Legal & General Investment Management (IM) a connu une année faste en 2013. L’an dernier, la société de gestion, filiale de l’assureur Legal & General, a engrangé 9,3 milliards de livres de collecte nette auprès de la clientèle externe, en hausse de 75 % par rapport aux 5,3 milliards enregistrés en 2012. De fait, Legal & General IM recueille les fruits de son expansion internationale. Le gestionnaire d’actifs a en effet enregistré un doublement des souscriptions nettes auprès des clients externes internationaux, à 15,7 milliards de livres en 2013 contre 7,8 milliards de livres en 2012. A elle seule, la filiale Legal & General IM America a reçu 5 milliards de livres de souscriptions nettes. En revanche, au Royaume-Uni, la société de gestion accuse une décollecte nette de 6,4 milliards de livres liée aux paiements de retraites dans le cadre de fonds à contribution définie.Portés par cette forte collecte nette et un effet de marché positif, ses actifs sous gestion progressent de 10,7 % pour ressortir à 449,5 milliards de livres fin 2013 contre 406 milliards fin 2012. A eux seuls, les encours à l’international augmentent de 37 % pour atteindre 59 milliards de livres, contre 43 milliards en 2012. «Nous continuons de construire notre présence en Europe et dans les pays du Golfe avec des ventes record dans chacune de ces régions en 2013», s’est enorgueillit la compagnie dans un communiqué tout en rappelant avoir obtenu une licence au second semestre 2013 pour sa filiale en Asie.Dans un tel contexte, Legal & General IM enregistre des résultats financiers de bonne facture. Ses revenus progressent en effet de 11 % sur un an, à 594 millions de livres tandis que son résultat opérationnel augmente de près de 12 % pour ressortir à 304 millions de livres en 2013 contre 272 millions en 2012. En 2013, le groupe Legal & General a réalisé des «résultats records», faisant état d’un résultat opérationnel de 1,15 milliard de livres, en hausse de 7 % sur un an, et d’un bénéfice net de 896 millions de livres, en croissance de 12 % par rapport à 2012. Legal & General propose donc une hausse de 22 % du dividende.

Franklin Templeton vient de recruter Mark Dunn en provenance de Carmignac Gestion pour diriger son équipe commerciale pour sa gestion discrétionnaire au Royaume-Uni, révèle FT Adviser. Mark Dunn, qui doit rejoindre la société de gestion le 1er avril, a travaillé pendant deux ans pour Carmignac Gestion en tant que responsable commercial pour le Royaume-Uni. Auparavant, il était responsable du développement stratégique chez LV Asset Management.

TA Associates a vendu sa dernière participation dans Jupiter, représentant 10,6 % du capital, ce qui a fait chuter le cours de l’action d’environ 5 % dans la matinée de mercredi, rapporte Investment Week. Les titres ont été cédés à 406 pence l’unité, ce qui a rapporté 197 millions de livres à la société de private equity. Cette dernière, qui avait soutenu le MBO de Jupiter en 2007, détenait encore 22 % de la société en 2010.

P { margin-bottom: 0.08in; } The Credit Suisse LAB index of the hedge fund sector in February rose by 1.49%, after a decline of 0.94% in January. The Event Driven strategy recorded the best performance in the month under review, with gains of 2.29%. In the first two months of the year, it also leads, with returns of 2.47%.

P { margin-bottom: 0.08in; } TA Associates has sold its last stake in Jupiter, representing 10.6% of capital, which drove down shares by 5% in the morning, Investment Week reports. The shares were sold at 406 pence each, which brought in GBP197m for the private equity firm. The firm, which supported the Jupiter MBO in 2007, still controlled 22% of the firm in 2010.

P { margin-bottom: 0.08in; } Franklin Templeton has recruited Mark Dunn from Carmignac Gestion to lead its sales team for discretionary management in the United Kingdom, FT Adviser reports. Dunn, who will join the firm on 1 April, previously worked for two years at Carmignac Gestion as director of sales for the United Kingdom. He was previously head of strategic development at LV Asset Management.

