Rogge Global Partners ouvre un bureau à Genève, rapporte L’Agefi suisse. Le spécialiste londonien du fixed income, avec 49 milliards de dollars d’actifs sous gestion, forme un joint venture avec la société française de marketing financier Alfi Partners, active depuis peu à Genève. «A notre niveau d’actifs sous gestion, nous pensons que le seul moyen de développer encore le business est de couvrir de nouveaux marchés. C’est pourquoi nous avons décidé d'étendre notre présence aux marchés européens francophones, en Suisse romande, en France, en Belgique et au Luxembourg», explique dans un entretien à L’Agefi suisse, Olaf Rogge, le créateur de la société, un ancien de Lombard Odier.
Le groupe bancaire Raiffeisen, auprès duquel 220 Américains ont déposé 58 millions de francs, a décidé de se séparer de tous ses clients ayant un lien avec les Etats-Unis, a indiqué le patron de Raiffeisen, Pierin Vincenz, dans un entretien au SonntagsBlick. Le numéro trois des établissements suisses a pris cette décision l’automne dernier. Pierin Vincenz explique que le groupe n’a jamais axé son activité sur ce type de clientèle et qu’il n'émet d’ailleurs aucun contrat bancaire en anglais. Seulement 3% de la clientèle de Raiffeisen est étrangère. Quant aux affaires non américaines reprises à la banque privée Wegelin et regroupées désormais sous le nom de Notenstein, elles comptent 30% de clients européens et 70% de clients suisses.
Le bénéfice net ajusté du groupe Julius Baer s’est contracté de 21 % l’an dernier à 401 millions de francs, alors que le bénéfice net «sous-jacent», hors l’accord fiscal avec l’Allemagne qui s’est traduit par une charge de 65 millions de francs, s’est tassé de 10 % à 452 millions. Quant au bénéfice net aux normes IFRS, il a chuté de 27 % à 258 millions de francs.Le coefficient d’exploitation (cost-income ratio) s’est détérioré à 68 % contre 65,4 %, du fait surtout de la nette appréciation du franc suisse.Concernant les actifs sous gestion, ils ressortaient fin décembre à 170 milliards de francs, soit sensiblement au même niveau que douze mois plus tôt. De fait, Julius Baer a bien enregistré des rentrées nettes de 10 milliards de francs, mais ces souscriptions ont été presque totalement neutralisées par les effets négatifs de marché et de change.Le Conseil d’Administration proposera à l’assemblée générale annuelle du 11 avril 2012 un dividende ordinaire inchangé de 0,60 franc par action, soit un montant total de 118 millions de franc. Il s’y ajoutera un dividende spécial de 0,40 franc par action, soit au total 79 millions de francs «afin de restituer directement une partie des capitaux excédentaires aux actionnaires et de profiter de la législation fiscale actuelle en Suisse», précise un communiqué.En outre, Julius Baer compte lancer un nouveau programme de rachat d’actions portant sur 500 millions de francs, à réaliser sur les deux prochaines années.
Aylin Suntay, responsable des petites capitalisations chez Pictet Asset Management, vient de quitter la société où elle sera restée une dizaine d’années, rapporte Citywire.Son ancien collègue Bill Barker a repris ses fonctions. Elle était l’un des co-gérants du fonds Pictet Small Cap Europe, également responsable des investissements en Europe du Sud. Alain Caffort, qui a récemment quitté Groupama Asset Management pour rejoindre Pictet, a repris la gestion du fonds dédié aux petites capitalisations aux côtés de Oliver Knobloch et Bill Barker.
La société d’investissement TPG a annoncé lundi 6 février avoir réuni 4 milliards de yuans (485 millions d’euros) d’engagements fermes sur l’un de ses deux fonds chinois, lui permettant ainsi d’effectuer un premier bouclage, rapporte L’Agefi.TPG prend ainsi une longueur d’avance sur Blackstone, Carlyle, Goldman Sachs et Morgan Stanley qui ont également annoncé leur intention de lever des fonds libellés en yuans, précise le quotidien.
EFG Bank, filiale d’EFG International en Asie, a nommé Kong Eng Huat au poste de chief executive officer des activités à Singapour et en Asie du Sud-Est. Basé à Singapour, il sera également membre du comité de direction d’EFG Bank en Asie.Kong Eng Huat a précédemment dirigé les activités de Wealth Management pour la région Asie du Sud et du Sud-Est de Merrill Lynch International Bank.
Fondée en 2008, la société de gestion Silk Invest s’est spécialisée dans l’investissement sur les marchés frontières. Aujourd’hui, la structure gère autour de 100 millions d’euros, dont 55 % pour le compte d’institutionnels et 45 % pour des investisseurs privés. Zin Bekkali, CEO et CIO de Silk Invest, explique à Newsmanagers l’intérêt d’investir dans les marchés frontières.
