compared with an average of 2.2% from its Alternative Ucits Global Macro peer group.

Launched in September 2009, the fund contained less than £10 million at the time of its closure. The portfolio’s greatest non-cash allocation was to mortgage-backed securities.

A spokesperson for Legg Mason told Wealth Manager that the fund had been shut ‘as it is uneconomical to operate at its current size’.

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Separately, the group has also wound up a Dublin-domiciled version of its ClearBridge US Equity Income strategy.

This had only been launched in June 2013, but had failed to attract more than £10 million of assets.

Legg Mason’s onshore equivalent of the fund, which has been run by ClearBridge since October 2011 and holds £54 million, is not affected by the decision.

Managed by the team of Hersh Cohen, Peter Vanderlee and Michael Clarfeld, it has returned 3.2% over the past year compared with 3.15% from its benchmark Russell 3000 Value index.

Neuberger Berman Further Expands Asia Retail Footprint September 05, 2014 | The Jakarta Post http://prnw.cbe.thejakartapost.com/news/2014/neuberger-berman-further-expands-asia-retailfootprint.html Neuberger Berman, one of the world’s leading employee-controlled investment managers, is pleased to announce further expansion of its UCITS fund platform inAsia with registration of nine of its funds in the Republic of Korea.

The Financial Supervisory Service has authorised nine funds for public offering in the Republic of Korea.

As of the end ofJuly 2014, Neuberger Berman currently manages over$18 billion in assets for institutional and individual clients across itsIreland-based UCITS range. This figure also includes over $2 billion from investors in the region.

“We are thrilled that our UCITS funds registration has been completed. We are delighted to see that our diverse range of strategies have drawn attention from clients in the region already, and I believe it will be another excellent opportunity for us to introduce our products, and in particular, help us build deeper relationship with investors in Korea,” saidRyo Ohira, managing director and head ofEast Asia for Neuberger Berman.

“Neuberger Berman’s investment solutions are based on our firm’s 75-year-old culture and built on a foundation of active management and deep research,” saidJoseph Amato, president and chief investment officer of Neuberger Berman. “We are delighted to bring many of our most distinctive UCITS funds to investors inAsia. These funds reflect our best and highest conviction ideas and our portfolio managers’ experience and expertise.”

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About Neuberger Berman Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager.

The firm manages equities, fixed income, private equity and hedge fund portfolios for global institutions, advisors and individuals. With offices in 16 countries, Neuberger Bermanâ&#x20AC;&#x2122;s team is approximately 2,000 professionals and the company was named byPensions & Investments as a 2013 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages$257 billion in client assets as of June 30, 2014. For more information, please visit our website atwww.nb.com <http://www.nb.com/>.

All information is as of June 30, 2014, unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC).

Fidelity to launch high conviction Asia Pacific fund September 04, 2014 | Investment Week http://www.investmentweek.co.uk/investment-week/news/2363370/fidelity-to-launch-high-alphaasia-pacific-fund Fidelity Worldwide Investments is preparing to launch a high conviction Asian equities fund for Anthony Srom.

The Asia Pacific Opportunities fund will be run as a concentrated portfolio of 25-35 holdings, and will aim to outperform the MSCI AC Asia Pacific ex Japan index.

It will invest across all major Asia Pacific markets including Australia and New Zealand, with the manager adopting a style neutral approach.

Srom has been running the fund as a paper portfolio for two years, during which time it has beaten its benchmark, and it is now slated for launch on 24 September.

Srom joined Fidelity International from Deutsche Bank in 2006 as an investment analyst, and now manages the Fidelity Asian Aggressive fund, which has returned 37.9% over three years to 3 September versus a sector average of 18.6%, according to FE. The manager said: "Although Asia Pacific Opportunities is a concentrated fund, that does not mean more risk, because the stocks we hold are managed by position size, correlation, and volatility.

"I believe the more you approximate the benchmark, the more mediocre your performance will be."

Fidelity already runs a number of successful Asian equity funds, including Dale Nicholls' China Special Situations trust, Raymond Ma's China Consumer fund, and Teera Changpongsang's South East Asia fund.

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Performance Reporting Waverton assets rise 30% one year since Credit Suisse spin-out September 15, 2014 | Wealth Manager http://citywire.co.uk/wealth-manager/news/waverton-assets-rise-30-one-year-since-credit-suissespin-out/a772391?ref=wealth_manager_all_stories_list Waverton Investment Management's assets have risen 30% to £5.2 billion since the former JO Hambro Investment Management (Johim) team conducted a part-buyout from Credit Suisse.

The buyout was partially funded by management alongside Somers Limited. Post the completion of the deal the Hambros name was dropped in favour of Waverton.

The asset rise is partly down to eight new hires over the past year, while the board appointed three new independent non-executive directors.

Last year the company undertook a strategic review, opting to split the business into five divisions, private clients, managed funds service, charities, specialist mandates and funds, and a global institutional business.

Hugh Grootenhuis (pictured), chief executive of Waverton, commented: 'As we celebrate our one year anniversary as an independent owner-managed company once again, it is important to stress that our original investment philosophy and focus on client service remain unchanged. In my view, our business is strengthened by the fact that directors of the firm have an equity stake, further aligning themselves with the interests of their clients.'

Over the year to the end of 2013, Waverton's operating profit rose to £7.1 million based on turnover of £28.6 million, according to Companies House.

