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10/11/2011
Fonds

Hermes BPK Partners cherche à réduire le risque actions

Hermes BPK Partners, une boutique de gestion appartenant au fonds de pension de BT, lance le Hermes BPK Global Equity Hedge Strategies avec 550 millions de dollars, une solution de portefeuille sur mesure destinée à aider les investisseurs institutionnels à réduire le risque de leurs allocations en actions par le biais d’investissements long short.La solution cherche à capturer les deux tiers de la hausse des marchés tout en limitant la baisse à un tiers.
Fonds
10/11/2011

Friends Life lance sa propre société de gestion

L’assureur vie britannique Friends Life a annoncé le 9 novembre la création de sa propre société de gestion, Friends Life Investments (FLI), dans le courant du second semestre 2012.Cette nouvelle activité, logée dans une filiale à 100% de Friends Life Group, sera dirigée par le chief investment officer, Mark Versey. FLI sera dotée d’un encours initial d’actifs sous gestion captifs de 8 milliards de livres qui seront investis en priorité dans l’obligataire. Les autres classes d’actifs seront abordées en fonction des opportunités de croissance. FLI emploiera dans un premier temps une équipe maison d’une trentaine de professionnels de l’investissement qui devrait être renforcée. Les coûts exceptionnels liés au lancement de cette filiale sont estimés à 5 millions de livres, les frais de fonctionnement étant évalués à 4 millions de livres par an. Les actifs du groupe gérés à l’extérieur s'élèvent actuellement à 61 milliards de livres.
10/11/2011

La chute des bonus frappe de plein fouet les traders obligataires

Cette année, les traders spécialisés dans les obligations à Wall Street verront leur bonus chuter de 35 % à 45 %, au titre de 2011, selon le cabinet Johnson Associates cité par La Tribune. La baisse pour l’ensemble de la profession est estimée entre 20 % et 30 %. La rémunération variable des traders actions subira une coupe moindre (de 30 % au maximum) que celles des courtiers en obligations, malgré la crise boursière. Selon La Tribune, les professionnels de la gestion de fortune verront au pire leurs bonus stagner, et, au mieux, augmenter de 5 %.
10/11/2011

Progression de 5% des actifs sous gestion d’AllianceBernstein

AllianceBernstein a indiqué le 9 novembre que ses actifs sous gestion s’inscrivaient au 31 octobre à 424 milliards de dollars, contre 402 milliards de dollars courant octobre. Cette progression de 5% est liée à un effet marché positif et à une «modeste» décollecte, indique un communiqué de la société.
10/11/2011
Fonds

Les fonds de pension américains font la chasse aux coûts

Les fonds de pension américains reprochent à leurs prestataires, BNY Mellon et State Street, de leur avoir facturé des coûts beaucoup trop importants depuis plusieurs années et leur réclament ainsi des centaines de millions de dollars de dédommagements, rapporte Les Echos. Un certain nombre des procès actuels et litiges ont débuté dès octobre 2009 à l’initiative d’institutionnels bien décidés à reprendre la main après la crise et à tailler dans tous leurs coûts. Conséquence, les grandes banques dépositaires ont commencé à diminuer nettement leur facturation des transactions sur les changes en 2010, de plus de 63% par rapport aux années précédentes selon «Pensions and Investments».
Fonds
10/11/2011
ESG

Finansol dévoile le Baromètre de la finance solidaire 2011

Cette année, le baromètre fait le point sur : l'épargne solidaire labellisée (encours, collecteurs et gestionnaires de l'épargne solidaire, épargnants solidaires...), l'épargne de partage (dons et répartition, classement 2010 des ONG bénéficiaires), le financement solidaire (montant, outils et profil des investisseurs solidaires), le label Finansol. L’exigence de précision et de transparence revendiquée par l’Observatoire de la finance solidaire paraît d’autant plus opportune que de grandes initiatives sont à attendre bientôt de la part de la Commission européenne dans le domaine de l’entrepreneuriat social. La richesse de l’acquis de Finansol et de ses membres dans le solidaire est un atout précieux au moment où leur démarche est susceptible d'être élargie aux 27 membres de l’Union européenne. Pour télécharger le baromètre, cliquez-ici.
ESG
10/11/2011

