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15/10/2013

Dominique Lamiot est nommé président de l'Erafp

Par décret du Président de la République paru au Journal Officiel du 2 octobre 2013, M. Dominique Lamiot est nommé pour un mandat de trois ans président de l’Établissement de Retraite additionnelle de la Fonction publique (ERAFP). Il prend la succession de Jean-François Rocchi, qui avait annoncé en juin dernier sa décision de quitter le conseil le 1er juillet 2013. Jean-François Rocchi avait accédé à la présidence le 8 novembre 2011. L’intérim depuis le 1er juillet avait été assuré par Philippe Soubirous, vice-président du conseil.Administrateur civil hors classe, Dominique Lamiot est diplômé de l’ENA (1987) et était, depuis 2008, Secrétaire général de Bercy. Dominique Lamiot avait été nommé en avril 2008 Secrétaire général des Ministères économique et financier. Le 6 mai 2010, il est confirmé dans ses fonctions à la suite de la création d’un Secrétariat général renforcé, rassemblant les fonctions antérieurement exercées par trois directions (SG, DPAEP et Sircom).
15/10/2013

Microfinance: BNP Paribas veut accroître son soutien

BNP Paribas a annnoncé son objectif de soutien à l’entrepreneuriat social et à la microfinance à plus de 200 millions d’euros d’ici 2015 contre 156 millions d’euros à fin juin 2013. Que ce soit via des produits responsables ou d’impact investing, le groupe investit en Europe, dans les pays émergents ainsi qu’en France, où le secteur est très lié à l'épargne salariale et au crédit bancaire, indique un communiqué.
15/10/2013

La SocGen finalise le transfert à Accenture de ses back-offices titres

Le projet d’externalisation des back-offices titres de SG CIB, la banque d’investissement de la Société Générale, est entré hier dans sa phase opérationnelle après plus d’un an de travaux, rapporte L’Agefi. Accenture Post-Trade Processing (APTP), la plate-forme promue par Accenture et détenue à 100% par le prestataire couvre le règlement-livraison, la tenue de comptes, l’administration et la gestion comptable des titres (actions, obligations, etc.). Quelque 250 collaborateurs de la Société Générale dans le monde, dont la moitié en France, ont accepté sur la base du volontariat de rejoindre la nouvelle plate-forme. La Société Générale table sur le transfert de ses back-offices à Accenture pour économiser 900 millions d’euros à horizon 2015, dont un tiers dès cette année, indique l quotidien.
15/10/2013

Les institutions financières revoient à la hausse leur budget de gestion du risque

La gestion du risque devient de plus en plus importante pour les institutions financières, et de plus en plus coûteuse. C’est ce que révèle la huitième édition de l'étude Global Risk Management Survey publiée par Deloitte, qui évalue les dispositifs de gestion de risque de près de 86 institutions financières à travers le monde, représentant 18 000 milliards de dollars d’actifs. Parmi les principaux enseignements de l'étude, on apprend que 65% des établissements interrogés constatent une hausse des budgets alloués à la gestion des risques. «L’affectation de ces dépenses diffère cependant selon la taille : les établissements d’importance systémique se concentrent d’avantage sur la gouvernance et le reporting des risques, le niveau de fonds propres et le ratio de liquidités, tandis que les établissements dont les actifs sont inférieurs à 10 milliards de dollars se préoccupent de la mise en conformité face aux réglementations qui leur sont désormais applicables», explique l'étude. 58 % des établissements interrogés indiquent prévoir une hausse de leur budget de gestion des risques dans les trois années à venir, et 17 % d’entre eux anticipent des hausses annuelles d’au moins 25 %. La gestion du risque est devenue prioritaire pour les sociétés fournissant des services d’investissements. Dans ce secteur, 90 % des répondants voient la gestion du risque comme important (27 % ayant indiqué «extrêmement important»). Dans l’ensemble, 48% des institutions financières affirment avoir dû réadapter leur offre et activité en lien avec les exigences réglementaires, contre 24% en 2010. En 2012, 89% des institutions ont indiqué avoir un directeur des risques, contre 65% il y a trois ans.
15/10/2013
Fonds

Brightgate et Andbank lancent un fonds obligataire à 5 ans

Le fonds d’obligations d’entreprise Astra BrightGate B&H 5 year Tranche I vient d’être lancé par Andbank Asset Management Luxembourg, avec délégation de gestion à BrightGate Capital, rapporte Funds People. Les promoteurs visent pour ce produit à échéance fixe une rentabilité annuelle de 5 %, avec une duration de 5 ans.L’agrément de commercialisation en Espagne a été demandé à la CNMV. Le fonds sera ensuite disponible sur les trois plates-formes Allfunds, Fundlab et Inversis.
Fonds
15/10/2013