Forex-stricken Ashmore Group's profits take 34% plunge September 11, 2014 | FundWeb http://www.fundweb.co.uk/news-and-analysis/uk/forex-stricken-ashmore-groups-profits-take-34plunge/2014140.article Ashmore Group’s pre-tax profits sunk 34 per cent to £170.3m in the year to 30 June causing its share price to slump in morning trading.

The emerging market-focused asset manager was hit hard by the rise in sterling during the year, its annual results show. With the currency effect stripped out, profit fell by 16 per cent.

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Ashmore’s share price had sunk 6.78 per cent to 322p at 11.35am.

Its assets under management fell slightly to $75bn, down from $77.4bn a year earlier.

Ashmore Group chief executive Mark Coombs says the results show the damage wrought by the soaring sterling, as well as the effects of market volatility.

Operational performance was “sound”, he says, with costs cut by more than a quarter.

“Emerging nations are generally in good health; aggregate GDP growth in emerging markets was 4.5 per cent in 2013 and is expected to be higher still in 2014, inflation is at acceptable levels, and FX reserves remain strong,” he explains.

That is an important context for investment as the global economy changes, he says. Developed markets continue to move toward weaning themselves from unprecedented “monetary policy experiments”. “*Mean+while emerging markets need to decide how to manage substantial FX reserves in the face of potential foreign currency weakness,” he adds.

“This will lead to greater balance and rising emerging markets relevance in investment portfolios.”

He believes that should put Ashmore at an advantage.

Ashmore chairman Michael Benson says the currency moves wiped £46m off the company’s profits. The remaining £30.1m was due to lower fees following the emerging market sell off in May and June last year, as well as the ructions early this year.

The remaining £94.2m in lesser profits was due to a 10 per cent drop in management fees.

Jefferies profit rises on higher investment banking income September 02, 2014 | Reuters http://www.reuters.com/article/2014/09/02/us-jefferies-results-idUSKBN0GX2GI20140902 Investment bank Jefferies Group LLC, owned by Leucadia National Corp (LUK.N), reported a more than seven-fold rise in quarterly profit, helped by higher investment banking revenues.

The bank's preliminary net profit rose to $82 million for the third quarter ended Aug. 31, from $11.7 million a year earlier. The year-earlier quarter was marked by a huge drop in its fixed-income business.

Total net revenue rose about 62 percent to $835 million, helped by investment banking revenue of $461 million, Jefferies said.

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"These record preliminary investment banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business, and solid participation across our industry groups and geographies," Chief Executive Richard Handler said.

Jefferies, which kicks off the reporting season for investment banks, is often viewed as an indicator of the performance of Wall Street banks such as Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N).

The preliminary results are being released in advance of Leucadia's investor meeting on Sept. 3 and final third quarter results are expected on Sept. 16, Jefferies said.

Insurer assets outsourced to managers jump 54% in 4 years September 01, 2014 | PIOnline http://www.pionline.com/article/20140901/PRINT/309019992/insurer-assets-outsourced-tomanagers-jump-54-in-4-years Insurance companies outsourced almost $2.8 trillion to the 50 largest money management firms managing non-affiliated insurance assets, a 54% increase from four years earlier, Pensions & Investments data show.

More specifically, the top 10 firms managed $1.08 trillion in outsourced, non-affiliated general account insurance assets. That was up 30.1% from four years earlier.

The assets are even more concentrated in fixed income than they were four years ago, statistics on the non-affiliated general account assets show: 93.4% in fixed income in 2014 vs. 92.8% four years ago. Still, insurance companies are moving beyond traditional core fixed-income strategies.

George Caffrey, head of the insurance investment advisory group at Towers Watson & Co., New York, said the low yields obtained from core fixed-income investments since the financial crisis have caused insurance companies to seek out better-yielding fixed-income strategies such as high yield, bank loans and emerging market debt, and alternatives like private equity and real estate.

Even insurers that have preferred to manage assets in-house have made decisions to outsource, Mr. Caffrey said. “Insurers that don't have the internal expertise for specialized mandates are seeking highquality third-party managers to invest their assets” he said.

Wellington Management Co. LLP manages the most non-affiliated insurance assets — $234 billion as of March 31 — P&I's survey of money managers that run money for insurers shows. Wellington jumped to first place from third four years earlier. Despite the good news, spokeswoman Anne Mahoney said no one at the company would comment.

9|Sutherland Insights Asset Management News Flash Sep 16, 2014

BlackRock (BLK) Inc. (BLK), top ranked in 2010, dropped to second, with $230 billion. Pacific Investment Management Co. was third, with $224.7 billion, up from fourth place four years ago; Deutsche Asset & Wealth Management was fourth, down from second place in 2010, with $196.3 billion; and Goldman Sachs Asset Management was fifth with $160 billion, its ranking unchanged.

BlackRock was first and Deutsche was a close second among money managers with the most nonaffiliated general account assets from insurers: BlackRock managed $198.6 billion; Deutsche, $196.3 billion as of March 31.

Third was Goldman Sachs, with $105.2 billion, up from seventh in 2010. Goldman Sachs' general account insurance assets jumped 104.6% during the four years between surveys.

Macquarie Group, with $100.6 billion in assets, was fourth, jumping from 54th in 2010. Macquarie's dramatic rise was the result of including for the first time the outsourced insurance assets managed by Delaware Investments, which it acquired in 2010.

Wellington was fifth, with $92.2 billion, down from fourth in 2010.

Beyond the data The news beyond the data is a move to non-traditional fixed income and alternatives, industry participants say.

