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23/01/2013

David Barron a quitté JPMorgan AM

Investment Week rapporte que David Barron, head of investment trusts, a quitté J.P. Morgan Asset Management où il était responsable de 21 produits pour un encours de 6,6 milliards de livres.Son successeur sera nommé «en temps opportun», a indiqué Jasper Berens, head of UK funds.
23/01/2013

Esemplia se renforce à Londres et à Hong Kong

La société affiliée de Legg Mason dédiée aux marchés émergents, Esemplia Emerging Markets, vient de recruter deux spécialistes de l’investissement à Londres et envisage des embauches à Hong Kong, rapporte Asian Investor.Steve Triantafilidis, précédemment chez Vontobel Asset Management, rejoint Esemplia en tant que «principal», responsable de l’investissement. Michael Bourke, précédemment chez FPP Asset Management, rejoint la société en qualité de gérant de portefeuille pour les stratégies long-only sur les actions émergentes globales. Tous deux seront basés à Londres.Esemplia envisage par ailleurs de se renforcer à Hong Kong où l’ancien CIO d’Esemplia, Aquico Wen, quitte la société dans le courant du premier semestre 2013.A fin décembre 2012, les actifs sous gestion d’Esemplia s'élevaient à 2,5 milliards de dollars
23/01/2013
Fonds

JP Morgan AM étoffe son offre en Italie

JP Morgan Asset Management vient de lancer des classes de part distribuant un coupon périodique (avec un montant eu euros prédéfini) pour trois de ses produits : JPM Global Strategic Fund, JPM Italy Flexible Bond Fund et JPM Income Opportunity Fund, rapporte Bluerating. Le coupon sera distribué chaque trimestre.
Fonds
23/01/2013
Fonds

Forte baisse des OPCVM monétaires depuis 2011

Depuis 2011, le nombre d’OPCVM monétaires a fortement diminué dans la zone euro (‑519 sur deux ans), pour partie en raison de leur nouvelle définition, conformément à l’orientation BCE/2011/13, qui correspond mieux à celle utilisée à des fins de surveillance, a indiqué la Banque centrale européenne à l’occasion de la publication des statistiques sur les institutions financières monétaires (IFM) dont les OPCVM sont un sous-secteur.La banque centrale observe en outre que la contraction observée dans le sous-secteur des OPCVM s’est poursuivie en 2012, plus particulièrement au Luxembourg (‑128) et en France (‑84).Au 1er janvier 2013, la grande majorité des IFM de la zone euro était constituée d’établissements de crédit (banques commerciales, caisses d’épargne, banques postales, coopératives de crédit, etc.), qui représentaient 85,5% du total (6.019 unités), tandis que les OPCVM monétaires en représentaient 14% (987 unités). Les banques centrales (18unités, y compris la BCE) et les autres institutions (35 unités) ne représentaient conjointement que 0,2% du total des IFM de la zone euro.
Fonds
23/01/2013

Private banking : la collecte progresse encore en Suisse mais la rentabilité est en berne

Les banques privées en Suisse ont continué à collecter des fonds ces dernières années, mais à un rythme beaucoup plus modeste, et leur rentabilité n’est plus ce qu’elle était, selon une étude du cabinet PWC, rapporte L’Agefi suisse. Depuis 2007, les revenus des banques de gestion privée en Suisse ont fortement décliné. Compte tenu surtout de la réduction d’environ 20% en moyenne des actifs sous gestion entre l’année record 2007 et fin 2011. Assortie de volumes de transactions nettement moindres et de la défiance grandissante de la clientèle à l’égard des produits d’investissement trop compliqués. Conséquence: les marges brutes sur les actifs sous gestion sont bien plus faibles (122 points en 2007, 104 en 2010 et 101 en 2011). D’autant que le marché suisse du private banking, est de plus en plus disputé au niveau des tarifs. Dans ce contexte, le revenu moyen par employé a chuté de 40% pour passer de 656.000 francs en 2007 à 395.000 en 2011, selon PWC. La fonte des actifs sous gestion depuis 2007 s’explique aussi par les performances négatives des placements en 2008 (-22,9%), en 2010 (-6,1%) et en 2011 (-6,3%). La croissance annuelle de la collecte nette n’a pas dépassé 1,4% en moyenne de 2009 à 2011.
23/01/2013

