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09/12/2011

Fidelity recruits a manager from Threadneedle

The head of international equities at Threadneedle, Jeremy Podger, has left the firm to join Fidelity as a senior manager in the team dedicated to international equities, Investment Week reports. Podger will take charge of the Global Special Situations fund, with assets under management toalling GBP1.5bn. The current manager of the fund, Jorma Korhonen, will be leaving Fidelity. Podger will work closely with Richard Lewis, the recently-appointed head of the international equities unit.
09/12/2011

Paul McLaughlin joins State Street Alternative Investment

Paul McLaughlin has joined State Street Alternative Investment Solutions in Guernsey, where he is now head of operations, Hedgeweek reports. His responsibilities include strengthening the alternative investment services offered to clients based in Europe, the Middle East and Africa (EMEA), including private equity and real estate funds. McLaughlin previously worked at BNY Mellon in Dublin, where he held a similar position.
09/12/2011

Lyxor to pull ETFs from trading in Hong Kong

The 12 ETFs from Lyxor Asset Management (Société Générale group) admitted to trading on the Hong Kong Stock Exchange will be withdrawn from trading, and their licenses will be cancelled by the Hong Kong Monetary Authority on 13 March 2012, Handelsblatt reports. The last day of trading for the funds will be 7 March 2012.The decision by Lyxor is related to the fact that all ETFs listed in Hong Kong are synthetic replication products, which are subject to close monitoring by th Securities & Futures Commission (SFC). The Commission stipulated in September that managers of derivative-based ETF funds would be required to provide additional guarantees on their swaps.
09/12/2011

Investec dropped from FTSE 100

FTSE Group pulled the Investec group (banking and asset management) from the FTSE 100 index at its most recent quarterly revision. Investec, along with Lonmin and Inmarsat, will join the FTSE 250 at the end of this month. The three firms that will join the FTSE 100 will be the construction materials group CRH, the steel maker Evraz, and the precious metals specialist Polymetal International. The changes announced will be applied at the close of trading on 16 December, and will take effect from 19 December.
09/12/2011

Bethmann Bank completes acquisition of LGT Bank Deutschland

After two months, Bethmann Bank (ABN Amro group) has received the necessary authorisation from the Federal Office of Cartels and BaFin to finalise its acquisition of LGT Bank Deutschland (EUR2bn in AUM).The supervisory board at Bethmann Bank has appointed Roland Schubert as a board member, effective from 8 December. Bethmann had been CEO for private banking activities in Germany at LGT.After the transaction, assets at Bethmann Bank will total EUR19bn.
09/12/2011

Carsten Maschmeyer resigns from board at Swiss Life

Carsten Maschmeyer, founder of the German financial services provider AWD Holding, on 7 December resigned with immediate effect form his position as director of Swiss Life Holding, a position he was elected to in 2009, following a decision to reduce his stake in Swiss Life Holding to less than 3% from 5.05% currently. Maschmeyer says in a statement that he is also hoping to spare Swiss Life AWD from the unfounded personal attacks he has been subject to. Maschmeyer is hoping that his decision to resign and sell shares in the firm will put an end to rumours that he had had a direct influence on operational activities at AWD. The German SMB CGI Industrie AG, for its part, announced on 8 December that Maschmeyer has increased his stake in its capital above the 3% and 5% thresholds, the day after a sale of some of his shares in Swiss Life Holding. The transaction was processed via the wealth manager Paladin Asset Management.
09/12/2011

Natixis Global Asset Management finalises partnership with IDFC

As initially announced on 17 December 2010 (see Newsmanagers of 20 December 2010), the Indian infrastructure specialist financial group IDFC and Natixis Global Asset Management (NGAM) on 8 December officially finalised a strategic partnership for their collective asset management activities. The two entities have announced the acquisition of a 25% stake in the capital of IDFC Asset Management Company (IDFC AMC) and ADFC AMC Trustee Company by NGAM. IDFC AMC is the asset management firm for IDFC Mutual Fund, and the platform dedicated to retail and institutional investors for the IDFC group. The partnership will allow NGAM to strengthen its presence in Asia, where the asset management firm is already present in Japan, Taiwan, Singapore, and China. “This agreement represents a significant step in the realisation of our strategic objectives of diversifying our international activities and strengthening our presence in Asia,” Pierre Servant, CEO of NGAM, says in a statement. “By joining forces with IDFC AMC, we are extending our range of expertise and extending our presence to India, which is a dynamic emerging economy with a rapidly-growing base of retail investors seeking innovative and international investment opportunities.” The agreement also allows IDFC AMC to offer Indian investors access to international investment opportunities via asset management products from NGAM. Under the agreement, the firm may also access global investors who may be seeking to profit from the growth of the Indian economy by investing on the Indian stock markets. As of 30 September 2011, IDFC Asset Management Company Ltd had assets under management of USD5.6bn. Assets at Natixis Global Asset Management on that date totalled EUR525bn.
09/12/2011

