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16/05/2011

" J'ai pour mandat d'amener toute la puissance de SSgA sur le marché français"

Tout en demeurant country head pour l'Italie, où il a laissé les leviers de commandes pour l'activité au jour le jour à Danilo Verdecanna, Marco Fusco se focalise désormais sur la France, où il a succédé comme directeur général France à Carl Bang (lire notre article du 14 octobre 2010). L'occasion pour Newsmanagers pour s'enquérir de ses objectifs dans l'Hexagone.
16/05/2011

HSBC Private Bank ressent l'impact de la faiblesse du dollar.

Chaque cent que perd le billet vert coûte 6 millions de francs suisses de recettes à HSBC Private Bank, a déclaré son CEO Alexandre Zeller, dans un entretien au journal dominical Sonntagszeitung (édition du 15 mai). Si le dollar devait chuter sous 80 centimes, des réductions d’effectifs deviendraient inévitables. Pour le moment, l’institut économise dans l’immobilier, a précisé Alexandre Zeller.Par ailleurs, le patron de la banque n’a pas exclu la possibilité d’acquisitions, mais il a souligné ne pas être intéressé par des fonds non fiscalisés : une acquisition devrait faire stratégiquement sens et apporter des avantages dans les marchés en croissance. De son point de vue, des instituts à clientèle exclusivement européenne ne sont pas attrayants.
16/05/2011

Amundi asset management posts inflows of EUR3bn in first quarter

In first quarter 2011, assets under management in the asset management, insurance and private banking unit of Crédit Agricole rose 2.5% compared with the end of March 2010, at a total of EUR1.062trn. Net inflows, for their part, totalled EUR1.1bn in first quarter 2011. “This solid commercial performance has led to good resistance for Amundi and Crédit Agricole Assurances in a less favourable environment, marked by a general context of net outflows and a noticeable downturn in the life insurance market over the course of the quarter overall,” Crédit Agricole said in a statement published on 13 May. Net profits for the part of the group totalled EUR1bn, 2.1 times higher than in first quarter 2010, which was marked by the weight of activities which were in the process of being wound down. In asset management, Amundi has posted commercial results higher than those of the market. Inflows were positive at EUR3bn, driven by institutionals and corporate savings. Amundi has proven successful with institutionals, both in France (retirement planning institutions) and internationally (particularly in Asia and the Middle East). Networks in France, for their part, held up well in a general context of outflows. In corproate savings, assets totalled EUR33bn, with a significant increase of 8% compared with December 2010. Taking into account a positive market effect of EUR1.3bn, which was offset by an unfavourable currency effect largely due to the depreciation of the yen, assets under management totalled EUR711.7bn as of 31 March 2011, compared with EUR709.3bn one year previously, at EUR710.3bn as of 31 December 2010. Due to its international development strategy, increases in assets distributed outside France were over 8%.
16/05/2011

BNY Mellon selected by Textron

BNY Mellon Asset Servicing has been named global custodian for Textron’s employee defined benefit retirement plan, with USD4.2billion in assets. The plan supports more than 76,000 employees and retirees worldwide.
16/05/2011

Strong growth for Neuberger Berman activities serving institutionals

Assets under management at Neuberger Berman as of 31 March totalled Usd199bn, compared with USD155bn two years previously. This 28% increase reflects both a positive market effect and net inflows, the management firm says in a statement released on 12 May. In the 12 months to 31 March, net inflows from institutionals totalled USD10bn. Assets in US mutual funds increased 20%, to Usd27.2bn. About 18% of assets are managed on behalf of investors outside the United States as of 31 march, compared with about 5% three years ago. Of assets of USD199bn, 48% are invested in international or US equities strategies, 43% in bond strategies, and about 9% in alternative strategies (hedge funds and private equity).
16/05/2011

Primonial AM adds to development unit

Primonial Asset Management, the asset management firm of the Primonial group, on Friday, 13 May announced that it has added to its development unit with the arrival of two new recruits, Mirsad Adrovic, who is appointed Director of Products, and Cristina Bonevecchio, who joins the firm to develop partnerships. Adrovic, 34, previuosly served as deputy director of the financial firm Roche Noire, from 2005 to 2011, where, a statement says, he formed, set up and developed asset management assistance services for IFAs and distribution networks. Bonevecchio, 47, was previously head of development for partnerships with IFAs at Swiss Life. She also helped to create Privalto BNP Paribas.
16/05/2011

