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01/04/2011

Janus Capital Singapour recrute son CEO chez Tokio Marine AM International

Hiroshi Yoh, a quitté le 31 mars ses fonctions de CEO et CIO de Tokio Marine Asset Management International pour devenir gérant de portefeuille et CEO de Janus Capital Singapour.Durant les 12 ans qu’il a passés à la tête de Tokio Marine AM International, l’encours est passé de 10 millions de dollars américains à 3,9 milliards et l’effectif initial de 2 personnes atteint aujourd’hui 28 collaborateurs.
01/04/2011

SSgA veut se développer sur le segment des ETF en Asie

Selon Asian Investor, State Street Global Advisors (SSgA) veut revenir sur le devant de la scène sur le segment des ETF dans zone Asie-Pacifique.Le groupe américain va mettre les bouchées doubles sur les fronts des ventes, de la distribution et du développement produits dans la région, a indiqué James Ross, le responsable mondial des activités ETF de SSgA. La cotation du SPDR S&P500 ETF à Tokyo ainsi que la mise en place d’une équipe de vente à Hong Kong font partie des initiatives allant dans ce sens.
01/04/2011

BlackRock et Mizuho concluent une alliance

Conformément à l’accord passé en novembre lorsque le groupe japonais avait acquis 3 millions d’actions BlackRock, le gestionnaire américain a conclu le 31 mars une alliance avec Mizuho Financial Group pour promouvoir une coopération stratégique au Japon et en Asie.Des comités de pilotage réunissant des représentants des deux parties se réuniront régulièrement pour élaborer des solutions aux besoins d’investissements de leurs clients dans le monde, avec un accent particulier sur l’Asie et une coopération plus approfondie dans le développement de produits et la distribution au Japon.Dans ce cadre, Mizuho offrira à ses clients l’accès aux capacités d’investissement de BlackRock. Le groupe nippon envisage également d’adopter les systèmes de gestion du risque et des investissements Aladdin mis au point par BlackRock.
01/04/2011

Pictet confie sa gestion privée allemande à un dirigeant de Deutsche Bank

Au 1er juillet, Armin Eiche, qui est membre du comité exécutif Allemagne de la division gestion de fortune (private wealth management ou PWM) chez Deutsche Bank, prendra la direction de la gestion privée de Pictet pour l’Allemagne. Il est nommé responsable du comité exécutif Allemagne, private wealth management du groupe Pictet qui comprend également Andreas Müller et Michael Lepach. Il est subordonné à Heinrich Adami, group managing director du groupe Pictet.
01/04/2011
Fonds

UBS fait coter deux ETF supplémentaires à Francfort

Le 31 mars, la Deutsche Börse a admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra les ETF irlandais de hedge funds UBS ETFs plc - HFRX Global Hedge Fund Index SF - (CHF) A-acc (IE00B5280Y01) et UBS ETFs plc - HFRX Global Hedge Fund Index SF - (GBP) A-acc (IE00B53B4246), qui sont tous deux chargés à 1,50 %. Ils répliquent respectivement en francs suisses et en livres la performance de l’indice mondial de hedge funds de Hedge Fund Research (HFR).Avec ces deux produits, la cote du segment XTF comprend désormais 806 ETF.
Fonds
01/04/2011

Hauck & Aufhäuser débauche deux dirigeants de Pioneer

Selon les informations de portfolio institutionell, Hauck & Aufhäuser Asset Management (HAAM) a recruté Wolfgang Kirschner et Reiner Beutler, directeurs généraux chez Pioneer Investments KAG, pour muscler sa distribution institutionnelle en Allemagne. Les deux intéressés ont quitté leur poste au 31 mars et ne seront pas remplacés, de sorte que la direction générale de Pioneer ne se composera plus que de quatre personnes : Evi Vogl, présidente, John Burns, Jürgen Rauhaus et Hans-Joachim von Werthern.HAAM vise pour cette année une collecte nette d’un milliard d’euros comme pour 2010. L'équipe de distribution passe de deux à cinq spécialistes. Fin janvier, HAAM gérait 3 milliards d’euros pour le compte d’investisseurs institutionnels.
01/04/2011

