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31/08/2012

Barclays appoints a successor to Bob Diamond

Following the resignation of Bob Diamond in late July over the Libor rate manipulation scandal, the British bank Barclays on Thursday announced the appointment of Antony Jenkins as its CEO, La Tribune reports. Jenkins had previously been head of the retail and business banking activities of the group.
31/08/2012

Resignation from Lighthouse Group

Lighthouse Group announced on 30 August the resignation of David Hickey, who had been executive chairman of the firm, following a vote of shareholders against a plan to withdraw the company from the AIM stock exchange, which had been unanimously passed by the board of directors. Hickey, who has worked at Lighthouse for 10 years, claims that in his position as head of shareholder relations, he was obliged to resign, due to his opposition, which he shares with other members of the board, to continued listing of the firm on the AIM exchange.
31/08/2012

SWIP continues recruiting managers

Scottish Widows Investment Partnership (SWIP, GBP1.38bn in assets as of the end of June) has announced that it has kicked off its 2013 recruitment campaign, electing four young graduates as interns in its Trainee Investment Manager Graduate Programme. The four will join SWIP (Lloyds Banknig Group) in September 2013, one for each investment unit (equities, bonds, real estate, investment solutions), for a period of two years, with the potential to become investment managers in their specialised fields. The eight graduates recruited in the Graduate Programme for 2011 have been successful in their first year of training.
31/08/2012

Pimco overtakes Crédit Mutuel for subscriptions in July

The asset management firm which posted the largest net inflows in Europe in July was Pimco, with EUR3.9bn, of which EUR1.3bn went to the Pimco GIS Total Return Bond Fund, a clone of the fund managed by Bill Gross, Morningstar reports. The Allianz affiliate overtook Crédit Mutuel (EUR2.5bn in net subscriptions), Deutsche Bank (EUR2.1bn), Morgan Stanley (EUR2bn) and BlackRock (EUR1.6bn).According to FundWeb, the agency points out that EUR546m flowed out of the Templeton Global Bond Fund managed by Michael Hasentab in July, though the fund remains the largest in Europe with EUR33.5bn in assets, followed by the Carmignac Patrimoine (EUR28.1bn), the Pimco GIS Total Return Bond Fund (EUR22.3bn), the Templeton Global Return Fund (EUR19.9bn), and the AB Global High Yield Portfolio (EUR16.9bn).
31/08/2012

Morningstar launches a platform dedicated to commodities

The financial services provider Morningstar on 29 August announced that it is launching a platform for trading desks and risk specialists which offers data on energy and commodity makets. Further information about the new platform, entitled Morningstar Markets Commodities Edition, is available at the following address: http://www.morningstarcommodity.com/
31/08/2012

Veterans leave Berenberg

Das Investment reports that four private bankers from Berenberg Bank have announced their departures to become independent. They include Sven Albrecht (24 years at the firm), one of the 50 directors of the firm, and Andreas Kitta (15 years at the firm), who had been director of the wealth managers department. Also departing are Holger Knaup, head of the private banking department (12 years at the firm) and Carsten Riehemann (who joined the firm in October 1998).
31/08/2012

Swiss asset management firms resist attacks on banking confidentiality

Repeated assaults on Swiss banking confidentiality do not appear to be discouraging investors who have previously trusted Swiss managers, Investment Europe reports. According to statistics disclosed by the US firm SNL Financial, Credit Suisse has even reversed the trend of eroding assets under management, with a 2.4% increase in first half, to CHF1.210trn, which was facilitated by a 2.11% increase in the value of assets. Bank Corp has also posted an increase in its assets under management of 4.17% in first half 2012, largely aided by market effects. EFG International, however, did not reverse the trend, but still had a limited downward movement in assets under management of 2.62%, compared with more than 8% last year.
31/08/2012

Banque Sarasin recruits for distribution in Germany

The Basel-based Banque Sarasin on 30 August announced that it has recruited Marco Kuch for the newly-created position of director wholesale for the German affiliate in Frankfurt. He joins the institutional client & wholesale team, led by Christian Mosel, and will be particularly responsible for relationship management for fund of fund managers, private banks, direct banks, family offices and wealth managers. Kuch had previously been responsible for wholesale at Fidelity International in Germany, and previous to that, worked at HSBC Investments Deutschland, Deutsche Kreditbank and Berliner Bank.
31/08/2012

