Threadneedle - GBP59.7bn in assets under management - has announced the appointment of Vanessa Donegan to the newly created post of head of Asia and global emerging markets. She was one of the founding members of Threadneedle’s investment team when the company formed in 1994. She was most recently head of Asia Pacific equities at Threadneedle. In her new role Vanessa will have overall responsibility for overseeing the investment management activities for GBP6.5bn of assets under management in emerging market equities. This includes the Threadneedle Global Emerging Market Equities Fund (established April 2006), the Columbia Emerging Markets Opportunity Fund (established November 1996), the Columbia Emerging Markets Equity Fund (established May 2000), and the Threadneedle Latin American Fund (established Dec 1997). Vanessa will continue to manage the Threadneedle Asia Fund and the Asia Pacific Mutual Fund. Julian Thompson, former head of global emerging market equities at Threadneedle will be leaving the company «in due course».
p { margin-bottom: 0.08in; } On 30 September, Legal & General Investment Management (LGIM) announced that it has been awarded a mandate by the Multi Manager UK Equity Focus Fund from Scottish Widows Investment Management (SWIP), which has GBP1.1bn in assets, to actively manage GBP267m in equities. For the mandate, LGIM will replicate the strategy used since April 2006 by Robert Churchlow for the Legal & General Growth Trust (GBP220m), The portfolio will include 25 equally-weighted positions. Churchlow is also head of active equities at LGIM.
p { margin-bottom: 0.08in; } Strategists at HSBC have grouped together the United States, the United Kingdom and Japan under the acronym HIIC, for highly indebted industrialised countries, the Wall Street Journal reports. Since the beginning of this year, investors have withdrawn about USD36bn from HIIC equities funds, while they have poured USD45bn into emerging markets funds, EPFR Global reports. HIIC countries carry investment risks which are generally associated with backwaters, developed markets which essentially behave as emerging markets, while emerging markets are rapidly becoming more developed, says Richard Yetsenga of HSBC.
p { margin-bottom: 0.08in; } The principal and director of Van Eck Associates Corporation, Derek van Eck, died suddenly in the night between Wednesday and Thursday, aged 46. He was the son of John van Eck, who founded the management firm in 1955. The portfolios which he managed (the Van Eck Global Hard Assets, Van Eck VIP Global Hard Assets and long/short Hard Assets funds) will be taken over by Shawn Reynolds and Charles Cameron, who were appointed co-managers of the portfolio. Reynolds is head of the energy investment team, and Cameron was director of trading.
p { margin-bottom: 0.08in; } On 1 October, HSBC Trinkhaus & Burkhardt opens its first branch office in 20 years, the Frankfurter Allgemeine Zeitung reports. The new office dedicated to high net worth clients which will be opened in Cologne will include seven senior advisors and three assistants. Six of the advisors, including the director of the office, Heinz-Jürgen Lievenbrück, previously worked at Sal. Oppenheim. Olaf Huth, a board member in charge of private banking, says that the former Sal. Oppenheim managers were not recruited in a targeted manner. He also says that assets under management or administration at the private banking unit represent about EUR22bn, and that inflows since the beginning of the year totalled EUR1.5bn.
p { margin-bottom: 0.08in; } UBS has recruited Paul Raphael as head of the new emerging markets wealth management unit. He becomes a member of the wealth management executive board, and will report directly to Jürg Zeltner, CEO of UBS Wealth Management. For 25 years, Raphael served as director of emerging markets at Salomon Brothers, Merrill Lynch and Credit Suisse. Most recently, he founded his own investment and finance consultancy. At UBS, his new position will put him in control of wealth management in Latin America, central and eastern Europe, the Middle East and Africa, as well as accounts in Switzerland for investors in emerging Asian countries.
p { margin-bottom: 0.08in; } AllianceBernstein has recruited Massimo Della Vedova, who will aim to develop sales in Italy, Bluerating reports. He was previously at M&G, where he set up the management firm’s distribution network in southern Europe.
p { margin-bottom: 0.08in; } Investment Week reports that Robert Churchlow is the new head of actively-managed equities at Legal & General Investment Management. He replaces Mark Burgess, who has moved to Threadneedle. Churchlow was head of the UK desk at LGIM.
p { margin-bottom: 0.08in; } Zurich Financial Services on 30 September announced the appointment of Bernard Joei as head of alternative investments, a newly-created position. Joei, 54, will also direct Zurich Alternative Asset Management LLC, once David Wasserman retires later this year. He will also be in charge of international real estate strategy. Joei was previously CIO at Horizon 21, the firm founded by Rainer-Marc Frey, which last year closed down three funds of hedge funds.
p { margin-bottom: 0.08in; } East Capital, the Swedish management firm specialised in emerging markets, has signed a distribution agreement with Allfunds, the fund distribution platform for Italy and Spain, Bluerating reports. Under the agreement, the sub-funds of East Capital (Lux) will be available on the Allfunds platform.
