P { margin-bottom: 0.08in; } Sun Life (Hong Kong) has recruited Stanley Ngan for the newly-creation position of head of asset management in its pension unit, Asian Investor reports.Ngan had previously been responsible for fund selection and analysis for the Asia-Pacific region at UBS Wealth Management. He will aim to develop the pension fund range from Sun Life, and has a mandate to recruited a professional in this area.Pension assets under management at Sun Life in the region currently total about USD2bn.

P { margin-bottom: 0.08in; } Funds People reports that this week, two fund management firms closed down in Spain. They are Lazard Gestión, because the private bank to which it belongs has ceased activities in Spain, and Banca Civica Gestión de Activos, which was absorbed into InverCaixa.

P { margin-bottom: 0.08in; } The Netherlands-based affiliate of BinckBank, Alex Vermogensbeheer, has posted net subscriptions in first quarter of USD310m. Assets have increased in three months by 35%, to EUR1.363bn as of the end of March, Fondsnieuws reports.

P { margin-bottom: 0.08in; }Societe Generale Securities Services (SGSS) has appointed Christopher Schnabel as sales director in Germany. He reports to Jochen Meyers, managing director of sales & Relationship management for SGSS in Germany and Austria.Christopher Schnabel will be responsible for further developing SGSS’ presence and growth in Germany, focussing in particular on pension funds as well as church and non-profit organizations which require Master-KAG (Centralisation of all assets of an institutional investor into legal vehicles (Spezialfonds) administered by one German Investment Company (KAG) in order to centralise and streamline accounting, reporting and risk management) and trustee services for their investments.Christopher Schnabel began his career at Societe Generale Corporate and Investment Banking in Frankfurt in 2008, where he was a member of the Financial Institution Group covering the German and Austrian markets.

P { margin-bottom: 0.08in; } At least ten new hedge funds are expected to be launched this year in Switzerland, the news agency Reuters reports, at a time when no new players entered the industry the previous year.The source of this boom in the sector, which has a total volume of only USD24bn, is more rigorous legislation, which integrates European changes (the AIFM directive), and which some are concerned will incite alternative management professionals to leave the Swiss financial centre.According to estimates, assets in the new hedge funds may represent a cumulative total of USD8bn. Two hedge funds are expected to be released shortly, by Argentiere Capital, the firm from ex-JP Morgan trader Deepak Gulati, and B1 Capital, the firm by the former Man Group/GLG Partners manager James Berger.Pension fund managers estimate that tougher regulations are expected to incite trustees, who are generally sceptical of unregulated vehicles, to more easily approve investments in Swiss hedge funds.“The key is not that the marginal tax rate is 40% or 50%; the key is stability and visibility. That is a considerable advantage that Switzerland can offer,” says Markus Fuchs of the Swiss Funds Association.

P { margin-bottom: 0.08in; } BlackRock is cancelling plans to create its own platform to allow its clients to make trades directly on bond markets, the Wall Street Journal reports. Instead, BlackRock is planning to announce a partnership from Tuesday which will allow it to offer these services to 60 of its clients via MarketAxess Holdings, sources familiar with the matter say.

P { margin-bottom: 0.08in; } According to Citywire, Morgan Stanley is reported to have liquidated a Luxembourg-registered absolute return fund managed from New York by Sophia Drossos, which was launched in February 2007, and whose total assets had fallen to EUR3.1m as of the end of March, compared with EUR17.4m at the end of January.The fund is reported to have lost 13.69% in the three years to 31 March, compared with 0.95% for the Citywire hedge fund index.

P { margin-bottom: 0.08in; } Assets under management at La Française as of the end of March totalled EUR37.57bn, compared with EUR37.26bn as of the end of December 2012, the asset management firm has announced in a press conference. In first quarter 2013, international inflows totalled nearly EUR300m, compared with EUR92m in first quarter 2012, and EUR511m in 2012 overall. International assets totalled EUR2.1bn as of the end of March 2013, or nearly 6% of total assets at La Française. Inflows for 2012 overall totalled EUR1.64bn, with equivalent contributions from securities (EUR830m, compared with a negative contribution of EUR824m in 2011) and real estate (EUR811m, compared with EUR1.14bn in 2011). If all goes well, La Française is aiming for assets of EUR50bn by 2015, the CEO of La Française AM, Patrick Rivière, confirms.

