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02/05/2012

Profits down at Santander AM

In first quarter 2012, net profits at Santander Asset management fell 6.6% compared with January-March 2011, to a total of EUR17m, of which EUR14m were for investment funds, and EUR3m for pension funds, Funds People reports.As of 31 March, assets were up 3% compared with the end of December, to EUR143.7bn, due to market effects and the awarding of new institutional mandates, including one in Germany for corporate bonds. Of this total, investment and pension funds represented EUR115bn, while institutional mandates and separate accounts totalled EUR7.7bn, and the remaining EUR20.3bn were managed for other entities of the group.Spain is only the second-largest market for Santander AM, with assets of EUR36bn (-8% compared with the end of March 2011), after Brazil (EUR49bn, +3%). The UK, for its part, accounts for EUR23bn, and Mexico, EUR10.5bn.
02/05/2012

Mixed results for Man group in first quarter

Assets under management at Man group as of 31 March totalled USD59bn, compared with USD58.4bn as of the end of December 2011, according to statistics released by the British group.First quarter ended with outflows of USD1bn, as subscriptions of USD3.1bn were not enough to compensate for redemptions totalling USD4.1bn. Market effects totalled USD2bn, with gains of 5% or more for many strategies. There was also a negative currency effect of USD400m.
02/05/2012

Man Group shareholders challenge pay scales

15% of shareholders in Man Group rejected the firm’s 2011 annual report on remuneration at a general shareholders’ meeting on Tuesday, the Financial Times reports. The firm has missed its objectives on six key performance indicators set by the board of directors last year. Despite that, Peter Clark, CEO, was proposed a USD7m pay. The hedge fund firm, listed in London, nonetheless managed to see off a larger rebellion by promising to improve in the coming months, the FT adds.
02/05/2012

Aberdeen posts increase in profits for the half year

Aberdeen has posted a 14% increase in its underlying pre-tax profits for the first half of its fiscal year (ending on 31 March 2012) compared with March 2011, at GBP162.2m. Its earnings totalled GBP413.1m, up 7%. The Scottish asset management firm has posted assets under management as of the end of March of GBP184.7bn, up from GBP181.2bn at the end of March 2011. Compared with GBP169.9bn at the end of September 2011, Aberdeen has also seen an increase in its assets, largely due to positive market and interest rate effects. The firm has seen net redemptions, however, of EUR0.4bn in first half, despite net subscriptions of GBP4.9bn to equities.
02/05/2012

Schroders acquires 25% of an Indian asset manager

Schroders announced on Friday that its wholly owned subsidiary, Schroder Singapore Holdings Private Limited, has reached agreement to acquire 25 % of the share capital of Axis Asset Management Company, the Indian asset management business of Axis Bank Limited.Longer term, in addition to distributing Axis AMC’s funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis’ distribution network, according to a press release.Axis AMC was founded in 2009 and has assets under management of circa USD2.3 billion.The transaction is subject to regulatory approval and is expected to complete during 2012.
02/05/2012

Deutsche Bank to act as market maker for UBS ETFs

As a part of its multi-market maker approach, UBS Global Asset Management has selected Deutsche Bank as its “strategic” market maker for its ETFs, alongside Commerzbank, and the investment banking business unit of UBS. The agreement was announced on 26 April.
02/05/2012

Asset management firms recruit for institutional sales

Asset management firms are adding to their sales and marketing teams dedicated to institutional investors, Financial News reports. According to Paul Battye, director of Moorlands Human Capital, cited by the newspaper, in institutional sales, there has been a 25% rebound in the number of mandates awarded in first quarter, compared with the corresponding period of last year.
02/05/2012

Deka makes a major investment in London

The German asset management firm Deka Immobilien, which had already recently acquired a London property for EUR285m (see Newsmanagers of 20 April), has announced that it has invested EUR133m in the office and retail property One Southampton Row (11,500 square metres) in London. The property, built in 2009, is mostly leased to the French firm Sodexo; it was sold by the developer, Grandsoft, and will now be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.With this deal, the proportion of UK assets in the portfolio of the fund rises to 12.2%, from 11.1% previously.
02/05/2012

Investec closes three Africa funds

Investec Asset Management will be closing three of its Africa funds due to a lack of demand from clients for these strategies, Investment Week reports. The Luxembourg-registered funds GSF Africa & Middle East and Middle East & North Africa will be merged into the Investec Africa Opportunities. The offshore fund Africa & Middle East will be closed.
02/05/2012

