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24/04/2009

Fleming Family and Partners FCM associe Spring CP à sa commercialisation

Fleming Family and Partners Capital Management vient de s’adjoindre les services de Spring Capital Partners pour l’aider à commercialiser sa gamme de fonds d’investissement sur le marché du Royaume-Uni. Spring CP va débuter en introduisant dans cette gamme deux fonds UCITS III de droit irlandais : FCM European Total Return Fund, un fonds visant la préservation du capital avec une volatilité faible; et FCM European Opportunities Fun, à gestion plus audacieuse admettant une volatilité moyenne. Créé en 2004 pour sélectionner des gérants spécialisés dans la recherche de la performance absolue, Fleming Family and Partners Capital Management (FCM) est une filiale du groupe Fleming Family and Partners, totalisant 4,1 milliards de livres sterling d’encours sous gestion et d’honoraires de conseil.
24/04/2009

Schroders voit ses encours baisser au T1

Au premier trimestre 2009, Schroders a vu ses encours reculer de 7 milliards de livres par rapport à la fin 2008 à 103,1 milliards. La société de gestion a subi des rachats de 2,4 milliards de livres de la part d’investisseurs institutionnels. Sur les trois premiers mois de l’année, le bénéfice avant impôts et éléments exceptionnels de l’Asset Management et du Private Banking se tasse à 35,9 millions de livres, contre 77,8 millions au premier trimestre 2008. Après éléments exceptionnels, le bénéfice ressort à 12,2 millions de livres, contre 42,2 millions au T1 2008. Cette chute du bénéfice est surtout le fait de l’Asset Management, le résultat de la banque privée étant relativement stable. Schroders note que le «niveau de la volatilité sur les marchés financiers au premier trimestre devrait persister et continuer à affecter la demande des investisseurs». Dans ce contexte, «nous avons réduit nos coûts de personnels, ce qui conduira à une baisse des autres coûts plus tard dans l’année et 2010".
24/04/2009

Albert Cobti quitte Natixis Multimanager

Selon Citywire du 23 avril, Albert Cobti a quitté Natixis Multimanager, dont il était CIO. Dans ce contexte, Xavier Laurent devient responsable de la multigestion traditionnelle, ajoute le site Internet.
24/04/2009

Abu Dhabi - Mubadala publie son premier rapport annuel

Mubadala, l"un des véhicules d"investissement d"Abu Dhabi les plus actifs, a publié son premier rapporte annuel, rapporte le Financial Times. L"investisseur a accusé une perte de 2,5 milliards d"euros en 2008.
24/04/2009

Arobas Finance lance une plate-forme

Le cabinet de gestion de patrimoine indépendant Arobas Finance lance une plate-forme FCPI, FIP, SOFICA, SCPI dédiée aux CGPI. «Nous proposons une base de prospects et clients ciblés et proches géographiquement des cabinets avec lesquels nous serons amenés à collaborer. Cela permettra de nous rapprocher de nos clients», indique le communiqué. «Nous sommes également à l"écoute de «prises de participations ou de rachats de cabinets avec lesquels nous nous engagerons dans un accompagnement» commercial et administratif pour une bonne continuité de nos activités», poursuit-il. L"objectif annoncé est de signer «25 conventions de qualité» d’ ici 18 mois.
24/04/2009

Le Crédit Agricole unifie ses systèmes d?information

Selon La Tribune, le Crédit Agricole lance l’unification de ses systèmes d’information. L’objectif est d’avoir d’ici cinq ans un seul et unique système d’information à la place des cinq existants dans le réseau de la banque verte. Les études de faisabilité dureront jusqu’au premier trimestre 2010. Le coût du projet dépassera plusieurs centaines de millions d"euros.
24/04/2009

La MGEN en déficit en 2008

La Mutuelle générale de l'Éducation nationale (MGEN) affiche un déficit de 44,8 millions d’euros au lieu des 15 millions qu’elle avait anticipés, indique La Tribune. La MGEN invoque des « défauts de produits ». Pour la première fois depuis 1985, la mutuelle prévoit d’augmenter son taux de cotisation, qui pourrait passer de 2,5 % du traitement (salaire des fonctionnaires) à plus de 3 % en 2010.
24/04/2009

