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19/08/2013

Evercore Wealth recruits a strategist

The asset management firm Evercore Wealth Management, an affiliate of the Evercore advising group, has recruited Jewelle Bickford as senior strategies, the news agency Reuters reports. Bickford, who begins in her new role on Monday, 19 August, previously worked at GenSpring Family Offices. She will be based in New York. In her new role, Bickford will handle issues related to governance, impact investment and female clients. As of 30 June 2013, assets under management at Evercore Wealth totalled USD4.7bn.
19/08/2013

New York firm launches a fund in Europe

The New York-based firm Miller/Howard Investments has launched an equity dividend strategy in Luxembourg, which represents its first incursion into Europe. The Miller Howard SICAV – Dividend Equity invests in US businesses. It will be managed by four managers: Jack Leslie, Lowell Miller, Bryan Spratt and Roger Young.
19/08/2013

Switzerland and Germany step up their financial cooperation

Swiss banks will now have easier access to the German market. The two countries agreed before the weekend to intensify their cooperation in the area of cross-border financial services, under a convention, the Swiss federal finance department (DFF) has announced. Such a document had already been signed between Switzerland and Germany in 2011, as part of a bilateral agreement on withholding taxation. But this agreement was nullified when the agreement was rejected by the German Parliament. The new arrangements include two execution agreements between the financial supervisory authorities in the two countries, Finma in Switzerland and BaFin in Germany. Swiss banks will no longer need to have an affiliate in Germany in order to acquire new clients. The sale of Swiss funds in Germany will now be possible.
19/08/2013

Hennessee Hedge Fund index up in July

In July, the Hennessee Hedge Fund index rose 1.82%, bringing its gains since the beginning of the year to 6.91%. The Hennessee Long/Short Equity index gained 2.95% in July, and 11.22% since the beginning of the year. The Hennessee Emerging Market index, for its part, has gained 1.87% in the month, but only 3.42% since the beginning of the year.
19/08/2013

Interest in European equities recovers

Flows into Europe bond and equity funds hit six and 66 week highs during the second week of August as initial estimates from Eurostat confirmed the end of a recession that has gripped the European Union and Eurozone since the last quarter of 2011. For the week ending August 14, combined flows into Europe and Europe ex-UK regional equity funds exceeded USD2 billion, according to statistics from EPFR Global. At the country level Italy equity Funds posted their biggest weekly total in over a decade despite the fact Italy is one of four Eurozone economies that did not return to growth in the second quarter of 2013. One that did, France, continues to be viewed with skepticism: redemptions from France equity funds hit a 10 week high. Overall, EPFR global-tracked equity funds recorded net inflows of only USD1.26 billion. Chinese equity funds have seen a net outflow of over USD5bn. Bond Funds saw USD1.38 billion redeemed, while money market funds attracted USD6.53 billion with US funds accounting for the bulk of those inflows.
19/08/2013

Two German boutiques form a strategic alliance

The two German asset management boutiques Veritas Investment, based in Frankfurt, and Pall Mall Investment Management, based in Hamburg, last week announced that they are pooling part of their expertise in a new holding company which will take responsibility for several functions, Citywire reports. This is a strategic alliance which cannot be likened to a merger, the firms say. Teaming up will allow the firms to share some functions, such as communications, marketing, and procurement. Cumulative assets under management by the new firm, Veritas Portfolio GmbH & Co KG, will total more than EUR2bn.
19/08/2013

Colour returning to European markets

A return to «the good old days» is not on the cards yet, but Europe appears to be in recovery mode, according to the latest issue of The Cerulli Edge-Europe Edition. This confirms the rise in optimism in European investors observed in the latest Manager Survey of BofA Merrill Lynch."Allocators have turned bullish on Europe as quick as they have turned bearish on emerging markets and China,» commented Barbara Wall, director at Cerulli Associates. «They even like European banks-albeit on a selective basis. It is sensible to be cautious. Bottom-up stock picking will dominate a market that is still jittery."While allocators and active managers are more chipper about European stock prices, fund buyers are not fully on message. Equity flows are still outweighed by much larger flows to bond funds. Surprisingly, the most upbeat would appear to be Spanish investors, who poured EUR232.4 million (USD308 million) into local equity markets during the first five months of the year, notes Cerulli."It is difficult to predict when Europe’s love affair with bonds will fizzle out, but investors need to be disciplined as new issuances surge,» cautioned Yoon Ng, a Cerulli associate director. «The European high-yield market has grown fast-and flabby at the edges. Benchmark huggers face losses and liquidity constraints if outflows pick up. A strategic rethink may be necessary to avoid being caught out."Separately, Cerulli thinks that European real estate could be a strong investment theme over the next 12 months. British property equity funds report resurgent interest, particularly for portfolios focused on London and the South East. Even the German open-end property market seems on the mend.
19/08/2013

