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25/08/2010

Rick Rieder becomes CIO for fixed income, fundamental portfolios at BlackRock

As chairman and CEO Laurence Fink announced at a presentation of first quarter results for BlackRock (see Newsmanagers of 22 April), Rick Rieder has been appointed as chief investment officer of fixed income, fundamental portfolios. He will report to Peter Fisher, who remains as head of fixed income at BlackRock, and replaces Curtis Arledge, who becomes CEO of BNY Mellon Asset Management. Previously, Rieder was opresident and CEO of the hedge fund R3 Capital partners, which BlackRock took over in April 2009.
25/08/2010

Pictet offers new “green” product

Philippe de Weck, who is already manager of the Pictet Clean Energy fund, will be appointed as manager of the Environmental Megatrend Selection fund (see Newsmanagers of 29 July). The product will take advantage of the pooling scheme offered by Luxembourg law to invest in four “green” in-house funds: Water (EUR2.32bn), Clean Energy (EUR484m), Timber (EUR84m) and Agriculture (EUR122m). It will have 200 to 240 positions overall. The themes are the same as those of the fund which is already much more actively managed (60 positions) by Arnaud Bisschop (manager of the Pictet Water fund for the past 19 months), on behalf of Union Financière de France, and entitled UFF Capital Planète (see Newsmanagers of 27 July).
25/08/2010

Sarasin sets up shop in Bahrain

The central bank of the kingdom of Bahrain has issued a category 2 investment company license to Sarasin-Alpen (Bahrain) BSC. The license allows the new entity, an affiliate of Sarasin bank and Alpen-Capital, to offer advising services to high net worth private clients.
25/08/2010

Tax guidelines for Islamic finance published

Les Echos reports that fiscal instructions which aim to make Paris a hub for Islamic finance in continental Europe were published on 24 August by the French government. The instructions cover “sukuk” operations (issuing securities representing cooperative ownership of a tangible asset or the proceeds of the asset), “murabaha” (when the issuer acts as an intermediary: a vendor sells an assets to an Islamic financial actor, who resells them to an investor for a price payable at some time in the future), “ijara” (a type of rental, in which the investor buys equipment and rents it to a business), and “istisna’a” (a contract by which one party asks another party to build a project in exchange for payment, which is guaranteed when construction is complete).
25/08/2010

Leading real estate fund managers widen gap with rivals

In the twelve months to the end of June, German open-ended real estate funds have posted net subscriptions of EUR2.1bn, which makes it the third largest category for net inflows, after diversified and bond funds.The four largest real estate fund managers are Union Investment Real Estate (co-operative banks) with 18.4% of the market, Deka Immobilien (savings banks) with 15.6%, Commerz Real Investmentgessellschaft (CRI, Commerzbank group) with 12.8%, and SEB Investment (8%). On a closer inspection of the figures, however, the Kommalpha consultancy notes, it appears that net subscriptions to the top four actors in the sector totalled EUR4.4bn. The combined assets of the four leaders increased in the period by EUR4bn (to EUR48bn), to total 54.7% of total assets in the sector, compared with about 50% one year earlier. This means, in other words, that the other 14 actors must share 45.3% of the management market.In first half 2010, the gap widened between the top four and the rest of the pack: the top four posted combined net subscriptions of about EUR1.7bn, or about 80% of all net inflows. This result is all the more significant as CRI has posted net outflows.
25/08/2010

Skandia replaces manager of its health fund

Skandia Investment Group (SIG) has selected OrbiMed Capital to manage the Skandia Healthcare Fund. It replaces Carnegie Asset Management, which has been managing the fund since inception in April 2006.As part of the mandate, OrbiMed will manage the Skandia Healthcare Fund on an exclusive basis subject to certain conditions for at least the next three years. OrbiMed is a specialist healthcare and life sciences investment boutique with over USD4bn of assets under management. The firm’s 40-person investment team, one of the largest in the sector, includes over a dozen former medical doctors and scientists.
25/08/2010

Oaktree opens Spanish office

Though with 24%, it is already the largest individual shareholder in Campofrío since its merger with Smithfield, and also the largest lender to Panrico, of whose debt it controls 20%, the U.S. hedge fund firm Oaktree Capital did not yet have a stable presence in Spain. Now, Expansión reports, the firm is setting up shop there, and has recently recruited Carlos Gila, head of the consulting firm Gila & Co and former vice president of La Seda de Barcelona.
25/08/2010

