Le cours du gestionnaire d’actifs s’est envolé de 4,8% pour atteindre 95,1 pence après qu’UBS a indiqué que le nouveau directeur général de Man Group devrait annoncer des «changements stratégiques importants» lors de la publication de ses résultats annuels le 28 février prochain. «Nous estimons également qu’une cession de la société est toujours d’actualité» ajoutait UBS.

La banque centrale indienne ne devrait plus baisser ses taux directeurs tant que l’inflation n’est pas sous contrôle, indique le FMI dans un communiqué publié hier. «Avec un espace politique restreint à cause du déficit budgétaire et de l’inflation élevés, l’économie est dans une situation plus affaiblie qu’avant la crise financière globale» ajoute le Fonds.

Selon nos informations, la Caisse Nationale du Barreau Français (CNBF) a retenu les gérants suivants dans le cadre de l’appel d’offres comportant quatre lots lancé en août 2012 : La Française AM et AXA IM pour la gestion d’obligations diversifiées Zone OCDE afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 350 millions d’euros environ. Lazard Frères gestion pour la gestion d’actions de la zone Euro afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 50 millions d’euros environ Generali et Natixis AM pour la gestion d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif de la CNBF, comme nous l’indiquions déjà le 27 novembre dernier. Le montant global du mandat est estimé à 400 millions d’euros environ. Rothschild & Cie Gestion a été retenu en stand by. Amundi pour le mandat de gestion d’adossement d’Obligations souveraines Buy and Hold (constituer et gérer un portefeuille composé d’OAT zéro coupon détenus dans une optique de portage). Le montant global du mandat est estimé à 250 millions d’euros environ. Les critères des appels d’offres étaient assez souples et nous allons maintenant sécuriser les contrats de façon formelle indique Gilles Not, directeur de la CNBF. Qui précise que les marchés ont été notifiés et signés et que la CNBF va maintenant rencontrer les gérants pour déterminer avec eux la répartition précise des portefeuilles. Ce sont les montants attribués qui sont les plus susceptibles d'évoluer. En effet, l’institution va faire réaliser au cours du premier semestre une étude actuarielle de ses engagements. Pour cela, un appel d’offres va être lancé très prochainement, avec un résultat qui devrait être annoncé au cours du premier semestre.

Le Comité Intersyndical de l’Epargne salariale (CIES) et le Forum pour l’Investissement Responsable (FIR) lancent un guide pédagogique destiné aux salariés et aux responsables d’entreprise. Il s’agit de promouvoir le développement de l'épargne salariale, et de promouvoir les fonds communs de placement dont la gestion respecte les critères de l’Investissement Socialement Responsable (ISR). La prise en compte des enjeux Environnementaux, Sociaux et de Gouvernance (ESG) par les gérants de l'épargne permet de donner un sens supplémentaire à l'épargne salariale, l’inscrivant dans une démarche de développement durable qui incite à de meilleurs comportements des entreprises, des collectivités territoriales et des États. C’est donc une démarche de progrès que le FIR et le CIES soutiennent conjointement. L'épargne salariale diversifiée (hors actionnariat) représente aujourd’hui 56 milliards d’euros dont plus de 23 % sont ISR, dont les gammes labellisées par le CIES représentent plus de 90%. Aujourd’hui, c’est clairement au travers de l'épargne salariale que les Français accèdent à l’Investissement Socialement Responsable... et c’est clairement l’action du CIES qui concrétise ce progrès.

Le ministre du Budget Jérôme Cahuzac, qui clôturait les Rencontres parlementaires sur l'épargne et la fiscalité, n’a pas exclu que le gouvernement ne fasse un pas en arrière sur les plus-values mobilières, dotn la fiscalité a été alourdie en 2013, pour ne pas décourager les investissements en actions. «Peut-être un effort devra être consenti dès lors que les plus-values dégagées seraient réinvesties selon des critères qui devront être définis et débattus», a-t-il dit, en rappelant les dispositions déjà concédées sur les plus-values de cessions d’entreprise après la fronde des «pigeons» à l’automne dernier. «A titre personnel, je ne serais pas choqué que des dispositions supplémentaires soient examinées, le cas échéant votées, qui permettent le réinvestissement des plus-values ainsi dégagées dans des conditions fiscalement intéressantes», a ajouté Jérôme Cahuzac. Le ministre du Budget a par ailleurs confirmé mercredi que le gouvernement français envisageait des incitations fiscales pour orienter une partie de l'épargne gérée par les assureurs vie vers l’immobilier d’habitation, évoquant un montant de «quelques dizaines de milliards d’euros, pas au-delà» en termes d’actifs.

