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05/12/2013

Mirabaud AM rejoint une plate-forme britannique

Mirabaud Asset Management vient de rejoindre sa première plate-forme britannique, ce qui permettra à la clientèle retail britannique d’avoir accès aux fonds de Mirabaud par le biais de Raymond James Investment Services, selon Wealth Adviser.Cette nouvelle initiative marque la dernière illustration du développement rapide des activités de gestion d’actifs de Mirabaud au Royaume-Uni, dans le sillage du recrutement de plusieurs grosses pointures et du lancement de plusieurs fonds au cours des deux dernières années.Selon Lionel Aeschlimann, responsable de la gestion d’actifs chez Mirabaud, «notre stratégie consiste notamment à diversifier notre activité institutionnelle et à nous rendre plus accessible aux clients retail. Il s’agit là de la première étape pour rendre notre gamme de fonds plus accessible aux clients particuliers britanniques».Les actifs des clients présents chez Raymond James s'élèvent à 3,51 milliards de livres.
05/12/2013

Banque Cramer nomme un nouveau CEO

Christian Grütter remplacera à partir du premier février 2014 Pascal Widmer en tant que CEO et directeur général de Banque Cramer. Ce dernier devient directeur de la nouvelle filiale à Lausanne.
05/12/2013
Fonds

La sous-performance des fonds de Swedbank inquiète

Les deux plus gros fonds actions gérés activement de Swedbank, Allemansfonden et Kapitalinvest, n’ont battu leur indice qu’une seule année sur dix. Dans ce contexte, l’agence suédoise de protection des consommateurs va vérifier si le marketing de la banque nordique a été trompeur, rapporte le Svenska Dagbladet. Les deux fonds sont gérés par la société de gestion de Swedbank, Robur.
Fonds
05/12/2013
Fonds

Pershing Square progresse de 10% depuis le début de l'année

Malgré ses pertes sur Herbalife, William Ackman a terminé le mois de novembre sur de nouveaux gains, rapporte l’agence Reuters.Son fonds phare, le Pershing Square L.P., dont les actifs sous gestion s'élèvent à quelque 12 milliards de dollars, a enregistré une progression de 1,4% après commissions au mois de novembre, ce qui porte la performance sur les onze premiers mois de l’année à 10%, selon des données actualisées distribuées à la clientèle et que Reuters a pu consulter.
Fonds
05/12/2013
Fonds

Le taux des OPCVM monétaires pratiquement inchangé en octobre

Le taux moyen de rémunération des titres d’OPCVM monétaires s’est établi à 0,09% au mois d’octobre contre 0,07% en septembre et 0,42% en octobre 2012, selon des statistiques publiées par la Banque de France."La rémunération moyenne des dépôts et placements monétaires est quasi inchangée en octobre. Le taux moyen des dépôts à terme inférieur ou égal à deux ans et celui des livrets ordinaires diminuent toutefois quelque peu», commente la Banque de France
Fonds
05/12/2013
Fonds

Le taux de couverture des fonds de pension à son plus haut niveau depuis 2008

Le taux de couverture moyen des fonds de pension d’entreprise américains s’est amélioré en novembre de 2,1 points de pourcentage pour s'établir à 93,9%, son plus haut niveau depuis le mois de septembre 2008, selon BNY Mellon Investment Strategy & Solutions Group. Depuis le début de l’année, le taux de couverture affiche ainsi une progression de 16,8 points de pourcentage.Durant le mois sous revue, les actifs des fonds ont augmenté de 0,4% alors que les engagements diminuaient de 1,8%, le taux d’actualisation progressant de 15 points de base à 4,85% pour les entreprises notées Aa. Le taux d’actualisation affiche une hausse de 109 points de base par rapport à son niveau de novembre 2012.
Fonds
05/12/2013