BlackRock controls over 3% of Repsol

Expansión reports that the US management firm BlackRock has topped 3% of capital in Repsol, with a total stake of 3.023%, according to statistics from the CNMV. BlackRock thus owns more than 36.9 million shares in the Spanish oil company, which represents an investment at current share prices of EUR658m. In early June, BlackRock’s stake in Repsol was 2.979%.
25/08/2010

High net worth clients seek refuge in savings accounts

According to statistics from the CNMV, the Sicav funds of the fifteen most wealthy Spanish families (Amancio Ortega, Alicia Koplowitz, Rosalía Mera, the Polanco family, the Del Pino family, Ram Bhavnani, and others) were 16.11% invested as of the end of June in bank savings accounts, compared with 6.3% as of the end of 2009, and only 0.98% in 2001, Expansión reports. The high net worth investors see these passive products as a means to obtain good returns without being exposed to the turbulence of the markets. Morinvest (Alicia Koplowitz) had EUR124.93m in investments in bank savings accounts as of the end of June, equivalent to 28.36% of its assets. Keblar (Amancio Ortega) had EUR39.59m in bank savings accounts, equivalent to 26.84% of its total assets. In terms of products, the favourites of the high net worth segment are Banesto and La Caixa.
25/08/2010

Ireland facilitates foreign investment in its funds

The Irish Finance Act 2010 includes a clause which exempts non-resident investors from making a tax declaration for investments in Irish-registered funds, as they are not liable to pay taxes on these investments anyway. The Irish tax authorities considers it more worthwhile to concentrate its attention on the small number of Irish residents investing in these funds, who are subject to tax on their investments.
25/08/2010

Hyposwiss launches its first advertising campaign

Agefi Switzerland reports that the private bank Hyposwiss yesterday kicked off its first advertising campaign, which appears to mock UBS’ slogan “You & Us.” Its message, “It will never be about you and us. It will always be about your money,” the newspaper suggests, may be interpreted as a frontal attack on UBS and on its former advertising slogan. “It could be read that way, but it is not an attack on UBS,” says Declan McAdams, CEO of Hyposwiss, in Geneva. “This campaign is the result of a deep analysis of our clients and our partners internally,” he says. “We want to stand out from the major banks, and our objective is to foreground what is important for clients directly and simply. It is time to insist a little more on management of the client’s money, and less on the relationship aspect.”
25/08/2010

Profits at GAM up 36% in first half

GAM Holding SA on 24 August announced an increase of 36% in its profits for first half, to CHF106.3m, from CHF78.1m one year earlier on a pro forma basis. Last year’s results are given on a pro forma basis and corrected for the IPO of the firm’s US affiliate Artio, its takeover of Augustus Asset Managers, and other one-time elements. The group has posted a net inflow of CHF5.6bn, compared with outflows of CHF1.6bn one year earlier. Inflows of new money totalled CHF3.6bn for the GAM division, compared with -CHF5bn previously, and CHF7.4bn for Swiss & Global, compared with CHF3.7bn previously. Assets under management totalled CHF116.6bn as of the end of June, up 11% year on year, and up 3% compared with the end of December 2009. GAM has also announced the launch of a new share buyback program, which will extend to up to 10% of capital in two years. The program fulfils GAM’s intentions in terms of dividends, as the group is planning to give back 50% of profits to shareholders in the form of dividends, says Johannes de Gier, chairman of the board of directors and CEO, cited in a statement.
25/08/2010

Strategic Investments Group selects State Street

State Street Corporation has announced that it has been selected by the Strategic Investments Group (SIG) to provide investment and fund administration services to its new UCITS product, Strategic Active Trading Funds, launched last May, which has a total of USD250m in assets.
25/08/2010

Lyxor reported to have poached a top head from iShares

On Tuesday, due to the relevant authorized persons being on holiday, Lyxor Asset Management was not able to confirm to Newsmanagers reports in several British media sources that the asset manager has recruited Nizam Hamid, head of sales strategy at iShares Europe since November 2008. Hamid would take over responsibility for global ETF sales, which Dan Draper left behind to join Credit Suisse (see Newsmanagers of 9 February), and which were taken over for the interim by Isabelle Bourcier. Apparently, Bourcier will retain her role as global head of ETFs at Lyxor AM, as part of her responsibilities as head of marketing & sales for listed products at Société Générale.
25/08/2010