BlackRock réduit son équipe de trading actions à Londres

BlackRock a placé en observation cinq des membres de son équipe londonienne de transactions actions dans le cadre d’une tentative d’intégrer son desk de trading avec son système de risques interne appelé Aladdin, rapporte le Financial Times fund management. Les cinq traders en question n’ont pas encore quitté BlackRock, mais pourraient devoir le faire à la fin d’une période de consultation.
15/10/2013

Trium Capital cible les hedge funds émergents

Trium Capital, une société de gestion alternative basée à Londres, lance une plate-forme de hedge funds pour aider les petites sociétés de hedge funds à atteindre une taille critique, rapporte Financial News.
15/10/2013

Legal & General envisage de se lancer dans les ETF

Legal & General envisage de se lancer sur le secteur des ETF, révèle Financial News. Nick Hodges, responsable de la distribution des fonds indiciels chez Legal & General Investment Management, a confirmé l’initiative, indiquant que les développements sur le marché retail ont encouragé cette éventualité. Selon des banquiers d’investissement, Legal & General aurait fait une offre pour l’activité ETF de Credit Suisse, finalement raflée par BlackRock.
15/10/2013

Man Group recrute l’ancien CEO de BlueCrest

Man Group vient de recruter Neil Mason, un ancien CEO de BlueCrest, en tant que managing director senior et gérant de portefeuilles principal des portefeuilles Man GLG multi-strategy, sous la direction de Luke Ellis, président de Man Group.Outre son poste de CEO de BlueCrest, Neil Mason a dernièrement été chief risk officer au sein de Harvard Management Company.Dans le cadre de ce recrutement, David Kingsley, gérant des portefeuilles multi-stratégies, sera placé sous la responsabilité de Neil Mason.
15/10/2013

Sarasin Partners recrute l'ex-CIO de Newton

La société de gestion basée à Londres Sarasin & Partners, qui gère un peu plus de 13 milliards de livres, vient de recruter Phil Collins en qualité de gérant au sein de l'équipe responsable des portefeuilles multi-classes d’actifs dont les encours s'élèvent à environ 5,2 milliards de livres, rapporte FundWeb.Phil Collins travaillait précédemment chez Newton Investment Management en tant que chief investment officer (CIO) du département clientèle privée et institutions caritatives. Il avait également la responsabilité de la gestion de la gamme Newton Phoenix.
15/10/2013

Deka sells properties in the United States and invests in Madrid

Frankfurt-based Deka Immobilien GmbH has announced that it has sold two commercial properties located in San Francisco to the US real estate group Ashkenazy Acquisition Corp. for EUR117m. The properties had since 1999 been in the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The transaction comes as part of Deka’s strategy to reduce the proportion of non-European assets in the portfolios of the fund, while profiting from the positive evolution of the markets to earn capital gains.Meanwhile, for its WestInvest TargetSelect Shopping fund, reserved for institutional investors, Deka Immobilien has acquired the Adolfo Dominguez shop (2,500 square metres) in Madrid from a real estate firm for EUR18m. The transaction corresponds to an “anticyclical opportunity” to add a well-located property to the portfolio.
15/10/2013

Pioneer releases Dynamic Credit fund in Spain

Funds People reports that Pioneer Investments has registered A, C and I share classes (accumulation, in US dollars) in the Dynamic Credit sub-fund of its Sicav Pioneer Funds, a product managed by Michael Temple, head of US credit, and Andrew Feltus, US and global high yield manager, with the CNMV for sale in Spain.The product is a clone of a US-registered fund which may invest in all fixed income segments. The objective is to capture 75% to 80% of increases on the high yield market, and to undergo declines less than half those of the market. The fund aims for outperformance 200 basis points over Libor in US dollars.
15/10/2013

Meesman offers a tax-optimised equity ETF

With the Meesman Indexfonds Aandelen Wereldwijd, an ETF with fees of 0.5%, Meesman Index Investments on 1 October in the Netherlands launched a feeder product of an institutional index-based fund from Northern Trust, which invests in physical replication of equities of the MSCI World index.Since the new ETF is registered in the Netherlands, it can claim reimbursement of the withholding tax on dividends from foreign companies through agreements signed by the Netherlands, in order to avoid double taxation, which brings it additional returns of 0.4% to 0.5% per year.
15/10/2013