Balfidor muscle son état-major

La Banque cantonale de Zurich (BCZ ou ZKB en allemand) a indiqué que face aux nouveaux défis de la gestion, de l’administration et de la comptabilité de fonds, le conseil d’administration de sa filiale bâloise Balfidor Fondsleitung AG a été renforcé avec l’arrivée du Pr Peter Meier de l’Université de Winterthur, un spécialiste de la gestion collective et des fonds immobiliers. D’autre part, Peter Bäumli a été élu administrateur comme représentant de la BCZ.L’administrateur Bruno Schranz va prendre en charge à compter du 1er février la direction de Balfidor Fondsleitung AG comme CEO. Son adjoint sera Thomas Wiggli, qui était directeur général.Balfidor affichait fin décembre un encours de 38 milliards de francs suisses répartis sur 96 fonds et 4 ETF. En 2007 les actifs gérés étaient de 15 milliards de francs. Les actifs sous administration se situaient à 57 milliards. Balfidor emploie 76 personnes.
23/01/2013
Fonds

ETF Securities fait coter 28 ETP sur la Bourse Suisse

Après avoir fait coter ses premiers ETF sur la Bourse Suisse SIX Swiss Exchange en septembre 2012, ETF Securities vient de faire admettre à la négociation le 22 janvier une série de 28 nouveaux ETP qui répliquent des indices Dow Jones UBS de matières premières. Tous ces nouveaux produits sont couverts du risque de change en francs suisses.
Fonds
23/01/2013

L'ex-patron de la gestion de fortune de Vontobel rejoint BlueOrchard

Peter Fanconi, l’ancien responsable de la gestion de fortune chez Vontobel, rejoint le spécialiste de la microfinance BlueOrchard en qualité de CEO, selon un communiqué publié le 22 janvier par la société suisse.Peter Fanconi prend ses nouvelles fonctions ce mercredi 23 janvier. L’actuel CEO, Wolfgang Landl, a décidé de renouer avec ses activités de conseil. Il reste d’ailleurs lié à BlueOrchard en tant que conseiller pour le marketing et la vente.
23/01/2013

Augmentation de capital pour Julius Baer

Le conseil d’administration de Julius Baer Group a approuvé le 22 janvier une augmentation du capital de 142.048, 14 francs suisses par l’émission de 7.102.407 actions enregistrées, contingent prélevé sur le capital autorisé. Cette augmentation de capital interviendra le 24 janvier 2013.Ces titres, émis en excluant les droits de souscription préférentiels pour les actionnaires existants, seront utilisés exclusivement dans le cadre de l’acquisition des activités internationales de gestion de fortune (IWM) de Merrill Lynch hors Etats-Unis auprès de Bank of America. La phase d’intégration de ces activités est censée débuter le 1er février 2013.
23/01/2013

Suez Environnement: le pacte d'actionnaires prendra fin le 22 juillet

Le pacte d’actionnaires de contrôle du groupe français d’eau et de déchets Suez Environnement prendra fin le 22 juillet après sa dénonciation par les parties, dont son actionnaire principal GDF Suez, selon un avis de l’Autorité des Marchés financiers (AMF) publié le 22 janvier. GDF Suez avait annoncé début décembre qu’il allait rompre ce pacte pour mettre fin à son contrôle de sa filiale, séparée du groupe depuis la fusion de GDF et de Suez en 2008, ce qui va lui permettre d’alléger comptablement sa dette. Le pacte d’actionnaires, qui avait juillet 2013 comme date-butoir, rassemble GDF Suez (35,7%), mais aussi Groupe Bruxelles Lambert -le groupe du milliardaire belge Albert Frère- (7,2%), la Caisse des Dépôts et Consignations (CDC) avec 2%, Areva (1,4%), CNP Assurances (1,3%) et le belge Sofina pour une part de contrôle opérationnel de 48,4%.
23/01/2013

ETF Securities loses its head of sales in Asia

The commodity ETF specialist ETF Securities is seeking a successor to Nigel Phelan, is head of sales for the Asia-Pacific region, who is leaving the firm to return to his native Australia for personal reasons, Asian Investor reports. The firm, based in London, is also planning further recruitments during the year. Assets under management at ETF Securities last year rose 17% to a total of USD28.9bn.
23/01/2013

Esemplia hires in London and Hong Kong

The firm affiliated with Legg Mason dedicated to emerging markets, Esemplia Emerging Markets, has recruited two investment specialists in London, and is planning recruitments in Hong Kong, Asian Investor reports. Steve Triantafilidis, previously of Vontobel Asset Management, is joining Esemplia as principal, in charge of investment. Michael Bourke, preivously of FPP Asset Management, is joining the firm as a portfolio manager for long-only strategies for global emerging market equities. Both will be based in London. Esemplia is also planning recruitments in Hong Kong, where the former CIO of Esemplia, Aquico Wen, is leaving the firm during the first half of 2013. As of the end of December 2012, assets under management at Esemplia totalled USD2.5bn.
23/01/2013

