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06/12/2013

Alcatel-Lucent revient dans le CAC 40

L'équipementier télécoms Alcatel-Lucent va faire son retour dans le CAC 40 en lieu et place du fabricant de semi-conducteurs STMicroelectronics, selon une décision prise jeudi par le Conseil scientifique des indices et annoncée le 5 décembre par NYSE Euronext.Alcatel-Lucent, qui a engagé son redressement après une période de graves difficultés financières, avait été sorti de l’indice parisien il y a environ un an, remplacé alors par le fabricant de cartes à puces français Gemalto. Le CAC 40 n’avait plus connu aucun changement depuis décembre 2012.Les décisions prises jeudi prendront effet à compter de la séance de Bourse du lundi 23 décembre 2013, précise NYSE Euronext.Le Conseil des indices n’a par ailleurs apporté aucune modification au SBF 120. Il a toutefois procédé à plusieurs changements dans le CAC Next 20. Outre Alcatel-Lucent qui quitte le Next 20 et STMicroelectronics qui le rejoint, le groupe d'électronique de défense et de transport Thales remplace le sellier Hermès.
06/12/2013

Changement à la tête de La Banque Postale Gestion Privée

Olivier Solère, représentant territorial Ile-de-France de La Banque Postale, est nommé président du directoire de La Banque Postale Gestion Privée en remplacement de Pierre-Manuel Sroczynski qui occupait ce poste depuis 2011. Ce dernier est en effet nommé directeur de la conformité et du contrôle permanent et devient membre du comité exécutif de La Banque Postale.Pierre-Manuel Sroczynski succède à Marc Lévy dans le cadre de son départ à la retraite.Olivier Solère est entré à La Poste en 1998 pour y il occuper les fonctions de directeur commercial à Paris puis dans les Yvelines. En 2003, il devient Conseiller technique en charge des relations avec le Parlement et les cabinets ministériels au sein du Cabinet de Jean-Paul Bailly, président de La Poste. En 2006, il a pris la direction de l’Agence Nationale de Communication et d’Information (ANCI) du groupe La Poste. Pierre-Manuel Sroczynski a quant à lui intégré le service des Affaires Financières de La Poste en 1999 et a participé au démarrage d’Efiposte en mars 2000, en tant que directeur de la gestion actif passif. Il a été nommé le 1er janvier 2006 Directeur des opérations financières de La Banque Postale et membre du Comex avant de rejoindre en juin 2011 La Banque Postale Asset Management en tant que secrétaire général et membre du Directoire.
06/12/2013

BlackFin Capital Partners promeut deux directeurs à Paris

BlackFin Capital Partners a promu deux directeurs au sein de son équipe basée à Paris - Antoine Druais et Romain Mérindol - en tant que directeurs de Participations. Antoine Druais a rejoint BlackFin Capital Partners en septembre 2009. Auparavant, il travaillait depuis 2006 au sein de l’équipe Transaction Services de Deloitte à Paris, et intervenait sur des missions à l’achat et à la vente pour le compte de clients Private Equity et pour des industriels, notamment dans les secteurs de la finance et des services. Romain Mérindol a rejoint BlackFin Capital Partners en décembre 2009. Il a débuté sa carrière en 2008 chez Colony Capital en tant qu’analyste au sein de l’équipe d’investissement, où il intervenait en corporate finance, notamment sur les aspects transactionnels et de valorisation.
06/12/2013

Un gérant star de BlackRock regagne un mandat

Lawrence Kemp, gérant grandes capitalisations américaines de croissance de BlackRock, a regagné un mandat de 1,8 milliard de dollars auprès de Charles Schwab qu’il gérait lorsqu’il travaillait chez UBS Global Asset Management, rapporte Financial News. Lawrence Kemp a rejoint BlackRock en février.
06/12/2013

BNY Mellon IM en quête d'opportunités en France

BNY Mellon Investment Management est à la recherche d’opportunités en France. « Nous voulons davantage développer notre expertise sur la gestion alternative et les actions européennes. Notre stratégie n’est cependant plus de le faire par acquisition, mais d’intégrer des équipes dans nos boutiques existantes. J’ai à ce titre regardé des équipes d’investissement ces douze derniers mois en France, et je cherche encore », a expliqué aux Echos PeterPaul Pardi, responsable mondial de la distribution de BNY Mellon IM. La filiale de gestion de la banque américaine réaliserait aujourd’hui environ 600 millions de dollars de revenus en Europe et vise les 1 milliard d’ici à cinq ans.
06/12/2013

