P { margin-bottom: 0.08in; } The private bank Lombard Odier has appointed a new head of private banking in Zurich, in the person of Dominique Wohnlich, according to a statement released on 3 February. Wohnlich, who has been in office since 1 February as Local Managing Director, will continue the development of wealth management activities at the Zurich office, which has 100 employees. Wohnlich had been head of private equity investment at Credit Suisse for the private banking segment. Before joining Credit Suisse in 2007, he spent more than six years at UBS. He succeeds Richard Nahmani, who led the Zurich office from 1991 to 2013, and who become director of an affiliated company at Lombard Odier. The Lombard Odier group has also appointed Felix Xavier Oeschger as head of Swiss private clients in Zurich.

P { margin-bottom: 0.08in; } BNP Paribas Securities Services on 3 February announced that it is developing its deposotiry banking activities on the Swiss market. The expansion permits its instituional clients and asset managers who manage funds domiciled in Switzerland to benefit from the pan-European experience of the bank in the area of depository services (custody and registry, management of financial flows and supervision), and the solidity of a major international banking group. The launch response to a growing desire on the part of clients of BNP Paribas Securities Services to consolidate its operational services in Switzerland, particularly depository banking and custody services. The bank has already won its first depository banking mandate in this market from one of the largest independent fund of funds management firms in Switzerland. With this major step, it affirms its engagement on the Swiss market.

P { margin-bottom: 0.08in; } In a filmed interview with Bluerating, Alex Ricchebuono, head of La Française AM for Southeastern Europe, says that he is seeking new fund distribution agreements for the firm in Italy. In Italy, La Française AM has largely present in the institutional management sector. “Concerning retail, we are open to distribution networks: the large ones, but also and especially the small and medium ones,” says Ricchebuono.

New York Life Investments announced yesterday that it has completed its acquisition of Dexia Asset Management, an asset manager, with management centers in Brussels, Paris, Luxembourg and its investment boutique, Ausbil, based in Sydney, for EUR 380 million.Dexia Asset Management joins New York Life Investments’ family of investment boutiques, complementing its current capabilities in fixed income, equities and alternative investments and adds USD100 billion in assets under management, bringing New York Life Investments’ total assets under management to USD511 billion.Naïm Abou-Jaoudé will continue in his role as chief executive officer and chairman of the executive committee of Dexia Asset Management and Paul Xiradis will remain chief executive officer of Ausbil. Yie-Hsin Hung, in addition to her current role as co-president of New York Life Investment Management and chairman of New York Life Investment Management International, becomes chairman of the board of directors of Dexia Asset Management. Naïm Abou-Jaoudé joins the executive committee of New York Life Investment Management International as vice chairman.“Expanding our asset management business in Europe and Australia represents a significant growth opportunity for New York Life to become a key player in the global asset management arena, adding important scale and geographical diversity to our business,” said John Kim, vice chairman, New York Life. “As with our other boutiques, Dexia Asset Management will preserve the integrity of its investment processes, portfolio management teams and distinct culture, while at the same time benefit from the strength, resources and capital of New York Life.”Naïm Abou-Jaoudé, chief executive officer and chairman of the executive committee, Dexia Asset Management, said: “We are pleased to confirm our commitment to maintaining our local presence, platforms, teams and investment processes.”

P { margin-bottom: 0.08in; } Alain Grisay, former CEO of F&C Asset Management, has died, Investment Week reports. Grisay, 59, left F&C, where he had been CEO since 2006, in 2012. He also worked at J.P. Morgan for 20 years.

P { margin-bottom: 0.08in; } Ben Lord, head of fixed interest, will now assume responsibility for the M&G UK Inflation Linked Corporate Bond fund, while Jim Leaviss becomes second manager, Money Marketing reports. Lord and Leaviass had previously been co-managers of the fund, whose assets under management total GBP837m. Leaviss will also work as second manager of the M&G Gilt and Fixed Interest Income fund (GBP773m), on which he had previously been principal manager. The fund is now managed by Mike Riddell. Leaviss will be principal manager of the M&G Inflation Linked Corporate Bond fund, while Lord becomes second manager. They had previously both been co-managers of the fund.

P { margin-bottom: 0.08in; } The British bank Lloyds Banking Group (LBG), which was bailed out by the government in 2008, on 3 February announced nearly GBP2bn in new provisions, but promised a return to dividends in second half. In an unscheduled statement, released ahead of the release of annual results on 13 February, LBG has stated that it will be writing down a provision of GBP1.8bn in fourth quarter, related to litigation concerning PPI credit insurance, and another GBP130m related to abusive sales to SMEs of products to protect against interest rate variations. LBG has previously written down billions of pounds to cover compensation payments related to the PPI scandal. Despite that, the bank promises that it will earn a “small” pre-tax profit for 2013, and that it is planning to request permission to restart dividend payments in second half.