p { margin-bottom: 0.08in; } Edmond de Rothschild Investment Managers (Edrim) will release three new funds in Italy – Quadrim 8, Geo-Energies and Multigest Select Alpha – via the Italian firm Edmond de Rothschild Sim, Bluerating reports. Quadrim 8 is a quantitative management fund which invests in various asset classes and geographical regions. Geo Energies is specialised in the energy, metals, agriculture and utility sectors. Lastly, Multigest Select Alpha is a UCITS III-compliant fund of hedge funds with a multi-strategy profile.
p { margin-bottom: 0.08in; } The Swiss private bank Julius Baer will announce the appointment of Jacqueline Koo (ex LGT Investment Management) to the position of head of portfolio management for the North Asian region, Asian Investor reports. She will be in charge of a new team, which will also include Erika Mok, who will be in charge of multi-asset portfolios for clients in the region.
p { margin-bottom: 0.08in; } The Government of Singapore Investment Corp (GIC), one of the Singapore sovereign funds, remains positive on emerging markets, particularly in the Asian region, Asian Investor reports. The fund’s chief officer, Ng Kok-Song, has decided to increase the exposure of the portfolio to these markets. He explains that the move is the result of limited economic growth in developed countries, which are expected to stagnate at 2.4% this year, compared with 8% for emerging Asia.
p { margin-bottom: 0.08in; } Funds People reports that March Gestión has been granted a license by the CNMV to provide services in the European Economic Area, which will allow it to manage funds in Luxembourg without having a branch there, according to CEO José Luis Jiménez. The next step is to register a Sicav in Luxembourg, which will house the Vini Catena wine fund and the Terranova Sicav, the investment vehicle for the March family. To allow external clients to invest, March Gestión is joining the Allfunds Bank platform, where its funds will be available from next week.
p { margin-bottom: 0.08in; } Javier Mazzaredo, global head of sales at Santander Asset Management, says asset management in Spain has seen spectacular outflows of 55-60% of its inflows in the past two years. The sector is in decline, and will not bounce back before 2013, he said at the second national collective investment conference, organized by APD, Deloitte and Inverco. The Santander AM manager expressed a hope that in 2013 and 2014, funds would benefit from EUR30bn in subscriptions, which may appear exaggerated, but could well happen if the money currently invested in saving deposits and real estate returned to investment, Cinco Días reports. Paloma Piqueras, CEO of BBVA Asset Management, says that aside from guaranteed funds and structured funds, demand is also likely to increase for ETFs and niche products. Asunción Ortega, chairwoman of Invercaixa, explains that although the firm she leads has seen an increase of 15% to its assets since the beginning of the year at a time when the sector has lost 10%, this is due both to the strong network it relies on and the fact that La Caixa has not launched a campaign to promote savings deposits.
Le gestionnaire américain a lancé en Irlande le fonds coordonné Short Term Duration High Yield qui est disponible à compter du 30 septembre. Il s’agit d’un produit à duration courte destiné aux investisseurs crédit les plus conservateurs qui vise une performance brute moyenne annuelle supérieure de 300 points de base à la dette publique américaine de duration semblable, avec une faible volatilité. L'équipe de gestion investit en obligations à haut rendement d’entreprises principalement notées B ou BB avec une échéance résiduelle de 2 ans.La commission de gestion annuelle est de 0,8 % (1,1 % pour la classe R).
Aviva Investors vient d’enregistrer deux fonds de droit français - Aviva Convertibles et Aviva Investors Valeurs Europe - à la distribution en Italie, rapporte le site Bluerating. Les investisseurs italiens avaient déjà accès à un autre fonds français, Aviva Investors Monétaire, disponible depuis le début de l’année.
Lundi, le conseil d’administration de l’Association italienne du private banking a élu Dario Prunotto, administrateur délégué d’Unicredit Private Banking Italia, en tant que president, rapporte Bluerating. Il succède à Paolo Molesini, de Banca Intesa San Paolo Private Banking.
La Deutsche Börse a annoncé le 29 septembre avoir admis à la négociation sur le segment XTF de sa plate-forme électronique les dix ETF de droit luxembourgeois que Lyxor a fait coter depuis lundi sur le London Stock Exchange (lire notre dépêche du 28 septembre). Cela porte à 717 le nombre d’ETF traités sur XTF.Les fonds nouvellement admis à la négociation, tous avec un TFE de 0,45 %, sont :Lyxor ETF MSCI World Consumer Discretionary (TR LU0533032008)Lyxor ETF MSCI World Consumer Staples (TR LU0533032263)Lyxor ETF MSCI World Energy (TR LU0533032420)Lyxor ETF MSCI World Financials (TR LU0533032859)Lyxor ETF MSCI World Health Care (TR LU0533033238)Lyxor ETF MSCI World Industrials (TR LU0533033402)Lyxor ETF MSCI World Information Technology (TR LU0533033667)Lyxor ETF MSCI World Materials (TR LU0533033824)Lyxor ETF MSCI World Telecommunication Services (TR LU0533034129)et Lyxor ETF MSCI World Utilities (TR LU0533034558)
Le 24 septembre, la CNMV a enregistré Goldman Sachs Funds II, une sicav luxembourgeoise avec six compartiments : Dynamic Alternative Strategies Portfolio, GMS Asia (ex-Japan) Equity Portfolio, GMS Europe Equity Portfolio, GMS Global Equity Portfolio, GMS Japan Equity Portfolio et GMS US Equity Portfolio.Ces produits seront commercialisés en Espagne par Allfunds Bank.
