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28/09/2010

Julius Baer ouvre un desk dédié aux clients russes à Singapour

Selon L’Agefi suisse, le groupe Julius Baer ouvre un bureau à Singapour destiné principalement à la clientèle fortunée russe cherchant à bénéficier des opportunités d’investissements en Asie. Julius Baer sera en concurrence à Singapour avec UBS et Credit Suisse. Mais aussi BSI, qui a procédé en mars à un transfert de Zurich à Singapour au service clients d’Europe orientale, en mettant l’accent sur les Russes. Selon les estimations, les actifs gérés dans la région au nom des Russes pourrait plus que doubler en cinq ans pour atteindre 50 milliards de dollars, selon Roman Scott, directeur général de Calamander Capital, basé à Singapour.
28/09/2010
Fonds

Arca Previdenza absorbe Gestielle Pensione e Previdenza

Le régulateur des fonds de pension italiens, la Covip, a autorisé le 9 septembre Arca SGR à reprendre la gestion du fonds de pension ouvert Gestielle Pensione e Previdenza (90 millions d’euros d’actifs et 4.000 adhérents) qui sera absorbé par le fonds de pension ouvert Arca Previdenza au 1er janvier 2011.Cette fusion fera d’Arca Previdenza le plus grand fonds de pension ouvert (FPA) d’Italie avec un encours de plus d’un milliard d’euros et 122.000 adhérents. Il est aussi le leader par le nombre de contrats collectifs avec plus de 3.000 conventions avec des entreprises et organisations. Depuis le début de l’année, Arca Previdenza a aussi enregistré plus de 4.000 adhésions, soit 50 % de plus que pour la période correspondante de l’an dernier.
Fonds
28/09/2010

Un duo possible à la tête d'Unicredit

Selon La Tribune, la banque italienne UniCredit envisage de nommer un duo à sa direction pour remplacer Alessandro Profumo qui a démissionné la semaine passée. Andrea Orcel, patron de la banque d’investissement de Bank of America-Merrill Lynch, serait bien placé pour devenir administrateur délégué, avec Roberto Nicastro, actuel vice-directeur général, comme possible directeur général.
28/09/2010
Fonds

Lancement d'un nouveau service d'administration de fonds

L’américain Apex Fund Services a annoncé le 27 septembre le lancement d’un service d’administration de fonds dédié au middle office, le Middle Office fund administration service (MOOR).Selon le spécialiste de l’administration de fonds, ce nouveau service est le premier au monde qui propose aux hedge funds un système de gestion de portefeuille en temps réel.
Fonds
28/09/2010

Cullen Capital Management sélectionne RBC Dexia Investor Services

RBC Dexia Investor Services a été sélectionné par Cullen Capital Management, société de gestion basée à New York, pour lui fournir des services de conservation, d’administration de fonds, de cash management et d’agent de transfert pour son nouveau fonds Ucits domicilié à Dublin, spécialisé sur les stratégies high dividend, rapporte Hedge Week.
28/09/2010

DekaBank Luxembourg absorbera WestLB International

Au 1er janvier 2011, DekaBank Deutsche Girozentrale Luxembourg S.A. intégrera WestLB International S.A, conformément à un accord annoncé le 27 septembre par les allemands DekaBank et la WestLB et sous réserve de l’agrément des autorités compétentes. DekaBank a remporté l’appel d’offres, mais le montant de la transaction n’a pas été divulgué.La WestLB a été contrainte par la Commission européenne de céder toutes ses participations non stratégiques en échange d’un feu vert aux subventions qu’elle a reçues. Les salariés de WestLB international seront repris par DekaBank Luxembourg.
28/09/2010

DekaBank Luxembourg to absorb WestLB International

p { margin-bottom: 0.08in; } On 1 January 2011, DekaBank Deutsche Girozentrale Luxembourg S.A. Will absorb WestLB International S.A., in keeping with an agreement announced on 27 September by the German firms DekaBank and WestLB, pending approval from the relevant authorities. DekaBank won an RFP, but the price of the acquisition has not been revealed. WestLB was required by the European Commission to sell all its non-strategic stakes in exchange for approval for government assistance that it received. Employees at WestLB International will be transferred to WestLB Luxembourg.
28/09/2010

Eiris launches a service dedicated to ethical engagement

p { margin-bottom: 0.08in; } The ESG (environmental, social and governance) analysis agency Eiris is taking growing interest in sustainable investment as an occasion to launch a service dedicated to ethical engagement on the part of investors in businesses. The new Eiris Engagement Service was unveiled on 27 September in London. It will be unveiled worldwide on 4 October in San Francisco, at a conference organised by UN PRI. The service set up by Eiris involves all phases of responsible engagement, selection of themes and companies, and the publication of recommendations for businesses, the establishment of contracts, and the organisation of conferences. It also proposes to assist investors in enacting the United Nations Principles for Responsible Investment, and the new British governance code.
28/09/2010

