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06/05/2013

accelerando associates recruits

P { margin-bottom: 0.08in; } The Frankfurt-based third-party marketer accelerando associated on 1 May recruited Michael Geier as director of third-party marketing in Frankfurt, and Chrisian Parrado Myrom as associate director & analyst in Valencia. Geier has 20 years of experience in the area of fund sales. He was most recently head of Germany & Austria at Standard Life Investment in Edinburgh, after working for ABN Amro Asset Management Germany and Mellon Global Investment. Parrado had previously worked at Allfonds Bank.
06/05/2013

Change of directors at CIMB-Principal AM

P { margin-bottom: 0.08in; } CIMB-Principal Asset Management, a joint venture of CIMB Bank and the US firm Principal Global Investors, based in Kuala Lumpur, has appointed a new CEO for its Malaysian and Thai activities and its Islamic funds, Asian Investor reports. Following the departure of the CEO of CIMB-Principal AM Campbell Tupling, who left in early April, and who was replaced by Pedro Borda, Asian Investor reports that Jumpon Saimala will take over as director of activities in Thailand. He had previously been CEO of ING Funds Thailand. Meanwhile, Noripah Kamso has left his position as CEO of Islamic funds at the firm. She has been replaced by Ramlie Kamsari, who had been approached for the position several months ago.
06/05/2013

Former JP Morgan traders launch their own firm

P { margin-bottom: 0.08in; } Five former private bankers specialised in proprietary trading at JP Morgan in Singapore have launched a new asset management firm, with the support of one of the largest fund managers in Canada, Mackenzie Investments, whose assets under management total USD64bn, the news agency Reuters reports. The firm is planning to launch two funds dedicated to credit markets. Mackenzie will contribute seed capital of USD100m for a long-only bond fund, and USD20m for a long/short hedge fund which will combine credit and macro strategies.
06/05/2013

Hedge funds' favourite ETFs don't necessarily show gains

P { margin-bottom: 0.08in; } The SPDR Gold Trust ETF is the most popular ETF with hedge funds, according to the most recent rankings by Insider Monkey. Paulson & Co, First Eagle Investment Management and Empyrean Capital Partners are some of the major hedge funds which have bet on the ETF. Unfortunately for them, the fund has lost about 12% since the beginning of this year. The second most popular ETF with hedge funds is the Financial Select Sector SPDR, which has gained nearly 14% since the beginning of the year, and has been selected by Renaissance Technologies, Moore Global and Tudor Investment, among others. Ishares MSCI Emerging Markets Index, the third product in the rankings, is the favourite of Duquesne Capital and Arrowstreet Capital, among others. It has lost nearly 3% since the beginning of the year. In fourth place, iShares FTSE/Xinshua China 25 index is down more than 7% since the beginning of the year, while the iShares Russell 2000 Index, selected by Dreman Value Management and D.E. Shaw & Co, has gained more than 11% since the beginning of the year. SAC Capital and Caxton Associates can be glad to have put their money on the iShares MSCI Japan Index, which takes sixth place, and which has gained 19.64% since the beginning of the year. However, the Market Vectors Junior Gold Miners ETF, held by Soros Fund Management and Tiger Management, has lost more than 36% since the beginning of the year.
06/05/2013

Azimut Global Advisory makes multiple recruitments

P { margin-bottom: 0.08in; } Azimut Global Advisory, the new division of the Italian asset management firm Azimut dedicated to fee-based financial advising, has recruited several professionals, Bluerating reports. They are Leonardo Abbate and Paolo Bonavita, two veterans of MPS Private Banking, Luca Pitton and Davide Semprini, formerly of Deutsche Bank Private Banking, Daniela Iachini, Davide Zambello, Mara Lunghini and Giovanni Panno, formerly of UniCredit Private Banking, and Roberto Salvi, who has left Deutsche Bank Private Banking.
06/05/2013

LGIM raising increasingly loud objections to pay scales

P { margin-bottom: 0.08in; } Last year, Legal & General Investment Management (LGIM) intensified its efforts to combat excessive pay scales, voting against 126 pay policies and 22 chairmen of remuneration committees at companies it had invested in, Financial Times Fund Management (FTfm) reports.Among the firms concerned are WPP, Barclays, Pendragon, novartis, UBS, Credit Suisse and UniCredit.LGIM states that it has extended its voting rights policy to emerging markets, now that it is more exposed to these countries.
06/05/2013