Eurazeo renouvelle son directoire pour quatre ans

Le conseil de surveillance d’Eurazeo qui s’est tenu le 5 décembre 2013 a renouvelé les mandats de l’ensemble des membres du directoire pour une période de 4 ans à compter du 19 mars 2014, date d‘échéance des mandats actuels. Il a également décidé de nommer un deuxième directeur général en la personne de Virginie Morgon. A compter de cette date, le directoire sera composé de Patrick Sayer, son président, Bruno Keller et Virginie Morgon, directeurs généraux, Philippe Audouin, directeur financier, et Fabrice de Gaudemar, membre du directoire.
06/12/2013

Six Financial Information lance une version améliorée de Telekurs iD

Telekurs iD, l’outil «display» de SIX Financial Information pour suivre les marchés et identifier les placements potentiels, est désormais proposé dans une version mobile améliorée pour smartphones sous Android. Telekurs iD mobile offre aux gérants d’actifs et gérants de fortune du monde entier un accès en temps réel aux cours de bourse, graphiques et actualités. Pour répondre aux besoins des différents systèmes d’exploitation de l’univers des smartphones, SIX Financial Information a développé une version HTML5 améliorée pour ses clients qui utilisent des appareils mobiles sous Android. Il fonctionne également sur d’autres appareils comme les dernières générations de BlackBerry. Comme pour les versions existantes de l’outil mobile «display» de Telekurs iD, les clients qui souscrivent à un package Wealth Management ou Asset Management de Telekurs iD ont automatiquement accès à la plateforme par le biais d’une URL. Ils peuvent ainsi afficher, sans frais supplémentaire, les données dans leur environnement mobile. Six Financial Information a par ailleurs annoncé qu’elle avait conclu un accord pour devenir fournisseur de contenus (CSP) sur le réseau Secure Financial Transaction Infrastructure® (SFTI®) de Nyse.
06/12/2013

L'ex-Banque de Dépôts et de Gestion se sépare de la moitié des employés

L’ex-Banque de Dépôts et de Gestion (BDG), rachetée par son homologue Cramer, a licencié la moitié de sa cinquantaine d’employés, a indiqué jeudi le quotidien 24 Heures. Les salariés ont été remerciés en octobre et novembre, avant la finalisation de la reprise."Les discussions se sont bien déroulées et les modalités de licenciement ont été respectées», a souligné Clément Dubois, secrétaire syndical de l’Association suisse des employés de banque (ASEB), cité par le journal.Ces licenciements ont été justifiés par les doublons occasionnés par le rachat de la banque et par le déplacement de certaines activités vers le siège genevois. Le président de la Banque Cramer, Marco Netzer, n’exclut pas à moyen terme de renforcer les effectifs à Lausanne. «Avec cette acquisition, nous comptons développer nos affaires dans la capitale olympique ces prochaines années, en profitant des forces de l’ex-BDG dans le domaine hypothécaire notamment ou celui de la gestion patrimoniale», a-t-il dit, dans le journal.
06/12/2013

Carmignac Gestion signe un accord de distribution au Japon

Carmignac Gestion a signé un accord avec l’une des principales banques du Japon pour distribuer son fonds Patrimoine de 24 milliards d’euros d’encours auprès des investisseurs locaux, est en mesure de révéler Citywire Global. La société de gestion de la Place Vendôme n’a pas dévoilé le nom de la banque, mais il s’agirait de l’une des plus importantes du pays.
06/12/2013

Hong Kong and China near agreement on mutual recognition

The beginning of mutual recognition between Hong Kong and China is reportedly near, the deputy CEO of the market authority in the city-state, Alexa Lam, has announced at a press conference in Hong Kong, Asian Investor reports. Teh mutual recognition agreement will provide Hong Kong with the first roles in the development of offshore RMB Lam declined to give a sate, emphasizing that Hong Kong and China are putting the finishing touches on the details of the accord.
06/12/2013

PPM launches an institutional real estate fund

The Frankfurt-based PPM Private Property Investment Management on 15 November announced in a filing that it has launched the institutional fund PPM-Immobilien-Spezialfonds 01, specialised in residential real estate (collective properties) and mixed residential/commercial properties.The properties will be located in mid- to large-sized German cities, from 50,000 inhabitants up, as properties in large cities are too expensive.The promoter is aiming for a volume of EUR200m, of which EUR110m are owners’ equity. PPM is aiming for a maturity of 10 years for the fund, with a two-year investment period (August 2015). The performance objective is an average of 4.5% annually.The fund will be administered by HansaInvest, which will also handle accounting and risk management.CharacteristicsName: PPM-Immobilien-Spezialfonds 01ISIN code: DE000A1JXM84Management commission: 0.4%Minimal subscription: EUR5m
06/12/2013

