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06/10/2011

Aragon acquires a majority stake in SRQ FinanzPartner

The financial services group Aragon AG of Wiesbaden has announced that it has acquired an 82.25% stake in the Berlin-based firm SRQ FinanzPartner from DAB-bank (EUR27bn in assets under management or administration as of the end of June), while the remainder of shares in the firm will continue to be held by management, financial planning advisers and employees. The total sale price has not been disclosed. The permission of supervisory authorities is expected by the end of this year.SRQ FinanzPartner serves about 90 partners with 10,500 clients in the mass-affluent segment. Its assets under management total about EUR1.4bn.
06/10/2011

Co-heads of global equities at UBS resign

Francois Gouws and Yassine Bouhara, co-heads of global equities activities at UBS, have resigned in the wake of the recent scandal over unauthorised trading operations which resulted in losses of USD2.3bn for the Swiss bank. Their resignations are said in a statement to be due to “the overall responsibility which they had for the effective management of the Equities unit.”Mike Stewart, who joined UBS in July, has been appointed global head of Equities at UBS.
06/10/2011

Barclays Wealth recruits for Latin America division

Barclays Wealth, the division of Barclays Bank dedicated to wealth management, via its affiliate Barclays Bank (Switzerland), based in Geneva, on 5 October announced the appointment of Isaac Topel as managing director, and Andres Cazenave as director in the International Private Bank, Latin America division, Agefi Switzerland reports. The two men will both be in charge of continuing the expansion of Barclays Wealth’s strategy in Latin America, serving high net worth and ultra high net worth clients from Geneva. For nearly ten years, Topel has served in a variety of positions at JP Morgan, most recently that of senior banker in the Swiss private banking division, for high net worth clients in the Latin American region. Cazenave, who is also a former senior banker in the same division at JP Morgan, has spent the past four years alongside Topel in wealth management for some key Latin American clients, from Geneva. Both men will report to Thomas Roiz, Market Head for Latin America, International Private Bank, Europe, Middle East and Africa division.
06/10/2011

Cfinancials launches a platform dedicated to structured products

Michael Heijmeijer, founder of Cfinancials, has launched a platform dedicated to structured products, which is bringing managers and their clients genuine transparency for these products in the form of research and analysis aid tools, Agefi Switzerland reports. The interfaces are constructed to the custom needs of clients, banks or asset management firms, on the basis of a universe of 12 million financial products, including 2 million structured products, which are already available on the platform. The sub-set of structured includes all products available in Germany and Switzerland, through a partnership between Cfinancials and Scoach. Under the name Product Mastering, the service provides access to all pertinent information about a product, as well as detailed information and analysis of underlyings.
06/10/2011

Gonet & Cie prvate bank grows in Switzerland and internationally

Gonet & Cie, whose headquarters are located in Geneva, opened a branch office in the canton of Vaud on 3 October, Agefi Switzerland reports. From 1 November, Pierre-Alain Devaud and Roy Kienast, who had previously been members of the board of directors of the Banque de Dépôts et de Gestion (BDG), will be in charge of developing the activities of the new Vaud office. They will have a team of five employees by the end of the year. A Gonet office in Singapore will also be operational in the next few weeks. A team of seven people has been recruited to serve South-East Asia in particular. The group, which currently has 83 employees, is expecting to hit 100 staff in first quarter 2012.
06/10/2011

OMAM recruits a new head of global distribution

Old Mutual Asset Management (OMAM), the U.S.-based global asset management business of Old Mutual, has appointed Julian Ide as head of OMAM Global Distribution and Chief Executive Officer of Old Mutual Asset Managers (UK) Limited (OMAM UK). He succeeds Peter Baxter who is leaving the firm to pursue other opportunities. OMAM UK is a London-based investment boutique and affiliate of OMAM with approximately GBP4.5 billion of assets under management. Julian Ide will report to Peter L. Bain, Chief Executive Officer of OMAM and will complete the formation of Mr. Bain’s executive team. As part of his role, he will spearhead OMAM’s global distribution efforts in Europe, Asia and the Middle East to support the continued growth of OMAM’s affiliate managers. In addition, he will oversee OMAM UK’s investment teams, product offerings and successful retail and institutional distribution efforts. Julian Ide’s arrival is coupled with OMAM’s simultaneous announcement today of its divestiture of its U.S. retail mutual fund business. He joins from BBVA Asset Management where he was head of Institutional business.
06/10/2011