BearingPoint launches a Solvency II reporting solution

The consulting firm BearingPoint has announced the launch of Abacus/Solvency II, a specialised reporting solution for European insurers, which allowed them to collect, consolidate, validate and send their reports under Solvency II regulations in a “simple, effective and cost-efficient way.” Abacus/Solvency II is based on the IT platform of the bank reporting solution Abacus/DaVinci, which is used in Europe by many banking and financial establishments. The system makes it possible to produce all quantitative reports in the structures defined by the regulator (Quantitative Reporting Templates, or QRTs), which are currently established by the European Indurance and Occupational Pensions Authority (EIOPA), and to update thee reports to take into account future regulatory changes and new requirements in this area. “BearingPoint’s objective is to establish ABACUS/Solvency II as a standard regulatory reporting solution for the insurance sector,” Jean-Christophe Gaury, head of France for the Insurance sector at BearingPoint, explains. The agency is essentially making an easy-to-use, accessible and multilingual interface at the disposal of the widest possible number of users in Europe.
10/11/2011

SEC to revote on 2009 ruling on indemnisation of Madoff victims

The US Federal prosecutor’s office last week announced that it will not open an investigation to determine whether David Becker, former lawyer for the SEC violated conflict of interest regulations. However, the Wall Street Journal reports, the SEC is planning to put the formula selected in 2009 to indemnise victims of the Madoff scandal to a new vote, to free the matter of any bias or taint.Becker, who along with his brother was heir to a woman who has profited from the Madoff fraud, played a major role in the adoption of the reimbursement formula at the time. The ruling sets the total amount that may be claimed by victims as the amount they had invested, minus their withdrawals, adjusted for inflation.The inspector general of the SEC, David Kotz, has recommended that the ruling go to a new vote. He has already convinced the commissioners to change the system so that the SEC ethical office reports directly to the chairman, and that its recommendations be documented.
10/11/2011

Groupama AM launches two Luxembourg based funds

Groupama AM has added two new sub-funds to its Luxembourg-registered Sicav G Fund. The G Fund European Equity High Conviction is a concentrated European equity fund, which aims to select the current leaders or firms which are set to become leaders in high growth sectors. G Fund Apple Equity Market Neutral is a European equity fund which aims to deliver absolute returns, with low correlation to equity markets. Overall, the Sicav from Groupama AM managed in Paris, which has EUR230m in assets under management (as of 30 September 2011), has five sub-funds, of which the first three are G Fund Euro Corporate Bonds, G Fund European Convertible Bonds and G Fund European Equity High Dividend.
10/11/2011

US pension funds sue depositories for price-fixing

US pension funds are accusing their providers, BNY Mellon and State Street, of considerably overcharging them over the past few years, and are seeking hundreds of millions of dollars in restitution, Les Echos reports. Some of the current legal actions began in October 2009, as institutional investors resolved to take back control of costs after the crisis. As a result, the major depository banks began to heavily slash their prices for currency trades in 2010, by more than 63% compared with the previous years, according to “Pensions and Investments.”
10/11/2011

ERAFP preparing two new real estate funds

Catherine Vialonga, chief investment officer, has told IPE that the French civil servants pension fund (ERAFP) is planning to diversify its portfolio with the launch of two new real estate funds, one of which will be focused on France, and the other wiollbe a Pan-Europe vehicle.ERAFP recently awarded a EUR40m real estate asset management mandate to AEW Europe SGP (see Newsmanagers of 9 November).
10/11/2011

Olympia CM's profitability is yet to be restored, says Fitch

“Relieved from its debt burden, following its acquisition by Richmond Park Capital Holding Limited (RPCHL) in April 2011, Olympia Capital Management now benefits from improved financial flexibility, although profitability is yet to be restored,” Fitch Ratings says in its most recent report of the alternative management firm based in Paris. The ratings agency has affirmed Paris-based company Asset Manager Rating of ‘M2' for its fund of hedge funds activities. Fitch finds that OCM, which manages USD2bn in assets, half of which are in funds of hedge funds, is still faced with the challenge to enlarge its operations, against a backdrop of turbulent market conditions, in order to restore the company’s financial standing. The company has continued to refine its operational efficiency while selectively expanding resources, notably in the international client relationship domain, and renewing research staff. A new CFO was appointed in October. The agency notes that cost-cutting measures implemented over the past six months should fully materialise in 2012 financials.
10/11/2011

La Banque Postale targets high net worth clients

High net worth clients are of interest to La Banque Postale (LBP), Agefi Hebdo reports, adding that in an effort to attract them, the firm is aiming to acquire a specialised IT system for handling operations for high net worth clients. LBP is also planning to internally develop free and delegated management offerings, as well as tax advising.
10/11/2011