BlackRock star manager wins back a mandate

Lawrence Kemp, US growth large caps manager at BlackRock, has won back a USD1.8bn mandate from Charles Schwab, which he had managed when he worked at UBS Global Asset Managemnent, Financial News reports. Kemp joined BlackRock in February.
06/12/2013

BNY Mellon IM seeks opportunities in France

BNY Mellon Investment Management is seeking opportunities in France. “We would like to develop our expertise in alternative management and European equities more. Our strategy is to do it via acquisition, but to integrate teams into our existing boutiques. With this in mind, I have looked at the investment teams in France in the past twelve months, and I am still looking,” PeterPaul Pardi, global head of distribution at BNY Mellon IM, has explained to Les Echos. The asset management affiliate of the US bank now earned USD600m in revenues in Europe, and is aiming for USD1bn in five years’ time.
06/12/2013

New acquisition for Opcimmo in the United Kingdom

Amundi Real Estate, as part of development of its retail Opcimmo, has acquired its first office property in London, in partnership with Knight Frank Investment Management (KFIM). The office property, Defoe Court, Featherstone Street, located at the heart of London’s tech centre, was renovated in 2008 and has an exceptional location at the north end of the City. With a total floor area of 4,000 square metres on 5 floors, the property is wholly leased. According to Carmen Lopes, a manager at Opcimmo, “after a first co-investment in the United Kingdom in 2012, this acquisition confirms our desire and our capacity to invest in the British market. It reinforces our development strategy on this high-potential market. Our strategic partnership with Knight Frank Investment Management will allow us to extend our presence in London into the future.”
06/12/2013

Deutsche Bank employee arrested in Japan

The Japanese police on Thursday arrested a Deutsche Bank employee in Tokyo. He is suspected of offering meals and travel worth JPY900,000 (EUR6,500) to the manager of the Mitsui pension fund, who, in return, is claimed to have invested JPY1bn (EUR7.2m) in products from Deutsche Securities, an affiliate of Deutsche Bank, Handelsblatt reports.According to the local press, the Japanese financial regulator may take legal action against Deutsche Securities in connection with the case.
06/12/2013

Pioneer: 2013 will be the best year since the crisis

With net inflows of EUR9.5bn since January, 2013 has been the best year for Pioneer Investments since the crisis, and also the first since the end of the redeployment process. What’s more, these inflows are distributed well between asset classes and geographical regions. They were “only” USD7.7bn at the end of September, Sandro Pierri, CEO, reminded at a presentation in Paris on Thursday. This does not mean, however, that the firm is planning to let up investing in distribution and talent, which absorbed about 15% of profits in 2011 and 2012.Assets now total EUR175bn, compared with EUR168.9bn as of the end of September, and about EUR158bn at the end of December last year.In continental Europe (France, Switzerland, Benelux and Scandinavia), where Fabien Madar is the regional CEO, assets under management total about EUR6.2bn, of which USD2.1bn are net subscriptions. For France, assets total EUR3.7bn, while net inflows totalled EUR1.2bn, and market effects are EUR300m.Inflows have totalled eight types of products: European equities, including small caps, “aggregate” bonds (alpha portable), European high yield, US high yield, and funds at the bottom of the rate curve (corporate and cash +). In addition, there is a fund of analysts of the United States and a defensive fund with 40 positions, entitled US fundamental growth.Madar states that the objective which has been set for him in 2014 is to continue to develop clients and to bring in EUR1bn in inflows, of which EUR400m are to be in France.
06/12/2013

Emirates NBD signs a partnership with Jupiter AM

The United Arab Emirates asset management firm, Emirates NBD Asset Management, has signed a partnership agreement with the British firm Jupiter Asset Management, which will advise it on four global funds, Bloomberg reports. The multi-management team at Jupiter will provide advising on assets of about AED400m, or USD109m, distributed over four Emirated NBD funds, David Marshall, one of the directors of the firm, says. Assets under management at Emirates NBD have risen 43% this year to about AED7.7bn, Marshall says, adding that the expertise provided by Jupiter will allow for assets in the four funds advised to reach a range of AED750m to AED1bn in the next 12 to 18 months.
06/12/2013

