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26/01/2012

Swiss stock exchange fines Altin SA

The Sanction Commission of SIX Swiss Exchange has announced a fine for Altin Ltd of CHF 100,000 as a result of breaches of the rules on ad hoc publicity and the disclosure obligations of the directive on Corporate Governance. All breaches relate to the company’s 2009 annual report. Altin Ltd did not disclose its 2009 annual report – which included potentially price relevant information – as required by the rules on ad hoc publicity. The Sanction Commission has determined that certain financial figures, such as the annual and interim financial statements, are to be fundamentally classified as potentially price-relevant information and must therefore be disclosed in accordance with the rules on ad hoc publicity.
26/01/2012

Stanford accused of manipulating figures

Allen Stanford, the Texan banker accused of operating a USD7bn Ponzi scheme, modified the figures in the 1998 annual report, because they didn’t add up, according to the testimony of Leonel Mejia, chairman of a PR firm owned by Stanford, the Financial Times reports. Stanford’s trial began on Tuesday.
26/01/2012

BNP Paribas SS extends hedge fund services

BNP Paribas Securities Services (BNP Paribas) has announced the roll-out of a major investment programme to expand its hedge fund and fund of hedge fund servicing capabilities for both UCITs and offshore funds. Placing transparency, market exposure, liquidity and control at the heart of its hedge fund servicing platform, the custodian bank’s programme tailors its service to more closely match the key requirements of both start-up and established funds.
26/01/2012

Axa Real Estate appoints a head of business development

Axa Real Estate Investment Managers, with over EUR40 billion of assets under management as at September 2011, has appointed Deborah Shire as global head of business development, a new position which carries overall responsibility for corporate finance, investor relations, marketing & communication and business development. She will report directly to CEO, Pierre Vaquier.Deborah Shire joins Axa Real Estate from her position as deputy head of structured finance at Axa Investment Managers, where she was in charge of strategy, finance, marketing, operations and product development.
26/01/2012

Pioneer France satisfied with 2011 results

The French affiliate of Pioneer Investments (12 people) has finished the year in 2011 with assets of about EUR1.5bn, and net subscriptions of about EUR100m, despite relatively heavy outflows in August and September, largely due to reorientations of asset allocations by some clients.Fabien Madar, CEO for France, says this overall evolution is highly satisfactory, and is largely due to European equity products, US equity funds (Pioneer concentrates on the best of these), and in bonds, to aggregate euro (government and corporate bonds), available in versions with or without sensitivity. The manager also underlines that Pioneer does not offer money market funds in France.
26/01/2012

Russell recruits in Paris

Following the recruitment of Alain Zeitouni (ex Barclays Wealth) as director of multi-strategy investment (see Newsmanagers of 20 October), Russell Investments Paris has announced it has hired Cédric Denais as manager of client services. He will be in charge of overseeing relationships with Russell Clients and the analysis of their investments.Denais had previously spent six years in the reporting and performance measurement team at Edmond de Rothschild Asset Management (Edram), where he had been in charge of international development, and established the GIPS standard at the structure.
26/01/2012

Morgan Stanley PE teams up with former Pemex CEO

Morgan Stanley Private Equity has formed a strategic partnership with Jesús Reyes-Heroles, the former director general of Petróleos Mexicanos (Pemex), to pursue energy investments in Mexico and across Latin America. The goal of the partnership is to build a leading regional energy company involved in a broad base of investments and related activities across the energy sector. The partnership will focus on investments in energy companies to help enhance business growth, improve profitability and provide valuable strategic and financial guidance.
26/01/2012

Orelis goes into 2012 on the offensive

France’s Orelis group, which calls itself a wholesaler aimed at independent financial advisers, and more recently, life insurance brokers, is hitting the ground running in 2012. This follows a year in 2011 in which the firm exceeded its objectives, with a total of EUR118m in newly-insured capital, of which 80% are unit-linked savings, in contrast with the market, which took on 85% euro contracts, and 15% unit-linked. In order to meet demand from partners and also, potentially, to compete with rivals, the group is offering a range of secure solutions in 2012 for life insurance and retirement planning product ranges, and is launching a range of funds in euros and a real estate platform to provide access to a wide range of programmes, promoters and tax incentives.
26/01/2012

LGT teams up with Brokernet for Eastern Europe

The Hungarian firm Brokernet Investment Holding Zrt has sold a 30% stake in Quantis Investment Management Zrt to LGT Group (CHF88.1bn in assets as of 30 June 2011) for an undisclosed amount, as part of a strategic partnership on eastern European markets.Quantis (USD480m in 10 funds and 21 mandates) will handle distribution of funds from LGT Capital Management. The cooperation will allow Quantis to extend its range, while LGT Capital Management will open to new markets, as its products had not previously been available in Hungary. Quantis already has affiliates in Slovakia and Romania, and would like to enter other neighbouring markets. The two partners are also planning to jointly develop products.
26/01/2012