Union Bancaire Privée launches offensive in wealth management

Union Bancaire Privée (UBP) is initiating a new campaign in wealth management. “By the end of 2012, we want to complete the integration of ABN Amro Switzerland, launch our activities in Asia,a nd strengthen our management capacities for European clients in London and Luxembourg,” Michel Longhini, CEO of the private banking division of the Geneva-based business since September 2010, has told Agefi Hebdo. In Asia, the group has only one capital market license, in Singapore, and an asset management office in Hong Kong, where it has recently announced the creation of two joint ventures with a Taiwan insurer. In both markets, “we are preparing our applications for banking licenses,” the head of wealth management says. Asia represents 7% of assets, “and we would like to see local clients account for 10% to 15% of our assets in five years,” while UBP is aiming for total inflows of EUR10bn from its private clients.
06/10/2011

Institutionals still optimistic about emerging market debt, says ING IM

Raoul Luttik, senior portfolio manager for emerging market debt at ING Investment Management, announced in a presentation in Paris on 5 October that despite the poor performance of the markets in September, which resulted in net redemptions to some retail subscribers (a phenomenon which will be likely to continue for some time, unless there is a significant reversal of the market trend), institutional investors clearly continue to have confidence in this asset class.There is no shortage of arguments in favour of emerging market debt, denominated either in “hard” or in local currencies, and these arguments have not been nullified by the events of September. Economic and fiscal fundamentals remain considerably more positive in general than in industrialised countries, while emerging market bonds present high returns, and securities denominated in local currencies a priori offer an additional upside through revaluation of the currencies.As of the end of August, thus before the heavy corrections and retail outflows of last month, ING IM had assets of EUR12bn for its emerging market debt strategy, compared with EUR10.9bn as of the end of December 2010. Assets under management in local currency funds, whose benchmark is the ELMI+ (money markets, futures), as of the end of June totalled over EUR2.93bn, for an average rating of BBB+. Local currency bond funds (average rating BBB-), benchmarked against the BGI-EM GD index, totalled about EUR1.54bn.
06/10/2011

Bear ETFs post record inflows

In the United States, ETFs which bet against the S&P 500 have posted net subscriptions of USD890m in August, and of USD885m in September, the Financial Times reports. These are the second and third-largest months in terms of net subscriptions ever, and represent more than double the average monthly inflows since 2008, according to XTF.
06/10/2011

Putnam offers a risk allocation fund

Putnam Investments has launched a new fund which makes it possible to manage risk by increasing the range of asset classes used in a portfolio, while reducing exposure to equity risks. The Putnam Dynamic Risk Allocation Fund is managed by the Global Asset Allocation team at Putnam, led by Jeffrey L. Knight.
06/10/2011

DWS Investments launches DWS Invest Emerging Markets Top Dividend Plus fund in France

One year after launching the DWS Top Dividende fund in France, DWS Investments is adding to its range of dividend funds available to French investors. The asset management firm on Wednesday, 5 October announced the launch of the DWS Invest Emerging Markets Top Dividend Plus fund, managed by Andreas Wendelken, in France.The sub-fund of its Luxembourg Sicav (EUR184m in assets as of the end of August), which is based on a thematic and regional approach, invests in equities in emerging markets which are likely to bring higher dividend returns than the market average. “The region has a wide variety of companies with stable earnings and solid balance sheets, and whose dividend policies are consistent. Opportunities are primarily int eh ASEAN countries, such as Indonesia, and Taiwan, which has the most attractive dividend rates of all emerging markets,” the fund manager says.The dividend strategy of DWS Investments has more than EUR8bn in assets under management.CharacteristicsISIN code: LU0329760002Front-end fee: maximum 5%Management fee: 1.5% per year
06/10/2011