P { margin-bottom: 0.08in; } Paamco, one of the largest fund of hedge fund groups, is now asking consultants to sign non-disclosure agreements to protect its intellectual property, Financial Times fund management reports. The initiative is a response to growing concerns that consultants may use manager selection ideas for their own multi-management products. International Asset Managemnet, a UK-based fund of hedge fund firm, has also stopped to share some information with the large consultants.

P { margin-bottom: 0.08in; } Recently, Pimco, Fidelity and Invesco have been facing the same problem: how to retain star managers. At a time when market conditions are improving, the subject is becoming critical, Financial Times fund management observed. Among the personalities whom investors are scrutinizing for any sign of departure are Hugh Young, head of Asian activities at Aberdeen AM, Edouard Carmignac, the founder of Carmignac Gestion, and Crispin Odey, the founder of Odey AM. Remuneration is the primary lever that asset management firms have to retain their star managers. But other non-cash benefits may also help. FTfm relates that one manager had a personal gym installed in the office to avoid sweating alongside colleagues, while another obtained permission to come to work with his dog.

Tundra Fonder, a Swedish fund manager specialising in frontier markets and emerging markets, is opening a research office in Pakistan. The office will initially have three employees and will offer close proximity to its key markets. The head of the Karachi office in Clifton Beach will be the analyst Shamoon Tariq, who was recently recruited from Pakistan to Tundra and who is fluent in Urdu, Punjabi and Pashto. An additional two analysts will be hired. “With a research office in Karachi we are taking another step to deepen our commitment in frontier markets. The choice of location is logical. Pakistan makes up approximately 45 percent of the MSCI Frontier Asia Index and is a natural base for the analysis of frontier markets,” says Mattias Martinsson, chief investment officer at Tundra Fonder.Tundra Fonder currently manages six funds with a focus on frontier markets and emerging markets. The asset manager has seven employees, five of whom are fund managers and analysts.

P { margin-bottom: 0.08in; } The Norwegian sovereign fund (USD810bn in assets) has prohibited investment in two Israeli companies, Africa Israel Investments and Danya Cebus, due to “serious violations” of human rights, Financial Times fund management reports. The Norwegian finance minister has placed the two businesses on a blacklist due to their suspected involvement in settlements in East Jerusalem, which are illegal under international law. The move comes in the context of a European boycott of Israeli busineses with activities in the Palestinian territories.

P { margin-bottom: 0.08in; } The British firm Premier Asset Management (AM) has recruited Paul Pugh to the newly-created position of head of strategic partnerships on its sales team. He will be responsible for the development of distribution of funds from Premier AM, a service for the management of portfolios and investment outsourcing offers with key partners, including regional financial advisers and life insurance companies. Pugh, formerly of Cazeonve Capital, Sarasin & Partners and Zurich Intermediary Group, previously worked until January 2014 at Sarasin & Partners, where he was director of sales and investment.

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) is adding to its bond and credit teams. The asset management team has recruited manager Mark Munro, who left Scottish Life Investment Partnership (SWIP) on 8 November 2013, Investment Adviser (FT Adviser) reports. Munro will rejoin Daniel McKernan, head of investment grade and sterling credit at SLI, with whom he had previously worked at SWIP before McKernan left the firm in September 2013. At SLI, Munro has been appointed investment director on the credit team. He will be responsible for retail funds from the firm, including the Strategic Bond, Ethical Corporate Bond, and institutional funds.

P { margin-bottom: 0.08in; } According to EcoReporter, assets in the 283 “sustainable development” funds available in Germany totalled EUR30.4bn as of the end of December 2013, compared with EUR28.1bn one year previously. During the year 2013, 21 funds of this type were liquidated, many funds were merged, and existing funds decided to adapt their management to enter the sustainable category, Fondscheck reports. Overall, there is only one more fund than at the end of 2012. In total, according to statistics from BVI, EUR710bn were invested in open-ended funds in Germany as of the end of 2013.

P { margin-bottom: 0.08in; } The asset management firm Algebris Investments has signed a distribution agreement in Italy with FinecoBank, a company of the UniCredit group, Bluerating reports. The funds which will be available on the platform are: Algebris Financial Credit Fund and Algebris Financial Income Fund.

P { margin-bottom: 0.08in; }The Federation of European Securities Exchanges (FESE) and FIX Trading Community have announced that the Market Model Typology (MMT) has become a FIX standard. As a result the standard is available for adoption by all market participants. This will allow them to enhance data standardisation and provide greater clarity on the types of activity conducted. This will all contribute to enhanced transparency for the benefit of investors, market participants and regulators. The MMT initiative was originally launched by FESE to support the implementation of the original 2010 CESR recommendations on post-trade reporting standards. MMT will make it easier to consolidate data from multiple venues to create a European consolidated post-trade tape.

