Allure Finance, société de conseil en gestion privée indépendante, et BNP Paribas Corporate & Investment Banking lancent Allure Actions Monde, un fonds sans garantie en capital d’une durée de 7 ans indexé à l’indice MSCI World, dividendes non réinvestis. A l’échéance, le souscripteur retrouve son capital augmenté de la moyenne des performances de l’indice aux deux dernières dates de constatation annuelles, si celle-ci est positive. Le capital de l’investisseur est protégé à l’échéance jusqu’à une baisse de l’indice de 50 % par rapport à son niveau initial. Une sortie avant l’échéance est possible, mais dans ce cas, la revente se fait aux conditions de marché du jour et la formule de remboursement ne s’applique pas.

Dans un communiqué aux investisseurs en date du 2 avril, le britannique Schroders annonce que sa filiale américaine Schroders US Holdings Inc a désormais bouclé l’acquisition du gestionnaire obligataire STW Fixed Income Management (11,6 milliards de dollars d’encours fin décembre).Cette opération avait été annoncée il y a deux mois et demi (lire Newsmanagers du 18 décembre).

Joseph A. Sullivan, nouvellement désigné president & CEO de Legg Mason, a annoncé le 2 avril la nouvelle composition de l’état-major du groupe, qui gérait fin février des encours de 661 milliards de dollars.Thomas P. Lemke, general counsel and head of governance, quitte le groupe, de même que Ronald R. Dewhurst, head of global investment managers, qui avait été l’un des deux candidats internes au poste de CEO.Cela posé, Pete Nachtwey est confirmé comme directeur financier (CFO). Il a rejoint Legg Mason en 2011 en provenance de Carlyle Group, où il était aussi directeur financier. Il sera responsable des finances, de la trésorerie, des relations investisseurs et de la communication d’entreprise à l’échelon mondial.Terry Johnson, un ancien de Citigroup Asset Management qui est entré chez Legg Mason en 2005, est promu responsable de la distribution mondiale, après avoir exercé cette fonction à titre intérimaire depuis octobre 2012. Auparavant, il était responsable de la distribution internationale.Jennifer Murphy, qui était president et CEO de Legg Mason Capital Management, devient chief administrative officer de Legg Mason.Enfin, Thomas Merchant a été promu general counsel. Il était auparavant corporate general counsel. Il demeure corporate secretary, avec la responsabilité des divisions juridique et conformité.Par ailleurs, Legg Mason recherche encore un patron pour le pôle business & product development. L’intéressé sera responsable des marques Batterymarch, Brandywine Global, ClearBridge Investments, Legg Mason Capital Management, Legg Mason Global Equities Group, Permal, Royce & Associates et Western Asset Management.Les équipes produits Etats-Unis et international, la plate-forme de solutions Legg Mason Global Asset Allocation et l’activité de fusions-acquisitions restent sous la responsabilité de Jeff Nattans

Alors que le plan de Crédit Agricole CIB (CA CIB) prévoyait un recul des besoins de liquidité d’environ 18 milliards d’euros à fin 2012, ceux-ci ont baissé depuis juin 2011 de 33 milliards d’euros, pour descendre à 90 milliards d’euros, rapporte L’Agefi. La principale voie est l’accélération de la sortie des portefeuilles en extinction, l’externalisation de certaines fonctions, l’optimisation des organisations, une gestion rigoureuse ainsi que la mise en commun de moyens entre les départements de la banque étant aussi des pistes suivies ou étudiées. Par ailleurs, le retrait de CA CIB du courtage actions doit être finalisé via la cession de Cheuvreux d’ici avril et de CLSA d’ici juin. CA CIB a parallèlement procédé à la fermeture de deux lignes métiers, les matières premières et les dérivés actions et s’est retiré de dix pays, précise le quotidien.

Le FSI a annoncé le 2 avril qu’il participera à l’augmentation de capital de SuperSonic Imagine destinée à accélérer le déploiement commercial international du groupe ainsi que les efforts de recherche & développement.L’augmentation de capital d’un montant total de 28 millions d’euros sera souscrite conjointement par le FSI (14 millions d’euros) et par les actionnaires historiques de la société (Edmond de Rothschild Investment Partners, Auriga Partners, Omnes Capital, BioAm, Innobio, NBGI Ventures, Wellington Partners, iXO Private Equity, Mérieux Développement) ainsi que par de nouveaux investisseurs (Alto Invest et KLSC).Cette nouvelle levée de fonds sera consacrée au développement commercial de SuperSonic Imagine, notamment en Chine, ainsi qu’à l’innovation et à la conduite de nouvelles études cliniques d’envergure.Cet investissement du FSI s’inscrit dans la continuité du tour de financement précédent auquel avait participé BioAm et le fonds Innobio (dont le FSI est souscripteur). La société avait par ailleurs également été accompagnée par Oséo.

