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12/06/2013

Asset management firm fined by FCA

P { margin-bottom: 0.08in; } The British market authority, the FCA, has fined an asset management firm, Xcap Securities, GBP120,900 for failure to protect the assets of its clients. Between June 2010 and August 2011, the incriminated firm did not correctly separate the assets of clients from its own assets, and did not ensure exact accounting of the movements on client accounts.The total fine is calculated according to the average assets of clients and assets during the period of the regulation violation, at rates of 2% and 0.2%, respectively.
12/06/2013

Internationalisation of boardrooms at European businesses remains limited

P { margin-bottom: 0.08in; } Only 5.6% of board members at the 50 largest European businesses in terms of market capitalisation come from emerging countries, while more than half of these firms earn at least 20% of their revenues in these markets, a new research by Axa Investment Managers reveals. Boards of directors and management at businesses remain highly European, or highly national. 84 per cent of board directors and 76 per cent of senior executives are European nationals. 66 per cent of boards are dominated (more than 50 per cent) by a single nationality. Three firms stand out with a board comprised of only one nationality. They are the Spanish bank BBVA, which earns 50% of its revenues in Latin America, far more than its domestic market (30%), the Swedish clothing store H&M, whose largest market is Europe (32%), while the second-largest is the United States (21%), and the Italian oil firm Eni, which earns 30% of its revenues in Europe and 30% in Italy. Analysis of the proportion of women across the EuroStoxx 50 reveals an hourglass effect: gender balance is high at the bottom of organisations (35 per cent of the workforce are women), decreasing when going up the hierarchy towards senior management (11 per cent of executive committees are female), but increasing again at board level (18 per cent women). Thirteen of the 50 companies have no female senior executive and none have a female CEO at the time of writing. This lack of female senior managers today may create a bottleneck for companies looking to attract women board directors in the future.
12/06/2013

La Financière Tiepolo launches Tiepolo Europe Rendement

P { margin-bottom: 0.08in; } As announced by Newsmanagers in mid-May, La Financière Tiepolo this week announced the release for sale of the Tiepolo Europe Rendement fund. The fund, managed by Dominique Dequidt, invests in equities from countries of the European Community and other European countries (Switzerland, Norway, and others). It focuses on research into companies which have offered shareholders the best regular dividends and growth in past years. The fund will have a low turnover rate and will be composed of a maximum of 40 positions. Characteristics: ISIN code: FR0011465681 Management fees: net 2% Eligible for investment from PEA and life insurance policies
12/06/2013

OFI AM appoints three directors

P { margin-bottom: 0.08in; } OFI AM on Tuesday, 11 June announced the appointment of three directors. Xavier Micel is promoted to director of corporate strategy and director of group projects. Stéphane Ciccardini becomes legal director, and Charles Soullard director of sales. Soullard and Michel will be members of the executive board at the group, a statement says. Michel worked in business banking at Deutsche Bank from 1996 to 2009, and for one year, in 2010, at the office of the president of the National Federal of French Mutuals (FNMF) before joining the office of the legal director at OFI in 2011. Soullard began his career at BNP Paribas in 1999, and then at CDC Ixis AM in 2011 before joining the OFI group in 2005. Ciccardini began his career in 2001 in Morocco in the Tax & Legal departments of major consulting firms (Ernst & Young and Deloitte & Touche) before joining the office of the legal director at the OFI group in 2003.
12/06/2013

Goldman Sachs AM signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } The 40 sub-funds of the Sicav from Goldman Sachs Asset Management will be released on the Italian internet platform Online Sim, Bluerating reports. The range from Online Sim now includes 3,500 funds from 130 asset management firms.
12/06/2013

Carlyle hopes to raise USD4bn for a real estate fund

P { margin-bottom: 0.08in; } According to sources familiar with the matter cited by the Wall Street Journal, Carlyle Group is planning to set up a USD4bn fund to invest in real estate in the United States. It will be its seventh fund of this type.The private equity investor is seeking to profit from positive publicity surrounding its recent sales, with capital gains of about USD500m for the resale of 650 Madison Avenue, and of USD350m on 666 Fifth Avenue.
12/06/2013

