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19/02/2013
Fonds

La gestion de fortune de Barclays fait évoluer son offre

Le pôle de gestion de fortune de Barclays a renoncé à son projet d’introduire une commission d’administration sur les sociétés qui proposent des fonds lorsque leurs produits sont recommandés pour les portefeuilles des clients privés, rapporte Investment Week.La gestion de fortune du groupe britannique a par ailleurs réduit le nombre de fonds disponibles dans sa liste d’achat dédiée à la gestion de portefeuille discrétionnaire. Barclays a rétréci son périmètre de sélection à une liste d’une centaine de fonds émanant d’une cinquantaine de fournisseurs, contre 400 fonds précédemment.
Fonds
19/02/2013

Skagen Funds s’attaque au marché britannique des particuliers

Skagen Funds va mettre à la disposition du marché des particuliers britanniques quatre fonds actions mondiales et notamment son fonds marchés émergents vedette Kon-Tiki, rapporte le Financial Times Fund Management. Skagen gère actuellement environ 1 milliard de livres pour le compte d’investisseurs institutionnels et cherche à atteindre la même taille d’encours pour son activité retail.
19/02/2013

WH Ireland rachète la gestion de fortune Seymour Pierce

Le groupe irlandais WH Ireland a annoncé le 18 février l’acquisition des activités de gestion de fortune de Seymour Pierce, sous administration judiciaire depuis le mois dernier. Le montant de la transaction s’est élevé à 25.000 livres, précise un communiqué.Les actifs sous gestion de la clientèle fortunée de Seymour Pierce s'élèvent à environ 270 millions de livres. Cette acquisition permet à WH Ireland d’augmenter ses actifs sous gestion d’environ 15%.
19/02/2013

M&G se renforce en Asie

Le britannique M&G Investments a renforcé ses effectifs à Singapour avec le recrutement récent de Marcel de Bruijckere en qualité de responsable des activités institutionnelles pour la région Asie-Pacifique, rapporte Asian Investor. L'équipe compte désormais neuf personnes dont quatre responsables des ventes.Deux chargés de clientèle devraient rejoindre l'équipe dans les prochaines semaines.Marcel de Bruijckere, précédemment chez Zoom Marketing Services et LGT Capital Management, a aussi passé une vingtaine d’années, de 1990 à 2010, chez ABN Amro Asset Management/Fortis Investments.
19/02/2013

Declaration will not be required for all foreign fund shares

In a contribution to a consultation launched by the Spanish Inverco association of asset management firms, the Spanish tax authorities have announced that Spanish shareholders in foreign funds will not be required to make «720» declarations, if the shares have been bought from vendors based in Spain or resident representatives, Funds People reports.To benefit from the exemption, Spanish citizens concerned will also be required to hold their shares with the sales agent or representative.
19/02/2013

Banca Fideuram launches an ethical bond fund

Banca Fideuram has launched the sustainable bond fund Fonditalia Ethical Investment, Bluerating reports. The portfolio is invested in government bonds which are attentive to social and environmental themes, shares in microcredit funds and equitable and solidaristic commerce funds. Lastly, Banca Fideuram will pay part of its commissions to a multiple sclerosis charity.
19/02/2013

Profits down and assets up for UFF in 2012

In 2012, Union Financière de France (UFF) has reported a contraction of 40% in its net profits to EUR15.2m, which is mainly due to a decline in revenues from commissions (-11% to EUR142.2m). However, assets managed as of the end of December totalled EUR7.2bn, up 9% over the level twelve months previously, as net inflows contributed EUR49bn to an EUR613m increase in AUM.At the beginning of 2013, UFF is launching “products aimed at investors seeking performance with controlled risk-taking.” In addition, 2013 will be marked by the operational start in second quarter of activities at the affiliate CGP Entrepreneurs, founded in June 2012, dedicated to the IFA market.
19/02/2013

Bonuses down sharply on Wall Street

2012 bonuses paid to finance professionals on Wall Street are disappearing like snow in the sun. According to a recent survey by eFinancialCareers, the average bonuses paid for last year were 36% down compared with the previous year. Front office is the hardest hit by the decline, down 38% in one year, compared with -15% for middle office and -2% for back office employees. efinancialCareers also reports that Wall Street is increasingly subjecting bonuses to performance conditions. 13% of respondents say that at least part of their bonus depends on performance, compared with only 7% in 2011. “Whether or not the performance of the business is the reason for bonuses to fall, many finance professionals estimate that the performance of the company is not enough to guarantee a good bonus: now, measurable personal performance is the important thing,” the study says. As a result, eFinancialCareers predicts that heads of human resources will have more trouble recruiting due to a lack of assurances about bonus levels. A decline of bonuses may also result in an increase in the set portion of salaries.
19/02/2013