“Most of the conversations that I have as I go around and speak with insurance company executives ... ultimately turn to non-core fixed income,” said Randy Brown, a London-based managing director who is head of the U.K. and global head of insurance and pensions solutions for Deutsche.

Enlarge “The first thing ... is they went from core fixed income to closely related products, like high yield or bank loans, and emerging market debt,” he said.

“This started happening four to five years ago, post-crisis. Treasury rates dropped and they needed to maintain portfolio yield, so they went into securities that had higher yields. That was the first wave.

Then, as interest rates continued to stay low, as spreads continued to compress, they also moved into other things like hedge funds, private equity, real estate and infrastructure. It's been ramping up post crisis, especially in the last several years.”

Big winners have been money managers with broad-based investment capabilities, said money manager consultant David Holmes, a partner with Eagar, Davis & Holmes LLC, Louisville, Ky. Mr. Holmes said those managers have been able to win specialized mandates from insurers because they can build on existing relationships managing core fixed income, cross-selling for more specialized strategies.

“They have been able to play both sides,” he said.

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Mr. Holmes, founder of the firm's Insurance Asset Outsourcing Exchange, which tracks insurance company outsourcing of investments,found that specialized managers also have been able to pick up insurance business because they are offering higher-yielding strategies and more diversified, noncorrelated strategies than core fixed income.

Expand or join forces Some money managers are attempting to expand their capabilities or form alliances with other managers that offer alternative strategies, he said.

Woody Bradford, CEO of Conning & Co., Harford, Conn., a money manager specializing in managing insurance assets, said Conning has broadened its offerings beyond fixed income to meet insurers' needs for higher yields in the past three years. Those include high-dividend income equity, master limited partnerships and Asian equity strategies through the firm's Hong Kong joint venture, Cathay Conning Asset Management.

Conning also partnered with a commercial mortgage firm, Innovative Capital Advisors, to offer commercial mortgage loans as a specialized investment strategy and with liquid alternatives manager Ramius Alternative Solutions, he said.

Conning ranked eighth in the 2014 P&I survey, with $82 billion in outsourced non-affiliated general account insurance assets. The firm had been third in 2010.

Statistics from the Insurance Asset Outsourcing Exchange show that 71% of 101 mandates outsourced by insurance companies in the first quarter of 2014 were for specialty fixed-income, equity or alternative investments.

In 2009, when Mr. Holmes began tracking the mandates, only 42.3% of the mandates outsourced that year by insurers that year were non-core fixed income.

The low yields available to insurers from core fixed-income strategies has meant insurers are investing in entirely new strategies, said John Melvin, chief investment officer, insurance asset management, and global head of insurance fixed-income portfolio management at Goldman Sachs Asset Management in New York.

Mr. Melvin said emerging market debt is an example of a strategy that has gained enormous traction with insurers over the past several years. He said the strategy can pay 70 basis points to 100 basis points above similarly rated debt from companies in developed countries.

Still, he said, insurers maintain about 85% of their assets in core fixed-income investment strategies to meet regulatory requirements.

A Goldman Sachs survey from April found that over the next 12 months, more than one-third of insurance chief investment officers intend to increase overall portfolio risk, while less than 10% intend to decrease the risk, said Mike Siegel, managing director and global head of GSAM's insurance business in New York.

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He said the prospects of tightening financial conditions contribute to concern about market volatility and the pace of economic recover globally.

While volatility remains at very low levels in most asset markets, as central banks begin to reduce monetary easing, the concern is that markets will become more volatile, less liquid, and asset prices will reflect this increased volatility, he said.

Mr. Siegel said about 50% of the CIOs surveyed said low yields are the greatest overall risk to their portfolios. He said insurance investment executives intend to make the greatest net allocation increases to infrastructure debt, private equity, commercial mortgage loans and real estate equity in coming months.

He said this is a notable change from 2013, when insurers planned to make the greatest increase to bank loans.

Global infrastructure debt Global infrastructure debt has been a particularly strong area for BlackRock (BLK) in the last 12 months, accounting for $2 billion in net inflows, said David Lomas, managing director with BlackRock and head of the firm's global financial institutions group in New York.

Investment-grade infrastructure debt can yield 80 basis points to 100 basis points more than an equivalen

Growth slows for top 300 plans' assets September 01, 2014 | PIOnline http://www.pionline.com/article/20140901/PRINT/309019997/growth-slows-for-top-300-plansassets Assets of the world's largest 300 retirement funds increased 6.2% in 2013, growing at a slower pace compared with 2012's 9.8% rate, according to an annual survey conducted by Pensions & Investments and Towers Watson & Co. That is the fifth year in a row of positive growth for the top 300 funds across the globe, with aggregate assets in defined benefit and defined contribution plans at $14.86 trillion. These funds represent 46.5% of global pension assets, according to Towers Watson's most recent Global Pension Asset Study, declining slightly from 47% in 2012.

“Some funds are experiencing strong net inflows, some are experiencing increasing returns due to buoyant stock markets — that is true of Australia, Canada, the U.S. and the U.K.,” said Gordon Clark, professor and director of the Smith School of Enterprise and the Environment at the University of Oxford, Oxford, England. “Indeed, we are in the midst of what some people think is maybe a nascent bubble in the stock markets, promoted by, in part, quantitative easing.”

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Amid stubbornly low interest rates and a poor year for emerging markets strategies, developed markets equities followed up a strong 2012 with an even stronger 2013.

The Russell 3000 index returned 33.55% over the year, compared with 16.4% in 2012, while the MSCI All-Country World ex-U.S. index gained 15.97% vs. 16.5% in 2012.