Deborah Doyle McWhinney va diriger la division PWM de Citi

Citigroup a annoncé la nomination de Deborah Doyle McWhinney comme head of Citi Personal Wealth management, ce recouvre à la fois le réseau existant aux Etats-Unis de conseillers financiers en agence ainsi que d’autres services de planification financière et de gestion de fortune. L’intéressée, qui a été president de Charles Schwab Institutional jusqu’en 2007 a ensuite été CEO & president de la Dennis and Phyllis Washington Foundation.
24/04/2009

Quelques bonnes nouvelles chez Janus Capital

Le bénéfice net du premier trimestre a certes plongé de 93 % à 2,7 millions de dollars ou 2 cents par action, mais les dépenses d’exploitation de Janus Capital se sont contractées de 29 % grâce entre autre à la suppression de 112 emplois au quatrième trimestre 2008. De plus, souligne The Wall Street Journal, les sorties nettes se sont limitée à 900 millions de dollars, dont 300 millions imputables à des réallocations par des clients qui reviendront, contre 3 milliards en octobre-décembre. A fin mars, l’encours de 110,9 milliards de dollars affichait une baisse de 10 % sur fin décembre et une contraction de 41 % sur un an.
24/04/2009

Brian Hogan promu patron de la gestion actions chez Fidelity

Deux semaines après l’annonce du départ de son CIO actions Walter Donovan chez Putnam Investments, Fidelity Investments a indiqué que le nouveau patron de la gestion de fonds d’actions (491 milliards de dollars d’encours) sera Brian Hogan, qui compte 15 ans d’ancienneté et qui a depuis 2006 le titre de senior vice president of equity research, rapporte The Wall Street Journal.
24/04/2009
Fonds

CME Group en chute de résultat de 30%

Né de la fusion du Chicago Mercantile Exchange, du Chicago Board of Trade (CBoT) et du Nymex, CME Group, le géant des marchés des produits dérivés de Chicago, a connu un premier trimestre difficile, indique La Tribune. Son résultat pro forma non Gaap (qui permet de comparer les comptes 2009 et 2008 en intégrant Nymex) a reculé de 30 % à 213 millions de dollars.
Fonds
24/04/2009

BofA contraint d?acquérir Merrill Lynch

Ken Lewis, le directeur général de Bank of America, a uniquement accepté d"acquérir Merrill Lynch parce que Hank Paulson, alors secrétaire au Trésor, agissant à la demande de Ben Bernanke, avait menacé de le limoger ainsi que son conseil d"administration, rapporte le Financial Times. C"est ce qu"a déclaré Andrew Cuomo, procureur général de New York, dans une lettre aux officiers fédéraux. A l"époque, les dirigeants US craignaient que la faillite d"une nouvelle banque d"investissement de Wall Street ne provoque la panique des investisseurs.
24/04/2009

Morgan Stanley pourrait externaliser PDT

Selon les proches du dossier, Morgan Stanley étudie l'éventualité d’une cession de sa plus grosse équipe de négoce en compte propre (proprietary-trading desk) connue sous le nom de Process Driven Trading ou PDT, qui a généré 6,5 milliards de dollars de bénéfice avant impôt depuis 1993. The Wall Street Journal rapporte que PDT, qui utilise des méthodes quantitatives, pourrait être confié à un hedge fund dans lequel Morgan Stanley conserverait une participation importante. Les dirigeants de Morgan Stanley réfléchissent à cette solution pour deux raisons : d’une part, le gouvernement américain veut limiter les rémunérations dans les entreprises qui ont bénéficié d’une aide de l’Etat. De l’autre, Washington exige des sociétés qui ont profité du programme TARP (Troubled Asset Relief Program) qu’elles prouvent avant d’embaucher des étrangers qu’elles ont effectivement proposé le poste à un Américain?
24/04/2009
Fonds

