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10/01/2013

Morningstar recruits founder of Wall Street on Demand

James Tanner has been appointed as global head of business development & sales at Morningstar Inc., the firm has announced, stating that Tanner is the founder of Wall Street on Demand, a financial website development firm which was acquired by UK-based Markit two years ago. Tanner was most recently vice-chairman of business development at Markit, after serving as head of global distribution.Morningstar also states that its CFO, Scott Cooley, who joined the firm 17 years ago as an equity analyst, is planning to leave the group this year, once a successor has been found.
10/01/2013

Bond inflows set records in Hong Kong

Gross inflows to bond funds totalled 67.7% of total inflows to retail clients in the first eleven months of the year, compared with only 18.6% inflows to equity funds, according to figures from the Hong Kong professional management association (HKIFA), cited by Asian Investor. In 2007, inflows to equity funds represented over 84% of the total, while bond funds accounted for only 6.3%. As of 30 November, gross and net inflows totalled USD51.4bn and USD13.6bn, respectively. Gross inflows are expected to total over USD55bn for the year as a whole. The association predicts a slight slowdown in inflows in 2013.
10/01/2013

ETF trading volume down on Euronext Europe

In December, the average daily trading volume for on-book trades of ETFs on the European markets of NYSE Euronext fell 8.22% compared with EUR210.4m the previous month. It contracted by 28.13% compared with the corresponding month of 2011, at EUR193.1m.The total volume of on-book trades in December was EUR4.06bn, compared with EUR4.63bn in November (down 12.40%), and down 28.13% compared with December of the previous year.However, total block trades last month came to EUR1.2bn, compared with EUR663m in November, and EUR740.1m in October. Block trades represented 29.91% of total trading volume on regulated ETF markets of NYSE Euronext in December, compared with 14.32% the previous month.The median spread in December was 31.6 basis points, compared with 35.7 basis points in November.
10/01/2013

Chief investment officer leaves L&G

The managing director of investments at L&G Investments, Simon Ellis, has left the firm, Investment Week reports. He will be replaced by Simon Pistell, managing director of the L&G RDR programme.
10/01/2013

Gabelli starts out in India with acquisition of Horizon

The London-based asset management firm Gabelli Securities International (GSIL), an affiliate of the US firm Gamco, has announced that it has acquired the Indian alternative asset manager Horizon Research Advisors, based in New Delhi and focused on special situations, for an undisclosed amount.When the transaction is completed, Marc Gabelli, co-CEO of GSIL UK, and Manjit Kalha, managing partner and co-head of Horizon, will be co-CEOs of the Indian firm.
10/01/2013

Deka Immobilien makes major investment in London

The German firm Deka Immobilien has acquired the office property at 5 Aldermanbury Square in London from Scottish Widows and ND Properties (TIAA-CREF group), who had each owned a 50% stake, for EUR290m. The 24,400 square metre property has Fortis Bank (BNP Paribas group, 15,800 square metres) as its largest tenant. It will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa (DE0009809566).
10/01/2013

T. Rowe Price is cleared to launch actively-managed ETFs

Under a number of traditional conditions about the size of issues and the availability of shares for trading on secondary markets, T. Rowe Price has been granted permission by the Securities and Exchange Commission (SEC) to launch actively-managed ETFs. Mutual Fund Wire states that the issuance of the license will ultimately have taken three years, as the first request was submitted on 4 December, 2009.
10/01/2013

Former SAC analyst on parole

Wesley Wang, a former analyst at the hedge fund firm SAC Capital (USD14bn), who co-operated with a US government investigation into insider trading, was sentenced to two years on parole on Wednesday. Prosecutors stated that the suspect named 20 people who made trades on the basis of insider information.
10/01/2013

Oddo AM registers four more funds in Italy

Oddo Asset Management has registered four new sub-funds in Italy, bringing the number of funds available in the country to 14, Bluerating reports. They are Avenir (French midcaps), European Banks (European banking equities), Valeurs Rendement (European high dividend equities) and Obligations Optimum (short-term bonds).
10/01/2013

Lyxor AM UK hires CEO

Lyxor Asset Management on 9 January announced that it is strenghtenin its presence in the United Kingdom and is expanding tinto managed credit solutions.With this in mind, Pierre Gil is appointed CEO of Lyxor UK. Based in London, he will report to Inès de Dinechin, CEO of Lyxor, and locally to Ian Fisher, UK Chief Country Officer for Societe Generale Group.Gil will remain a member of Lyxor’s executive committee, and will combine this new role with his current position as head of international development for Lyxor.Egret Management LLP, the debt fund management entity of Société Générale group, is joining Lyxor and becomes Lyxor Asset Management UK LLP. The funds under management will continue to be managed by the same team, headed by Thierry de Vergnes. The team will be integrated into Lyxor’s investment management division. Lyxor thus extends its range of actively managed credit investments.Lyxor UK will further develop and reinforce the London based teams through the recruitment of more than 10 additional asset management professionals.Assets under management at Lyxor AM total about EUR75.4bn.
10/01/2013