Emerging markets equities, represented by the MSCI Emerging Markets index, returned -2.25% in 2013, down from a dizzying height of an 18.2% return in 2012.

Developed markets fixed income also suffered, with a -2.6% return for the Barclays Capital Global Aggregate Bond index.

“Developed equity markets had a strong year and that had impact as the single largest asset class,” said Roger Urwin, London-based global head of investment content at Towers Watson. “Quantitative easing has supported the returns on the equity markets, and we have had five years with somewhat surprising tailwinds for equities. The 2013 returns were the result of a re-rating of the market that reflected the easy monetary conditions more than any substantive change in earnings. Bonds didn't really help, by and large, to produce any of the returns last year. Alternative assets were not doing too much either.”

Enlarge Unsurprisingly, the share of assets in defined benefit plans declined. For 2013, DB plans accounted for 66.7% of total assets — with assets growing 2.6% over the year — compared with a 68.5% market share in 2012, when DB assets grew by 7.6%. Reserve funds, set aside by governments to guarantee national pensions in the future, grew 15%; defined contribution increased 9.4%; and hybrid plans incorporating both DB and DC grew 8.2%.

“The decline of DB is a trend I would have expected for 2013,” Mr. Urwin said. “DB assets are going backward relative to the other (types of plans) — they are paying more out and they are in low-risk assets.”

Currency issues The top five pension funds by assets remained unchanged in 2013, with Japan's Government Pension Investment Fund, Tokyo, leading the pack with $1.22 trillion in assets as of Dec. 31. In second place was Norway's sovereign pension fund, the $858.5 billion Government Pension Fund, Oslo, followed by the $415.7 billion Stichting Pensioenfonds ABP, Heerlen, Netherlands.

However, currency had a big effect on the assets in U.S. dollar terms. Japan's GPIF appears to have decreased 5.5% in terms of assets, from $1.29 trillion as of Dec. 31, 2012. In fact, strong investment returns and other factors saw the fund increase 14.87% in Japanese yen terms, according to figures from the fund's website.

The currency depreciated 17.52% against the U.S. dollar, which Mr. Clark said explains the “special case” of Japanese funds appearing to lose assets throughout the results for the top 300 funds. Mr. Urwin added that Japan funds with a bias toward domestic equities “have been substantially challenged by the difficulties of achieving returns as local equity returns have been weak.”

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For Norway's Government Pension Fund, which comprises the Government Pension Fund Global and the Government Pension Fund Norway, a depreciation of the Norwegian kroner of 6.8% against the U.S. dollar did little to dampen a 20.5% increase in assets in U.S. dollar terms. The fund returned 15.9% in 2013.

Third place ABP's assets grew 11.5% in U.S. dollar terms, buoyed in part by a euro appreciation against the dollar of 4.31% over 2013.

The top 10, however, saw some changes. Pensioenfonds Zorg en Wel-zijn, Zeist, Nertherlands, rose to No. 10 from 11th place, with an increase in assets of 11.1% to $196.9 billion. Canada Pension Plan, Toronto, jumped two places to No. 7 with assets of $206.2 billion, an increase of 11.8%, and the National Social Security Fund, Beijing, moved to eighth place from 10th with assets of $205.2 billion, an increase of 15.6%. The Central Provident Fund, Singapore, dropped one place to ninth despite a 6.3% increase in assets to $200.4 billion.

Country changes One of the most notable changes evidenced by the data was the ranking of countries by pension assets.

The U.S. retained its place as the market with the lion's share of pension assets of the top 300 funds, with 126 funds and 35.9% of total assets, up from 124 plans and 35% of total assets in 2012, thanks to strong equity returns and appreciation of the dollar vs. the yen, Australian dollar and Canadian dollar.

“Many public-sector investment systems in the U.S. have low weighting to alternatives and much higher weighting in public equity markets, partly because the public pension systems in the U.S. have been desperate to get alpha, (and) to outperform because of continuing low discount rates on the DB liabilities,” Mr. Clark said. “I think what we see (in the results) is the success of that kind of strategy, a public-facing equity market bias taking large risks in the hope of compensating on the very low discount rate.”

The top-ranking U.S. plan was the $375.8 billion Federal Retirement Thrift Investment Board, Washington, whose assets increased 15.2% compared with 2012. The plan was fifth in the overall ranking. A spokesman for the fund said the increase was due to net positive cash flow of $9.66 billion for 2013, and positive markets. He said the plan's funds, with the exception of one, “track broad market indexes.”

Japan's depreciating currency saw its share of assets drop to 12.6%, down from 14.7% last year, although the market remains in second place.

The Netherlands remained in third place, with a slight increase in asset share, up 0.2 percentage points to 6.8%.

The big surprise was Norway's entry to the top five countries, which displaced Canada from fourth place and the U.K. from the top five completely. Norway's share increased to 5.8% this year, moving it into fourth place, from 5.1% in 2012 — when it sat in sixth place in the country rankings. That is completely attributable to the performance of the sovereign pension fund, according to the top 300 ranking.

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Canada-based plan assets remained steady, with 5.5% of total assets. “Canada has done so well because (the funds) were so exposed to the vibrant U.S. equity markets,” Mr. Clark said.

The U.K. dropped to sixth in the country rankings in 2013, despite a slight increase in asset share to 5.3%; it was fifth in 2012 with a 5.2% share. The U.K. pound appreciated 2.35% against the U.S. dollar.