AGI Allemagne consolide son leadership sur le marché local

Allianz Global Investors (AGI), qui a enregistré l’an dernier des souscriptions nettes de tiers pour 113 milliards d’euros à l'échelon mondial (lire notre article du 25 février), a indiqué le 31 mars que ses encours ont augmenté de 31,5 milliards d’euros l’an dernier à 359 milliards fin décembre, de sorte que sa part de marché est passée à 21 % contre 20,6 %.Pour les fonds offerts au public, les souscriptions nettes ont porté sur 13,7 milliards d’euros contre 4,2 milliards en 2009 (lire notre article du 10 mars 2010), grâce aux fonds obligataires (de Pimco) et aux fonds diversifiés alors que les fonds d’actions ont subi de faibles sorties et que les fonds monétaires supportaient des sorties «significatives». Dans le domaine institutionnel, AGI indique avoir enregistré une hausse à 23,6 % de sa part du marché allemand.James Dilworth, CEO d’AGI Allemagne a indiqué que depuis le début de l’année les souscriptions nettes dans le domaine institutionnel ont représenté 8,4 milliards d’euros, mais que les fonds offerts au public ont accusé des remboursements nets de 2,2 milliards d’euros.Il a par ailleurs indiqué qu’AGI a l’intention d’utiliser en 2011 son savoir-faire de leader sur le marché allemand des retraites d’entreprises pour développer cette activité à l'échelon européen, notamment grâce aux possibilités offertes par l’entrée en vigueur de la directive OPCVM IV.
01/04/2011

Hémorragie dans les rangs d'UBS Allemagne

D’après la Frankfurter Allgemeine Zeitung, 21 conseillers et analystes spécialisés dans la gestion des grandes fortunes quittent UBS Allemagne pour rejoindre cet automne Harald Quandt Trust (10 milliards de dollars), tandis que d’autres partent, mais sans avoir été recrutés par ce family office.Deux raisons différentes sont avancées pour cet exode massif. Certains expliquent que les anciens du gestionnaire de fortune Sauerborn, acheté fin 2004 par UBS (et dans lequel Harald Quandt Trust avait une participation), n’ont pas réussi à intégrer la culture d’entreprise du groupe helvétique. Du côté d’UBS, on indique que les personnels partants n’ont pas adhéré à la nouvelle orientation stratégique de l’activité mise en place depuis quelques mois.
01/04/2011
Fonds

Assénagon stoppe les souscriptions pour l'un de ses fonds crédit

Au bout d’un peu plus d’un an, le fonds luxembourgeois Assénagon Credit Basis II a désormais atteint 1,1 milliard d’euros, un volume qui exige l’existence de possibilités d’investissement performant qui excèdent les capacités actuelles du marché.Dès lors, l’allemand Assénagon Asset Management a décidé de fermer provisoirement ce fonds crédit aux nouvelles souscriptions à compter du 4 avril. Cela vaut tant pour les parts I (LU0462885301) que pour les parts P (LU0462885483).Le fonds a généré depuis son lancement une performance de 5,7 % avec une volatilité de 0,62 %.
Fonds
01/04/2011

RBC Dexia nomme un nouveau responsable pour l’Italie

RBC Dexia Investor Services a recruté Mauro Dognini en tant que managing director pour l’Italie. Il sera placé sous la responsabilité de Tony Johnson, responsable mondial, ventes et distribution. Mauro Dognini sera responsable de la stratégie locale. Il présidera également le comité de gestion italien de RBC Dexia et supervisera les relations locales avec les régulateurs. Il remplace Paride Amiotti, qui fait valoir ses droits à la retraite. Mauro Dognini était précédemment Global Head of Asset Managers & Asset Owners Solutions chez BNP Paribas Securities Services à Paris.
01/04/2011

LGT Capital Management launches a new fund range

LGT Capital Management has added to its range of funds with three new “Dynamic Shield” strategies, including a bond fund, an equities fund, and a multi-asset class fund. The objective of the new funds is to participate in upward trends, while limiting potential losses in downward movements. LGT offers three variants, according to the risk profile of investors. The three new funds, the LGT Fixed Income Dynamic Shield, LDE Multi Asset Dynamic Shield and LGT Equity Dynamic Shield, are all available in three currencies each: Swiss franc, euro and US dollar. LGT Fixed Income Dynamic Shield (CHF) B LI0121391937 LGT Fixed Income Dynamic Shield (EUR) B LI0008231933 LGT Fixed Income Dynamic Shield (USD) B LI0121391945 LGT Multi Asset Dynamic Shield (CHF) B LI0121391994 LGT Multi Asset Dynamic Shield (EUR) B LI0121391986 LGT Multi Asset Dynamic Shield (USD) B LI0121392000 LGT Equity Dynamic Shield (CHF) B LI0121392133 LGT Equity Dynamic Shield (EUR) B LI0121392125 LGT Equity Dynamic Shield (USD) B LI0121392158
01/04/2011