Hedge funds avoid AIFM

Hedge funds are avoiding the new European framework contained in the Alternative Investment Fund Managers directive, which aims to improve the protection of investors in hedge funds, due to the costs and compliance problems these involve, Financial Times fund management reports. Only 11 asset management firms have signed up for the new regime in the United Kingdom, a country which represents 74% of assets in European hedge funds, since it came into effect in July. Luxembourg and Ireland each have three asset management firms registered under the new framework.
15/10/2013

AIFM: France and Germany have higher requirements for private investments

Investors in France and Germany will have less choice than in other countries for private investments due to additional rules imposed by local regulators, according to a study by the Alternative Investment Management Association (AIMA) in partnership with the firm Ernst & Young. According to the study, 17 countries are planning to authorise private investment, but on the basis of highy varied regimes, while France and Germany impose additional terms, which will have the effect of limiting the range on offer to investors compared with other countries. The study emphasizes that the French market appears highly restrictive in this area, while other countries, such as the United Kingdom, Ireland, Sweden, and Luxembourg, only require alternative investors to respect minimal terms included in the AIFM directive. A study by Deutsche Bank of 44 European and American hedge fund managers finds that hedge funds are adopting a wait-and-see attitude to complying with the AIFM directive, with 82% of European managers planning to delay registration until 2014. More than 40% of managers surveyed indicate that they have recruited more than one full-time employee to prepare and manage new regulatory requirements.
15/10/2013

US mutual funds record net sales for September

After net outflows of USD7.92bn in August, compared with net sales of USD15.9bn in July, US long-term mutual funds in September posted net subscriptions of USD2.48bn, according to Morningstar. That brings net inflows since the beginning of the year to USD228.45bn.For their part, money market funds have attracted USd43.33bn in September, compared with USd22.09bn in August. Arithmetically, net outflows in the first nine months of the year come to USD16.52bn.Among the top six asset management firms by asset volumes, only Vanguard has done well in September, with net inflows of nearly USD3.25bn, and USD54bn in the first nine months of the year.The second, Fidelity Investments, has seen net outflows of USD1.55bn in September, but has posted inflows of USD5.68bn in January-September. American Funds suffered outflows of USD2.16bn in September, and USD13.74bn in the first nine months of the year, while Pimco has had to confront net redemptions of USD6.45bn in September, and USD8.23bn in the first three quarters.
15/10/2013

Legg Mason launches a senior loan fund

Legg Mason Global Asset Management has launched a senior loan fund domiciled in Dublin via its affiliate Western Asset Management, Investment Week reports. The Legg Mason Western Asset Senior Loan fund will be managed by TJ Settel, and will be structured as an open-ended fund aimed at qualified investors. The fund will invest in the international senior debt market, with a preference for the particularly liquid US market.
15/10/2013

Barings to launch a European small cap fund

Barings asset management will launch a European small cap fund for manager Nicholas Williams and his co-manager, Colin Riddles, Citywire Global reports. The Baring European Opportunities Fund, domiciled in Dublin, will be released in the next few weeks.
15/10/2013

Neuberger Berman preparing a UCITS-compliant fund of hedge funds

In the face of rising demand on the part of discretionary fund managers, Neuberger Berman is planning to launch a UCITS-compliant version of its fund of hedge funds Neuberger Berman Absolute Return Multi-Strategy fund (ARMS), Investment Week reports. It will be an event-driven fund (long/short, event-driven, relative value credit), whose performance objective is 500 basis points over cash.It will be the second absolute return fund from the US asset mangaement firm to also be offered in the United Kingdom, after the Neuberger Berman Global Bond Absolute Return fund, which aims for returns 400 basis points over cash.
15/10/2013

US regulators debate supervision of the asset management industry

The fact that the Securities and Exchange Commission has launched a consultation to see if asset management firms pose a risk to the financial system is raising the eyebrows of other regulators, and may provoke a turf war for control of the industry, the Financial Times reports, citing sources familiar with the matter. The move follows the publication of a report by the Financial Research Office into asset management firms. If they are considered to present a systemic risk, their supervision would be transferred from the SEC to the Federal Reserve. This potential turf war could favour the asset management industry, which does not wish to be viewed as presenting a systemic risk.
15/10/2013

BrightGate and Andbank launch a 5-year bond fund

The corporate bond fund Astra BrightGate B&H 5 year Tranche I has been launched by Andbank Asset Management Luxembourg, with management outsourced to BrightGate Capital, Funds People reports. The promoters are aiming for annual returns of 5% for this target-date product, with a duration of 5 years.A sales license for Spain has been applied for from the CNMV. The fund will then be available on the three platforms Allfunds, Fundlab and Inversis.
15/10/2013