Berenberg and Lampe take over LBBW's stake in Universal

The private banks Berenberg and Lampe have now increased their stakes in Universal-Investment to 50% each: they announced on 30 August that they have acquired the 27% stake which the Landesbank Baden-Württemberg (LBBW) had held in the Frankfurt-based asset management firm. The sale price has not been disclosed. The two banks had previously bought up the shares in Universal owned by Hauck & Aufhäuser Privatbankiers (H&A, see Newsmanagers of 30 May).The cooperation with LBBW in the area of institutional mandates and depository banking activities will be continued.Since the beginning of the year, assets at Universal have increased by EUR13bn, and now total EUR143bn.
31/08/2012

Amber Gold founder in preventive detention

Marcin Plichtra, founder and CEO of the Amber Gold company, was arrested in Gdansk on Wednesday; the court imprisoned him for three months while prosecutors carry out investigations, the Wall Street Journal reports.Plichtra is accused of using his firm, which the financial regulatory authorities placed on a blacklist in 2009, to construct a Ponzi scheme, in which incoming investments from new subscribers were used to pay off existing ones.So far, about 3,000 people have filed claims, bringing the total to PLZ182m or USD55m. Amber Gold entered bankruptcy in early August.
31/08/2012
Gestion d'actifs

Crédit Agricole Assurances réduit de près de moitié son exposition aux dettes souveraines sur 6 mois

Côté placements, une cession complémentaire de 3 Md€ aux emprunts d’Etat est intervenue au deuxième trimestre 2012. L’exposition brute des sociétés d’assurance du groupe Crédit Agricole aux dettes souveraines périphériques (Grèce, Irlande, Portugal, Italie, Espagne) est réduite à 8,5 Md€ au 30 juin 2012, contre 15,3 Md€ au 31 décembre 2011.
Gestion d'actifs
31/08/2012

Warren Buffett increases donations

For his 82nd birthday, Warren Buffett has doubled his donations to the charities of his three children, assigning each of them a further USD3bn in shares in his company, Berkshire Hathaway, the Wall Street Journal reports.
31/08/2012

US money market funds increase exposure to Japan

U.S. prime money market funds (MMF) continued to increase their exposure to Japanese banks, which as of end-July represent 12.3% of total MMF holdings or a 118%increase on a dollar basis since end-May 2011, according to Fitch. This exposure exceeds aggregate MMF allocations to eurozone banks, which increased moderately since the prior reporting period and now constitute 8.5% of total MMF assets, still 76% below end-May 2011 levels on a dollar basis.
31/08/2012

Italian funds return to inflows

Open-ended funds on sale in Italy recorded net inflows in July of EUR52m, returning to positive territory after net redemptions of EUR1.9bn in June, according to statistics from Assogestioni, the Italian association of asset managers. These inflows were driven by bond funds, which took on EUR3.2bn, and flexible funds, with EUR1.7bn in inflows. However, equity funds saw outflows of EUR986m. But the majority of redemptions were from money market funds, which lost EUR3.3bn. Since the beginning of the year, open-ended funds on sale in Italy have seen outflows of EUR5.1bn. With the addition of closed funds and mandates, the Italian asset management industry has seen net redemptions of EUR1.3bn in July, and EUR11.4bn since the beginning of the year.
31/08/2012

La Française AM registers another fund in Spain

Funds People reports that La Française Asset Management has received a sales license in Spain for a further fund, the LFP Rendement Emergent 2017, a bond product which currently has EUR46m in assets.
31/08/2012

Net outflows and increases in assets for Spanish funds in August

According to estimates by VDOS relayed by Funds People, assets in Spanish funds as of 23 August totalled EUR128.165bn, up by EUR1.686bn since the end of July. This increase is due to a positive market effect of EUR1.934bn, offset by EUR247m in net redemptions.
31/08/2012

Stanford: SEC to file further charges

In the next few days, according to sources familiar with the matter, the SEC will file civil charges against several executives in the empire of R. Allen Stanford, the Wall Street Journal reports. The regulator is expected to sue the former chairman of Stanford Group, Danny Bogar, and the former head of compliance, Bernerd Young.Stanford was sentenced in June to 110 years in Federal prison for a Ponzi-type fraud totalling USD7bn.
31/08/2012