Equity ETF/ETPs post inflows of more than USD213bn in 11 months

Net inflows to equity ETFs/ETPs have totalled USD213.5bn in the first eleven months of the year, compared with only USD124.4bn in the corresponding period of 2012, according to estimates by ETFGI. Bond ETFs/ETPs take second place, with net inflows of USD22.4bn over 11 months, down compared with last year (USD61.6bn). Commodity ETFs/ETPs have seen a net outflow of USD34.7bn as of the end of November, while the first 11 months of 2012 brought net inflows of USD22.4bn. Assets in ETFs/ETPs as of the end of November set a record USD2.4trn, under the effect of the positive performance of themarktes and a net inflow of USD17bn. Over eleven months, assets were up 21% due to the good performance of the markets and a net inflow of USD220.6bn. Also over eleven months, the larget ETF provider is iShares, with a net inflow of USD57.3bn, followed by Vanguard (USD55.7bn), WisdomTree (USD13.6bn), PowerSHares (USD13.3bn) and SPDR (USD11.5bn). Transparent aset ETFs/ETPs, which have been much discussed recently, still represent only a small segment of the sector, with 126 products and cumulative assets of USD20.9bn, less than 1% of total ETFs/ETPs assets worldwide.
06/12/2013

Asset management firms need to improve their asset retention rates

Global fund groups are diversifying sources of income by expanding into new markets and moving quickly to capitalize on new product trends, but managers in Europe and Asia also need to work at improving asset retention rates, according to the December issue of The Cerulli Edge-Global Edition.Within Europe, Germany and Switzerland are the key distribution targets for managers, followed by Italy and Spain and then France. However, raising assets and retaining assets do not go hand in hand. Since 2005, the annual redemption rate for cross-border funds in Europe has ranged between 48% and 97%, observes Cerulli. In the United States, the range is between 24% and 36%."A Cerulli survey of 153 fund selectors found that asset managers are failing to communicate their investment philosophy to buyers, an omission that is especially costly during short-term underperformance when a deep understanding of the managers’ process can help retain the client,» commented Barbara Wall, a Cerulli director.The problem of asset retention is particularly acute in Asia. A new product may raise significant assets under management (AUM) at the launch stage, only to see assets dry up after that. Cerulli found that investors typically hold their funds for short periods of less than a year. In Taiwan, for instance, retail investors hold their funds for about six to nine months, while in China the holding period can be as brief as one month!
06/12/2013

BlackRock, JPMAM and Carmignac, largest foreign asset managers in Spain

As of 30 June, according to the CNMV quarterly report, JPMorgan Asset Management remained the largest active foreign manager in Spain, with EUR5.3bn, followed by Carmignac Gestion, with EUR3.84bn, according to the CNMV quarterly report. However, with the addition of EUR2.87bn in active funds at BlackRock and EUR2.6bn in iShares ETFs, the US asset management firm was the largest.Amundi takes 13th place, with EUR1.07bn, and Axa IM is in 17th place, with EUR911m.Overall, foreign asset management firms had EUR48.23bn in assets, out of a total of EUR215.22bn for funds and investment companies in Spain. Assets at foreign funds have increased 26.9% in first half, and 39.5% in one year. Their market share has increased by 2.58 points in six months, and 4.14 points in one year, to 22.4%, and the number of subscribers has increased by 16.4%, to 950,000 in first half.
06/12/2013

ING launches an execution only platform

With Zelf Vermogensopbouw, ING has launched a new execution only platform aimed at clients who wish to invest in funds themselves, without any advice, Fonds Nieuws reports. According to Karin van Gennip, head of private banking and investments, the platform stands out from the Robeco and and future ING Investment Management platforms due to the fact that it covers funds from all promoters.Currently, about 10% of the product range is composed of tracker funds. Zelf Vermogensopbouw includes equity funds, bond funds, real estate funds and multi-asset class funds. They are distributed over seven risk profiles.
06/12/2013

Stoxx launches a sustainable index of corporates which pay high dividends

Stoxx Limited has introduced the iStoxx Global ESG Select 100 Index. The new index screens the components of the Stoxx Global ESG Leaders Index for high dividend paying companies which also have low volatility, thus creating a hybrid portfolio of ESG, maximum dividend and low volatility strategies. The new index is designed to act as an underlying to exchange-traded funds and other investable products, such as structured products.
06/12/2013