P { margin-bottom: 0.08in; } Legal & General Investment Management (IM) has had a record year in 2013. Last year, the asset management firm, an affiliate of the insurer Legal & General, took in GBP9.3bn in inflows from external clients, up 75% compared with GBP5.3bn in 2012. Legal & General IM has harvested the fruits of its international expansion. The asset management firm has seen its net subscriptions double to international external clients, to GBP15.7bn in 2013, compared with GBP7.8bn in 2012. Legal & General IM America single handedly took in GBP5bn in net subscriptions. However, in the United Kingdom, the asset management firm has seen net outflows of GBP6.4bn, related to payments for redemptions to defined contribution funds. Driven by these strong net inflows and positive market effects, assets under management are up 10.7%, to a total of GBP449.5bn as of the end of 2013, compared with GBP406bn at the end of 2012. International assets alone were up 37% to a total of GBP59bn, compared with GBP43bn in 2012. “We are continuing to construct our presence in Europe and the Gulf countries with record sales in each of these regions in 2013,” the company said in a statement, adding that it received a license for its Asian affiliate in 2013. In this context, Legal & General IM has posted good financial results. Its revenues are up 11% year on year, to GBP594m, while operating profits are up by nearly 12% to GBP304m in 2013, compared with GBP272m in 2012. In 2013, the Legal & General group earned “record profits,” reporting operating profits of GBP1.15bn, up 7% year on eyar, and net profits of GBP896m, up 12% compared with 2012.

P { margin-bottom: 0.08in; } Three members of the sales teams at Invesco Perpetual left the firm to join their old colleague, Neil Woodford, at his new firm, Oakley Capital, Investment Week reports. The three, currently on gardening leave, will join Oakley Capital shortly after Woodford launches Woodford Investment Management.

P { margin-bottom: 0.08in; } Neuberger Berman is planning to double its teams in Switzerland in the next two years, Fabio Castrovilliari, head of the Swiss market at the US asset management firm, tells Finews. So far, 4 people are working for Neuberger Berman in Switzerland, out of 2,000 employees for the group worldwide. “But considering flows from Swiss clients, we are the third largest market for the group,” sayas the regional head. In total, Neuberger Berman has USD242bn in assets under management worldwide.

P { margin-bottom: 0.08in; } The Morgan Stanley group has initiated the sales process for its private banking activities in Switzerland, Bank Morgan Stanley AG, the website finews reports. The decision comes as part of a restructuring of wealth management activities at Morgan Stanley. Morgan Stanley did not wish to comment, but did not deny the reports. Morgan Stanley has about 130 employees in its private banking activities in Switzerland, whose assets under management total about CHF10bn. As the process has been initiated, an agreement over the sale of the activity may come within second quarter, finews reports.

P { margin-bottom: 0.08in; } Russell Investments France on 5 March announced the recruitment of Katia Champrade as head of compliance and internal controlling. In this role, she will be responsible for prevention of risks and managing compliance procedures, as well as legal responsibility for funds. Chauprade will report directly to Dominique Dorlipo, chairman of Russell Investments France. She will work in coordination with the teams at Russell Investment based in London. Chauprade previously served in a similar role for 3 years at Financière de l’Echiquier. Before that, she held responsibilities for 7 years at the AFG (l’Association Française de la Gestion financière).

P { margin-bottom: 0.08in; } Emil Wolter has been appointed as co-manager of the Magellan Sicav and investment adviser for Comgest Growth Emerging Marktes, alongside Vincent Strauss and Wojciech Stanislawski. Wolter, who joined Comgest in 2012 and has 19 years of experience, replaces Jean-Louis Scandella, who has stopped his role in the Emerging Countries team, and will leave Comgest at the end of May to pursue other personal projects, a statement says. Stanlislawski now replaces Jean-Louis Scandella alongside Vincent Strauss and Galina Besedina, also an investment adviser at Comgest Growth Emerging Markets Promising Companies, the midcaps version extended to frontier markets of its main emerging market strategy. Comgest also on Wednesday, 5 March announced the recruitment of the South African Slabbert Van Zyl, who joined Comgest in Paris in early February to strengthen its research capacities in African equities.

