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21/09/2012

Carlyle acquiert VWD

Le capital-investisseur américain Carlyle, associé à l’ancien président de directoire Edmund Keferstein, indique s'être assuré plus de 90 % du capital de l’agence d’informations économiques allemande VWD dont les actionnaires étaient jusqu'à présent Deutsche Balaton (35,2 %), Dietmar Hopp (28 %) et son fils Oliver (11,1 %) ainsi qu’Edmund Keferstein (14,99 %), rapporte la Börsen-Zeitung.Une OPA sur le reliquat des titres (5,5 %) va être lancée sur la base de 2,80 euros par action, ce qui représentait le 18 septembre une prime de 35 % sur le cours boursier.L’acquisition est réalisée par le fonds Carlyle Europe Technology Partners (530 millions d’euros d’encours).
21/09/2012

SGSS S.p.A. mandaté par Aberdeen AM en Italie

Société Générale Securities Services en Italie (SGSS S.p.A.) a été retenu par Aberdeen Asset Management pour agir en tant qu’agent de transfert local pour les fonds Aberdeen Global et Aberdeen Global II, la gamme de fonds transfrontaliers du gestionnaire d’actifs, qui représente plus de 38 milliards d’euros d’actifs sous gestion.SGSS fournira à ces fonds des services d’agent payeur et de gestion des relations de l’OPCVM avec les investisseurs en Italie.
21/09/2012

Northern Trust veut se développer dans la zone Asie-Pacifique

George Hindmarsh vient de rejoindre Northern Trust en qualité de responsable régional du développement des activités auprès des investisseurs institutionnels, rapporte Asian Investor.Précédemment chez Citi, George Hindmarsh devrait dans ses nouvelles fonctions recruter des collaborateurs spécialisés.
21/09/2012
Fonds

Union revend un immeuble de Singapour à ERC

Pour 38,7 millions d’euros, l’allemand UniImmo: Global a revendu l’immeuble de magasins The House of Tan Yeok Nee (2.100 mètres carrés) à ERC International Private. Ce montant est supérieur de 17,7 millions d’euros au prix d’acquisition de 2007.Union Investment Real Estate (UIRE) a l’intention d’acquérir d’autres actifs en Asie, notamment à Séoul et Shanghai, a indiqué Volker Noack, membre de l'équipe dirigeante d’UIRE. Le gestionnaire a l’intention d’investir jusqu'à 1 milliard d’euros dans les «marchés de croissance» d’Asie sur les cinq prochaines années.
Fonds
21/09/2012

Invesco AM adopte Eagle pour la mesure de performance en Europe

Le gestionnaire Invesco a sélectionné la solution de mesure de la performance proposée par Eagle Investment Systems pour la gestion de ses activités retail et institutionnelle en Europe continentale, a annoncé BNY Mellon, dont Eagle est une filiale.Invesco utilisait déjà la plate-forme Eagle pour l’Amérique du Nord et pourra désormais disposer d’une image consolidée de ses activités couvrant les deux continents. Le gestionnaire utilise également les données d’Eagle pour améliorer son reporting sur la performance, la composition des portefeuilles, les transactions, le classement et la notation des fonds ainsi que les données de risque. De plus, la plate-forme Eagle permet d’améliorer le reporting aux clients, les comptes de pertes et profits et le développement des fiches de données des antennes de Paris et de Francfort.
21/09/2012

BNY Mellon administrera les fonds en marque blanche de VVO Haberger

Les fonds en marque blanche du munichois VVO Haberger KAG seront à l’avenir lancés et administrés par le francfortois BNY Mellon Service KAG. En dehors de ces prestations de société de gestion, la filiale de BNY Mellon fournira également des services de conservation et de banque dépositaire, ont annoncé les deux parties.
21/09/2012
Fonds