“New indices” may underperform originals

A study published by the Edhec-Risk Institute in the Journal of Portfolio Management suggests that the major alternative equity indices are probably superior in terms of long-term perforamnce, but they run the risk of significant relative losses compared with cap size-weighted traditional indices. These “drawdowns” may last for long periods (over two years), and be large in scale (over 13%). These risks are largely due to two causes: More pronounced structural exposure to risk factors which may in some cases negatively influence the performance of indices Any system of weighting, be it qualitative or quantitative, requires a choice of model, and this carries modelling risks. On these grounds, the Edhec-Risk Institute makes three recommendations: Diversify beta investment, since beta is not exposed in the same way to various market conditions, particularly volatility (low and high) and trends (rising or falling). Maintain clear information on tracking error and extreme tracking error compared with cap size-weighted indices Manage this constraint actively, as ultimately that will improve the information and performance-adjusted risk ratios for these new indices. The findings of the study show that with explicit constraints in terms of tracking error the maximal tracking error for a diversified alternative index is reduced by 44%, while the median relative returns are reduced by only 17%. An efficiently diversified portfolio, which combines minimal volatility and stratgies to maximise Sharpe ratios, can improve the maximal relative drawdown compared with single strategies with no relative risk control by 35% and 28.5%, respectively.
31/08/2012

Federated Investors growing in Asia

The US asset management firm Federated Investors is seeking acquisition targets in Asia Pacific, with the objective of growing globally, Asian Investor reports. Meanwhile, the asset management firm is planning to establish several fixed income teams in the region. The asset management firm has recently recruited Craig Bingham as its new CEO for Asia-Pacific. Bingham is the former CEO for the region for Aviva. He will be based in Melbourne, Australia, at the new main office of Federated Investors for Asia.
31/08/2012

Axa and SuMi launch a real estate fund in Japan

Axa Real Estate has teamed up with the Japanese firm Sumitomo Mitsui Trust Bank to create a fund which will invest JPY50bn in office properties in Tokyo, the Financial Times reports. The fund will be launched this Friday. SuMi Trust will be responsible for asset management of the portfolio.
31/08/2012

Odin recruits a salesperson from BlackRock

The Scandinvian asset management firm Odin Fonder has hired Sofie Zetterlund to become a member of its sales team, the Swedish website Fondbranschen reports. Zetterlund joined from BlackRock and will be based in Oslo, Norway.
31/08/2012

Pimco devance Crédit Mutuel pour les souscriptions en juillet

Le gestionnaire qui a enregistré les plus fortes rentrées nettes en Europe pour juillet a été Pimco, avec 3,9 milliards d’euros, dont 1,3 milliard pour le Pimco GIS Total Return Bond Fund, clone du fonds de Bill Gross, selon Morningstar. La filiale d’Allianz a devancé le Crédit Mutuel (2,5 milliards d’euros de souscriptions nettes), Deutsche Bank (2,1 milliards), Morgan Stanley (2 milliards) et BlackRock (1,6 milliard).L’agence souligne que 546 millions d’euros sont sortis en juillet du Templeton Global Bond Fund géré par Michael Hasentab, qui demeure néanmoins le plus gros fonds européen avec 33,5 milliards d’euros d’encours, devant le Carmignac Patrimoine (28,1 milliards), le Pimco GIS Total Return Bond Fund (22,3 milliards), le Templeton Global Return Fund (19,9 milliards) et le AB Global High Yield Portfolio (16,9 milliards).
31/08/2012

Banque Sarasin renforce sa distribution en Allemagne

Le bâlois Banque Sarasin a annoncé le 30 août le recrutement de Marco Kuch au poste nouvelle créé de director wholesale de sa filiale allemande à Francfort. Il intègre l'équipe institutional clients & wholesale dirigée par Christian Mosel et sera plus particulièrement chargé du suivi de la clientèle de gérants de fonds de fonds, des banques privées et des banques directes, des family offices et des gestionnaires de fortune.Le nouvel arrivant était jusqu'à présent responsable du wholesale chez Fidelity International en Allemagne après avoir travaillé chez HSBC Investments Deutschland, Deutsche Kreditbank et Berliner Bank.
31/08/2012

Berenberg et Lampe reprennent les parts de la LBBW dans Universal

Désormais les banques privées Berenberg et Lampe ont augmenté chacune leur participation à 50 % du capital d’Universal-Investment : elles ont annoncé le 30 août avoir racheté la participation de 27 % que détenait la Landesbank Baden-Württemberg (LBBW) dans le gestionnaire d’actifs francfortois. Le montant de la transaction n’a pas été divulgué. Les deux banques s'étaient déjà partagé les parts d’Universal détenues par Hauck & Aufhäuser Privatbankiers (H&A, lire Newsmanagers du 30 mai).La coopération avec LBBW dans le domaine des mandats institutionnels et l’activité de banque de dépôt seront poursuivies sans changement.Depuis le début de l’année, l’encours d’Universal s’est accru de 13 milliards d’euros et représente actuellement 143 milliards d’euros.
31/08/2012