Alfi website available in Mandarin Chinese

P { margin-bottom: 0.08in; } The Luxembourg investment fund association (ALFI) on 3 May announced that it is launching a section of its website in Mandarin Chinese in order to strengthen ties with the asset management sector in China. The section includes basic information about the asset management sector in Luxembourg, and about regulations. It also lays out the steps to be taken in order to domicile a fund in Luxembourg, and includes recommendations by the association for risk management. “Bilateral relations between China and Luxembourg are already well-developed in the financial services sector. The European headquarters of the Bank of China and ICBC are located in Luxembourg, and the China Construction Bank is also in the process of setting up its headquarters in the Grand Duchy,” the president of ALFI, Marc Saluzzi, says in a statement.
06/05/2013

Franklin Templeton launches three funds

P { margin-bottom: 0.08in; } Franklin Templeton has launched three sub-funds of its Luxembourg Sicav Franklin Templeton Investment Funds (FTIF). The first of these, the Templeton Asian Dividend Fund, is a dividend fund focused on Asia managed by Mark Mobius, executive chairman, Templeton Emerging Markets Group, and Tom Wu, senior executive vice president and senior managing director, Templeton Asset Management Ltd. The fund universe includes Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. The second sub-fund, released by Franklin Templeton Real Asset Advisors, is the Franklin Templeton Investment Funds Franklin Global Listed Infrastructure Fund, a global infrastructure fund. The managers of the fund are Wilson Magee, director of Global REITs (Real Estate Investment Trusts), and Jack Foster, head of Real Assets, for Franklin Templeton Real Asset Advisors (FTRAA). The final sub-fund is the Franklin Multi-Asset Income Fund, launched by Franklin Templeton Multi-Asset Strategies (FTMAS). The multi-asset class fund was designed for investors seeking an investment solution oriented to income and potential for capital appreciation. It will be managed by Thomas A. Nelson and Matthias Hoppe.
06/05/2013

Pradera reacts to new German legislation

P { margin-bottom: 0.08in; } The London-based real estate fund management firm Pradera has announced that due to the passage of a new German law on investments, it is modifying the status of its German-registered open-ended real estate fund Pradera Open-Ended Retail Fund (DE000A0RG928), whose assets total EUR145m in institutional funds (Spezialfonds), Das Investment reports. The move is due to the fact that the German legislation no longer allows large institutional investors to subscribe to shares in open-ended funds. The asset objective for the fund remains at EUR500m, with target returns of 7% to 10% over 10 years, and a distribution of 5-6% per year.
06/05/2013

AUM at Man Group down in first quarter

P { margin-bottom: 0.08in; } Assets under management at the alternative management boutique Man Group as of the end of March totalled USD54.8bn, compared with USD57bn as of the end of December 2012, according to a statement released on 3 May.This decline in assets is due to a net outflow of USD3.7bn, resulting from subscriptions of USD2.5bn, and redemptions totalling USD6.2bn. This increase in redemptions is due to the loss of three major low-margin mandates, the CEO of Man Group, Manny Roman, says in a statement.In addition to this currency effects had a negative impact of USD1.6bn, due to the strength of the US dollar against the yen, euro and pound sterling.
06/05/2013

Assets under management at RBS wealth management unit up 7%

P { margin-bottom: 0.08in; } Assets under management by the wealth management unit of the British RBS group, including the Coutts private bank, as of the end of March totalled GBP30.8bn, up 7% compared with the end of December 2012, according to an interim report released on 3 March by RBS. This development is largely due to a rebound on the markets in first quarter, RBS says, which offset outflows of low-margin assets and transfers of funds due to the sale of activities in Latin America, the Caribbean and Africa.
06/05/2013