P { margin-bottom: 0.08in; } In January-March 2013, Janus Capital Group has earned net profits of USD28m, compared with USD3.12m in October-December, and USD22.6m in the corresponding period of 2012. As of the end of March, assets totalled USD161.8bn, compared with USD155.6bn three months previously, and USD158.9bn one year previously. Assets under management totalled an average of USD161.8bn in first quarter this year, compared with USD155.6bn in fourth quarter 2012, and USD158.9bn in the first three months of 2012.In January-March, market appreciation contributed a net USD11bn, while long-term funds saw net outflows of USD3.9bn.

P { margin-bottom: 0.08in; } As of the end of March, assets in the asset management unit at Ameriprise Financial, after adjustment, totalled USD466bn, compared with USD455bn three months previously, and USD463bn twelve months previously.Assets managed by the British firm Threadneedle totalled USD128bn, as at the end of December, compared with USD123bn as of 31 March 2012, while assets at Columbia totalled USD341bn, USD300bn three months earlier, and USD344bn as of 31 March 2012.Year on year, asstes at Ameriprise rose 1% to USD466bn, compared with USD463bn, while positive market effects were partially offset by net outflows and currency effects.For first quarter as a whole, asset management at Ameriprise underwent net outflows of USD5.7bn, due to net redemptions from institutional management, while retail flows were neutral overall. Strong net retail subscriptions at Threadneedle were offset by net redemptions from Columbia.Pre-tax operating profits for the asset management unit in January-March 2013 totalled USD144m, compared with USD141m in October-December, and USD131m in first quarter 2012.Net profits for continued operations at Ameriprise Financial for the first quarter totalled USD388m, compared with USD336m in October-December, and USD245m in the corresponding period of last year.

P { margin-bottom: 0.08in; } Intech Investment Management, a subsidiary of Janus Capital, on 23 April announced launch of its suite of Emerging Markets (EM) strategies, which include Emerging Markets Managed Volatility, Emerging Markets Low Volatility and Emerging Markets Core, reflecting increased institutional investor demand for these types of products. These products are benchmarked to the MSCI Emerging Markets Index. The Managed Volatility strategy has an excess return target of 3% to 4% above the MSCI Emerging Markets Index, with a risk target of approximately 25% less than the benchmark, on average. The Low Volatility strategy seeks market-like returns with a risk target of approximately 35% less than the MSCI Emerging Markets Index, on average. Intech’s Emerging Markets Core strategy seeks an excess return of 3% to 4% above the benchmark, with 3% to 4% tracking error. Intech, founded in 1987, has approximately USD40bn in assets under management, and offers investors highly rigorous mathematical equity investment strategies, whose objective is to earn long-term returns higher than those of a target benchmark index, while reducing the risk of significant underperformance.

P { margin-bottom: 0.08in; } The La Française group is remaining faithful to its objective of becoming a European leader among multi-specialist asset management firms. «We are therefore going to continue to focus on core expertise, while developing partnerships to assist our development,” the chairman of the board at La Française, Xavier Lépine, said on 23 April at a press conference.With this in mind, the firm is in the process of setting up a planned merger between UFG Courtage and Colet Dupont Partenaires, which will become CD Partenaires, with an increase in the stake held by La Française AM to 75% of capital in the new platform.CD Partenaires will offer a global range dedicated to independent financial advisers through open architecture, “but not to everyone,” says Lépine. In other words, there will be a qualitative selection of manager partners, with a specific range of a few life insurance policies. With capitalisation of slightly over EUR2bn, CD Partnenaires, whose commercial resources are also expected to be enlarged, is already positioned as the second-largest platform on the French market.Another project planned for 2013 is a merger, recently reported by Newsanagers (16 April 2013) of New Alpha Am and NextAM, to create the European leader in asset management incubation Alongside this new unit, La Française is planning to launch a holding company separate from Next AM, which would aim to assist independent players with distribution both in France and abroad. The aim is to construct a portfolio of 4 to 7 positions, with two projects under study, one in France, and the other elsewhere.Lastly, as announced slightly under one year ago (Newsmanagers of 14 June 2012), La Française is entering a new area of business, investment solutions, with the creation of La Française Global Investment Solutions (LFGIS). This third pillar of the group, which is now operational, comes as an addition to its securities and real estate activities at La Française AM, and its incubation activities at NexT AM.La Française GIS aims to offer investors a platform which incorporates absolute return, quantitative management and credit management type alternative management techniques, as well as a platform for custom investment solutions via mandates or dedicated funds, or index-linked issues to meet liability/asset balance issues related to contractual or legal obligations.

