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25/07/2013

Barclays débauche une grosse pointure de chez Credit Suisse

Vivian Chan, managing director et market leader Greater China chez Credit Suisse, où elle s’est notamment distinguée par la création d’un portefeuille de clientèle de particuliers très haut de gamme, rejoint son ancien patron Didier von Daeniken, head of wealth management for Asia Pacific, Middle East & Africa chez Barclays. Elle prendra le 5 août ses nouvelles fonctions de regional head of North Asia dans la division wealth & investment management.
25/07/2013

Baisse du bénéfice et hausse de l'encours pour Rothschild Bank

Le groupe helvétique Rothschild Bank affiche pour l’exercice au 31 mars un bénéfice net consolidé de 15,81 millions de francs suisses contre 19,6 millions, ce qui représente une diminution de 19,4 % alors que le bénéfice brut ressort à 30,88 millions contre 34,5 millions, soit un repli de 10,5 %. La baisse a été imputée par Eric de Rothschild notamment à une hausse des dépenses d’informatique et des amortissements ainsi qu'à de nouvelles contraintes réglementaires coûteuses.Le rapport annuel précise que les encours totaux du groupe se sont accrus de 7,8 %pour ressortir à 20,3 milliards de francs au 31 mars, dont 14,4 milliards de francs (+ 8,3 %) pour Rothschild Bank AG de Zurich. Les rentrées nettes de 334 millions de francs sont venues principalement des activités onshore en Allemagne, en Suisse et au Royaume-Uni, tandis que les activités internationales subissaient des sorties nettes. Au bilan, les sorties nettes sont affichées à 464 millions de francs contre des souscriptions nettes de 621 millions.
25/07/2013

Profits up at EFG International in first half

P { margin-bottom: 0.08in; } EFG International has published net profits for first half of CHF83.8m, an increase of 71% compared with the previous year. This increase is primarily due to the sale of its remaining stake in EFG Financial Products. Revenue-generating assets under management totalled CHF76.0bn, compared with CHF78.7bn as of the end of 2012, but were up 4% after adjustment for abandoned operations and reclassifications, a statement says. Net subscriptions totalled CHF1.9bn, compared with CHF1.2bn one year previously. Activities in continental Europe generated annual growth of 14%; Asian and the United Kingdom, respectively, posted growth of 7%, and 8%, while operations in the Americas stagnated, partly reflecting the impact of geopolitical factors in certain areas of activity; private banking activity in Switzerland, for its part, was up 4%.
25/07/2013

Cetera hires from BNY Mellon

P { margin-bottom: 0.08in; } Steve Dunlap has been recruited as executive vice president, wealth management at the broker-dealer Cetera Finncial Group, replacing Barnaby Grist, who is leaving the group “to be with his family,” according to a statement. Dunlap will be responsible for continuing the strategic development of wealth management services at Cetera, aimed at advisers who are seeking to increase their fee-based activities.Dunlap had most recently been both president & CEO of Lockwood Advisors, a retail distribution affiliate of BNY Mellon, and president of managed investments at Pershing, a BNY Mellon boutique. In his new role, Dunlap will report directly to CEO Valerie Brown.
25/07/2013

Dexia AM: Negotiations break down between Dexia and GCS Capital over sale

P { margin-bottom: 0.08in; } Dexia on Wednesday, 24 July, announced that negotiations with GCS Capital had broken down over a sale of Dexia Asset Management. Dexia on 12 December 2012 signed an agreement to sell Dexia AM with GCS Capital, stating that the transaction would be completed by the end of June 2013 at the latest, for a total of EUR380m.As it was unable to complete the sale as planned, Dexia has agreed to continue negotiations beyond the initial deadline. At the conclusion of talks with GCS Capital, and pursuant to its contractual obligations, “Dexia has decided to denounce the sale agreement as of 15 July 2013. The sale agreement had allowed for a notice period of 10 working days, and talks will conclude on 30 July 2013,” a statement says. Until that date, the buyer would be entitled to fulfil is contractual obligations and complete the sale, Dexia adds.The statement adds that the decision “does not put into question the desire of Dexia to sell Dexia Asset Management.”
25/07/2013