CalPERS veut renforcer les compétences de son board

Le fonds de pension californien CalPERS vient d’adopter une liste de compétences clé qui devront obligatoirement faire partie de la panoplie des tout nouveaux membres de son conseil d’administration. Le board a ainsi adopté une vingtaine de critères dans les domaines de la gouvernance, de la santé, des programmes de pension, des marchés financiers et de la communication, précise un communiqué de CalPERS publié le 4 décembre. Autrement dit, la compréhension des états financiers, du bilan et des méthodologies actuarielles ne devront plus avoir de secret pour qui veut intégrer le conseil d’administration de CalPERS.Le fonds de pension souligne que cette nouvelle initiative s’inscrit dans la volonté du fonds de pension d’améliorer et de renforcer la responsabilité, la transparence et l'éthique de son board afin de mieux servir l’ensemble des parties prenantes.Les actifs sous gestion de CalPERS s'élèvent actuellement à plus de 278 milliards de dollars.
05/12/2013

Promotions au sein du département Private Equity de Mayer Brown

Le cabinet Mayer Brown à Paris a annoncé la promotion de deux avocats au sein du département Corporate/ Private Equity. Alexandre Dejardin et Pascal Druhen-Charnaux sont promus associés. Les nominations sont effectives au 1er janvier 2014. Alexandre Dejardin possède une expérience en conseil dans les opérations de Private Equity aussi bien côté management qu’aux côtés des fonds d’investissement. Il s’est spécialisé en management package liés aux transactions de LBO. Pascal Druhen-Charnaux est spécialisé dans les transactions de Private Equity Mid et Large Cap réalisées par des fonds français et étrangers.
05/12/2013
Fonds

Erste AM propose un fonds de dette émergente ISR

Le gestionnaire autrichien Erste Asset Management annonce le lancement du Erste Responsible Bond Emerging Corporate Fonds qui investit en obligations d’entreprises des pays émergents sélectionnées en fonction de critères environnementaux, sociaux et de gouvernance (ESG) dans un univers comparable à celui de l’indice CEMBI de JPMorgan.Le portefeuille de ce fonds géré par Peter Varga ne comportera aucune obligation notée en dessous de B- et toutes les émissions retenues devront être d’un volume supérieur à la moyenne, pour des considérations de liquidité.Codes Isin :AT0000A13EF9 (parts A, distribution)AT0000A13EG7 (parts T, capitalisation)AT0000A13EH5 (parts VT capitalisation totale)
Fonds
05/12/2013

Aviva Investors recrute le CIO de Friends Life

Aviva Investors a recruté Mark Versey, le directeur des investissements de Friends Life, en tant que nouveau directeur des solutions clients, rapporte Investment Week. Il sera placé sous la responsabilité directe du nouveau CEO Euan Munroy. Les deux arrivent en janvier.
05/12/2013
Fonds

Legg Mason GAM et Western Asset lancent un fonds

Legg Mason Global Asset Management a lancé un fonds obligataire global macro via sa filiale obligataire Western Asset, rapporte Investment Week. Le Legg Mason Western Asset Macro Opportunities est co-géré par Kenneth Leech, co-CIO de Western Asset, et Prashant Chandran.
Fonds
05/12/2013

Sonja Laud quitte Schroders

La gérante de portefeuilles Sonja Laud va quitter Schroders avant la fin de cette année. Ian Kelly, gérant du Schroder ISF European Equity Yield reprendra ses responsabilités pour les fonds Schroder ISF Global Equity Yield et Schroder Global Equity Income, aux côtés de Jamie Lowry. Ce dernier gère le Schroder ISF European Equity Alpha.Ian Kelly et Jamie Lowry vont aussi prendre la responsabilité de la partie actions du Schroder ISF Global Dividend Maximiser, lequel est co-géré par Thomas See.
05/12/2013

