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08/07/2013

Deutsche Bank planning to create 1,000 jobs in Dublin in hedge fund services

P { margin-bottom: 0.08in; } Deutsche Bank may create up to 1,000 new jobs in Dublin, where it is in the process of creating a new international centre which will offer hedge fund administration services, the Irish Independent newspaper reports. The newspaper states that Deutsche Bank already has slightly over 300 employees in the Irish capital. Administration services for hedge funds at Deutsche Bank have existed since 1998 in the capital, but in 2011, the firm took off again with the creation of a centre of excellence for hedge funds.
08/07/2013

CS and SG offer the best mobile apps for high net worth clients

P { margin-bottom: 0.08in; } A growing number of wealth managers are entering the mobile app space aimed at high net worth clients. The best products are currently said to be those from Credit Suisse and Société Générale, according to a study undertaken by the website “My PrivateBanking” (“Mobile Apps for Wealth Management.”) On a scale of 60 points, Credit Suisse scores a total of 52, followed by Société Générale (49 points), ABN Amro (48 points, JP Morgan (46 points), and US Trust (46 points). The authors of the study point out the efforts shown by wealth management firms to offer easy-to-use apps. However, integration of content is highly variable according to the app. Social networks are still among the channels that are not yet well taken into account in applications.
08/07/2013

Eric Borremans to join Pictet AM

P { margin-bottom: 0.08in; } The head of ESR and SRI development at BNP Paribas Investment Partners, Eric Borremans will “soon” join Pictet Asset Management as a “sustainability expert.” In this role, he will replace Christoph Butz, who will now dedicate himself exclusively to the management of the Pictet-Timber fund, alongside Gabriel Micheli.
08/07/2013

Gottex has finalised the acquisition of Frontier

P { margin-bottom: 0.08in; } The investment fund Gottex Fund Management on 5 July announced in a statement that it has finalised the acquisition of Frontier Investment Management, whose assets under management total USD550m in various advantageously priced Multi-Asset products. The operation was announced in March. On that date, Gottex stated that the acquisition price combined Gottex shares and an amount in cash, which would be paid over the next two years, depending on future earnings at Frontier. The statement released on 5 July does not include further financial details. The founder and CEO of Frontier, Michael Azlen, retains a significant stake in capital as well as management of the firm. He has also enlarged the management at Gottex.
08/07/2013

Spanish banks may not call in another round of aid

P { margin-bottom: 0.08in; } Spanish banks at this time may not need additional Euorpean funds, according to a document prepared by the European Commission and the European Central Bank (ECB) which Reuters obtained on Friday.The European Union last year made EUR100m available to the Spanish government, which was used to assist financial establishments hit by five years of virtually uninterrupted recession and the collapse of a real estate bubble.Madrid used only EUR41.3bn of the credit line offered to it. “At this stage, there is no reason to consider other uses of the programme,” the document states. Euorpean funds were used to recapitalise nationalised banks and to provide capital for FROB, the country’s bank bailout fund.According to the document seen by Reuters, a return to profitability in the sector represents a major challenge due to the low interest rates and an increase in non-performing loans. “If these negative trends with respect to jobs, real income and the solvency of businesses extends beyond what is projected, that would increase risks, especially for the most fragile banks,” it says.
08/07/2013

Ellipsis AM and Cedrus AM continue partnership in SRI management

P { margin-bottom: 0.08in; } On the fifth anniversary of the first European SRI equity fund index and its associated funds, Alteane Responsible Fund (ISIN code: FR0010632398), Ellipsis AM (Exane group) and Cedrus AM have opted to discontinue their collaboration, in France and Europe, to actively promote this long-term investment support.Alteane Responsible Fund is 50% invested in Best in Class SRI equity funds, and 50% in equity funds exposed to the bustainable development themes rated best by Cedrus AM. The fund has earned annual returns of +4.64% over a sliding three years.
08/07/2013

