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06/05/2010

Barclays recrute chez la Commerzbank

Ralph Stemper a rejoint Barclays comme responsable de la distribution retail en Allemagne et en Autriche, avec entre autres la mission de développer la plate-forme de certificats Bmarkets. L’intéressé était spécialiste des fonds et des certificats à la Commerzbank, entre autres pour les ETF de la marque Comstage. Il est remplacé à la Commerzbank par Anouch Wilhelms.
06/05/2010

Progression de 20% du résultat d'exploitation d'Allianz

Le groupe Allianz a fait état pour le premier trimestre d’un bénéfice d’exploitation de 1,7 milliard d’euros, en hausse d’environ 20%, pour un chiffre d’affaires qui a dépassé la barre des 30 milliards d’euros, grâce à une forte croissance de ses activités dans l’assurance santé et la gestion d’actifs.Le détail des résultats sera présenté le 12 mai prochain.
06/05/2010

Nyse Euronext a ouvert son data center européen

Nyse Euronext a ouvert hier à Basildon, dans la banlieue nord de Londres son data center européen, rapporte l’Agefi. Ce type de structure informatique concentrée sur une zone géographique s’inscrit dans le cadre du développement accru du trading haute fréquence (HFT). L’objectif annoncé de l’opérateur boursier est de fournir une «fiabilité inégalée et une latence la plus basse au monde». Dans un premier temps, quarante sociétés de trading haute fréquence doivent être accueillies en colocation dans le centre européen de Nyse Euronext, ajoute le quotidien.
06/05/2010

Legal & General Investment Management augmente ses encours

Legal & General Investment Management a enregistré des souscriptions brutes de 10,9 milliards de livres au premier trimestre 2010, soit 3,9 milliards de plus qu’au premier trimestre 2009. Ces flux associés à la reprise des marchés ont permis à la société de gestion britannique d’augmenter ses encours de 15 milliards de livres sur les trois premiers mois de 2010 à 330 milliards. Cela représente une hausse de 32 % sur un an.
06/05/2010
Fonds

Thames River fermerait son fonds Currency Alpha

Suite au départ du gérant Bill Muysken, qui retourne chez Mercer Investment Management, Thames River a l’intention de fermer son fonds Currency Alpha qui a été lancé fin octobre, rapporte Investment Week. Ce fonds de fonds censé investir dans 15 à 25 fonds vise une performance annuelle de 10 points de pourcentage au-dessus du taux sans risque, après frais. A fin mars, il avait investi dans 20 gérants mais sa performance depuis le lancement se situait à 1,6 %. Le fonds, conforme à la directive OPCVM III n’a collecté pratiquement aucune souscription externe et affiche un encours de 19,7 millions d’euros.
Fonds
06/05/2010

Martin Currie siphonne toute l'équipe marchés émergents de Scottish Widows

Andrew Ness, Jeff Casson, Divya Mathur et Mohammed Zaidi, qui faisaient partie de l'équipe marchés émergents mondiaux de Scottish Widows Investment Partnership (SWIP), ont rejoint en groupe l'écossais Martin Currie pour compléter son équipe marchés émergents mondiaux. Ils suivent Kim Catechis et Alastair Reynolds, qui étaient également chez SWIP auparavant.
06/05/2010

Quatre départs et deux promotions chez SWIP

Scottish Widows Investment Partnership (SWIP) vient de nommer Mike McNaught-Davis au poste nouvellement créé de responsable des actions internationales (head of international equities). Cela fait suite à la décision de la société de gestion de réunir les équipes marchés développés et marchés émergents mondiaux en un seul pôle actions internationales. Ce dernier couvre les fonds actions monde, Japon, US et marchés émergents de SWIP, soit 6,3 milliards de livres d’encours.Mike McNaught-Davis avait rejoint SWIP en 2008 en tant que directeur des investissement en charge des fonds Europe, Australie et Orient (Europe, Australia and Far East ou EAFE) de la recherche du secteur pharmaceutique. Avant, il a travaillé chez Martin Currie Asset Management et chez F&C Asset Management. Parallèlement, SWIP confirme le départ d’Andrew Ness, Jeff Casson, Mohammed Zaidi et Divya Mathur de son équipe marchés émergents mondiaux. Ils rejoignent le desk marchés émergents de Martin Currie. Côté actions britanniques, SWIP a annoncé également la nomination de Peter Cockburn en tant que responsable des actions UK. Cela fait six ans que ce dernier travaille dans l'équipe actions britanniques de la société de gestion.
06/05/2010