Vanguard was the largest European SRI fund distributor in January

The US management firm Vanguard became the top vendor of European retail SRI funds in January, according to the most recent statistics compiled by Lipper FMI on behalf of Responsible Investor. Overall, the “RI screened” fund sector, which includes funds filtered for ESG (environmental, social and governance) criteria, saw outflows of EUR742m in January, following subscriptions of EUR623.8m in December. The most popular fund was the SRI European Stock fund from Vanguard, which attracted EUR225.4m, followed by the Court Terme ISR fund from Macif, which took in EUR115.5m, and the LO Funds-Generation Global (EUR66m). However, “RI Extended” funds, which include funds which practice exclusion, normative funds, climate change funds and microfinance funds, saw a net inflow of EUR1.48bn, following EUR841.3m in December.
01/04/2011

Schroders launches its fifth newcits

The British Schroders group has launched its fifth UCITS-compliant mutual fund based on an alternative strategy, Citywire reports. The Schroder Gaia CQS Credit Fund, available on the group’s Gaia platform, is an unconstrained long/short credit strategy, which will be managed by an external team at CQS, which manages EUR10bn. Gavin Ralston, international head of products, says “the long/short credit strategy is an underrepresented strategy in the UCITS universe.” The fund will invest in the investment grade and high yield segments in Europe and the United States.
01/04/2011

Net subscriptions to Spanish funds in March

According to preliminary estimates from VDOS Stochastics, pending figures from the Inverco association of management firms, assets in Spanish funds increased by EUR777m in March, despite a negative market effect of EUR227m. For the first time in a long time, the sector has seen net subscriptions higher than EUR1bn, with EUR1.004bn, following EUR74m in February, the first positive result in 16 months.
01/04/2011

Inverseguros launches a bond product

Some Spanish managers have recently been deciding to launch bond funds, Funds People reports. One such firm is Inverseguros, which is launching the Segurfondo Renta Fija Flexible fund of funds, with a performance commission of 9%, aimed primarily at institutional investors. Management commission is set at 0.5%.
01/04/2011

Natixis AM launches a High Yield fund

Natixis Asset Management announced on Thursday, 31 March that it has launched the Natixis Euro High Income Fund, a Luxembourg-registered fund which will aim to profit from the potential performance of high yield bonds. The selection of issues is undertaken by Philippe Berthelot and Vincent Marioni, the two co-managers of the fund. As a complement to the bottom-up approach used for the portfolio, the management team has set internal maximal criteria per sector and issuer, in order to insure good diversification of the portfolio. Since its creation in November 2010, the portfolio of the Natixis Euro High Income Fund has been composed of 60 to 80 positions, with total assets of EUR104m as of 25 March 2011. Characteristics of the fund ISIN code: LU0556616935 (I shares)/ LU0556617156 (R shares)/ LU0556617313 (S shares)/ LU0556617586 (RE shares) Management and operating fees: 1% / 1.65% / 0.75% / 2% maximum Maximal front-end fee when shares are not purchased by a mutual fund: 3% / 3% / 3% / None Front-end fees when shares are purchased by a mutual fund: 0 / 0 / 0 / 0 Maximal exit fee: no Smallest fractional unit of shares: one one-hundredth Minimal subscription: EUR100,000 / EUR1,000 / EUR15m / EUR250 Net asset value per share at launch: EUR100 Daily valuation
01/04/2011

Schroders France releases a European smidcaps fund

Schroders France has released the European Small & Mid Cap Value sub-fund of its Luxembourg Sicav Schroder ISF for sale. The product, launched on 30 November 2010, replicates a Swiss fund created in 2003 and acquired by the British management firm in 2008. The manager of the new sub-fund is the same as for the Swiss fund: Caspar Benz, who will now be assisted by Daniel Lenz. The philosophy is also the same. The only difference, aside from the country of domicile, is that the Luxembourg sub-fund has a cash allocation limited to 10%, where it is 33% for the Swiss product, and liquidity is daily and not monthly. The co-managers insist, however, that this will not lead to major divergences in the composition of the portfolios (the objective excluding cash is to limit the differences to 5%). The European Small & Mid Cap Value invests, as its name indicates, in European small and midcaps, i.e. shares in companies whose capitalisation ranges from EUR500m to EUR10bn. “Caspar Benz and Daniel Lenz will seek out businesses which distribute dividends over the long term. The managers may this exclude the growth segment from their investment universe, but at the same time they ensure some protection of capital.” Assets in the sub-fund total EUR81m, while the Swiss fund has EUR274m. With the Luxembourg product, Schroders hopes to boost assets for the strategy, up to a limit of EUR1.5bn.
01/04/2011

