Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
18/04/2012

Aquila group obtains a banking license

The Swiss group Aquila, specialised in wealth management, has received a banking license, the website Finews reports. Banking services offered by Aquila will be aimed both at partner companies of the group and at external independent asset management firms, family offices and their clients. With this move, the wealth management firm is hoping to make itself better armed than the competition to confront regulatory changes in Switzerland and more generally in Europe. Assets under management at Aquila total over CHF5bn.
18/04/2012

Paulson shorts European government bonds

The American hedge fund manager John Paulson has told Bloomberg that he is shorting European government bonds, and buying CDS on European debt in order to protect himself against defaults, Investment Week reports.
18/04/2012

BlackFin Capital Partners acquires 100% of Italy's Chiarezza

The private equity fund dedicated to financial services BlackFin Capital Partners on 17 April announced that it has acquired 100% of capital in the insurance product comparison firm Chiarezza, launched by Admiral Gorup Plc in Italy in February 2010. Chiarezza offers a free service at http://www.chirezza.it, which allows web surfers to compare a wide range of insurance products on the basis of their price and characteristics, and to complete subscriptions online or by telephone. Chiarezza works with a wide range of direct insurers, and operates on the model of brokers paid for subscriptions and insurance policy renewals. “This transaction represents BlackFun’s fifth investment, and illustrates the fund’s capacity to undertake proprietary operations in high-growth segments in the financial sector in Europe,” BlackFin says in a statement.
18/04/2012

Wealth management: Universal banks win market share

Although traditional private banks still control a majority of the market, universal banks have strengthened their positions in wealth management since the crisis in 2008, Les Echos reports.According to a survey by Eurogroup Consulting, the number of wealth management clients of major banking networks increased 19% between 2008 and 2011, while growth was limited to 4% for traditional establishments. Similarly, assets under management in this activity segment have increased by 39% at universal banks and 17% at pure private banks.“The major universal banks are now more engaged in this profitable profession, which is also advantageous in the new environment created by Basel III,” says Cécile Huntzinger, a director at Eurogroup Consulting and co-author of the study. But traditional private banks still have nearly four times more clients than the wealth management arms of generalists.
18/04/2012

Buffett to remain at Berkshire despite cancer

The billionaire investor Warren Buffett on Tuesday announced that he has prostate cancer, and that he will continue to manage Berkshire Hathaway during his treatment, the Wall Street Journal reports. In a letter to shareholders, the manager, 81, explains that he has stage 1 prostate cancer, an early and treatable form of the illness. He will begin two months of daily radiation treatment in mid-July.
18/04/2012

Bank of America plans to sell asset management division outside US

The US bank Bank of America (BofA) is planning to sell its international asset management unit, in the hopes of generating USD3bn in cash, Agefi Switzerland reports, relaying reports from AFP. A spokesperson for the bank declined to comment. The international asset management and investment division has seen a 22% declint in its net profits in fourth quarter 2011 compared with the same period in 2010, on unchanged earnings of USD4.2bn.
18/04/2012

Oddo AM makes first entry into China

Oddo Asset Management will work with the Chinese firm Guosen Securities, which on Monday signed an agreement protocol with Oddo & Cie for asset management and business banking. This is the first partnership in China for the French asset management firm. To begin with, Guosen will advise Oddo AM on the launch of a renminbi bond fund to be managed and distributed by the French firm in France and other countries where the asset manager is present. For its part, Oddo AM will advise its Chinese partner on the launch of a global luxury and lifestyle themed fund, which will invest in global shares connected with the luxuries sector, managed and distributed in continental China by Guosen Securities. The partnership may be extended in the future to include private management, a spokesperson for Oddo AM tells Newsmanagers. However, there are no plans for acquisition of any stakes or the creation of a joint venture. In the area of business banking, Oddo Corproate Finance and Guosen will advise French firms which are planning IPOs on Chinese markets, as well as Chinese firms seeking access to European equity markets. Guosen Securities, 70% owned by the Shenzhen provincial government, is one of the five largest stock market companies in China, according to a press statement. With 12,000 employees, it is active in brokerage, business banking and asset management. As of the end of 2010, Guosen earned net profits of RMB3.1bn (about EUR310m), and has owners’ equity totalling about RMB15bn (about EUR1.5bn).
18/04/2012

