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12/12/2012

Karina Litvack ne sera pas remplacée chez F&C

Karina Litvack, qui quitte son poste en tant que responsable de la gouvernance et de l’investissement durable chez F&C Asset Management à la fin du mois, ne sera pas remplacée, rapporte le Financial Times. «Mon poste n’existe plus», a-t-elle écrit dans une note d’adieux, attribuant le changement aux restructurations conduites par Edward Bramson, l’actionnaire activiste américain devenu président exécutif en octobre dernier.Ses fonctions seront réparties entre plusieurs personnes.
12/12/2012

Skandia ajoute deux gérants à sa gamme low cost

Skandia a ajouté Invesco Perpetual et Artemis à la liste des sociétés de gestion disponibles dans sa gamme de fonds Select qui doit être lancée l’année prochaine, rapporte Fundweb. Les autres sociétés sont : Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders et Threadneedle. La nouvelle gamme comprendra 50 fonds qui couvriront toutes les grandes classes d’actifs.
12/12/2012

Départ d’un duo commercial d’Invesco

Craig Newman, le directeur commercial d’Invesco Perpetual pour le Nord de l’Angleterre, et Simon Dale, sales manager, ont tous les deux quitté la société, rapporte Fundweb.
12/12/2012

Newton remanie sa gamme de fonds actions UK

Newton Investment Management, qui gère 49 milliards de livres à Londres, a remanié sa gamme de fonds actions britanniques, rapporte Financial News. Six petits fonds seront fermés et fusionnés. Dans ce cadre, la gérante Tineke Frikkee est en négociations avec la société au sujet de son avenir.
12/12/2012

Fisch AM recrute un spécialiste de l’analyse quantitative

Le spécialiste des convertibles Fisch Asset Management a annoncé le 11 décembre le recrutement d’un nouveau spécialiste dans son équipe d’investissement depuis le 1er décembre en la personne d’ Oliver Schmid. La société a engagé le docteur en économie afin de poursuivre le développement du moteur de rendement qu’est l’analyse quantitative, une composante importante du processus de placement. Oliver Schmid était précédemment CIO chez AIM Capital, son parcours incluant aussi Julius Baer et Quantica Capital. Fisch Asset Management souhaite profiter de son expertise en matière de développement et de mise en œuvre de stratégies quantitatives. Il renforcera, en outre, l’équipe de gestion du Trend Navigator Program, qui exploite les signaux de tendances pour investir dans des futures dans le monde entier. Les actifs sous gestion de Fisch AM s'élevaient en septembre dernier à un peu plus de 7 milliards de francs suisses.
12/12/2012

La Deutsche Bank absorbera Sal. Oppenheim Suisse

Selon les informations de finews, Deutsche Bank (Suisse) va absorber les activités suisses de Sal. Oppenheim pour regrouper sous un même toit ses activités de gestion de fortune et de gestion institutionnelle. Sous réserve des autorisations nécessaires, l’intégration juridique et opérationnelle sera bouclée pour la fin de 2013. Les clients pourront conserver leur conseiller.
12/12/2012

SEC makes an appointment in investment management

Jennifer B. McHugh, who since 2009 had been senior advisor to outgoing Securities and Exchange Commission (SEC) chairwoman Mary L. Schapiro, and who had served as interim director of the investment management division of the Commission, on 11 December was appointed as senior adviser to Norm Champ, director of the investment management division for questions concerning mutual funds and investment advisers. She will begin in this position on 17 December.McHugh began at the SEC in 1999.
12/12/2012

La Française and iShares register funds in Spain

Recently, two foreign asset management firms have received sales licenses for Spain from the CNMV for funds which were not previously registered. Funds People reports that La Française Asset Management has registered the LFP Trend Opportunities fund, an SRI sub-fund of the La Française AM Fund Sicav.iShares (BlackRock) has registered the ETF iShares Global Corporate Bond and iShares Global Government AAA-AA Capped Bond funds.
12/12/2012