New non-executive chairman for Legg Mason

P { margin-bottom: 0.08in; } The board of directors at Legg Mason Inc (USD645bn in assets as of 30 June) has elected Dennis M. Kass as non-executive chairman. He joined the board as a director in April 2013, and will continue to belong to the appointments and corporate governance committees, as well as the financial affairs and compensation committees.Kass retired in 2012 from his position as chairman of the asset management firm Jennison Associates, owned by Prudential Financial, after being elected as chairman and CEO of Jennison from 2003 to 2011.As non-executive chairman, Kass replaced W. Allen Reed, who had held the position since September 2012, and led the recruitment of a new CEO, Joseph A. Sullivan, in February 2013. Reed remains as director and chairman of the finance committee. He has been a director at Legg Mason since 2006.
25/07/2013

Profits down and assets up at Rothschild Bank

P { margin-bottom: 0.08in; } The Swiss Rothschild Bank group has announced consolidated net profits for the fiscal year ending on 31 March of CHF15.81m, compared with CHF19.6m, which represents a decline of 19.4%, at a time when gross profits total CHF30.88m, compared with CHF34.5m, a decline of 10.5%. Eric de Rothschild blames an increase in IT spending and seed capital as well as new and costly regulatory constraints for the decline.The annual report states that total AUM at the group have increased by 7.8% to a total of CHF20.3bn as of 31 March, of which CHF14.4bn (+8.3%) are for Rothschild Bank AG in Zurich. Net inflows of CHF334m came primarily from onshore activities in Germany, Switzerland and the United Kingdom, while international operations underwent net outflows. Overall, net outflows totalled CHF464m, compared with net subscriptions of CHF621m.
25/07/2013

Profits down at comdirect

In January-June, pre-tax profits for the comdirect group (Commerzbank) fell to EUR41.9m, compared with EUR53.1m in the corresponding period of 2012, while net profits totalled EUR31.14m, compared with EUR39.53m, despite an increase in operating costs to EUR127.32m, compared with EUR112.35m, due to “growth investments,” Thorsten Reitmeyer, chairman of the managing board, states.Assets under administration by the B2C unit (comdirect bank) as of 30 June totalled EUR29.3bn, compared with EUR27.91bn six months earlier, while assets at the B2B unit (ebase) were up to EUR21.45bn, compared with EUR20.95bn.
25/07/2013

bfinance recruits for asset management research team

P { margin-bottom: 0.08in; } The financial services consulting firm bfinance has announced the arrival of Roubesh Adaya, a specialist in bond markets, for its asset management research team. Adaya will be based in London. He will be responsible for the analysis of publicly-traded bond investment vehicles.
25/07/2013

80% of Asian institutionals are avoiding ETFs

P { margin-bottom: 0.08in; } In Asia-Pacific, 83% of institutional and 88% of retail investors are not invested in ETFs, according to the findings of a survey carried out by Deutsche Asset & Wealth Management, cited by Asian Investor.Over the past year, the popularity of ETFs has been in free-fall. Last year, only 36.6% of institutionals and 64.3% of retail investors were avoiding these products. The reason for the disaffection is “counterparty risks” for institutions and “excessive fees” charged by brokers, for retail investors.
25/07/2013

Chinese government issues new RQFII licenses

P { margin-bottom: 0.08in; } The Chinese securities commission (CSRC) on 23 July announced two new licenses for Renminbi qualified foreign institutional investors (RQFII), issued to Industrial Bank and Commercial Bank of China (Asia). On 13 July, Taiping Asset Management (Hong Kong) has also been issued this license, Z-Ben Advisors reports.There are now 37 holders of RQFII licenses, and quotas already assigned total CNY104.9bn.Fund management firms owned by banks or insurers have joined affiliates of asset management firms and brokerage firms in the circle of RQFII license holders. Currently, Hang Seng Investment Management is the only holder of an RQFII license not to be an onshore institution controlled entirely by a Hong Kong company.
25/07/2013