Natixis asset management penalised by market effects

Profits at Natixis in third quarter 2011 show a decline in revenues for the Savings unit of 4% compared with the same period in 2010, to EUR410m. In the first nine months of 2011, however, they are up 5% compared with 2010, to EUR1.335bn. Earnings in Asset Management, meanwhile, are down 3% comapred with third quarter 2010, to EUR341m, but up 4% to EUR1.062bn in the first 9 months of the year, compared with the same period in 2010.Assets in Asset Management totalled EUR525bn as of 30 September 2011, compared with EUR533bn as of 30 June 2011. Negative market effects (-EUR28bn) outweighed positive forex effects (+EUR17bn). For their part, largely as a result of bond products and alternative management via the centralised distribution platform NGAM, net inflows were positive at EUR3.1bn.In Europe, assets total EUR309bn, down 3% since the beginning of the year. The European market remains difficult, largely due to a serious decline on the equity markets, but inflows have become positive again to money market supports (+EUR1.1bn).In the United States, assets total EUR289bn, down 0.9% year to date.
10/11/2011

DTZ AM recruits a senior analyst

Amélie Charles has joined the valuation department at DTZ Asset Management, in charge of managed assets in Germany, the asset management firm announced on 9 November. Since 2006, Charles has been employed in England, where she served as an autidor at KPMG, and then as a manager at GBR Phoenix Beard.The recruitment comes at a time when the firm is growing rapidly, and is a sign of the desire of DTZ Asset Management to consolidate its leading position on the third-party real estate asset management market.DTZ Asset Management, with 60 employees, now manages a portfolio of European assets of more than EUR3.6bn at its offices in Paris and Frankfurt.
10/11/2011

La chute des bonus frappe de plein fouet les traders obligataires

Cette année, les traders spécialisés dans les obligations à Wall Street verront leur bonus chuter de 35 % à 45 %, au titre de 2011, selon le cabinet Johnson Associates cité par La Tribune. La baisse pour l’ensemble de la profession est estimée entre 20 % et 30 %. La rémunération variable des traders actions subira une coupe moindre (de 30 % au maximum) que celles des courtiers en obligations, malgré la crise boursière. Selon La Tribune, les professionnels de la gestion de fortune verront au pire leurs bonus stagner, et, au mieux, augmenter de 5 %.
10/11/2011

Assets under management at AllianceBernstein up 5%

AllianceBernstein on 9 November announced that its assets under management as of 31 October totalled USD424bn, compared with USD402bn in October. This increase of 5% is due to positive market effects and a “modest” outflow, a statement from the firm states.
10/11/2011

BNP Paribas earns points in fund administration

The financial crisis appears to have triggered major changes in the most recent annual rankings of fund administration and accounting services provicers from R & M Surveys.The eighth edition of the rankings, which evaluates the performance of banks active in the British institutional and retail asset management sectors, with total assets of about GBP3trn for onshore and offshore entities (Dublin, Luxembourg), puts BNP Paribas in first place, where the bank had been further down the rankings last year. JP Morgan has also seen remarkable growth, as the US group returns to second place, ahead of HSBC Securities Services, Northern Trust, BNY Mellon and State Street.The major factors behing these developments are valuation of derivative products, valuation of shares, and quality of support functions. Asset management firms are increasingly preoccupied by the slow response and vagueness of the valuation process for derivatives, R & M Surveys reports.
10/11/2011

Aviva s'implante sur le marché du Benelux

Aviva Investors a annoncé le 9 novembre l’ouverture d’un bureau à Utrecht et la nomination de Catrinus van Willigen au poste de Directeur général pour les marchés Belgique, Pays- Bas et Luxembourg (Benelux), dans le cadre de ses ambitions stratégiques de développement dans la région.Cette création de poste et l’entrée sur le marché du Benelux font suite à l’obtention des mandats de Philips Pensioenfonds et Stichting Pensioenfonds Medisch Specialisten (SPMS), deux des vingt plus grands fonds de retraite néerlandais. Catrinus van Willigen a travaillé pendant 16 ans chez Robeco avant d’intégrer Aviva Investors. Dans sa dernière fonction chez Robeco, au poste de Vice-président exécutif, il était responsable de la création des relations stratégiques, du service aux institutionnels et des ventes croisées, tout en supervisant la gestion des comptes institutionnels.
10/11/2011

Vanguard recruits a head for retail distribution in Europe

The US Vanguard group has recruited Neil Cowell for the newly-created position of head of retail distribution for Europe, Money Marketing reports. Cowell previously worked at Standard Life, as head of retail distribution for the UK.
10/11/2011

Defined-contribution pension funds heading for growth spurt

In Europe, defined-benefit pension funds are still omnipresent, but defined-contribution funds are growing most quickly. According to a survey by Cerulli («Quantitative update : European Defined Contribution Markets 2011"), assets under management in this relatively new sector on many European markets may reach as much as EUR2.8trn by 2015.In 2009, defined-contribution assets totalled EUR1.6trn, 39% of total European pension fund assets. In the next five years, the average annual growth rate for this segment may reach as much as 10.8%.Pension funds are working to improve these funds, with the introduction of a multi-asset class approach, and approaches which allow to modify the asset allocation as retirement approaches. However, the study finds, a very high number of European savings investors still do not have access to these solutions.Meanwhile, other savings vehicles which offer tax advantages are used, such as the PEA in France, or investment savings accounts (ISA) in the UK. These developments represent new opportunities for asset management firms which are not yet present on the pension fund market.
10/11/2011

