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18/02/2013

Groupama AM registers G Fund in Spain

The CNMV has issued a sales license for the Luxembourg-registered G Fund from the French firm Groupama Asset Management, founded in December 2010, and which currently has six sub-funds, with the objective of eventually creating 15, Funds People reports, citing s statement from Groupama AM.For now, the firm will only sell the G Fund Alpha Fixed Income sub-fund, managed by Laurent Fabiani Lagarde, in Spain.
18/02/2013

ING IM launches cash equivalent fund

Earlier this year, ING launched the ING (L) Liquid Euribor 3M fund, which so far has assets of EUR207m. These are largely sums invested by investors who were already clients of the firm, as part of their asset allocations. The fund, however is in an active sales phase, and when asked by Newsmanagers, Vincent Juvyns, client portfolio manager at ING IM, says the firm expects assets under management of EUR500m by the end of the year. Due to the presence in the portfolio of papers rated Investment Grae – A3/P3/F3 short term – currently 5% - meaning securities below the rating required by regulations, the fund is not classed as a traditional Money Market Fund, but, says Juvyns, it may be considered a “cash equivalent” fund. This is because for security, for securities with the minimum rating, the exposure of the portfolio cannot exceed 1% per issuer (and 10% per government issuer). ING (L) Liquid Euribor 3M aims to earn returns equal to those of the euribor 3 month over a period of three months. In the range, this product finds its place alongside the flagship money market fund (Short-Term Money Market Funds) from ING IM, ING (L) Liquidi euro, with EUR4.4bn in assets, out of EUR8bn in this asset class overall at the giant. ISIN code: LU0396758384 (A share class) /LU0396758541(B share class) /LU0396758897 (C share class)/LU0396759192 (E share class)
18/02/2013

Fundo becomes collective investment management firm

The institutional asset management firm Fundo has been granted a license by the Swiss federal financial market regulator, Finma, to operate as a manager of collective investments, Agefi Switzerland reports. Fundo, based in Lausanne and Zurich, is an institutional asset management firm, which positions itself as a manager of pension funds, in order to help them achieve major objectives, such as capital preservation and payment of benefits. By taking this step in its development, Fundo joins a close circle of 100 wealth management firms which are licensed for this activity in Switzerland.
18/02/2013

Threadneedle confirms arrival date for new CEO

Threadneedle Investments on Friday confirmed that, effective 1 March 2013, Campbell Fleming will become chief executive officer and Crispin Henderson will become vice chairman of Global Asset Management for Ameriprise Financial, the parent company of Threadneedle. In their new roles, both Fleming and Henderson will report to Ted Truscott, CEO of Global Asset Management for Ameriprise. Threadneedle announced the CEO succession, subject to FSA approval, on 12 December 2012.
18/02/2013

Man Group to reshuffle management

The new head of Man Group, Emmanuel Roman, will announce a vast reshuffle of management at the hedge fund group, after he begins on 28 February, the Financial Times reports. The changes, which will strengthen the power of the CEO, will result in a virtual doubling of the size of the executive committee, which will now meet every week instead of every month. The details of the changes were announced to senior staff in a memo seen by the Financial Times.
18/02/2013

British managers criticise FTT

In the wake of the publication of details of the way that the FTT will function by the European Commission, the British Investment Management Association (IMA) has been critical of the new tax, although the United Kingdom will not directly be involved in the initiative. According to the professional association, British investors will be affected by the tax when they invest in shares which are available in countries that are applying the FTT, or when they make trades with counterparties in those countries. “It is important to ensure that the tax is not applied several times to each transaction when intermediaries are involved,” the IMA says in a statement.
18/02/2013

Qatar sovereign funds interested in Russia's VTB

The Qatar sovereign funds is rumoured to have entered talks with the second-largest player in the Russian banking sector, VTB, which is listed in Russia and London, the Telegraph reports. The Qatari fund would be prepared to invest USD3bn to USD3.5bn in the banking giant.
18/02/2013

Rotation towards equity funds stalls

During the second week of February EPFR global-tracked bond gunds outgained equity funds for the first time since early December.Overall bond funds, which had a record setting year last year, took in USD2.58 billion during the week ending February 13 versus USD1.81 billion for Equity Funds. The check in the recent rotation in favor of Equity Funds did not, however, drive retail investors back to their default position – redemptions – during most of 2012. Instead Retail investors committed fresh money for the sixth straight week, the longest such run since 1Q11.Investors retained their enthusiasm for diversified exposure to emerging markets debt and equity. For the seventh consecutive week both emerging markets bond and EM equity funds took in over USD1 billion.The exodus from Europe bond funds was broadly based, with only Switzerland and Denmark Bond Funds swimming against the tide. Sweden bond funds, which have enjoyed sustained inflows since 3Q12, posted their biggest weekly outflow since the current financial crisis began.
18/02/2013