Polar Capital double son dividende

La société d’investissement britannique Polar Capital, se propose de distribuer un dividende intérimaire de 4 pence contre 2 pence précédemment, rapporte Citywire.Le bénéfice avant impôts de Polar Capital sur les six mois à fin septembre s’est élevé à 10,1 millions de livres, en progression de 165% par rapport au semestre correspondante de l’année précédente. La collecte sur la période s’est élevée à 3,2 milliards de dollars, grâce notamment à la forte demande des investisseurs pour les stratégies sur le Japon. Les effets marchés et devises positifs ont représenté un montant de 955 millions de dollars. Les actifs sous gestion s’inscrivaient à 11,4 milliards de dollars fin septembre contre 7,2 milliards de dollars au 30 mars 2013. Le fonds Polar Capital Japan, géré par James Salter et Gerard Cawley, a dégagé une performance de 22,3% sur trois ans sur les trois ans au 3 décembre contre 18,6% pour l’indice de référence.
05/12/2013
Fonds

Morningstar lance une offre de notation sur les fonds passifs

Morningstar vient de lancer une offre de notation et de recherche qualitative sur les fonds passifs couvrant les 25 fonds indiciels les plus populaires outre-Manche, rapporte Investment Europe. Morningstar devrait progressivement étoffer son offre à d’autres fonds du Royaume-Uni et d’autres marchés d’Europe continentale.
Fonds
05/12/2013

Leumi Bank: write-down for tax lawsuit in USA

The Israeli Bank Leumi, which in January-September has posted net profits of NIS1.6bn (USD452m), compared with NIS1.19bn in the corresponding period of 2012, has announced that it has made an additional provision of NIS190m (USD54m) to cover additional costs the group may face as a result of investigations by the US authorities concerning the activities of Leumi between 2002 and 2010 with clients that are US taxpayers. A provision of NIS340m (USD96m) was previously made for the 2012 accounts.As of the end of September, assets under management by Leumi represented NIK1.039trn, or USD294bn, which represents an increase of 9.4%, compared with NIS950bn (USD269bn) one year previously.
05/12/2013

CalPERS to scale up expertise on its board

The Californian pension fund CalPERS has adopted a set of core competencies that are desired for those that might serve as a member of the CalPERS board of administration. The complete list of competencies, recently adopted by the Pension Fund’s Board, specify more than 20 criteria in the areas of board governance, health care, pension plans, financial markets and communication, a statement from CalPERS released on 4 December states. The pension fund emphasises that the new initiative represents one more step in CalPERS efforts to strengthen the accountability, transparency and ethics of its board. Assets under management at CalPERS currently total over USD278bn.
05/12/2013

Muzinich offers global tactical credit fund

As George Muzinich had announced to Newsmanagers (see Newsmanagers of 7 October), Munizich & Co is releasing the Irish-registered Global Tactical Credit Fund, managed by Mike McEachern, for sale.McEachern will make an effort to select the best credit investments on bond marktes worldwide, on the basis of the best relative values in terms of ratings, duration and geographical region, all coupled with rigorous bottom-up analysis of corporate bonds and loans in the IG and HY grades.The manager will be able to use portfolio heding techniques to reduce short-term volatility in periods of rising rates or widening spreads.The fund is not yet licensed for sale in France.CharacteristicsName: Muzinich & Co Global Tactical Credit FundISIN codes :IE00BF5S8N25 (distribution shares in GBP)IE00BF5S8J88 (accumulation shares in GBP)IE00BF5S8R62 (distribution shares in CHF)IE00BF5S8Q55 (distribution shares in EUR)IE00BF5S8P49 (distribution shares in USD)Front-end fee: 1%Management commission: 0.55% (distribution shares in GBP)0.29% for all other share classes
05/12/2013

