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16/05/2011

Several US funds take interest in Spanish savings banks

In addition to traditional fund management firms such as BlackRock, Fidelity and Capital, many US private equity and hedge fund managers are taking an interest in the Spanish savings banks (“cajas”), which may soon be announcing IPOs, Expansión reports.The interested investors include Paulson, Amber Capital and Viking among the most active, as well as Apax, Dabroes, Mason Capital and TIAA-CREF. The names of Cerberus, The Carlyle Group, Apollo Management, Texas Pacific Group, KKR and Ripplewood Investments are also being mentioned.
16/05/2011

Amundi asset management posts inflows of EUR3bn in first quarter

In first quarter 2011, assets under management in the asset management, insurance and private banking unit of Crédit Agricole rose 2.5% compared with the end of March 2010, at a total of EUR1.062trn. Net inflows, for their part, totalled EUR1.1bn in first quarter 2011. “This solid commercial performance has led to good resistance for Amundi and Crédit Agricole Assurances in a less favourable environment, marked by a general context of net outflows and a noticeable downturn in the life insurance market over the course of the quarter overall,” Crédit Agricole said in a statement published on 13 May. Net profits for the part of the group totalled EUR1bn, 2.1 times higher than in first quarter 2010, which was marked by the weight of activities which were in the process of being wound down. In asset management, Amundi has posted commercial results higher than those of the market. Inflows were positive at EUR3bn, driven by institutionals and corporate savings. Amundi has proven successful with institutionals, both in France (retirement planning institutions) and internationally (particularly in Asia and the Middle East). Networks in France, for their part, held up well in a general context of outflows. In corproate savings, assets totalled EUR33bn, with a significant increase of 8% compared with December 2010. Taking into account a positive market effect of EUR1.3bn, which was offset by an unfavourable currency effect largely due to the depreciation of the yen, assets under management totalled EUR711.7bn as of 31 March 2011, compared with EUR709.3bn one year previously, at EUR710.3bn as of 31 December 2010. Due to its international development strategy, increases in assets distributed outside France were over 8%.
16/05/2011

BNY Mellon selected by Textron

BNY Mellon Asset Servicing has been named global custodian for Textron’s employee defined benefit retirement plan, with USD4.2billion in assets. The plan supports more than 76,000 employees and retirees worldwide.
16/05/2011

Strong growth for Neuberger Berman activities serving institutionals

Assets under management at Neuberger Berman as of 31 March totalled Usd199bn, compared with USD155bn two years previously. This 28% increase reflects both a positive market effect and net inflows, the management firm says in a statement released on 12 May. In the 12 months to 31 March, net inflows from institutionals totalled USD10bn. Assets in US mutual funds increased 20%, to Usd27.2bn. About 18% of assets are managed on behalf of investors outside the United States as of 31 march, compared with about 5% three years ago. Of assets of USD199bn, 48% are invested in international or US equities strategies, 43% in bond strategies, and about 9% in alternative strategies (hedge funds and private equity).
16/05/2011

Primonial AM adds to development unit

Primonial Asset Management, the asset management firm of the Primonial group, on Friday, 13 May announced that it has added to its development unit with the arrival of two new recruits, Mirsad Adrovic, who is appointed Director of Products, and Cristina Bonevecchio, who joins the firm to develop partnerships. Adrovic, 34, previuosly served as deputy director of the financial firm Roche Noire, from 2005 to 2011, where, a statement says, he formed, set up and developed asset management assistance services for IFAs and distribution networks. Bonevecchio, 47, was previously head of development for partnerships with IFAs at Swiss Life. She also helped to create Privalto BNP Paribas.
16/05/2011

Senior manager joins fixed income and credit team at Edrim

Edmond de Rothshild Investment Managers (EDRIM) on Friday, 13 May announced that it has added to its fixed income and credit team, with the arrival of Etienne de Marsac as senior manager. De Marsac, a specialist in the government bond market, will work on duration management and arbitrage strategies, and will assist in the development of total return strategies, a statement says. De Marsac, 38, was a bond and derivatives manager at Natixis Asset management from 2005 to 2010. From 2000 to 2005, he was in charge of discretionary management of a total return bond portfolio at ADI, among other roles.
16/05/2011