“This is a very telling figure,” Mr. Clark said. “What we know is that, U.K.-wise, with the decline in workplace pension benefits in the private sector, growth in assets has probably been rather modest.” He said the decline in ranking by asset share will continue for the U.K., while Australia and the Netherlands — where a “virtually universal pension fund system, (which means) almost all workers are enrolled into a workplace pension” — will continue to grow.

However, Mr. Urwin said that it is worth noting that the U.K. is now the second-largest pensions market in the world, according to Towers Watson's Global Pension Asset Study. “The decline relative to other markets (in the top 300) is based on paying out a lot of pensions in many cases from a derisking portfolio. Many have

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Technology Barclays to use Hitachiâ&#x20AC;&#x2122;s finger vein authentication technology to secure bank accounts September 05, 2014 | BBR http://www.banking-business-review.com/news/barclays-to-use-hitachis-finger-vein-authenticationtechnology-to-secure-bank-accounts-050914-4362768 Barclays has partnered with Hitachi Europe to develop a biometric reader that uses finger vein authentication technology, VeinID, to secure bank accounts.

Customers need to scan their finger on the reader, which verifies their vein patterns and provides them access to their online bank accounts.

The reader thus eliminates the need to enter personal identification number (PIN), passwords or other authentication codes, and prevents fraudulent access into bank accounts.

Barclays personal and corporate banking CEO Ashok Vaswani said: "This solution is at the leading edge of innovation and is in direct response to client concerns about the threat of online fraud while making our customers' lives easier through its convenience."

Hitachi's VeinID technology is already being used by banks for password replacement, single sign on and ATM machines in Japan, North America and Europe.

However, the usage of vein biometric and digital signature technology in a combined state with the Barclays biometric reader is the first time in the industry, claims the company.

Hitachi Services creation division president Koichi Nakai said: "In a world where cybercrime is on the rise, VeinID offers one of the industry's most advanced authentication technologies ensuring businesses and their customers can stay one step ahead of fraudsters."

To avoid any fraudulent use of veins, the technology accepts the pattern only when the finger is attached to a human body, Barclays said.

The new technology will be initially available for Barclays' corporate banking clients from 2015, with plans to expand its use in the bank's UK network.

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Strategy Market gains, big demand for indexing fuel 24% asset increase September 15, 2014 | PIOnline http://www.pionline.com/article/20140915/PRINT/309159996/market-gains-big-demand-forindexing-fuel-24-asset-increase Worldwide internally managed index assets rose to $8.97 trillion in the year ended June 30, a $1.74 trillion increase, according to Pensions & Investments' annual survey of managers of indexed assets.

This 24.1% surge surpassed the previous year, when assets increased 18.4%.

“On aggregate, the trend is inexorable,” said Jamie Farmer, New York-based managing director, index investment strategy at S&P Dow Jones Indices LLC. “Institutional investors are being drawn toward the passive space on the basis of performance and on the basis of fees.”

BlackRock (BLK) Inc. (BLK), New York, led the pack for the fifth consecutive year with $2.825 trillion of indexed assets, a 23% gain from a year earlier. A 33% increase moved Malvern, Pa.-based Vanguard Group Inc. up to second place on P&I's list with $2.079 trillion, passing State Street Global Advisors, Boston, which dropped to third place despite seeing a 17% increase that raised their total to $1.972 trillion.

A 22% rise to $471.5 billion kept Northern Trust Asset Management, Chicago, in fourth place for the ninth consecutive year; followed by New York-based Bank of New York Mellon (BK), which spent an eighth year in fifth place with a 24% increase to $355.6 billion.

“I would say the significant piece of growth is down to market movements,” said Jane Welsh, Londonbased senior investment consultant and head of the indexation research team at Towers Watson & Co. “Most of our clients have already got passive management as a big piece of what they do already. If you're seeing AUM growth, market movements will be a significant contributor.”

For the year ended June 30, the Russell 3000 index returned 25.2%; the Morgan Stanley (MS) Capital International World index, 24.8%; and the Morgan Stanley Capital International EAFE index returned 24.4%.

Even in a year of strong returns, index management remains an attractive option when many active managers don't provide alpha relative to fees, said Johnny Wu, New York-based managing director and head of equities and fund structured markets sales, Americas for Barclays. “You're going to see active management challenged to show value. A lot of managers have underperformed,” Mr. Wu said.

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Most active managers underperformed their one-year domestic equity benchmarks as of June 30, according to the midyear S&P Indices Versus Active Funds U.S. Scorecard. Measured against the S&P 500, 59.78% of active large-cap managers underperformed the broad index, while 57.84% of active midcap managers failed to beat the S&P MidCap 400 and 72.79% of active small-cap managers underperformed the S&P SmallCap 600. A rolling five-year analysis shows that 73.56% of active managers across all domestic equity market capitalizations underperformed the composite benchmark.

Data from S&P Dow Jones Indices show 74.86% of active international equity managers underperformed relative to the S&P 700 benchmark for international funds as of June 30, while 74.23% underperformed over the five-year period. Measured against the S&P Global 1200, 70% of active global equity managers underperformed for the year and 70.26% underperformed over five years.

U.S. equity assets up 27% Among the 57 managers surveyed, $4.201 trillion was managed in U.S. equity, up 27.11% from the 58 managers that responded in the previous survey; assets managed in international equity rose 29.57% to $2.042 trillion; and $659.4 billion was managed in global equity, up 32.6%.