Neptune recruits a Skandia veteran

The UK asset management firm Neptune has recruited Nick Webb as head of intermediated sales for central England and East Anglia, Money Marketing reports. Webb worked at Skandia until the end of 2012 as sales manager.
23/01/2013

Ecofin approves tax on financial transactions

11 countries in the European Union obtained permission from the other member states to set up a tax on financial transactions on 22 January in Brussels at a meeting of European finance ministers. This was the last clearance the 11 countries needed to establish the tax, following permission from the European Commission in October last year, and from European Parliament in November. This is the first strengthened co-operation between the European countries in the area of taxation. France, Germany, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain, Slovakia and Estonia will be the first signatories.
23/01/2013

JP Morgan AM adds to its product range in Italy

JP Morgan Asset Management has launched share classes which pay a periodical coupon (of a predefined amount in euros) for three of its products: JPM Global Strategic Fund, JPM Italy Flexible Bond Fund, and JPM Income Opportunity Fund, Bluerating reports. The coupon will be distributed on a quarterly basis.
23/01/2013

Assets at Moneta top EUR1bn

Assets under management at Moneta Asset Management were over EUR1bn at the end of 2012, compared with less than EUR800m at the end of December 2011, Patrice Courty, manager of the Moneta Long Short fund announced at a conference on 22 January. Market effects accounted for about 75% of this evolution, as inflows gradually took of in second half. Courty states that despite the rebound, assets under management remain about 10% below their peaks in 2011 (EUR1.15bn). Courty also noted that the fund he manages, the Moneta Long Short, is doing well, with assets of about EUR45m, and average performance over six years of 4.5%, compared with 1.5% for four available French long/short funds. From his point of view, macroeconomic concerns are less severe than last year, and the market is less risky, meaning that “stock-picking will return to the foreground.”
23/01/2013

Assets at Amundi ETF up 37% in 2012

On 22 January, Amundi ETF announced that in 2012 it posted net inflows of EUR1.4bn. Assets under management, for their part, rose 37%, from EUR6.5bn as of the end of December 2011, to EUR8.9bn at the end of 2012. This trend is continuing in early 2013, as assets under management have passed EUR9bn, a statement says.
23/01/2013

ETF Securities lists 28 ETPs on the Swiss stock exchange

After listing its first ETFs on the SIX Swiss Exchange in September 2012, ETF Securities on 22 January added a series of 28 new ETPs, which replicate Dow Jones UBS commodity indices. All of the new products are hedged for currency risks in Swiss francs.
23/01/2013

LBPAM releases crossover bond fund

On 6 December, La Banque Postale Asset Management (LBPAM) launched the French-registered FCP fund LBPAM Obli Crossover, which has already passed EUR120m in assets, without cannibalising its elder sibling, LBPAM Obli Crédit, whose assets now total over EUR400m, said Samir Bederr, head of credit and convertible management. The fund has already been well-received by institutionals, multi-managers and private managers.The portfolio is at least 50% invested in securities denominated in euros rated investment grade, and up to 50% in junk (BB) bonds, with an extension limited strictly to 10% for single B-rated securities. The average rating is BBB-, and CIO Vincent Cornet insisted at a press conference on 22 January that the management team will be required not to raise risk excessively. With this in mind, allocation to triple-B rated securities is limited to 5-year maturities, while double-B securities are limited to three years.For the fund, LBPAM has increased its “5B,” or crossover, management capacities, with the recruitment of a specialist manager (Arnaud Colombel), and an analyst focused on high yield. The firm has created a universe of 280 private issuers for up to EUR650bn.The objective is to outperform a benchmark composed 50% of the Barclays Euro Aggregate 500 MM corporate BBB 1-5 year, and 50% of the Barclay Euro High Yield BB 1-3 year, by 0.50%, after management fees.CharacteristicsName: LBPAM Obli CrossoverISIN code: FR0011350685Initial net asset value: EUR10,000Real internal and external management fees: 0.50% (I share class)Minimal initial subscription: EUR1mMinimal recommended investment duration: 3 years
23/01/2013

Natixis AM launches an equity fund dedicated to India

IDFC Asset Management Company, an affiliate of Natixis Global Asset Management (NGAM), on 22 January announced the launch of the IDFC India Equities Fund, an equity fund of all cap sizes belonging to the Natixis International Funds (LUX) I, the UCITS-compliant Luxembourg Sicav of NGAM. The fund (USD14bn in assets under management as of 31 December 2012) uses a strong conviction-based investment strategy for equities of all cap sizes, with the objective of profiting from long-term growth trends in the Indian economy. It will invest in a portfolio of 35 to 45 top calibre equities as well as business in sectors with strong potential for growth in India. The fund identifies major themes and macro trends with a top-down approach coupled with bottom-up stock-picking.
23/01/2013