Nigel Bolton promoted to CIO at BlackRock

Nigel Bolton, head of the European equity team at BlackRock, has agreed to accept the role of chief investment officer (CIO) of International Fundamental Equity (FE) within the Alpha Strategies group led globally by Quintin Price, according to a statement.Nigel Bolton’s expanded role will cover the EMEA and Asia Pacific regions, where he will work closely with his counterpart Chris Leavy, CIO of Fundamental Equity Americas. He remains head of the European equity Team and retains his portfolio management responsibilities.
18/02/2013

Financière de l’Echiquier plans to grow outside France

Jérôme Blanc, head of development, admits that it will be hard to make a mid-sized boutique like Financière de l’Echiquier (EUR6bn including EUR800m at Acropole) grow outside France. But, he tells Funds People, the firm has strengths, with products that offer good returns and low volatility.In fact, 30% of assets already come from abroad, largely from Belgium. The asset managemment firm has good prospects in Italy, and the firm will also work to grow in Switzerland and Germany. In Spain, Financière de l’Echiquier may finish 2013 with EUR100m in assets, up from EUR80m currently.The international sales team, based in Paris, has one person dedicated to Germany, two for Italy, one for Belgium, and one for Spain and Switzerland.
18/02/2013

Old Mutual plans partial IPO of its US asset management firm

Old Mutual is planning a partial IPO for its US asset management firm, Financial Times Fund Management report. “We are exploring a partial IPO and are not planning to give up control,” says Patrick Bowes, head of communications at Old Mutual.
18/02/2013

SAC Capital sees one quarter of client assets withdrawn

In March, SAC Capital will redeem USD600m to clients who asked to withdraw before the deadline of 14 February, and another USD1bn by the end of the year, to investors who have requested redemption of their shares; in total, that will represent USD1.7bn, or more than one quarter of the USD6bn SAC has under management for external clients, the Wall Street Journal reports.These withdrawals appear to have been triggered by a Federal investigation into six former SAC employees for insider trading. The alternative asset management firm also announced in November that it could be facing a civil lawsuit by regulators. SAC claims, however, that the firm and its founder, Steven A. Cohen, acted appropriately and are cooperating with investigators.
18/02/2013

One business out of three plans to strengthen social networks in 2013

One third of businesses which have developed a presence on social networks (Facebook page, Twitter account, etc.) are planning to step up their efforts in this area, according to a new study by CCM Benchmark of social networks. More than half of these businesses are planning to recruit for conception, moderation and production of content in the next 12 months. But due to a diversification of efforts in Community Management activities, 10% of businesses, primarily the larger ones, are planning to outsource these functions. The production of content appears to be the most relevant means to increase the effectiveness of presences on social networks for 46% of businesses surveyed. “Businesses would like to bring more relevance and reactiveness to their interactions with communities, as well as the production of content dedicated to these resources, particularly with additions to teams dedicated to Community Management,” says Alexandre Voirin, an analyst at CCM Benchmark.
18/02/2013

ABP gets payoff from Merck

To settle a lawsuit, the pension fund for public employees in the Netherlands ABP (EUR291bn), a few days before a hearing scheduled for 4 March before a New Jersey court, obtained an agreement from the US pharmaceuticals company Merck to pay it USD215m, or EUR161m, Fondsnieuws reports.For the past five years, ABP had accused Merck of publishing the results of clinical trials which lasted two years, and which demonstrated that the anti-cholesterol medication Cytorin delivered no statistical advantage in the treatment of arterial sclerosis compared with the generic product Cimvastatin too late. These results lost investors money.The Dutch pension fund led a class action lawsuit in which it teamed up with the Jacksonville Police and Fire Retirement System, the General Retirement System of the City of Detroit and International Fund Management.Overall, the class action lawsuit will cost Merck USD688m, or EUR517m, to settle.
18/02/2013

Jean-Luc Enguéhard steps down as chairman of board at La Banque Postale AM

The wheels are turning at La Banque Postale AM. Jean-Luc Enguéhard will be leaving his position as chairman of the board at La Banque Postale AM, and will become an adviser to Philippe Wahl, chairman of the board at La Banque Postale, the firm announced on 15 February. At the same time, he will become chairman of the supervisory board at La Banque Postale Asset Management (LBPAM).He will be replaced in his position as chairman of the board of LBPAM by Chantal Lory, who becomes a member of the executive board at La Banque Postale.Enguéhard was appointed as chairman of the board at Sogéposte in 1999, which became La Banque Postale Asset Management in 2006. He has been a member of the AMF college since June 2011, and he will retain this position as well as his seats as a member of the strategic committee of the French financial management association (AFG) and the representative of corporate members of LBPAM to EFAMA.Lory, for her part, joined La Banque Postale Financement in March 2009, and was chairman of the board.
18/02/2013