Le gestionnaire alternatif Omega Advisors a réalisé au premier trimestre une performance de 9%, après une année 2012 déjà très satisfaisante, selon Institutional Investors. L’an dernier le gestionnaire avait enregistré des performances de 28 % à 28 %. Leon Cooperman, fondateur du hedge fund, se dit toujours positif sur les actions américaines. La société gère 7,7 milliards de dollars.

USAA, la société de services financiers créée pour les personnels des forces armées américaines et du département d’Etat, a déposé u ndossier auprès de la SEC pour obtenir l’autorisation de commercialiser des ETF actifs, rapporte IndexUniverse.Le dossier présente quelque 13 fonds, dont plusieurs dédiés au fixed income mais comprenant également des stratégies très prisées actuellement comme les actions à dividendes ou les ressources naturelles.USAA, qui propose une gamme de produits maison comprenant des mutual funds, des contrats d’assurances et des contrats d’annuities, est le dernier exemple d’une longue liste de sociétés souhaitant se lancer à un moment ou à un autre sur le marché des ETF.

Les professionnels de la finance ont reçu leurs bonus au titre de l’année 2012. Et tous ne sont pas satisfaits, loin de là. Selon une étude eFinancialCareers.fr, si 28% des professionnels interrogés déclarent que leur bonus a satisfait voire surpassé leurs attentes, 62% en sont déçus. Selon l’enquête, le montant du bonus moyen est resté stable ou a baissé pour la moitié (50%) des professionnels français. Parmi ceux déclarant une baisse (34%), deux tiers (65%) l’associent à la performance de l’entreprise. Pour ceux ayant bénéficié d’un bonus en hausse (36%), il est principalement en corrélation avec leur performance personnelle. Concernant leur niveau de salaire fixe pour cette même année, 50 % ont été augmentés, 50 % n’ont pas reçu de hausse de salaire. 44% se disent déçus par leur rémunération. Malgré une certaine insatisfaction, les professionnels de la finance font preuve d’optimisme. 79 % ne craignent pas la perte de leur emploi en 2013, précise eFinancialCareers.

Ivy Funds a annoncé le 1er avril le lancement de deux fonds immobiliers globaux, Ivy Global Real Estate Fund et Ivy Globakl Ris-Managed Real Estate Fund, qui investiront en priorité dans des titres de sociétés immobilières globales, y compris les REIT (real estate investment trusts) et les REOC (real estate operating companies).Le premier fonds devrait maintenir un profil de risque équivalent à celui du marché immobilier global alors que le second devrait envisager un profil de risque moins maqué que le précédent.Les deux fonds bénéficient des conseils de LaSalle Investment Management Securities. L’an dernier, la collecte des fonds immobiliers ouverts a pratiquement doublé par rapport à l’année précédente, à 15 milliards de dollars, et sur les deux premiers mois de l’année 2013, les souscriptions totalisent 6,5 milliards de dollars, soit un montant supérieur à la collecte de l’année 2010, selon des statistiques de Simfunds.

Dans un entretien avec la Börsen-Zeitung, Heiko Schlag, président du directoire de Bank Julius Baer Europe, précise que le groupe compte devenir bénéficiaire en Allemagne grâce à un gonflement de son encours, qui se situe aux alentours de 5 milliards d’euros et qui augmenté en net de 50 % l’an dernier.Alors que les autres banques suisses réduisent la voilure en Allemagne, Julius Baer accroît son effectif : 50 conseillers ont été recrutés depuis le début de 2012.

P { margin-bottom: 0.08in; } The number of hedge funds based in Hong Kong as of the end of September was 676, the highest ever, according to statistics released by the Securities and Exchange Commission. The population of hedge funds is up 26% compared with 2010. However, assets under management as of the end of September totalled USD87.1bn, down from a peak of USD90bn in March 2008. Hedge funds with USD100m or less now represent 60% of all assets in the sector, compared with 57.4% in 2010. The number of mid-sized funds, with total assets of USD100m to USD500m, fell meanwhile to 26.7% from 29.5% previously. The largest contributors to Hong Kong hedge funds are the United States, which account fro 42.6% of assets, and Europe, with 18.6%.

P { margin-bottom: 0.08in; } Ivy Funds on 1 April announced the launch of two global real estate funds, Ivy Global Real Estate Fund and Ivy Global Risk-Managed Real Estate Fund, which will invest primarily in shares in global realty firms, including real estate investment trusts (REITs) and real estate operating companies (REOC). The first fund is expected to maintain a risk profile equivalent to that of the global real estate market, while the second will aim for a lower risk profile than the first. Last year, inflows to open-ended real estate funds virtually doubled compared with the previous year, to USD15bn, and in the first two months of 2013, subscriptions totalled USD6.5bn, higher than inflows in all of 2010, according to statistics from Simfunds.