Steep decline in UCITS money market fund population since 2011

Since 2011, the number of money market UCITS funds has declined steeply in the euro zone (519 over two years), partly due to their new definition under the ECB/2011/13direcgive, which is better suited to surveillance ends, the European Central Bank has announced, in parallel with the publication of statistics about Monetary Financial Institutions (MFI), of which UCITS-compliant funds are a subsector. The central bank has also observed that the contraction in the UCITS fund subsector continued in 2012, more particularly in Luxembourg (-128) and in France (-84). As of 1 January 2013, the vast majority of MFIs in the euro one consisted of credit establishments (commercial banks, savings banks, postal banks, credit cooperatives, etc.) which represent 85.5% of the total (6,019), while money market UCITS funds represent 14% (987). Central banks (18, including the ECB) and other institutions (35) represent a combined 0.2% of all MFIs in the euro zone.
23/01/2013

Carmignac Gestion: Switzerland and institutionals on the agenda in 2013

Eric Helderlé, CEO of Carmignac Gestion, on Tuesday, 22 January at a press conference in Paris discussed the asset management firm’s plans for 2013. Internationally, the firm is planning to create a physical presence in Switzerland, in the form of a branch office in Zurich. Developing institutional clients is also one of the firm’s top priorities, which it is planning to make a core area of development, via its specialised funds. The head also states that Carmignac Gestion, which has 200 employees, is expected to recruit 20 more people in first quarter. Helderlé also provided detailed information about inflows to the asset management firm and their distribution. The director welcomed the news that of EUR4.5bn in net subscriptions, Carmignac Patrimoine, the flagship fund of the range, with EUR2bn, represented than 50% of the total. For its part, Carmignac Emerging Patrimoine has seen net inflows of EUR1.5bn, he also announced. Helderlé also expressed satisfaction that the Feri 2012 distribution rankings for Europe place Carmignac Gestion in eighth place for flows, and in tenth place by assets under management.
23/01/2013

BlackRock's stake in Linde falls below 5%

The German Linde group announced in a statement to the market on 22 January that on 18 January, it received a notification from BlackRock Advisors Holdings that the US asst management firm had on 14 January fallen below the 5% threshold in the capital of Linde AG, and that its stake on that date totalled 4.996%.
23/01/2013

Métropole Gestion hires exec in Germany

Bianca Salzer, who had been institutional business director for Germany at Allianz Global Investors, is joining the distribution team at Métropole Gestion in the country as director for institutional clients. She will report directly to Markus Hampel, country head.
23/01/2013

Laransa founds a wealth management affiliate

The Berlin-based asset management firm Laransa AG on 22 January announced the creation of Laransa Private Wealth Management GmbH, an independent wealth management firm aimed at high net worth clients with at least EUR500,000 in savings to invest.The new affiliate will aim to provide complete and personalised service according to the propensity of each client to risk. It will also assist clients with the selection of external advisers.Laransa PWM will charge 0.9% plus VAT on the average assets of the client, while all fees and kickbacks will be reimbursed or transferred to the client.
23/01/2013

New head for real estate unit of Lloyd Fonds

Timo Wolf, who for the past four years has been CEO of Polares Real Est Asset Management GmbH and a board member at TAG Gewerbeimmobilien AG, will on 1 March join Lloyd Fonds Real Estate Asset Management GmbH as CEO. He succeeds Hanno Weiß, who had been director of the real estate unit since 2006 and is retiring. The Hamburg-based Lloyd Fonds has 11 closed real estate funds, whose properties are all wholly leased.
23/01/2013

State Street GA launches two TA funds

In London, State Street Global Advisors (SSgA) on 22 January announced the launch of the SSgA Flexible Asset Allocation Fund and the SSgA Flexible Asset Allocation Plus Fund. The two multi-asset class products may invest in equities, bonds and alternative supports such as commodities, real estate and infrastructure.The dynamic tactical asset allocation funds will use the exclusive Market Regime Indicator (MRI) from SSgA, which allowed for market signals to be converted into indications of market sentiment.The two funds will be managed by the Investment Solutions Group at SSgA, which has some 50 investment professionals in several locations worldwide.
23/01/2013

BNP Paribas RE teams up with a real estate service provider in Hungary

BNP Paribas Real Estate has formed an alliance with the Robertson company to extend its range of services in Hungary. Robertson is one of the largest providers of real estate services in Hungary, able to assist clients throughout the territory. The new partnership includes Transaction, Consulting and Expertise in the areas of office and commercial property, a statement says.
23/01/2013

Muzinich recruits a Schroders veteran

Muzinich & Co has recruited the emerging market debt manager Warren Hyland in London, Citywire reports. He joins from Schroders, where he had worked since 2001.

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