LRI Invest se targue d'une première sur le marché allemand

Le luxembourgeois LRI Invest est selon ses propres dires la première société de gestion étrangère à obtenir de la BaFin l’agrément (le 17 septembre) pour un fonds de droit allemand conforme à la directive OPCVM IV. Le produit est le LRI Invest DeLux, un fonds multi-classes d’actifs pour lequel la banque dépositaire sera LBBW Stuttgart.CaractéristiquesDénomination : LRI Invest DeLuxCode Isin : DE000A1J0BZ9Droit d’entrée : 5 % maximumCommission de gestion : 1,1 % maximum
Fonds
21/09/2012

RHJI paie la BHF 1,06 % des encours

Jeudi matin, la Deutsche Bank et Kleinwort Benson Group ont confirmé l’information de Die Welt (lire Newsmanagers du 20 septembre) selon laquelle, sous réserve d’un agrément des autorités de régulation, la première se propose de vendre 100 % de la BHF-Bank à RHJ International (RHJI), une filiale du second.Le montant envisagé est de 384 millions d’euros en numéraire, ce qui représente 1,06 % des encours de la BHF (environ 36 milliards d’euros).RHJI est un groupe de services financiers dirigé par Leonhard «Lenny» Fischer, un ancien dirigeant-vedette de la Dresdner Bank.
21/09/2012

Union resells a property in Singapore to ERC

The German real estate fund UniImmo: Global has resold the commercial property The House of Tan Yoek Nee (2,100 square metres) to ERC International Private for EUR38.7m. This amount is EUR17.7m higher than the acquisition price in 2007.Union Investment Real Estate (UIRE) is planning to acquire other properties in Asia, particularly in Seoul and Shanghai, says Volker Noack, a member of management at UIRE. The asset management firm is planning to invest up to EUR1bn in “growth markets” in Asia in the next five years.
21/09/2012
Gestion d'actifs

La mutuelle Oréade Prévifrance s'est renforcée sur les actions euro au deuxième trimestre 2012

La mutuelle de santé Prévifrance aurait d’après nos informations renforcé son exposition sur les actions euro avec un investissement de 5 millions d’euros dans un OPCVM ouvert de gestion indicielle et 3 millions d’euros sur un OPCVM ouvert d’actions euro petites capitalisations, à savoir Oddo Avenir. Le consultant Alpha Institutionnels Conseil est proche de la mutuelle.
Gestion d'actifs
21/09/2012

LRI Invest claims place as a pioneer on German market

The Luxembourg-based firm LRI Invest claims to be the first foreign asset management firm to receive a license from BaFin for a German-registered UCITS IV-compliant fund, on 17 September. The product is the LRI Invest DeLux, a multi-asset class fund for which the depository bank will be LBBW Stuttgart.CharacteristicsName: LRI Invest DeLuxISIN code: DE000A1J0BZ9Front-end fee: 5% maximumManagement commission: Maximum 1.1%
21/09/2012

French regulator to fine OFI AM

At a hearing of the sanctions committee of the French financial regulator, the Autorité des marchés financiers (AMF) on 20 September, in the case of the asset management firm OFI, the AMF College handed down a reprimand and a fine of EUR500,000 against OFI AM, as well as a warning to two of its directors, and a fine of EUR60,000 each, Les Echos reports.The college found that OFI AM had not undertaken required due diligence in the selection and monitoring of funds related to the Bernard Madoff company between June 2006 and the end of 2008. The firm also faced other charges: it failed to respect regulatory ratios, and invested in excess of the permitted maximal levels in some types of funds unrelated to Madoff.
21/09/2012

Madoff victims get back another USD2.48bn

In the second wave of reimbursements for losses caused by the fraud perpetrated by Bernard Madoff, victims will receive USD2.48bn, Irving Picard has announced, cited by Expansión. The trustee has so far recuperated USD9.147bn, equivalent to 53% of the USD17.3bn fraud.
21/09/2012