Korea's LS AM looks to increase international exposure

P { margin-bottom: 0.08in; } Lee Yun Kyu, the new head of the Korean asset management firm LS Asset Management, would like to increase the firm’s international exposure and exposure to the retail market, Asian Investor reports. LS AM is planning to launch co-branded solutions in partnership with foreign asset management firms. LS AM would also like to increase its international exposure through alternative products, including hedge funds, funds of hedge funds, real estate funds, and private equity funds. In its own market, the firm estimates that it is excessively dependent on institutional clients, and would like to increase its presence on the retail segment with new products, including co-branded vehicles. The firm is hoping to increase its assets under management to USD3.2bn by the end of the year, compared with USD2.6n currently.
08/07/2013

123Venture group raises EUR175m in first half

P { margin-bottom: 0.08in; } Since 1 January, 123Venture has announced inflows of EUR175m, of which EUR65m were for the ISF campaign (TEPA law). The remaining EUR110m were raised for themed private equity funds focused on mezzanine debt, tangible assets and non-renewable energies, a statement says.“This is a historic inflow. We have posted more inflows in the past 6 months than in any complete year since our creation, and for the first time, FCPRs have taken the lead on tax revenues,” says Olivier Goy, chairman of 123Venture. Xavier Anthonioz, deputy CEO, says “This inflow is primarily the fruit of the rise in influence of family offices in private equity. In addition to clients who come for the intrinsic qualities of the asset class we also have a growing number of corporate clients who use our solutions to optimise taxation on capital tains from sales within re-employment and job creation regimes.” The dynamic initiated for first half will allow 123Ventures to top EUR1bn in assets under management by the end of the year. The gorup currently has EUR980m in assets under management.
08/07/2013

DeAWM overhauls its passive management product range

P { margin-bottom: 0.08in; } Institutional Money reports that Simon Klein, head of sales ETFs & ETCs for Europe and Asia, has announced that Deutsche Asset & Wealth Management (DeAWM) is adapting its passively-managed product range to current and future demand on the part of investors. This will result in the liquidation of ETFs and ETCs for which inflows have been inadequate, but particularly for the launch of new products in segments which DeAWM feels will sustain major demand from clients. Applications for sales licenses have already been submitted for some of these. Among the future ETFs and ETCs will be currency-hedged products based on equity indices, inflation-linked bonds worldwide, government bonds worldwide and Spanish and Italian government bonds, and lastly on equity indices of some countries and regions. The funds may use physical or synthetic replication.
08/07/2013

Fund manager leaves Skagen

Portfolio manager Torkell Eide is departing norwegian asset manager Skagen after 4 years. Lead manager Kristian Falnes remains at the helm of the global equity fund together with portfolio managers Søren Milo Christensen and Chris-Tommy Simonsen. Skagen Global currently has EUR 5.2 billion in assets under management.Torkell Eide is leaving Skagen and will return to former employer Ako Capital, a London-based investment organisation.
08/07/2013

"Nous cherchons à augmenter nos capacités dans le haut rendement et la dette émergente"

James Dilworth, le directeur général d’Allianz Global Investors Europe, indique dans un entretien que sa société n’est pas intéressée par des acquisitions. En revanche, elle souhaite recruter des talents, notamment dans le haut rendement et la dette émergente. Le dirigeant, qui ne voit pas les ETF comme des concurrents, réaffirme également le positionnement d'AllianzGI, qui gérait à fin mars 316 milliards d'euros à fin mars, en tant que société de gestion active.
08/07/2013

