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18/07/2011

Jean-Claude Trichet demande davantage de discipline

Le président de la BCE, Jean-Claude Trichet, a déploré la gestion de la crise de la zone euro par les Etats membres, et estimé qu’ils devaient faire preuve de plus de discipline. Dans un entretien au FT Deutschland à paraître aujourd’hui, il rappelle également que si un Etat membre de la zone euro venait à faire défaut sur sa dette, la BCE ne pourrait plus accepter ses titres obligataires en collatéral.
18/07/2011

Les Etats-Unis toujours en quête d'une solution sur la dette

Le directeur du budget auprès de la Maison-Blanche, Jack Lew, a fait état hier d'«activité et de progrès» dans les négociations sur le relèvement du plafond de la dette américaine. Interrogé par CNN, il a également estimé que les membres du Congrès avaient bien conscience qu’un défaut des Etats-Unis sur le financement de leur dette n'était pas envisageable. A deux semaines de la date butoir à laquelle Washington se trouverait dans cette situation, la Maison blanche et les parlementaires ne parviennent toujours pas à s’entendre sur un accord budgétaire ni un relèvement du plafond légal de la dette. La limite a dans les faits déjà été atteinte, et le département du Trésor a dû recourir à des procédures techniques pour contourner l’obstacle. Le président Barack Obama avait mis en demeure les responsables du Congrès de présenter durant le week-end un programme permettant de conclure le débat.
18/07/2011

Le CSF se penche sur la résolution bancaire

Réuni aujourd’hui à Paris, le Conseil de stabilité financière doit donner son feu vert à la surcharge en fonds propres des établissements dits d’importance systémique. Le Comité de Bâle pour la supervision bancaire a déterminé le mois dernier une fourchette allant de 1% à 2,5% supplémentaires. La contribution des créanciers seniors devrait également être abordée.
17/07/2011
Gestion d'actifs

BNP Paribas Cardif s'oriente vers les stratégies les moins liquides en matière de gestion alternative

Avec 3 % de son portefeuille investi en gestion alternative, dont 1 % dans les hedge funds, la filiale assurance de BNP Paribas n’a de cesse d’augmenter cette pondération au fil des années. Selon Cédric Chavot, responsable ingénierie produits chez BNP Paribas Cardif, dans un article paru dans l’Agefi Hebdo, le traitement de cette poche d’investissement dans le cadre de Solvabilité II est coûteux, qu’il s’agisse de l’approche standard ou de l’approche par réplication de la structure de risques en modèle interne. « En complément de la dimension risque, l’exercice consiste à optimiser le ratio rentabilité/coût en capital, explique-t-il. Puisqu’il est probable que cet investissement ait une consommation élevée en fonds propres, les stratégies les plus rémunératrices, souvent moins liquides, pourraient être favorisées. Il est toutefois nécessaire de veiller à respecter une bonne diversification du portefeuille agrégé et une parfaite adéquation de liquidité entre le passif et l’actif. » Par ailleurs, « en comparaison avec les fonds ouverts, les fonds dédiés présentent l’avantage de nous permettre de maîtriser ces deux contraintes », ajoute-t-il.
Gestion d'actifs
15/07/2011

Le débat budgétaire à l’Assemblée aura lieu du 18 octobre au 16 novembre

Le traditionnel «marathon» budgétaire d’automne à l’Assemblée nationale se déroulera en séance publique du 18 octobre au 16 novembre. Le projet de loi de finances pour 2012, qui devrait être présenté au plus tard le 28 septembre en Conseil des ministres, sera le dernier de la législature et du quinquennat. Le Sénat procédera ensuite à l’examen du budget qui devra être impérativement voté par le Parlement au plus tard le jeudi 22 décembre.
15/07/2011