Aviva Investors recruits head of SRI integration

Aviva Investors has hired Adeline Diab as head of integration for its global responsible investment team, the asset management company announced on May 2. She reports to Steve Waygood, chief responsible investment officer.Adeline Diab joins Aviva Investors from APG Asset Management in the Netherlands where she was responsible for embedding environmental, social and governance (ESG) into the investment process across asset classes. Her role also involved active engagement with companies across a broad range of areas. Prior to this, she held roles with London-based hedge fund, GLG Partners, where she managed a sustainable investment strategy in addition to two equity funds, and HSBC Asset Management in Paris, where she co-established the ESG research team.In her role at Aviva Investors, Adeline Diab will lead the responsible investment officer analyst network, supporting them in identifying material ESG issues and seeking out global opportunities to integrate ESG into mainstream investment processes.
06/05/2013

European long-term funds continue to lead in first quarter

P { margin-bottom: 0.08in; } European investors are continuing to seek returns, according to the most recent statistics on European inflows from Morningstar. Long-term funds (excluding funds of funds and feeder funds) have posted record net inflows of EUR115.12bn in first quarter. And money market funds have seen redemptions in the first three months of 2013, which means that investors are continuing to seek returns rather than security despite the euro zone crisis. In the month of March alone, investors continued to invest in bond funds, which posted inflows of EUR15.1bn. Allocation funds posted a net inflow of EUR8.8bn, and equity funds took in EUR4.2bn in new money. Diversified bond funds denominated in US dollars or euros and British mixed large cap funds posted the heaviest outflows in March. Redemptions totalled over EUR2bn for bond funds, and EUR843m for the British funds. Templeton Global Total Return Fund takes first place among long-term funds in Europe, both in March and for first quarter, with inflows of EUR1.72bn and EUR4.29bn, respectively. For first quarter, it is followed by the Pimco GIS Unconstrained Bd, with EUR2.538bn, JP Morgan Asia Pacific Income Fund (EUR2.47bn) and Templeton Glb Bond (EUR1.99bn).
06/05/2013

“In its current form, the planned FTT would put an end to the growth of ETFs”

Source, founded only in April 2009, already has USD13.8bn in assets, of which one quarter are in ETCs, and three quarters in ETFs. Net subscriptions total EUR665m for the year to date, and USD3.97bn in 2012, of which USD2.76bn ere for funds launched with Man GLG, LGIM and Pimco. The CEO of the firm, Ted Hood, tells Newsmanagers he is concerned that the financial transaction tax will put an end to the growth of the ETF market.
06/05/2013

Henderson hires analyst for its tech sector team

P { margin-bottom: 0.08in; } Henderson Global Investors has recruited a senior analyst, in the person of Graeme Clark, as an addition to its team specialised in tech sector equities, Citywire reports. Niall Holleran, who had previously been an intern on the team, has also now been promoted to research assistant.In the past three years, the Henderson HF Global Technology fund, whose assets total about EUR3bn, has earned returns of 23.3%, compared with 25.9% in the same period for the MSCI AC World/Information Technology.
06/05/2013

Le Qatar à l'assaut des gérants français

Le Qatar veut créer à Doha une véritable plate-forme financière spécialisée dans la gestion d’actifs, rapporte Les Echos. C’est en tout cas la mission confiée depuis 2005 à la Qatar Financial Centre Authority (QFCA), un organisme qui est régulièrement de passage en France pour convaincre les sociétés de gestion de s’installer. La QFCA - l'équivalent de Paris Europlace - est la branche commerciale du Qatar Financial Centre, le QFC, chargé en 2005 par le gouvernement de créer un centre financier digne de ce nom. Désormais, il lui faut trouver les opérateurs financiers. Seul problème, la taille du pays constitue une limite à l’attrait des investisseurs et des sociétés de gestion, ne serait-ce qu’en raison du nombre restreint de sociétés cotées (42 actuellement). Mais le très riche pays gazier espère malgré tout afficher entre 150 et 200 milliards de dollars sous gestion en 2020. Doha a déjà mis en place deux partenariats avec Barclays et Credit Suisse et Axa IM serait parmi les premières sociétés de gestion à disposer d’une licence.
06/05/2013
Fonds

State Street lance 5 ETF SPDR en Italie

State Street Global Advisors lance cinq ETF à réplication physique sur la Bourse de Milan, des produits déjà négociés à Londres et Francfort, rapporte BLuerating. Il s’agit de SPDR MSCI EMU UCITS ETF; SPDR Dow Jones Global Real Estate ETF; BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF; SPDR S&P 500 Low Volatility UCITS ETF; SPDR Citi Asia Local Government Bond UCITS ETF. D’après Danilo Verdecanna, managing director de SSgA Italy, cela porte à 32 le nombre d’ETF SPDR disponibles à la négociation sur la Bourse de Milan.
Fonds
06/05/2013