Exode de vétérans chez Berenberg

Das Investment rapporte que quatre banquiers privés de Berenberg Bank viennent d’annoncer leur départ pour se mettre à leur compte. Il s’agit de Sven Albrecht (24 ans de maison), l’un des 50 directeurs de l'établissement, et d’Andreas Kitta (15 ans), qui dirigeait le service des gérants de fortune. Partent également Holger Knaup, chef de service dans le private banking (12 ans d’ancienneté) et de Carsten Riehemann (arrivé en octobre 1998).
31/08/2012

Pioneer renforce son équipe multi classes d’actifs

Nicholas Pothier, qui avait quitté HSBC Global Asset Management pour se réétablir en Afrique du Sud (lire Newsmanagers du 29 mars 2010), rejoint Pioneer Investments à Dublin comme co-gérant du fonds de fonds mondial thématique multi classes d’actifs, aux côtés de Bertrand Paquot, rapporte Fundweb. Le nouvel arrivant sera subordonné à John O’Toole, head of multi-asset fund solutions.
31/08/2012

Démission chez Lighthouse Group

La société de conseillers indépendants spécialisée en gestion de fortune Lighthouse Group a annoncé le 30 août la démission de David Hickey en tant qu’executive chairman de la société suite au vote des actionnaires contre le projet de retrait de la cote sur le marché AIM, unanimement approuvé par le conseil d’administration.David Hickey, qui travaille pour Lighthouse depuis une dizaine d’années, a estimé que son statut de responsable des relations avec les actionnaires l’obligeait à démissionner compte tenu de son opposition, comme les autres membres du board, à la cotation de Lighthouse sur le marché AIM.
31/08/2012

Barclays a trouvé le successeur de Bob Diamond

A la suite de la démission de Bob Diamond fin juillet, en raison du scandale des manipulations du taux Libor, la banque britannique Barclays a annoncé jeudi la nomination d’Antony Jenkins au poste de directeur général, rapporte La Tribune. L’intéressé était jusqu'à présent responsable de l’activité de banque de détail et d’affaires du groupe.
31/08/2012
Fonds

Threadneedle et Carmignac Gestion lancent des parts compatibles RDR

Comme tout récemment M&G et Aberdeen, Threadneedle a décidé de lancer en octobre des parts Z, conformes à la réglementation Retail Distribution Review (RDR) qui seront disponibles sur des plates-formes. Elles seront assorties d’une commission de 0,75 % pour la plupart des fonds d’actions, rapportent Fundweb et Investment Week.Cette formule concernera 51 fonds de type OEIC tandis que les parts I réservées aux institutionnels seront utilisées pour un nombre limité de produits.Généralement les parts I et R (retail) sont assorties de commissions de 1 % et 1,5 % pour les fonds d’actions.Carmignac Gestion va aussi proposer des classes de parts RDR. En plus des parts existantes, les clients britanniques de Carmignac Gestion auront désormais accès à des parts de capitalisation et à des parts de distribution libellées en livres sterling. Les parts libellées en livres sont systématiquement couvertes contre le risque de change vis-à-vis de l’euro. •Carmignac Investissement (A) EUR / acc•Carmignac Investissement (E) EUR / acc•Carmignac Investissement (I) GBP/ acc•Carmignac Investissement (D) GBP / inc•Carmignac Emergents (A) EUR / acc•Carmignac Emergents (I) GBP/ acc•Carmignac Emergents (D) GBP / inc•Carmignac Patrimoine (A) EUR / acc•Carmignac Patrimoine (I) GBP/ acc•Carmignac Patrimoine (D) GBP / inc•Carmignac Euro-Patrimoine (I) GBP/ acc•Carmignac Euro-Patrimoine (D) GBP / inc
Fonds
31/08/2012

SWIP continue de préparer la relève de ses gérants

Scottish Widows Investment Partnership (SWIP, 138 milliards de livres d’encours fin juin) a annoncé avoir entamé sa campagne de recrutements pour 2013 en sélectionnant quatre jeunes diplômés comme stagiaires dans le cadre de son Trainee Investment Manager Graduate Programme. Ils rejoindront SWIP (Lloyds Banking Group) en septembre 2013 à raison d’un dans chaque pôle d’investissement (actions, obligations, immobilier, solutions d’investissement) pour une période de deux ans avec la possibilité de devenir investment manager dans leur spécialité.Les huit diplômés recrutés au titre de Graduate Programme de 2011 ont pour leur part achevé avec succès leur première année de formation.

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