Madoff receiver wants to apply an anti-Mafia law

The Wall Street Journal reports that David Sheehan, the lawyer for Irving Picard, court-appointed receiver for the business interests of Bernard Madoff, is now seeking to convince the US District Judge Jed Rakoff that there are grounds to apply the Racketeer Influenced and Corrupt Organizations Act (RICO), which had originally been designed to be used against the Mafia and drug gangs. The RICO law allows victims to seek triple the damages they underwent. In the event, this would mean three times USD19.6bn, although the total losses have since been revised down to USD17.3bn.Picard is thus seeking USD59bn from Madoff, his accomplices, and beneficiaries of his Ponzi scheme. He is targeting UniCredit and the Austrian banker Sonja Kohn, among others. According to Picard, Kohn, who founded Bank Medici in Vienna, channeled USD9bn to Madoff via 6 feeder funds and secret or illegal channels since 1985.
06/10/2011

Madoff: USD312m to be paid out in the first wave of reimbursements

Irving Picard, the court-appointed receiver for the business interests of Bernard Madoff, on 5 October announced that he has begun sending out the first reimbursements to the victims of the fraud, and that he will pay out a total of USD312m to 1,230 investors, Die Welt reports. That corresponds to an amount of 4.6 cents for every dollar lost.So far, Picard has recuperated USD8.7bn of Madoff assets from beneficiaries of the Ponzi scheme he orchestrated. This represents half of the USD17.3bn which Madoff victims were seeking to claw back.
06/10/2011

AFG strongly opposes prohibition of kickbacks

Proposed revisions to the Markets in Financial Instruments Directive (MiFID) include some clauses which the AFG (the French asset management association) says are a subject of “concern,” in relation to actors as well as products. In particular, the association strongly opposes proposals by the European Commission to forbid makers of financial products from paying mandated managers and independent financial advisers.“The proposal, whose logic is understandable, does not work in practice. It would also drastically stunt the development of open architecture. In other words, the Commission would run against what it has previously supported,” says Paul-Henri de La Porte du Theil, president of the AFG. The proposals would also not benefit investors, he says, whereas complete and transparent information before the transaction would be the best way to ensure protection.The AFG is also concerned about proposals to distinguish between UCITS-compliant funds which are considered complex, and funds which are not complex. The proposal would significantly weaken the UCITS label, which is internationally recognised as a label for funds available to retail clients. From this point of view, the criterion of comprehension is the “promise” that should be retained, for all savings products and policies.The AIFM directive, whose level II dispositions are in the process of being composed, is not a source of comfort either. “Serious” concerns about the European passport for non-European players remain.The only point on which the association says it is satisfied is the legal framework for UCITS IV funds, which had now been transposed into French law, bringing increased legibility for French fund product ranges.
06/10/2011

BNY Mellon vigorously rejects NY Attorney General's allegations

In a press release on October, 4th, BNY dismissed the charges in the civil lawsuit filed by the Office of the New York Attorney General according to which the bank would have overcharged its foreign exchange (FX) services to various customers, especially pension funds (see Newsmanagers of October, 5th). It stresses that these claims are «flat out wrong, both on the law and on the facts». It recognizes that capitulating to the Office’s demands might avoid some nasty headlines, but refuses «to be coerced into admitting to and paying for wrongdoing that does not exist».The statement stresses that BNY Mellon executed transactions within fully disclosed, daily guaranteed pricing ranges and that, anyway, the decision to use the company’s FX services rested solely with institutional clients and their investment managers who could opt out on daily basisBNY Mellon also insists ont the fact that these services offer institutional clients and investment managers attractive «cholesale» prices which otherwise would not be available for «retail» size trades. And, finally, the bank says that the lawsuit reflects «inappropriate overreaching into commercial relationships».
06/10/2011