Ignis launches AR bond fund in France

Ignis Asset Management is launching the Ignis Absolute Return Credit Fund in France, after receiving approval from the French financial market regulator, the Autorité des marchés financiers (AMF). The absolute return bond fund was created in July this year. It invests in investment grade and high yield credit via credit default swaps (CDS). “The credit team has identified anomalies in valuation between credits, and exploits opportunities to create value with a portfolio of 10 to 30 pairs, one long and one short,” explains Philip Goldsmith, managing director Europe. The market neutral portfolio aims to earn positive returns in all market conditions, with volatility of 2% to 6%, some handling risk, and zero interest rates. The product is managed by Chris Bowie, head of credit at the asset management firm, and his team of 14 people, which manages a total of EUR17.3bn in assets. It currently has a total of about EUR25m in assets, but is expected to reach EUR80m by the end of the month. This is the second product of the absolute return range from Ignis, and probably not the last, following the Ignis Absolute Return Government Bond Fund, launched last year. The government bond product has also been a driver of inflows at Ignis in Europe in 2012. Subscriptions were registered primarily in Italy and Germany.
21/09/2012

Bond funds break away from indices

At a time when bond yields are falling, many funds have found a way to look better: they are investing in higher-risk bonds, but are continuing to measure their performance against indices composed of safer investments, the Wall Street Journal reports. Putnam and Pimco in particular have been doing this. The practice may be dangerous if the markets turn down, the WSJ warns.
21/09/2012

Highbridge loses its chief risk officer

Subramanyam Venkataraman, chief risk officer (CRO) at Highbridge, has decided to leave the asset management firm at the end of this year, according to reports by the news agency Reuters. Jeff Holman, who joined Highbridge in 2008, will succeed Venkataraman, who had worked at Highbridge for nine years. Holman, who is currently in charge of the Highbridge Quantitative Portfolio Construction fund, will start as CRO on 1 October. Assets under management at Highbridge, which is owned by JP Morgan Chase, total about USD28bn.
21/09/2012

C-Quadrat liquidates three funds

Due to a lack of sufficient assets, three funds from the Austrian-German asset management firm C-Quadrat have been liquidated, effective 20 September.They were the following products:C-QUADRAT ARTS Best Momentum VT-A PLN (AT0000A0HQM6)C-QUADRAT ARTS Total Return Balanced VT-A PLN (AT0000A0HQN4)C-QUADRAT ARTS Total Return Dynamic VT-A PLN (AT0000A0HQP9)
21/09/2012

Finma plans to temporarily relax its solvency test

The Federal financial market surveillance authority, Finma, is planning to ease the Swiss solvency test (SST) by two points. The authority is also planing “adaptations of the interest rate curve” on the one hand, and “a modification of the thresholds at which it intervenes and requires corrections,” on the other. A statement released on 20 September states. The objective is to address two major challenges in the insurance sector, Finma explains. The first is related to the environment of persistently low interest rates, which engenders considerable difficulties, particularly for life insurers. The second is related to the postponement of the obligatory rollout of new solvency requirements under the European insurance regulatory programme, Solvency II. This decision penalises Swiss insurers in terms of competitiveness, Finma claims, and it has therefore decided to propose a temporary relaxation of the SST. The proposals will be subject to a consultation until 19 October 2012.
21/09/2012

RHJI pays 1.06% of assets for BHF

On Thursday morning, Deutsche Bank and Kleinwort Benson Group confirmed reports in Die Welt (see Newsmanagers of 20 September) that, pending the permission of regulatory authorities, the former firm is proposing to sell 100% of BHF-Bank to RHJ International (RHJI), an affiliate of the latter.The total sale price propsoed is EUR384bn in cash, which is equivalent to 1.06% of assets at BHF (about EUR36bn).RHJI is a financial services group led by Leonhard “Lenny” Fischer, a former star manager at Dresdner Bank.
21/09/2012

BNY Mellon administers VVO Haberger white label funds

White-label funds from the Munich-based firm VVO Haberger KAG will in the future be launched and administered by the Frankfurt-based BNY Mellon Service KAG. In addition to these asset management services, the BNY Mellon affiliate will also provide depository banking and custody services, the two parties have announced.
21/09/2012

