Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
11/05/2012

AmpegaGerling and C-Quadrat pool their institutional distribution

The Austrian-German asset management firm C-Quadrat Investment and its largest shareholder, the German AmpegaGerling Investment, on 10 May announced that on 1 June, they will initiate Ampega-C-Quadrat Fondsmarketing GmbH, a 50/50 joint venture which will focus on distribution of products from the two firms to institutional clients. The new joint venture will be headquartered in Frankfurt, and will be led by Winfried Stürzbecher and Jörg Bernd Hudemann, who are already the heads of institutional distribution at AmpegaGerling and C-Quadrat respectively.
11/05/2012

Profits double at MLP in first quarter

In January-March 2012, the German financial services provider MLP has posted a net profit of EUR9.4m, compared with EUR4.7m for the corresponding period of 2011. Earnings before interest and taxes (EBIT) were up 44% to EUR12.4m, which the group attributes to the positive effects of its “efficiency programme,” which in first quarter of last year resulted in a one-time charge of EUR3.2m.As of the end of March, largely due to positive evolution of assets under management by its affiliate Feri, total AUM came to EUR20.5bn, compared with EUR20.2bn three months earlier.
11/05/2012

Strong rebound in European private equity activities in 2011

About EUR40bn were raised last year in the European private equity sector, a level not seen since 2008, and up 80% on 2010, an annual report from the European private equity association (EVCA Yearbook 2012) notes. About 65% of funds raised came from European countries, with 35% originating from other countries worldwide. Three major regions, the United Kingdom and Ireland, Scandinavia, and France and Benelux manage more than 83% of funds raised in 2011.
11/05/2012

European Court of Justice finds in favour of foreign funds and against France

The European Court of Justice has announced a verdict. On 10 May, the Court announced that “the law of the Union opposes French regulations which impose national withholding taxes on dividends when they are earned by mutual funds domiciled in another EU country, when these dividends are exempt from tax for mutual funds domiciled in France.” Ten Belgian, German, Spanish and United States-domiciled OPCVM funds, which invest largely in shares in French businesses, and which earn dividends on these shares which are subject to withholding tax, had challenged the French regulation, which stipulated that dividends paid to non-French domiciled funds would be subject to a withholding tax of 25%, while the same dividends would not be taxed when paid to a French-domiciled fund. The estimated cost to the French budget is estimated at about EUR4.2bn as of the end of 2011.
11/05/2012

iShares offers exposure to European government debt

The ETF provider iShares has launched a series of funds offering exposure to bonds from several European countries. The funds replicate indices from Barclays which invest in physical securities, and which offer exposure to government bonds denominated in euros, with the same rating as their country of origin. List of funds offered iShares Barclays Austria treasury bond, iShares Barclays Belgium treasury bond, iShares Barclays Finland treasury bond,iShares Barclays France treasury bond, iShares Barclays Germany treasury bond, iShares Barclays Italy treasury bond,iShares Barclays Netherlands treasury bond,iShares Barclays Spain treasury bond. All of these products will be listed on the London Stock Exchange and will charge 0.2%.
11/05/2012

Pioneer CEO steps down

Roger Yates will step down as CEO of Pioneer Investments, the asset management unit of UniCredit, after two and half years. He will be replaced by Sandro Pierri, head of Western Europe & International, including Asia and Latin America, and CEO of Pioneer Investments, Italy."Roger Yates is going return home to London due to family commitments», according to a press release published by UniCredit on May 10. He will though remain on Pioneer Investments’ board as a non-executive director. This change will be effective July 24, 2012.At the same time, UniCredit announced the appointment of Sandro Pierri as the new head of Asset Management. A formal proposal of his appointment as CEO Pioneer Investments will be made to the Pioneer Investments’ board of directors in July. He will report directly to Federico Ghizzoni, CEO UniCredit.
11/05/2012

M&G signs two distribution agreements in Italy

M&G Investments has signed two distribution agreements for its funds in Italy, one with the wealth management division of Deutsche Bank, and one with Banca Sella, Bluerating reports. With these partnerships, M&G provides access to 27 funds registered in Italy for high net worth clients of the two banks. Among the products to be made available are M&G Optimal Income, M&G Global Macro Bond, M&G Dynamic Allocation, M&G Glboal Dividend and M&G Global Emerging Markets.
11/05/2012