Fondaco SGR recruits a head of fund analysis

The Italian asset management firm Fondaco SGR has recruited Guiliano Anselmo as head of third-party fund analysis and control, Fondionine reports. He will join the multi-asset class strategies management team, led by Giulio Casuccio. Anselmo was previously head of manager selection at Polaris Sgr (which has since become Quaestio Capital). He has also worked at CAA sgr and Nextra.
19/08/2013

More than 200 layoffs following UBP takeover of Lloyds activities

Lloyds bank, based primarily in Eysins in the Swiss canton of Vaud, is to lay off more than 200 of its 350 employees. The management at Lloyds and UBP made the announcement to affected employees on 16 August, according to reports in the press. The restructuring is the result of a takeover of part of the activities of Lloyds by Union Bancaire Privée (UBP). UBP announced at the end of May that it is acquiring the international private banking activities of the Lloyd’s banking group. At the conclusion of the transaction, assets under management by the Geneva-based bank will increase by over CHF10bn. Staff are threatening to strike if no improvement is made to the social plan, which primarily affects back-office activities. These employees have given the bank an ultimatum of next Tuesday.
19/08/2013

UBS bailout plan nearing its end

The StabFund operation by the Swiss National Bank (BNS) to bail out UBS is nearing its end, Agefi Switzerland reports. The major bank will be able to acquire a part of the capital of the stabilisation fund, as the fund has now fully paid off its loan of CHF1.2bn from the BNS. The purchase price has yet to be determined. The price will be subject to external valuation on the basis of the value of assets remaining in the portfolio of the StabFund. This examination and the exercise of UBS’ buy option are expected to take about three months. As of the end of June, the gross value of the bailout fund, which contains toxic UBS assets dating from the sub-prime crisis of 2008 in the United States, totalled nearly CHF7.5bn. Of this, the BNS will receive USD1bn. The issuing money market institution and UBS will share the rest.
19/08/2013

Skagen extends investment universe for Vekst fund

As of 1 January 2014 Skagen will expand the investment mandate for its Skagen Vekst fund from 50% Norwegian to 50% Nordic. The 50% global part of the fund mandate remains unchanged. Broadening the Norwegian part of the investment mandate to include all Nordic stocks will enable the fund to include companies listed on the stock exchanges of Sweden, Denmark and Finland, as well as those in Norway.The fund’s benchmark will change from 50% OSEBX / 50 % MSCI All Country World index to 50% MSCI Nordic Countries All Cap index / 50% MSCI All Country World index to reflect the Nordic part of the mandate.Broadening the mandate will more than quadruple the number of investible stocks from 166 to 732.Separately, Skagen announces that it is to seek unit holder approval to improve the Vekst fee model at the same time as the fund’s investment mandate is changed. The proposal is to introduce a year end high water mark for the variable management fee, such that following periods when the fund’s value has fallen, it will not be able to charge a variable fee until the unit value at the previous high watermark, as per 31 December (in NOK) has been recovered.
19/08/2013

Boutiques penalised by RDR

Small asset management firms members of the Investment Management Association have posted growth in their assets of 3.9% in 2012, which is below the growth rate for the sector of 7.9%, Investment Week reports, citing a new study by the association. This also represents a decline compared with 2011, when growth was 29% for boutiques, compared with 17% for the sector. The IMA suggests that the situation is related to the advent of the Retail Distribution Review, which is driving investors to prefer larger, better-established brands.
19/08/2013

Profits at Swiss Life Asset Managers up 16% in first half

The Swiss Life group on 14 August announced that sectoral profits for Swiss Life Asset Managers ncreased by 16% in first half to a total of CHF71m, boosted by rising commission revenues. In the first six months of 2013, the Swiss Life group earned CHF551m in revenues from fees and commissions (compared with CHF524m the previous year). This increase is due partly to an increase in earnings from Swiss Life Asset Managers and growth in unit-linked policies. Net inflows totalled CHF2.3bn, up 44% compared with net subscriptions in first half 2012, which contributed to growth in assets under management of 15%, to CHF24.1bn. Including mandates from Swiss Life, assets under management are up by only 1%, to CHF149.45bn. Non-annualised net earnings for the group total 2.4%, compared with 2.7% the previous year, “which represents excellent returns considering the unfavourable market parameters,” a statement says. Net profits for the group totalled CHF472m, which represents an increase of 29% compared with the previous year.
19/08/2013

