Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
12/10/2012

MBO chez Aragon

Un communiqué boursier diffusé le 11 octobre signale que les deux dirigeants du prestataire allemand de services financiers Aragon Financial Services AG, Sebastian Grabmaier et Ralph Konrad, ont acquis le contrôle de l’entreprise au travers d’un holding qu’ils détiennent. Ce Aragon Holding achète dans le cadre d’un MBO une participation de 40,7 % du capital à Angermayer, Brumm und Lange Unternehmensgruppe GmbH (ABL Group). Les autres actionnaires sont Axa (27 %), Citigroup Financial products (10 %) et Credit Suisse (8 %).Cette transaction, dont le montant n’a pas été divulgué, est justifiée par le fait qu’il a été impossible de dégager des synergies significatives entre les activités de distribution de produits financiers d’Aragon et les activités de marché d’ABL Group.L’opération, qui doit être bouclée d’ici à la fin de l’année, se traduit par un changement d’administrateurs. La présidence du conseil de surveillance échoit à Herbert Walter (ancien président du directoire de la Dresdner Bank), le co-président étant l’avocat Christian Waigel. Herbert Walter était déjà administrateur. Il remplace Harald Petersen à la présidence du conseil de surveillance.
12/10/2012

M&G recrute chez UBP

Annabel Gillard, qui était head of UK institutional business development chez Union Bancaire Privée (UBP), a rejoint en septembre M&G Investments comme UK sales director de l'équipe de distribution obligataire. Elle sera prioritairement chargée du suivi des consultants et des investisseurs institutionnels britanniques.L’impétrante est subordonnée à Bernard Abrahamsen, head of institutional sales & distribution.
12/10/2012

Neil Tong rejoint SWIP

L’ancien patron du pôle actions britanniques chez Alliance Trust, Neil Tong, a rejoint Scottish Widows Investment Partnership (SWIP) en tant que analyste crédit senior au sein de l'équipe fixed income, rapporte Investment Week.Neil Tong, qui a travaillé pendant 16 ans chez alliance Trust jusqu'à la fermeture du desk actions britanniques en août, sera rattaché à Laurent Frings, responsable de la recherche crédit.
12/10/2012
Fonds

La spirale négative des taux a pesé sur les plans de retraite au troisième trimestre

Le financement des plans de retraite en Suisse a globalement baissé au troisième trimestre. Le nombre d’engagements a augmenté de 11%, alors que les recettes des placements ont progressé de seulement, ce qui s’est traduit par une détérioration du degré de couverture, selon l’indice des caisses de pension «Swiss Pension Finance Watch» calculé par Towers Watson et publié le 11 octobre.L'évolution du troisième trimestre s’inscrit dans la tendance du premier semestre. En glissement trimestriel, l’indice s’est inscrit à 88,4 au troisième trimestre après 89,4 au deuxième. Au début de 2012 il figurait encore à 90,4.
Fonds
12/10/2012

Les résultats de l'offre de Safra sur Sarasin confirmés

Safra Group a confirmé le 11 octobre les résultats provisoires de son offre publique d’achat (OPA) sur Sarasin, publiés lundi. A l’expiration du délai supplémentaire de l’offre, le 5 octobre 2012, Safra détenait 98,73% actions A et B de Sarasin, représentant 99,26% des droits de vote.
12/10/2012

CNMV fines Ahorro Corporación

The Spanish official gazette (BOE) has published announcements of four fines levelled by the CNMV against Ahorro Corporación for a total of EUR475,000, Funds People reports. The penalties are for failure to respect standards for valuation of assets in the portfolios of funds, in the period following the collapse of Lehman Brothers.Ahorro Corporación stresses that no shareholder suffered damages due to these methodological differences.
12/10/2012

Pimco sets up shop in Rio

Bloomberg reports that Pimco is opening an office in Rio de Janeiro, with 15 members, including some transferred from New York, and local recruitments. Alec Kersman, head of Latin America & Carribean Operations, says that Rio has ambitions to become the centre of gravity for the activities of Pimco in Latin America.
12/10/2012

Neil Tong joins SWIP

The former head of the British equities unit at Alliance Trust, Neil Tong, has joined Scottish Widows Investment Partnership (SWIP) as senior credit analyst in the fixed income team, Investment Week reports. Tong, who spent 16 years at Alliance Trust, until the British equity desk was closed in August, will report to Laurent Frings, head of credit research.
12/10/2012

