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27/03/2013

Le fonds de pension coréen envisage d'ouvrir un bureau à Hong Kong

Le fonds de pension coréen, dont les actifs sous gestion s'élèvent à quelque 340 milliards de dollars, envisage toujours d’ouvrir un bureau à Hong Kong, rapporte Asian Investor.Toutefois, sans pour autant que le projet soit remis en cause, l’ouverture d’un bureau à Hong Kong dès 2013 a été reportée, le fonds de pension estimant qu’il doit d’abord stabiliser ses antennes de New York et Londres. A noter par ailleurs que dans le cadre de son programme d’allocation à moyen terme, le fonds de pension coréen a vu sa poche actions passer de 9,1% en 2003 à 25,4% en 2012, le portefeuille obligataire passant dans le même temps de 90% à 66% tandis que l’enveloppe dédiée à la gestion alternative montait de 0,2% en 2003 à 7,8% l’an dernier.
27/03/2013

Legal & General acquiert le reliquat de Cofunds

Pour 131 millions de livres en numéraire, Legal & General Group Plc achète les 75 % qu’il ne détenait pas encore dans Cofunds Holdings Ltd.Cette transaction sera financée sur les fonds propres existants de L&G; elle valorise la plate-forme Cofunds à 175 millions de livres et doit encore obtenir l’agrément du régulateur. Elle devrait ainsi être bouclée avant le 30 juin et contribuer au bénéfice de L&G à compter de la fin de 2014.Selon L&G, Cofunds est la plus grande plate-forme britannique avec des encours sous administration de 50 milliards de livres au 28 février et une part de marché de 22 %.Le communiqué indique que Cofunds et Investor Portfolio Service (IPS) constitueront ensemble une nouvelle unité d’affaires au sein de la division Savings.
27/03/2013

Richard Oliver rejoindrait Brevan Howard

Richard Oliver, responsable du trading de taux d’intérêt court terme chez Morgan Stanley à Londres, rejoindrait Brevan Howard, croit savoir Financial News. Son rôle au sein de la société de gestion basée à Genève reste flou.
27/03/2013

Nomination chez The Stonehage Group

Le spécialiste du family office européen The Stonehage Group vient de nommer David McLellan en qualité d’executive director responsable du bureau de Londres, rapporte Investment Europe.David McLellan était précédemment chief executive officer de Rothschild Trust Group et membre du comité exécutif de Rothschild Private Bank & Trust.
27/03/2013

Vanguard AM lists its funds on Hargreaves Lansdown Vantage

Vanguard Asset Management announced on March 26 that its full retail GBP range of Ireland-domiciled, low-cost index funds is now available on the Hargreaves Lansdown Vantage platform. This complements the 12 funds that were previously available through Vantage, completing Vanguard’s fund suite on the platform.The newly-listed funds comprise a selection of passive products that seek to track key global indices at low cost and provide advisers and clients with easy access to the key building blocks of diversified portfolios.The ongoing charges on all of the Vanguard funds available through Vantage range from 0.15% to 0.55%.The funds are the following :Vanguard Emerging Markets Stock Index FundVanguard Global Small-Cap Index FundVanguard Japan Stock Index FundVanguard Pacific ex-Japan Stock Index FundVanguard SRI European Stock FundVanguard SRI Global Stock FundVanguard Global Bond Index FundVanguard U.K. Government Bond Index FundVanguard U.K. Investment Grade Bond Index Fund
27/03/2013

Axa IM releases SmartBeta Credit Bonds fund in Germany

The BaFin has given its green light to the sale of the Global SmartBeta Credit Bonds subfund from Axa IM’s Luxembourg sicav Axa WF in Germany. The fund is designed for institutional investors and managed by Damien Maisoniac in Paris (see Newsmanagers of Feb. 13th).The product belongs to the «buy & maintain» strategy which has some EUR200bn under management, out of the EUR300bn which Axa IM manages in the fixed income space.
27/03/2013

sentix launches behavioural finance fund

P { margin-bottom: 0.08in; } With the assistance of the Frankfurt-based firm Universal-Investment, sentix Asset Management, an affiliate of the behavioural finance consluting firm sentix, is launching the German equity allocation fund sentix Fonds Aktien Deutschland. The product allies traditional investments in German high-quality equities (Dax shares) with management of total exposure according to investor sentiment. Market exposure is managed actively via derivatives, and may range from 80% to 120%.In periods, such as the present, when investors are excessively calm and confident, allocation to equities may be reduced to 80%. If, however, investors appear preoccupied or fearful, sentix specialists will locate a point of entry and may increase exposure to equities up to 120%.The objective is to outperform the Dax by three percentage points per year, with volatility comparable to the benchmark index.CharacteristicsName: sentix Fonds Aktien DeutschlandISIN code: DE000A1J9BC9Front-end fee: currently 2% maximumManagement commission: currently up to 0.955%Performance commission: up to 10% of performance exceeding the Dax 30 TR (EUR); up to 2% of average assets in the fund during the period under review.
27/03/2013