Robert Vela joins Neuflize OBC Investissements

Robert Vela in March joined the sales team led by Basile Schlumberger at Neuflize OBC Investissements, as head of external distribution. He was previously director of distribution clients at ING Investment Management (a position he had held since May 2007). Neuflize OBC Investissements, a wholly-owned subsidiary of Banque Neuflize OBC, owned by ABN Amro, was born of the merger of Asset Allocation Advisors, Neuflize OBC Asset Managemetn, and the financial management unit of Banque Neuflize OBC. It includes multi-management and direct management of securities, and manages nearly EUR22bn in assets.
16/05/2011

New chairman of the board at HSBC Private Bank France

Antoine Cahuzac has been appointed chairman of the board at HSBC Private Bank France, from 14 May 2011. He succeeds Daniel Roy, who has left the group. Cazuhac, 56, a graudate of the Ecole polytechnique, has since 1985 held a series of positions in the investment bank at HSBC France. Since June 2008, he has been senior corporate advisor to the CEO and a member of the executive board at HSBC France.
16/05/2011

Murielle Didier joins ING IM

Murielle Didier last week joined ING Investment Management France, as director of distribution clients, in charge of relations with private banks and multi-managers. Didier, who holds a DESS Finance diploma from IEP Paris, previously spent six years at head of sales in the Distribution France unit of Fortis Investments, and then worked at BNP Paribas IP and four years at Fidelity Investments France, where she was in charge of distributor clients. Didier arrives following the departure of Robert Vela, who has joined Neuflize OBC Investissements (see article in today’s Newsmanagers).
16/05/2011

Keren Finance recruits from Richelieu Finance

Vincent Schmidt, CEO of Keren Finance, has confirmed to Newsmanagers that Clément Duval has joined his asset management firm, as reported on 12 May by the website H24 finance. Duval, previously a sales manager at Richelieu Finance, will begin in early June, and will handle partner relations. At the end of March, Benjamin de Frouville, who served in this role at Keren Finance previously, has joined M&G France.
16/05/2011

Former BGI CEO for Asia recruited by Fidelity

Fidelity International has recruited the former CEO of Barclays Global Investors (BGI) for Asia ex Japan, Mark Talbot, as managing director for Asia ex Japan, Asian Investor reports. Mark Talbot, based in Hong Kong, will begin on 27 June, and will work to develop activities in the region serving clients in China, Singapore and South Korea. He will report to Arne Lindeman, CEO of Fidelity International for the Asia-Pacific region.
16/05/2011

RCM Asia aims for USD25bn in AUM

RCM Asia, the specialised Asian equities management affiliate of Allianz Global Investors, manages nearly USD15bn in assets, 10% of total RCM assets worldwide, La Tribune reports. A growing investor base will likely allow RCM Asia to reach its target of 15% of total assets under management in four to five years, at nearly EUR25bn, the newspaper says.
16/05/2011

UK ETFs post record inflows in first quarter

Net inflows to ETF funds in the UK in first quarter totalled a record GBP824m, according to statistics from the UK investment management association (IMA). As of the end of March 2011, assets in ETFs totalled nearly GBP40bn, to be more precise, GBP39.8bn, up 19% compared with first quarter 2010. ETFs as of the end of March represented 6.8% of fund volumes overall, the highest percentage ever recorded. Of 81 ETF funds, 40 (or 49%) replicate the major British indices. Funds of funds, for their part, have attracted roughly 1 out of every 8 pounds invested in funds overall. Net inflows totalled GBP1.7bn, about half (GBP860m) of which were invested in diversified funds. At the end of first quarter, assets in funds of funds totalled GBP60.7bn, 10.4% of total fund assets. Net inflows to ethical funds totalled GBP90m, slightly less than the levels previously observed. Assets under management in ethical funds totalled GBP7bn as of the end of March, up 15% compared with first quarter 2010. In total, net inflows to these funds overall (funds of funds, ETFs, and ethical funds) totalled GBP4.723bn in first quarter, compared with GBP5.67bn in first quarter 2010. Assets under management as of the end of March totalled GBP583.2bn, up 14% compared with the end of March 2010.
16/05/2011