Appointment at CPR AM

On 15 February, CPR Asset Management announced the recruitment of Hubert Segura as head of sales for real estate via CPR Le Comptoir outlets. Since 2010, Segura had been director of development for Référence Pierre, an IFA brand from Izimmo. Le Comptoir par CPR will include a selection of SCPI funds managed by Amundi Immobilier as part of its “core” product offering, in order to better meet the needs of independent financial advisers and their wealth management clients. In addition to access to well-known SCPI funds (such as Rivoli Avenir Patrimoine or Edissimmo), Segura will participate in the commercial development of new-generation OPCI Funds such as Opcimmo.
18/02/2013

LOIM merges global and emerging market FI teams

The global and emerging market bond teams at the Geneva-based Lombard Odier Investment Managers (LOIM) will now be merged, and will be led solely by Gregor MacIntosh. The move comes with the aim of gaining access to larger sources of revenues, and reducing correlations in risk-taking, in order to generate more outperformance, LOIM says.As of 31 December, bond assets at LOIM totalled CHF13.5bn, of which about CHF750m are emerging market debt. Of this CHF13.5bn total, 15% to 20% is invested in credit, and of the CHF750m in emerging market ddebt, about CHF650m are in local currencies, while the remainder is in strong currencies.Meanwhile, LOIM also announces that it has recruited Salman Ahmed as a market strategist. Ahmed has nine years of experience as an investment professionals, most recently as head of global macro at EDF Trading. He had previously been a global economist at Goldman Sachs International.Total assets at Lombard Odier Investment Managers as of the end of December were CHF38bn.
18/02/2013

Credit Suisse sells its stake in an infrastructure fund

The Credit Suisse group has sold its stake in the Global Infrastructure Partners infrastructure fund to Lexington Partners, the Bloomberg news agency reports, citing well-informed sources. The transaction would be completed by the end of March. The assets of the Swiss bank in the fund are estimated at about USD590m. With the sale of these peripheral assets, Credit Suisse is planning to continue to strengthen its owners’ equity levels as part of its restructuring programme, and to meet Basel III requirements.
18/02/2013

Baisse du ratio de créances douteuses espagnoles

Le taux de créances douteuses figurant dans les portefeuilles de prêts des banques espagnoles s’est élevé à 10,4% en décembre, un ratio en recul ainsi après le record de 11,4% du mois précédent, selon des données publiées lundi par la Banque d’Espagne. Ce taux est lié au transfert d’actifs toxiques vers la Sareb, la structure de défeasance espagnole. Le total des créances en situation d’arriérés atteignait 167,4 milliards d’euros en décembre.
18/02/2013

Hémorragie des encours chez SAC Capital

Les clients de SAC Capital Advisors auraient fait des démarches pour retirer 1,7 milliard de dollars sur les 6 milliards que gère la société du fait de l’érosion de leur confiance face à l’enquête qui la vise pour délit d’initié, selon le journal qui cite des sources proches. Malgré des rendements moyens de 30% affichés par la société, environ 660 millions d’encours pourraient ainsi être retirés dès le mois prochain.
18/02/2013

Londres tente d'aménager la réforme des salaires des banquiers

Dans le cadre des négociations européennes sur l’encadrement des salaires des banquiers, le Royaume-Uni devrait proposer un compromis avec ses partenaires qui inclut « le principe» d’une rémunération plafond, selon le journal qui cite un document gouvernemental de huit pages dont il se serait procuré une copie. Londres compte également faire pression pour obtenir le retrait de certaines propositions telle que celle d’un niveau de bonus qui ne pourrait pas excéder le montant du salaire fixe. Selon le rapport, cette mesure encouragerait la mise en place d’une politique «de salaires fixes plus importants» qui pénaliseraient la stabilité financière.
18/02/2013

L’heure du grand ménage a sonné chez Man Group

Le quotidien veut croire que l’arrivée effective d’Emmanuel Roman en remplacement de Peter Clarke à la direction générale du gestionnaire alternatif le 28 février, à l’occasion de la présentation des résultats annuels, sera l’occasion d’une refonte de la direction. Le nouveau patron va notamment étendre ses propres pouvoirs et ceux du comité exécutif.
18/02/2013

La rotation des auditeurs gagne du terrain

Les commissaires aux comptes français craignent que la rotation régulière des cabinets, débattue à Bruxelles dans le cadre de la réforme de l’audit, nuise à la qualité de leur travail. Les propositions qui circulent au Conseil des ministres ne sont pas faites pour les rassurer.

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