Russell makes big inroads with specialised OpenWorld platform in Asia

Asian Investor reports that Russell Investments has a growing presence on the Asian high net worth client services market. Since first quarter 2010, Russell has been offering its dedicated fund platform OpenWorld to private banks in the region, as well as to family offices and high net worth private clients. The platform, launched on the European market in autumn 2008, offers 18 major investment strategies, each of them managed by a single manager. It currently manages USD450m worldwide.
25/08/2010

Threadneedle builds presence in Asia

The British management firm Threadneedle is scaling up its teams in South-East Asia and Taiwan, Asian Investor reports. The group is currently seeking a head of institutional clients for North Asia, and is planning to set up a research team in Singapore in early 2011. In the short term, Sandra Cheng, previously of Deutsche Bank, joins Threadneedle in September as head of institutions for South-East Asia. Sheila Tan, previously based in Hong Kong, will take over as head of activities in Taiwan, where Threadneedle is planning to develop its presence in the institutional client segment. Threadneedle is also in talks with various financial partners in South Korea. Threadneedle is also working to develop new products, including funds denominated in Chinese renminbi.
25/08/2010

Jim Davey becomes head of mutual funds at The Hartford

Jim Davey, Vice President and director of corporate retirement plans-Investment products division at The Hartford, has been appointed head of the mutual funds business for the United States and Canada. He will also be responsible for 529 savings plan activities. He will report to David Levenson, who was appointed head of wealth management in July, Mutual Fund Wire reports.
25/08/2010

Moody Aldrich and Wilshire launch a hedge fund platform

Hedgeweek reports that the Boston investment firm Moody Aldrich Partners has signed an agreement with Wilshire Funds Management, by which Wilshire will help Moody Aldrich to develop its new hedge fudn financing platform, MAP Harvest Fund. Wilshire will be resopnsible for operational due diligence, risk management, and annex services. MAP Harvest Fund will financially assist promising independent hedge funds, and assist them in the development of their key administrative functions and investment tools.
25/08/2010

Gerald Saam leaves Threadneedle

Werner Kolitsch, head of Germany & Austria at Threadneedle, has told Fondsprofessionell that Gerald Saam is leaving the German affiliate of the British management firm, where he was director of institutional sales since last year, by mutual agreement. He joined Threadneedle in October 2007. Saam’s replacement will be appointed by the end of November at the latest.
25/08/2010

FSA hits ZFS with record fine

The British Financial Services Authority (FSA) announced on 24 August that it has levelled a record fine of GBP2.27m against Zurich Insurance plc, an affiliate of Zurich Financial Services Group (ZFS), for losing data on 46,000 clients. It is the largest fine ever from the FSA for lost data.
25/08/2010

RBC Dexia Investor Services appoints a head of funds

RBC Dexia Investor Services has appointed David Dibben as head of global fund products. Based in London and reporting to Rob Wright, global head, product & client segments, he will be responsible for the strategic direction, planning and continued overall success of RBC Dexia’s Fund Products business. Prior to this role, David Dibben was most recently with HSBC Global Asset Management in London as chief operating officer of their global fund ranges where he oversaw the significant growth of their Luxembourg- and Dublin-domiciled funds. He has also held senior management roles with M&G (Prudential), Henderson Global Investors and Norwich Union, and provided consultancy services to a number of major players in the investment industry.
25/08/2010

Jupiter posts net subscriptions in first half

In first half 2010, Jupiter, which made its initial public offering on 21 June, posted net subscriptions of GBP814m, due to inflows to its mutual funds (GBP873m). At the same time last year, the management firm had inflows of GBP917m. For the half, assets are up 2% to GBP19.8bn, compared with GBP19.5bn as of the end of 2009, and GBP15.5bn as of the end of June 2009. Earnings totalled GBP11.7bn, up 40% year on year, due to an increase of GBP29m in net management fees. Pre-tax profits totalled GBP14.6m, compared with a loss of GBP6.5m in the corresponding period of 2009. EBITDA is up 64%, to GBP59.1m.
25/08/2010

IMA makes no changes to absolute return sector

The British investment management association (IMA) announced at the beginning of this week that it has concluded its examination of the absolute return sector, and concluded that no modifications will be introduced at this time. The professional association says in a statement that debates over the sub-categorisation of absolute return funds was no longer ongoing, as the sector is not yet large or mature enough to make changes. The sector, introduced in 2008, was the first IMA category to accept offshore funds. The sector now includes 48 funds, with cumulative assets under management of GBP13.6bn. Of these 48 funds, 10 are offshore funds, with total assets under management of GBP1.2bn.
24/08/2010