Comgest posts strong inflows in Europe

P { margin-bottom: 0.08in; } Since the beginning of the year, Comgest has posted inflows especially in Europe, with subscriptions of about EUR600m, says Vincent Strauss, chairman of Comgest and head of management, at a press conference on 11 June. Comgest has also posted subscriptions to the Global/US unit. The Europe unit now has about EUR4bn in assets, compared with EUR3.2bn as of the end of 2012, and the Global/US unit has EUR1.5bn, compared with EUR1.2bn. This is a welcome development, says Strauss, as it helps to rebalance geographical regions. Meanwhile, the emerging markets unit, which continued to post inflows earlier in the year, has since seen significant redemptions. As a result, since the beginning of the year, Comgest shows outflows of about EUR150m, while assets under management remain stable at about EUR15.5bn. Citing the Global Equity strategy of Comgest, Strauss says that the growth in profits at Japanese firms is not yet a reality. Japan has strong GDP growth outlooks for 2013 and 2014 (48.3% and 19.3% according to Citigroup/Nomura), in comparison with emerging markets (14.5% and 11.3%) and the United States (7.4% and 11.3%), while the portfolios of major investors are often underweight on Japan.
12/06/2013

Schroders recruits from Wellington

P { margin-bottom: 0.08in; } The British firm Schroders has recruited Bogdan Popovici as a portfolio manager for global bonds. Popovici had previously worked at the US asset management firm Wellington Management, as a macro portfolio manager in the global rates and foreign exchange team. Before joining Wellington in 2011, Popovici worked at BlackRock Investment Management in the alpha strategies unit.
12/06/2013

Vanguard and Axa IM directors join IMA

P { margin-bottom: 0.08in; } The managing director of Vanguard, Thomas Rampulla, and the head of Axa IM UK, Irshaad Ahmad, have joined the board of directors at the IMA, the UK investment management association, bringing the total number of board members to 18, Investment Week reports. The board of directors already includes Will Nott, head of retail activities at M&G, the CEO of Threadneedle, Campbell Fleming, the CEO of Henderson, Andrew Formica, and the former CIO of Schroders, Alan Brown.
12/06/2013

Assets under management at Charles Stanley up by 15%

P { margin-bottom: 0.08in; } Assets under management and administration by the British firm Charles Stanley totalled GBP17.7bn at the end of the fiscal year ending on 31 March, up 14.9% compared with March 2012, according to statistics released by the firm on 11 June. Discretionary assets under management alone rose 28% to GBP6.4bn in the period. Pre-tax profits totalled EUR9.1bn, up 7% year on year.
12/06/2013

ESMA clarifies pay rules applicable to investment firms

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has published guidelines on remuneration policies and practices which apply to relevant staff of investment firms, credit institutions and fund management companies when providing investment services, and to national securities regulators enforcing those rules. The guidelines strengthen investor protection by improving the implementation of the conflicts of interest and conduct of business provisions set out in the Markets in Financial Instruments Directive (MiFID) in the area of remuneration. “A root problem behind the selling of unsuitable financial products is the presence of financial incentive schemes, including target setting or performance management, that do not take into account the clients’ best interests. ESMA’s remuneration guidelines reinforce the MiFID provisions in this regard, and if correctly put in place by investment firms, avoid misleading incentives from the start,” Steven Maijoor, ESMA chair, said in a statement.
12/06/2013

Pioneer Investments recruits for European equity unit

P { margin-bottom: 0.08in; } Pioneer Investments has recruited two senior equity analysts, Martin Dolan and Michael Morris, as additions to the team dedicated to European equities, Citywire reports. Dolan will be responsible for the consumer staples sector. He previously worked at the Portuguese bank Espirito Santo, where he covered agribusiness and beverages in particular. Morris will be responsible for the materials sector. He previously served as head of a team of 12 analysts at JP Morgan Cazenove, specialised in construction and construction materials.
12/06/2013