Losses at MF Global may mean gains for Soros

The family of George Soros has bought up about USD2bn in European bonds previously held by MF Global Holdings, sources familiar with the matter have told the Wall Street Journal.The bonds in question are precisely the short-term European government bonds, largely from Italy, which drove MF Global to file for bankruptcy protection on 31 October. Under the direction of CEO Jon S. Corzine, MF Global had accumulated USD6.3bn in European government debt.
09/12/2011

Dubai IG transfers real estate to Mark Walsh

Dubai Investment Group is closing down its New York office and transferring control of its USD1.1bn real estate portfolio to a private equity firm co-founded by Mark Walsh, the Wall Street Journal reports. Walsh is the former head of the real estate unit at Lehman Brothers.
09/12/2011

Torch to be passed at LCF Rothschild

Following a meeting of the supervisory board on 8 December, La Compagnie Financière Edmond de Rothschild (LCF Rothschild) has announced that its 2001 results will be on a par with its 2010 results, “which is a good performance” in a difficult financial and economic environment. Michel Ciurel has announced that he plans to leave his position as chairman of the board in September 2012, after 13 years at the head of the company. As planned three years ago, after the installation of Marc Lévy and Marc Samuel, Guy Grymberg, CEO, will be leaving the firm at the same time as Cicurel. LCF Rothshild says that under the leadership of Cicurel and Grymberg, its assets and profits have been multiplied by a factor of seven. As desired by Benjamin de Rothschild, the two men will assist the supervisory board in arranging for their succession.
09/12/2011

Former MF Global chief pleads ignorance

“I simply don’t know where the money is, or why the accounts were not kept current,” John Corzine, former chairman and CEO of the bankrupt broker MF Global, declared on Thursday at a House of Representatives committee hearing. At the hearing, Corzine testified that his knowledge of specific transactions involving client funds was limited, Agefi reports.
09/12/2011

Barings adds to multi-asset class team

The North American multi-asset class team at Barings, led by Hayes Miller in Boston, has recruited Matthew Whitbread as investment manager. He has left Fundquest Inc, an affiliate of BNP Paribas, where he had been portfolio manager, with responsibility for asset allocation.The multi-asset class team at Barings, which was created in 2002, includes eight portfolio managers and two analysts; as of the end of October, it managed GBP5.7bn.
09/12/2011

Lyxor AM to help CalSTRS to develop global macro strategy

The California State Teachers’ Retirement System (CalSTRS, USD148.2bn in assets as of the end of October) has announced that it has selected Lyxor Asset Management as its advisor for the development of a new strategy based on global macro hedge funds. The mandate was awarded following a 15-month process, and includes a trial period of up to three years. Among the responsibilities that will be assigned to Lyxor (Société Générale group) are assisting investment professionals at CalSTRS to develop, monitor and update investment policies, procedures and programme structures for the strategy. The US affiliate of the French asset management firm will also set up a strategy to identify highly qualified managers, and to undertake due diligence on the candidates. In addition, Lyxor will undertake regular evaluations of managers and accounts, identify problems, and undertake quarterly reporting for the investment committee at CalSTRS.
09/12/2011

Sodexo, Gecina and Fiat join Vigeo ASPI index

Three shares have been added to the ASPI Eurozone index: Sodexo, Gecina and Fiat, the ASPI committee announced on 8 December, following its annual revision of the index. The ASPI Eurozone® index includes the 120 best-rated companies in the euro zone on the basis of Vigeo ratings. Meanwhile, three shares have been removed from the ASPI index: Dexia, Rautarukki, and Brisa. The changes in the composition of the index will be applied after the end of the trading day on Friday, 16 December 2011, and will take effect form the beginning of the following trading day.
09/12/2011

Russell recruits at director from S&P

Michael Gallucci, who has spent 16 years at Standard & Poor’s, most recently as senior sales director at S&P Index Services, joined Russell Investments in late November. He has been appointed regional director for structured products and data redistribution to sell-side clients for the United States. Gallucci will be in charge of developing distribution activities in the United States for Russell Indexes products, including new products which have recently been added to the line of traditional benchmarks and custom products. Gallucci will report to Mark Sutter, director of US Sales for Russell indices.
09/12/2011
Gestion d'actifs

La CAPAV est en train de réfléchir à une baisse de son exposition à l'immobilier

La CAPAV, Caisse de Retraite Paritaire de l’Artisanat du Bâtiment du Canton du Valais, (550 millions de Francs Suisses) est actuellement en train de réfléchir à une baisse de son exposition à l’immobilier. Le gérant du Fonds craint une hausse des taux d’intérêt et une bulle immobilière. Le Fonds détient de l’immobilier direct mais utilise aussi 13/14 fonds immobiliers. Les gérants de la Caisse veulent garder les plus liquides. D’un point de vue tactique, le régime a réduit son exposition aux actions en juin, août et octobre de cette année, de 35% à 13% des actifs du Fonds. Ces actifs sont transférés vers du cash. Depuis décembre 2010, la stratégie d’investissement est la suivante : 18% d’actions Suisses, 14% d’actions étrangères, 18% en obligations en devises étrangères, 14% d’obligations en Francs Suisses, 15% en immobilier direct, 15% en immobilier indirect, 6% en alternatifs (3% hedge funds, 1% matières premières et 2% d’autres actifs). La Banque Cantonale du Valais (BCV) a un mandat d’actions suisses, tandis que le reste des actifs est géré en interne et via des fonds.
Gestion d'actifs
09/12/2011

