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27/03/2013
Fonds

Les stars des hedge funds européens accueillis à bras ouverts par les fonds américains

Les principaux hedge funds américains ont tiré parti de l'échec des lancements de fonds alternatifs intervenus l’an dernier en Europe, rapporte Prohedge. Les fonds américains n’ont eu aucune difficulté à recruter les talents européens dans un secteur qui offre une grande stabilité et des infrastructures solides.Pine River, Millenimum, SAC figurent parmi les noms évoqués qui auraient réussi à attirer les spécialistes de certains nouveaux hedge funds qui n’ont pas réussi à décoller, entre autres Edoma, le fonds de Pierre-Henri Flamand, Benros ou encore Portman Square, soit pour cause de performance insuffisante soit tout simplement parce qu’ils n’ont pas réussi à lever suffisamment de capitaux. Pine river aurait ainsi réussi à attirer deux collaborateurs d’Edoma, ainsi que Paul Godfrey de Portman Square. Un revers pour le secteur européen des nouveaux hedge funds qui végète depuis environ cinq ans.
Fonds
27/03/2013

Près de 60 % des cadres bancaires cherchent activement à changer de poste

Les cadres bancaires observent très activement les offres d’emploi, dans l’espoir de changer de poste. Selon la dernière édition du baromètre RH Michael Page, 59% d’entre eux exercent une «veille active» en vue de détecter de nouvelles opportunités. Ils étaient 53 % il y a un an. Dans la perspective d’un changement de poste, les motivations principales sont la rémunération (80 % des réponses), la mission et les responsabilités liées au poste (65%) et les perspectives d’évolution (51%). Les cadres bancaires sont moins impressionnés par la solidité de l’entreprise, son image, sa dimension internationale ou encore son engagement social. Ces critères recueillent tous moins de 20% de réponses, précise Michael Page.En attendant un éventuel nouveau poste, les cadres du secteur bancaire continuent de se former en interne. 57% des cadres interrogés ont suivi une ou plusieurs formations sur des thèmes réglementaires tels que Bâle III, la directive MiFid ou encore la gestion des risques. Seuls 22% disent avoir suivi une formation au management, «un pourcentage particulièrement bas pour une population de cadres», analyse le baromètre.
27/03/2013

L’UMR cherche un actionnaire majoritaire

L’UMR (10,2 milliards d’euros) cherche un investisseur qui pourrait prendre une participation majoritaire dans son capital alors que la MGEN a décidé de réduire ses 70 %, rapporte IPE.com. Par la suite, un directeur général permanent sera nommé. Charles Vaquier, directeur général du fonds, indique que la récente nomination de Christian Oyarbide en tant que remplaçant est temporaire.
27/03/2013
Fonds

Gecina achète la tour Mirabeau au fonds DEGI International

La société d’investissement immobilier cotée Gecina a annoncé en début de semaine avoir acquis la Tour Mirabeau auprès d’Aberdeen, agissant pour le compte dufonds allemand DEGI International (qui doit être liquidé au 14 octobre 2014). Le montant de la transaction avoisine les 186 millions d’euros hors droits, précise un communiqué. Le taux de rendement net immédiat de cet investissement ressort à un niveau légèrement supérieur à 7%, et progresserait à plus de 8% sur la base d’un taux d’occupation de 100%, l’immeuble étant occupé à 88% - principalement par des entités publiques. La tour est localisée sur les quais de la Seine dans le 15ème arrondissement de Paris.La valeur liquidative du DEGI International a été révisée à la baisse de 15 cents le 25 mars, à 34,85 euros, soit un repli d’environ 0,4 %, en raison de l’actualisation à la baisse des valeurs vénales de deux immeubles du portefeuille situés en Roumanie.
Fonds
27/03/2013

L’UBP pourrait racheter Lloyds TSB Suisse

L’Union bancaire privée (UBP), la banque genevoise dirigée par Guy de Picciotto, serait sur les rangs pour acquérir Lloyds TSB Suisse, selon des sources informées relayées par Bilan. La filiale helvétique du groupe britannique gère environ 12 milliards de francs suisses à Genève.
27/03/2013
Fonds