Stoxx launches an investable volatility index

Stoxx Limited, a global index provider and creator of the leading European equity indices, has announced the launch of the Euro Stoxx 50 Investable Volatility Index. The new index complements the existing VStoxx index by measuring forward implied volatility in a replicable format that can serve as the basis of financial products.
28/09/2010

Arca Previdenza absorbs Gestielle Pensione e Previdenza

p { margin-bottom: 0.08in; } The Italian pension fund regulator, Covip, on 9 September authorised Arca SGR to take over management of the open-ended pension fund Gestielle Pensione e Previdenza (EUR90m in assets and 4,000 members), which will be absorbed by the open-ended pension fund Arca Previdenza as of 1 January 2011. The merger will make Arca Previdenza the largest open-ended pension fund (FPA) in Italy, with assets of over EUR1bn, and 122,000 members. It is also the leader in terms of the number of collective policies, with over 3,000 agreements with businesses and organisations. Since the beginning of the year, Arca Previdenza also registered over 4,000 new members, 50% more than in the corresponding period of last year.
28/09/2010

AGI suspends subscriptions and redemptions for Premium Management Immobilien-Anlagen

p { margin-bottom: 0.08in; } Buy and sell orders for shares in the German-registered real estate fund of funds Premium Management Immobilien-Anlagen – P – EUR (ISIN DE000A0ND6C8) have been suspended from 27 September, Allianz Global Investors (AGI) announced on Monday. The suspension is justified by redemption demands for about EUR1bn from the beginning of the year, half of which was from early September. The fund invests primarily in open-ended real estate funds which themselves have suspended their redemptions, and in properties which it is difficult to liquidate in the short term. As of 24 September, Premium Management Immobilien-Anlagen showed assets of about EUR1.7bn, compared with EUR1.96bn as of 31 March, and EUR2.4bn as of 30 September 2009. The fund was launched on 19 May 2008 by cominvest Asset Management GmbH.
28/09/2010

Primus AM launches a UCITS L/S fund which aims for 12% returns

p { margin-bottom: 0.08in; } Armin Grabowski, founder of Primus Asset Management in Zug (Switzerland), is the manager of the new Flexile Fund – Multi Assets, a Luxembourg UCITS fund launched by Axxion SA, which has recently received a sales license for Germany from BaFin. The long/short product offers daily liquidity, and aims for returns of 12% per year, with average volatility of 5%, investing in equities, commodities and derivatives, with weighting that will depend on the situations in the various markets. The emphasis will be on equities and commodities. The portfolio will include about 25 positions. The largest are currently Metro, Nestlé, BMW and Volkswagen. Stock-picking will depend on fundamental criteria, but buy and sell orders will be triggered by a trend-monitoring system. Sales to retail and institutional investors in Germany will be provided by Dyas Beratungsgesellschaft GmbH of Hamburg. CharacteristicsName: Flexile Fund - Multi AssetISIN Code: LU0493120595Front-end fee: 5%Management commission: 2%Performance commission: 20% maximumMinimal subscription: EUR1,000
28/09/2010

Mark Allpress appointed as head of retail distribution at Liontrust

p { margin-bottom: 0.08in; } Liontrust announced on 27 September that it has appointed Mark Allpress from 30 September as head of retail distribution. In his new role, Allpress will be responsible for the sales team, with particular attention to advisers, wealth managers, platforms and life insurance companies. Allpress previously worked at Old Mutual Asset Management.
28/09/2010

Aberdeen AM a collecté cet été

Aberdeen Asset Management a indiqué que la demande pour ses fonds actions pendant l’été lui a permis d’attirer 621 millions de livres de souscriptions nettes en juillet et août, soit 85 % de plus que ces trois derniers mois, rapporte le Financial Times. Mais la collecte sur les fonds alternatifs plus fortement margés a reculé de 8,3 % à 27,7 millions.
28/09/2010

Eaton Vance closes Global Macro Absolute Return Fund to new subscribers

p { margin-bottom: 0.08in; } On 27 September, Eaton Vance Management, an affiliate of Eaton Vance Corp., announced that from 1 October, it is suspending subscriptions to its Global Macro Absolute Return fund, which had USD6.4bn in assets as of the end of August. Current investors and pension fund subscribers may continue to invest in the product. The manager explains that the freeze for new subscriptions is due to the fact that investments in frontier markets are an important element in strategy, which imposes capacity restrictions. Eaton Vance has also announced that its Option Absolute Return Strategy Fund will be launched by Thursday this week.
28/09/2010