C’est entre Singapour et Hong Kong que naitra le pôle asiatique de Generali dans la gestion d’actifs, selon Il Sole – 24 Ore, qui rapporte les propos de l’administrateur délégué Giovanni Perissinotto. A partir de l’année prochaine, la joint venture créée avec le partenaire chinois Guotai sera opérationnelle à Hong Kong. Singapour sera le lieu du siège asiatique de BSI, la structure suisse du groupe spécialisée dans la banque privée.
Ignis Asset Management vient de recruter Mark Lovett en tant que directeur des investissements (chief investment officer - CIO) sur la partie actions. Il rejoindra la société de gestion britannique le 4 octobre et sera chargé de superviser plus de 10 milliards de livres d’actifs institutionnels et retail.Mark Lovett vient d’Allianz RCM, où il était directeur des investissements pour les actions britanniques et européennes à Londres. Il était aussi président du comité d’allocation d’actifs de la société et membre du comité exécutif de Londres. Il faisait également partie du European Management Group d’Allianz RCM, une équipe de sept personnes responsable de la gestion de tous les aspects de la plate-forme d’investissement de Londres et Francfort. Mark Lovett travaillera sous la direction de Chris Fellingham, CIO, qui vient récemment de rejoindre Ignis Asset Management en provenance de Soros Fund Management.
Poursuivant sa politique de transposition sous forme coordonnée de divers hedge funds, face à une demande importante de la part des investisseurs, Threadneedle a annoncé le 29 septembre le lancement du Threadneedle (Lux) Absolute Emerging Market Macro Fund, un fonds de performance absolue destiné aux investisseurs désireux de profiter du potentiel de la dette et des monnaies émergentes. L’objectif est de générer une performance comprise entre 7,5 et 12,5 % sur le long terme et sur une base annualisée. Le nouveau produit utilise la méthodologie employée pour le Emerging Currencies Crescendo Hedge Fund.Le gérant principal est Richard House, head of emerging market debt, qui gère aussi le Threadneedle Emerging Market Bond Fund. Il est assisté d’Agnès Belaisch, head of emerging market strategy, comme co-gérante.
Comme Goldman Sachs et JPMorgan, Bank of America prévoit d'éliminer des postes de trading pour compte propre afin de se préparer à la règle Volcker, rapporte l’Agefi reprenant des sources qui se sont confiées à Bloomberg. Ces suppressions - entre 20 et 30 - représentent moins d’un tiers de l’ensemble des postes pour compte propre.
Vice president et global head of exchange traded products de NYSE Euronext à Paris, Scott Ebner a été nommé le 29 septembre managing director et global head of ETF product development de State Street Global Advisors (SSgA). Il sera subordonné à James Ross, senior managing director et global head of ETFs, et basé à Londres.Scott Ebner est chargé de veiller à l’extension de la gamme SPDR.
Columbia Management veut faire économiser 30 millions de dollars aux investisseurs présents dans ses fonds, grâce à des économies réalisées par la baisse des frais et la fusions de certains produits. Les fonds concernés sont les suivants : Columbia High Income Fund, sera absorbé par le Columbia Income Opportunities Fund Columbia Asset Allocation Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Asset Allocation II Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Liberty Fund Columbia par le Columbia LifeGoal Balanced Growth Portfolio RiverSource Portfolio Builder Total Equity Fund par le Columbia LifeGoal Growth Portfolio RiverSource Income Builder Enhanced Income Fund avec le Columbia Income Builder Fund RiverSource Income Builder Moderate Income Fund avec le Columbia Income Builder Fund Columbia S&P 500 Index Fund, VS avec le RiverSource Variable Portfolio - S&P 500 Index Fund Columbia Large Cap Growth Fund, VS avec le Seligman Variable Portfolio Growth Fund La fusion entre ces fonds devrait être effective avant la fin du premier semestre 2011, indique un communiqué de la société de gestion américaine.
En Suisse, Robeco et sa filiale SAM Sustainable Asset Management vont optimiser leur structure organisationnelle et juridique. Les deux sociétés Robeco (Switzerland) et SAM fusionneront dans le courant du dernier trimestre 2010 et SAM (11,2 milliards d’euros d’encours) distribuera les produits de Robeco parallèlement à sa gamme de fonds de développement durable. Les personnels de Robeco Suisse seront transférés à la nouvelle entité.L'équipe commerciale commune sera placée sous la responsabilité de Michael Baldinger, membre du comité exécutif de SAM.
Ancien député européen et general manager and director du family office Schlumberger Primat de 1991 à 2008, Ian Dalziel a rejoint le britannique Threadneedle comme head of global private wealth and foundations. Il sera basé à Genève, compte tenu de l’importance de cette place financière.Avec ce recrutement, Threadneedle lance une nouvelle offensive commerciale en direction des fondations et des family offices pour les conseiller dans leur planification stratégique et leur allocation d’actifs.