Baisse des commissions sur le fonds Oyster Japan Opportunities

La banque privée suisse Syz vient de revoir à la baisse ses commissions de gestion sur le fonds Oyster Japan Opportunities dont les actifs sous gestion s'élèvent à environ 93 millions d’euros, a indiqué le 26 mars à Paris le gérant du fonds, Joël Le Saux, fraîchement recruté par Syz Asset Management. La commission de gestion pour les parts retail passe ainsi de 1,75% à 1,50%. Le spécialiste des actions japonaises estime que le regain d’intérêt pour les actions japonaises devrait se confirmer au cours des prochains mois après des années de disette sur cette classe d’actifs. Les institutionnels japonais, notamment, devraient revenir sur les actions japonaises. Ils sont actuellement investis à plus de 55% dans l’obligataire et à seulement 7% en actions.
Fonds
27/03/2013

DC Bank publie des encours en hausse de 10 %

DC Bank, banque régionale suisse, a publié au titre de l’année 2012 un bénéfice de 5,18 millions d’euros, en baisse de 7,2 % par rapport à 2011. Selon Finews, même si les clients de la banque se sont montrés prudents, les encours dans les produits d’investissement, composé en grande majorité de produits de taux, ont enregistré une progression de 10 % en un an. Pour 2013, la banque bernoise table sur un bénéfice plus réduit, consciente qu’elle évolue dans un environnement difficile.
27/03/2013

Gottex dans le rouge en 2012

Le gérant de fortune Gottex, basé à Guernesey et coté à SIX, a clôturé l’exercice 2012 dans le rouge. Le résultat opérationnel a été négatif de 4,1 millions de dollars, après un bénéfice de 0,7 million de dollars en 2011. Le résultat net après parts des actionnaires minoritaires se solde également par un déficit, de 7,7 millions de dollars, après une perte de 2,5 millions de dollars, selon un communiqué de Gottex . Le début d’exercice 2013 est qualifié de prometteur.Tout comme pour les deux exercices précédents, le spécialiste des hedge funds ne versera pas de dividende au titre de 2012. Les actifs sous gestion s’inscrivaient fin décembre 2012 à 7 milliards de dollars contre 7,3 milliards de dollars un an plus tôt. Gottex se veut prudemment optimiste pour l’exercice en cours. Le premier trimestre est qualifié de «prometteur».
27/03/2013

State Street confidence index down in March

The Global State Street Investor Confidence Index fell 3.4 points in March to finish at 88.0, down from February’s (revised) reading of 91.4. The decrease was driven mostly by North American institutions, whose confidence decreased 4.2 points from February’s (revised) level of 99.7 to settle at 95.5. The change in European investors’ sentiment, while also negative, was less pronounced, with the European ICI declining just 0.4 points to 91.7 from February’s revised reading of 92.1. Risk appetite among Asian institutional investors increased slightly, rising 1.8 points from 85.5 to finish the month at 87.3.
27/03/2013

AAA bond assets down 60%

P { margin-bottom: 0.08in; } The global pool in government bonds rated AAA by the three major agencies (Fitch, Moody’s and Standard & Poor’s) have fallen by more han 60% since the financial crisis, from USD11trn to USD4trn, the Financial Times funds. The decline was sped by a ratings downgrade of the United States by Standard & poor’s in August 2011.
27/03/2013

Fund manager bonuses cap set to be eased

P { margin-bottom: 0.08in; } Plans by the European Union to cap bonuses for fund managers are expected to be eased, after the MEP leading the drive to restrict pay scales, Sven Giegold, announced that he was ready to relax his stance, the Financial Times reports. Giegold told the Financial Times that he was open to allow fund managers to raise the cap on their bonuses to as much as twice their base salaries. “If giving fund managers the possibility to raise the bonus-salary ratio from 1:1 to 1:2 will help reunite the parliament, I’m happy with that as long as shareholders or investors can approve the 1:2 increase.”
27/03/2013