Adjudication de BTAN et BTANi le 21 juillet

L’Agence France Trésor annonce l’adjudication, le jeudi 21 juillet, d’un montant compris entre 7,0 et 8,0 milliards de bons du Trésor à intérêts annuels (BTAN). L’opération à taux fixe portera sur les lignes de BTAN 2,0% septembre 2013, 3,0% juillet 2014 et 2,50% juillet 2016. Elle adjugera le même jour entre 1,0 et 1,5 milliard d’euros de BTAN indexées sur l’inflation française (BTANi) et d’obligations assimilables du Trésor indexées sur l’inflation de la zone euro (OATei). L’opération portera sur les lignes BTANi 0,45% juillet 2016, OATei 1,10% juillet 2022 et OATei 1,80% juillet 2040.
15/07/2011

Aberdeen launches its third Asian real estate fund of funds

Singapore-based Aberdeen Asset Management Asia Ltd (Aberdeen Asia) announced on 12 July, as expected, that it is launching its third closed fund of funds specialised in Asian real estate and aimed at institutional investors (see Newsmanagers of 30 March 2011).The objective is to create a portfolio of best-in-class funds in the region, focused both on mature markets such as Japan, Australia and Singapore, and on emerging markets such as China and India. Funds selected will run the entire risk spectrum from core portfolio investments to opportunistic strategies. The fund is expected to rely on credit for a total of 50% to 60%. The performance objective is about 13-17% per year. The new product will be managed by five people in Singapore, led by Puay Ju Kang, head of property for Asia-Pacific.
15/07/2011

Barclays Cap launches a fund based on European volatility

Citywire reports that Barclays Capital is launching a UCITS-compliant Luxembourg fund, which replicates the Vstoxx 50 Mid Term Futures index, entitled Barclays Euro Mid Term Volatility fund, which charges a replication fee of 0.89%, a management commission of 0.2%, and set fees of 0.2%. Replication maintains a continuously rolling position in Vstoxx futures, targeting a five-month forward exposure.
15/07/2011

US banks dominate a growing private management market

Les Echos relays the most recent rankings by Scorpio Partnership, which find that Bank of America retains its position as the largest private bank in the world in terms of assets under management (USD1.944trn), followed by Morgan Stanley (USD1.628trn), and then the Swiss bank UBS (USD1.560trn), and Wells Fargo. With USD340bn in assets under management, the largest French bank, BNP Paribas, ranks ninth, having gained two places due to the consolidation of the Belgian bank Fortis.Overall, assets under management rose 11.12% in 2010. Smaller structures have done slightly better than large ones, with growth in assets under management of 12.4%, compared with 10%. The market remains highly concentrated, with the 20 largest private banks in the world accounting for 81.6% of assets entrusted to wealth management teams in 2010 (compared with 77.1% in 2009).
15/07/2011

ETF asset growth slowing

According to a study by Deutsche Bank, in the next three years, average growth of 25% is to be expected for ETF assets in Europe in the next three years. But the debt crisis has clearly slowed growth in first half 2011, when the increase slowed to 5%, the Börsen-Zeitung notes, in a phenomenon similar to the one observed in 2008 in the wake of the sub-prime debt crisis. Net subscriptions represented about EUR14bn. As of the end of June, Europe had 1,483 ETFs, with assets of EUR241bn.
15/07/2011

Allianz GI creates a position for Managing Director, Head of Retirement for Europe

Allianz Global Investors announced on Tuesday, 13 July that it has appointed Andreas Hilka as Managing Director, Head of Retirement for Europe from 1 July. Hilka occupies a newly-created position, which will make him responsible for the development and deployment of a strategy centred on retirement plans and solutions in Europe. He will report to Elizabeth Corley, CEO of Allianz Global Investors for the European region.Hilka, 43, previously worked at the Credit Suisse group in Frankfurt as Head of Multi-Asset Solutions for Austria, Germany, Luxembourg and Poland, and as Head of retirement solutions for Europe, the Middle East and Africa.
15/07/2011

MEAG acquires a stake in Amprion

German power supplier RWE has sold a 74.9% stake in Amprion GmbH to a consortium of institutional investors and electricity distributors, including MEAG, the asset manager for Munich Re and Ergo (EUR202bn). The sale price has not been disclosed. MEAG, which is diversifying its portfolio, stated on 14 July that the consortium has entrusted management of the participation to a fund launched and managed by Commerz Real. For its part, RWE will retain the remaining 25.1% stake in Amprion, a firm which operates high tension electricity transport networks.
15/07/2011