Michel Cicurel dresse son bilan

Dans un entretien accordé au quotidien avec Benjamin de Rothschild, Michel Cicurel dresse un bilan de son action à la tête de la Compagnie financière Edmond de Rothschild, après que le président du directoire de la banque a présenté hier au conseil son souhait de mettre un terme à ses fonctions. Ce départ est programmé pour septembre. Michel Cicurel, partant «l’âme en paix», estime «qu’il est temps de passer le relais à la prochaine génération». Benjamin de Rothschild avance que la succession de Michel Cicurel, qui rejoindra le conseil de surveillance, sera assuré «en coordination» avec lui.
09/12/2011

L'EBA pose ses conditions aux banques

Pour trouver 114,7 milliards d’euros d’ici juin, le secteur pourra émettre des «CoCos», mais pas liquider ses dettes souveraines ou resserrer le crédit.
09/12/2011

George Soros tire parti de la chute de MF Global

Le malheur des uns fait le bonheur des autres. Le quotidien américain relève ainsi que le fonds familial de George Soros a acquis environ 2 milliards de dollars de dette européenne précédemment détenue par MF Global, par l’intermédiaire de l’offre présentée par l’administrateur de la faillite à Londres, KPMG. Cette dette précisément a précipité la mise en faillite de MF Global le 31 octobre dernier.
09/12/2011

Augmentation des prix du gaz de 4,3%

Le gouvernement devrait annoncer une augmentation des tarifs réglementés du gaz limitée à 4,3% applicable au 1er janvier prochain, selon le quotidien qui ne cite pas ses sources. Après la suspension de la décision de gel des prix du gaz par le Conseil constitutionnel, le premier ministre, François Fillon, s’était engagé sur une hausse qui n’excède pas 5%.
09/12/2011

John Ozinga prend la tête de la plate-forme française de CBRE

CBRE Global Investors, spécialiste de la gestion d’actifs et d’investissements immobiliers, a nommé John Ozinga à la présidence de sa plate-forme française. Il sera responsable de l’orientation stratégique, de la gestion opérationnelle et administrative, du développement et des résultats financiers de la plateforme française de CBRE Global Investors.
09/12/2011

La BCE ne s’oppose pas à la candidature de Benoît Coeuré

Le Conseil des gouverneurs de la BCE a indiqué n’avoir aucune objection à la candidature du Français Benoît Coeuré en remplacement de l’italien Lorenzo Bini Smaghi. Si cette désignation se confirme au terme des procédures prévues par les textes européens, Benoît Coeuré entrera en fonctions début 2012.
09/12/2011

Oddo AM lance un fonds actions bancaire

La société vient de lancer Oddo European Banks, un fonds investi dans les actions de banques européennes avec un horizon de placement de 5 ans. Oddo AM, qui juge certaines valeurs sous-valorisées, a en revanche repoussé à 2012 l’idée de lancer un fonds sur la dette financière.
09/12/2011

La croissance japonaise moins forte que prévu

Le PIB japonais a finalement progressé de 5,6% en rythme annuel au troisième trimestre, contre 6% initialement estimés, selon le gouvernement. Ce chiffre est néanmoins plus élevé que les 5,2% du consensus Bloomberg. Les investissements des entreprises expliquent cette différence. Ils ont augmenté à un rythme de 0,4%, contre 1,1% initialement estimé.
09/12/2011

Vers un assouplissement monétaire en Chine

L’augmentation des prix à la consommation en Chine a ralenti à un rythme de 4,2% en novembre, selon les chiffres publiés aujourd’hui par le bureau des statistiques. Le ralentissement de l’inflation, à son plus faible niveau depuis 14 mois est plus marqué qu’attendu. Le consensus Bloomberg tablait sur un chiffre de 4,5%. Après la baisse du ratio des réserves obligatoires la semaine dernière et sur fond d’inquiétudes sur l’ampleur du ralentissement de l’activité, les économistes anticipent une poursuite de l’assouplissement monétaire, notamment par un geste sur les taux. «La baisse de l’inflation donne des marges de manœuvre aux autorités pour assouplir plus rapidement leur politique monétaire» estime ainsi Stephen Green, économiste chez Standard Chartered. Le taux de swap à un an baissait de 6 bp à 2,75% suite à cette annonce, et le taux de refinancement à 7 jours est en baisse de 15 bp sur la semaine à 3,54%.
09/12/2011

Marie-Pierre Peillon élue présidente de la SFAF

A l’issue de la séance du 5 décembre, Marie-Pierre Peillon a été élue présidente du Conseil d’administration de la Société française des analystes financiers. Elle succède à Ibra Wane, qui ne souhaitait pas se représenter, et qui demeure administrateur de l’association.

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