Efama worried about impact of fund manager bonuses cap

P { margin-bottom: 0.08in; } Efama announced yesterday at a press conference in London that it would be requesting an impact study of any decision by Europe to cap bonuses paid to fund managers, Agefi reports. The proposal by the legislator would limit variable remuneration to no more than the fixed salary poses a problem, as the principle of flexibility in order to reward performance is an important tool to balance good and bad years and remain competitive in other markets outside Europe. According to Efama heads, such a decision in Europe is all the more regrettable than it was taken as part of new legislation to limit UCITS funds, the newspaper reports.
27/03/2013

FCA: Financial advisers fear a 30% increase in their contribution

P { margin-bottom: 0.08in; } The Association of Professional Financial Advisers (APFA) claims that the contribution of financial advisers to the budget of the new Financial Conducct Authority (FCA), which will take over some of the duties of the Financial Services Authority (FSA) from April, runs the danger of increasing by a percentage of as much as 30%, Fund Web reports.The FCA on 25 March announced a 2013-2014 budget of GBP432.1m, 23% less than the GBP559.8m of the FSA budget for 2012-2013. Of this total, the industry will pay GBP391.5m, taking into account fines collected by the FSA, and the FCA business plan suggests that 30% of this total will be paid by investment advisers, mortgage advisers and general insurance brokers.
27/03/2013

Rathbones offers an absolute return fund

P { margin-bottom: 0.08in; } Rathbone Unit Trust Management is offering an absolute return fund, the Rathbone Heritage fund, a global value strategy based on stock-picking, Fundweb reports. The fund will be managed by Carl Slick, with Alan Dobble, quantitative analyst Elizabeth David, and analyst Kate Pettum. The fund, whose minimal subscription has been set at GBP1m, is primarily aimed at family offices, the high net worth client segment, and pension funds.
27/03/2013

BNY Mellon recruits for derivatives clearing

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced an addition to its global team in the area of derivatives clearing. It has recruited Gregory Chemin, who worked at HPC in France and Newedge in Germany, as head of this operation in Frankfurt.Mark B. Gonzalez (New York) is also appointed at COO for derivatives clearing in the United States, while Paul Dex in London and John Guthrie and Thomas Twomey, in New York, will be responsible regionally for identifying and developing activities in the area of listed and OTC derivatives.The men will report to Sanjay Kannambadi, global head derivatives clearing services.
27/03/2013

Assets up and losses down at quirin bank

P { margin-bottom: 0.08in; } The Berlin-based quirin bank as of the end of December had assets of EUR2.4bn, compared with EUR2.3bn one year earlier, due to net subscriptions of EUR143m. Meanwhle, the firm, which operates solely on the basis of fees, in 2012 saw a loss of EUR0.9m, comapred with EUR4.9m the previous year.The number of clients has increased to 8,697, from 8,419.Currently, assets under management total EUR2.5bn, for about 9,000 clients.
27/03/2013

Allianz GI appoints new head of "global solutions" group

Thomas Wiesemann will be replaced by Arun Ratra on April, 15th as head of global solutions at Allianz Global Investors. He will report to CEO Elizabeth Corley and become a member of the global executive committee.The global solutions group employs 80 specialists and advises some EUR55bn in assets (see Newsmanagers of December 26th, 2012). The group covers four areas of expertise: Investment & Risk Advisory, Pension Solutions, Manager Research & Selection as well as hybrid Life/Asset Solutions.Arun Ratra was most recently head of global market group at Gulf Investment Corporation in Kuweit, after having served as CIO multi asset class solution at Credit Suisse Asset Management in Zurich.Thomas Wiesemann, Newsmanagers understands, will take over as head of «special distribution» at life insurer Allianz Leben.
27/03/2013

Korean pension fund plans to open an office in Hong Kong

P { margin-bottom: 0.08in; } The Korean pension fund, whose assets under management total about USD340bn, is still planning to open an office in Hong Kong, Asian Investor reports. However, without the project being called into question, the opening of a Hong Kong office in 2013 has been postponed, as the pension fund esitmates that it needs to stabilise its New York and London offices first. As a part of its mid-term allocation programme, the Korean pension fund has also seen an increase in its equity allocation from 9.1% in 2003 to 25.4% in 2012, while in the same period the bond portfolio was reduced from 90% to 66%, and the allocation to alternative management rose from 0.2% in 2003 to 7.8% last year.
27/03/2013