Auda recruits Ferdinand von Sydow

The family office for the heirs to Harald Quandt, which also manages the wealth of other families, Auda International (USD4.5bn in private equity), has recruited Ferdinand von Sydow as managing director, from mid-September, the Frankfurter Allgemeine Zeitung reports. Von Sydow will be in charge of developing the institutional client base. He is currently one of the directors of the real estate asset management firm IVG International Funds (EUR12.5bn).
15/07/2011

Aviva Investors opens a branch in Zurich

Fabio Ferra and Karsten-Dirk Steffens, business development directors, will be heads of the new Aviva Investors representative office in Switzerland. Steffen had been senior sales director, while the latter was head of client service at Axa Investment Managers for Switzerland. They will report to Gabriele Miodini, head of financial institutions for Europe. Their mission will be to develop a distribution network in Switzerland.
15/07/2011

Julius Baer launches a green portfolio analysis service

Swiss-based asset management firm Julius Baer on 13 July announced that it has launched a service which allows investors to reduce to completely neutralise CO2 emissions from their equities portfolios, entitled “green portfolio services,” which has been developed in cooperation with the Zurich-based firm South Pole Carbon.On the basis of an individualised portfolio analysis, investors will be able to reduce carbon emissions related to their investments by taking one or several measures to this end.Pollutant emissions reduction projects by South Pole Carbon have been developed in compliance with the United Nations Framework Convention on Climate Change (UNFCCC), and are also recognised by specialist NGOs such as the Swiss-based Gold Standard. These projects focus on sources of renewable energies, reforestation, and prevention of methane emissions.
15/07/2011

Major proxy voting and engagement mandate for Robeco

The London Pension Fund Authority (LPFA, EUR4.6bn) has selected the Dutch asset management firm Robeco (EUR150bn in assets) for an initial period of two years in charge of a proxy voting and engagement mandate for its international equities portfolio of about EUR1.1bn. It is the first mandate of its type for Robeco in the United Kingdom.
15/07/2011

Assets at Franklin, Legg Mason and Invesco down in June

Three major US asset management firms have nearly simultaneously announced their asset volumes as of the end of June. In all three cases, assets are down compared with the end of May. At Franklin Resources, the total is USD734.2bn, compared with USD735.8bn, while at Legg Mason assets are down to USD662.5bn from USD670bn, and at Invesco they are now USD653.7bn, compared with USD661.4bn.By comparison, as of 31 December 2010, assets under management at Franklin resources totalled USD670.7bn. At Legg Mason, they were USD671.8bn, and at Invesco, they were USD616bn.
15/07/2011

Métropole Gestion seeking a head of retail distribution

Bruno Zaraya, head of retail distribution at Métropole Gestion, will no longer be a part of the company after his holiday leave is completed, which confirms what the H24 website had reported.Zaraya, who spent one year at Métropole Gestion after serving as director of sales at Sal. Oppenheim since December 2008, and previous to that, head of partnerships and key accounts for France at Edmond de Rothschild Asset Management (2003-2008), is leaving the business to undertake an entrepreneurial project. The firm led by François Marie Wocjik, for its part, is currently recruiting a replacement for Zaraya.
15/07/2011

Apax teams up with investors

In the past, when private equity investors needed money to make a major acquisition, they teamed up with rivals. Now, they appear to have found another source of financing: their investors, the Wall Street Journal reports. The British firm Apax Partners has signed an agreement with the affiliates of two major pension funds, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board of Canada, to acquire Kinetic Concepts Inc., a hospital wound-care and hospital bed provider, for USD6.3bn, including debt. The offer at USD68.40 per share represents a 17% premium over the shares’ last closing price before the operation was announced.
15/07/2011