UBS lists two new ETFs in Frankfurt

On 31 March, the Deutsche Börse admitted the UBS ETFs plc - HFRX Global Hedge Fund Index SF - (CHF) A-acc (IE00B5280Y01) and UBS ETFs plc - HFRX Global Hedge Fund Index SF - (GBP) A-acc (IE00B53B4246) Irish-registered ETF hedge funds to trading on the XTF segment of its Xetra electronic platform. Both funds charge fees of 1.50%. They replicate the performance of the global hedge fund index from Hedge Fund Research in Swiss francs and pounds Sterling, respectively. With these two new products, the XTF segment now lists 806 ETFs.
01/04/2011

Polar Capital to launch a fund dedicated to financial sector

In the aftermath of its acquisition of the financial sector specialist HIM Capital, the investment firm Polar Capital is planning to launch an opportunity-driven fund specialised in the international finance sector. The UCITS III-compliant fund, domiciled in Dublin, is slated for launch in April. It will seek out investment opportunities in the US and European markets, with an interest in emerging countries.
01/04/2011

M&G revises objectives for its dividend fund

The British management firm M&G has lowered its performance objectives for the Dividend fund (GBP528m), in order to give more flexibility to the manager of the strategy, Alex Odd. Instead of a performance objective of 33% above the performance of the FTSE All-Share index, the fund will now aim for returns higher than the benchmark index, through investments in UK equities. Morningstar reports that the fund has earned overall returns of 10% in the past twelve months, compared with an average of 7.1% for the UK Equity Income sector of the British Investment Management Association (IMA).
01/04/2011

RBC Dexia appoints a new head for Italy

RBC Dexia Investor Services has appointed Mauro Dognini as managing director for Italy. He replaces Paride Amiotti who retires from RBC Dexia in May and will report to Tony Johnson, global head, sales & distribution. Mauro Dognini will be responsible for local market strategy, leading the company’s integrated sales, relationship and strategic client management model in Italy. He will also chair RBC Dexia’s Italian management committee and oversee local regulatory relationships.Mauro Dognini joins RBC Dexia from BNP Paribas Securities Services where he was global head of asset managers & asset owners solutions, based in Paris. Prior to this, he was deputy general manager for BNP Paribas Securities Services Italy for more than a decade.
01/04/2011

Bernhard Hodler nommé COO de Julius Baer

Banque Julius Baer & Co. SA a annoncé le 31 mars la nomination de Bernhard Hodler en qualité de nouveau chief operating officer (COO) du groupe et de la banque à partir du 1er avril. Cette nouvelle fonction de directeur général de l’exploitation permettra de renforcer l’organisation et la transformation du modèle d’affaires de Julius Baer, ce qui facilitera l’application de sa stratégie de croissance, explique le groupe dans un communiqué. Bernhard Hodler est l’actuel chief risk officer du groupe. Il travaille au sein de Julius Baer depuis 1998. Il a fait ses armes auparavant chez SBS et Credit Suisse, en grande partie dans la gestion des risques. En tant que COO, Bernhard Hodler sera responsable de l’attribution des moyens nécessaires à un alignement supplémentaire de Banque Julius Baer avec le paysage en transformation du private banking. Il sera responsable des opérations globales aussi bien que du contrôle et de la prévention des risques. En conséquence, les domaines du risque, legal & compliance, IT & ainsi que les opérations et services partagés seront sous sa responsabilité directe.
01/04/2011

Net profits up nearly 10% at Banque Privée Edmond de Rothschild

Banque Privée Edmond de Rothschild SA on 31 March announced that in 2010 it earned net profits of CHF149.9m, up 9.6% year on year. Net inflows totalled CHF6.5bn. Assets under management, however, were up only slightly, due to the negative impact of the weak US dollar and euro against the Swiss franc. As of the end of 2010, they totalled CHF92.7bn, compared with CHF92.2bn the previous year. The Geneva-based private bank says in a statement that it will continue its strategic development projects this year. In Hong Kong, a banking license is expected to be issued to the bank “in the next few weeks,” while the bank has recently received a banking license in Dubai. In Switzerland, it would also like to concretise a strategic project “in the area of domestic clients.”
01/04/2011