John Paulson back on track for performance

At a time which has seen the worst returns ever for flagship funds from Paulson Partners, and the “Advantages” which have been noted, hedge fund managers are setting up to make up for lost time in 2012. Several other Paulson funds have turned in satisfactory performances. Credit Opportunity, currently the largest fund at the firm, made 9.1% in 2012, Gold share gained 10.8%. The Recovery Fund in 2012 made 4.1% (+7.5% for the gold share). The best performance of last year was for the Merger Arbitrage fund, which gained 9.9%.
10/01/2013

Monte Paschi Banque sells AM operation to Trusteam Finance

Monte Paschi Banque has sold its asset management activity Monte Paschi Invest (MPI) to Trusteam Finance. The French firm, whose assets under management totalled EUR300m before the operation, will have assets of EUR500m afterwards. In practice, the OPCVM fund management activity provided by Monte Paschi Invest until 31 December 2012 ill be transferred to Trusteam Finance from 2 January 2013. Three people from the staff of 12 people at MPI have also been recruited by Trusteam Finance. “Their product range is primarily invested in fixed income produts, and is thus perfectly complementary with our product range, which is largely invested in traditional equities,” says Jean-Sebastien Beslay, founding partner of Trusteam.A partnership between the two firms has concomitantly been signed, which will allow the firm to meet the needs of clients for wealth management, institutional management or enterprise cash management. The Italian bank, which has 15 branches in France, also intends to offer a range of financial products and services as complements to the equity and diversified funds from Trusteam Finance.In the short term, MPI funds will retain their names as Meyerbeer - Meyerbeer Trésorerie and Meyerbeer Valoblig, Beslay says. After first half, however, the full range will be made uniform, the director says, and “small” equity funds from Monte Paschi Invest will be merged with Trusteam funds.
10/01/2013

DerivExperts sets up shop in London

The French valuation specialist DerivExperts on 9 January announced the opening of an office in London. The London branch represents a new step in the development of DerivExperts, and accompanies the deployment of its valuation platform for OTC products, the firm says in a statement.It will be active once European Market Infrastructure (EMIR) regulations come into force in 2013, to improve the transparency of risks on over-the-counter derivative markets, and from 22 July 2013, when the law will have been fully transposed in all countries concerned by the Alternative Investment Fund Managers (AIFM) directive, which regulates managers of non-UCITS funds.As Francis Cornut, chairman of DeriveExperts, explains: “as part of the development of our valuation platform for OTC products, London, the European centre of alternative management, is a natural place for a location necessarily to be, and this is all the more apparent as soon as EMIR and AIFM regulations come into effect. It allows us to extend our expertise, multiply the reach of our valuations, and bring our clients a vision which is both complete and thorough for their various valuation issues.”The London office will be led by Francis Cornut, and will have a team of 6 people at its opening in January, with the objective of rapidly recruiting more partners.
10/01/2013

Inflows and returns expected at Lazard Frères Gestion

Lazard Frères Gestion finished the year 2012 on a very positive note. At the end of November, following a very difficult year, inflows nonetheless totalled EUR300m, the chairman of the firm, François-Marc Durand, announced on 9 January at a press conference. Durand emphasizes that equity inflows were positive for the fifth consecutive year. As of the end of November, they totalled EUR300m. The chairman of Lazard Frères Gestion also pointed to the good performance of all strategies from the firm, and particularly to gains of 30% for Objectif Alpha Euro, and 32% for Objectif Crédit FI. Laslty, the target-date fund dedicated to emerging market corporate bonds, launched in late 2012, has posted inflows of EUR100m.
10/01/2013

Union sells Seattle property to Invesco Advisors

The German open-ended real estate fund UniImmo: Global has sold the office and retail property at Fifth & Pine in Seattle (14,671 square metres) to Invesco Advisors for USD70.6m. The property was purchased for USD55m in 2005.Volker Noack, MD of Union Investment Real Estate (UIRE), states that the UniImmo: Global fund retains seven office and logistical properties in the US after this sale with a total value of about EUR335m.
10/01/2013