Vanguard's domestic equity assets under management increased 36.2% to $1.269 trillion and international equity assets rose 36.6% to $459.1 billion.

Geode Capital Management was in sixth place on P&I's list for a fourth consecutive year, with a 28.1% increase to $187 billion of indexed assets under management. Geode saw a 35.7% increase to $162.3 billion in domestic equity and a 56.7% increase to $21.8 billion in international equity assets.

Assets fell 34.6% to $43.4 billion for T. Rowe Price, the only manager in the top 20 to see total assets decrease as of June 30. Assets managed by T. Rowe Price in domestic equity fell 39.4% to $37 billion.

“Even in bull markets, clients are still buying low (volatility) strategies,” said Amy Schioldager, BlackRock (BLK)'s San Francisco-based senior managing director and global head of beta strategies.

Ms. Schioldager said factor-based passive equity strategies — often referred to as smart beta — have attracted assets from investor segments that have not traditionally been big buyers of index funds, such as insurance companies and sovereign investors. Smart beta strategies are also appealing for retirement plans that are at or near full funding, a shift that BlackRock attributes to more defensive investors seeing smart beta as a way to protect their downside and compensate for low bond yields. “They don't need the upside returns but still want to participate in the equity market. You don't want to threaten the funding status of the plan,” she said.

“Factor-based indices are the kind of thing that you would have paid an active manager 10 times the fees for,” said Mr. Farmer of S&P Dow Jones Indices. “The ability to bring that toolkit to investors has led to much greater expansion in passive investment overall.”

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U.S. retirement plan, foundation and endowment assets under indexed management by the top 25 managers rose 19.04% to $2.696 trillion in the year ended June 30. The order of the top three managers remains unchanged from the previous year. BlackRock topped the list at $771.2 billion, a 20.4% increase, followed by SSgA's 19.8% rise to $617.8 billion and Vanguard's 27.4% increase to $530.3 billion.

Passively managed U.S. defined contribution assets grew 26.9% to $1.479 trillion, while U.S. defined benefit assets rose 10.8% to $1.112 trillion. BlackRock topped the list of defined benefit managers with $376.8 billion in indexed assets under management, while Vanguard managed the most defined contribution assets with $479.2 billion under indexed management.

S&P Dow Jones Indices estimates $2.58 trillion was directly linked to their indexes as of Dec. 31, according to their annual survey of indexed assets, an estimated increase of 30% over year-end 2012.

Fixed-income gains Among the 57 managers surveyed, $1.024 trillion was managed in domestic fixed income as of June 30, up 8.39% from the previous year, and assets in global and international fixed income rose 18.43% to $944.3 billion.

The Citigroup Non-U.S. World Government Bond index returned 6.85% for the year and the Barclays Capital U.S. Government/Credit Index returned 4.3%.

Despite the low bond returns, Vanguard reported a 16.8% increase in domestic fixed income and 30.5% increase in international and global fixed income to $296.7 billion and $54.2 billion, respectively.

Barclays' Mr. Wu sees the current fiscal environment constraining retirement plan moves into fixed income. “After the financial crisis, the underfunding of pension plans hasn't allowed them to move to (liability-driven investing). The challenge is that interest rates are too low to make a substantial effort to do it right now.”

Mr. Wu said fixed-income managers are expanding the market of liquid index products to generate greater inflows. “Everybody is scrambling to offer more fixed-income ETPs. That's the next holy grail.

You have to go out and on the margin be able to buy the bonds to replicate the index. Exchange-traded products are better, faster, cheaper.”

Assets for the top 10 managers of exchange-traded funds/exchange-traded notes increased 29.88% as of June 30, to $1.976 trillion. The top three remained the same for the fifth consecutive year. BlackRock (BLK) led the group with $993.8 billion, followed by SSgA with $412.6 billion and Vanguard with $381.1 billion.

U.S. institutional tax-exempt indexed assets rose 16.37% to $3.156 trillion as of June 30. BlackRock topped the group again with $795 billion, a 19.71% increase over the previous year, followed by SSgA with a 12.99% increase to $690.6 billion, despite SSgA's domestic fixed-income assets dropping 2.8% for the year.

“Institutions are looking for returns wherever they can,” said Rolf Agather, global managing director

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Canadian pension fund assets gain 5.3% in first quarter September 11, 2014 | PIOnline http://www.pionline.com/article/20140911/ONLINE/140919974/canadian-corporate-pension-fundassets-gain-53-in-first-quarter&utm_campaign=saxo_rss&utm_source=rss02_rss&utm_medium=rss Canadian pension fund assets were up 5.3% in the first quarter, totaling C$1.412 trillion (US$1.29 trillion) as of March 31, Statistics Canada, the government's statistics agency, reported Wednesday.

Pension fund assets invested in equities totaled C$446 billion, up 4.8% in the quarter; assets in fixed income were up 5.1% to C$488.1 billion; and other assets, including private equity and alternative investments, were up 6.8% to C$291 billion.

Real estate assets rose 3.8% to C$113.6 billion; short-term investments jumped 9% to C$51.9 billion; and mortgages edged up 1.4% to C$13 billion.

The plans' aggregate asset allocation as of March 31 was 34.6% bonds, 31.7% equities, 21% other assets, 8% real estate, 3.7% short-term investments and 1% mortgages.

AXA Said in Advanced Talks to Sell Hong Kong Pension Unit September 11, 2014 | Bloomberg http://www.bloomberg.com/news/2014-09-11/axa-said-in-advanced-talks-to-sell-hong-kongpension-fund-unit.html Axa SA (CS), France’s largest insurer, is in advanced talks with bidders including Manulife Financial Corp.