Hong Kong: proposed stock market regulation alarms banks

The Hong Kong stock market regulatory authority yesterday unveiled proposed reforms which would significantly toughen sanctions against business banks which were underwritten for an initial public offering (IPO) by a firm which falsifies its accounts, Les Echos reports. By the proposed regulations, which have been submitted for consultation for a two-month period before being debated by Parliament, various actors supporting the IPO process for Hong Kong businesses may not only be subject to civil, but also to criminal charges. Individuals who recommend an IPO which turns oiut to be fraudulent may face up to three years in prison. This would bring local legislation into line with regulations in place in the United States, but would put the Hong Kong stock market ahead of its major rival, the Singapore stock exchange.
11/05/2012

AlphaHedge launches a managed accounts platform

The US alternative management firm AlphaHedge Capital Partners has announced the launch of a managed accounts platform, which offers a range of long/short equity strategies to investment advisers, consultants, family offices, broker dealers and institutional investors. The initiative is a response to growing furstration on the part of investors after a decade of high volatility and low returns on equity markets. Long/short strategies may allow financial advisers to reduce the equity risk profiles of their clients without reducing their underlying allocations.
11/05/2012

Highly volatile start to the year in real estate

Since the beginning of the year, the Euronext IEIF REIT Europe index has gained 10.3%, after losses of 11% in 2011, while the Euronxt IEIF SIIC France index has gained 9.2%, following a decline of 12.2% in 2011. Real estate indices continue to outperform benchmarks. In the same period, the Dow Jones Stoxx 50 index has gained only 3.6%, while the CAC 40 index has gained 2.3%. The negative evolution of the European stock markets has been attenuated for European real estate indices. In the month of April, the Euronext IEIF REIT Europe index has lost more than 1%, while the Euronext IEIF SIIC France index has lost more than 3.5%. The Dow Jones Stoxx 50 has posted negative performance of 3.2% in the same period, while the CAC 40 index has lost more than 7.2%. “At a time when stock markets have been unsettled in April, publicly-traded real estate has once again proven its merits as a refuge asset in a context of increased volatility,” the real estate and property savings institute (IEIF) argues.
11/05/2012

Barclays Switzerland reports another year of losses in 2011

Barclays Switzerland has reported a net loss of CHF30.8m for 2011, compared with a net loss of CHF13.2m the previous year, according to reports from the news agency Bloomberg. This result is in line with the bank’s projections, as the development of wealth management requires high levels of investment, the firm says. Assets under management last year increased by 2% to a total of CHF10.4bn.
11/05/2012

Assets at the four major asset management firms hold stable in April

As of 30 April, Franklin Templeton Investments has posted a slight increase in its assets under management, of the four major asset management firms regularly monitored by Newsmanagers: assets have increased to USD7267.4bn, from USD725.7bn as of the end of March, due to bonds (+USd3.7bn, to USD320.3bn) and money markets. Elsewhere, assets at Legg Mason have fallen slightly, by USD4bn in one month, to USD639.3bn, while Invesco has seen a decline of USD4.4bn to USD668.4bn. Lastly, assets under management at AllianceBernstein have fallen by USD1bn, to USD418bn.
11/05/2012

Axa IM opens rep office in Vienna

The Austrian Philip Baar-Baarenfels has been appointed as director of the new representative office of Axa Investment Managers Germany in Vienna, from 7 May 2012. He had most recently been head of distribution at Henderson Global Investors (HGI) for Austria and the countries of central and eastern Europe, after serving as head of distribution for Baring Asset Management in Austria, Liechtenstein, the Czech Republic and Hungary.The new recruit will report to Uwe Diehl, head of distribution of Axa IM for Germany and Austria.
11/05/2012

Bellecaptial International recruits for US team

Bellecapital International, an affiliate of the Swiss Bellecapital group, has recruited Jochen Vogler. He joins the US team from Rothschild Bank in Zurich, where he had been co-director in charge of US clients of the bank, finews reports.
11/05/2012