Association replaces Geneva bankers' group

From January 1, 2014, Geneva’s Private Bankers will be replaced by the Association of Swiss Private Banks, according to a statement published on December 4. This creation follows announcements by several private banks of plans to change their legal structure to that of a limited company.Geneva’s Private Bankers will undergo significant changes, broadening its scope so as to include both the institutions which recently changed their legal status (La Roche 1787 Private Bankers, Lombard Odier & Cie, Mirabaud & Cie and Pictet & Cie), and private bankers who were not previously members of this group. Renamed Association of Swiss Private Banks (ASPB), it thus intends to become a national-level organisation representing privately-owned Swiss banks. The founding members of the ASPB are Bordier & Cie, E. Gutzwiller & Cie, Gonet & Cie, La Roche 1787 Private Bankers, Lombard Odier & Cie, Mirabaud & Cie, Mourgue d’Algue & Cie, Pictet & Cie, Rahn & Bodmer Co. and Reichmuth & Co.Christoph B. Gloor will serve as the chairman of the new association. From January 1, 2014, only 7 members will remain within the Swiss Private Bankers Association. The organisation will be scaled down and its objectives limited to defending the specific interests of private bankers.
05/12/2013

Sauren launches AR fund of funds

With the Sauren Absolute Return Dynamic, managed by HansaInvest, investment advisor Eckhard Sauren has announced the launch of a dynamic fund of fund on 27 December 2013, managed with an absolute return outlook, and aiming for returns higher than the Sauren Absolute Return fund, while accepting a higher level of volatility.CharacteristicsName: Sauren Absolute Return DynamicISIN code: DE000A1WZ3Z8Front-end fee: 3%Management commission: 0.80%Distribution commission: 0.55%Performance commission: 15% on performance exceeding 4% with high watermark
05/12/2013

Erste AM releases EMD-SRI fund

The Austrian asset management firm Erste Asset Management has announced the launch of the Erste Responsible Bond Emerging Corporate Fonds, which will invest in corporate bonds from emerging countries selected according to environmental, social and governance (ESG) criteria from a universe comparable to that of the CEMBI index from JPMorgan.The portfolio of the fund, managed by Peter Varga, will not include any bonds rated less than B-, and all issues selected are required to have a higher-than-average volume, for reasons of liquidity.ISIN codes:AT0000A13EF9 (A, distribution share class)AT0000A13EG7 (T, accumulation share class)AT0000A13EH5 (VT total accumulation share class)
05/12/2013

UN launches Green Climate Fund

The Green Climate Fund (GCF) conceived by the United Nations as its financial arm in the battle on climate change, opened its head offices in Seoul on 4 December. The symbolic coffers of the fund are still empty, Reuters reports.The Fund, which is expected to attract most of about USD100bn (EUR74bn) which developed countries are planning to dedicate to this cause each year from now until 2020, is not expected to be operational before the second half of 2014.Richer countries affected by the financial crisis have not paid the sums promised, meaning that the GCF has only USD40m at its disposal, from a contribution by South Korea, which is also intended to cover administrative costs.
05/12/2013

Pershing Square earns 10% YTD

Despite his losses on Herbalife, William Ackman finished the month of November with further gains, the news agency Reuters reports. Its flagship fund, the Pershing Square L.P., whose assets under management total about USD12bn, has posted gains of 1.4%, after commissions, for the month of November, which brings returns in the first eleven months of the year to 10%, according to updated figures distributed to clients and obtained by Reuters.
05/12/2013

Pension fund coverage rate at highest level since 2008

The funded status of the typical U.S. corporate pension plan in November improved 2.1 percentage points to 93.9 percent, the highest level since September 2008, as higher interest rates lowered liabilities, according to the BNY Mellon Investment Strategy & Solutions Group (ISSG). The funded ratio for corporate pension plans is up 16.8 percentage points since the beginning of the year. For U.S. corporate plans, assets increased 0.4 percent and liabilities fell 1.8 percent. The decline in liabilities was due to a 15-basis-point increase in the Aa corporate discount rate to 4.85 percent. Plan liabilities are calculated using the yields of long-term investment grade bonds. Higher yields on these bonds result in lower liabilities.
05/12/2013