Joël Séché's term as chairman of Saur is no longer justified, says FSI

Joël Séché's term as head of Saur will no longer be justified beyond its end on 27 May, the strategic investment fund (FSI), which controls 38% of capital in the third largest French water treatment business, announced in a statement on 17 April. The statement comes at a time when Séché Environnement, also chaired by Séché, and which controls one third of capital in Saur, declared late last year that it plans to exercise an option to buy FSI’s stake in order to take control of the business. “The FSI now observes that there is a complete stalemate between the management of the business and its chairman. All parties know that this situation is severely damaging the development of the business,” the Fund writes in a statement. “Mr. Séché has been appointed executive chairman of the firm ahead of the exercise of the buy option he had been granted. His term and the period in which he will be able to exercise this option will end on 27 May 2012. Beyond that date, in the absence of an exercise of the option giving control of the company to Mr. Séché, his term as chairman will not be justified,” the FSI adds.
18/04/2012

Slight decline in assets under management at Goldman Sachs in first quarter

Assets under management by the Investment Management unit at Goldman Sachs were down by USD4bn in first quarter, to USD824bn. The quarter under review saw a net outflow of USD26bn. This development was partially offset by positive market effects totalling USD22bn. Profits for the unit totalled USD1.18bn in first quarter, down 7% compared with fourth quarter, and 8% compared with first quarter 2011. The group has reported net profits for first quarter of USD2.08bn, more than double the corresponding period of last year.
18/04/2012

ING IM recruits a director from Frankfurt Trust

Lutz Morjan, who has been head of business services, public services and corporate pensions at the asset management firm Frankfurt Trust (BHF-Bank) since 2008, has been recruited as senior institutional sales director at ING Investment Management Germany. He will be in charge of client solutions for insurers and corporate pension funds in Germany, in which role he will work with Michael Schrinner, Thomas Wendt and Monika Ritter, on the institutional sales team.
18/04/2012

UCITS continued to experience strong net inflows in February

A long-term refinancing operation (LTRO) by the European Central Bank has strengthened investor confidence, which has resulted in positive net inflows in February to all fund categories in Europe. UCITS continued to experience strong net inflows in February amounting to EUR 19 billion, albeit down from EUR 25 billion recorded in January, according to statistics from the European fund and asset management association (EFAMA). Net sales of long-term UCITS (UCITS excluding money market funds) remained steady in February registering net inflows of EUR 18 billion, compared to EUR 19 billion in January. Bond funds recorded net inflows of EUR 9 billion in February, down from EUR 13 billion in January, while net sales of equity funds registered net inflows of EUR 4 billion, the same level as in January. Balanced funds also enjoyed net inflows of EUR 1 billion during the month, compared to EUR 2 billion in January. Total non-UCITS recorded a jump in net sales in February to register net inflows of EUR 16 billion, up from EUR 7 billion in January. Special funds (funds reserved to institutional investors) recorded an increase in net inflows in February of EUR 16 billion, compared to EUR 7 billion in January. Total assets of UCITS increased 1.9 percent in February to stand at EUR 5,821 billion at end February. Total assets of non-UCITS enjoyed an increase of 1.7 percent in February to EUR 2,268 billion at month end.
18/04/2012

MiFID: AIMA focuses only on differences between Commission and ESMA

The international alternative investment management association (AIMA) on 17 April released a 40-page statement laying out and analysing the differences between the regulations proposed by the European Commission and the recommendations of the European Securities Markets Authority (ESMA) for measures to be included in the level 2 MiFID directive.The association explains that it is seeking to illustrate and analyse the marked divergences of the Commission’s text from the recommendations, and points out a few unseen consequences of the proposed modifications.The divergences between the Commission document and the ESMA recommendations appear to be both “significant and extensive.” In their current form, the rules proposed by the Commission could disturb the functioning of the asset management sector in the European Union and worldwide, and may also work against some of its declared objectives in the areas of investor protection and financial stability, the AIMA claims.
18/04/2012

BNP Paribas SS selected by La Française AM

La Française AM has retained BNP Paribas Securities Services to provide administration, custody, transfer agency and valuation services. The mandate includes the activities of La Française des Placement, LFP Sarasin AM, La Française Real Estate Managers and La Française AM International.
18/04/2012

SGSS retained by Banque Fédérale Mutualiste

Société Générale Securities Services (SGSS) on 17 April announced that it has been retained by Banque Fédérale Mutualiste to provide global custody for a portfolio worth EUR1.2bn. SGSS will offer taxation services, including handling of application of withholding tax breaks and tax exemptions, fiscal recuperation, management of taxation documentation, regulatory reporting to tax authorities, and tax reporting to clients.
18/04/2012

Unigestion recruits for German-speaking institutional activities

Reto Germann has been recruited by Unigestion to oversee a additions to its presence serving institutional clients in Germany and Austria, from Credit Suisse, where he had worked since 2009, after two years at Barclays Capital, and a start to his career at UBS in 1993. He will report to Tom Leavitt, managing director and head of the institutional clients team.
18/04/2012