Les actifs de Stanford ont été gonflés

La valeur de la plupart des actifs des sociétés liées à Sir Allen Stanford, le milliardaire accusé d"un plan Ponzi, a été gonflée, selon Ralph Janvey, le mandataire liquidateur nommé par la justice américaine pour superviser les affaires du groupe, cité par le Financial Times.
Fonds
24/04/2009

External distributors play a key role

Third-party distributors, particularly global banks and local financial advisors and brokers, are key partners in distribution of UCITS funds in all regions, according to a study entitled ?UCITS as a Global Brand,? undertaken by Lipper Feri on behalf of Efama, which surveyed 22 major asset management firms.The findings point to the importance of understanding the consequences of the financial crisis for third-party distributors and to the elaboration and redefinition of cross-border distribution of UCITS funds. Given this importance, Efama notes, participants in the study consider that one of the strategies that is helping them to confront the financial crisis is to seek new distribution partners. This concern comes after cost reductions, but before launches of new products.
24/04/2009

Wave of restructuring to come in asset management, says Fitch

In a special study published on Thursday, Fitch Ratings predicts that the German asset management sector will continue to experience difficult market conditions throughout 2009, both in terms of growth and profitability, and that this will result in a process of consolidation and strategic reorientation.Management firms have been noticeably affected by the global financial crisis, though they have conservative risk profiles, with a significant portion of their activities in money market, bonds, and protected capital funds, while the proportion of equities funds is low, and funds are using only limited levels of leverage.Roger Schneider, director of the fund & asset manager rating group at Fitch, says cost reductions to bring them in line with falling revenues are inevitable, and that asset managers will need to find a balance between adjusting their business models and the consequent costs without compromising the depth and quality of their research or their investment processes, which are decisive parts of their capacity to profit from a rebound on the markets at a later date. This pressure is opening the door to consolidation, and creating new horizons for more frequent cooperations and partnerships both nationally and internationally, which the sector has been reticent about in the past.
24/04/2009

Banks reorganise fund management activities

As elsewhere in Europe, Spanish banks are planning to sell off or reshuffle their fund management activities, Cinco Días reports. For the moment, the only firm to have announced that it would like to sell its asset management unit is Santander, but the sale has not taken place, since the bank is asking EUR3bn, which is too much, and because some of the potential buyers are suffering due to the crisis. Meanwhile, Santander Asset Management has cut back the number of funds in its range by 10% since the end of 2007, and it is now beginning to merge funds which use the same strategies at different fee levels, depending on whether they are sold by Santander, Banesto or Banif. Sabadell, for its part, is reducing the number of its funds to 87 from 100, and has created a new affiliate, BanSabadell Securities Services, to manage the entire securities services process; the firm may provide securities services to other management firms also. Caixa Tarragona has opted for another solution, by outsourcing management of its funds (to Intermoney Valores), while continuing to offer its products and receiving the commissions for them.
24/04/2009

Stanford assets were inflated

The value of most assets held by companies related to Sir Allen Stanford, the billionaire accused of operating a Ponzi scheme, was inflated, says Ralph Janvey, the liquidator appointed by US courts to supervise the group’s affairs, cited by the Financial Times.
24/04/2009

Inflows to life insurance rise

Life insurance contributions climbed 22% in March 2009 compared with the same month of the previous year, after 27 consecutive moths of decline since December 2006, according to the most recent internal study by the French federation of insurance companies (FFSA), viewed by La Tribune. Cumulative payments into policies in the first three months of the year are up 3% to EUR37.5bn, despite decreases in January and February.
24/04/2009

Fidelity to close its multi-management funds

Ignites Europe reports on 23 April that Fidelity International will close its OEICS multi-management funds Special Situations and Equity Income. Subscribers will be offered a free transfer to other funds of the product range.
24/04/2009

Profits down at SEB Wealth Management

In first quarter, the Wealth Management division of the Swedish bank SEB, which includes institutional clients and private banking activities, saw a decline in operating income of 36% compared with the previous quarter, to SEK881m, ?largely due to a 10% fall in assets under management compared with the previous year, and falling revenues from performance and transaction fees,? explains a statement. Despite a 6% decline in operating expenses to SEK666m, operating profits were down 68% to SEK215m in the first three months of the year.Assets under management by the division dipped 1% compared with the end of last year to SEK1,128bn, ?largely due to the downturn on the markets.? ?The effects of exchange rates and net subscriptions of SEK8bn made it possible to limit this decline in assets,? the statement says.
24/04/2009