P { margin-bottom: 0.08in; } After their launch in Spain (Newsmanagers of 31 January 2014), BNY Mellon is offering two Japanese equity funds on the European market, according to Citywire. The two funds, BNY Mellon Japan All Cap Equity and BNY Mellon Japan Small Cap Equity Focus, will be managed by an equity team at BNY Mellon, which will report to Miyuki Hashima. The two strategies, which will be domiclied in Dublin, will be launched with seed capital of an undisclosed amount.

Avec le lancement récent du Cheyne European Mid Cap Equity Fund, les cinq fonds à compartiments Ucits de Cheyne Capital ont atteint les 575 millions de dollars d’actifs, alors qu’ils s’élevaient à 30 millions de dollars il y a deux ans, a indiqué mardi le spécialiste de la gestion alternative. Le hedge fund gère au total 6,5 milliards de dollars d’encours.

Lazard Asset Management a recruté des gérants d’ING Investment Management au Moyen-Orient, une région où la société compte accroître sa présence. Farah Foustok, ancien directeur général d’ING IM dans la zone, rejoint Lazard comme managing director au bureau de Dubai, selon un communiqué. Quatre autres spécialistes de la gestion actions l’accompagnent.

Les encours sous gestion (mandats et organismes communs de placement) ont atteint 3.023 milliards d’euros en 2013, selon les chiffres publiés ce matin par l’Association française de la gestion financière (AFG). S’il s’agit d’un montant record, il ne réjouit pas pour autant les responsables de l’association. Ces derniers regrettent la faiblesse de la progression des encours (seulement 3,1% par rapport à 2012), malgré la forte hausse des marchés actions en 2013. «La collecte a été globalement décevante», conclut l’AFG, qui souligne que le marché a été porté par la croissance des mandats et fonds étrangers gérés en France (+5,2%), alors que les fonds de droit français ont stagné (+1,2%). Cette perte de compétitivité de ces véhicules, depuis 5 années consécutives, inquiète l’association.

La croissance du secteur manufacturier américain a fortement ralenti en janvier, tombant à son plus bas niveau en huit mois. L’indice ISM est ressorti à 51,3, un chiffre nettement inférieur à son niveau de décembre (56,5) comme aux attentes des économistes interrogés par Reuters, qui tablaient en moyenne sur 56,0. La composante des commandes nouvelles a chuté à 51,2 contre 64,4 en décembre, le plus fort décrochage mensuel en 33 ans.

BNP Paribas Securities Services a annoncé le développement de son activité de banque dépositaire sur le marché suisse. BPSS est l’une des premières banques dépositaires d’Europe avec près de 900 milliards d’euros d’actifs en dépôt.

L’ancien président de la Fed, fraichement remplacé à la tête de la banque centrale par Janet Yellen, va rejoindre le «think tank» Brookings Institution en tant que «membre émérite». Il participera à la recherche économique de la société, et notamment à celles concernant la politique budgétaire et monétaire. «Je suis très heureux de m’engager dans cette communauté brillante, par la recherche et l'écriture», a déclaré Ben Bernanke, cité dans le communiqué de l’institution.

Les finances publiques italiennes ont bien démarré l’année 2014 avec un excédent budgétaire de 800 millions d’euros le mois dernier, contre un déficit de 2,4 milliards en janvier 2013, selon les chiffres publiés hier soir par le Trésor. Celui-ci explique ce solde par un report exceptionnel à janvier, au lieu de l’habituelle fin d’année, de la date limite de dépôt des déclarations de revenus. Mais il ajoute que les recettes tirées de la TVA ont été fortes.

Paradoxalement, la «répression financière» élargit les opportunités de création de valeur

EY Item Club s'inquiète de la flambée des prix dans la capitale britannique, soutenue notamment par la forte demande des investisseurs étrangers

La méthode de l'AQR sera connue à la fin du trimestre. Les banques auront plus ou moins de temps pour combler leur manque de capitaux

La Française et Forum Partners concrétisent leur joint-venture en acquérant l’activité de gestion de Cushman & Wakefield. Une opération qui leur permet de gagner plusieurs années dans leur projet d’alliance. Cushman & Wakefield Investors gère 1,2 milliard de dollars d’actifs.

La filiale du Crédit Mutuel Nord Europe et Forum Partners concrétisent leur partenariat en acquérant l’activité de gestion de Cushman & Wakefield

Les consultations entamées entre l’Union européenne et les Etats-Unis en vue d’un éventuel soutien en sont à un stade «très préliminaire»