Progression de 4% au premier trimestre des actifs gérés pour compte de tiers chez Generali

Les actifs du groupe Generali gérés pour compte de tiers s'élevaient fin mars à 92 milliards d’euros, en hausse de 4% par rapport à leur niveau de fin 2010.Le groupe a fait état pour le premier trimestre d’un bénéfice net de 616 millions d’euros, en progression de 16,8% par rapport au premier trimestre 2010, grâce aux bons résultats de tous les pôles d’activité : vie, dommages et gestion d’actifs.
16/05/2011

Assets under management at Intesa Sanpaolo hold stable in first quarter

Assets under management at Intesa Sanpaolo as of the end of March finished at EUR234bn, up 0.1% compared with the end of December 2010, but down 1.8% compared with 31 March 2010, the Italian banking group announced on 13 May. Net profits for the part of the group totalled EUR661m in first quarter 2011, up 30.9% compared with fourth quarter 2010, but down 3.9% compared with first quarter 2010.
16/05/2011

Norwegian sovereign fund has nearly EUR400bn in assets

The Norwegian sovereign fund, the second largest sovereign fund in the world (after the Abu Dhabi sovereign fund), saw its market value near EUR400bn in first quarter, the Bank of Norway, which manages the fund, announced on 13 May. The fund, fed by the state’s oil revenues, and invested in international equities, bonds, and real estate, now weighs NOK3.102trn (EUR395.7bn), NOK24bn more than at the end of 2010, and a new record. Financial investments by the fund gained NOK59bn in first quarter, for returns of 2.9% for equities, and 0.7% for bonds. Better-than-expected results at many businesses, the high price of oil and natural gas, and expected growth in the global economy contributed to boost the price of European and US equities, a statement from the CEO of Norges Bank Investment Management (NBIM), Yngve Slyngstad, says. However, the performance of the fund was hurt by the earthquake in Japan, followed by the nuclear disaster at Fukushima. The fund’s 5% allocation to Japanese equities lost 2.8% (as measured in local currency). At the end of first quarter, the fund was 61.3% invested in equities, while the allocation to bonds totalled 38.6%, and real estate weighed in at 0.1%.
16/05/2011

CalPers livre sa stratégie dans les hedge funds

Craig Dandurand, gérant spécialisé sur les hedge funds chez CalPers, était à Paris la semaine dernière. Il explique à L’Agefi la stratégie d’allocation du fonds de pension californien. Les hedge funds représentent 2,5% de ses encours, et 70% sont des investissements directs.
16/05/2011

La zone euro vise 2 % de croissance en 2011

Le bond de 2,5 % du PIB au premier trimestre, sur un an, permet à la zone euro de bien démarrer l’année. L’Allemagne, suivie de la France, a mené la reprise. L’activité risque de ralentir au cours des trimestres suivants mais la croissance pourrait avoisiner 2% en 2011.
16/05/2011

Carlyle défend ses investissements en Chine

Dans un entretien accordé au quotidien, David Rubenstein, le co-fondateur de Carlyle, se défend vivement contre les attaques concernant deux de ses investissements en Chine, China Forestry et China Agritech, accusés de fraude et retirés de la cote. David Rubenstein estime que le poids de ces sociétés, 80 millions de dollars chacune, dans le total de 3 milliards investis en Chine est «insignifiant».
16/05/2011

Le délit d’initié dans le viseur de la FSA

Dans le cadre d’un entretien accordé au quotidien, Margaret Cole, responsable de la supervision de l’application des règlements de l’autorité des marchés britanniques, appelle le gouvernement à instaurer des sanctions plus lourdes à l’encontre des personnes convaincues de délit d’initié. Afin d’«envoyer un message clair», elle propose de faire passer la peine maximale de 7 à 10 ans d’emprisonnement.

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