(MFC) to sell its pension-fund unit in Hong Kong, said people with knowledge of the matter.

Axa is seeking about $400 million for the Mandatory Provident Fund business, two of the people said, asking not to be identified because the discussions are confidential. It has also drawn suitors including Sun Life Financial Inc. (SLF), Principal Financial Group Inc. (PFG) and FIL Ltd., according to the people.

The French insurer looks after the 10th-largest pool of funds in Hong Kong’s compulsory retirement program, with HK$15.4 billion ($1.99 billion) of assets under management as of March, according to the Gadbury Group Ltd., a research firm that monitors the city’s pension market.

Axa has disposed of 8.5 billion euros ($11 billion) of assets in developed markets since 2010. Chief Executive Officer Henri De Castries is pushing to double operating profit from faster-growing markets including mainland China by 2015 from 2010.

Evonne Inn, a Hong Kong-based spokeswoman for Axa, declined to comment. Representatives for Manulife, Sun Life, Principal and FIL declined to comment or couldn’t immediately be reached.

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Axa has focused on insurance in Greater China, completing its purchase of a 50 percent stake in Shanghai-based Tian Ping Auto Insurance Co. in February. The company says itâ&#x20AC;&#x2122;s the largest foreign property and casualty insurer in Asia outside of Japan and Australia.

Manulife, the second-largest manager of MPF funds in Hong Kong, and Sun Life gained share at the expense of smaller providers in the first quarter of this year, according to Gadbury. FIL, known as Fidelity Worldwide Investment, oversaw $290 billion at the end of June.

The MPF program and other retirement options cover more than 80 percent of the cityâ&#x20AC;&#x2122;s employed population, according to a June report from the Mandatory Provident Fund Schemes Authority. The pension-fund regulator plans to cut costs of retirement pools and may introduce a low-fee fund, it said at the time.

Nomura Asset Management announces China private equity joint venture September 10, 2014 | PIOnline http://www.pionline.com/article/20140910/ONLINE/140919999/nomura-asset-managementannounces-china-private-equity-joint-venture Nomura Asset Management formed a 50-50 joint venture with Shenzhen Hua Xia Ren He Capital Management Co. to offer China-domiciled private equity funds and venture capital funds to domestic and overseas investors.

Tokyo-based Nomura Asset Management becomes the first overseas money manager outside of Hong Kong to get a license, through the joint venture, from the city of Shenzhen to sponsor and manage qualified foreign limited partner funds, said a Nomura spokeswoman.

The joint venture, Nomura China Asset Management Co., is capitalized at 13 million renminbi ($2.1 million).

The spokeswoman couldn't immediately provide the names of Nomura executives to be based in Shenzhen.

Guggenheim Partners sets up Mideast advisory, asset management JV September 10, 2014 | Reuters http://www.reuters.com/article/2014/09/10/guggenheim-emirates-idUSL5N0RB0KV20140910 U.S. financial services firm Guggenheim Partners has agreed to set up a joint venture with a private Abu Dhabi investment company to offer advisory and asset management services to Middle Eastern investors.

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Joining with the Khalifa Butti Bin Omeir (KBBO) Group, Guggenheim KBBO Partners will market to companies looking to raise cash from global investors, as well as family offices and institutional investors in the Middle East, the firms said in a joint statement announcing the Dubai-based venture.

The business will be run by Hani Buttikhi, who currently serves as an advisor to the chairman of KBBO Group.

With many Gulf nations enjoying strong economic performance and stable political environments at a time of uncertainty in other emerging markets, international finance firms are increasingly looking to the region to market services as well as invest in local debt and companies.

Guggenheim Partners is a global investment and advisory firm with more than $210 billion in assets under management.

BB&T to buy Bank of Kentucky for $363m September 09, 2014 | BBR http://retailbanking.banking-business-review.com/news/bbt-to-buy-bank-of-kentucky-for-363m090914-4365540 North Carolina-based lender BB&T has signed a deal to buy The Bank of Kentucky (BOK) for approximately $363m to expand its presence in the Northern Kentucky / Cincinnati regions.

Established in 1990, BOK has around $1.858bn in assets and $1.6bn in deposits at the end of June this year. It offers banking and financial services to both individuals and business customers through 32 branches.

BOK president and CEO Robert W Zapp said: "BB&T's expanded product offerings and resources will enable us to better serve our customers, employees and communities."

The acquisition will allow BB&T to create a new banking region in Northern Kentucky and Cincinnati.

BB&T chairman and CEO Kelly S King said: "We are very pleased to announce that regional president Andrew Hawking and retail and small business banking manager Mark Exterkamp will lead our new region in this important growth market.

"We are developing exciting plans for additional banking center locations in the Greater Cincinnati area.

Establishing this new banking region with such strong leadership is an important first step."

As part of the deal, BOK's shareholders will get 1.0126 shares of BB&T common stock and $9.40 in cash for each share of BOK's common stock.

The transaction is subject to approvals from regulatory and BoK shareholders' approval.

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The purchase of BOK is BB&T's first full-bank acquisition in nearly three years and comes a few days after it purchased Citigroup's 41 branches in Texas.

Investec agrees sale of mortgage arm for £180m September 09, 2014 | Investment Week http://www.investmentweek.co.uk/investment-week/news/2364104/investec-agrees-sale-ofmortgage-arm-for-gbp180m Investec has agreed to sell its UK mortgage business Kensington to private equity firms Blackstone and TPG Special Situations Partners for £180m.