P { margin-bottom: 0.08in; } Net inflows at Union Investment last year totalled EUR10.1bn, according to preliminary figures released on 5 March. Assets under management rose by 8.2%, to EUR206.2bn, compared with EUR189.5bn as of the end of 2012. Institutional inflows totalled EUR6.4bn while retail inflows totalled EUR3.7bn.

P { margin-bottom: 0.08in; } Threadneedle Investments has recruited Marc Schlamann as head of distribution for northern Germany, Das Investment reports. Schlamann previously worked at Fidelity Worldwide Invesment as regional head of distribution.

P { margin-bottom: 0.08in; } There has been a review of staff on the team dedicated to emerging markets at JP Morgan Asset Management. The US asset management firm has added Sebastian Luparia to the team in charge of the Total Emerging Market fund, Fundweb reveals. Luparia, who had previously been co-manager of the JP Morgan Brazil Investment Trust, has been appointed as co-manager of the JP Morgan Total Emerging Markets and JP Morgan Total Emerging Markets Income Sicav funds. He will be responsible for portfolio construction and risk management. Luparia will work alongside Richard Titherington, chief investment officer for emerging market equities, and Pierre-Yves Bareau, chief investment officer for emerging market debt. Meanwhile, JP Morgan AM has appointed Sophie Bosch de Hood as co-manager of the JP Morgan Brazil Investment Trust, alongside Luis Carillo. She will also be principal manager of offshore Brazil equity funds, including the JP Morgan Brazil Equity Fund Sicav.

European funds of funds look set to resume a recent pattern of strong growth lifted by increased demand for multi-asset funds of funds in the wake of the financial crisis, Net new flows into fund-of-funds across Europe exceeded EUR40 billion in 2013, the biggest inflow in recent years, according to the March issue of The Cerulli Edge-Global Edition. More than 300 multi-asset funds of funds were launched in 2013.The United Kingdom has one of the strongest growth rates for funds of funds, with assets under management (AUM) almost doubling in the last five years to more than EUR100 billion.AUM in funds of funds have also soared in Scandinavia; more than tripling in Sweden and Norway, and more than doubling in Finland and Denmark.Finally, demand for funds of funds in Germany and France recovered in 2013 after two years of outflows.

P { margin-bottom: 0.08in; } Azimut has finished the month of February with net inflows of EUR598m, bringing total inflows since the beginning of the year to EUR1.3bn, Bluerating reports. Inflows in February went to funds (EUR330m), wealth management (EUR146m) and life insurance (EUR146m).

P { margin-bottom: 0.08in; } Pioneer Global Asset Management will be launching a free capital increase for up to EUR22.3m, which will be carried out through an issue of a maximum of 2 million shares, Milano Finanza reports. The operation will allow for a new incentive plan to be created, which will include 150 key employees at the Italian asset management firm of the UniCredit group and its affiliates. Pioneer finished the year 2013 with net inflows of EUR9.6bn and assets of EUR174bn.

P { margin-bottom: 0.08in; } The Raiffeisen Immo Fonds has raised CHF70m in the subscription period, which ended on 28 February, Agefi Switzerland reports. It is a good start for the first real estate fund from Raiffeisen, which has a solid basis to invest in existing properties and construction projects throughout Switzerland. The fund invests in properties with high energy efficiency, constructed from recyclable materials, which allow for a variety of uses and which offer high comfort. The objective remains to release the fund on the stock market in three to five years.

P { margin-bottom: 0.08in; } Arcano Asset Management, the asset management arm of the Spanish Arcano group, has brought the assets in its Arcano European Income Fund (AEIF) to EUR110m, advised by Arcano and managed by UBS Gestion, Funds People reports. The vehicle invests as a priority in LBO loans and high yield bonds from companies domiciled in the European Union, or which have a commercial activity in that region or with other European countries.