Net redemptions from Asian hedge funds

After two consecutive quarters of net inflows, Asian hedge funds in January-March saw net outflows of about USD700m in first quarter, according to an estimate by Hedge Fund Research (HFR), which attributes this development to uncertainty related to strategic and regulatory risks. However, net outflows were more than offset by positive market effects of USD1.5bn, meaning that hedge funds focused on Asia had assets as of the end of March of USD77.15bn (compared with USD76.34bn three months earlier), and the number of funds had decreased slightly, to 1,036 (compared with 1,039), of which 19.35%, compared with 23.73%, are based in the United Kingdom, and 26.88%, compared with 24.52%, are domiciled in the United States. Though net outflows were modest, they are poor compared with global developments, as hedge funds have seen net inflows overall of USD13.7bn.
06/05/2010

CESR holds round tables on MiFID directive

The Committee of European Securities Regulators (CESR) announced yesterday that on 17 May it will be holding a series of round tables on proposed revisions to the MiFID directive. The transparency of equities markets will be the topic of discussion in the morning session, while the afternoon will cover transaction reporting, intermediaries, and investor protection.
06/05/2010

Feri: Managers predict that 2010 will be the year of emerging markets

A survey of 67 management firms undertaken between 22 March and 12 April by Feri EuroRating Services has found that 85% of respondents are expecting an increase in assets allocated to emerging markets. Emerging markets equities funds have the best potential for inflows, according to 14.1% of respondents, while 13.3% say that emerging market bond funds have the best chances. However, the asset classes which are said to have the highest odds of outflows are corporate bonds (by 24.7% of respondents) and inflation-indexed bonds (by 15.3%). European equities funds are said by only 10.7% of respondents to have favourable prospects for asset inflows.In general, 86% of managers surveyed have positive outlooks about the chances for inflows to diversified funds, and 78% say they have a positive opinion of the prospects for equities funds. However, no trend is apparent for bond funds, and professionals are pessimistic about money market and real estate funds, which are said to have limited potential on the distribution front. According to respondents in the survey, foreign management firms are best positioned to take advantage of the wave of investment in emerging markets. JPMorgan AM was most often cited as an important competitor in the area of equities funds, followed by Aberdeen, HSBC and Schroders, who share third place. For bond funds, managers cite Pictet as their major rival, followed by Swiss & Global, Franklin Templeton, and Schroders.
06/05/2010

20% increase in operating profits at Allianz

The Allianz group has earned net operating profits in first quarter of EUR1.7bn, an increase of about 20%, on earningf of over EUR30bn, thanks to strong growth in health insurance activities and asset management. Detailed results will be released on 12 May.
06/05/2010

Barclays recruits a head from Commerzbank

Ralph Stemper has joined Barclays as head of retail distribution for Germany and Austria. His responsibilities will include developing the Bmarkets platform. Stemper was previously a specialist in funds and certificates at Commerzbank, for ETFs of the Comstage bank and other products. At Commerzbank, he is replaced by Anouch Wilhelms.
06/05/2010

Losses reduced at Wisdom Tree

In first quarter, Wisdom Tree has seen net losses of USD3.6m by GAAP accounting standards, compared with USD5m in October-December and USD6.01m in the corresponding period of last year. As of March 31, 2010, assets under management managed by WisdomTree or against WisdomTree Indexes was USD7.4bn, up 11% and ETF AUM was USD6.7bn, up 12% from December 31, 2009. Net subscriptions to ETFs totalled USD582m, largely to funds specialised in emerging market currencies and equities.
06/05/2010

Net losses at AllianceBernstein in January-March

In first quarter, net profits at Alliance Bernstein (USD148m) may have been higher than the USD37m the firm lost in January-March 2009, but they were lower than the USD192m negative result for October-December. Assets as of 31 March were up 1%, or USD5bn, compared with the end of December, and 22%, or USD90bn over the end of March 2009, to a total of USD501.3bn, but this increase is due exclusively to positive market effects, as the group saw net outflows in first quarter of USD6.4bn, a reduction of 62% compared with the previous quarter, and of 68% compared with the corresponding period of 2009, In January-March 2010, institutional investors in particular withdrew USD8.6bn.
06/05/2010

Raphaëlle Gaillard leaves BNP Paribas IP/Fortis for ING IM

Raphaëlle Gaillard has been appointed as director of institutional clients in charge of the banking and insurance segment at ING Investment Managment France, effective from 3 May 2010, replacing Christèle Nouvellon, who has left the firm. Gaillard joined ING Investment Management after eight years as head of sales for the French institutional team at BNP Paribas IP / Fortis Investments, and five years at Dexia Asset Management France.
06/05/2010