L’immobilier de bureaux francilien décroche

Immostat vient de dévoiler les chiffres de la demande placée de bureaux franciliens. Elle s’élève à 407.500 m² au deuxème trimestre 2013 soit une chute de 20 % sur un an. L’activité du premier semestre 2013 atteint ainsi 832 900 m² placés, en recul annuel de - 19 %, indiquent les statistiques du GIE, qui regroupe les conseils BNP Paribas Real Estate, CBRE, DTZ et Jones Lang LaSalle. La demande placée en entrepôts de plus de 5 000 m² en Ile-de-France (partie sud de l’Oise incluse) chute de 43 % au 1er semestre 2013, en baisse de 43 % par rapport au 1er semestre 2012, à 177 700 m². A l’échelle nationale, la demande placée en entrepôts de plus de 10 000 m² s’élève à 771 400 m² au premier semestre 2013, en progression de 15 % par rapport au 1er semestre 2012. Toutefois Roman Coste, directeur général chez CRBE rajoute que «sur le créneau des petites surfaces (inférieur à 1 000 m²), qui font généralement preuve de résistance, la baisse est en phase avec la moyenne régionale». «Sur la base de ces six premiers mois et de la connaissance des dossiers aujourd’hui en cours, nous anticipons un atterrissage de la demande placée d’ici la fin de l’année à un niveau à peu près équivalent à celui de 2012 soit, malheureusement, un niveau assez bas », estime pour sa part Didier Malherbe, directeur général adjoint de CRBE.
Façade de bureaux. Photo: PHB
08/07/2013

La TTF menace le forex

Le rapport d’une association de représentation du secteur financier, la Global Financial Markets Association (GFMA), dénonce ce matin l’impact néfaste de l’instauration d’une taxe sur les transactions sur les dérivés de changes. La TTF, «frein à la croissance», aurait de quoi décourager des activités pourtant cruciales de couverture en relevant leur coût de 700% pour les entreprises.
08/07/2013

4 milliards d’euros de valorisation pour la filiale française de TDF

Les propriétaires de l’opérateur de télédiffusion, parmi lesquels figurent TPG Capital, Axa Private Equity, Charterhouse Capital Partners et le FSI, réclament plus de 4 milliards d’euros pour la filiale française, sur la base d’une valorisation de onze fois l’Ebitda pour 2013. Les offres de premier tour devraient être reçues le mois prochain, selon Bloomberg qui se base sur des sources proches du dossier.
08/07/2013

Compromis au Portugal entre les partis de la coalition

Le Premier ministre portugais, Pedro Passos Coelho, a conclu un accord avec le CDS-PP pour résoudre le désaccord qui menaçait la majorité parlementaire. Paulo Portas, le chef de file du CDS-PP, a été promu vice-Premier ministre et assurera la coordination de la politique économique et des négociations avec la «troïka». Ce dernier avait démissionné la semaine dernière de son poste de ministre des Affaires étrangères, dans le sillage de son collègue de l’Economie. Le président la République Anibal Cavaco Silva, qui va rencontrer aujourd’hui et demain l’ensemble des formations politiques du pays, doit donner son feu vert à l’accord. S&P a abaissé la perspective de la dette souveraine «BB» du Portugal de stable à négative, estimant «que l’incertitude politique croissante pourrait affecter les émissions à venir du Portugal et sa sortie espérée en 2014 du programme d’assistance soutenu par la troïka».
08/07/2013

Livret A : Jean-Pierre Jouyet évoque un taux compris entre 1% et 1,25%

Le directeur général de la Caisse des dépôts évoque dans un entretien au Journal du Dimanche un taux de rémunération du Livret A, actuellement fixé à 1,75%, compris entre 1% et 1,25%. Le gouverneur de la Banque de France, Christian Noyer, a estimé en juin que la rémunération du livret devrait baisser en raison du net ralentissement de l’inflation.
08/07/2013

Les propriétaires de ProSiebenSat.1 ne trouvent pas d'acheteur

Selon Der Spiegel, KKR et Permira n’ont pas encore trouvé de solution pour leur sortie du groupe de médias, soit via le placement d’actions sur le marché soit par la vente de leur participation à un autre groupe de médias, entre autres possibilités. «Aucun acquéreur stratégique n’est en vue», a dit Götz Maüser, un des directeurs de Permira.
08/07/2013

Bercy annonce sa réforme des assureurs

La réforme du code des assurances, qui doit permettre aux compagnies de financer plus facilement les prêts aux entreprises, sera présentée ce mercredi.

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