Skandia IG centralises fund administration at Citi

“In order to reduce administrative costs paid by clients,” Skandia Investment Group (SIG) has announced that it has outsourced administration of all of its funds to Citi. The decision on the part of SIG, which is a part of the Long Term Savings division of the Old Mutual group, is a result of developments in the fund management sector in Europe, particularly the introduction of UCITS IV regulation. SIG had USD22.9bn in assets under management as of the end of June.The Irish range from Skandia Global Funds was already administered by Citi, while the range from Skandia Investment Management had relied on another third-party administrator (TPA).
10/11/2011

F&C Thames River recruits a manager from Deutsche Bank

Torquil Wheatley, director, GFFX global markets structuring and head of currency solutions for pension funds and insurers at Deutsche Bank in London, has been recruited as product & performance manager at F&C Thames River. He will report to Ken Kinsey-Quick, head of multi-manager alternatives.In his new role, Wheatley will be in charge of internal communications and communications to clients for the multi-alternative product range.
10/11/2011

Friends Life creates its own asset management firm

Friends Life has announced the creation of Friends Life Investments - a new in-house asset management business - which will launch in the second half of 2012. The new activity, which will be a 100% owned subsidiary of the Friends Life Group, will initially be run by the chief investment officer, Mark Versey. LFI will have initial assets under management of GBP8bn, which will be invested primarily in fixed income assets. Further investment classes will be considered as the business grows. LFI will initially employ an in-house team of 30 investment professionals, which will subsequently be enlarged. One-time costs related to the launch of the branch are estimated at GBP5m, while operating costs are estimated at GBP4m per year. Group assets managed externally currently total GBP61bn.
10/11/2011

UBS closes Asset Backed Securities unit in the United States

UBS is closing down its Asset Backed Securities unit in the United States, Handelszeitung reports on its 10 November issue, five months after recruiting a banking star to oversee the activity. UBS had hired Ken Cohen from the wealth management firm G2 Investment Group in May this year, the newspaper reports, and his team had been making a profit. UBS has declined to comment on the reports.
10/11/2011

Assets under management down at Banque Cantonale Vaudoise

Assets under management at Banque Cantonale Vaudoise (BCV) as of the end of September totalled CHF75.3bn, down 0.8%, or CHF571m, compared with the end of December 2010, due to negative market effects, the bank announced in a statement on 10 November. The effect of the consolidation of the Banque Franck Galland & Cie SA into the group brought in CHF3bn. Net inflows in the first nine months of the year totalled CHF600m.Gross profits in the first nine months of the year were down 3%, to CHF360m.
10/11/2011

Michel Juvet becomes a partner at Bordier & Cie

On 1 January 2012, Michel Juvet, head of research since 1995 and a member of the board of directors since 1998, will become a partner with unrestricted liabilities at Bordier & Cie, a Geneva-based private bank which manages CHF9.5bn in assets. Juvet was appointed to this role by the partners at the bank.
10/11/2011

New chief operating officer for Pictet in Spain

Amaury von Arnim, who has left Madrid to become COO of Pictet & Cie in Northern Asia, has been replaced as chief operations officer of the Spanish arm by José Monjardin Álvarez de Estrada. Monjardin becomes head of two professions: asset management (Pictet Asset Management) and wealth management (Pictet Wealth), Pictet Geneva has told Newsmanagers.José Monjardin, who had been COO for Banca della Svizzera Italiana (BSI, Generali group) in Spain, will become the boss of Gonzalo Rengifo Abbad (Pictet AM) and Luis Sánchez de Lamadrid (Pictet WM).
10/11/2011

Changes at the top at Santander AM

After four years as CEO of Santander AM España, Dolores Ybarra has been appointed as global chief investment officer at Santander Asset Management, Funds People reports.Ybarra replaces Elena Eyries, who has joined the wholesale banking division of Santander. She will now direct global teams for mandate management, multi-management, and macroeconomic analysis.As a part of the changes at Santander AM, José Cuervo has been appointed as global head of Latin American equities, and Alfredo Mordezki becomes director of Latin American bond management. Agustin Carles becomes head of the global macroeconomic analysis and strategy team.Louay Mikdashi becomes global head of the multi-management team, while José María Martínez-Sanjuán takes carge of multi-management fund selection, and Tom Caddick becomes head of multi-management fund management.

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