Vanguard AM lists its funds on Hargreaves Lansdown Vantage

Vanguard Asset Management announced on March 26 that its full retail GBP range of Ireland-domiciled, low-cost index funds is now available on the Hargreaves Lansdown Vantage platform. This complements the 12 funds that were previously available through Vantage, completing Vanguard’s fund suite on the platform.The newly-listed funds comprise a selection of passive products that seek to track key global indices at low cost and provide advisers and clients with easy access to the key building blocks of diversified portfolios.The ongoing charges on all of the Vanguard funds available through Vantage range from 0.15% to 0.55%.The funds are the following :Vanguard Emerging Markets Stock Index FundVanguard Global Small-Cap Index FundVanguard Japan Stock Index FundVanguard Pacific ex-Japan Stock Index FundVanguard SRI European Stock FundVanguard SRI Global Stock FundVanguard Global Bond Index FundVanguard U.K. Government Bond Index FundVanguard U.K. Investment Grade Bond Index Fund
27/03/2013

Axa IM releases SmartBeta Credit Bonds fund in Germany

The BaFin has given its green light to the sale of the Global SmartBeta Credit Bonds subfund from Axa IM’s Luxembourg sicav Axa WF in Germany. The fund is designed for institutional investors and managed by Damien Maisoniac in Paris (see Newsmanagers of Feb. 13th).The product belongs to the «buy & maintain» strategy which has some EUR200bn under management, out of the EUR300bn which Axa IM manages in the fixed income space.
27/03/2013

sentix launches behavioural finance fund

P { margin-bottom: 0.08in; } With the assistance of the Frankfurt-based firm Universal-Investment, sentix Asset Management, an affiliate of the behavioural finance consluting firm sentix, is launching the German equity allocation fund sentix Fonds Aktien Deutschland. The product allies traditional investments in German high-quality equities (Dax shares) with management of total exposure according to investor sentiment. Market exposure is managed actively via derivatives, and may range from 80% to 120%.In periods, such as the present, when investors are excessively calm and confident, allocation to equities may be reduced to 80%. If, however, investors appear preoccupied or fearful, sentix specialists will locate a point of entry and may increase exposure to equities up to 120%.The objective is to outperform the Dax by three percentage points per year, with volatility comparable to the benchmark index.CharacteristicsName: sentix Fonds Aktien DeutschlandISIN code: DE000A1J9BC9Front-end fee: currently 2% maximumManagement commission: currently up to 0.955%Performance commission: up to 10% of performance exceeding the Dax 30 TR (EUR); up to 2% of average assets in the fund during the period under review.
27/03/2013

Gottex in the red for 2012

Guernsey-based Gottex, which is listed on the Swiss stock exchange, experienced a loss for 2012. The operating loss amounted to USD4.1m vs a profit of USD0.7m for 2011. The company declares a net loss after minority interests of USD7.7m vs USD2.5m the year before, a press release says. The 2013 fiscal year has been starting promisingly.Like for the preceding two years, Gottex will not pays a dividend for 2012.AUM at end-2012 were down to USD7bn vs USD7.3bn twelve months earlier.
27/03/2013

ABN Amro seeds an impact investing fund

P { margin-bottom: 0.08in; } The Netherlands-based firm ABN Amro has appointed Eric Buckens, who joins from the wealth management unit, to manage its first impact investing fund, which will initially have EUR10m in assets, and which aims to acquire 20% to 50% stakes in businesses based in the Netherlands, which combine a social return with a financial return, Fondneiuws reports.The ABN Amro Social Impact Fonds will not be open to clients at present, but may be released if it is successful. The portfolio will eventually include up to 15 stakes, and will belong to the sustainable development division of ABN Amro.
27/03/2013