P { margin-bottom: 0.08in; } Xavier Linsenmaier, 42, is joining UBGI - Groupe Union Bancaire Privée, the Paris-based asset management firm for Union Bancaire Privée, specialised in the management of convertible bonds, as a portfolio manager specialised in this asset class, and particularly the Asian market. He comes as an addition to convertible teams following the launch of the UBAM Convertibles Global fund. Linsemmaier began his career at JP Morgan, and joined proprietary trading at Bred Banque Populaire in 1996. In 2000, he becamse Deputy CIO at CCR Gestion (UBS AM), and founded the first volatility arbitrage fund, before joining the convertibles arbitrage hedge fund at Equalt, formerly CPRA2M, in 2003. From 2005, he specialised in Asian markets, as head of the Asian convertibles desk at HSBC in Hong Kong. More recently, he was a partner at Acropole AM, where he managed Asian convertibles, and contributed to credit funds.

P { margin-bottom: 0.08in; } Since March, Markus Steiner, who had been CEO of UBS Fund Management (Switzerland) at UBS Global Asset Management, is managing director for Switzerland at State Street, according to reports from finews. He is expected to replace the country head of the US group, René Charrière.

P { margin-bottom: 0.08in; } According to Index Universe, Van Eck has submitted a license application to the SEC to replace the benchmark indices of the Market Vectors Africa ETF (NYSE Arca ticker: AFK) and the Market Vectors Gulf States ETF (MES).The asset mangement firm would like to replace the Dow Jones Africa Titans 50 Index with the Market Vectors GDP Africa Index and the Dow Jones GCC Titans 40 Index with the Market Vectors GDP GCC Index.The new in-house indices include 106 positions, in the case of AFK, and 55 for MES, compared with 52 and 42 positions for the Dow Jones indices, respectively.

P { margin-bottom: 0.08in; } Pimco (Allianz group), seeking to replicate the success of the Total Return ETF (ticker: BOND), which replicates the Total Return Fund from Bill Gross in the form of a tracker fund, Pimco (Allianz group) has announced that it has been issued a license by the regulator to release the Pimco Diversified Income ETF (with fees of 0.85%), Pimco Real Return ETF (0.55%), and Pimco Low Duration ETF (0.55%), Index Universe reports.As of the end of March, BOND had assets of nearly EUR4.6bn, although it was launched only on 29 February, 2012.The new funds replicate, in ETF form, the mutual funds Pimco Diversified Income Fund (ticker: PDVAX), whose assets total USD7.32bn, the Pimco Real Return Fund (PRTNX, USD24.88bn) and the Pimco Low-Duration Fund (PTLAX, USD23.70bn), respectively.

P { margin-bottom: 0.08in; } With the UniEuroRenta Corporates Deutschland 2019, Union Investment (co-operative banks) on 23 April announced the launch of a Luxembourg-registered fund of primarily German corporate bonds, with a maturity date fo 15 May, 2019. The portfolio for the fund, created on 28 March, may include corporate bonds from the entire world denominated in euros or hedged “almost” totally for currency risks, as well as guaranteed bonds issued by governments for up to a maximum of 10% of the portfolio. All securities selected have a maturity shorter than that of the fund.The product is available in two share classes: A and -net- A .CharacteristicsName: UniEuroRenta Corporates Deutschland 2019 (Class A)ISIN code: LU0880274856Front-end fee: 2% (maximum 3%)Management commission: 0.9% (maximum 1.5%)Early withdrawal penalty: 1% (maximum 1.5%)Name: UniEuroRenta Corporates Deutschland 2019 (Class -net- A)ISIN code: LU0880275150Front-end fee: 0%Management commission: 1.2% (maximum 1.5%)Early withdrawal penalty: 1% (maximum 1.5%)

P { margin-bottom: 0.08in; } A former executive from UBS, the credit specialist Yassir Benjellounn Touimi, will soon be launching a hedge fund with USD150m in assets, the news agency Reuters reports.The hedge fund, entitled Arcade Capital Partners, is expected to concentrate on the most liquid parts of the market, and may be launched in early July.