Unigestion obtains a license in Singapore

The Swiss asset management firm Unigestion has received a “Capital Markets Service License” from the Singapore market authority, strengthening its ambitions in Asia, according to a statement released on 14 August. “This license, officially received on 4 July 2013, considerably improves the range of products and services on offer from Unigestion, and its capacity of offer equities, private equity and hedge funds in Asia. It comes at a time when a growing number of institutional investors in Asia are seeking custom investment solutions,” a statement says. “We are delighted to have received this license from the Singapore authorities, at a time when we are pursuing the development of our presence in this key market. There are clear signs that Asian institutional investors are actively seeking solutions to allow them to diversify their asset allocations, and that they are particularly inclined to work with actors who have solid reputations and who are able to provide them with solutions that are specifically designed to meet their individual needs. We are convinced that with its innovative solutions based on risk management and its growing local presence, Unigestion is in a position to meet this demand,” says Fiona Frick, CEO of Unigestion, cited in the statement.
19/08/2013

Appointment at Deutsche Asset & Wealth Management

Deutsche Asset & Wealth Management has appointed Felipe Godard as managing director responsible for wealth management in Latin America, from 1 October 2013. Godard will be based in Geneva, and will report to Haig Aryan and Chip Packard, co-heads of the wealth management Americas unit. Godard currently works at Credit Suisse, where he is responsible for investment and advising solutions for private banking in Latin America.
19/08/2013
Fonds

Une société new-yorkaise lance un fonds en Europe

La société new yorkaise Miller/Howard Investments a lancé une stratégie actions dividendes au Luxembourg, ce qui représente sa première incursion en Europe. Le fonds Miller Howard SICAV – Dividend Equity est investi dans les sociétés américaines. Il sera géré par quatre gérants : Jack Leslie, Lowell Miller, Bryan Spratt et Roger Young.
Fonds
19/08/2013

Hausse des encours d’Invesco en juillet

Au mois de juillet, Invesco a vu ses encours augmenter de 705,6 milliards de dollars à 729,4 milliards de dollars, soit une hausse de 3,4 %. Les encours en fonds actions ont notamment progressé de 5,72 % en passant de 321,4 milliards de dollars à 339,8 milliards de dollars.
19/08/2013

Evercore Wealth recrute une stratégiste

La société de gestion Evercore Wealth Management, filiale du groupe de conseil Evercore, a recruté Jewelle Bickford en qualité de stratégiste senior, rapporte l’agence Reuters.Jewelle Bickford, qui prend ses fonctions ce lundi 19 août, travaillait précédemment chez GenSpring Family Offices. Elle sera basée à New York. Dans ses nouvelles fonctions, Jewelle Bickford s’occupera des problématiques de gouvernance, de l’"impact investing» et de la clientèle féminine.Au 30 juin 2013, les actifs sous gestion d’Evercore Wealth s'élevaient à 4,7 milliards de dollars.
19/08/2013

Franklin Templeton augmente ses encours en juillet

Franklin Templeton a vu ses encours en juillet passer de 815 milliards de dollars à 834,1 milliards de dollars. Un an plus tôt, ses encours ressortaient à 718,7 milliards de dollars. Les encours des fonds actions ont notamment augmenté de 224 milliards de dollars à 234,1 milliards.
19/08/2013

La Chine prévoit de lever des barrières aux investissements étrangers

Dans le cadre de l’instauration de nouvelles zones de libre-échange, ouvertes notamment dans la région de Shanghai, les autorités chinoises prévoient de lever certaines barrières législatives pesant sur les investissements étrangers. Les investissements directs étrangers en Chine ont chuté de 3,7% l’an dernier à 111,7 milliards de dollars, après avoir atteint un record de 116 milliards en 2011, mais ont progressé à 62 milliards au premier semestre 2013.
19/08/2013