Vigeo to rate large listed businesses in Morocco

Vigeo has announced that for the first time it is issuing ratings of the 40 largest businesses listed on the Casablanca stock exchange for social responsibility risks. The ratings will be distributed to over 100 investors and international asset manager clients of Vigeo. The businesses have been rated according to the Vigeo methodology on 38 criteria and more than 250 indicators, on the basis of their public information and statements provided in response to questions from the agency; this information is then cross-checked with information received from participants (unions, NGOs, press, etc.).
26/01/2012

Raiffeisen launches a diversified fund in France

The Austrian asset management firm Raiffeisen Capital Management has launched the Raiffeisen-GlobalAllocation-StrategiesPlus fund, a balanced fund investing in equities, bonds, commodities and currencies, in France. The product is based on a risk allocation process based on asymmetrical management. Four sources of major risks are equallky weighted: equity risk, spread risk, interest rate risk and inflation risk. ISIN: AT0000A0SE25 – retail share class
26/01/2012

Two promotions at Russell EMEA

Following the departure of Frédéric Jolly, who resigned last July to found his own business, Johan Cras has been appointed as CEO of Russell Investments for the Europe, Middle East and Africa (EMEA) region. Cras joined Russell in 1996 to found the Amsterdam office, and since 2007 has been head of institutional EMEA activities at the US asset management firm.Pascal Duval, who has been at Russell for 14 years, has been appointed as executive managing director EMEA, a position in which he will report to Cras.Cras will be replaced for the interim as head institutional services EMEA by John Stannard, currently managing director, institutional investment services.
26/01/2012

The European ranking of asset managers remains unchanged

From one year to the next, the rankings of asset management firms in Europe by assets under management have shown little movement; this is particularly true for the large “cruise liners” among them. The five firms with the largest assets under management as of 31 December 2010 all retain their places twelve months later, in the same order. The evolution of net subscriptions, excluding market effects, at each asset management firm in 2011 was considerably different, a Morningstar study finds, however. The universe of the Morningstar study includes open-ended funds (excluding mandates, dedicated funds, etc.) domiciled in Europe. Morningstar also excludes funds of funds, FCPI-FIP, Master-Feeder and ETF products.) With EUR196bn in assets under management, JP Morgan tops the rankings, ahead of BNP Paribas (EUR162bn), UBS (EUR139bn), Amundi (EUR123bn), and BlackRock (EUR118bn). But JP Morgan has consolidated its leading position, with inflows of EUR11bn in 2011, while BNP Paribas and Amundi held onto their places despite outflows of EUR21bn and EUR17bn, respectively. By comparison, UBS has posted “relatively” limited net outflows (EUR3bn) and BlackRock inflows (EUR 5bn) .The Morningstar study finds that Franklin Templeton has posted the largest net inflows (EUR14bn). Among the heaviest outflows, meanwhile, BNP Paribas and Amundi top the list. But several other French asset management firms were not spared. Carmignac Gestion (-EUR7bn), Crédit Mutuel (-EUR6bn), Natixis (-EUR5bn), and Société Générale (-EUR4bn) are also among the biggest losers.
26/01/2012

SPDR S&P 500 tops USD100bn

For the first time, an ETF has topped USD100bn in assets: the SPDR S&P 500, launched in 1993, which at last count had USD101.03bn in assets, according to figures released by the issuer, State Street Global Advisors (SSgA), on Monday. Handelsblatt points out that the world’s second-largest ETF, SPDR Gold Shares, is far behind, with USD66.80bn.
26/01/2012

Rouvier signs up two distribution partners in Germany

CortalConsors and the Augsburger Aktienbank will be offering the UCITS IV-compliant Valeurs, Europe and Patrimoine funds from Rouvier Associés in Germany, effective immediately, Fonds Professionell reports. The French asset management firm has opened an office in Frankfurt, led by Patrick Linden.Since 1 January, the firm has also become a Premium Partner of the Fondsnet brokerage network.
26/01/2012

Scope acquires ratings agency PSR

The Berlin-based firm Scope has added a third strategic business line, credit ratings, to its range of services aimed at institutional investors, with its acquisition of the European ratings agency PSR Rating GmbH, based in Stuttgart, for an undisclosed amount. The new division comes in addition to investment ratings and management ratings.PSR Rating will become known as Scope Credit Rating, and will remain a legally independent entity within the group. It will continue to be led by Thomas Morgensten, who has been CEO of the firm for the past five years.The new affiliate, which is focused on businesses, corporate bonds and covered bonds, will extend its universe to include all SMBs in the manufacturing sector. It will use the investment rating methodology already used by Scope.
26/01/2012