BNY Mellon recruits for derivatives clearing

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced an addition to its global team in the area of derivatives clearing. It has recruited Gregory Chemin, who worked at HPC in France and Newedge in Germany, as head of this operation in Frankfurt.Mark B. Gonzalez (New York) is also appointed at COO for derivatives clearing in the United States, while Paul Dex in London and John Guthrie and Thomas Twomey, in New York, will be responsible regionally for identifying and developing activities in the area of listed and OTC derivatives.The men will report to Sanjay Kannambadi, global head derivatives clearing services.
27/03/2013

Assets up and losses down at quirin bank

P { margin-bottom: 0.08in; } The Berlin-based quirin bank as of the end of December had assets of EUR2.4bn, compared with EUR2.3bn one year earlier, due to net subscriptions of EUR143m. Meanwhle, the firm, which operates solely on the basis of fees, in 2012 saw a loss of EUR0.9m, comapred with EUR4.9m the previous year.The number of clients has increased to 8,697, from 8,419.Currently, assets under management total EUR2.5bn, for about 9,000 clients.
27/03/2013

Allianz GI appoints new head of "global solutions" group

Thomas Wiesemann will be replaced by Arun Ratra on April, 15th as head of global solutions at Allianz Global Investors. He will report to CEO Elizabeth Corley and become a member of the global executive committee.The global solutions group employs 80 specialists and advises some EUR55bn in assets (see Newsmanagers of December 26th, 2012). The group covers four areas of expertise: Investment & Risk Advisory, Pension Solutions, Manager Research & Selection as well as hybrid Life/Asset Solutions.Arun Ratra was most recently head of global market group at Gulf Investment Corporation in Kuweit, after having served as CIO multi asset class solution at Credit Suisse Asset Management in Zurich.Thomas Wiesemann, Newsmanagers understands, will take over as head of «special distribution» at life insurer Allianz Leben.
27/03/2013

Profits at Resolution down

P { margin-bottom: 0.08in; } Fundweb reports that Resolution reported pre-tax operating profits in 2012 of GBP274m, compared with EUR681m the previous year, a decline which is due to EUR404m in exceptional elements in 2011.Assets in the heritage division as of the end of 2012 fell to GBP68.7bn, compared with GBP70.8bn one year previously, while assets at the UK division increased to GBP19.7bn, from GBP16.9bn.
27/03/2013

TCI stops charitable activities

P { margin-bottom: 0.08in; } The hedge fund which refers to itself as The Children’s Investment fund, or TCI, is putting an end to the charitable activities which distinguished it in previous years in the world of alternative management, FINalternatives reports. TCI has decided no longer to pay a part of its commissions, of about one third, to the TCI Foundation, an organisation into which it has been paying money since its debut in 2004. It is also discontinuing its donations of 0.5% of its assets under management when the fund earns returns of over 11%. According to one source, TCI has decided to discontinue the practice “largely because the foundation has achieved sufficient size.” The TCI Foundation was thought to have about GBP2bn in assets under management as of August 2011. It has paid slightly under 2% of this amount to charitable causes.
27/03/2013

Schroders denies ties between departure of Buxton and acquisition of Cazenove

P { margin-bottom: 0.08in; } Schroders denies that the departure of one of its most experienced managers, Richard Buxton, is related to the acquisition of Cazenove Capital, the firm announced on Monday. Philip Mallinckrodt, head of Schroders Private Banking at the group, has told FTfm that “Richard was not aware of the merger when he decided to leave.”
27/03/2013

Neuberger Berman introduces New York Municipal Income Fund

With the Neuberger Berman New York Municipal Income Fund (ticker: NMIIX), Neuberger Berman Group LLC, has introduced a fund that seeks high current income exempt from federal income tax and New York State and New York City personal income taxes.Total return is a secondary goal : the fund seeks to add value through security selection with a focus on capital preservation and high tax-effective income. The fund invests predominantly in intermediate maturity securities, and will normally maintain an average duration of between three and seven years.The fund is managed by James Iselin et Blake Miller, helped by 14 analysts and traders. In total, the team manages over USD11bn in tax-exempt strategies for institutions and individuals.
27/03/2013