The group first announced plans to sell the mortgage arm in its interim results in February, alluding to "certain expressions of interest" from third parties.

Investec bought Kensington, a UK residential mortgage lender, back in 2007.

This morning, the group announced an agreement to sell the business as part of its strategy to "simplify and reshape" its specialist banking business.

The mortgage arm - seen as a non-core part of its business - will be sold with a number of other mortgage assets to funds managed by Blackstone Tactical Opportunities Advisors and TPG Special Situations Partners.

The completion of the transaction is expect towards the end of 2014; Investec is being advised by Fenchurch and Investec Investment Banking.

Standard Life shareholders set for £1.75bn payout following sale of Canadian arm September 04, 2014 | Wealth Manager http://citywire.co.uk/wealth-manager/news/standard-life-shareholders-set-for-1-75bn-payoutfollowing-sale-of-canadian-arm/a770196?ref=wealth_manager_all_stories_list Standard Life has sold its Canadian business to Manulife for £2.2 billion with the life insurer planning to pay out £1.75 billion of the proceeds to shareholders.

As part of the deal, Manulife will distribute Standard Life Investments' (SLI) funds into Canada, the US and Asia, in an arrangement that is expected to treble SLI's assets under management obtained through the two companies' existing partnership within three years.

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Standard Life said the sale of its Canadian arm will strengthen its capital position and it expects to distribute £1.75 billion, equivalent to 73p per share, of the monies through a 'B/C share scheme'. This a way of making the payout more tax efficient with UK shareholders able to choose whether they receive their proceeds as capital or income. Following the deal, Standard Life said it plans to 'carry out a share consolidation'.

David Nish (pictured), group chief executive of Standard Life, said: 'This transaction provides our group and its shareholders with significant strategic and financial benefits. It accelerates our growth and reduces capital-intensity, while delivering substantial value today.

'The proposed capital return of £1.75 billion , equivalent to 73p per share, will take the total amount of dividends and returns to shareholders since 2010 to 147p per share.

'It is a reflection of our strong growth that operating profit from the businesses we retain following the sale are substantially higher than the whole group reported in 2010.'

The Edinburgh-based insurer said the sale values its Canadian arm, which had around C$52 billion of assets under management, at a multiple of 19.5x on a price-to-earnings basis.

Standard Life grew its Canadian arm into the country's fifth biggest insurer, a far cry from 2009 when it was a loss-making division that the Scottish company was rumoured to be looking to offload.

BB&T acquires another 41 branches in Texas from Citibank September 03, 2014 | Dallas News http://www.dallasnews.com/business/headlines/20140903-bbt-acquires-another-41-branches-intexas-from-citibank.ece Vestey Group has conducted a £280 million ($464.4 million) bulk annuity deal with Rothesay Life for its pension fund, Western United Group Pension Scheme, London, said Ben Fowler, group head of reward and HR development for the firm.

The deal completes a £500 million buyout of the pension fund. Mr. Fowler said this latest transaction follows two buy-ins totaling about £220 million with Rothesay in November 2012 and March 2014. This last deal is a buyout for the remaining liabilities. The fund will be wound up after the buyout is completed.

The most recent agreement was facilitated by F&C Asset Management, said Mr. Fowler. F&C helped pension fund executives with a growth strategy through equity-linked bond funds; a derisking strategy with liability-driven investment funds; and with the transition to Rothesay Life.

Simon Bentley, director of client relations at F&C, said in a telephone interview that the buyout was unique from the LDI point of view, because assets were invested in a pooled fund. In the past, a pension fund’s pooled LDI assets would have to be sold out to cash, then passed to the insurer. This was expensive and incurred market risk due to a time gap.

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“We have set up an interim step — (we took) the pro-rata slice of the original fund, moved those positions into our transition fund (the LDI Transition Fund), and reorganized those positions to look like what the insurer would like to take” Mr. Bentley said.

Mr. Bentley said the transition fund was originally set up to accommodate new investors in LDI pooled funds. He said it was used as an interim step to convert positions to those suitable for the pooled funds.

“It is definitely unique for facilitating the disinvestment of a client to move to buyout,” Mr. Bentley said.

He said the manager believes it saved the client “in excess of £850,000” by facilitating the transaction in this way.

CaixaBank to buy Barclays Spain operations September 01, 2014 | Business&Tech http://www.capitalfm.co.ke/business/2014/09/caixabank-to-buy-barclays-spain-operations/ Spain’s third-biggest bank by capitalisation CaixaBank is to buy Barclays’ Spanish operations for £800 million ($1.1 billion) as the British bank undergoes major restructuring, Barclays said.

The sale includes Barclay’s retail banking, wealth and investment management and corporate banking businesses in Spain.

In a statement, Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed, likely around the end of the year.

The British bank is undertaking a major restructuring to shrink its operations that is expected to see 19,000 jobs axed across the group over the next two years.

Barclays said it had also completed the sale of its United Arab Emirates retail banking business to Abu Dhabi Islamic Bank for £119 million ($197 million, 150 million euros).

“I am pleased to be announcing further progress on Barclays Non Core asset reductions through the transactions announced today. We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders,” said Barclays Group chief executive Antony Jenkins.

“I want to take this opportunity to thank our colleagues in the Spanish Retail Banking, Corporate Banking and Wealth and Investment Management businesses, as well as our Retail Banking colleagues in the UAE, for their hard work and professionalism over many years.”

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