Assets under management by the Liechtensteinische Landesbank (LLB) as of the end of 2012 totalled CHF49.9bn, up 5% year on year, according to a statement released on 5 February. The development is largely due to positive market effects, as the bank has undergone a net outflow of CHF390m. LLB is expected to announce profits of CHF98m for 2012, a considerable increase compared with CHF15.4m the previous year. The bank will release detailed results on 22 March.

The two Swiss groups Pictet and Lombard Odier on 5 February announced plans to change their legal structure. From 1 January 2014, the two groups will opt for the legal format of a Swiss limited partnership with shares, which they say is better adapted to the growth they have achieved in recent years. The activities of Lombard Odier in Switzerland will be transferred to a limited company, like the other affiliates of the group.At Pictet, the new structure will include the management of all operational companies of the group, and will extend the ownership and management of the group of current managing partners. Pictet & Cie, the Swiss bank of the group, which currently is incorporated as a partnership, will become a limited partnership, like the other operational entities of the group.

Dirk de Vlaam, head of marketing and sales for the Netherlands, has announced that Franklin Templeton is planning to make a decision by the end of first quarter as to whether to sign the United Nations Principles for Responsible Investment (UN PRI), Fondsnieuws reports.The announcement follows requests from pension funds, then retail banks, he said. However, environmental, social and governance (ESG) accounting is already highly important in the investment process at Franklin Templeton, de Vlaam says.

The differences in returns between various asset classes persisted in 2012, increasing the attraction of a diversified approach to portfolio management, a study by Barings of the past five yearsa has found. Although European equities top the list in 2012, with +17.8%, they railed far behind in 2011 (-15.2%), 2010 (+5.3%), and 2008 (-24.4%). Percival Stanion, head of the multi-asset class team, says that “equity markets worldwide were positively oriented in 2012, as emerging markets profited from a rebound in activities in China. However, volatility remained high. Our study finds that the best-performing asset classes, like the worst-performing ones, were not the same from one year to the next. This strengthens the attraction of diversified funds, which have proven their effectiveness, as their asset allocation may develop strongly in line with conjuncture.”

Rhenman & Partners Asset Management, an asset management firm based in Stockholm, specialised in the healthcare sector, has recruited three people, Fondbranschen reports. Ellinor Hult has joined the firm as an analyst and management assistant. Hult, formerly of Crdit Suisse, will work with Henrik Rhenman, Anders Grelsson has joined the firm as an institutional salesperson for Sweden, from Ålandsbanken. Lastly, Camilla Hermansson has been recruited as an assistant. She joins from Condender Kapital.

As a result of the recently-announced reorganisation of GAM Holding (see Newsmanagers of 16 January), Stefan Angele is leaving his job as head investment management at Swiss and Global, the asset management firm has confirmed to finews. The chief investment officers in four sectors (bonds, equities, multi-asset class and commodities) now report directly to CEO David Solo, meaning that the position held by Angele now becomes redundant.

Aberdeen Asset Management has announced the recruitment of Matteo Bosco as head of development for Switzerland. He also serves as director of the Italian region at the asset management firm.

The Baring Brothers Sturdza bank in Geneva on 4 February 2013 announced that it has acquired all capital in Coges Corraterie Gestion SA< an independent wealth management firm based in Geneva. Assets under management and the sale price were not disclosed. “Coges will continue to operate independently, a staement says, ensuring that its relationships with its current clients will be preserved, while offering them a complementary platform of services and expertise,” a statement says. All personel at Coges will be retained, and Luca Micheli becomes CEO. The current CEO, Philippe R. Calame, will join the board of directors at Coges, and becomes a board member at the bank, where he will report directly to Eric I. Sturdza, its chairman.

Assets under management at the Banque cantonale de Lucerne last year rose 6.5% to a total of CHF26.8bn, according to a statement released on 5 February. Net inflows totalled CHF600m, compared with CHF382m the previous year, the bank says.