Vontobel pulls out of Austrian private banking market

finews.ch reports that Austrian clients of Bank Vontobel will in the future be served from Zurich, and the Salzburg branch of the bank will be closed. Private banking services in Salzburg and Vienna will also be closed down.Bank Vontobel Österreich has 38 employees, and as of the end of August manages about EUR1bn.The Swiss group has also announced that clients in Eastern Europe and Russia will in the future be served by the Zurich and Geneva offices.
21/09/2012

Northern Trust plans to develop in Asia-Pacific

Geoge Hindmarsch has joined Northern Trust as regional head of development for activities serving institutional investors, Asian Investor reports. Hindmarsch, previously at Citi, will in his new role recruit dedicated personnel.
21/09/2012

ETF Securities sets up shop in Hong Kong

The London-based commodity specialist ETF Securities is setting up shop in Hong Kong, after receiving approval from the market authority there last month, Asian Investor reports. Asian activities will be led by Fred Jheon, who had previously been based in Japan. Nigel Phelan, for his part, will be transferred from Sydney to Hong Kong, to take over as head of distribution. The firm is also considering opening a location in China.
21/09/2012

Asset management firms dismissed for bad reasons in Asia

Asset management firms are selected for good reasons, but dismissed for bad reasons by Asian institutional investors, according to a study presented in Hong Kong by Cerulli. Institutionals tend to recruit managers to earn long-term returns as a top priority, but they change providers in reaction to observed short-term results, Cerulli claims. In other words, institutionals want their managers to post good returns quarter after quarter, but also to earn long-term returns. This is a difficult challenge in the current environment.
21/09/2012

SGSS S.p.A awarded a mandate bt Aberdeen AM

Société Générale Securities Services in Italy (SGSS S.p.A.) has been retained by Aberdeen Asset Management to act as local transfer agent for the Aberdeen Global and Aberdeen Global II funds, the range of cross0border funds from the asset management firm, which represent over EUR38bn in assets under management. SGSS will provide paying agency and relationship management services for mutual funds with investors in Italy.
21/09/2012

Canadian pension funds turn to alternative assets

Nearly one out of every two Canadian pension funds (48%) are planning to increase their exposure to alternative management (real estate, infrastructure and private investments), at a time when the sector is seeking long-term returns with lower correlation to equity markets, according to a survey undertaken by RBC Investor Services, which finds that 70% of pension funds have coverage rates of less than 90%. 88% of pension funds with assets of over CAD1bn are planning to increase their allocation to alternative investments. The most popular asset class in the alternative universe is uncontestably real estate (45%), followed by infrastructure (34%). The survey also finds that 61% of participants have no plans to discontinue their defined-benefit offerings. However, 39% of respondents have already closed their defined-benefit programmes to new members, and 27% have opened defined-contribution programmes. 12% are planning to offer defined-contribution programmes in the next two to three years.
21/09/2012

Solvency II: EIOPA to undertake an impact study of long branches

In the matter of the future of long branches under the new Solvency 2 regime, Agefi reports, the European insurance authority (EIOPA) will in the next few months test the minimal levels of risk and capital required for long-term liabilities (life insurance, construction, etc.) This move has been long demanded by industry. Insurers say the development will prevent regulators from overestimating the capital requirements associated with long-term liabilities, when they are measured against long-term assets. A delay is expected in the imposition of Solvency 2, which had initially been slated to come into force on 1 January 2014. The EIOPA report is not expected before March, which would result in an extension to the deadline to transpose the directive into national law, which had initially been set for 30 June 2013, the newspaper reports.
21/09/2012

Standard Life Investments preparing an emerging market debt fund

Standard Life Investments will be launching an emerging market debt fund, after recruiting the former head of emerging market debt from Threadneedle, Richard House, Fund Web reports. House joined SLI in April as head of emerging market debt, along with two colleagues, Mark Baker and Nicolas Jacquier.
21/09/2012

Axa IM launches short-term emerging market debt fund

According to information obtained by Newsmanagers, Axa Investment Managers will on Monday launch the Axa WF Emerging Market Short Duration Bond fund, which has received a license from the Luxembourg authority CSSF, as reported by Fundweb on Thursday.The product will be managed by Damien Buchet, director of the emerging market debt team.

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