FUND MANAGEMENT – AUSTRALIA

Presentation has ‘elements of a wake’

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Original article by Matthew Cranston, Robert Harley
The Australian Financial Review – Page: 34 : 21-Aug-15

Depressed conditions in the Brisbane and Perth office leasing markets hindered performance of the Investa Office Fund (IOF). IOF leased 55,000 sq m of office space in 124 deals, but like-for-like net property income fell 1.3 per cent. Funds from operations rose 4.5 per cent and, because of strong revaluations, net tangible asset backing rose 8.1 per cent. Mirvac is poised to buy the entire Investa platform.

CORPORATES
INVESTA OFFICE FUND – ASX IOF, INVESTA PROPERTY GROUP, MIRVAC GROUP – ASX MGR, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, MORGAN STANLEY REAL ESTATE

Perpetual takes $1.6 billion hit

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Original article by Ruth Liew, Vanessa Desloires
The Australian Financial Review – Page: 22 : 16-Jul-15

Listed wealth manager Perpetual has advised that its funds under management fell from $A34.7bn to $A30.2bn in the June 2015 quarter. Equities accounted for the bulk of the $A1.6bn worth of net outflows for the quarter. The group had reported net inflows for each of the previous seven quarters. CEO Geoff Lloyd has refuted suggestions that the rise in outflows is linked to the resignation of Matt Williams as head of equities. Perpetual shares closed 6.6 per cent lower at $A45.60 on 15 July.

CORPORATES
PERPETUAL LIMITED – ASX PPT

Westpac sells down BT stake for $700m gain

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Original article by Clancy Yeates, James Thomson, Jonathan Shapiro
The Australian Financial Review – Page: 15 & 18 : 17-Jun-15

TS Lim of Bell Potter suggests that Westpac’s move to trim its 59 per cent stake in BT Investment Management is primarily aimed at lifting the bank’s capital ratio. Westpac plans to offload about 82 million shares in BT, which will raise between $A600m and $A700m while reducing its stake in the listed fund manager to 31-40 per cent. The bulk of Westpac’s BT shares will be offered to institutional investors via a bookbuild, while about 27 million will be made available to the retail shareholders of both Westpac and BT.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, BELL POTTER SECURITIES LIMITED, BT FINANCIAL GROUP PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX

QIC strikes $1 billion infrastructure deal

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 21 : 21-May-15

QIC will invest nearly $A1bn in infrastructure assets on behalf of the California Public Employees Retirement System. Australia and New Zealand will be the main focus of the investment portfolio, including transport, energy and utility assets, although QIC will also seek assets in Asian countries. The US pension fund boasts some $A300bn worth of assets, while QIC’s infrastructure portfolio is worth $A5.8bn.

CORPORATES
QIC LIMITED, CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, AMP CAPITAL INVESTORS LIMITED, OHIO STATE UNIVERSITY, JP MORGAN ASSET MANAGEMENT INCORPORATED, QUEENSLAND MOTORWAYS LIMITED, TRANSURBAN GROUP LIMITED – ASX TCL, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, EPIC ENERGY PTY LTD, PORT OF BRISBANE, BRISBANE AIRPORT, WESTLINK MOTORWAY LIMITED

BHP and Rio remain in Aberdeen’s good books

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Original article by Matthew Smith
The Australian Financial Review – Page: 8 : 15-May-15

Aberdeen Asset Management’s Robert Penaloza has retained overweight positions in BHP Billiton and Rio Tinto, despite the sharp decline in the iron ore price. The head of Australian equities has been actively buying BHP shares since mid-April 2015, and he may continue to buy shares in both of the resources giants. Penaloza notes that their low production costs means BHP and Rio are very resilient when commodities are both rising and falling.

CORPORATES
ABERDEEN ASSET MANAGEMENT LIMITED, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF THE TREASURY

UBS small-caps funds feature lithium play

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 11-May-15

Demand for lithium is rising by 10 per cent each year, and Australian-listed Orocobre’s Olaroz mine in Argentina yields 10 per cent of global supply. UBS Global Asset Management is upbeat about Orocobre, while Western Areas and Sundance Energy are the only other resources stocks in the portfolios of its small and micro-capitalisation funds at present.