Losses at Och-Ziff in first quarter

In first quarter 2010, Och-Ziff Capital Management Group has posted a net loss of USD88.6m, or USD1.07 per share. Assets under management as of 1 April totalled USD25.3bn, compared with USD23.5bn as of 1 January, and USD20.3bn as of 1 April 2009. At the beginning of May, assets under management totalled about USD26bn, due to net inflows of USD1.6bn and asset increases related to positive performance of about USD9bn.
06/05/2010

Brice Le Renard leaves 1818

La Companie 1818 has announced the departure of fund manager Brice Le Renard, says Citywire. He is understood to have moved to a rival asset manager.The running of Le Renard’s funds - Actif Reactif, Libre Actif, Reactif and Vega Monde Multi Secteurs - have been delegated to Sophie Ginisty and Eva Baligand.
06/05/2010

Outflows from asset management at BNP Paribas

Net asset outflows from BNP Paribas’ Investment Solutions division in first quarter totalled -EUR0.2bn, with good asset inflows in Private Banking (+EUR1.7bn) slightly more than offset by continued asset outflows in Asset Management (-EUR4.3bn) essentially from money market funds and equities, whilst flows remained positive for bond funds. After the integration of the BNP Paribas Fortis businesses, in particular in Private Banking and Asset Management, the Investment Solutions division took on new dimensions, as illustrated by the level of assets under management, which rose to EUR874bn as of 31 March 2010, compared with EUR510bn as of 31 March 2009. Assets were up 16% compared to 31 March 2009 at constant scope. In addition, the inclusion of Fortis Investment’s assets resulted in a decline in the relative weight of money market funds (from 31% to 22%) in Asset Management, primarily in favour of bond assets. In this new scope, the division’s revenues, at EUR1.444bn, were up 26.0% compared with first quarter 2009. At constant scope and exchange rates, they were up 4.3%. At EUR1.023bn, operating expenses were down slightly compared to first quarter 2009 (-0.8%2) thanks to cost-cutting efforts undertaken at all the business units in 2009. These operating performances helped the division to drive gross operating income up 19.4%2 compared with the same period a year earlier. Pre-tax income thus came to EUR467m, up 33.6%2 compared with first quarter 2009.
06/05/2010

Layoffs at Oppenheimer

Mutual Fund Wire reports that Oppenheimer Funds is continuing its adaptation to the Lehman crisis, and will lay off 15 from its marketing team, and 10 others from its 519 savings plan activities. Meanwhile, Marty Willis, chief marketing officer, has recruited Lori Heinel, managing director and head of investment solutions at Citi Private Bank, to lead a new investor services team, which will be in charge of explaining investment decisions to clients.
06/05/2010

Strong increase in AUM at Axa in first quarter

Earnings for the asset management division at Axa were up 10% in first quarter to EUR809m, largely due to high average assets under management per client. Net outflows totalled EUR12bn, (compared with about EUR21bn in fourth quarter 2009), largely due to a significant decrease in outflows from AllianceBernstein in the institutional client segment. Outflows from AXA Investment Managers were largely in the institutional client segment (particularly at AXA Rosenberg). Assets under management totalled EUR877bn, well above the levels announced on 31 December 2009 (EUR845bn), due to rising markets (EUR19bn) and favourable currency effects (EUR25bn, largely due to a rising US dollar against the Euro). Earnings for life insurance, savings, and retirement activities were up 0.6% to EUR16.54bn. Net inflows were positive to the tune of EUR4bn, higher than the EUR3.3bn inflows in first quarter 2009. This increase of EUR0.7bn is largely due to an increase in inflows (of EUR0.3bn) and to a higher rate of retention of clients (EUR0.4bn).
06/05/2010

Madoff scandal: Finma cancels license of Genevalor

Le Temps reports that the Swiss asset management firm Genevalor, Benbassat & Cie announced on Wednesday that Finma has cancelled its license to act as a representative for foreign investment funds. The Geneva-based independent wealth management firm for years distributed a fund in Switzerland, France, and Germany entitled Thema International, from which investors’ money was channelled entirely into the Bernard Madoff fraud.
06/05/2010

Thames River to close Currency Alpha fund

Following the departure of Bill Muysken, who is returning to Mercer Investment Management, Thames River is planning to close its Currency Alpha fund, which was launched in late October, Investment Week reports. The fund of fund aims to invest in 15 to 25 funds and to earn returns 10 percentage points above the risk-free interest rate, before fees. As of the end of March, the fund had invested in 20 asset management firms, but returns since launch totalled 1.6%. The fund, which is compliant with UCITS III, has brought in virtually no external inflows, and has assets of only EUR19.7m.
06/05/2010