The asset management arm of the Swiss firm Mirabaud has announced the launch of a traditional global high yield bond fund, Mirabaud – Global High Yield Bonds, which is managed by Andrew Lake, who has recently been recruited from Aviva Investors (see Newsmanagers of 8 November). Lake will be assisted by Alexander Lushnikov, an analyst who had worked at Crédit Agricole.The new Luxembourg-registered product will combine active management and stock-picking. The portfolio will be based around 80 positions. Assets already total USD125m.CharacteristicsName: Mirabaud – Global High Yield BondsISIN codes:A share class (all investors)A cap USD: LU0862027272AH cap EUR: LU0862027439AH cap GBP: LU0862027868AH cap CHF: LU0862028080(AH shares are hedged for currency risks)Institutional share classesI cap USD : LU0862028247IH cap CHF : LU0862029724 (hedged)Management commissions:A share class: 1.20%I share class: 0.60%Licensed for sale in: LU, FR, ES, UK, (CH in progress)

For USD568m, or EUR420m, the US firm Dundee International REIT will acquire a portfolio of 11 properties (137,200 square metres) in Germany from the Frankfurt-based SEB Asset Management. The transaction may be completed by the end of March, as the buyer will first be required to raise USD220m through a capital increase, and obtain mortgage-backed credits from four German institutions of USD354m at an average interest rate of 2.74% for a period of 6.8 years.Two of the properties to be purchased belong to the portfolio of the semi-institutional real estate fund SEB ImmoPortfolio Target Return Fund, while the other nine are office properties of the open-ended real estate fund SEB ImmoInvest (DE0009802306) fund, which SEB AM nine months ago decided to liquidate by 30 April 2017 (see Newsmanagers of 8 May 2012). The new sale will bring in liquidity to pay off creditors and partially reimburse subscribers.The Frankfurt-based asset management firm points out that in 2012, SEB ImmoInvest distributed about EUR1.3bn to its shareholders, equivalent to over 20% of its initial assets (EUR6.35bn).

The British bank Barclays will make further provisions totalling GBP1bn overall, to cover legal costs related to abusive sales of financial products, according to a statement released on 5 February. The bank will also announce an additional provision of GBP400m to reimburse SMEs to which it abusively sold products, such as interest rate coverage products, like other British banks. The British Financial Services Authority (FSA) last Thursday announced that Barclays, HSBC, Lloyds and RBS would be required to reimburse SMEs. The financial regulator reviewed sales of 173 financial products of this type, and concluded that over 90% of them contravened its rules. Barclays has also announced that it will be required to make an additional provision of GBP600m to cover legal actions related to forced sales of credit insurance. The total bill for the bank now comes to GBP2.6bn.

According to the German press, Daniela Brogt, director of sales Germany & Austria at Henderson Global Investors, will be promoted on 1 April to head of sales Germany. Ariane Dehn, head of sales Germanic Switzerland, meanwhile, will become head of sales Germanic Switzerland and Austria. The appointments follow the departure of Lars Albert, head of sales Germany & Austria, in January, to join Barings Germany.

Following the departure for personal reasons of Roland Schubert, the supervisory board of Bethmann Bank has appointed Michael Arends as a managing board member from 1 February.Arends will be responsible for the range of products and services, as well as wealth management at the private bank. He joined Bethmann and the ABN Amro group (to which the German firm belongs) in 2010. Most recently, he was head of the global coordination team for the private wealth management unit at ABN Amro in Amsterdam, and a member of the extended management committee of Bethmann Bank.

Frankfurt-based Deka Investment has announced that it has signed the sustainable development fund code of the European Sustainable and Responsible Investment Forum (Eurosif) for its Nachhaltigkeitsfonds Deka-Stiftungen Balance, Deka-Nachhaltigkeit Aktien, Deka-Nachhaltigkeit Renten and Deka-Nachhaltigkeit Balance funds. By so doing, the asset management firm pledges to respect the transparency principles of the code, developed in 2008, which have now been signed up to by 350 funds in Europe. The products are also authorised to carry the corresponding transparency logo.Deka, which has been a member of the Forum Nachhaltige Geldanlagen, an organisation to promote sustainable investment in the German-speaking countries, since 2011, has since September 2012 been a signatory to the United Nations Principles for Responsible Investment (UN PRI).Currently, assets in sustainable development funds from Deka total about EUR2bn.