Fitch updates ratings criteria for money market funds

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings on 26 March announced that, as it does every year, it has updated its ratings criteria for money market funds. The changes, which the agency calls limited, include a racalibration of exposures allowed by the sponsor of a money market funds, which includes the concentration and maturity profile of both secured and unsecured exposures. The changes will not lead to any alterations to ratings within the portfolios of money market funds rated by Fitch.
27/03/2013

M&G tops EUR4bn in assets in France

P { margin-bottom: 0.08in; } As of the end of February, M&G passed the threshold of EUR4n in assets in France, the director of the firm for France, Brice Anger, announced in a conference on Tuesday. The British asset management firm, which has been in operation in Paris for slightly over 5 years, thus enters a new phase in its development in France. As of the end of 2012, the firm had EUR3.6bn in assets, after inflows of EUR1.7bn for the year as a whole. As of the end of 2011, assets totalled EUR1.5bn. Anger has also announced that the product range in France will be enlarged as two British equity funds, the M&G UK Growth Fund and M&G Recovery Fund, become eligible for PEA.Lastly, a new website will be launched at the end of April, Benjamin de Frouville, head of distribution for M&G in France, has announced.
27/03/2013

Banque Delubac hires for its private management bank

P { margin-bottom: 0.08in; } Banque Delubac et Cie on 26 March announced the arrival of Côme Jeanroy at Banque de Gestion Privée Delubac, the wealth management unit of the bank, and that it is offering a range of wealth management and investment solutions appropriate to family entrepreneurs. Jeanroy will report to Benjamin Le Moing, and will be responsible for developing entrepreneur clients, with the support of the investment bank, the asset management firm, and wealth and tax management experts at the bank. Jeanroy, 32, who holds a wealth management master’s degree from ESLSCA, joined Delubac & Cie in 2013. He began his career as a private banker at UBS, and then joined the wealth management teams at the Banque Privée 1818 and the Banque Cantonale de Genève.
27/03/2013

Régis Bégué promoted to managing partner at Lazard Frères Gestion

P { margin-bottom: 0.08in; } Régis Bégué, head of research and equity management, has been appointed to the position of managing partner at Lazard Frères Gestion, according to a statement released on 26 March. The joins the college of managing partners at Lazard Frères Gestion, which is chaired by François-Marc Durand and which includes Jean-Jacques de Gournay, head of relations with institutional investors and distribution, Matthieu Grouès, head of collective and institutional management, Sophie de Nadillac, head of development for private management, François de Saint-Pierre, head of private management, and Gilles Trancart, head of operations. Bégué, who joined Lazard in 2005, had previously been an equity manager for the European region.
27/03/2013

ABN Amro seeds an impact investing fund

P { margin-bottom: 0.08in; } The Netherlands-based firm ABN Amro has appointed Eric Buckens, who joins from the wealth management unit, to manage its first impact investing fund, which will initially have EUR10m in assets, and which aims to acquire 20% to 50% stakes in businesses based in the Netherlands, which combine a social return with a financial return, Fondneiuws reports.The ABN Amro Social Impact Fonds will not be open to clients at present, but may be released if it is successful. The portfolio will eventually include up to 15 stakes, and will belong to the sustainable development division of ABN Amro.
27/03/2013

Gottex in the red for 2012

Guernsey-based Gottex, which is listed on the Swiss stock exchange, experienced a loss for 2012. The operating loss amounted to USD4.1m vs a profit of USD0.7m for 2011. The company declares a net loss after minority interests of USD7.7m vs USD2.5m the year before, a press release says. The 2013 fiscal year has been starting promisingly.Like for the preceding two years, Gottex will not pays a dividend for 2012.AUM at end-2012 were down to USD7bn vs USD7.3bn twelve months earlier.
27/03/2013

European hedge fund stars welcomed by US funds with open arms

P { margin-bottom: 0.08in; } The major US hedge funds have taken part in launches of hedge funds last year in Europe, Prohedge reports. US funds had no difficulty recruiting European talent in an industry which is highly stable and has solid infrastructure. Pine River, Millennium, and SAC are among the firms which are said to have succeeded in attracting specialists from some new hedge funds that failed to take off, either due to insufficient performance, or simply because they failed to raise adequate capital, such as Edoma, the fund by Pierre-Henri Flamand, Benros, and Portman Square. Pine River is reported to have succeeded in recruiting two team members from Edoma, as well as Paul Godfrey from Portman Square. This is a setback for the European industry of new hedeg funds, which has been stagnating for about five years.
27/03/2013