Franklin Templeton ouvre trois bureaux en Italie

Franklin Templeton vient d’ouvrir trois bureaux en Italie, à Rome, Florence et Padoue, rapporte Bluerating. Ces implantations locales viendront s’ajouter à celle de Milan.La société de gestion américaine, qui gérait à fin mars 27,4 milliards d’euros en Italie, s’apprête à lancer son roadshow en Italie pour rencontrer les investisseurs professionnels sur tout le territoire.
06/05/2013

Azimut Global Advisory recrute fortement

Azimut Global Advisory, la nouvelle division de la société de gestion italienne Azimut dédiée au conseil financier payant, vient de recruter plusieurs professionnels, rapporte Bluerating. Il s’agit de Leonardo Abbate et Paolo Bonavita, deux anciens de Mps Private Banking ; de Luca Pitton et Davide Semprini, ex-Deutsche Bank Private Banking ; de Daniela Iachini, Davide Zambello; Mara Lunghini et Giovanni Panno, anciens d’UniCredit Private Banking et de Roberto Salvi, qui a quitté Deutsche Bank Private Banking.
06/05/2013

Changement de dirigeants chez CIMB-Principal AM

CIMB-Principal Asset Management, joint venture entre CIMB Bank et l’américain Principal Global Investors basé à Kuala Lumpur, vient de nommer de nouveaux CEO pour ses activités malaisiennes, thaïlandaises et ses fonds islamiques, indique Asian Investor. Après le départ du CEO de CIMB-Principal AM Campbell Tupling, parti début avril et remplacé par Pedro Borda, Asian Investor indique que Jumpon Saimala prendra en charge la direction des activités en Thaïlande. Il était précédemment CEO d’ING Funds Thailand. Par ailleurs, Noripah Kamso a quitté son poste de CEO des fonds islamiques de la société. Elle a été remplacée par Ramlie Kamsari, pressenti pour ce poste depuis quelques mois.
06/05/2013

Des anciens traders de JP Morgan lancent une leur propre société

Cinq anciens banquiers spécialistes du trading pour compte propre chez JP Morgan à Singapour viennent de lancer une nouvelle société de gestion, avec le soutien d’un des plus gros gestionnaires de fonds canadiens, Mackenzie Investments, dont les actifs sous gestion s'élèvent à 64 milliards de dollars, rapporte l’agence Reuters.La société envisage de lancer deux fonds dédiés aux marchés du crédit. Mckenzie apporterait un capital de départ d’une centaine de millions pour un fonds obligataire long only et 20 millions pour un hedge fund long/short qui conjuguerait des stratégies crédit et macro.
06/05/2013

Alin Hayim pressenti vice-président du conseil d'administration de Banque Sarasin

Le Conseil d’administration de Banque Sarasin a décidé de proposer l'élection de Ilan Hayim en tant que nouvel administrateur, selon un communiqué publié le 6 mai. Alin Hayim devrait être nommé en qualité de vice-président du conseil d’administration de Banque Sarasin. En outre, il sera membre du conseil d’administration de J. Safra Sarasin Holding, la société mère de Banque Sarasin.Ilan Hayim a débuté sa carrière professionnelle auprès de Paribas (de 1975 à 1988) où il a été membre de l’Executive Committee et directeur des départements de Trade Finance et de Private Banking. En 1980, Ilan Hayim a été directeur de la succursale de New York de Paribas. Entre 1988 et 2006, il a occupé la prestigieuse fonction de CEO dans plusieurs établissements bancaires (BSI SA, Banque Unigestion, HSBC Guyerzeller Bank SA). M. Hayim a ensuite été vice-président de HSBC Guyerzeller Bank SA et HSBC Private Bank (Suisse) SA, membre du Conseil d’Administration d’Unigestion Holding SA et Vice-Président du Conseil d’Administration et membre de l’Audit & Risk Committee de BSI SA.
06/05/2013

BC Partners s'impose pour le rachat d'Allflex.