British financial regulator unveils roadmap

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA), the British financial market authority, which replaced the FSA at the beginning of April, has imposed a fine of GBP5.6m against the partially nationalised bank RBS, for failure to correctly and completely report more than one third of all trades made by it on the markets between November 2007 and February 2013 to the agency. In a 50-page document published yesterday, the market regulatory authority, which oversees 26,000 financial establishments in the United Kingdom, laid out its roadmap, in which it takes the opposing view of its predecessor which was criticized for failing to prevent the financial crisis. The identification of risks in hindsight will also guide the strategy of the regulator, which plans to toughen its policies with respect to persons or businesses which infract regulations, imposing heavy fines and legal actions. The FCA also plans to promote competition in the financial sector.
25/07/2013

Edmond de Rothschild and BBM Investimentos cooperate on Brazilian market

P { margin-bottom: 0.08in; } The Edmond de Rothschild group and BBM Investimentos have signed a strategic cooperation agreement for Brazil. The operation aims to develop opportunities in asset management on the Brazilian market, particularly serving pension funds. “Brazilian funds represent approximately USD300bn in assets under management, and are authorised to invest up to 10% of their assets in non-Brazilian assets. So far, investments in foreign assets are still very low,” a statement says.The first practical step in the strategic alliance will be to launch two Brazilian-registered feeder funds for the Edmond de Rothschild Europe Synergy fund, a European equity fund managed by Edmond de Rothschild Asset Management. The first fund will be dedicated to pension funds, while the second will be aimed at private banking clients.The two groups may subsequently consider creating a Brazilian equity fund managed by teams at BBM Investimentos and available worldwide (except in the United States) from teams at Edmond de Rothschild Asset Management, to international institutional investors.
25/07/2013

Lim Boon Heng is new chairman of Temasek

P { margin-bottom: 0.08in; } Singapore sovereign wealth fund Temasek has a new chairman, Finance Asia reports. Lim Boon Heng in this position replaces chairman S. Dhanabalan, who is retiring after 17 years at the helm of the institution. Like his predecessor, Lim is a former politician. He has served as a minister.
25/07/2013

AllianceBernstein adds to its alterantive management team

P { margin-bottom: 0.08in; } Nina Tannenbaum, director of marketing & product management at Napier Park Value Fund, after serving in the alternative wealth management division of Blackstone Group, has been recruited by AllianceBernstein as managing director of alternative sales & client services.She will report to Joel R. Stevens II, senior managing director and head of institutional investments. She will aim to develop the alternative management product range at AllianceBernstein, which includes multi-asset strategies, proprietary hedge funds and closed-end drawdown funds.Tannenbaum will also be responsible for meeting complex client requests to integrate alternative products into their portfolios and risk profiles.
25/07/2013

Profits at Ameriprise Financial in first half up 40%

P { margin-bottom: 0.08in; } The parent company of asset management firms such as Columbia Management in the United States and Threadneedle in the United Kingdom, Ameriprise Financial, may have seen a decline of 4% in its net profits in second quarter compared with January-March, to USD321m from USD335m, but its net profits in first half, at USD656m compared with USD467m in January-June 2012, is up 40%.Pre-tax profits for the asset management unit in first half rose 31% year on year, to USD343m, compared with USD261m. Net outflows fell to USD7.844bn, from USD11.250bn in January-June last year, while assets as of 30 June stood at USD459.366bn, compared with USD466.487bn as of the end of March, and USd445.804bn one year previously.
25/07/2013