New CEO of Swedbank Robur

Tomas Hedberg has been appointed CEO of Swedbank Robur, the asset management company of Sweden’s bank Swedbank. At the moment, Tomas Hedberg is head of interest rate and currency trading at Large Corporates & Institutions, Swedbank. He has held leading positions in the financial sector for many years. He will take up his new position on 28 January 2013. Marianne Nilsson, acting CEO since May 2012, will continue as deputy CEO and responsible for ownership issues at Swedbank Robur.
10/01/2013

Schroders plans to raise GBP100m on AIM

Schroders is planning to raise at least GBP100m for a real estate trust (West End of London Property Unit Trust, or WELPUT), by launching a new Guernsey-based firm on AIM, West End of London Property Investment Company, the Financial Times reports. The aim is to grow the GBP873m portfolio of WELPUT, which is nearly entirely composed of offices in the west end of London.
10/01/2013

Cumulus Energy benefits from mild German winter

The London-based hedge fund firm Cumulus Energy (EUR135m) has made returns of 39% in December on bets on “hyper-dynamic” derivatives in the energy sector that there would be a mild winter in Germany, Die Welt reports. For 2012 as a whole, performance totalled 24%. According to a letter to shareholders from manager Peter Brewer, cited by Bloomberg, Cumulus Energy profited from a 4.3% decline in energy spot prices in Germany, the steepest decline since October 2010. The fund has also posted gains on British and Scandinavian markets.
10/01/2013

Hedge funds: Positive results for December and 2012 overall

On the basis of results released on 9 January for 939 funds, Barclay Hedge has calculated that hedge funds made 1.37% in December, and 7.97% for the year as a whole. All strategies finished 2012 in positive territory, except equity short bias (5 funds), which lost 25%. The strongest returns were for 15 distressed securities funds (11.82% and 148 emerging market funds (10.20%).BarclayHedge and TrimTabs state that the 2,935 funds monitored in November posted net subscriptions in 2012 of USD4.7bn, compared with net outflows of USD10.3bn in October.For its part, Hedge Fund Research estimates that hedge funds in December posted returns of 1.26%, bringing total gains in 2012 to 6.16%. Equity short bias shows heavy losses of 17.46%, while distressed has gained 10.34%.
10/01/2013

BlackRock and JPMorgan to provide daily valuation of money market funds

BlackRock and JPMorgan will publish daily asset values for their money-market funds, joining Goldman Sachs Asset Management, which was the first firm to announce such an initiative for its funds of US papers, the Financial Times reports. Others do not plan to provide a daily net asset value, such as Vanguard, the FT reports.
10/01/2013

BNP Paribas CFO indicted in Belgium

The CFO of the BNP Paribas group, Lars Machenil, has been indicted in Belgium as part of the scandal surrounding the Dutch-Belgian banking and insurance firm Fortis, the Belgian economic newspapers L’Echo and De Tijd are reporting on 9 January. Machenil, who was appointed as CFO of BNP Paribas n March 2012, served in that role at Fortis in 2008.Machenil becomes the sixth Fortis executive to face charges in the case, which has been underway for four years, and seeks to determine who was responsible for the group’s downfall. L’Echo reports that a seventh person has been indicted. The Belgian prosecutor’s office had no comment on the case.The other executives who have been named in the are the former chairman of the board of directors at Fortis, Maurice Lippens, its former CEO, Herman Verwilst, and three other heads, Jean-Paul Votron, Gilbert Mittler and Filip Dierckx. The latter is currently vice-chairman of the board of directors at BNP Paribas Fortis. They are accused of share price manipulation, fraud and false statements in writing. L’Echo does not state what crimes Machenil is accused of.
10/01/2013

Départ du directeur des investissements de L&G

Le managing director des investissements de L&G Investments, Simon Ellis, a quitté la société, rapporte Investment Week. Il sera remplacé par Simon Pistell, managing director du programme RDR de L&G.
10/01/2013

EFG International nomme un nouveau DG pour les Caraïbes

A Zurich, EFG International a annoncé le 9 janvier la nomination de Carlos Valle au poste de CEO Caraïbes. L’intéressé, qui a passé plus de 20 ans chez Merrill Lynch, était en dernier lieu managing director, Global Wealth Management, New York International Complex auprès du groupe américain.Carlos Valle remplace Ludovic Chechin-Laurans, qui a rejoint la Suisse l’année dernière afin de prendre la responsabilité du private banking à Genève tout en assumant la fonction d’adjoint au directeur général d’EFG Bank. A ce titre, Ludovic Chechin-Laurans continue de superviser l’activité Caraïbes et Carlos Valle lui sera subordonné.
10/01/2013