Fitch updates ratings criteria for money market funds

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings on 26 March announced that, as it does every year, it has updated its ratings criteria for money market funds. The changes, which the agency calls limited, include a racalibration of exposures allowed by the sponsor of a money market funds, which includes the concentration and maturity profile of both secured and unsecured exposures. The changes will not lead to any alterations to ratings within the portfolios of money market funds rated by Fitch.
27/03/2013

UBP may buy Lloyds TSB Switzerland

P { margin-bottom: 0.08in; } Union Bancaire Privée (UBP), the Geneva-based private bank led by Guy de Picciotto, is reported to be in the running to acquire Lloyds TSB Switzerland, according to knowledgeable sources relayed by Bilan. The Swiss arm of the British group has about CHF12bn in assets under management in Geneva.
27/03/2013

DC Bank announces assets up 10%

P { margin-bottom: 0.08in; }DC Bank, a Swiss regional bank, has announced profits of EUR5.18m for 2012, down 7.2% compared with 2011. Acording to Finews, although clients of the bank are less prudent, assets in investment products, largely composed of fixed income products, have posted gains of 10% in one year. In 2013, the Berlin-based bank is predicting lower profits, aware that it is acting in a difficult environment.
27/03/2013

Gecina acquires the Mirabeau tower from DEGI International fund

P { margin-bottom: 0.08in; } The publicly-traded real estate investment fund Gecina announced at the beginning of this week that it has acquired the Mirabeau tower in Paris from Aberdeen, on behalf of the German fund DEGI International (which will be liquidated by 14 October 2014). The sale price is approximately EUR186m, excluding fees, a statement says. The immediate net return on the investment is slightly over 7%, and will increase to over 8% on the basis of a 100% occupancy rate, as the building had bee 88% occupied, largely by public bodies. The tower is located on the banks of the Seine river, in the 15th district of Paris.The net asset value of DEGI International has been revised downward by EUR01.5 on 25 March, to EUR34.85, a reduction of about 0.4%, due to a downward update to the market values of two properties in its portfolio located in Romania.
27/03/2013

M&G tops EUR4bn in assets in France

P { margin-bottom: 0.08in; } As of the end of February, M&G passed the threshold of EUR4n in assets in France, the director of the firm for France, Brice Anger, announced in a conference on Tuesday. The British asset management firm, which has been in operation in Paris for slightly over 5 years, thus enters a new phase in its development in France. As of the end of 2012, the firm had EUR3.6bn in assets, after inflows of EUR1.7bn for the year as a whole. As of the end of 2011, assets totalled EUR1.5bn. Anger has also announced that the product range in France will be enlarged as two British equity funds, the M&G UK Growth Fund and M&G Recovery Fund, become eligible for PEA.Lastly, a new website will be launched at the end of April, Benjamin de Frouville, head of distribution for M&G in France, has announced.
27/03/2013

Banque Delubac hires for its private management bank

P { margin-bottom: 0.08in; } Banque Delubac et Cie on 26 March announced the arrival of Côme Jeanroy at Banque de Gestion Privée Delubac, the wealth management unit of the bank, and that it is offering a range of wealth management and investment solutions appropriate to family entrepreneurs. Jeanroy will report to Benjamin Le Moing, and will be responsible for developing entrepreneur clients, with the support of the investment bank, the asset management firm, and wealth and tax management experts at the bank. Jeanroy, 32, who holds a wealth management master’s degree from ESLSCA, joined Delubac & Cie in 2013. He began his career as a private banker at UBS, and then joined the wealth management teams at the Banque Privée 1818 and the Banque Cantonale de Genève.
27/03/2013

Régis Bégué promoted to managing partner at Lazard Frères Gestion

P { margin-bottom: 0.08in; } Régis Bégué, head of research and equity management, has been appointed to the position of managing partner at Lazard Frères Gestion, according to a statement released on 26 March. The joins the college of managing partners at Lazard Frères Gestion, which is chaired by François-Marc Durand and which includes Jean-Jacques de Gournay, head of relations with institutional investors and distribution, Matthieu Grouès, head of collective and institutional management, Sophie de Nadillac, head of development for private management, François de Saint-Pierre, head of private management, and Gilles Trancart, head of operations. Bégué, who joined Lazard in 2005, had previously been an equity manager for the European region.

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