Lion Capital fund in exclusive talks to acquire Afflelou

The British fund Lion Capital is in excclusive negotiations to acquire the stakes held by the two largest external shareholders in the French optics group Afflelou, with a view to acquiring the group, according to a joint statement released on Monday evening. The capital in Afflelou is currently 57.05% controlled by the investment fund Bridgepoint, 20.14% by the Apax fund, and 21.97% by the holding company of the family of the founder, Alain Afflelou. In February, Bridgepoint and Apax announced that they were putting their stakes up for sale. According to the financial newspaper Financial Times, citing sources familiar with the matter, the transaction is expected to proceed on the basis of a valuation of Afflelou at EUR780m.
02/05/2012

Morgan Stanley launches a responsible investment platform

Morgan Stanley Smith Barney has announced the launch of its “Investing with Impact” responsible investment platform. The platform allows retail investors and their advisers to select their investments on the basis of environmental and social criteria. MSSB has about 4 million clients, with over USD1.7trn in financial assets, a statement says.
02/05/2012

City National Bank acquires Rochdale Investment Management

City National Bank has announced that it has signed an agreement to acquire the asset management firm Rochdale Investment Management (USD4.8bn in assets). Rochdale will merge with City National Asset Management to create a entity with over USD18bn in assets, to be known as City National Rochdale Investment Management.
02/05/2012

UBS wealth management rebounds strongly in first quarter

UBS has announced first quarter adjusted pre-tax profit of CHF2.2bn, with “improved profits in all business divisions,” according to a statement released on 2 May. Net profits totalled CHF827m, compared with CHF1.8bn one year previously. Performance nonetheless showed a net improvement compared with fourth quarter 2011, when they totalled CHF319m.Net inflows to wealth management activities totalled CHF11.3bn. Assets under management as of 31 March totalled CHF2.115bn, compared with CHF2.088bn as of the end of December 2011.In the Wealth Management unit, which earned profits up 70% at CHF803m, net new money more than doubled to CHF 6.7 billion on strong inflows in Asia Pacific, emerging markets and Switzerland, as well as globally from ultra high net worth clients, the bank states. Assets invested totalled CHF772bn as of 31 March 2012, up by CHF22bn compared with 31 December 2011, due to net inflows and rising stock markets.Wealth Management Americas record pre-tax profit up 34% to USD 209 million; cost/income ratio improved further to 87%; net new money more than doubled to USD 4.6 billionPre-tax profits in Global Asset Management in first quarter 2012 totalled CHF156m, compard with CHF118m in fourth quarter 2011. Excluding flows related to money market investments, net outflows from third-party funds totalled CHF2.9bn, compared with inflows of CHF0.3bn in the previous quarter, as a large number of institutional clients reduced or cancelled their mandates as part of portfolio realignments. Excluding flows related to money market investments, inflows of new money from wealth management clients totalled CHF0.3bn, compared with outflows of CHF0.8bn in fourth quarter.
02/05/2012

Changes on the board of directors at Piguet Galland & Cie SA

Piguet Galland & Cie SA, an affiliate of the Banque Cantonale Vaudoise (BCV),will have a new chairman of its board of directors, in the person of Gérard Haeberli, BCV announced in a statement on 1 May. Haeberli will succeed Olivier Steimer, who has served in the position for three years alongside his role as chairman of the board of directors of the BCV group, which he will retain. The group recently announced the appointment of Olivier Callaud as CEO of Piguet Galland, and the establishment of a new development strategy for the activities of the affiliate in French-speaking Switzerland. In these circumstances, Steimer felt that his term, which expires on 25 May this year, was complete. The board of directors at Piguet Galland will thus propose to a general shareholders’ meeting to be held on the same date to elect Haeberli as chairman of the board.
02/05/2012

China's most famous fund manager leaves China AMC

The most famous Chinese portfolio manager in the world, Wang Yawei, has left the largest asset management firm in the country, China AMC, Asian Investor reports, adding that the reports were confirmed by a director of the firm. Wang resigned from his position. The local media are speculating as to his future destination, which may be abroad. Wang, who spent 14 years at China AMC, built a name for himself as manager of the China AMC Large-Cap Select Fund, which has earned returns since its launch in 2004 of 1,176%, as of 27 April 2012.
02/05/2012

Deutsche Börse completes acquisition of Eurex

On 30 April, Deutsche Börse announced that it has acquired the remaining 15% of Eurex Zürich AG from the SIX Swiss Exchange/SIX Group, for EUR295m and 5.3 million shares in Deutsche Börse (equivalent to 2.7% of capital in the German firm). Deutsche Börse had previously controlled 85% of Eurex, compared with 50% at the time of the launch.The transaction is retroactive to 1 January 2012, since the initial contract, signed on 7 June 2011, was supposed to apply only after the merger between Deutsche Börse and NYSE Euronext would be signed.The Eurex futures market will continue to be operated by Eurex Zürich AG.
02/05/2012