RBC Investor & Treasury Services mandated by Polaris Investment

P { margin-bottom: 0.08in; } The services firm RBC Investor & Treasury Services, which belongs to the Canadian Royal Bank of Canada group, on 11 June announced that it has been appointed as global custodian for the fund management firm Polaris Investment SA. RBC will provide global custory, accounting, transfer agency, securities lending, treasury management, and collateral and risk management services. Polaris is the largest Italian platform domiciled in Luxembourg. Its assets under management total over EUR6bn, from institutional investors. Polaris also controls 100% of the Milan-based quantitative asset management firm Quaestio Capital Management.
12/06/2013

Alternative strategies take on the retail sector

P { margin-bottom: 0.08in; } Retail alternative products, meaning investment strategies traditionally used by hedge funds or private equity firms, which are restructured for retail clients, mot often in UCITS format, represent a new and fast-growing market segment, according to a study published by SEI. Assets in mutual hedge funds in the United States have more than doubled since 2008, and now represent over USD550bn in 883 portfolios. Alternative UCITS funds have followed a similar trajectory. The study also finds that nearly three out of four financial advisers uses alternative strategies, an an equivalent percentage of advisers says that they have increased their use of these strategies in the past 12 months. Well-known private equity groups, such as AQR, Morgan Stanley Alternatives Investment Partners, Blackstone Group, Carlyle Group, Apollo Global Management and Visum Asset Management, have already launched or have submitted applications for licenses to launch such products. Analysts of the sector, including McKinsey, estimate that the number of alternative strategies in the US mutual fund segment may double between 2010 and 2015. Alternative strategies may then represent nearly one quarter of all retail revenues by the end of that period.
12/06/2013

Renewable energy investment firm created

P { margin-bottom: 0.08in; } The Irish green finance promotion firm Green International Financial Services Centre (GIFSC) on 11 June announced the creation of Amarenco, a firm investing in renewable energies. Amsrenco, whose offices will be located in Dublin and London, will concentrate on investments in solar electricity in Europe. The firm is in the process of finalising the creation of a fund dedicated to solar electricity with EUR150m in assets, which will invest as a priority in assets located in the South of England and in France. The founder of the firm, John Mullins, former CEO of Bord Gais, is assisted by Kevin Lynch, chief investment officer, Alain Desvigne, chief operating officer, Nick Howard, company treasurer, and Kevin McNamara, chief financial officer. Staff at Amenco, which currently totals six people, may increase to as many as 20 employees. The partners at Amenco are the independent wealth management firm Davy, as investment manager, DHKN, a wealth management services firm, and Investec, both of which provide financial services and origination.
12/06/2013

S&P Capital IQ offers a new risk detection tool

P { margin-bottom: 0.08in; } The service provider S&P Capital IQ has launched a new tool to improve the ability of users to identify systemic and counterparty risks, while reducing operating expenses.The new tool, Business Entity Cross Reference Service, provides ways to collate information on more than two million public and private entities, on the basis of standard and proprietary identifiers, including international identifiers for legal entities (LEI).
12/06/2013

Investors massively sell off assets in emerging markets

P { margin-bottom: 0.08in; } Currencies, equities and bonds from emerging markets on Tuesday underwent massive sales due to growing concerns on the part of investors about the prospects of a slowdown in the Federal Reserve’s bond purchasing programme, the Financial Times reports. Emerging market economies had been the primary beneficiaries of accommodating monetary policies on the part of central banks. The South African rand and the Brazilian real on Tuesday hit four-year lows against the US dollar, and the Indian rupee hit an all-time record low. The FTSE emerging markets index has lost 1.7%, and has lost more than 10% since May.
12/06/2013

OFI AM nomme trois directeurs

OFI AM a annoncé mardi 11 juin la nomination de trois directeurs. Xavier Michel est promu directeur de la stratégie corporate et de la coordination des projets groupe. Stéphane Ciccardini est promu directeur juridique et Charles Soullard, directeur commercial. Charles Soullard et Xavier Michel seront membres du comité exécutif groupe, précise un communiqué.Xavier Michel a travaillé en banque d’affaires chez Deutsche Bank et Barclays Capital de 1996 à 2009 et pendant un an, en 2010, au sein du cabinet du président de la FNMF (Fédération nationale de la mutualité française) avant de rejoindre la direction du groupe OFI en 2011.Charles Soullard a commencé sa carrière chez BNP Paribas en 1999 puis CDC Ixis AM en 2001 avant de rejoindre le groupe OFI en 2005.Enfin, Stéphane Ciccardini a démarré sa carrière en 2001 au Maroc au sein des départements « Tax & Legal » d’importants cabinets de conseil (Ernst & Young et Deloitte & Touch) avant de rejoindre la direction juridique du groupe OFI en 2003.
12/06/2013
Fonds