Le fonds britannique BC Partners est entré en négociations exclusives pour racheter Allflex à son compatriote Electra pour 1,3 milliard de dollars (995 millions d’euros), rapporte L’Agefi. Axa Private Equity, KKR et les industriels Danaher et DeLaval (groupe Tetra Laval) étaient également en lice pour reprendre le numéro un mondial de l’identification des troupeaux. Allflex est valorisé 11,3 fois son Ebitda prévisionnel 2013 (115 millions de dollars pour 300 millions de revenus).
06/05/2013

Edwin Voerman devient directeur général d’Alpha Plus

Jusqu’à présent vice-président, Edwin Voerman, qui figure parmi les fondateurs, en 2008, de la société de gestion Alpha Plus Gestora (170 millions d’euros d’encours), a été nommé directeur général, poste qu’il cumulera avec celui de directeur des investissements, rapporte Funds People. Quant à Javier Arno, qui était administrateur délégué, il devient vice-président.Edwin Voerman gère des mandats de fonds pension (Nationale Nederlanden Crecimiento Global et Alpha Plus Previsión) ainsi que la gamme des fonds multiclasses d’actifs Alpha Plus Gestión Flexible.
06/05/2013

Forte hausse du bénéfice de Berkshire Hathaway

Pour le premier trimestre 2013, Berkshire Hathaway Inc, la société de Warren Buffett, a déclaré le 3 mai un bénéfice net de 4.892 millions de dollars, ce qui correspond à un bond en avant de 51 % sur les 3.245 millions de janvier-mars 2012, grâce à une amélioration du résultat des activités dans le domaine des assurances et à une hausse du bénéfice du pôle ferroviaire.
06/05/2013
Fonds

Vinik Asset Management jette l'éponge

Dans un courrier adressé vendredi aux investisseurs, Jeffrey Vinik annonce que Vinik Asset Management sera liquidée et que les porteurs seront remboursés d’ici à fin juin, rapporte The Wall Street Journal.La restructuration n’a pas été un succès et le hedge fund a accusé une perte de 4,8 % depuis début juillet 2012 alors que le S&P 500 a gagné 19 %. En avril, le journal avait indiqué que les investisseurs avaient demandé le remboursement de 1,5 milliard de dollars, soit 18 % de l’encours.Jeffrey Vinik a aussi précisé que plusieurs membres de l’équipe de gestion ont l’intention de créer leurs propres sociétés.
Fonds
06/05/2013

Warren Buffett star de Twitter

Warren Buffett, qui s’est lancé jeudi sur le site Twitter a attiré plus de 250.000 abonnés en quelques heures, rapporte les Echos. Dès son premier tweet, son compte @WarrenBuffett a récolté jusqu'à 1.000 followers à la minute."Ma famille ne peut plus dire que je suis resté englué au XIXème siècle!», a plaisanté le gérant star de 82 ans qui a ajouté que «l’on peut donc bien apprendre à un vieux singe à faire des grimaces».
06/05/2013

Nouveau patron pour Julius Baer à Vienne

Ewgeni Smuschkovich a été nommé directeur du site de Vienne par le suisse Julius Baer, pour succéder à Erich Gröger, qui prend sa retraite.Le nouveau promu a rejoint le groupe helvétique en 2011 et dirigeait, à Vienne, l'équipe qui suit la clientèle russe et d’Europe orientale.
06/05/2013

Boursorama: forte hausse de la collecte brute en assurance vie

Le groupe Boursorama qui présentait ses résultats trimestriels en fin de semaine dernière a fait été d’un produit net bancaire (PNB) de 54,6 millions d’euros, en hausse de 1 %. Selon un communiqué, Boursorma a profité notamment du rebond observé sur l’activité courtage par rapport au quatrième trimestre 2012, avec un nombre d’ordres traités pour le groupe en progression de 25 % à 1,4 million.Le premier trimestre 2013 est marqué par la bonne performance de l’offre d’Assurance Vie, indique Boursorama. La collecte brute atteint 84 millions d’euros (+36 %) dont 27 % en unités de compte. Le nouveau fonds « Euro Exclusif » représente 20 % de la collecte trimestrielle des fonds Euros. Enfin, l’encours global (assets under administration) de l’assurance vie s'élève à 2 672 millions d’euros et l’encours global des OPCVM à 1 526 millions d’euros.

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