Senior manager joins fixed income and credit team at Edrim

Edmond de Rothshild Investment Managers (EDRIM) on Friday, 13 May announced that it has added to its fixed income and credit team, with the arrival of Etienne de Marsac as senior manager. De Marsac, a specialist in the government bond market, will work on duration management and arbitrage strategies, and will assist in the development of total return strategies, a statement says. De Marsac, 38, was a bond and derivatives manager at Natixis Asset management from 2005 to 2010. From 2000 to 2005, he was in charge of discretionary management of a total return bond portfolio at ADI, among other roles.
16/05/2011

Robert Vela joins Neuflize OBC Investissements

Robert Vela in March joined the sales team led by Basile Schlumberger at Neuflize OBC Investissements, as head of external distribution. He was previously director of distribution clients at ING Investment Management (a position he had held since May 2007). Neuflize OBC Investissements, a wholly-owned subsidiary of Banque Neuflize OBC, owned by ABN Amro, was born of the merger of Asset Allocation Advisors, Neuflize OBC Asset Managemetn, and the financial management unit of Banque Neuflize OBC. It includes multi-management and direct management of securities, and manages nearly EUR22bn in assets.
16/05/2011

New chairman of the board at HSBC Private Bank France

Antoine Cahuzac has been appointed chairman of the board at HSBC Private Bank France, from 14 May 2011. He succeeds Daniel Roy, who has left the group. Cazuhac, 56, a graudate of the Ecole polytechnique, has since 1985 held a series of positions in the investment bank at HSBC France. Since June 2008, he has been senior corporate advisor to the CEO and a member of the executive board at HSBC France.
16/05/2011

Murielle Didier joins ING IM

Murielle Didier last week joined ING Investment Management France, as director of distribution clients, in charge of relations with private banks and multi-managers. Didier, who holds a DESS Finance diploma from IEP Paris, previously spent six years at head of sales in the Distribution France unit of Fortis Investments, and then worked at BNP Paribas IP and four years at Fidelity Investments France, where she was in charge of distributor clients. Didier arrives following the departure of Robert Vela, who has joined Neuflize OBC Investissements (see article in today’s Newsmanagers).
16/05/2011

Keren Finance recruits from Richelieu Finance

Vincent Schmidt, CEO of Keren Finance, has confirmed to Newsmanagers that Clément Duval has joined his asset management firm, as reported on 12 May by the website H24 finance. Duval, previously a sales manager at Richelieu Finance, will begin in early June, and will handle partner relations. At the end of March, Benjamin de Frouville, who served in this role at Keren Finance previously, has joined M&G France.
16/05/2011

Changes in the Spanish fund “billionaires' club”

On the basis of statistics from the Inverco association of Spanish asset management firms, Funds People reports that InverCaixa has become the leader in terms of asset volume, with its Foncaixa Estabilidad fund (launched in late 2010), which as of the end of April had a volume of EUR2.628bn in assets, an 88% increase in the first four months of the year. It has overtaken the real estate Santander Banif Inmobiliario, which lost 1% of its assets, at EUR2.491bn.InverCaixa has two other funds in the “billionaires’ club”: Foncaixa Bienvenida, in fourth place with EUR1.542bn (+0.84%), and the FC Garantia RF 15, a bond product which is in ninth place, with EUR1.095bn (-0.51%).Bestinver, which has recently joined amLeague, has two products in the leading group: Bestinver Internacional, in sixth place, with EUR1.358bn (+13.48%), and Bestinfond, with EUR1.127bn (+15.46%). Two funds from BBVA, Ahorro C/P and Propriedad II, have lost assets, one at EUR2.024bn (-7.85%), in third place, and the other at EUR1.365bn, in fifth place (-1.35%). Alongside these, the Santander Rendim Clase B is in seventh place, with EUR1.24bn (-12.4%), and Eurov. Partic.Vol. Clase A is in eighth place, with EUR1.2bn (-11.38%). Lastly, the Sabadell BS Inmobiliario ranks tenth, with EUR1.018bn (-0.42%).
16/05/2011

MainFirst lance un fonds coordonné equity market neutral

Filiale de la banque privée francfortoise MainFirst Bank, MainFirst Asset Management vient de lancer (le 11 mai) un cinquième fonds d’actions, le MainFirst Equity Market Neutral Fund, un produit coordonné de droit luxembourgeois qui bénéficie d’un agrément de commercialisation en Allemagne. Ce fonds long/short est géré par Oliver Haseley et Thomas Merx, qui visent une performance annuelle de 10-12 % avec une volatilité inférieure à 5 % : le premier est depuis 2005 le responsable de la gestion de performance absolue et le second le directeur du négoce.Ce nouveau produit est doté au démarrage d’un encours de 10 millions d’euros. Il s’appuie sur un portefeuille géré en interne depuis fin 2010 (50-70 lignes) qui a généré une performance annuelle avant frais de 12,4 % jusqu'à présent, avec une volatilité de 4,4 %. La corrélation avec le Stoxx Europe 600 TR s’est limitée à 0,09.Caractéristiques :Dénomination: MainFirst Equity Market Neutral FundCode Isin : LU0626808819Souscription minimale : 2.500 eurosCommission de gestion : 1,7 % (actuellement)Commission de performance : 15 % avec high watermark
16/05/2011