AEW Europe finalise la commercialisation d'un bien à Montrouge

La société de gestion d’actifs immobiliers AEW Europe a annoncé mardi, en qualité d’asset manager, la finalisation de la commercialisation des 10.800 m² que comprend l’immeuble de bureaux Le Palatis à Montrouge. Le Palatis est maintenant loué à 100%. Le bien immobilier livré en août 2012 en blanc, est labellisé BBC et certifié HQE. Il est géré par AEW Europe et a été réalisé par SODEARIF pour le compte d’un client institutionnel, note un communiqué.
Fonds
12/06/2013
Fonds

La Financière Tiepolo lance Tiepolo Europe Rendement

Comme annoncé par Newsmanagers à la mi mai, la Financière Tiepolo a annoncé cette semaine la commercialisation du fonds Tiepolo Europe Rendement. Géré par Dominique Dequidt, le fonds est investi en actions des pays de la Communauté Européenne et d’autres pays d’Europe (Suisse, Norvège, entre autres). Il focalise sa recherche sur les sociétés offrant à leurs actionnaires des dividendes réguliers et en croissance au cours des dernières années. Le fonds devrait se caractériser par un taux de rotation faible et sera composé d’une quarantaine de lignes au maximum.Caractéristiques :Code Isin : FR0011465681Frais de gestion : 2% netsEligible aux PEA et à l’assurance vie
Fonds
12/06/2013

Wendel sort de Legrand et confirme son retour sur le non-coté

Wendel a réalisé avec succès la cession de la totalité des 14,4 millions actions qu’elle détenait encore dans Legrand S.A., soit 5,4% du capital, au prix de 36 euros par action, selon un communiqué publié le 11 juin. Avec un produit de cession d’environ 520 millions d’euros, cette opération permet à Wendel d’enregistrer une plus value d’environ 370 millions d’euros. La réalisation de cette cession constitue la dernière étape du désengagement progressif du capital de Legrand par Wendel, qui, en 2002, avait mené l’acquisition avec Kohlberg Kravis Roberts & Co (KKR). Au total, l’investissement dans Legrand par Wendel a généré un TRI global de 19% et un multiple de 3,9x sur 11 ans. «Les ressources dégagées par cette opération permettront à Wendel de poursuivre sa stratégie visant à renouveler son portefeuille et augmenter son exposition aux investissements « non-cotés »", souligne le communiqué.
12/06/2013

Trois nouveaux accords de distribution pour Fundstore

Le supermarché italien de fonds Fundstore vient de signer trois nouveaux accords de distribution, rapporte Bluerating. Les sociétés concernées sont Ethenea Independent Investors, Method Investments & Advisory et Morgan Stanley.
12/06/2013

Goldman Sachs AM signe un accord de distribution en Italie

Les 40 compartiments de la Sicav de Goldman Sachs Asset Management vont être distribués sur la plate-forme Internet italienne Online Sim, rapporte Bluerating. L’offre d’Online Sim se compose désormais de 3.500 fonds de 130 sociétés de gestion.
12/06/2013
Fonds

Toutes les catégories de fonds suédois collectent en mai

En mai, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 9,1 milliards de couronnes suédoises, soit un peu plus de 1 milliard d’euros, portant le total de la collecte depuis le début de l’année à 46,3 milliards de couronnes (5,3 milliards d’euros), selon les dernières statistiques de l’association suédoise des fonds Fondbolagens Förening. En avril, ils avaient recueilli 10,7 milliards de couronnes (1,2 milliard d’euros).Toutes les catégories de fonds affichent un solde positif, mais ce sont principalement les fonds diversifiés qui ont obtenu les faveurs des investisseurs, avec 6,2 milliards de couronnes en mai (0,7 milliard d’euros) et 26,7 milliards de couronnes depuis le début de l’année (3 milliards d’euros).Les fonds actions arrivent ensuite, avec 1,2 milliard de couronnes (0,1 milliard d’euros) et 21,5 milliards de couronnes depuis le début de l’année (2,46 milliards d’euros). Les fonds obligataires et monétaires enregistrent chacun des souscriptions nettes de 0,7 milliard et les hedge funds, de 0,4 milliard.A la fin mai, les encours des fonds commercialisés en Suède ressortaient à 2.289 milliards de couronnes (262 milliards d’euros), dont environ 55 % dans des fonds actions.
Fonds
12/06/2013