Noticeable increase in profits at Morningstar

P { margin-bottom: 0.08in; } For first half 2013, net profits at Morningstar totalled USD60.7m, or nearly 26.5% more than the USD48m in the corresponding period of last year, and as of 30 June, the group had liquidity of USD314.8m, compared with USD321.4m six months previously. Meanwhile, consolidated earnings in January-June totalled USd344.3m, 5.4% more than in the first six months of 2012.The quarterly report reveals that assets advised and under management for the investment advisory services unit as of 30 June were down to USD101.4bn, from USD138.1bn one year previously. This decline of 26.6% is due to a change in fourth quarter 2012 to services provided by Morningstar to an existing client, which reduced assets advised by USD45.9bn.However, assets under management and advisory to the retirement solutions unit increased as of the end of June to UDS55.9bn, compared with USD41.5bn, while the Morningstar managed portfolios unit had USD5.9bn, compared with USD3.9bn as of 30 June 2012.
25/07/2013

E*Trade swings in the red

P { margin-bottom: 0.08in; } Due to a one-time charge of USD142m related to the G1 Execution Services (G1X) unit for execution of retail orders, the broker E8Trade Financial Corp in second quarter saw a loss of USD54m, compared with a profit of USD40m in April-June 2010, the Wall Street Journal reports. Revenues fell 2.7% year on year, to USD440m.In a statement announcing its results, E*Trade states that it intends to sell G1X, with a committment to transfer a certain business volume to the buyer.
25/07/2013

Barclays recruits a big name from Credit Suisse

P { margin-bottom: 0.08in; } Vivian Chan, managing director and market leader for Greater China at Credit Suisse, where she stood out for the creation of an ultra-high net worth client portfolio in particular, is joining her former boss Didier van Daeniken, head of wealth management for Asia Pacific, Middle East & Africa, at Barclays. She will begin on 5 August in her new role as regional head of North Asia in the wealth & investment management division.
25/07/2013

Blackstone acquires 1,860 housing units in Madrid

P { margin-bottom: 0.08in; } The Magic Real Estate fund from Blackstone has won an auction for a portfolio of 1,860 housing units put up for sale by the Madrid municipal housing authority, EMVS. Tenants’ contracts are “protected” for ten years, Expansión reports.
25/07/2013

Threadneedle sees lower redemptions than Columbia

P { margin-bottom: 0.08in; } The release of quarterly and first half results for Ameriprise Financial (see elsewhere in today’s Newsmanagers), the parent company of the two asset management firms Columbia Management and Threadneedle, reveals that the US affiliate in first half saw net redemptions of USD7.584bn, compared with USD10.523bn in January-June, while the British firm had only USD245m in net outflows, compared with USD2.176bn.However, this should be taken in context, since total assets at Threadneedle are far lower than at Columbia (they are equivalent to 37.9%): as of 30 June, with USD126.976bn, the British firm’s assets were down compared with 31 March (USd127.674bn) but up 9% compared with USD116.630bn as of the end of June 2012.At Columbia, assets as of 30 Jne 2013 totalled USD335.194bn, compared with USD341.327bn three months previously, and USD331.934bn one year previously.
25/07/2013

Robeco does not plan to make all its local funds UCITS-compliant

P { margin-bottom: 0.08in; } Unlike ING Investment Management, which has announced that it will be placing all its Netherlands-registered funds under the UCITS directive, with three umbrella funds (equities, bonds, diversified), Robeco has told Fondsnieuws that the move to the UCITS regime will not be universal.In some cases, particularly some diversified funds, Robeco will choose the AIFMD format, as it will for Netherlands institutional funds.
25/07/2013

Bad month of June for Netherlands hedge funds

P { margin-bottom: 0.08in; } Fondsnieuws reports that the Dutch hedge fund index lost 2.95% in June, and only 8 of the 28 funds of the index showed a positive result, with the best returns for the Saemor Europe Alpha Fund (+3.17%).In first half, the index is down 3.32%, but the Pelargos Japan Fund has gained 17.11%, putting it ahead of the Frog fund (+10.19%) and the Mayflower 1776 Value Fund (+10.03%).
25/07/2013