Invesco rationalises its product range

p { margin-bottom: 0.08in; } On 30 September, Invesco is closing seven funds in its range to subscriptions. The funds will be liquidated by 29 October 2010. The funds are the following: Invesco Alternatives Opportunities FundInvesco FX Alpha Strategy FundInvesco FX Alpha Strategy Fund PlusInvesco International Growth Equity FundInvesco Structured Growth FundInvesco Structured Value FundInvesco Van Kampen Global Bond Fund In addition, the firm has announced that it will be discontinuing the B class of shares in all its funds, which will be converted into A shares.
28/09/2010

Spanish government gives once-over to Sicav taxes

p { margin-bottom: 0.08in; } On Friday, the Spanish cabinet announced that capital reductions by Sicav funds, the preferred means used by Spanish high net worth families to extract liquidity at a tax rate of only 1%, the same as for investment funds, will be taxed as capital gains, at 19% up to EUR6,000, and 21% above that threshold. Cotizalia reports that the move is included in the draft budget for 2010. The finance minister says the change will apply to all Sicav funds, regardless of their country of domicile. In other words, it will not help to move Sicavs to Luxembourg or Malta, as many specialists are recommending.
28/09/2010

IMA launches a call for bids

p { margin-bottom: 0.08in; } The British asset management association (IMA) has launched a call for bids to outsource its fund surveillance, fundstrategy reports. The professional association says that UCITS regulations allow funds to invest more easily in derivative products, which make the verification process more difficult as to how well the funds are in line with the IMA’s sectoral nomenclature. Interested candidates should present themselves by mid-October and submit a bid by 19 November.
28/09/2010

max.xs takes over distribution of First Private funds

p { margin-bottom: 0.08in; } The Frankfurt-based distributor max.xs financial services AG has signed a long-term cooperation agreement with the management firm First Private Investment Management KAG, also based in Frankfurt, as exclusive distributor of First Private funds to bank advisers and IFAs. max.xs has about 27,000 advisors as members. Since March, it has also been distributor of funds from Veritas Investment Trust GmbH, a promoter of ETF funds. Previously, First Private (with assets of between EUR750m and EUR800m) had distributed its products only to institutional investors, funds of funds, and family offices, due to a lack of human resources.
28/09/2010

Axa Real Estate appoints a new head of sustainable development

Axa Real Estate, a specialist in real estate with over EUR39.5 billion of assets under management, wholly-owned by Axa IM, has appointed Jean-Francois Le Teno as global head of sustainable development. He will take over from Gilles Bouteloup who will retire at the beginning of October. Jean-Francois Le Teno has worked for Axa Investment Managers for 3 years across a number of areas of the business, including international projects management, organisation, management control and IT. He previously held similar roles at Société Générale CIB. Jean-Francois Le Teno will form an integral part of Axa Real Estate’s Sustainable Steering Committee, which, chaired by the global heads of asset and fund management, ensures that sustainability remains an essential part of Axa Real Estate’s daily business.
28/09/2010

BNP Paribas SS launches a bond clearing service in RMB in Hong Kong

p { margin-bottom: 0.08in; } BNP Paribas Securities Services announced on 27 September that it has launched a complete range of custody and settlement services for Chinese bonds denominated in RMB, in Hong Kong. Its first settlement operation took place on 22 September 2010. The new range of offerings comes as part of ongoing innovation at BNP Paribas Securities Services in the Asia-Pacific region, and its complete international network. It provides a full range of new investment opportunities in RMB to its current and future clients, based in Hong Kong and elsewhere in the world. Trading volumes in RMB settled throughout the region have been steadily rising, and now represent an average of CNY7.2bn per month since February 2010, which opens up new horizons to international investors. “Concretely, this agreement between Hong Kong and China will allow any investor of any type to achieve exposure to Chinese renminbi via the Hong Kong market,,” says Lawrence Au, head of Asia-Pacific at BNP Paribas Securities Services. In addition, “Hong Kong is becoming not merely a gateway to China, and we are very pleased to help our clients to seize opportunities which present themselves on this market.”
28/09/2010