Viveris REIM signs up as a responsible real estate actor

The real estate portfolio management firm Viveris REIM on Wednesday, 13 July announced that it is founding a charity for engagement in responsible investment, which will soon be followed by the creation of an environmental, social and governance (ESG) investment reference which will be included into the firm’s process of acquiring and managing properties. “Reflections on the definition of sustainable development principles for the business as a whole and the management of its real estate assets were begun in 2010 with EthiFinance, an independent extra-financial ratings agency. The charter defines the philosophy which guides Viveris REIM, and the firm’s major commitments to its partners (shareholders, employees, providers, civil society) in responsible investment and management of real estate properties,” a statement says. Viveris REIM has also signed to the Principles for Responsible Investment (PRI).
15/07/2011

Asset management profits down at JPMorgan Chase

In second quarter, JPMorgan Chase saw net profits of USD5.43bn, compared with USD5.55bn in January-March, and USD4.79bn in the corresponding period of last year.Net profits in asset management were down to USD439m, compared with USD466m for first quarter, but are up 12% compared with USD391m in April-June 2010.As of 30 June, assets totalled USD1.3trn, USD181bn higher than one year previously.JPMorgan states that net inflows in second quarter 2011 totalled USD3bn, and that they totalled USD57bn in the twelve months to the end of June. In the quarter under review, net subscriptions to long-term products totalled USD19bn, but money market products saw net outflows of USD16bn.
15/07/2011

Bain Capital prepares for sale season

Louis Vuitton may not be lowering its prices, but the Wall Street version of the luxury retailer, Bain Capital, has begun putting up the sale posters for its new USD2bn capital investment fund focused on Asia, the Wall Street Journal reports.Bain had previously charged a management commission of 2% and a performance commission of 30%, while its rivals charged 1.5% and 20%. Now, Bain is offering either 2%/20%, or 1%/30%.Investors say the discounts are due to the fact that the most recent Bain funds generated returns that were ultimately comparable to those of its competitors, which makes it more difficult to charge higher fees.
15/07/2011

Lazard Frères Gestion recruits a senior private banker

Lazard Frères Gestion on Tuesday, 13 July announced that it has added to its private banking team with the arrival of Rémi Chleq as a senior private banker. The new recruit will join the private management development team led by Sophie de Nadaillac, managing partner at Lazard Frères Gestion.Chleq, 40, had been head of a team of 5 private bankers at Credit Suisse since March 2007.
15/07/2011

State Street GA adds to treasury team

State Street Global Advisors (SSgA) announced on Wednesday, 13 July that it has added to its treasury team with the appointments of Kevin Thomson and Adam Sadiq. Both will become regional directors of sales for Europe, the Middle East and Africa (EMEA). The two will be based in London, and will report to Jennifer Hole, head of EMEA treasury activities at SSgA, and will be responsible for distribution of liquidity products throughout the EMEA region. Previously, Thompson was head of business development at ICD, a website provider, where he was in charge of developing activities outside North America. Sadiq served as head of development for treasury and short-term fixed income activities at Western Asset Management Company.
15/07/2011

Len Brennan becomes president & CEO of Russell

As Andrew Doman is becoming chairman of the board at Russell Investments, he will be replaced as president & CEO of Russell Investments by Len Brennan, who will retain his position as CEO for the Europe, Middle East and Africa region, to which he was appointed on 11 July (see Newsmanagers of 7 July). Ed Zore, who had been chairman since 2008, will remain on the board as an administrator. Brennan is a company man, having spent most of his career at Russell since 1985. He spent a six-year stint at Rainier Investment Management, founded by three former Russell employees in 2005, and served there are president and CEO, before returning to the fold.
15/07/2011

ESMA publishes a consultation document on AIFM directive

The European Securities Markets Authority (ESMA) on Thursday, 14 July published a consultation document (ESMA/2011/209) laying out its detailed proposals for the Alternative Investment Fund Managers Directive (AIFMD). The move comes in response to a request for assistance from the European Commission to the European authority which preceded the ESMA, the CESR, in December 2010.The ESMA will submit a final recommendation to the Commission on 16 November 2011. Participants will have two months to submit responses to the ESMA. In the light of responses received by 13 September, the ESMA will finalise its proposals and submit them to the Commission by the deadline stated above.

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