Natixis sells off its CCIs for over EUR12bn

Natixis on 17 February announced at a publication of its annual results that it is selling off cooperative investment certificates (CCI) to the co-Within the savings unit 9asset management, insurance and private banking) at Natixis, growth remains dynamic in asset management, particularly in the United States, and the context in 2012 is expected to have been difficult overall for life insurance activities. Gross net proceeds from asset management are up 17% compared with fourth quarter 2011, at EUR437m (+13% at constant rates). The acquisition of McDonnell in the United States is being finalised, and will develop the group’s expertise in fixed income and municipal bond products (EUR10bn in assets under maoperative banks and savings banks, for a total of EUR12.1bn. At the conclusion of the operation, Natixis would pay a one-time distribution of EUR2bn, or EUR0.65 per share. Good results for asset management Assets under management totalled EUR591bn as of 31 December 2012, compared with a level of EUR570bn as of 30 September 2012, due to net outflows of -EUR2.2bn, currency effects of -EUR6bn, perimeter effect of +EUR15.5bn (primarily the acquisition of McDonnell) and market effects of +EUR13.6bn. Net inflows were positive to the tune of EUR4.5bn in the United States in 2012.
19/02/2013

French SRI management clarifies its transparency code

The Transparency Code for open-ended SRI (socially responsible investment) funds has been updated by the French financial management association (AFG) for the second time, in collaboration with the Responsible Investment Forum (FIR) and the European Sustainable Investment Forum (Eurosif), by a working group led by Paul de Marcellus, a member of the SRI Commission at AFG, and Vice President of FIR. The new version of the Code has been approved by the boards of directors at the AFG and FIR, and approved throughout Europe by the Board of Eurosif.The objectives of the Code remained unchanged. They are largely to improve the legibility and transparency of the process for SRI funds for investors/savers and strengthen self-regulation through the establishment of a common code of best practices and transparency.The modifications to the Code aim to simplify it to increase legibility, with a reduction in the number of questions, the merger of the Code with its use manual, and the standardisation of the format for responses through a recommendation to asset management firms to create a 10 to 30-page document.
19/02/2013

FI investors are optimistic, but sentiment is more muted for HY

European fixed-income investors were swept up on a wave of New Year enthusiasm in Fitch Ratings’ latest quarterly investor survey conducted between 4 and 31 January.Respondents turned much more positive on the prospect for eurozone sovereigns as well as for banks. Sentiment was more muted on non-financial corporates. Investors voted the high-yield sector their most favoured investment choice, while simultaneously signalling significant concerns about fundamental credit conditions. Survey participants are not expecting a rapid rise in the inflation rate. This stance is reflected in respondents’ views on the direction and pace of evolution of bond yields. Yields are at historical lows and for the first time in history, the safest core country government bonds have had prolonged negative real yields along the curve to 10 years. This reflects low inflation anticipation, monetary easing (US, UK and Japan) and the overall risk-off environment during most of the last three years, fuelling flight to quality.
19/02/2013

Consolidation in the asset management sector to continue in Europe

About 85% of asset management professionals estimate that fund closures and consolidation in the sector in Europe will continue, according to a survey undertaken by Cerulli Associates and the Platforum for the European Fund Platform Group (FPG). More precisely, 42% of participants in the survey estimate that the number of funds in Europe will decline a further 15% to 20% in Europe by the end of the year, while 20% to 30% of the sample predict a decline of as much as 20% to 30% [sic]. In the period from 2008 to 2011, closures of open-ended funds totalled an average of 1,743 per year, with an exception for the year 2009, when 2,037 funds were closed. The study also predicts that assets will be concentrated at a few major players. Two thirds of fund platforms (67%) estimate that over 60% of assets will be controlled by only 10 fund managers by 2015. 60% of fund managers predict an evolution of this type. Only 33% of fund actors predict such a scenario, however. The study sample includes 70 companies, including fund buyers (13%), fund vendors (51%), fund distribution platforms (26%), and a few professional associations (10%).
19/02/2013

Henderson recruits for Benelux sales team

After working at Rabobank Amsterdam, ABN Amro Asset Management and ABN Amro Private Banking, Douglas Barker is joining the Benelux sales team at Henderson Global Investors, Fondsnieuws reports. Barker will report to Erik van de Weele, with whom he will be responsible for assisting distribution partners.
19/02/2013