The Boston Company AM appoints a director of alternative management

The Boston Company Asset Management, an asset management boutique affiliate of BNY Asset Management, has announced the appointment of Adam Joffe as head of alternative management. He will also serve as chief administration officer, a newly-created role at the business. Joffe had previously been chief financial officer at First Eagle Investment Management in New York.
11/05/2012

Money market funds boost Swedish inflows in April

Funds on sale in Sweden have recorded net inflows in April of SEK5.2bn (about EUR0.58bn), of which EUR5.1bn went to money market funds, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Bond funds have also posted inflows, totalling SEK2.6bn (EUR0.3bn). However, after three months of net subscriptions, equity funds had outflows of SEK3bn in April. The heaviest redemptions were to Swedish funds and funds investing in growth markets. Since the beginning of the year, equity funds have posted total inflows of SEK24.1bn (EUR2.7bn), half of which has gone to passive funds, while inflows to funds overall total SEK12bn (EUR1.3bn). Equity funds still account for the majority of investments from Swedish clients to funds, at SEK1.065trn or EUR119bn (54%), out of total assets of SEK1.957trn, or EUR219bn as of the end of April.
11/05/2012

Bad month in April for European ETPs

In April, European ETPs suffered net outflows of USD5bn, according to BlackRock, which reduced net subscriptions in the first four months of this year to USD2.2bn. Of this total, USD4.3bn in net outflows have been from ETFs investing in German equities.In April, the top three providers all suffered net redemptions, totalling USD4.3bn from iShares (BlackRock), USD1.3bn from db x-trackers (Deutsche bank), and USd0.7bn for Lyxor Asset Management (Société Générale). In January-April, iShares has posted net outflows of USD0.4bn, db x-trackers has posted net redemptions of USD0.8bn, and Lyxor has posted net redemptions of USD0.2bn. The heaviest net subscriptions in the first four months of the year were from Source (USD1.5bn) and UBS Global Asset Management (USD1.1bn).However, all the major asset management firms have posted increases in their assets since the beginning of the year, with the largest increases at iShsres (USD8.5bn), db x-trackers (USD3bn), UBS GAM (USD2.4bn) and Lyxor (USD2.2bn).As of the end of April, iShares remains the far-and-away leader by assets under management, with USD114.3bn, followed by db x-trackers (USD46.1bn) and Lyxor (USD40.3bn).
11/05/2012

FSB creates a working group dedicated to information on risks

The Financial Stability Board (FSB) on 10 May announced the creation of a working group dedicated to improving information from financial institutions about exposure to risk and risk management practices, known as the Enhanced Disclosure Task Force (EDTF). The co-chairmen of the working group are Hugo Bänziger, chief risk officer and member of the board of directors at Deutsche Bank, Russell Picot, group general manager and group chief accounting officer at HSBC Holdings, and Christian Stracke, managing director, member of the investment committee and global head of credit research group at Pimco. The working group also includes 25 heads and experts representing financial establishments, analysts, ratings agencies and external auditors. These 25 members also include Gérard Gil, senior adviser at BNP Paribas. The top objectives of the working group are to develop principles to improve published information, including the compatibility of this information, and to identify major information about risk presented in 2011 annual reports. The working group’s recommendations will be published in October 2012.
11/05/2012

Manulife AM develops in Asia

Manulife Asset Management has recruited Sarah Lu for the newly-created position of head of asset allocation for Asia, Asian Investor reports. Lu, who will be based in Hong Kong, previously worked at Axa Rosenberg Investment Management Asia-Pacific.
11/05/2012

FSA fines Martin Currie GBP3.5m

The Financial Services Authority (FSA) has announced that it has sentenced Martin Currie Investment Management Limited and Martin Currie Inc (Martin Currie) to pay fines of GBP3.5m. The regulator accuses Martin Currie of failing to resolve a conflict of interest between two of its clients. Martin Currie advised one of its clients to invest in a fund from another client, which rescued this client from «serious liquidity concerns», a statement from the British regulator says.
11/05/2012