Riccardo Petrachi joins Rothschild Private Bank & Trust

UBS is losing the director of its ultra high net worth segment, Riccardo Petrachi, who on 1 October will be joining the Zurich-based private bank Rothschild Private Banking & Trust, Rothschild announced on 31 March in a statement. Petrachi will take responsibility for clients with wealth of over CHF25m (ultra high net worth clients) and family offices, Rothschild says in the statement released on Thursday.
01/04/2011

Assénagon closes one of its credit funds to subscriptions

After slightly over one year, the Luxembourg fund Assénagon Credit Basis II has now reached EUR1.1bn in assets, a volume which requires high-performance investment opportunities that exceed the current capacities of the market. The German firm Assénagon Asset Management has therefore decided to provisionally close the credit fund to new subscriptions, from 4 April. This applies both to the I share class (LU0462885301) and the P share class (LU0462885483). Since its launch, the fund has generated returns of 5.7%, with volatility of 0.62%.
01/04/2011

Hauck & Aufhäuser recruits two directors from Pioneer

According to reports in portfolio institutionell, Hauck & Aufhäuser Asset Management (HAAM) has recruited Wolfgang Kirschner and Reiner Beutler, managing directors at Pioneer Investments KAG, as additions to its institutional distribution in Germany. The two men left their jobs at Pioneer on 31 March, and will not be replaced, meaning that the board at Pioneer will now have only four members: Evi Vogl, chair, John Burns, Jürgen Rauhaus and Hans-Joachim von Werthern.HAAM is aiming for net inflows this year of EUR1bn, as in 2010. The distribution team is growing from two to five specialists. As of the end of January, HAAM had EUR3bn under management for institutional investors.
01/04/2011

AGI Germany consolidates leading position in local market

Allianz Global Investors (AGI), which last year posted net subscriptions from third parties of EUR113bn worldwide (see Newsmanagers of 25 February), on 31 March announced that its assets last year increased by EUR31.5bn to EUR259bn as of the end of December, while its market share has increased to 21% from 20.6%.For open-ended funds, net subscriptions totalled EUR13.7bn, compared with EUR4.2bn in 2009 (see Newsmanagers of 10 March 2010), due to bond funds (from Pimco) and diversified funds, while equities funds saw slight outflows, and money market funds saw “significant” outflows. In the institutional area, AGI claims that its share of the German market has increased to 23.6%.James Dilworth, CEO of AGI Germany, says that since the beginning of the year, net subscriptions in the institutional segment represented EUR8.4bn, but that open-ended funds saw net redemptions of EUR2.2bn.He also says that AGI is planning to leverage its expertise as a leader in the German corporate pension market to develop this activity throughout Europe, taking advantage of the opportunities offered by the introduction of the UCITS IV directive.
01/04/2011

Staff exodus from UBS Germany

The Frankfurter Allgemeine Zeitung reports that 21 advisors and analysts specialised in high net worth client management are leaving UBS Germany to join Harald Quandt Trust (USD10bn) this autumn, while other employees are leaving but have not been recruited by the family office.Two different explanations are offered for the massive exodus. Some say it is due to former employees of the wealth management firm Sauerborn, which was acquired by UBS in late 2004 (and in which Harald Quandt Trust held a stake), never fully integrated into the business culture at the Swiss group. UBS, for its part, says that the departing employees did not adhere to the new strategic orientation for the operation, announced a few months ago.
01/04/2011

Pictet hands German private management to a Deutsche Bank head

On 1 July, Armin Eiche, a member of the executive board for Germany in the private wealth management (PWM) division of Deutsche Bank, will take over as director of private wealth management for Germany at Pictet. He has been appointed as head of the executive committee for Germany, private wealth management ,at the Pictet group, which also includes Andreas Müller and Michael Lepach. He will report to Heinrich Adami, group managing director at the Pictet group.
01/04/2011

BlackRock and Mizuho form an alliance

In keeping with an agreement signed in November, when the Japanese group acquired 3 million shares in BlackRock, the US asset management firm on 31 March signed an alliance with Mizuho Financial Group, to promote strategic cooperation in Japan and Asia.Steering committees including representatives of the two parties will meet regularly to develop solutions to meet the needs of their clients worldwide, with a particular emphasis on Asia, and more extensive cooperation in the development of retail products in Japan. Mizuho will offer its clients access to the investment capacities of BlackRock. The Japanese group is also planning to adopt the Aladdin risk and investment system developed by BlackRock.

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