Pension funds and other institutionals are withdrawing their investments related to commodities, after observing that they did not genuinely protect their portfolios against inflationary risks and volatility on equity markets, the Wall Street Journal reports. Investors have withdrawn nearly USD10bn from tradeable indices of energies, foods, metals and other commodities, after two years of record subscriptions. There remain USD133bn in these investments. The trend is accelerating this year. Among those who have reduced their investments in commodities is CalPERS, which withdrew 55% of its stake in commodity indices in October, after losing 8% per year for 5 years.

The economist Jim O’Neill, who coined the acronym BRIC, is leaving his position as chairman of the asset management division at Goldman Sachs, where he has worked since 2010, Agefi reports. There are currently no plans to replace him, as the position was created especially for him.

Henderson Global Investors has hired credit manager Kevin Loome and five US credit specialists who used to work at Delaware Investments. The team, which joined Henderson on 4th of February, consists of Kevin Loome, head of Credit, U.S, Charles Devereux, head analyst, Devon Everhart, senior analyst, Douglas Zinser, senior analyst, Matthew Fanandakis, analyst, and Gregg Gola, trader/analyst. They have worked together for over five years.The team will be based in Philadelphia and Kevin Loome will report to global head of credit, Stephen Thariyan with the remaining team reporting to Kevin Loome.

Recruitment in the finance sector in France had a hard year in 2012. According to figures from eFinancialCareers, a website specialised in finance job offers, the number of jobs announced was down 19% in France between 1 January 2012 and 1 January 2013. Internationally, the situation is not reassuring. In the United States, the United Kingdom, continental Europe and Asia-Pacific, the number of job offers was down 26% year on year, from 7,760 on 1 January 2012, to 5,774 as of 1 January 2013. The United Kingdom has seen the steepest drop, with 31% fewer job offers on 1 January 2013. The number of job offers in continental Europe fell 22%.

As part of a French credit programme for EUR200m approved last summer (see Newsmanagers of 17 July 2012), Macquarie Lending and Tikehau Investment Management have awarded a unitranche financing totalling EUR53m to Oaktree Capital Management to acquire the Finnish firm Evac OY, the global leader in the collection and treatment of waste water.The Macquarie group had EUR275bn in assets as of the end of September, while Tikehau IM had EUR1.3bn in assets under management as of the end of December.

In the post-financial crisis environment, one of the major risks for asset management firms is the emphasis being placed on macro type products, the global CEO of Vanguard, Mill McNabb, says. In an interview with Asian Investor, when asked whether multi-asset class funds represent an attractive variation on diversified architecture, McNabb replies that “the numerous tactical elements of these products make me nervous.”

The US firm Eaton Vance Management has announced the launch of the high yield bond fund Eaton Vance Bond Fund. The fund may invest at least 80% of its assets in bonds and other high yield instruments, and up to 20% in ordinary shares. The fund may also invest up to 35% of its assets in bonds and other high yield instruments rated speculative grade.

For the fiscal year ending on 31 December, the ETF asset management firm WisdomTree Investments Inc has declared net profits of USD11m, compared with USD3.1m in 2011. Assets increased to USD18.3bn as of the end of 2012, compared with USD16.8bn three months earlier, and USD12.2n as of 31 December 2012.Jonathan Steinberg, chairman & CEO, points out that net subscriptions last year totalled USD4.7bn, compared with USD3.9bn in 2011.

Keith Anderson, former chief investment officer of George Soros, has recruited Doug Paul, who worked at Crédit Suisse for 40 years, as chairman of the hedge fund he launched after leaving Soros Fund Management in July 2011, the news agency Bloomberg reports. Anderson’s fund, based in New York, Anderson Global Macro, will track macro-economic trends, and will play the bond, currency, commodity and equity markets.

The “free investment fund” ( management firm of Spanish-registered hedge funds) Equilibria Investments has sold control of its assets to Santander Asset Management, Funds People reports. Carlos Arenilla, who had been the sole manager remaining at Equilibria following the departure of Alvaro Sanmartin, becomes an adviser, a prospectus published on the CNMV website on 1 February indicates.Assets at Equilibria at the end of December totalled EUR32m, while Spanish hedge funds at Santander AM represented EUR75m.