Stoxx offers a 3D printing index

P { margin-bottom: 0.08in; } The Swiss firm Stoxx Limited on 24 July announced that it is launching the Stoxx Global 3D Printing Pure Play Index, which, as its name indicates, covers businesses involved specifically in the three-dimensional printing sector, and which earn at least 10% of their revenues in this area. All of these shares belong to the Stoxx Global Total Market Index (65 countries, over 7,000 businesses), with a minimum quarterly trading volume of EUR25,000, and publicly-traded capital of at least EUR10m. The new index contains only 30 eligible lage caps, with a limit of 20% exposure per position.The composition of the index will be revised annually in September, and rebalancing will be carried out on a quarterly basis. The available track record has been backtested to 17 September 2010.
25/07/2013

AFG welcomes transposition of AIFMD into French law

P { margin-bottom: 0.08in; } The Alternative Investment Fund Managers Directive (AIFMD) was on 13 July transposed into French law by an order and decree of the Council of State passed by the Council of Ministers (Cabinet) on 24 July 2013. The French financial management association (AFG) immediately expressed its satisfaction that France thus becomes one of the first countries to transpose this important directive.“With an effective collaboration in the market between the general management of the Treasury, the AMF and the profession, the French regulatory framewok will allow French management to continue its development in France, Europe and internationally in a framework which ensures effective protection of investors,” a statement from the AFG states.The professional association highlights two points:* on the one hand, the names of French funds have been clarified and simplified, with only two major categories, mutual funds (or UCITS funds) and alternative investment funds (FIAs) compliant with the new AIFMD directive.* on the other hand, French FIAs and French firms compliant with the AIFM directive are able to engage passport procedures from 22 July 2013, to serve European professional clients.
25/07/2013

KraneShares: an ETF of winners out of Chinese 5-year plans

P { margin-bottom: 0.08in; } On 22 July, the New York-based asset management firm KraneShares, which has an office in Beijing, has launched the first of seven funds focused on China, for which it had applied for a license from the SEC. The product is the KraneShares CSI China Five Year Plan ETF (NYSE Arca ticker: KFYP; ISIN code: US5007672075), which in normal circumstances will invest at least 80% of its assets in shares of the CSI Overseas China Five-Year Plan Index of companies which are likely to benefit most from Chinese five-year plans.The fund has a total expense ratio of 0.68%. It is 35% invested in information technologies, 16% in discretionary consumer products, 14% in industrials, and 14% in ongoing consumer products.The two largest positions are Tencent Holdings (13.64%) and Baidu Com (11.41%).
25/07/2013

Legacy of defined benefits will be larger than expected

P { margin-bottom: 0.08in; } According to the Pensions Management Institute (PMI), managing the legacy of defined benefit pension schemes (DB) could take 50 years, at a time when professionnals are wildly over-optimistic, with a total time of 25 to 30 years projected, Investment Europe reports.Tim Middleton, a technical consultant at PMI, claims that the providers of retirement savings plans began to focus on problems posed by defined contributions (DC) without correctly resolving the issues arising from the defined-benefit legacy. One of the major questions about defined benefits is financing deficits, although these do appear to have declined recently.According to the Pensions Risk Survey from Mercer, the combined deficit for all defined-benefit plans of FTSE 350 companies totalled GBP98bn (EUR114bn) in May, which corresponds to a coverage rate of 85% (compared with GBP108bn and 84% one month earlier).
25/07/2013
Gestion d'actifs

IRP Auto vient de retenir de nouveaux gérants

Epaulé par son consultant Insti 7, IRP Auto a procédé à la mise en concurrence de gérants sur la retraite complémentaire (500 millions d’euros sous gestion au total) : Lazard Frères Gestion a gagné le mandat Actions Zone Euro, HSBC AM a remporté le mandat obligataire (il gérait auparavant un mandat diversifié), Russell Investments France a gagné le mandat multigestion Actions Internationales. Il y a avait également un autre lot sur les Obligations. L’allocation d’actifs d’IRP Auto (sur la partie prévoyance) est d’environ 80/85% d’obligations, entre 15 et 20% d’actions et un peu de monétaire pour la trésorerie.
Gestion d'actifs

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