Some bright sides to the news at Janus Capital

Net profits for first quarter may have fallen 93% to USD2.7m or 2 cents per share, but operating costs at Janus Capital contracted by 29%, thanks to 112 layoffs in fourth quarter 2008. In addition, the Wall Street Journal points out, net outflows were limited to USD900m, of which USD300m were due to reallocations by clients who will return, compared with USD3bn in outflows in October-December. As of the end of March, assets of USD110.9bn were down 10% compared with their levels at the end of December, and down 41% in one year.
24/04/2009

India - BNP Paribas to sell asset management activities to Fortis

The Financial Chronicle reports that BNP Paribas may sell the asset management activities of Fortis in India, following its acquisition of the Belgian bank. The two groups currently have separate fund management activities in the country, which is not allowed by Indian law, Dow Jones reports.
24/04/2009

Agreement on staff reduction plan at Franklin Templeton

Negotiations between Franklin Templeton International Services SA and representatives of its personnel on 21 April concluded in an agreement over a cutback plan. Staff will be reduced by 16 people, out of a total of 141, of which 14 will be involuntary departures; 17 involuntary departures had initially been planned.
24/04/2009

Deborah Doyle McWhinney to lead PWM division of Citi

Citigroup has announced the appointment of Deborah Doyle McWhinney as head of Citi Personal Wealth Management, which includes both the existing network of agency-based financial advisors in the United States and other financial planning and wealth management services. McWhinney was president of Charles Schwab Institutional until 2007, and then served as CEO and president of the Dennis and Phyllis Washington Foundation.
24/04/2009

Fidelity buys stake in Deutsche Borse

Fidelity has bought a 2.91% stake in Deutsche Börse via its British affiliate, the German stock market company has confirmed, according to reports in Handelsblatt. Fidelity becomes the second investor to become known since it was learned that the hedge funds TCI and Atticus had sold their stakes (totalling 16%), Handelsblatt notes. The first was the American management firm Wellington, which acquired slightly over 3% of capital in the firm.
24/04/2009

Brian Hogan promoted to head of equities management at Fidelity

Two weeks after the announcement of the departure of its equities CIO, Walter Donovan, to Putnam Investments, Fidelity Investments has announced that the new chief investment officer for equities fund management (USD491bn in assets) will be Brian Hogan, who has 15 years’ seniority, and who has served as vice president of equity research since 2006, the Wall Street Journal reports.
24/04/2009

Assets down at Schroders in Q1

In first quarter 2009, Schroders has seen a decline in its assets under management of GBP7bn compared with the end of 1008, to GBP103.1bn. The management firm has undergone redemptions of GBP2.4bn from institutional investors.In the first three months of the year, pre-tax profits and exceptional elements in Asset Management and Private Banking are down to GBP35.9m, compared with GBP77.8m in first quarter 2008. After one-time elements are taken into account, profits total GBP12.2m, compared with GBP42.2m in Q1 2008. This decline in profits is largely due to Asset Management, while results for the private bank have remained relatively stable.Schroders notes that the ?level of volatility on the financial markets in first quarter is expected to persist, and will continue to affect demand on the part of investors.? In this context, ?we have reduced our personnel costs, which will lead to a reduction in other costs later in the year and in 2010.?
24/04/2009

Arobas Finance launches a platform

The independent wealth management platform Arobas Finance will launch a platform for FCPI, FIP, SOFICA, and SCPI products dedicated to IFAs. ?We will offer a base for prospective clients and targeted clients, which will direct them to agencies geographically near to them. This will allow us to bring us closer to our clients,? says a statement. ?We are also on the lookout for ‘investments or acquisitions of agencies with which we would be able to cooperate’ in a commercial and administrative partnership to provide optimal continuation of our activities,? the statement continues. The announced objective is to sign ?25 quality agreements? in the next 18 months.

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