France advances in sustainable development

According to the most recent edition of a half-yearly study of sustainable development in OECD countries by Petercam, Sweden continues to lead, while Switzerland has taken a place in the top three for the first time.The study, based on 53 indicators in five categories (democracy, environment, education, economy, health, and distribution of wealth), finds that France has improved its position in the rankings, rising from fifteenth to twelfth place, largely due to improvement in environmental issues. France has one of the best indicators of environmental performance, and does honourably in terms of carbon dioxide emissions, its ecological footprint, and protected land area as a percentage of overall land area. But the debate now raging over pension reforms reveals its true scale in a country in which the ratio of population dependent on retirement as a percentage of the overall population is one of the highest. France ranks between Mexico and Japan, in 32nd place. Sweden remains the leader in terms of sustainable development, and does respectably in all categories. It is followed by Norway, which is top in environmental protection. Switzerland and Denmark tie for third place. With the best result in the areas of health and distribution of wealth, Switzerland has gained three places in the rankings, and now nudges out Finland and the Netherlands.
28/09/2010

Wealth managers cost too much

40 per cent of wealthy investors’ expected portfolio returns are being swallowed up by fees and other charges, according to research by Royal Bank of Scotland cited by the Financial Times Fund Management. European private banks and other wealth managers have maintained their cost base over the past two years, despite plunging investment returns and declining assets under management, eroding returns for their clients.
28/09/2010

New fund administration service launched

p { margin-bottom: 0.08in; } The US-based Apex Fund Services on 27 September announced the launch of a fund administration service dedicated to the middle office, entitled Middle Office fund administration service (MOOR). The fund administration specialist says that the new service is the first in the world to offer hedge funds a real-time portfolio management system.
28/09/2010

Cullen Capital Management selects RBC Dexia Investor Services

p { margin-bottom: 0.08in; } RBC Dexia Investor Services has been selected by Cullen Capital Management, a New York-based management firm, to provide custody, fund administration, cash management and transfer agency services to its new UCITS-compliant fund domiciled in Dublin, specialised in high dividend strategies, Hedge Week reports.
28/09/2010

Julius Baer opens a desk dedicated to Russian clients in Singapore

Agefi Switzerland reports that the Julius Baer group is opening an office in Singapore aimed primarily at Russian high net worth clients seeking to seize opportunities to invest in Asia. Julius Baer will be competing with UBS and Credit Suisse in Singapore, as well as BSI, which in March transferred its services for eastern European clients, particularly Russians, from Zurich to Singapore. According to estimates, assets under management in the region for Russian clients may more than double in five years, to USD50bn, according to Roman Scott, CEO of Calamander Capital, based in Singapore.
28/09/2010

Temenos adds to private banking and wealth management product range

p { margin-bottom: 0.08in; } Temenos Group SA announced on 28 September that it has signed an agreement to acquire the Luxembourg-based software company Odyssey Group SA. The firm offers software solutions for private banking and wealth management, and is in line to post earnings this year of USD75m. The takeover will be largely financed with liquidity and credit totalling USD81m. Temenos will also take on Odyssey’s debt, totalling USD20.3m, which values the Luxemburg firm at USD101.3m.
28/09/2010

Merrill Lynch Bank (Switzerland) appoints an interim CEO

p { margin-bottom: 0.08in; } Merrill Lynch Wealth Management on 27 September announced the appointment with immediate effect of Mario Alini as interim chairman and CEO of Merrill Lynch Bank (Switzerland) S.A. Alini will divide his time between Geneva and Zurich. He will report to David Jervis, head of the Wealth Management sector for the Europe, Middle East, and Africa (EMEA) region. He will also retain his position as chief administration officer (CAO) of MLCM, in which position he reports to Franz Barthel, CAO of the Capital Markets sector of Merrill Lynch in Germany. Alini joined Merrill Lynch in 2007 as CAO for Capital Markets activities in Switzerland, and continues to occupy that position currently.
28/09/2010

Threadneedle focuses on charities and family offices

The asset management firm Threadneedle announced on Monday, 27 September that it has launched a service which will aim to assist charities and family offices in their asset allocation and strategy.At the same time, the fund manager has also announced the arrival of Ian Dalziel, who will take over as head of the new activity, in the newly-created position of Head of Global Private Wealth and Foundations. He will be based in Geneva. Dalziel is a former conservative member of the European parliament, co-founder of the private bank Adam & Company in Edinburgh in 1983, and from 1991 to 2008 was general manager and administrator of the family office Schlumberger-Primat.
28/09/2010

Credit Suisse has ambitions in French private banking market

Agefi reports that Credit Suisse is predicting 15% growth for its net inflows for private banking activities in France in 2010. The growth objective for inflows group-wide is set at 65 per year.As of the end of June 2010, assets under management by Credit Suisse in France totalled EUR4.5bn, the newspaper notes.

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