Norwegian sovereign wealth fund pulls out of five companies

The Norwegian public pension fund, the largest sovereign wealth fund in the world, has pulled out of five companies responsible for environmental misconduct or use of child labour, the finance ministry announced in a statement on Monday.The groups which the fund has pulled out of for environmental reasons are the Malaysian forestry companies WTK Holdings Berhad and Ta Ann Holdings Berhad, the Chinese mining company Zijin Mining Group and the Peruvian Volcan Compania Minera. A fifth business, India’s Zuari Agro Chemicals, has also had a wanring, and is accused to employing children, the finance minister says in a statement.Two oil companies, the British-Dutch Shell and the Italian Eni, have also been placed “under observation.” The Norwegian central bank, which manages the fund, will use shareholder activism to incite them to improve their practices in the Niger delta, where oil spills are frequent. In the event of a lack of progress, the fund may add two major companies to its blacklist of companies in which investments are banned for ethical reasons.Lastly, another business, the South African mining company AngloGold Ashanti, which is also accused of environmental misconduct, will be closely monitored, the ministry says, adding that its practices have recently been reviewed.
15/10/2013

Canada's CIBC launches an ETF information centre

Pro-InvestisseursCIBC Inc. has announced improvements to its direct trading platform for independent clients, with a new ETF information centre launched and the addition of research and reporting tools from Morningstar and Thomson Reuters. The new information centre is a single complete outlet for ETFs, which includes significant educational resources and access to comments by Morningstar analysts on the ETFs.
15/10/2013

BlackRock cuts back its equity trading team in London

BlackRock has placed five members of its London equities trading team under observation as part of an attempt to integrate its trading desk with its internal risk system, entitled Aladdin, Financial Times fund management reports. The five traders in question have not yet left BlackRock, but may do so after a consultation period.
15/10/2013

Man Group recruits former BlueCrest CEO

Man Group has hired Neil Mason, who was CEO of BlueCrest, as senior managing director and lead portfolio manager of the Man GLG multi-strategy portfolios, reporting to Luke Ellis, president of Man Group.Mason joins Man from Harvard Management Company, where he was chief risk officer. Prior to this, he was CIO at FRM Capital Advisors. Before joining FCA, Neil was CEO of BlueCrest.As part of the move, David Kingsley, portfolio manager on the multi-strategy portfolios, will report to Neil Mason and continue in his current role.
15/10/2013

Legal & General plans to launch ETFs

Legal & General is planning to enter the ETF sector, Financial News reports. Nick Hodges, head of index-based fund distribution at Legal & General Investment Management, has confirmed the initiative, stating that developments on the retail market encouraged the eventuality. According to investment bankers, Legal & Genral is reported to have made an offer for the ETF activity of Credit Suisse, which was ultimately won by BlackRock.
15/10/2013

Sarasin Partners recruits former Newton CIO

The London-based asset management firm Sarasin & Parners, which manages slightly over GBP13bn, has recruited Phil Collins as a manager in its multi-asset class portfolio team, whose assets total about GBP5.2bn, FundWeb reports. Collins previously worked at Newton Investment Management as chief investment officer (CIO) in the private client and charity department. He was also responsible for the management of the Newton Phoenix range.
15/10/2013

Coface considers emerging market business risks

Coface says it is optimistic about corporate risks in the United States, but concerned about the risks in emerging markets such as Brazil and Thailand. In its most recent evaluations of these countries, Coface placed the A3 rating for Brazil under watch with negative implications. “The slowdown in consumption is making the industries and commerce which depend on it more fragile: household electrical appliances, automotive, electronics. Rising interst rates and inflated prices for imported components and machines, due to a depreciation of the real, are aggravated by taxes and production costs which remain high. Businesses then hesitate to accelerate their investments. In this context, payment incidents at Brazilian businesses recorded by Coface remain at a high level, near their peak in 2009,” Coface explains in a statement. The A3 evaluation for Thailand has also been placed under negative watch due to household debt levels. The A2 rating for the United States, however, has been placed on positive watch, despite the budgetary paralysis. “The government shutdown may have been a surprise but it should not have a significant effect on pending activities if it does not extend into the long term. However, uncertainty related to the US public debt ceiling remain high, and the risk of a failure to raise it cannot be ruled out. In this case, private demand may be significantly affected. However, our primary scenario at this stage is that this impasse will be avoided at the last minute, so that private consumer spending and investment remain robust, despite potential budget cuts,” Coface comments.
15/10/2013

Financière de l’Echiquier opens an office in Milan

Financière de l’Echiquier will on 15 January open an office in Milan, according to information from Bluerating. The new office will include Paolo Francesco Sarno, head of institutional sales, and Alessio Tonato, head of retail sales. Financière de l’Echiquier has been present in Italy since 2006 via registration of its funds.

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