P { margin-bottom: 0.08in; } All candidates for employment in the financial sector the United Kingdom will be required to pass tests to evaluate their honesty, the Chartered Institute for Securities & Investment (CISI), an organisation of professionals active in wealth management and financial markets, announced on 2 April. Previously, only professionals who provide financial advice, or who are active in wealth and retail management, were required to pass tests of this type. Those who work in trading, mergers and acquisitions or derivative markets were not required to take them. The tests in question, introduced in late 2008, offer six test cases based on real situations. Out of 40,000 members of the CISI, only 7,300 at the most have taken the test. “In the past few years, there have been a lot of discussions about initiatives that can be taken to restore trust in financial services. … Today we are introducing a real change,” the director general of the CISI, Simon Culhane, has declared in a statement. The organisation is launching its first ever publicity campaign to support its effort to alter perceptions by the general public of a sector that has been severely tarnished by the financial crisis and repeated scandals.

P { margin-bottom: 0.08in; } In fourth quarter 2012, the average operating profits for the 17 asset management firms monitored by kasina rose by 225 basis points compared with third quarter, to 31.2%. However, seven of these asset management firms posted a decline of at least 50 basis points.According to the study, profits for asset management firms increased as assets rose and operating costs continued to fall, particularly in the area of compensation. In addition, this general increase in assets is largely due to market appreciation, at a time when more than half of asset management firms surveyed reported net outflows in October-December, in general (56%) and for mutual fund and ETF activities (64%).Among asset management firms which show considerably better results in fourth quarter, kasina cites AllianceBernstein and Cohen & Steers. Of the four “wirehouse” distributors, three posted an increase in their operating profits as well as to their net profits, with increases of 313 basis points compared with July-September, to 19.1%, and 260 basis points, to 13.8%, for net profits.kasina points out that, due to rising earnings per employee and a decline in compensation, operating and net profits at Morgan Stanley Wealth Management increased by 17%.

P { margin-bottom: 0.08in; } The London-based asset management firm ACPI Investment Managers has announced plans to increase its international presence, particularly on the South African market, Citywire reports. The firm has recruited two senior consultants, Colin Clark and Howard Walker, who will oversee development and recruitment of new employees.

P { margin-bottom: 0.08in; } The City Financial group has acquired the asset management firm OPM Fund Management for an undisclosed sum. City Financial is continuing its growth stratgy, following the integration of its multi-asset class range in January this year, and the acquisition last October of the asset management activities of Eden Financial. City Financial will take over a range of funds with GBP75.2m in assets under management. As part of the acquisition, Tony Yousefian is joining City Financial, where he will continue to manage the EFA OPM Fixed Interest fund, and will become responsible for the management of the EFA OPM Property fund.

P { margin-bottom: 0.08in; } Baring Asset Management (Barings) on 2 April announced that it has completed its acquisition of the Korean asset management firm SEI Asset Korea Ltd (SEIAK), announced last summer (see Newsmanagers of 2 August 2012). SEIAK from 28 March became Baring Asset Management Korea Limited.The acquisition considerably strengthens the presence of Barings in Korea. It is also a sign of Barings’ strong commitment to Asia, as Korea is the third-largest market in the region for asset management. The deal increases overall on-site assets at Barings to about USD7.4bn as of 28 February 2013.

P { margin-bottom: 0.08in; } Lord Turner, who on 1 April ceased to serve as head of the Financial Services Authority (FSA), which itself ceased to exist on that date and is now supplanted by two distinct bodies, will be going to work for George Soros, the Sunday Times reports.The former head of the FSA on 1 April joined the Institute for New Economic Thinking (INET), a think tank owned by Soros. Lord Turner’s activities at the institute will be unpaid, the newspaper states.

P { margin-bottom: 0.08in; } As of 31 March, Falcon Private Bank Ltd concluded its acquisition of Clariden Leu (Europe) Ltd, which will become known as Falcon Private Wealth Ltd, headquartered in the Knightsbridge / London (see Newsmanagers of 5 October, 20120. The new firm will be subject to the British regulatory authority.Falcon Private Bank is owned by aabar Investments PJS.

P { margin-bottom: 0.08in; } Robert Helm, head of distribution and a managing board member at MEAG, has said that gross subscriptions from outside the Munich Re/Ergo group for the first time topped EUR1bn in 2012, the Börsen-Zeitung reports. Assets under management for third parties come to only EUR10.3bn, out of a total of EUR238bn.