Franklin Templeton holds over 10% of Hungarian debt

The star bond manager at Franklin Templeton, Michael Hasenstab, has increased the exposure of the Templeton Global Bond Fund (USD60bn in assets) to Hungarian government debt, Funds People reports. The US asset management firm now holds over 10% of Hungarian debt in the Global Bond Fund and the Templeton Emerging Markets Bond fund, with 5.99% and 6% of assets, respectively. Since the beginning of the year, Hungarian government bonds have generated returns of 12% in US dollars.Hasenstab remains favourable to Hungarian debt, which enjoys good long-term fundamentals and a negative attitude on the part of many investors.
02/05/2012
Gestion d'actifs

La Caisse de pensions de la République et Canton du Jura attribue de nouveaux mandats sur ses investissements core

La Caisse de pensions de la République et Canton du Jura (CPJU) (950 millions de Francs Suisse) a sélectionné un nouveau gérant, Mirabaud & Cie, à qui a été confié un mandat de gestion semi passive sur les actions Suisses. La Caisse a suivi les conseils du cabinet PPCmetrics à Zurich. Le régime a aussi approuvé une nouvelle stratégie d’allocation d’actifs proposée par PPCmetrics mais doit attendre des décisions politiques à propos du Fonds avant de l’exécuter. Concernant ses investissements core, la Caisse a délégué un mandat de gestion passive d’actions internationales à Pictet Asset Management, un mandat d’obligations en devises étrangères à Valiant Privatbank et le mandat à Mirabaud cité ci dessus. L’actuelle stratégie d’investissement est la suivante : 11% en obligataire en Francs Suisses, 14% en obligataires non Suisses, 15% en actions locales, 18% en actions internationales, 4% en actions pays émergents, 22% en immobilier Suisse, 3%en immobilier international, 6% en Hedge Funds, 7% en matières premières gérées passivement.
Gestion d'actifs
02/05/2012

Italy drags feet in transposition of UCITS IV directive

The transposition of the UCITS IV directive into Italian law is becoming a major ordeal, Plus 24, the weekly supplement of Il Sole – 24 Ore reports. After a long delay, the Italian council of ministers on 6 April approved a decree to transpose the directive. But since then, the decree has still not been published in the Italian official journal (Gazette Ufficialle), which would allow Consob, the Italian financial regulator, to make modifications to its rules.
02/05/2012

Lion Capital en exclusivité pour reprendre Alain Afflelou

Le fonds a obtenu une période d’exclusivité de la part des actionnaires d’Alain Afflelou pour finaliser le rachat de l’opticien, ont indiqué lundi les principaux intéressés dans un communiqué commun. Lion Capital, qui s’est déjà illustré en France en rachetant notamment l’enseigne Picard Surgelés en 2010, conduira cette acquisition aux côtés d’Alain Afflelou et de la direction de son enseigne. Aucune valorisation ou détails financiers n’ont été communiqués si ce n’est que le groupe a réalisé près de 800 millions d’euros de chiffre d’affaires dans l’ensemble de son réseau en 2011. Une source proche du dossier a indiqué à Reuters que la transaction valoriserait Afflelou à 780 millions d’euros. Le fonds Bridgepoint avait sorti Afflelou de la Bourse en 2006 pour une valorisation de 500 millions d’euros. La transaction devrait être finalisée au cours du mois de juin, précise-t-on dans le communiqué.
02/05/2012

Man Group en décollecte nette au premier trimestre

Le gérant britannique de fonds alternatifs a fait état d’une collecte nette négative d’un milliard de dollars au premier trimestre. Sur un an, les actifs sous gestion ont chuté de plus de 14%. L’action a reculé hier de 5,39% à la Bourse de Londres.
02/05/2012

Pékin diminue les commissions sur les opérations boursières

Le régulateur boursier chinois a indiqué que les frais sur les transactions boursières effectuées sur les Bourses de Shanghai et Shenzen vont diminuer. Un geste qui traduit la volonté du gouvernement de soutenir le marché. Le régulateur estime que l’impact de ces réductions atteindra 3 milliards de yuans (360,9 millions d’euros), soit une baisse de 25% comparé au barème des frais précédent.
02/05/2012

Opération séduction périlleuse pour Carlyle

La société américaine de private equity devrait faire demain matin ses premiers pas en Bourse. Si tout va bien. Le quotidien souligne en effet que nombre d’investisseurs manquent d’enthousiasme. Carlyle tente de les convaincre qu’elle est différente de ses concurrents dont le parcours boursier s’avère chaotique. Le nouveau venu sur le marché évoque particulièrement l’intérêt d’une détention de ses titres à long terme plutôt que d’un gain à court terme au moment de l’introduction. Le quotidien cite Timothy Ghriskey, patron de la gestion de Solaris Group, qui indique avoir décliné l’invitation à une réunion de présentation et souligne la volatilité des revenus.

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