Ignis pulls out of capital in Cartesian

Ignis Asset Management will sell its 50% stake in the capital of Cartesian Capital Partners, as the two asset management firms have decided to end their joint venture, founded in 2005.Cartesian, a boutique specialised in UK equity management, was the last joint venture of Ignis AM, which has gradually pulled out of the other asset management companies in which it had bought stakes: Hexam and Argonaut. The Scottish firm in 2010 decided to end development of its network of partner boutiques in order to promote internal financial management.Cartesian Capital Partners will lose its independence. The boutique will reappropriate distribution of its funds and operational support, which had previously been provided by Ignis AM. The transition will take 9 to 12 months.
12/10/2012

M&G recruits from UBP

Annabel Gillard, who had been head of UK institutional business development at Union Bancaire Privée (UBP), in September joined M&G Investments as UK sales director in the bond distribution team. As a first priority, she will be responsible for assisting UK-based consultants and institutional investors.Gillard will report to Bernard Abrahamsen, head of institutional sales & distribution.
12/10/2012

Results of Safra bid for Sarasin confirmed

Safra Group on 11 October confirmed the provisional results of its takeover bid (OPA) for Sarasin, announced on Monday. At the expiration of their extended bid, on 5 October 2012, Safra controlled 98.73% of A and B classes of shares in Sarassin, representing 99.26% of voting rights.
12/10/2012

UCITS post inflows of EUR24bn in August

Net sales of UCITS recorded net inflows of EUR 24 billion in August, up from EUR 6 billion in July, according to statistics from the European Fund and Asset Management Association (EFAMA).This increase in net sales came on the back of a turnaround in net sales of money market funds, which ended the month with net inflows of EUR11bn, against net outflows of EUR18bn in July.Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR 13 billion in August, down from EUR 25 billion in July. Bond funds continued to record strong net inflows (EUR 18 billion), albeit down from EUR 24 billion in July. Equity funds recorded their fifth consecutive month of net outflows in August (EUR 10 billion, compared to EUR 3 billion in July). Balanced funds registered increased net sales in July (EUR 6 billion, compared to EUR 3 billion in July.Total net sales of non-UCITS reduced in August to EUR 5 billion, down from EUR 11 billion in July. Net inflows into special funds (funds reserved to institutional investors) registered EUR 4 billion in August, down from EUR 9 billion in the previous month.Total net assets of UCITS increased by 0.3% in August to EUR 6,200 billion, whilst non-UCITS net assets increased 0.5% in the month to stand at EUR 2,458 billion.
12/10/2012

Hennessee hedge fund index up 1.26% in September

The Hennessee hedge fund index gained 1.26% in September, bringing gains since the beginning of the year to 5.03%. The global macro index posted gains of 1.10% in September, and 3.32% in the first nine months of the year. The emerging market index, for its part, has gained 0.57% for the month, and 2.59% since the beginning of the year.
12/10/2012

EDHEC-Risk Institute considers that the European White Paper on pensions could be improved

EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled “An Agenda for Adequate, Safe and Sustainable Pensions,” published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.In a letter addressed to Mr László Andor, European Commissioner for Employment, Social Affairs and Inclusion, on October 4, 2012, EDHEC-Risk Institute considers that the European Commission White Paper constitutes a first step but that the Commission should go further in terms of harmonisation and better take into account the specifics of the financial management of pension funds. As such, EDHEC-Risk has highlighted three key messages from its study:1. The current pension debate should be used by the Commission to foster increased coordination in pensions reform. When discussing the sustainability of public finance, one medium-term objective could be to recognise unfunded implicit pension commitments. 2. The prudential framework for pensions is bound to have far-reaching consequences, and it needs to respect the particularities of pension providers, which are not those of insurers. 3. New regulation should encourage the generalisation of asset-liability management practices, both for pension funds and individual retirement products, using the best available knowledge and techniques and evaluating micro as well as macroeconomic impacts. A move towards hybrid pensions could, with this objective in mind, provide a more adequate conceptual framework for European countries to converge towards.
12/10/2012

Swiss & Global starts out in Spain with its ETFs

The Swiss asset management firm Swiss & Global Asset Management has become the eighth promoter to be licensed to sell its ETFs in Spain, Funds People reports. The first seven promoters are: Lyxor AM, iShares, Credit Suisse, db x-trackers, HSBC, Amundi and ETF Securities. Swiss & Global AM arrives on the market with four actively-managed products of the Julius Baer Smart Equity line, which have already been listed in Frankfurt since June: JP Smart Equity ETF World, JB Smart Equity ETF Emerging Markets, JB Smart Equity ETF Europe, and JP Smart Equity ETF Asia.
12/10/2012