Tikehau recruits former employees of Edram and Sparinvest

The Tikehau group has announced the arrival of three new employees at the business. At Tikehau Investment Management (TIM), Etienne Gorgeon, previously CIO Fixed Income at Edmond de Rothschild Asset Management has been appointed chief investment officer for open-ended funds and mandates.Frédéric Sallerin has been recruited as a salesperson for institutional clients. He had previously been responsible for development of distribution to institutional investors at Sparinvest in Paris.At Tikehau Capital Advisors (TCA), Vincent Favier becomes director of stakholdings. Since 2006, he had been CEO in charge of the French office of the Amber Capital company.
12/12/2012

Henri Faure to oversee Investment Management at BNP Paribas RE

BNP Paribas Real Estate on 11 December announced a series of appointments, including Henri Faure, deputy CEO and board member responsible for overseeing Investment Management activities, who will report to david Aubin. He will replace François Benfeghoul, Deputy CEO and board member in charge of all Central functions, from 1 July 2013, as Benfeghoui has decided to retire.
12/12/2012

Profits and asset increases down at Hennessy Advisors

For the fiscal year to 30 September, Hennessy Advisors, Inc has posted net profits of USD0.97m, compared with USD1.21m for the previous year.Mutual fund assets at the end of September totalled USD919.26m, compared with USD749.31m twelve months previously. However, average assets in the period fell to USD823m from USD883m.As of 26 October 2012, Hennessy Advisors has acquired the FBR Funds range, which brings assets under management to USD3.1bn.
12/12/2012

Philippe Fidaire appointed as director of institutional clients at ING IM

ING IM on 11 December announced the recruitment of Philippe Fidaire as director of institutional clients. Fidaire, a specialist in investment solutions for institutional investors who has spent his entire career at Allianz Global Investors, began in his new role on 3 December 2012.Fidaire’s expertise in investment solutions will allow ING IM to develop its solid expertise on the French market. ING IM has “historic” expertise as the asset management firm of the ING insurance group, which includes leading strategies such as emerging market debt, corporate or government, denominated in local or strong currencies. The ING IM Investment Solutions unit now has 116 employees.
12/12/2012

Banco Popular sells NP loans

After finalising a capital increase of EUR2.5bn on 4 December, Banco Popular has announced that it has recently sold its largest portfolio of sub-prime debt, totalling EUR1.143bn, Cinco Días reports. The buyers are the Lindorff and AnaCap funds. According to financial industry sources, Popular is said to have made a net gain on the deal of EUR35m.The objective of the sales for Banco Popular is to generate a total of EUR300m in gains.
12/12/2012

Sofinnova Partners closes its Sofinnova Capital VII fund with EUR240m

Sofinnova Partners on 11 December announced that it has closed its venture capital fund Sofinnova Capital VII with EUR240m in assets. Sofinnova Capital VII received subscriptions from top institutional investors, largely pension funds, funds of funds and insurers. These investors include the European Investment Fund, Skandia Life Insurance Company, CNP Assuranes and CDC Entreprises (FSI France Investissement). Sofinnova Capital VII, dedicated entirely to life sciences, is one of the largest venture capital funds in Europe. It will invest seed capital in biopharmaceuticals and medical equipment. Additionally, in the emerging biotech industrials sector, Sofinnova Partners has launched the Sofinnova Green Seed Fund, whose first closing has been held at EUR22.5m, and which includes industrial investors, such as Solvay, Siclaé, Sofiprotéol and Unigrains, along with CDC Entreprises.
12/12/2012

Amundi releases minvar global equity fund in Germany

The German press is reporting that Amundi has released the Amundi Funds Equity Global Minimum Variance sub-fund of its Luxembourg SICAV Amundi Funds in Germany and Austria.The product is part of the Next Generation (NextGen) range, whose assets currently total about EUR1.2bn (see Newsmanagers of 21 November).
12/12/2012