S&P CapitalIQ acquires QuantHouse

The US-based data provider S&P CapitalIQ on 3 April acquired the QuantHouse company from a group of investors led by Newedge (Société Générale and Calyon) for an undisclosed amount. QuantHouse is an independent provider of market data and fully automated trading solutions, offering ultra-low latency technologies, algorithms, proximity hosting and order routing services to hedge funds, market makers and prop desks.QuantHouse is led by Pierre-François Filet, CEO and co-founder, Pierre Feligioni (COO and co-founder) and Denery Fenouil, chief technical officer and co-founder. The 90 employees of QuantHouse in Paris, London and New York will be integrated into the “enterprise solutions” unit of S&P Capital IQ. Products and services will initially continue to be sold as stand-alone items, but gradually, all S&P Capital IQ and S&P Indices content will be included in QuantHouse data feeds. The acquisition of the French firm follows that of R2 Financial Technologies and precedes that of CMA, in deals which reportedly should allow S&P CapitalIQ to provide one of the most complete platforms in the sector in terms of market data and risk analysis.
18/04/2012

UBS offers a logistical real estate fund to institutionals

The new UBS D German Logistics Property Fund 2 from UBS Germany aims for annual returns to 7%. The product, aimed at institutional investors, will focus on rental logistical real estate in Germany, and will have the status of a German institutional fund (Spezialfonds). The asset management firm is aiming for assets of EUR300m.CharacteristicsName: UBS (D) German Logistics Property Fund 2ISIN code: DE000A0DJ3L2Minimal subscription: EUR2.5m
18/04/2012

AllianzGI obliged to close a real estate FoF

On Wednesday, 18 April, Allianz Global Investors announced that it will be suspending redemptions of shares in the real estate fund of funds Allianz Flexi Immo (A and C share classes, ISIN codes DE0009797332 and DE0009797340,) until further notice. The move follows a wave of closures of open-ended real estate funds in Germany. Redemptions of over EUR200m since the beginning of 2011 wiped out most of the assets in the Flexi immo fund which could be liquidated at short notice, and the fund is now no longer invested in anything other than real estate funds whose redemptions are susptended or holdings which cannot be mobilised in the short term.The fund, launched on 16 September 2008, currently has assets of EUR170m.
18/04/2012

Non-financial risks: Professionals want more transparency, information and governance

The major causes of rising non-financial risks are increased complexity of operations (a cause considered significant by 77% of respondents), followed by reduced capacity on the part of some providers to guarantee deposited assets (59%), unclear or inadequate regulations (57%) and lastly, a total lack of responsibility on the part of asset management firms in relation to restitution of assets (53%), according to an Edhec-Risk survey. The study, entitled “Shedding Light on Non-Financial Risks – a European Survey,” was undertaken as part of the second year of work by the research chair in “Risks and regulation of the fund industry in Europe,” created in partnership with Caceis.The study clearly finds that regulatory priorities need to address themes to which the regulator has paid limited attention in its recent work, particularly the MiFID directive. The priorities cited are transparency, information and governance, in relation to regulation of non-financial risks, followed by financial responsibility in the industry. On this latter point, the fact must be underscored that non-financial risks are largely the result of decisions by the asset management firm.
18/04/2012

Cerberus has reached only one third of its fundraising objective for its fifth fund

In an environment in which fundraising is proving especially difficult, Cerberus Capital Partners (Cerberus) may encounter some difficulty in reaching its final objective for its next vehicle. The US investment firm, which had been aiming for USD3.75bn (EUR2.9bn) for its fifth-generation fund, has raised USD1.1bn since the launch of the process one year ago, according to a letter sent yesterday to investors in the firm, reported by Bloomberg and relayed by Agefi.
18/04/2012

UBS prepared to cooperate with French authorities if required

The Swiss bank UBS, which is subject to a preliminary investigation in France (see Newsmanagers of 16 April), on 17 April announced that it is prepared to fully cooperate with the French aurthorities if required. The French affiliate of UBS “has become aware of the information recently reported in the press in relation to a preliminary investigation which has reportedly been opened against it,” the bank says in a statement. “If the opening of the investigation is confirmed, UBS (France) will fully cooperate with the authorities in charge,” the bank says.
18/04/2012

ICI and US CoC file lawsuit against CFTC

The Investment Company Institute (ICI) and the US Chamber of Commerce (US CoC) have filed a lawsuit in the US District Court of Columbia against the Commodity Futures Trading Commission (CFTC), because the Commission is planning to require some mutual funds and ETFs to register as “commodity-pool operators,” in addition to their registrations with the Securities & Exchange Commission (SEC), the Wall Street Journal reports. This would affect all funds which practice commodity-based strategies.The ICI and US CoC claim that the funds are already adequately regulated, and that the new regulations would affect about 500 products. The planned rules would cancel a rule from 2003 by which registered investment advisors were expressly excluded from the list of commodity pool operators.
18/04/2012