Alain Dubois quitte Lyxor

Le conseil de surveillance de Lyxor Asset Management a annoncé mercredi la nomination d’Inès de Dinechin comme président du directoire, à compter du 10 juin 2013. «Cette nomination fait suite à la décision d’Alain Dubois, président du directoire de Lyxor, de quitter prochainement Lyxor pour relever un nouveau défi professionnel à l'étranger», explique la filiale de la Société Générale dans un communiqué. Le mode de fonctionnement de la société et son modèle opérationnel demeurent inchangés par ailleurs, notamment les décisions et processus d’investissement qui restent sous la responsabilité des CIO Nicolas Gaussel et Lionel Erdely, sous la supervision d’Inès de Dinechin.
12/06/2013

La production industrielle augmente de 0,4% en avril en zone euro

La production industrielle de la zone euro a augmenté de 0,4% en avril par rapport à mars, alors que les économistes s’attendaient à une baisse. Le rythme de croissance a toutefois été freiné par une baisse de la production d'énergie et de produits de consommation durables. La production d'énergie des Dix-Sept a baissé de 1,5% par rapport à mars. Celle de produits de consommation durables (voitures, électroménager...) a diminué de 2,7% sur un mois. Sur un an, la production industrielle a baissé de 0,6% après une baisse révisée à 1,4% en mars, précise Eurostat.
12/06/2013

Mirabaud consolide sa position en Espagne

Mirabaud, l’entité suisse spécialisée dans les services bancaires aux particuliers, de gestion d’actifs et de courtage, annonce l’ouverture d’une succursale espagnole de Mirabaud Securities LLP. Cette nouvelle succursale consolidera toutes les opérations de courtage réalisées pour la clientèle institutionnelle actuellement prises en charge par Mirabaud Finanzas en Espagne.
12/06/2013

MSCI relègue la Grèce au rang des marchés émergents

Le fournisseur d’indices a relégué hier la Grèce parmi les marchés émergents du fait du non respect de divers critères tenant à l’accessibilité du marché boursier local (notamment prêt-emprunt de titres ou vente à découvert). MSCI a en parallèle promu le Qatar et les Emirats Arabes Unis en tant que marchés émergents, catégorie de laquelle le Marco chute pour devenir «marché frontière».
12/06/2013

La Finra alerte sur les mutual funds alternatifs

Le régulateur américain de l’industrie de la gestion d’actifs a lancé une mise en garde à l’intention des investisseurs contre les risques associés aux fonds communs de placement dits alternatifs. Ces derniers reposent sur des stratégies et des combinaisons d’actifs plus exotiques que leurs homologues traditionnels. En mai, ces fonds géraient 176,2 milliards de dollars, contre près de 33 milliards par rapport à 2008. Cette note d’alerte intitulée «Les fonds alternatifs ne sont pas vos fonds communs de placement habituels» encourage les investisseurs à étudier les risques spécifiques de ces stratégies d’investissement, telles que les options et le levier. Un environnement de taux bas et des craintes sur les marchés actions ont poussé les investisseurs à rechercher des alternatives à plus haut rendement. Mais la Finra estime que certains de ces investissements alternatifs pourraient être moins liquides que ne le pense un petit investisseur individuel.
12/06/2013

BC Partners seul en course pour Springer Science

Selon Reuters, le fonds de private equity est le dernier candidat encore en lice pour le rachat de Springer Science+Business Media. Il aurait fait une offre valorisant l’éditeur allemand autour de 3,5 milliards d’euros. Ses propriétaires doivent prendre d’ici la fin de la semaine la décision de vendre le groupe ou de l’introduire en Bourse.

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