MetLife launches asset management firm

The US life insurer MetLife on Tuesday launched an asset management activity, which will be focused on real estate and private investment in debt, Financial News reports. The group, which is one of the largest institutional investors in the world, already has about USD50bn in private investments, a portfolio of real estate loans of USD43bn, and investments in equity of real estate worth USD10bn. The new affiliate will be entitled MetLife Investment Management.
12/10/2012

Newedge offers improved currency private brokerage services

Newedge has launched an improved currency prime brokerage platform which offers institutional investors access to the international currency markets. Trading infrastructure has been updated and connections to electronic forex market platforms have been scaled up.
12/10/2012

RBC Investor Services mandated by wealth manager

The wealth manager IIG Financial Services has retained RBC Investor Services to provide it with currency and custody services, according to a statement released by RBC. The Gibraltar-based business has awarded a mandate to RBC Investor Services as part of an international development strategy.
12/10/2012

Fitch maintains ratings for 12 major global banks

The financial ratings agency Fitch Ratings has completed its examination of a group of major global banks, and their outlooks are stable, except for Société Générale, the agency has announced in a statement. The group of 13 institutions was established one year ago by Fitch as part of a vast evaluation of the major global financial groups. Fitch has confirmed its existing rating for 12 banks – Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland, UBS and Société Générale – the firm explains in a statement, adding that the 13th bank, HSBC, will be studied again in six months’ time. The two Swiss banking institutions, UBS and Credit Suisse, retain their A ratings, BNP Paribas, Deutsche Bank and Société Générale also retain their A+. Fitch is more prudent in the case of Société Générale, which gets a negative outlooks for its long-term debt, reflecting the rating for France. The lowering of the outlook implies a potential change to the rating in the mid-term, and reflects the engagement of the French state in the banking institution. More generally, for the sector, the outlooks are stable, according to Fitch, based on improved liquidity, financing, and capitalisation. Despite everything, banks continue to bear up to crosswinds, as the macro-economic environment continues to represent a challenge, as do market conditions that remain volatile, particularly in Europe.
12/10/2012

Credit Suisse scales up product range for Italian market

Credit Suisse AM is scaling up its product range on the Italian market with five equity products and six bond products, Bluerating reports. The funds are: Credit Suisse Sicav (Lux) Equity Russia, Credit Suisse Sicav (Lux) Asian Equity Dividend Plus, Credit Suisse Sicav (Lux) Equity Asia Consumer, Credit Suisse Sicav (Lux) Equity Biotechnology and Credit Suisse Sicav (Lux) Equity Luxury Goods. Credit Suisse AM has also announced the arrival of four senior managers in the equity team led by Filippo Rima, and four experts in the fixed income management team led by Maurizio Pedrini and Michel Degen.
12/10/2012

Russell creates retirement savings solution distributed by IFAs

With the Russell Retirement Lifestyle Solution, Russell Investments has launched an investment and planning programme which aims to assist independent financial advisers to construct portfolios aimed specifically at preparation for retirement.The resource will be available exclusively via financial advisers. The underlying strategy is based on a adjustable investment system which aims to maintain the financing rate for the client at over 100% during retirement.The Retirement Lifestyle Solution aims to meet the three major concerns of clients: stability of income (reliability), concerns about losing money (sustainability) and concerns about retaining control over their assets (flexibility).Initially, the Retirement Lifestyle Solution will be available via some of the major clients of Russell among registered investment advisors (RIA) and two longstanding Russell partners, Cambridge Investment Research and Lincoln Investment Planning.
12/10/2012

PineBridge withdraws from MF management

According to an SEC notification announcing that the PineBridge U.S. Micro Cap Growth Fund and PineBridge U.S. Small Cap Growth Fund will be integrated into the range of mutual funds from Jacob Asset Management, PineBridge Investments has announced plans to withdraw from the management of Us mutual funds, Mutual Fund Wire reports. On 30 June, PineBridge, a former AIG affiliate dedicated to mutual funds, announced assets of USD68.6bn.
12/10/2012