Sandro Merino rejoint Arecon

Selon finews.ch, Sandro Merino, qui a été directeur d’UBS Wealth Management Research Europe de 2006 à fin 2012, est devenu début 2013 responsable de la gestion des portefeuilles obligataires et CIO adjoint du gestionnaire de fortune indépendant Arecon (2 milliards de francs d’encours). Le CIO est Christoph Bianchet, l’un des fondateurs de la société.
10/01/2013

Le Credit Suisse cède ses activités ETF à BlackRock

Le Credit Suisse a annoncé le 10 janvier la signature d’un accord concernant la vente de ses activités Exchange Traded Funds (ETF) à BlackRock. «Cette opération stratégique importante intervient dans un secteur en pleine consolidation et permet au Credit Suisse de réaliser de la valeur dans un domaine d’activités qu’il a développé avec succès pendant de nombreuses années», souligne le groupe dans un communiqué.Cette vente fait partie des plans stratégiques de désinvestissement du Credit Suisse annoncés le 18 juillet 2012. Elle concerne les activités ETF du Credit Suisse avec des actifs gérés de 16 milliards de francs suisses au 30 novembre 2012. Cette transaction est soumise aux conditions habituelles de finalisation, y compris à l’approbation des autorités de surveillance, et devrait être bouclée à la fin du deuxième trimestre de 2013. Les termes de cette transaction ne seront pas rendus publics, précise le communiqué.Selon Martin Keller, responsable Distribution pour Core Investments, «le Credit Suisse restera un important investisseur d’ETF grâce à sa division Private Banking & Wealth Management et travaillera en étroite collaboration avec BlackRock afin d’élargir son offre de produits ETF pour ses clients. Nous sommes convaincus que BlackRock est bien positionné pour réaliser la valeur à long terme de nos activités ETF.»
10/01/2013

Poursuite des créations de sociétés de gestion indépendantes en 2012

Les créations de sociétés de gestion indépendantes se sont poursuivies l’an dernier, compensant les départs à la retraite dans un secteur marqué par une pyramide des âges en forme de champignon, rapporte L’Agefi suisse.Les nouveaux indépendants s’équipent pour le durcissement de l’environnement réglementaire. Cette tendance s’est accentuée l’an dernier, d’après les différents OAR (organismes d’autorégulation chargés de lutter contre le blanchiment): les gérants qui se mettent actuellement à leur compte mettent l’accent sur la solidité de leur organisation. Avec le recours à des administrateurs indépendants ou la sous-traitance de la compliance, par exemple.Avec 65 nouvelles adhésions l’an dernier, l’Association suisse des gérants de fortune (ASG) conserve plus de 1000 membres, 1034 précisément. Dont 78 sont des membres passifs (banques ou avocats notamment). Cinq à six demandes d’adhésion sont en cours de traitement. L’évolution est stable par rapport aux années précédentes.
10/01/2013

Bellevue Group redevient bénéficiaire

Selon les premières estimations, Bellevue Group a réalisé pour 2012 un bénéfice net compris entre 6 millions et 7 millions de francs suisses, contre une perte de 48 millions, suite à des charges exceptionnelles, au titre de 2011.Tant Bank am Bellevue que Bellevue Asset Management ont enregistré l’an dernier des bénéfices d’exploitation.
10/01/2013

Départ des deux co-responsables marchés émergents de GLG

Les deux co-responsables de l’équipe marchés émergents de GLG Partners (Man Group) vont quitter la société, a confirmé un porte-parole à Citywire Global. Ainsi, Bart Turtleboom et Karim Abdel-Motaal partiront début janvier. Ils étaient arrivés en septembre 2008 pour succéder à Greg Coffey. Ces révélations interviennent après l’annonce de deux recrutements dans l’équipe obligataire (lire Newsmanagers du 9 janvier).
10/01/2013

Lazard Frères Gestion : collecte au rendez-vous en 2012

Lazard Frères Gestion a terminé l’année 2012 sur une note très positive. A fin novembre, à l’issue d’une année très difficile, la collecte s’inscrivait malgré tout à 300 millions d’euros, a indiqué le président de la société, François-Marc Durand, le 9 janvier à l’occasion d’un point de presse. Le responsable a également souligné que la collecte actions avait été positive pour la cinquième année consécutive - pour s'élever également fin novembre à 300 millions d’euros.Par ailleurs, le président de Lazard Frères gestion a relevé les bonnes performances dans l’ensemble des stratégies de la société, avec notamment des gains de 30% pour Objectif Alpha Euro, ou de 32% pour Objectif Crédit FI. A noter enfin que le fonds daté dédié aux obligations corporate émergentes, lancé fin 2012, a enregistré une collecte de 100 millions d’euros.

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