Credit Suisse launches a platform for external asset managers

In a few weeks, Credit Suisse will be offering an online platform for external asset managers (EAM), according to the website finews. In Switzerland, the external asset management segment represents 2,200 to 3,600 businesses, according to estimates, with about CHF600bn in assets. Credit Suisse has business relationships with about 1,700 external asset managers, with about CHF90bn in assets. In an increasingly regulated environment, with the ongoing erosion of margins and general pressure on costs, external activities are expected to evolve. Many players in this segment will have trouble continuing their activities independently, Credit Suisse predicts. Hence the coming initiative, which will allow participants to exchange information, research and investments ideas through a dedicated infrastructure.
19/02/2013

Strong institutional inflows to Invesco Germany

In 2012, Invesco Asset Management Deutschland posted net inflows of EUR1.5bn from institutional investors. Demand was primarily for real estate products and guaranteed diversified vehicles, the Börsen-Zeitung reports.
19/02/2013

M&G recruits in Asia

The British firm M&G Investments has recruited personnel in Singapore with the recent recruitment of Marcel de Bruijckere as head of institutional activities for the Asia-Pacific region, Asian Investor reports. The team now includes nine people, including four heads of sales. Two client advisers will join the team in the next few weeks. De Bruijckere, previously of Zoom Marketing Services and LGT Capital Management, also spent 20 years, from 1990 to 2010, at ABN Amro Asset Management/Fortis Investments.
19/02/2013

Swiss stock exchange lists Lyxor gold mining ETF

Since 18 February, the Swiss SIX exchange has listed a new, UCITS-compliant, Luxembourg-registered ETF of equities in gold mining companies, launched by Lyxor Asset Management, and replicating the MSCI AWI Gold with EM DR 18% Group Entity Capped Index. For emerging market gold mining shares, the fund invests via depositary receipts.The fund, in US dollars (ISIN code: LU0854423927) charges 0.50%.
19/02/2013

Syz & Co adds Japanese equities to product range

Syz Asset Management is now offering management of Japanese equities as part of its range of institutional strategies. To implement this strategy, the institutional asset management arm of the Swiss banking Group Syz & CO has recruited Joël Le Saux, a Japanese market specialist. Offered to institutional investors in the form of segregated mandates, this expertise will also be accessible to a broader public via the Oyster Japan Opportunities fund, which will thus be managed by Syz Asset Management. This new asset class strengthens the Syz & CO Group’s expertise in international equities and is an addition to the 17 strategies already available.In addition to management of segregated accounts, Joël Le Saux will be taking over management of the Oyster Japan Opportunities fund, which until now was entrusted to the asset management company Morant Wright of London. Unlike the orientation towards mainly domestic small- and medium-sized companies that had prevailed until now, Joël Le Saux’s management will be more agnostic in terms of style, sectors and market capitalization. His “bottom-up” approach focuses on undervalued companies, while taking into account the Japanese and global economic environment. The portfolio will be more balanced between domestic-oriented stocks and international exporting companies.Joël Le Saux joins Syz Asset Management with 17 years’ experience of the Japanese market. He joined UBP in Geneva in 2011, where he was a “product specialist” and analyst for funds investing in Japan.
19/02/2013

Orix acquires Robeco

Japan’s Orix is acquiring approximately 90.01% of the equity in Robeco from Rabobank, for EUR 1,935 million, according to a statement published on Tuesday morning. Closing of the transaction is subject to legal and regulatory approvals, which are expected to be completed within six months. The amount is approximately 1,1 % of Robeco’s AUM of EUR189bn.Part of the agreement is a strategic alliance between Rabobank and Orix. This includes Rabobank retaining a 9.99% share in Robeco, and continuing to cooperate in maintaining and expanding the asset manager’s business platform. The Japanese group will allocate treasury stock to Rabobank as part of the acquisition price, and as a result Rabobank becomes a shareholder of Orix. Also, Orix and Rabobank have agreed that Robeco’s banking activities, which are only based in the Netherlands, will be transferred to Rabobank with Robeco retaining its client service relations. «The financial market has drastically changed since the financial crisis and Orix believes that it is necessary to pursue a new business model by combining finance with related services in a strategy called «Finance + Services.» As one of the measures to drive this strategy, Orix has been seeking to build its presence in the global asset management industry in recent years, as evidenced by the 2010 purchase of Mariner Investment Group in the U.S.», according to a press release.
19/02/2013

Reuss Private licensed as securities broker

The wealth management firm Reuss Private has received permission from the Swiss federal financial regulator, Finma, to launch securities brokerage activitis, Agefi Switzerland reports. Reuss has more direct access to financial markets, which will allow it to extend its range of services. “The status of securities broker will help us to continue our growth,” says Adriano Lucatelli, director and partner at Reuss Private, which presents itself as an “independent wealth management firm for discerning clients.”
19/02/2013

New Lyxor ETF on Euronext Paris

NYSE Euronext on 18 February announced that it has admitted a new French-registered ETF from Lyxor Asset Management, the LYXOR ETF MTS SPA, on NYSE Euronext Paris. The fund replicates the MTS Spain Gvt Index (All-Mat). It charges 0.165%.
19/02/2013