Banca March met sur pied un réseau de banquiers indépendants

Selon Expansión relayé par Funds People, Banca March a déjà investi 2 millions d’euros dans une plate-forme technologique qui doit servir de support à un réseau de banquiers indépendants qui justifient d’au moins 15 ans d’expérience et peuvent lui apporter chacun un portefeuille de clientèle représentant un encours de 40 millions d’euros. D’ores et déjà une vingtaine de banquiers, dont des anciens de Fortis, d’UBS, de Banif et de Deutsche Bank auraient adhéré au projet.
24/08/2010

Le contentieux entre Arques et Siemens en voie de solution

Le capital-investisseur Arques Industrie a indiqué lundi dans un communiqué boursier que les négociations avec plusieurs repreneurs potentiels sur la cession de Gigaset (téléphones sans fil) ont atteint un stade avancé et que Siemens, qui détient encore 19,8 % de cette société, est disposé à accompagner cette transaction «de manière constructive». Cela pourrait également laisser présager une solution prochaine des contentieux entre Arques et Siemens, et notamment de la procédure arbitrale engagée par Siemens. D’après la Frankfurter Allgemeine Zeitung, le repreneur le plus probable serait Novero (accessoires pour téléphones portables et équipements mains-libres).Arques a par ailleurs annoncé que son chiffre d’affaires du premier semestre est tombé à 524,6 millions d’euros contre 2,36 milliards suite à l'élagage du portefeuille, mais que l’ebitda a été positif à hauteur de 38,2 millions contre un solde négatif de 16 millions pour la période correspondante de l’an dernier. Compte tenu de charges exceptionnelles sur les activités abandonnées, Arques affiche une perte nette de 8,1 millions d’euros contre 117 millions pour janvier-juin 2009, mais les activités conservées ont généré un bénéfice net de 1,9 million.
24/08/2010
Fonds

Deka Immobilien investit à Paris et à Londres

L’allemand Deka Immobilien annonce avoir acquis pour environ 75 millions d’euros le complexe de trois immeubles Opéra Gramont (8.000 mètres carrés) à Paris pour le compte de son fonds immobilier offert au public WestInvest ImmoValue destiné aux investisseurs institutionnels. Le vendeur est le groupe REIS qui fait partie du Santander Real Estate Advisory Program. L’unique locataire est Coty Inc.D’autre part, Deka a acheté pour 97,1 millions de livres l’immeuble de bureaux 14 Pier Walk (18.400 mètres carrés), loué en totalité pour 20 ans à Transport for London. Cet actif est également affecté au fonds WestInvest ImmoValue.
Fonds
24/08/2010

Bâloise: Martin Kampik nommé directeur pour l'Autriche et l'Europe de Est

Bâloise Holding AG a annoncé le 23 août la nomination de Martin Kampik comme directeur régional pour l’Autriche et l’Europe de L’Est. Martin Kampik revient au siège du groupe dès le 1er septembre 2010, après avoir exercé une responsabilité en Croatie depuis début 2009, où il s’est occupé de la réorganisation, de l’intégration opérationnelle ainsi que du repositionnement des unités du groupe, indique la Bâloise dans un communiqué.Martin Kampik sera chargé de l’expansion et de la coordination des activités du groupe en Autriche et en Europe de l’Est. Il succède à Wolfgang Prasser, qui rejoint la direction de la Bâloise Suisse où il reprendra la direction du management des produits de la clientèle privée.
24/08/2010

Pour certains, le gérant star est un risque

La saga Gartmore a montré les dangers pour une société de gestion d'être trop dépendante d’un ou deux gérants star, analyse le Financial Times Fund Management. Pour Amin Rajan, directeur général de Create Research, essayer d’attirer des encours sur la base du talent comporte de gros risques. Car lorsque le gérant s’en va, l’argent part, ce qui provoque un tremblement de terre pour la société et les investisseurs. L’introduction de co-gérants est la seule façon de diluer la culture du gérant star, estime Mark Dampier, responsable de la recherche de Hargreaves Landsdown. La formation de successeurs à l’avance est aussi une manière de réduire le risque lié à un départ. Quoi qu’il en soit, selon les experts interrogés par le FT FM, seule une minorité de gérants vedette est vraiment talentueuse.

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