P { margin-bottom: 0.08in; } Skandia has founded an asset management firm in Sweden, entitled Skandia Investment Management, which will be responsible for internal management of life insurance portfolios, which account for more than half of all assets at the life insurer, totalling about SEK300bn, Fondbranschen reports. Lars-Göran Orrevall has been appointed as CEO of the new firm.

P { margin-bottom: 0.08in; } In a statement to investors dated 2 April, the British firm Schroders has announced that its US affiliate Schroders US Holdings Inc has now completed its acquisition of the bond management firm STW Fixed Income Management (USD11.6bn in assets as of the end of December).The deal was announced three and a half months ago (see Newsmanagers of 18 December).

Joseph A. Sullivan, Legg Mason’s newly-appointed president and chief executive officer, on 2 April announced the composition of the group’s new executive leadership team. Thomas P. Lenke, general counsel and head of governance, will be leaving the group, as is Ronald R. Dewhurst, head of global investment managers, who had been one of two internal candidates for the CEO role.Pete Nachtwey is confirmed as chief financial officer (CFO). He joined Legg Mason in 2011 from Carlyle Group, where he had been CFO. He will be responsible for finances, treasury, investor relations and global corporate communications.Terry Johnson, a veteran of Citigroup Asset Mangement, who joined Legg Mason in 2005, is promoted to head of global distribution, after serving in this position in the interim since October 2012. He had previously been head of international distribution.Thomas Merchand is promoted to general counsel. He had previously been corporate general counsel. He remains corporate secretary, responsible for the legal and compliance divisions.Legg Mason is also in the process of hiring an executive to lead an expanded Business and Product Development function. This person will be responsible for the Batterymarch, Brandywine Global, ClearBridge Inestments, Legg Mason Capital Managment, Legg Mason Global Equities Group, Permal, Royce & Associates and Western Asset Management brands.The United States and international product teams, the Legg Mason Global Asset Allocation platform and merger and acquisition activities will continue to be overseen by Jeff Nattans.As of the end of February, Legg Mason had assets under management of USD661bn.

P { margin-bottom: 0.08in; } The alternative management firm Omega Advisors in first quarter earned returns of 9%, following a highly satisfactory year in 2012, according to Institutional Investor. Last year, the asset management firm posted returns of 28%. Leon Cooperman, founder of the hedge fund, says he is still optimistic about US equities. The firm has USD7.7bn in assets under management.

P { margin-bottom: 0.08in; } The alternative management boutique Managing Partners Limited (MPL) has appointed Benjamin Lim as head of development for activities in Asia, Wealthadviser reports. Lim will be based in Singapore, and will report directly to Jeremy Leach, managing director of MPL. MPL is registered in the Cayman Islands, and has offices in Europe and Asia. Lim was previously chief marketing officer for Allianz Global Investors in Asia.

P { margin-bottom: 0.08in; } USAA, the financial services firm created for US armed forces and State department personnel and families, has filed an application with the SEC for permission to sell actively-managed ETFs, IndexUniverse reports. The application is for 13 funds, several of which are dedicated to fixed income, but also including strategies that are currently highly popular, such as high-dividend equities and natural resources. USAA, which offers a range of in-house products including mutual funds, insurance policies and annuity contracts, becomes the most recent in a long series of firms which have sought to launch ETFs on the market at some time.

P { margin-bottom: 0.08in; } Finews reports on JP Morgan’s plans for its private bank in Switzerland. Pascal Ravery, who joined the firm in summer 2012, will now accelerate the activity, particularly in the German-speaking regions of the country. A dedicated team has been created, led by Heinrich Lammer. This local team is expected to grow, says Ravery. In Switzerland, JP Morgan has 1,000 employees, and manages CHF90bn in assets. The assets of Swiss clients last year increased by 25%.

P { margin-bottom: 0.08in; } The B-Source Banking Hub service, launched in November, has received its first mandate from a Swiss banking client, the Geneva-based Banque Cramer & Cie SA, which has retained it for its securities trading and custodial operations worldwide, Vontobel has announced. This optimisation of the value chain will allow Banque Cramer to concentrate on the provision of wealth management and investment advisory services to its clients.

P { margin-bottom: 0.08in; } The head of prime brokerage operations at Barclays, Ajay Nagpal, has left the bank to join Millennium, the USD18bn hedge fund managed by Israel “Izzy” Englander, the Financial Times reports, citing sources familiar with the matter. He will begin in July as chief operating officer.

P { margin-bottom: 0.08in; } After USD5.1bn in net subscriptions in October-December 2012, European equity ETFs in January-March 2013 attracted only USD0.2bn, due to net outflows of USD2.3bn in March, the Frankfurter Allgemeine Zeitung reports, citing BlackRock.