UBP may buy Lloyds TSB Switzerland

P { margin-bottom: 0.08in; } Union Bancaire Privée (UBP), the Geneva-based private bank led by Guy de Picciotto, is reported to be in the running to acquire Lloyds TSB Switzerland, according to knowledgeable sources relayed by Bilan. The Swiss arm of the British group has about CHF12bn in assets under management in Geneva.
27/03/2013

DC Bank announces assets up 10%

P { margin-bottom: 0.08in; }DC Bank, a Swiss regional bank, has announced profits of EUR5.18m for 2012, down 7.2% compared with 2011. Acording to Finews, although clients of the bank are less prudent, assets in investment products, largely composed of fixed income products, have posted gains of 10% in one year. In 2013, the Berlin-based bank is predicting lower profits, aware that it is acting in a difficult environment.
27/03/2013

Korean pension fund plans to open an office in Hong Kong

P { margin-bottom: 0.08in; } The Korean pension fund, whose assets under management total about USD340bn, is still planning to open an office in Hong Kong, Asian Investor reports. However, without the project being called into question, the opening of a Hong Kong office in 2013 has been postponed, as the pension fund esitmates that it needs to stabilise its New York and London offices first. As a part of its mid-term allocation programme, the Korean pension fund has also seen an increase in its equity allocation from 9.1% in 2003 to 25.4% in 2012, while in the same period the bond portfolio was reduced from 90% to 66%, and the allocation to alternative management rose from 0.2% in 2003 to 7.8% last year.
27/03/2013

Gecina acquires the Mirabeau tower from DEGI International fund

P { margin-bottom: 0.08in; } The publicly-traded real estate investment fund Gecina announced at the beginning of this week that it has acquired the Mirabeau tower in Paris from Aberdeen, on behalf of the German fund DEGI International (which will be liquidated by 14 October 2014). The sale price is approximately EUR186m, excluding fees, a statement says. The immediate net return on the investment is slightly over 7%, and will increase to over 8% on the basis of a 100% occupancy rate, as the building had bee 88% occupied, largely by public bodies. The tower is located on the banks of the Seine river, in the 15th district of Paris.The net asset value of DEGI International has been revised downward by EUR01.5 on 25 March, to EUR34.85, a reduction of about 0.4%, due to a downward update to the market values of two properties in its portfolio located in Romania.
27/03/2013

Legal & General buys the rest of Cofunds

Legal & General Group Plc on Tuesday said it has agreed to acquire the 75% share capital of Cofunds Holdings Ltd which it does not already own, for a cash consideration of GBP131m. The transaction will be financed out of L&G’s existing cash resources. The acquisition values Cofunds at GBP175m and is subject to regulatory approval. The transaction is anticipated to complete in H1 2013, and to be earnings accretive by the end of 2014. Cofunds and Investor Portfolio Service («IPS») will form a new business unit within the Savings division. According to L&G’s presse release, Cofunds is the UK’s largest investment platform for financial services and has over GGP50bn of assets under administration, and a share of 22% of the UK investment platform market.
27/03/2013

Momentum recruits in UK

P { margin-bottom: 0.08in; } Momentum Global Investment Management has recruited two members as additions to increase its presence on the British retail market, Fundweb reports. David Thomas, who had previously worked at Midas Capital Partners, is joining the firm has head of retail sales, and will be responsible for deploying a long-term growth strategy on the British retail market. Rebecca Nkoane, who joins the firm from Invesco Perpetual, will be responsible for relationships with independent financial advisers (IFA) and networks. Momentum has also finalised strategic partnerships with the Lighthouse Group and YourWealth.co.uk, to sell risk-weighted funds launched in November last year.
27/03/2013

Richard Oliver joins Brevan Howard

P { margin-bottom: 0.08in; } Richard Oliver, head of short-term interest rate trading at Morgan Stanley in London, will be joining Brevan Howard, Financial News reports. His role at the asset management firm in Geneva has not been specified.
27/03/2013

Director appointed at Stonehage Group

P { margin-bottom: 0.08in; } The European family office specialist Stonehage Group has appointed David McLellan as executive director in charge of the London office, Investment Europe reports. McLellan had previously been chief executive officer at Rothschild Trust Group, and a member of the executive board at Rothschild Private Bank & Trust.
27/03/2013

Assets in European long-term funds set records

P { margin-bottom: 0.08in; }Assets in European long-term funds as of the end of February totalled EUR4.44trn, their highest level since 2007, according to statistics released by Morningstar. Inflows to long-term open-ended funds as of February totalled EUR35.09bn, compared with EUR47.1bn in January. Bond funds posted a net inflow of EUR11.46bn, compared with subscriptions of EUR9.24bn to equity funds. As a part of equity funds, allocation funds represented EUR9.91bn.

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