Federated Investors acquires Prime Rate Capital Management

The US firm Federated Investors has finalised its acquisition of Prime Rate Capital Management LLP (PRCM), a British asset management firm specialised in liquidity and fixed income products serving institutionals. Federated acquired the firm from Matrix Group Limited. The US firm managed USD369.7bn as of the end of 2011.
18/04/2012

LV= offers new funds

The retirementspecialist LV= has announced that it has added seven funds to itslist of funds available to independent financial advisers and theirclients.The funds include threeFidelity and four Threadneedle products.Fidelity MultiAsset Allocator Balanced Fidelity MultiAsset Allocator Defensive Fidelity MultiAsset Allocator Growth ThreadneedleGlobal Equity Income Threadneedle UKEquity Income ThreadneedleEuropean Select Threadneedle Defensive Equity & Bond
18/04/2012

Pioneer Investments recruits 5 emerging market analysts

Pioneer Investments has hired five investment professionals for its new London based Emerging Markets hub.Reporting to Marco Mencini, head of equity and emerging markets research, the new team includes: Sebastian Barry Taylor, consumer analyst & team leader; Ji Young Park, consumer analyst; Richard Clode, technical analyst global emerging markets and Caroline Galligan, financial analyst. Oleksiy Soroka, senior credit analyst reports to Garrett Walsh, head of credit research Europe & Asia.Mauro Ratto, head of emerging markets, said: «we plan to expand our franchise with further hires in the coming months (...)».
18/04/2012

Credit Suisse recruits for private banking in Asia

Credit Suisse has announced that it has recruited several senior bankers, who will be added to its private banking team for the Asia-Pacific region. Song Kun joined Credit Suisse Private Banking in Hong Kong as managing director and senior client partner for the Greater China region. Song previously worked at Merrill Lynch (Asia Pacitic) Ltd., where she was managing director of investments for private banking at the group. Jimmy Lee, previously head of Clariden Leu for Asia, is appointed as managing director in charge of integration of Clariden Leu activities, following the acquisition of the bank by Credit Suisse. Yee Chin Lit, also from Clariden Leu, becomes managing director and head of the Indonesian market.
18/04/2012

Axa IM preparing three bond funds

An extension of the bond range from Axa Investment Managers in the United Kingdom will initially involve the addition of a global fund of inflation-linked securities similar to the Axa WF Global Inflation Bonds, but with the addition of emerging market debt, Investment Week reports. The product, managed by Marion Le Morhedec and David Dyer, will aim for 1% outperformance of average inflation, which is expected to be 3.5%.A second product would reportedly be a short-term emerging market debt fund managed by Damien Bouchet and Magda Branet, while the third fund, to be launched in a few weeks, would be a global strategic bond fund managed by Nick Hayes and CIO Chris Iggo.
18/04/2012

Carlyle songe à vendre Metaldyne

Le groupe de capital investissement cherche à se séparer de l'équipementier automobile et compte retirer un milliard de dollars dans cette vente, a rapporté Reuters de sources proches du dossier. Une vente à ce prix serait un réel succès pour Carlyle, près de trois ans après le placement de Metaldyne sous la protection du chapitre 11 de la loi sur les faillites. Bank of America Merrill Lynch aurait été mandatée pour conduire l’opération.
18/04/2012

BlackFin Capital Partners reprend le comparateur Chiarezza

Le fonds de private equity dédié aux services financiers a fait part de l’acquisition de la totalité du capital du comparateur de produits d’assurance Chiarezza, lancé par le groupe Admiral Group en Italie en février 2010. Cette opération doit permettre d’accroître les investissements marketing, d’offrir de nouveaux services aux internautes et d’élargir le panel d’assureurs. Cette transaction constitue le cinquième investissement de BlackFin.
18/04/2012

L'Italie reporte d'un an l'équilibre de ses comptes publics

Rome va retarder d’un an le retour à l'équilibre de ses comptes publics actuellement prévu en 2013, selon un projet de texte qui sera soumis aujourd’hui au conseil des ministres. Le projet de document sur la programmation des finances publiques que s’est procuré Reuters revoit l’objectif de déficit pour 2012 en légère hausse à 1,7% du PIB contre 1,6% précédemment, tandis qu’il est porté à 0,5% pour 2013 contre 0,1% précédemment.

Sujets d'actualité

Tous les sujets