L'équipe de cinq personnes dirigée par Kevin Loome recrutée en février chez Delaware Investments devrait lancer avant la fin du mois son premier fonds d’obligations américaines à haut rendement a annoncé Stephen Thariyan, head of credit chez Henderson Global Investors, rapporte Citywire. L'équipe reste basée à Philadelphie et sera rejointe par Tom Ross, actuellement basé à Londres.

La banque britannique HSBC a annoncé le 23 avril la suppression nette de 1.149 emplois au Royaume-Uni, essentiellement dans son activité de gestion de patrimoine pour ses clients les plus riches.Un total de 3.166 employés vont être touchés par les restructurations, mais 2.017 postes vont parallèlement être créés et leur seront en majorité proposés, explique l'établissement.Ces changements reflètent l'évolution des comportements des clients et des règlements, selon HSBC. A compter du 1er juin, les conseillers patrimoniaux ne seront plus distingués des conseillers dans l’activité de banque de détail.Les clients haut de gamme de l'établissement auront ainsi un seul interlocuteur pour leurs comptes courant et la gestion de leur fortune.HSBC avait déjà supprimé quelque 2.000 emplois au Royaume-Uni l’an dernier, dans le cadre d’un vaste plan social à travers le monde pour réduire ses coûts.

Un ex-responsable d’UBS, le spécialiste du crédit Yassir Benjelloun Touimi, est sur le point de lancer un hedge fund doté de 150 millions de dollars, rapporte l’agence Reuters.Le hedge fund, dénommé Arcade Capital Partners et qui devrait se concentrer sur les parties les plus liquides du marché, pourrait être lancé début juillet

La société de gestion britannique Ashcourt Rowan annoncé le 23 avril la cession de ses activités d’administration de fonds de retraite, Ashcourt Rowan Pension Trustees Limited et Robinson Gear Management Services Limited, ainsi qu’une partie d’Ashcourt Rowan Administration Limited, à Mattioli Woods pour un montant qui pourrait s’élever à 1,3 million de livres, selon un communiqué du groupe.Le montant des actifs cédés s'élève à un peu plus de 300 millions de livres.

Le britannique Standard Life Investments (SLI) a annoncé le renforcement de son potentiel multiclasses d’actifs avec le recrutement pour son équipe global strategy de Jeremy Lawson comme senior international economist. Il était auparavant director, senior US economist chez BNP Paribas à New York (depuis 2011).L’intéressé sera subordonné à Andrew Milligan, head of global strategy, et sera responsable de la prévision économique et de la «génération d’idées» pour le pôle multiclasses d’actifs. Il fournira également une recherche détaillée pour servir de base à la «House View» et contribuera aux «Global Publications» de SLI.Avant de rejoindre BNP Paribas, Jeremy Lawson a été notamment directeur adjoint de la macroéconomie mondiale à l’Institut de Finance Internationale, économiste senior pour les études pays à la direction économique de l’OCDE et senior research economist à la reserve Bank d’Australie.

Avec le UniEuroRenta Corporates Deutschland 2019, Union Investment (banques populaires allemandes) a annoncé le 23 avril le lancement d’un fonds luxembourgeois d’obligations d’entreprises principalement allemandes, produit dont l'échéance est fixée au 15 mai 2019. Le portefeuille de ce fonds créé le 28 mars pourra comporter des obligations d’entreprises du monde entier libellées en euros ou couvertes «presque» totalement du risque de change, ainsi que, dans une proportion maximale de 10 %, des obligations garanties ou émises par un Etat. Tous les titres sélectionnés ont une échéance antérieure à celle du fonds.Le produit est disponibles en deux classes de parts : A et -net- A.CaractéristiquesDénomination : UniEuroRenta Corporates Deutschland 2019 (Klasse A)Code Isin : LU0880274856Droit d’entrée : 2 % (maximum 3 %)Commission de gestion : 0,9 % (maximum 1,5 %)Pénalité de sortie anticipée : 1 % (maximum 1,5 %)Dénomination : UniEuroRenta Corporates Deutschland 2019 (Klasse -net- A)Code Isin : LU0880275150Droit d’entrée : 0 %Commission de gestion : 1,2 % (maximum 1,5 %)Pénalité de sortie anticipée : 1 % (maximum 1,5 %)