Eaton Vance Management removes its name from funds advised by Parametric

Eaton Vance Management (Eaton Vance group) has announced that from 1 March, it will be removing the Eaton Vance name from a series of funds advised by its affiliate Parametric. They are the following products: Eaton Vance Parametric Structured Emerging Markets Fund, Eaton Vance Parametric Tax-Managed Emerging Markets Fund, Eaton Vance Parametric Structured International Equity Fund, Eaton Vance Parametric Tax-Managed International Equity Fund, Eaton Vance Parametric Option Absolute Return Fund, Eaton Vance Parametric Structured Absolute Return Fund, Eaton Vance Parametric Structured Commodity Strategy Fund and Eaton Vance Parametric Structured Currency Fund.
19/02/2013

Strong rise in sales by non-MMFs in Q4

Assets in securities issued by non-money market mutual funds in the euro zone as of the end of December totalled EUR6.558trn, compared with EUR6.349trn in September 2012, according to statistics from the European Central Bank. This development is due both to an increase in the value of shares and net issues. Net subscriptions to non-money market euro zone fund shares totalled EUR123bn in fourth quarter 2012, the ECB says. In the same period, assets in securities issued by money market funds in the euro zone fell, to EUR911bn, from EUR942bn. Net redemptions of money market mutual funds totalled EUR22bn. In terms of ventilation by investment strategy, the annual pace of growth for shares issued by bond funds totalled 12.0% in December 2012, and net subscriptions totalled EUR74bn in fourth quarter 2012. In the case of equity funds, the rate totalled 0.7%, and net subscriptions EUR18bn in the same period. For mixed funds, the growth rate was 3.8%, and net subscriptions totalled EUR22bn.
19/02/2013

Antea selects Rothschild WM as fourth manager of its fund

Das Investment reports that the Hamburg-based investment boutique Antea has retained Dierk Wiedamnn of Rothschild Asset Management as the fourth manager for its fund, for the private equity, hedge funds, commodity and precious metal allocation.The other three managers are Hendrik Leber (Acatis), Jens Ehrhardt (DJE Kapital) and Bert Flossbach (Flossbach von Storch).Each manager directly manages his own allocation, independently of the others.
19/02/2013

Skagen Funds goes after British retail market

Skagen Funds will make four global equity funds available to the British retail market, including its flagship emerging market fund Kon-Tiki, Financial Times Fund Management report. Skagen currently has about GBP1bn in assets under management for institutional investors, and is aiming for the same level of assets for its retail activities.
19/02/2013

UBS AM adds to passive management product range in UK

UBS Asset Management will be adding to its passive management product range in the UK, with the first product in a new range aimed at retail investors, Investment Week reports. The vehicle will be a British bond fund, whose launch is scheduled for the beginning of second quarter. After that, the product range will include both equity and bond products. The new funds come as additions to the available active strategies.
19/02/2013

ADIA may buy a hotel portfolio from RBS

The Abu Dhabi sovereign fund ADIA is very seriously considering buying a portfolio of 42 Marriott hotels owned by RBS, the SWF Institute reports. The cost of the transaction would be about GBP640m.
19/02/2013

Edmond de Rothschild to found a private bank in London

merc Edmond de Rotschild will create a private merchant bank in London, which will open in spring, according to reports in the Financial Times. The project is being led by Richard Briance, UK head of Rothschild. He will advise business owners, family offices and high net worth private clients on deals, strategies and investment opportunities. The bank will be named Edmond de Rothschild Private Merchant Banking, and received a license from the Financial Services Authority last month.
19/02/2013

New head of distribution appointed at Barings

Baring Asset Management on February 18th announced the appointment of Angus Woolhouse as global head of distribution, based in London and effective immediately. He is replacing George Harvey, who will be retiring from the City at the end of April after over 14 years at the firm. He reports to David Brennan, Barings’ chairman and chief executive.Angus Woolhouse has over 20 years’ international experience in the asset management industry and has held a number of senior leadership roles within the sector, at firms including Gartmore, Invesco and HSBC Asset Management. Most recently he has been a strategic adviser to several international asset management firms.He is responsible for global sales, client relationship and business development across all channels.
19/02/2013

Barclays wealth management overhauls its product range

The wealth management unit at Barclays has called off plans to introduce an administration commission for companies that offer funds when their products are recommended for the portfolios of private clients, Investment Week reports. Wealth management at the British group has also cut back the number of funds available on its shopping list for discretionary portfolio management. Barclays has reduced the perimeter for its selection to a list of 100 funds from 50 providers, compared with 400 funds previously.

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