Deutsche Bank to absorb Sal. Oppenheim Switzerland

According to reports from finews, Deutsche Bank (Switzerland) will absorb the Swiss activities of Sal. Oppenheim to bring its wealth management and institutional management activities under a single roof. Pending the necessary regulatory approval, legal and operational integration will be completed by the end of 2013. Clients may retain their advisers.
12/12/2012

Fisch AM recruits a quantitative analysis specialist

The convertibles specialist Fisch Asset Management on 11 December announced the recruitment of Oliver Schmid as a new specialist for its investment team from 1 December. The firm recruited the doctor of economics in order to continue to develop the drivr of recovery which is quantitative analysis, an important component of the investment process. Schmid was previously CIO of AIM Capital, and has also worked at Julius Baer and Quantica Capital. Fisch Asset Management is hoping to take advantage of its expertise in development and implementation of quantitative strategies. It will also recruit for the management team for the Trend Navigator Program, which exploits signs of trends to invest in futures worldwide. Assets under management at Fisch AM in September this year totalled slightly over CHF7bn.
12/12/2012

Neptune launches a European equity long/short fund

Fundweb reports that Neptune Investment Management on 3 December launched a European version of its Global Long Short sector fund, founded in November 2011. The fund, whose benchmark index is the MSCI Europe ex-UK, is managed by Ted Alexander, who is already manager of the global fund with Robin Geffen. The sectoral strategy is managed by Rob Burnett.
12/12/2012

Hedge fund association focuses on high net worth investors

The Hedge Fund Association today announced that it has created a new High Net Worth Advisory Board focused on developing educational programs and networking events globally for HNW investors. Its chairperson will be April J. Rudin, who has over 20 years of marketing experience in both corporate and financial services settings. In a separate move, the HFA promoted Ryan Mitchell to HFA West Coast Chapter Regional Director.“The Hedge Fund Journal calculates that around 40% of total worldwide investment in hedge funds comes from high net worth individuals,” observed April Rudin.
12/12/2012

Henderson German Logistics Fund extends its portfolio

Henderson Global Investors has acquired a 19,000 square metre property in Bad Dürkheim (Rhineland-Palatinate) for its German Logistics Fund. The sale price has not been disclosed. The logistical complex is leased to Uniwheels.The fund, an institutional product, is the result of a partnership between the real estate division of HGI and Palmira Capital Partner. The performance objective is 8.5% with maximal leverage of 40%.
12/12/2012

Steep fall in returns at European family offices

European family offices have posted their worst year in five years, with returns of 3.6% for single family offices and 2% for multi-family offices in the twelve months to the end of 2012, compared with returns of about 8% next year, according to the fifth edition of the Campden Wealth annual study “Back to Business: Family Offices Adapt to the New Normal,” which covered 60 single and multi-family offices, each of which has total assets under management of EUR50m to EUR1.5bn. These poor results are said to be due to overallocation to cash and real estate, which have underperformed compared with government bonds. In this environment, family offices estimate that their investment strategies will now concentrate on capital preservation. The study finds that multi-family offices have increased their exposure to emerging markets to 20% this year, compared to 14% in 2011, with twice the exposure of that observed at multi-family offices. The study also finds that there has been increased attention paid to risk management and governance issues. Family offices are much more sensitive to risk management strategies and the establishment of due diligence processes for external investment opportunities and counterparties. Investment committees are also meeting more often, and family offices are aware of the importance of training future generations in wealth management.
12/12/2012

Pension funds to become major real estate players

Pension funds have EUR38trn in assets, equivalent to 63% of global GDP, IEIF reports. Their potential is particularly strong in real estate investment. “Considering the long-term portfolio reallocation trends for pension funds and the growth of their assets, the investment volumes expected in real estate are about EUR380bn in the next five years,” the IEIF study predicts. Even after 15 years, “the proportion of real estate properties in pension funds will continue to increase,” the study adds. The weight of real estate in pension fund portfolios has increased from 4.9% in 1996 to 7.3% in 2011.In real estate portfolios held by pension funds, office properties represent 27% of total properties, while commercial properties total 19%.
12/12/2012