BNPP IP redeploys its emerging market debt strategy

With the recent recruitment of four managers by its affiliate FFTW (Boston) from Rexiter (see Newsmanagers of 1 October), the BNP Paribas Investment Partners group (BNPP IP) has completely modified its strategic approach to investment in emerging market debt, which accounts for about USD6bn in assets, largely in seven funds.John Morton, CIO, emerging market debt, told Newsmanagers during a visit to Paris that the major change compared with the previous management team is in the fact that the approach is more geographical now, with active exposure to countries, as the BNP Paribas group has specialists located virtually everywhere in the world. The process had previously separated local currency from interest rate aspects.The product range from BNPP IP in the area of emerging market debt is currently centered around three “global” funds (strong currencies, local currencies and corporate bonds), two multi-segment funds (investment grade and total return), and lastly, two regional products (emerging Europe and Asia ex Japan). According to John Morton, the possibility of adding a Latin America fund to the range has not been ruled out.
12/10/2012

Strong increase in assets at Franklin, Legg Mason, Invesco and AllianceBernstein

In September, assets under management by AllianceBernstein rose by USD8bn to a total of USD419bn at the end of the month, and three other major firms, Franklin Templeton, Legg Mason and Invesco, posted total increases of USD51.1bn last month.The strongest increases in assets, with USD18.9bn each, were for Franklin Templeton, with USD749.9bn as of 30 September, and Legg Mason, with USD650.7bn. Invesco, for its part, has posted an increase of USD13.3bn in its assets under management, to USD683bn.In the area of pure equity, Franklin Templeton stands out with an increase of USD9bn (to USD297.1bn), while Invesco has posted an increase of USD5.4bn, to USD300.6bn.
12/10/2012

CalPERS head appointed to PRI association board

The pension fund CalPERS on 11 October announced that one of the members of its board of trustees, Priya Sara Mathur, will join the board of the association for the United Nations Principles for Responsible Investment (UN PRI), which oversees the application of the Principles. Assets under management at CalPERS total about USD241bn. The network of SRI signatories includes over 1,000 international investors, representing about USD30trn in assets.
12/10/2012

OMAM sells five affiliates to management

On 11 October, Old Mutual Asset Management (OMAM) announced that it will be selling five of its US asset management affiliates, 2100 Xenon Group, 300 North Cpaital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors, with total assets under management as of the end of June of UD11.7bn, to their managements, for an undisclosed amount.At the closing of the transactions expected by the end of this year, OMAM will have only nine asset management affiliates, with assets under management as of 30 June of USD196.9bn.Sales are expected to improve margins at OMAM in 2013 and to bring in USD100m for reinvestment.
12/10/2012

Roche-Brune AM taken over by Primonial

Primonial Group has announced that it has acquired a majority stake in Roche-Brune Asset Management. The partnership, announced by Newsmanagers in its 10 October edition, makes Patrimonial Group a nearly 70% shareholder in the asset management firm led by Bruno Fine, which has more than EUR100m in assets under management, mostly in venture capital and European equity management. The agreement, which is subject to approval by the AMF, would help the asset management firm’s commercial development and to increase its visibility to institutionals, family offices and multi-managers. For Groupe Patrimonial, the new asset management unit is a part of its multi-boutique model. It will provide access to the expertise of Roche-Brune AM for its independent financial adviser and institutional clients.
12/10/2012

Departure of Asia Pacific CEO from ING IM

The CEO for Asia Pacific at ING Investment Management, Grant Bailey, will be leaving the firm, Asian Investor reports. The departure comes at a time when negotiations between Ameriprise Financial, its affiliate Threadneedle Asset Management and ING over the sale of the Asian activities of the latter have broken down. Bailey will be replaced by Satish Bapat, currently chief financial officer.
12/10/2012

Trail commissions will survive until RDR rollout

According to Fundweb, Legal and General Investments, Ignis Asset Management, Fidelity Worldwide Investments, Threadneedle Investments, Henderson Global Investors, Kames Capital, Investec Asset Management, Jupiter and Standard Life all announced on Thursday that they do not intend to follow the example of Witan Investment Services, which will be discontinuing trail commissions before the date that the Retail Distribution Review comes into effect on 31 December.
12/10/2012

Tim Geithner often calls BlackRock head

When the US Secretary of the Treasury, Tim Geithner, wants a first-hand run-down on the way the financial markets are interpreting the government’s policy or are reacting to the most recent crisis, he most often turns to Larry Fink, CEO of BlackRock, the Financial Times reports. Fink appears more often than any other corporate chief in Geithner’s calendar, which is public, over an 18-month period. The two men have spoken on 49 separate occasions, or once every 11 days.

Sujets d'actualité

Tous les sujets