P { margin-bottom: 0.08in; } Finma licenses, imposed by the revised collective capital investment laws (LPCC), are continuing to be issued on the financial market, Agefi Switzerland reports. The Swiss surveillance authority has issued 33 asset manager licenses since March 2013, and about 20 applications are currently under evaluation. The licensing process has led to deep modifications to structures and their functioning, which are not always easy to put in place, particularly since an adequate organization implies that the board of directors be mostly independent of the operational management, at a time when independent management structures are very often organized around a driving personality who is at the centre of all decisions, who may be a manager, shareholders, chairman of the board and CEO. “This aspect of governance is one of the most common problems in the cases which are presented to Finma,” says Evan Mermod of KPMG. “The same person cannot chair the board of directors and lead operationally. This change is often difficult emotionally, it is perceived as a loss of power.”

P { margin-bottom: 0.08in; } China’s State Administration of Foreign Exchange awarded USD750m in net Qualified Foreign Institutional Investor (QFII) quotas to 7 new foreign entities in february, bringing the total quotas awarded to USD52.3bn and the number of beneficiary institutions to 237 as of 28 February, Asia Asset Management reports. Among the new firms to receive the status in February, Bank of Lithuania and CTBC Bank received USD100m and USD50m, respectively. USD100m were awarded to Fidelity Investments Management (Hong Kong), Samsung Investment Trust management Co, and lastly, Goldman Sachs Asset Management. Lastly, Fubon Securities Investment Trust has seen its USD200m quota renewed.

Les prix des produits alimentaires dans le monde ont subi en février leur plus forte hausse depuis mi-2012 à cause d’une météo défavorable et pourraient rester tendus en raison de la crise ukrainienne, indique l’Organisation des Nations unies pour l’alimentation et l’agriculture (FAO). L’indice de la FAO, qui mesure mensuellement les variations de prix d’un panier composé de céréales, d’oléagineux, de produits laitiers, de viande et de sucre, atteint 208,1 points en février, en hausse de 5,2% par rapport à l’indice de janvier, révisé à 202,9 points.

La Banque centrale européenne a décidé jeudi de maintenir inchangé son taux refi, à 0,25%, et de laisser à 0% le taux de sa facilité de dépôt, à l’issue de la réunion mensuelle de son comité de politique monétaire. Si certains investisseurs anticipaient une baisse du taux refi de 15 points de base, la probabilité d’un statu quo était remontée ces derniers jours sur le marché après de récents signaux économiques encourageants et une inflation CPI préliminaire supérieure aux attentes, quoique toujours faible, en février.

L’Aspim (Association française des sociétés de placement immobilier) publie une collecte nette quasi stable pour les SCPI en 2013, en repli de 0,2% à 2,50 milliards d’euros. L’exercice écoulé a été marqué selon l’association par «le niveau élevé du montant de capitaux investis en SCPI, aussi bien sur le marché primaire que sur le secondaire». A 3,03 milliards (+4,8%), la collecte brute des sociétés civiles de placement immobilier «est proche de son record historique».

Afin de «réaffirmer les ambitions du groupe», Meeschaert adopte une nouvelle identité visuelle, reposant sur «un logo contemporain» et traduisant «sa capacité à anticiper et accompagner chacun de ses clients dans un environnement en mutation». Il s’agit d’aider à «conquérir de nouvelles cibles de clientèle». La nouvelle signature est l’œuvre de l’agence ComNext.

Flexcoin, intermédiaire spécialisé dans l'échange et le stockage de bitcoins basé au Canada, a annoncé sa fermeture après avoir été victime d’un vol de l'équivalent de 600.000 dollars de cette monnaie virtuelle par des pirates informatiques. Dans un message en date du 3 mars publié sur la page d’accueil de son site internet, Flexcoin annonce sa fermeture après le vol, dimanche, des 896 bitcoins qu’il stockait en ligne.

L’Association internationale des marchés de capitaux (Icma) a publié une version actualisée de son guide de bonnes pratiques sur le marché européen de la pension livrée. Ce marché faisant intervenir avant tout des banques de divers pays, il est essentiel selon l’Icma de disposer de standards internationalement reconnus.

APG a désormais accès au marché de Nyse Euronext. La Bourse a lancé des innovations pour augmenter le nombre d’ordres exécutés

La Banque d’Angleterre a annoncé hier avoir suspendu un de ses propres salariés dans le cadre d'une investigation interne menée par Travers Smith