German retail investors discover ETFs

There are now 793 ETFs on sale in Germany to retail clients, who are beginning to take an interest in products of this type, Handelsblatt reports. They prefer products specialised in Germany, such as those which replicate the Dax, as the law of proximity would predict, but they also like products specialised in more remote regions, such as emerging markets. There has also been an increase in interest in bond ETFs from DAB-bank, and sales of shares in commodities ETFs at comdirect. ETF savings plans are booming at online brokers like comdirect, DAB-bank and CortalConsors, which have set up cut-rate offers.
16/05/2011

Several US funds take interest in Spanish savings banks

In addition to traditional fund management firms such as BlackRock, Fidelity and Capital, many US private equity and hedge fund managers are taking an interest in the Spanish savings banks (“cajas”), which may soon be announcing IPOs, Expansión reports.The interested investors include Paulson, Amber Capital and Viking among the most active, as well as Apax, Dabroes, Mason Capital and TIAA-CREF. The names of Cerberus, The Carlyle Group, Apollo Management, Texas Pacific Group, KKR and Ripplewood Investments are also being mentioned.
16/05/2011

Former BGI CEO for Asia recruited by Fidelity

Fidelity International has recruited the former CEO of Barclays Global Investors (BGI) for Asia ex Japan, Mark Talbot, as managing director for Asia ex Japan, Asian Investor reports. Mark Talbot, based in Hong Kong, will begin on 27 June, and will work to develop activities in the region serving clients in China, Singapore and South Korea. He will report to Arne Lindeman, CEO of Fidelity International for the Asia-Pacific region.
16/05/2011

RCM Asia aims for USD25bn in AUM

RCM Asia, the specialised Asian equities management affiliate of Allianz Global Investors, manages nearly USD15bn in assets, 10% of total RCM assets worldwide, La Tribune reports. A growing investor base will likely allow RCM Asia to reach its target of 15% of total assets under management in four to five years, at nearly EUR25bn, the newspaper says.
16/05/2011

Progression de 4% au premier trimestre des actifs gérés pour compte de tiers chez Generali

Les actifs du groupe Generali gérés pour compte de tiers s'élevaient fin mars à 92 milliards d’euros, en hausse de 4% par rapport à leur niveau de fin 2010.Le groupe a fait état pour le premier trimestre d’un bénéfice net de 616 millions d’euros, en progression de 16,8% par rapport au premier trimestre 2010, grâce aux bons résultats de tous les pôles d’activité : vie, dommages et gestion d’actifs.
16/05/2011

Assets under management at Intesa Sanpaolo hold stable in first quarter

Assets under management at Intesa Sanpaolo as of the end of March finished at EUR234bn, up 0.1% compared with the end of December 2010, but down 1.8% compared with 31 March 2010, the Italian banking group announced on 13 May. Net profits for the part of the group totalled EUR661m in first quarter 2011, up 30.9% compared with fourth quarter 2010, but down 3.9% compared with first quarter 2010.
16/05/2011

UBS adds to emerging markets wealth management activities

UBS has recruited Gerard Aquilina as vice-president of its wealth management unit for emerging markets, Bloomberg reports. Aquilina, 60, was previously vice president of the wealth management division at Barclays, and was based in Zurich. He will begin in his new position on 16 May.
16/05/2011

HSBC Private Bank ressent l'impact de la faiblesse du dollar.

Chaque cent que perd le billet vert coûte 6 millions de francs suisses de recettes à HSBC Private Bank, a déclaré son CEO Alexandre Zeller, dans un entretien au journal dominical Sonntagszeitung» (édition du 15 mai). Si le dollar devait chuter sous 80 centimes, des réductions d’effectifs deviendraient inévitables. Pour le moment, l’institut économise dans l’immobilier, a précisé Alexandre Zeller.Par ailleurs, le patron de la banque n’a pas exclu la possibilité d’acquisitions, mais il a souligné ne pas être intéressé par des fonds non fiscalisés: une acquisition devrait faire stratégiquement sens et apporter des avantages dans les marchés en croissance. De son point de vue, des instituts à clientèle exclusivement européenne ne sont pas attractifs.
16/05/2011