Démission du président grec des privatisations

Le président du fonds grec chargé des privatisations (Taiped), Stélios Stavridis, a remis sa démission hier, sur demande du ministre des Finances, suite aux critiques liées à son déplacement à bord de l’avion d’un des actionnaires du consortium qui a récemment racheté l’Opap, la société de paris sportifs. Cette démission intervient six jours après la signature de la cession de 33% de parts publiques de l’Opap à Emma Delta pour 652 millions d’euros.
19/08/2013

Nouvelle hausse des prix immobiliers en Chine

Les prix des logements neuf en Chine ont enregistré un troisième mois consécutif de hausse en juillet dans 69 des 70 villes passées au crible par l’indice publié par le bureau national des statistiques. Les prix se sont ainsi envolés de 17% sur un an à Guangzhou et de 14% à Shanghai et Pékin. «Le nouveau gouvernement semble avoir une tolérance plus élevée sur la hausse des prix immobiliers», constate Ding Shuang, économiste chez Citigroup.
19/08/2013

S&P sanctionne la Tunisie

L’agence de notation a abaissé de deux crans à «B» la note de la Tunisie, en raison de la profonde crise politique provoquée il y a trois semaines par l’assassinat d’un député d’opposition. Cette note est assortie d’une perspective d'évolution négative.
19/08/2013

La Fed collecte les fonds pour sa supervision bancaire

La Réserve fédérale américaine a annoncé vendredi qu’elle collectera 440 millions de dollars auprès des établissements financiers pour couvrir le coût de sa supervision bancaire en 2012. «La loi de réforme de Wall Street Dodd-Frank demande au conseil d’administration de collecter des droits équivalant aux dépenses qu’il estime nécessaires pour superviser et réguler les établissements bancaires et de caisses d'épargne présentant plus de 50 milliards de dollars d’actifs.»
19/08/2013

Hausse de l’excédent commercial en zone euro

La zone euro a enregistré un excédent commercial de 17,3 milliards d’euros au mois de juin, après un excédent de 14,5 milliards en mai, selon Eurostat. Entre janvier et mai, l’Allemagne a affiché le plus fort excédent (81 milliards), suivie des Pays-Bas (24,3 milliards), de l’Irlande (15,3 milliards) et de l’Italie (8,7 milliards). La France a accusé le plus fort déficit, de 32,9 milliards, devant le Royaume-Uni qui accuse un déficit de 26,1 milliards.
19/08/2013

Rebond des mises en chantier aux Etats-Unis

Les mises en chantier de logements aux Etats-Unis ont augmenté de 5,9% en juillet, mais sans effacer la chute de 7,9% enregistrée au mois précédent, selon des données publiées vendredi par le département du Commerce. Ce rebond a été notamment porté par une flambée de la construction de logements collectifs (+26%), contrebalancée par un recul des mises en chantier de maisons individuelles (-2,2%).
19/08/2013

La SEC autorise le rachat de Nyse Euronext

L’autorité américaine des marchés a donné son accord au projet de rachat de Nyse Euronext par IntercontinentalExchange, selon une décision publiée vendredi sur son site internet. Si la SEC n’est pas en charge des projets de fusions-acquisitions, elle doit s’assurer qu’ils respectent les règles fédérales. Ce rachat, désormais estimé à 10,6 milliards de dollars sur la base du cours de clôture d’ICE au 1er août, doit encore être validé par les régulateurs nationaux européens.
19/08/2013

La Grèce souhaite lever les restrictions aux expulsions

Le ministre grec des Finances, Yannis Stournaras, a souhaité hier mettre fin à une mesure protégeant les petits propriétaires ayant bénéficié de prêts immobiliers, mettant en garde contre «un écroulement des banques» si elle est maintenue. Selon le quotidien Kathimérini, les créances douteuses des banques s'élèvent à 59,6 milliards d’euros dont 30 milliards proviennent de prêts aux entreprises, 16,8 milliards de crédits immobilier et le reste de prêts à la consommation.
19/08/2013

Canary Wharf ne connaît pas la crise

Le centre financier en périphérie de Londres a vu les effectifs travaillant en son sein presque quadrupler en l’espace de dix ans pour atteindre 100.000 personnes à la fin de l’année 2012, selon les chiffres publiés hier par l’office national des statistiques. Les dix plus grosses banques présentes au Royaume-Uni emploient 44.500 personnes à Canary Wharf, contre 43.300 à la City, selon les chiffres publiés par le Financial Times.

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