Schroders launches four funds in Italy

Schroders is launching three funds in Italy which will invest in emerging markets debt: Schroder ISF Emerging Market Bond, Schroder ISF Emerging Market Corporate Bond, and Schroder ISF Emerging Market Sovereign Bond, FondiOnline reports. The British firm will also offer Italian investors the Schroder ISF RMB Fixed Income fund, which invests in investment grade credit denominated in renminbi.
12/12/2012

HSBC GAM launches an India fund in Italy

HSBC Global Asset Management has launched the HSBC GIF India Fixed Income fund in Italy. The fund invests in government bonds and Indian businesses, Bluerating reports. The fund will be available to institutional and retail investors.
12/12/2012

Jamie Broderick reappears at top of UBS WM UK & Jersey

Pending the necessary regulatory approval, the former head of asset management at J.P. Morgan for Europe, the Middle East and Africa, James (Jamie) B. Broderick, will on 7 January 2013 become CEO Wealth Management for the United Kingdom and Jersey at UBS, the Swiss group announced on 11 December. Broderick will be based in London, and will report to Jakob Stott, CEO Wealth Management Europe. His departure from JPMAM was announced nine months ago (see Newsmanagers of 14 March).Broderick replaces Andre Cronje, “who has decided to take on a new challenge at UBS,” and who served in the role for four years.
12/12/2012

Newton overhauls UK equity range

Newton Investment Management (GBP49bn of AUM) is introducing changes related to its UK equities team. Richard Wilmot (Investment Leader, UK Equities) has been named the new lead manager of the Newton Higher Income Fund. He also manages the Newton UK Equity Fund. Wilmot replaces Tineke Frikkee, who is in discussion with the company about her role at the firm.Newton also intends to make changes to the way it manages the Newton Higher Income Fund. It is to broaden the buy and sell discipline of the fund from buying at 115% of market yield and selling at the market yield, to buying at 75% of the market yield and selling at 50% of the market yield. Secondly, the firm intends to reduce the fund’s yield progressively over the next 18 months, with the aim of meeting at least a 10% premium per annum to the FTSE All Share yield over rolling three year periods.Newton also plans to make a number of changes to a range of its investment strategies that are sub-scale and non-viable in the longer term. Subject to shareholder and regulatory approval, the Newton Cautious Managed Fund will be merged into the Newton Managed Income Fund. The firm will also, subject to regulatory approval, close several small funds as follows: the Newton Discovery Fund, Newton Pan-European Fund and the Dublin-domiciled BNY Mellon UK Equity, BNY Mellon Sterling Bond and BNY Mellon Continental European Funds.
12/12/2012

Karina Litvack will not be replaced at F&C

Karina Litvack, who is leaving her position as head of governance and sustainable investment at F&C Asset Management at the end of this month, will not be replaced, the Financial Times reports. “My position no longer exists,” she wrote in a goodbye letter, attributing the changes to restructuring brought in by Edward Bramson, the American activist shareholders who became executive chairman last October. Her responsibilities will be redistributed to several people.
12/12/2012

RLAM recruits Rob Williams as head of distribution

Royal London Asset Management (RLAM) on 11 December announced the appointment of Rob Williams as head of distribution. Williams, who will begin in his new role on 7 January 2013, will report to Andy Carter, CEO of RLAM. He will work to develop distribution and promotion strategies for the Royal London product range targeting wholesale and institutional clients. Williams previously worked at Skandia Investment Group, where he was responsible for distribution and marketing activities worldwide.
12/12/2012

Newton remanie sa gamme de fonds actions UK

Newton Investment Management, qui gère 49 milliards de livres à Londres, a remanié sa gamme de fonds actions britanniques, rapporte Financial News. Six petits fonds seront fermés et fusionnés. Dans ce cadre, la gérante Tineke Frikkee est en négociations avec la société au sujet de son avenir.

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