New appointments at Deutsche Bank Private Wealth Management

Asian Investor reports that Deutsche Bank Private Wealth Management has hired Teddy Chu and Andrew Chanen to replace Shirley Yap and Helen Li, who left the firm in February this year, and have since joined the Swiss private bank Clariden Leu. Chu and Chan will begin in their new positions in the regional wealth management team on 19 April. Chu becomes head of wealth planning for nothern Asia, while Chan becomes a wealth planner. They will both be based in Hong Kong. Chu and Chan previously worked at HSBC Trustee, a division of HSBC Private Bank in Hong Kong.
06/05/2010

Credit Suisse closes Christian investment fund

Agefi Switzerland reports that the Christian Values Fund, launched in 2007 by Credit Suisse, failed to convince investors, and has been abandoned after only 18 months of activity. About EUR45m were invested in the portfolio, based in Luxembourg. The fund offered shares in businesses, bonds, and investments in currencies, washed of the sins of the conventional economy. The fund defended family values, environmental protection and fair trade. It recommended firms such as ABB, for its pro-family social policies, and Max Havelaar, who defends small banana and cocoa producers.
06/05/2010

Increase in assets at LGIM

Legal & General Investment Managemetn has posted gross subscriptions of GBP10.9bn in first quarter 2010, GBP3.9bn more than in first quarter 2009. These inflows, as a result of rising markets, have allowed the UK asset management firm to increase its assets by GBP15bn in the first three months of 2010, to GBP330bn. This represents a 32% increase year on year.
06/05/2010

Four departures and two promotions at SWIP

Scottish Widows Investment Partnership (SWIP) has announced the appointment of Mike McNaught-Davis to the newly created role of Head of International Equities. Following a strategic review of SWIP’s international equity business, SWIP has taken the decision to combine global developed and global emerging markets to create an International Equities team. The team will drive performance across SWIP’s global, Japanese, US and emerging market equity funds, totalling GBP6.3 billion in assets. Mike McNaught-Davis joined SWIP’s Global Developed Markets team in March 2008 as Investment Director responsible for managing SWIP’s Europe, Australia and Far East (EAFE) funds and for researching the global pharmaceutical sector. Prior to joining SWIP, Mike worked at Martin Currie Asset Management and at F&C Asset Management. SWIP can also confirm that Andrew Ness, Jeff Casson, Mohammed Zaidi and Divya Mathur will be leaving its Global Emerging Markets team. A departure date has yet to be confirmed and in the meantime they will work with Mike McNaught-Davis and the International Equities team to ensure a smooth handover of responsibility and continuity of service for clients. Separately, Scottish Widows Investment Partnership (SWIP) has announced the appointment of Peter Cockburn as Head of UK Equities. He has worked within SWIP’s UK Equities team for six years and has been acting Head of UK Equities since September 2009. In his new role, Peter Cockburn has overall responsibility for the management of UK equity funds across both the retail and institutional market places.
06/05/2010

Martin Currie hires an entire emerging markets team from Scottish Widows

Andrew Ness, Jeff Casson, Divya Mathur and Mohammed Zaidi, who formerly belonged to the global emerging markets team at Scottish Widows Investment Partnership (SWIP), have joined the Scottish Martin Currie group, as additions to its global emerging markets team. They follow Kim Catechis and Alastair Reynolds, who were also previously at SWIP.
06/05/2010

Henderson creates a newcits version of Global Currency fund

Henderson New Star has launched a UCITS III-compliant version of its Global Currency hedge fund, based in the Cayman Islands, in Luxembourg. The fund has earned annual returns of over 13% since 2000 (except for returns of 3.4% in 2008), Funds People reports. The product is 70% invested in currencies of the G10, while the remainder is invested in local currencies of emerging markets.
05/05/2010

Bas Rijke prend la tête de Sarasin Genève

Bas Rijke, l’actuel directeur général de Fortis Suisse, devient directeur de la succursale genevoise de Sarasin avec une entrée en fonction au 1er août prochain. Il sera également responsable régional des marchés néerlandais, belge et français pour les activités de private banking de toutes les succursales. Bas Rijke siègera également à la direction de la division Private Banking et sera directement subordonné à Eric G. Sarasin. Il succède à Kristinn Kristinsson, qui avait quitté la direction de la succursale genevoise de Sarasin en septembre 2009.

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