Société Générale Securities Services (SGSS) a annoncé le 23 avril la nomination de Christopher Schnabel comme responsable commercial en Allemagne. Il est rattaché à Jochen Meyers, responsable commercial pour l’Allemagne et l’Autriche. Christopher Schnabel sera en charge de poursuivre le développement de la présence et la croissance de SGSS en Allemagne, notamment auprès des fonds de pension et organisations à but non lucratif qui ont besoin de services Master-KAG (centralisation des actifs d’un institutionnel au sein de structures légales gérées une seule société d’investissement allemande, la KAG) et de banque dépositaire pour leurs investissements. Les clients de SGSS en Allemagne, comprenant des sociétés de gestion, des assureurs, des corporates et des investisseurs institutionnels, disposent d’une gamme complète de services titres, incluant les services de compensation, de conservation et services dépositaires, d’administration de fonds et d’asset servicing, de services de Master-KAG et de sous-traitance, de prêt emprunt de titres, de distribution de fonds et de services aux émetteurs. SGSS en Allemagne compte plus de 250 salariés situés à Munich, Francfort et Hambourg. Christopher Schnabel a démarré sa carrière en 2008 chez Société Générale Corporate & Investment Banking à Francfort, où il devient membre du Financial Institution Group pour le marché allemand et autrichien.

Le BBVA a annoncé la cession à Integra et Profuturo de sa société de gestion de fonds de pension péruvienne Horizonte pour 544 millions de dollars, ce qui génère une plus-value de 272 millions de dollars.La banque espagnole avait par ailleurs indiqué le 22 avril avoir bouclé quatre jours plus tôt la cession de Horizonte Colombie à Aval Acciones y Valores et ses filiales Banco de Bogotá, Banco de Occidente et Porvenir pour 541,4 millions de dollars, avec une plus-value de 263 millions de dollars.Ces deux transactions mettent un terme au processus des ventes des sociétés de gestion de fonds de pension du BBVA en Amérique latine. Au total, elles auront généré selon Funds People des plus-values de 1.765 millions d’euros sur un montant de 4 milliards.

Funds People rapporte que cette semaine deux sociétés de gestion de fonds ont été liquidées en Espagne. Il s’agit de Lazard Gestión, parce que la banque privée dont elle faisait partie arrête ses activités en Espagne, et de Banca Civica gestión de Activos, qui a été absorbée dans InverCaixa.

Le hedge fund Azentus Capital management, dirigé par un ancien spécialiste de la gestion pour compte propre de Goldman Sachs, Morgan Sze, a dégagé 8% depuis le début de l’année jusqu’au 22 avril, rapporte l’agence Bloomberg.Les actifs sous gestion d’Azentus s'élèvent à environ 1,6 milliard de dollars. Azentus, qui est basé à Hong Kong, gère un hedge fund offrant une approche multistratégie globale centrée sur l’Asie. L’indice de référence, le Eurekahedge Multistrategy Hedge Fund Index, affiche une performance de 2,3% sur les torise premiers mois de l’année.

Sun Life (Hong Kong) vient de recruter Stanley Ngan au poste nouvellement créé de responsable de la gestion d’actifs de son pôle retraites, rapporte Asian Investor.Stanley Ngan était précédemment responsable pour la région Asie-Pacifique de la sélection et de l’analyse de fonds chez UBS Wealth Management. Il a pour mission de développer l’offre de retraite de Sun Life et il a un mandat pour recruter un professionnel dans ce domaine. Les actifs de retraite sous gestion de Sun Life dans la région s'élèvent actuellement à environ 2 milliards de dollars.

Filiale néerlandaise de BinckBank, Alex Vermogensbeheer a affiché pour le premier trimestre des souscriptions nettes de 310 millions de dollars. Quant à l’encours, il a gonflé en trois mois de 35 % à 1.363 millions d’euros fin mars, rapporte Fondsnieuws.