Saxo Bank opens an office in Moscow

The Danish asset management firm Saxo Bank on 5 October announced the opening of an office in Moscow in order to offer Russian clients investment and brokerage services via its trading platform.The new rep-office will be led by Igor Dombrovan, who has also been appointed COO of Saxo Bank.
06/10/2011

Liontrust AM completes acquisition of Occam

The British asset management firm Liontrust Asset Management on 5 October announced that it has completed its acquisition of the asset management activities of Occam Asset Management. As assets under management at Occam have fallen under USD150m, the acquisition price has been revised downward by 30%. Liontrust is also acquiring four Dublin-based funds and two hedge funds domiciled in the Cayman islands, which bring it two new asset classes: Asia and emerging markets. The Dublin funds have been renamed, so that the Occam Asia Absolute Return fund becomes Liontrust Asia Absolute Return, Occam Asia Focaus becomes Liontrust Asia, Occam Europe Focus becoms Liontrust Pan European, and Occam Emerging Markets Opportunities becoms Liontrust Emerging Markets Absolute Return. The Cayman Islands funds are the Liontrust Sorbus and Liontrust Diversity. Assets under management (in British and European equities) at Liontrust totalled GBP1.3bn as of mid-June 2011.
06/10/2011

Unfavourable market effects and net subscriptions for Luxembourg funds

According to Luxembourg’s financial sector surveillance commission (CSSF), as of 31 August 2011, total net assets in specialised investment funds (SIF) in Luxembourg totalled EUR2.085941trn, compared with EUR2.189665trn as of 31 July 2011. This represents a decline to EUR103.724bn (-4.74% in one month). The negative variation in the month of August is the result of an unfavourable impact of financial markets (EUR93.174bn) and negative net subscriptions (EUR10.55bn), for declines of 4.26% and 0.48%, respectively. Considered over the past twelve months, the net volume of assets has increased by 0.82%.
06/10/2011
Gestion d'actifs

Sélection de fonds de développement urbain par le Fonds de participation JESSICA Sardaigne

La Banque européenne d’investissement lance un appel à manifestations d’intérêt visant à sélectionner un ou plusieurs fonds d’aménagement urbain chargé(s) de gérer une enveloppe d’environ 66,2 millions d’EUR allouée par le Fonds de participation JESSICA pour la Sardaigne pour appuyer des investissements dans des projets urbains spécifiques liés à l’aménagement urbain, à la revitalisation urbaine, à l’efficacité énergétique et à l’utilisation de sources d'énergies renouvelables au titre de l’initiative JESSICA. Une présentation concernant l’appel à manifestation d’intérêt sera publiée le 11 octobre 2011. Cette présentation est fournie à titre indicatif uniquement et ne remplace aucune des dispositions de l’appel à manifestations d’intérêt. En cas de divergence, les dispositions de l’appel à manifestations d’intérêt feront foi. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
06/10/2011
Gestion d'actifs

L'UMR pourrait augmenter son allocation en non coté de 5 à 10%

L’UMR détient 275 millions d’euros d’engagements en Private Equity, alors que l’ensemble de ses actifs sous gestion s'élève à 7.8 milliards d’euros. D’après Charles Vaquier, Directeur Général de l’UMR, il était difficile dans le passé, de trouver des entreprises non cotées dans lesquelles investir. A cause, notamment, de leurs coûts mais aussi un EBIDTA peu satisfaisant. Mais la situation a changé ces dernières années. Les investisseurs institutionnels trouvent un certain nombre d’opportunités en France, avec des entreprises proposant de meilleurs TRI que les entreprises cotées. Mais Solvency II pourrait calmer l’appétit des investisseurs pour le private equity d’autant plus que Bâle III ne poussera pas les Banques à injecter des fonds dans ce type de compagnies. « L’UMR investit actuellement 4% dans le private quity via plusieurs fonds, pour la plupart en France. » détaille Monsieur Vauquier. « Parce que la plupart des investisseurs français se sont déjà conformés aux exigences de Solvency II, leur allocation d’actifs en gestions alternatives est limitée à 10%. » « La bonne nouvelle avec Solvency II vient directement du fait qu’une telle limite ne sera pas applicable, et nous pourrons par conséquence augmenter notre allocation en private equity de 5% à 10%. » La Caisse des Dépôts et Consignations est actuellement en train d'étudier la possibilité de lancer un nouveau fonds de private equity et est en discussion avec d’autres investisseurs. Monsieur Vauquier a indiqué que l’UMR pourrait s’accorder sur un apport de 20/30 millions d’euros à ce nouveau fonds. « C’est le rôle des investisseurs nationaux d’aider l'économie réelle à se développer. »
Gestion d'actifs
06/10/2011