Chinese government may beef up sovereign fund CIC

One of the directors of the Chiense sovereign fund China Investment Corp (CIC) has announced that the Chinese government, which is accumulating currency reserves, has been working on a further injection of capital into its sovereign fund, Les Echos reports. An injection of USD100-200bn is reported to be planned.
16/05/2011

Appointment at BofA Merrill Lynch

Bank of America Merrill Lynch on 13 May announced the appointment of Fabrizio Gallo as co-head of Global Equities and EMEA Global Markets. Gallo, previously of Brevan Howard Asset management, will join BofA Merrill Lynch in late summer. He will be based in London, and will report to Tom Montag, president of the Global Banking and Markets unit. He will be a member of the Global Markets and Europe executive committees.
16/05/2011

“Toxic” hedge funds unwind short positions on BBAV, Iberdrola, Inditex and Ebro

Since the end of December, short positions on shares of the Ibex 35 have been reduced in 15 cases, while they have increased for 11 funds, Cinco Días reports. No hedge fund continues to have a short position amounting to more than 0.2% of capital in BBVA, Iberdrola, Inditex or Ebro Foods. These four companies thus join Santander, Telefónica, Criteria, Enagás, Endesa, Iberdrola Renovables and IAG, which have not been subject to attack by hedge funds. Although short positions have increased for 11 firms, they have declined for Grifols, as well as for Acerinox, Banco Sabadell, Acciona, Sacyr Vallehermoso, Banco Popular and Repsol. The most heavily attacked share is currently Abengoa, which has EUR1.9bn in market cap, on which short positions represent 7.092%.
16/05/2011

UK ETFs post record inflows in first quarter

Net inflows to ETF funds in the UK in first quarter totalled a record GBP824m, according to statistics from the UK investment management association (IMA). As of the end of March 2011, assets in ETFs totalled nearly GBP40bn, to be more precise, GBP39.8bn, up 19% compared with first quarter 2010. ETFs as of the end of March represented 6.8% of fund volumes overall, the highest percentage ever recorded. Of 81 ETF funds, 40 (or 49%) replicate the major British indices. Funds of funds, for their part, have attracted roughly 1 out of every 8 pounds invested in funds overall. Net inflows totalled GBP1.7bn, about half (GBP860m) of which were invested in diversified funds. At the end of first quarter, assets in funds of funds totalled GBP60.7bn, 10.4% of total fund assets. Net inflows to ethical funds totalled GBP90m, slightly less than the levels previously observed. Assets under management in ethical funds totalled GBP7bn as of the end of March, up 15% compared with first quarter 2010. In total, net inflows to these funds overall (funds of funds, ETFs, and ethical funds) totalled GBP4.723bn in first quarter, compared with GBP5.67bn in first quarter 2010. Assets under management as of the end of March totalled GBP583.2bn, up 14% compared with the end of March 2010.
16/05/2011

HFR lance une base de données sur la performance des hedge funds

Le fournisseur d’informations Hedge Fund Research (HFR) a annoncé le lancement d’une base de données sur les performances quotidiennes des hedge funds. Une initiative qui répond à l’exigence croissante des investisseurs pour davantage de transparence et de possibilités d’appréciation de la dynamique d’exposition des hedge funds. La préférence donnée aux stratégies les plus liquides ainsi que la prolifération des stratégies alternatives au format Ucits III ont probablement contribué à cette tendance à la fourniture d’informations au quotidien.
16/05/2011

Hedge funds will stay in Europe despite regulatory pressure

Toughening legislation in Europe will not be likely to lead to hedge funds based in Europe moving to more clement lands, the head of Man Group, Peter Clarke, predicts, cited by FundWeb. From Clarke’s point of view, an exodus of hedge funds to other jurisdictions such as Switzerland or Asian countries when the AIFM legislation comes in to force, is not a priori to be expected. Clarke estimates that the revised text of the AIFM directive is not as tough as some members of the hedge fund community had feared. A move, meanwhile, is a long and costly process, which may also take 18 to 24 months.
16/05/2011

Luxembourg lawyer up for position as head of EFAMA

Claude Kremer, chairman of the Luxembourg investment fund industry (ALFI), and a partner at the law firm Arendt & Medernach, is the only candidate to succeed Jean-Baptiste de Franssu as the next president of EFAMA, the European fund and asset management association, Financial Times Fund Management reports, relaying an article published in Ignites. Kremer is thus certain to be elected in June. Two vice-presidents will also be appointed for the first time. Massimo Tosato, vice-president of Schroders, and Christian Dargnat, CIO at BNP Paribas Investment Partners, are the sole candidates for these positions, and will thus be very likely elected.

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