CORPORATES
OROCOBRE LIMITED – ASX ORE, WESTERN AREAS LIMITED – ASX WSA, SUNDANCE ENERGY AUSTRALIA LIMITED – ASX SEA, UBS GLOBAL ASSET MANAGEMENT (AUSTRALIA) LIMITED, TESLA MOTORS INCORPORATED, SIRIUS RESOURCES NL – ASX SIR

Local investors get behind BHP demerger

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Original article by Amanda Saunders
The Australian Financial Review – Page: 21 : 19-Mar-15

BHP Billiton will incur total costs of $US738m ($A966m) in demerging non-core assets into the South32 entity. Tim Schroeders of Pengana Capital says the costs are higher than anticipated, while Argo Investments’ Jason Beddow says investors are likely to seek information from BHP on the likely productivity gains arising from the demerger. Both fund managers say that as yet there are no compelling reasons to vote against the deal on 6 May 2015

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SOUTH32 LIMITED, PENGANA CAPITAL LIMITED, ARGO INVESTMENTS LIMITED – ASX ARG, ABERDEEN ASSET MANAGEMENT LIMITED, BERNSTEIN AND ASSOCIATES, GLENCORE PLC, X2 RESOURCES PARTNERS LP, WARBURG PINCUS AND COMPANY

Ethical funds make most of mining’s woes

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Original article by Sally Rose
The Australian Financial Review – Page: 19 : 18-Mar-15

Data from Mercer shows that Australian fund managers with a focus on socially responsible investing achieved a return of 13 per cent in the three months to 28 February 2015. Such funds also delivered a return of 17.3 per cent year-on-year. The Integrity Tailored ESG Fund topped the performance table for the quarter, while the Warakirri Charitable Australian Equities Fund boasted the best return over 12 months

CORPORATES
MERCER INVESTMENTS PTY LTD, INTEGRITY INVESTMENT MANAGEMENT AUSTRALIA LIMITED, WARAKIRRI ASSET MANAGEMENT PTY LTD, BENNELONG FUNDS MANAGEMENT PTY LTD, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, DALTON NICOL REID PTY LTD, QANTAS AIRWAYS LIMITED – ASX QAN, LEND LEASE GROUP LIMITED – ASX LLC, RESMED INCORPORATED – ASX RMD, REGIS HEALTHCARE LIMITED – ASX REG, SONIC HEALTHCARE LIMITED – ASX SHL, ESTIA HEALTH LIMITED – ASX EHE

IFM snares US tollroad for $10b

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Original article by Jenny Wiggins, Anthony Macdonald
The Australian Financial Review – Page: 13 & 20 : 13-Mar-15

IFM Investors CEO Brett Himbury has described the Indiana Toll Road in the US as a "fantastic investment" for the group. He is upbeat about the outlook for the US economy, and notes that the 253km toll road’s revenue is likely to remain strong regardless of the strength of the economic recovery. IFM has paid $US7.5bn ($A10bn) for a 66-year lease to operate the toll road, which was placed into bankruptcy in 2014

CORPORATES
IFM INVESTORS PTY LTD, INDIANA TOLL ROAD CONCESSION COMPANY, MACQUARIE GROUP LIMITED – ASX MQG, CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA, GRUPO FERROVIAL SA, TRANSURBAN GROUP LIMITED – ASX TCL, CANADA PENSION PLAN INVESTMENT BOARD, ONTARIO TEACHERS’ PENSION PLAN, ABERTIS INFRAESTRUCTURAS SA, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, QUEENSLAND MOTORWAYS LIMITED

IFM ready to snap up oil assets

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Original article by Amanda Saunders
The Australian Financial Review – Page: 28 : 5-Mar-15

IFM Investors CEO Brett Himbury has indicated that the group is looking to invest in Australian oil and gas pipeline assets. Potential acquisitions could include the Gladstone LNG pipeline in Queensland and the Australia Pacific LNG pipeline, which may both be put on the market. IFM recently missed out on the sale of BG’s gas pipeline in Queensland, which will be acquired by APA Group

CORPORATES
IFM INVESTORS PTY LTD, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, GLADSTONE LNG PTY LTD, AUSTRALIA PACIFIC LNG LIMITED, BG GROUP PLC, APA GROUP – ASX APA, DUET GROUP – ASX DUE, FREEPORT LNG DEVELOPMENT LP, QIC LIMITED, AMP CAPITAL INVESTORS LIMITED, CHINA INVESTMENT CORPORATION