La fusion Deutsche Börse / Nyse Euronext sur le gril

Les opérateurs boursiers ont reçu hier un communiqué de griefs de plus de 130 pages de la part de la Commission détaillant les points d’inquiétude concernant leur projet d’union. Sans dévoiler le contenu des objections contenus dans le document, Deutsche Börse et Nyse Euronext ont tenu à souligner qu’il s’agissait d’une étape normale dans un processus de rapprochement.
06/10/2011

Prague hostile à la taxe sur les transactions financières

Le gouvernement tchèque est opposé au projet de mise en œuvre d’une taxe sur les transactions financières au niveau européen, a indiqué hier le Premier ministre Petr Necas. Il avait auparavant fait valoir que la taxe, qui devrait permettre de lever 57 milliards d’euros par an, affecterait la clientèle des banques dans la mesure où les frais bancaires seront plus élevés.
06/10/2011

Le réseau finaréa prend une participation dans Arflex

Le spécialiste de l’investissement en capital-risque dans les TPE et PME entre au capital d’Arflex, un fabricant de modules de bains, dans le cadre d’une opération portant sur un montant global de 1,54 million d’euros, représentant 35% du capital de la société.
06/10/2011

iShares prend part au débat sur les ETF

La plate-forme de fonds indiciels cotés (ETF) de BlackRock fait quatre propositions pour réformer ce marché: clarifier la labellisation de la structure des produits et de leurs objectifs d’investissement, diffuser des informations fréquentes et appropriées sur les détentions et positions de l’ETF, instaurer des standards clairs sur la diversification des contreparties et la qualité du collatéral, et promouvoir la transparence sur l’ensemble des frais et coûts.
06/10/2011

Carlyle perce en Turquie

Le quotidien souligne que la société de private equity américaine est sur le point d’acquérir une participation de 48% au capital de Bahcesehir, un groupe d’éducation privée. La transaction reste soumise à l’approbation du gouvernement turc. Le quotidien veut croire qu’il s’agit d’un signe des promesses du marché turc pour l’investissement étranger.
06/10/2011

La gestion française subit le recul des marchés

Avec un recul des encours totaux des mandats et OPCVM sur le marché français de 3,2% à fin août, soit 87 milliards sur 2011, le secteur a limité la casse selon l’AFG. Mais le choc de septembre a dû aggraver le recul. Les sociétés de gestion sont désormais plus de 600.
06/10/2011

Sony a le soutien d’Abou Dhabi pour fondre sur EMI

Le quotidien britannique assure de sources proches des enchères que le groupe japonais a conclu avec le fonds souverain Mubadala un accord de financement lié à l’offre envisagée sur l’éditeur musical mis en vente par Citigroup. Sony disposerait également du soutien de la banque d’investissement Raine. De quoi renforcer la position du groupe japonais face à d’autres prétendants comme Universal Music ou Warner Music. Citigroup entend retirer entre 3,0 et 3,5 milliards de dollars de la vente d’EMI, peut-être jusqu’à 4,0 milliards en cas de cession par appartements. Les offres de second tour devaient parvenir au vendeur hier soir.

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