Paul Abberley appointed as interim CEO of Aviva Investors

Aviva Investors on May 10 announced the appointment of Paul Abberley as interim chief executive of Aviva Investors following the departure of Alain Dromer. Currently chief executive of Aviva Investors London and Global Investment Solutions, he will assume responsibility for the global business immediately and will join the Aviva group executive committee.Paul Abberley joined Aviva Investors on its launch in September 2008 as chief executive of Aviva Investors London (AIL). Patrick Regan chairman, Aviva Investors and chief financial officer, Aviva said: "(...) his interim appointment will facilitate a smooth transition following the departure of Alain Dromer»."Over the coming months we will be working through the process of recruiting a permanent CEO and will be considering both internal and external candidates for this role,» he added.
11/05/2012
Gestion d'actifs

Le fonds de pension de Total en Belgique a sélectionné un gérant sur les convertibles

Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.
Gestion d'actifs
11/05/2012
Gestion d'actifs

Le FRR s'intéresse beaucoup aux Cats Bonds

Parmi les actifs alternatifs, les Cats Bonds, nous intéressent beaucoup, ils pourraient être une voie de diversification, ils seraient logés dans la poche de performance. Il n’est pas exclu que nous en fassions dans le futur, selon l’analyse de Philippe Aurain, à Next Finance, peu de temps avant son départ. Nous voulons comprendre ce que nous achetons. Nous souhaitons augmenter lentement notre périmètre d’investissement, mais surtout, nous voulons à chaque fois bien maîtriser ce que nous prenons en portefeuille, avoir les inventaires, regarder ligne par ligne. Nous voulons bien prendre des risques, mais nous souhaitons avant tout comprendre les risques que nous prenons. Si nous investissons un jour dans des Cats Bonds, nous aurons besoin d’une totale transparence.
Gestion d'actifs
11/05/2012

Statu quo sur les taux norvégiens

Les taux directeurs sont restés inchangés hier à 1,5% en Norvège, au vu des troubles de la zone euro, mais la banque centrale a indiqué qu’elle pourrait les relever au printemps 2013 afin d'éviter que les entreprises et les ménages ne s’endettent trop. La Norges Bank anticipe un taux de croissance de 3,25% cette année, hors secteur pétrolier.
11/05/2012

Le déficit commercial américain supérieur aux prévisions

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en mars avec des importations qui ont atteint un niveau record, un autre signe laissant supposer que le gouvernement risque de devoir réviser en baisse sa prévision de croissance du premier trimestre. Le déficit a augmenté de 14,1% à 51,8 milliards de dollars. Les importations ont augmenté de 5,2% et les exportations de 2,9%.
11/05/2012

Le Qatar vise Xstrata

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.
11/05/2012

CIC ne peut ignorer l’Europe

Dans un entretien accordé au quotidien, le président du fonds souverain China Investment Corp, Gao Xiqing, assure qu’il «ne peut ignorer l’Europe». Le dirigeant assure pourtant qu’il souhaite voir CIC allouer davantage de ressources financières à destination des marchés émergents, aux dépens d’investissements en Europe ou aux Etats-Unis, des économies matures parfois moins accueillantes pour les fonds chinois.
11/05/2012

Foule de prétendants pour Birds Eye Iglo

Le quotidien croit savoir qu’au moins quatre offres ont été présentées à Permira hier soir, date limite dé réception, concernant le rachat de l’activité de surgelés Birds Eye Iglo, propriété de la société de private equity depuis cinq ans à la suite de son acquisition auprès d’Unilever. La valorisation de la cible, dont le chiffre d’affaires a dépassé 1,1 milliard d’euros l’an passé, pourrait selon le quotidien approcher 3 milliards (précisément de 2,6 à 2,9 milliards, dont une dette nette de 1,4 milliard). Sont en lice Blackstone, Bain Capital, BC Partners et Clayton Dubilier & Rice, dont l’associé pour l’occasion, Vindi Banga, est un ancien cadre d’Unilever.

Sujets d'actualité

Tous les sujets