Ulrich Körner becomes CEO of Global AM unit of UBS

UBS has announced several changes in its management and its Corporate Center division. Ulrich Körner, currently chief operating officer (COO), will from 1 January 2014 become chief executive officer (CEO) of Global Asset Management (GAM), in addition to his role as CEO for Europe, the Middle East and Africa, according to a statement from the bank released on 5 December. He will replace John Fraser, chairman and CEO of Global Asset Management, who has decided to step down from his role as CEO and board member from 31 December. The chief financial officer (CFO), Tom Naratil, will from 1 January, in addition to his current responsibilities, assume those of group chief operating officer (COO). His area of responsibility will include the IT sector, group operations, corporate services and the industrialisation programme at the bank. The Corporate development will also be overseen by the CFO.
05/12/2013

City seeks to improve governance

London will set up a shareholders’ forum by June 2014, Les Echos reports. The aim of the forum is to allow British shareholders to coordinate with larger international investors who also hold shares in British firms, to combine forces to confront boards of directors. In other words, they seek to increase pressure to fight the excesses that have led some directors to be paid salaries considered excessive. The forum is supported by the British insurers’ association, the Investment Management Association (IMA) and the national pension fund association.
05/12/2013

Jupiter continues to build presence in Germany

Tobias Petz, head of Ethenea Independent Investors for Germany and Austria, has been recruited as director of distribution at Jupiter Asset Management for southern Germany. He will report to Andrej Brodnik, director of distribution for Germany, Austria and Switzerland, who himself joined the British asset management firm five months ago (see Newsmanagers of 27 June), from BlackRock.A few weeks ago, Jupiter recruited Peter Peterburs (see Newsmanagers of 14 October) as vice president, retail business for Northern Germany.The distribution team for Germany at Jupiter now includes five people.
05/12/2013

US boutique makes its debut in Europe

The asset management boutique Smead Capital Management, based in Seattle, has made its first incursion into Europe with the launch of a UCITS-compliant value fund dedicated to US equities, Citywire reports. The Paretun Smead US Value Fund was formally launched at the end of November. The fund, domiciled in Luxembourg, combined the characteristics of two Smead mutual funds: the Smead Value Fund and its flagship fund, the US Large Cap. The management of the strategy will be supervised by the firm’s CIO, William Smead, who will be assisted by the co-portfolio manager and head of research, Tony Scherrer. The two will use a conviction-based appreoach, with 25 to 30 positions in the portfolio, with a preference for large caps of at least USD5bn in capitalisation. Assets under management at Smead Capital Management total about USD700m.
05/12/2013

Credit Suisse sells DLJ Merchant Banking Partners to Coller Capital

Credit Suisse Group has sold its stake in DLJ Merchant Banking Partners to the UK private equity partner Coller Capital, finews reports, on the basis of a Federal Trade Commission document. The sale price has not been disclosed.DLJ Merchant Banking Partners is specialised in LBO transactions. Credit Suisse has also sold another private equity activity, DLJ Investment Partners, to the US firm Portfolio Advisors.
05/12/2013

Mirabaud AM joins UK platform

Mirabaud Asset Management has joined its first British platform, which will allow British retail clients access to Mirabaud funds via Raymond James Investment Services, according to Wealth Adviser.The new initiative is the most recent sign of rapid development of asset management activities at Mirabaud in the United Kingdom, in the wake of the recruitment of several big names and the launch of several funds in the past two years.According to Lionel Aeschlimann, head of asset management at Mirabaud, “our strategy is largely to diversify our institutional activities and make ourselves more accessible to retail clients. This is a first step to make our range of funds more available to British retail clients.”Client assets present at Raymond James total GBP3.51bn.
05/12/2013

Taiwan's PSPF launches first RFPs for smart beta strategies

The pension fund for Taiwan public services (PSPF) has launched its first request for proposals, for two international equity mandates based on smart beta strategies, representing a total of USD1bn, Asian Investor reports. The pension fund, whose assets under management total about USD18bn, has announced that it is planning to double the size of these mandates if the performance is satisfying. The mandates are awarded for a period of four years, with a maximum of two managers for each strategy.

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