Metzler AM obtains a QFII license in China

The German asset management firm Metzler Asset Management (EUR48.5bn in assets as of the end of 2011) has announced that it has received a license as a Qualified Foreign Institutional Investor (QFII) from the China Securities Regulatory Commission (CSRC), which allows it to invest directly in the A equities markets in Shanghai and Shenzhen, and in local bonds from Chinese issuers. The quota level will be defined subsequently, in line with general practice.
26/01/2012
Gestion d'actifs

L'Agirc Arrco va mettre à jour son règlement financier lors de sa commission de fin février

La dégradation des notes implique un changement d'étalon constaté à la fois sur la dette souveraine et corporate. L'échelle de notation est tirée vers le bas. Et en-dessous d’une certaine notation, la vente est automatique. Tout est dans l’interprétation de cette limite. Ainsi, au GIE Agirc-Arrco, « nous ne pouvons être exposés pour plus de 5 % sur du « BBB », que ce soit du souverain ou du corporate », explique Philippe Goubeault, son directeur financier. Or, elle en détient 7 % à la suite de la dégradation de l’Italie. L’institution mettra à jour son règlement lors de sa commission de fin février. Source: La Tribune
Gestion d'actifs
26/01/2012
Gestion d'actifs

L'Institut Pasteur s'est renforcé en 2011 sur les actions ISR de la zone euro

L’Institut Pasteur puise l’essentiel de ses 250 millions d’euros de budget des revenus des activités propres (redevances industrielles, ventes et prestations, contrats de recherche), mais aussi du mécénat (27,3%) et produit du patrimoine et des apports de l’Etat (27,6 %). Les fonds patrimoniaux de l’Institut Pasteur sont gérés par plusieurs établissements financiers spécialisés, dans le cadre de conventions de gestion avec l’assistance d’un consultant, Amadeis. L’allocation d’actifs retenue, dans une perspective à long terme, correspond à un équilibre entre les actions et les obligations. En 2011, il a été décidé d’investir 23 millions d’euros au travers d’un FCP dédié sur des actions de la zone euro ISR.
Gestion d'actifs
26/01/2012

Amplitude lève près de 30 millions d’euros

Le fabricant de lasers ultrabrefs a réalisé une levée de près de 30 millions d’euros structurée par Cathay Capital Private Equity, autour de l’équipe fondatrice. Cette recomposition du capital donne lieu à la sortie des fonds gérés par CM-CIC et Aquitaine Création Investissement. Trois partenaires stratégiques sont associés : CDC Entreprises dans le cadre du programme FSI France Investissement, Mérieux Développement et Auriga Partners.
Europe-USA
26/01/2012

La FSA condamne une star des hedge funds

David Einhorn et son fonds Greenlight Capital ont écopé d’une amende cumulée de 7,2 millions de livres de la part du régulateur des marchés britannique. La Financial Services Authority leur reproche un délit d’initié sur les actions de Punch Tavern. David Einhorn s’est illustré en 2008 en ferraillant contre la direction de Lehman Brothers et en vendant l’action de la banque américaine à découvert.
26/01/2012

Le FSI investit dans Riou Glass

Le Fonds stratégique d’investissement a investi 15 millions d’euros par augmentation de capital au sein de la holding du groupe Riou Glass, premier transformateur indépendant de verre à destination du bâtiment en France. Dans le cadre d’un partenariat stratégique avec Saint-Gobain Glass, Riou Glass devient notamment producteur de verre plat en acquérant, auprès de son partenaire, la moitié du capital de sa filiale Eurofloat.
26/01/2012

Dégradation des résultats pour l'Union Bancaire Privée

L’Union Bancaire Privée (UBP) a dégagé un bénéfice pour 2011 en baisse de 8% à 198 millions de francs suisses. La masse sous gestion s'élève à 72 milliards au 31 décembre, contre 65 milliards un an avant, en incluant ABN Amro Bank (Suisse). Le bénéfice consolidé de 198 millions de francs tombe à 176 millions après intégration des frais liés à cette acquisition, soit 22 millions.
26/01/2012

L’Italie se dote d’une Bourse unique des PME

Borsa Italiana a annoncé hier la constitution le 1er mars d’une Bourse unique pour les PME, née du rapprochement de deux marchés, AIM Italia et MAC. Le nouveau système aura le statut de plate-forme multilatérale de trading (MTF). Un flottant minimum de 10% sera requis.

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