New Japanese savings account expected to attract billions

The new Japanese reduced-tax savings account, the NISA, which will be launched on 1 January, is expected to attract JPY6trn to JPY14trn per year in the next five years, with potential for JPY68trn, or about EUR490bn, according to a joint study published by Cerulli in partnership with Nomura Research Institute (“Asset Management in Japan 2013: Opportunities and Challenges for Foreign Managers”). “Growth projections for the market for new accounts appears to mark a considerable evolution in the mentality of the mentality of Japanese households, and a larger propensity to leave the sanctuary of risk-free assets,” says Yoon Ng, director at Cerulli Associates. It should also be mentioned at modifications to retirement regulations and the prospect of rising interest rates are expected to incite retail investors to protect their assets.
06/12/2013

Carmignac Gestion signs a distribution agreement in Japan

Carmignac Gestion has signed an agreement with one of the largest banks in Japan, to distribute its EUR24bn Patrimoine fund to local investors, Citywire Global can reveal. The asset management firm based in Place Vendôme in Paris has not revealed the name of the bank, but it is reportedly one of the largest in the country.
06/12/2013

Charlotte Sillèn steps back from management of a Handelsbanken fund

Charlotte Sillèn has left her position as leading manager of the Swedish short-term bond fund from Handelsbanken (USD4bn in assets), Citywire Global reports. She had been manager of the Handelsbanken Fds Swedish Sh Term Assets fund since January 2011. She has been replaced by Erik Gunnarsoon. Sillèn will remain as assistant to the fund, and will continue to supervise the Handelsbanken Funds Euro Liquidity, Handeslinvest Virksomhedsobligationer and Handelsbanken Yrityskorko funds.
06/12/2013

Edward Lampert's hedge fund undergoes redemptions

Edward S. Lampert, who is seeking to stem the losses at Sears Holdings, is facing an exodus of clients from his hedge fund, the Wall Street Journal reports. The fund has redeemed billions of dollars to clients of Goldman Sachs Group, which had invested in ESL Investments in 2007, according to sources familiar with the matter. That is estimated to represent about USD3.5bn. These recent events represent a setback for Lampart, an investor who has been praised for his qualities, and who bet that he could bring about a recovery at Sears. Lampert became CEO of the retail company in January, but could not turn the firm around.
06/12/2013

AGF Investments offers UCITS strategies and sets up shop in London

The Canadian asset management firm AGF Investments has launched a range of UCITS-compliant funds domiciled in Dublin. The firm has also opened a representative office in London. The two strategies on offer via the new platform are AGF Global Core Equity Fund and AGF Emerging Markets All Cap Equity Fund. The two funds already have capital from investors based in Europe, with USD65m for the first, and USD425m for the second.
06/12/2013

Union Investment acquires future headquarters

Union Investment Real Estate (UIRE), the real estate affiliate of the central asset management firm for the German co-operative banks, Union Asset Management Holding, has acquired the future Main Tor Porta office building in Frankfurt (22,500 square metres) from DIC Asset.The property is slated for completion in mid-2014, and will host the headquarters of Union Investment. It will be added to the portfolio of the open-ended real estate fund reserved for institutional investors, UniInstitutional European Real Estate.
06/12/2013

VP Bank loses its head of private banking in Singapore

The head of private banking activities in Singapore at VP Bank, Patrick Donaldson, has left the firm. Donaldson joined the bank in March 2012, in charge of private baking for Indonesia, Singapore, Malaysia and Thailand. VP Bank has found a successor for Donaldson, who will begin in January 2014. The bank previously had a turbulent period about a year ago. It then lost a number of employees, which gave rise to rumours that VP Bank was planning to cease its activities in Asia. The bank denied the rumours.
06/12/2013

London looks to attract ETFs

The Chancellor of the Exchequer, George Osborne, on 5 December announced his decision to cancel a 0.5% stamp duty on ETFs from April 2014. The Chancellor had previously cancelled the stamp duty on equities listed on the AIM market. “Today, we are taking further measures to make our tax regime more competitive. The announcement that stamp duty on shares listed on the AIM would be cancelled was welcomed throughout the world. Today, we are also cancelling the stamp duty on shares purchased in ETFs, in order to encourage these funds to domicile themselves in the United Kingdom,” Osborne says. A large majority of ETFs escape stamp duty as they are domiciled outside the United Kingdom.

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