According to statistics from Deutsche Bank, European ETPs (ETFs, ETNs and ETCs) have taken on a net total of USD3.3bn, or EUR2.5bn in January 2012, the Börsen-Zeitung reports.Due to market effects, assets in these funds have increased in the space of one month to USD290.1bn (EUR219.1bn), compared with USD269.9bn. As of the end of the fourth week of January, assets in ETFs alone represented USD221.5bn, or EUR167.2bn. The two largest net inflows were for iShares, with USD1.2bn, and db x-trackers/db ETC with USD643m.
Since the absorption of Gesduero by Caja España Fondos, the number of fund management firms in Spain has fallen by 114. Of this total, 15% are currently in the process of merging, Funds People reports. Most of these candidates for mergers are logically affiliates of savings banks (cajas de ahorro).Currently, 55% of asset management firms are owned by financial institutions (banks and savings banks), 38% are independent, and 7% are owned by insurance companies.
Several British media sources are reporting that Aberdeen Asset Management has asked IFAs to remove its offshore (GBP6bn) and onshore (GBP2.7bn) emerging markets funds from their lists of recommendations and to cease promoting these funds from 1 April. The asset management firm is also considering further measures, such as increasing commissions, or discontinuing subscriptions to some share classes.Net subscriptions are already frozen for segregated accounts, and the size of these accounts has been capped.Aberdeen says it is hoping to avoid to completely suspending subscriptions, but emphasizes that the objective is to protect performance and prevent the funds from confronting liquidity problems with some of their investments.
Legg Mason Global Asset Management has launched a multi-stratgy bond fund of hedge funds, entitled Permal Hedge Strategies Fund, Hedge Week reports. The fund is managed by Javier Dyer, and will have 20 to 40 positions.The new product will use several bond strategies, with flexible asset allocation, and investments in emerging market debt, long/short bonds, event-driven strategies and global macro. The manager may use funds from both systematic and discretionary managers, in order to limit volatility.
The New York-based asset management firm Van Eck Global has notified the SEC of plans to launch seven new ETF funds, Mutual Fund Wire reports.The new products are the following:Emerging Markets US$ High Yield Bond ETF,Fallen Angel US$ Bond ETF,Global Fallen angel Bond ETF,Global High Yield Bond ETF,Global High Yield US$ Bond ETF,International High Yield Bond ETF andInternational US$ High Yield Bond ETF.
OppenheimerFunds has announced the launch of the Oppenheimer Global Multi Strategies fund. The multi-strategy fund is based on a quantitative and fundamental approach, in order to generate returns by isolating market performance (market neutral) which is uncorrelated to more traditional strategies. The product is managed by Caleb Wong.
Due to a depreciation of nearly 60% for an investment in LightSquared, the main hedge fund from Harbinger Capital Partners saw losses of 47% last year, the Wall Street Journal reports. This loss resulted in a decline in total assets at the management firm to USD4bn as of the end of 2011, compared with a peak of USD26bn at the end of 2008.
BlackRock has notified the SEC that it plans to launch two iShares ETF funds of emerging market bonds, one of them corporate bonds, the iShares Emerging Market Corporate Bond Fund, and the other high yield bonds, the iShares Emerging Markets High Yield Bond Fund, the Börsen-Zeitung reports. The two funds physically replicate Morningstar indices.
On 2 February, the NYSE-Arca platform admitted five more ETFs from iShares (BlackRock) to trading. They are equity products replicating MSCI indices covering producers of commodities worldwide. All of them charge 0.30%.The funds are as follows:- iShares MSCI Global Agriculture Producers Fund (acronyme NYSEArca: VEGI)- iShares MSCI Global Energy Producers Fund (FILL)- iShares MSCI Global Select Metals & Mining Producers Fund (PICK)- iShares MSCI Global Gold Miners Fund (RING) and- iShares MSCI Global Silver Miners Fund (SLVP)
RBC Dexia Asset Management on 2 February announced that it is launching four bond funds, sub-advised by BlueBay Asset Management. The products (one of which is based on emerging markets corporate debt, one on emerging markets bonds, one on convertibles, and one on high yield), will be available to institutional investors and high net worth private clients in the United States. The minimal investment is USD1m.
The French financial market regulator, the Autorité des marchés financiers (AMF), on 3 February published an update to its list of unauthorised websites offering trading of binary options, for which no licensed investment services provider could be clearly identified. The AMF in May 2011 published a statement warning savings investors about aggressive publicity campaigns on the internet promoting binary options trading, and promising high returns in very short periods of time. Here is the new complete list which replaces the previous list of 11 May 2011: www.24option.com www.optionrange.com www.anyoption.com www.options365.com www.binaryoptions.asia/options/ www.optionsbravo.com www.binarywinner.com www.optionsclick.com www.binoa.com www.optionxp.com www.bocapital.com www.royaloption.com www.brokersfeed.com www.startoptions.com www.bulloption.com www.tradeopties.nl/options/ www.cititrader.com www.trader711.com/options/ www.ebinaires.com www.trader369.com2 www.euoptions.com www.tradereasy.com www.excitingmarkets.com www.traderxp.com www.eztrader.com www.tradesmarter.com www.finopex.com www.ufxbank.com www.ikkotrader.com2 www.vipbinary.com www.ioption.com www.winoptions.com www.leaderoption.com www.xpmarkets.com www.marketpunter.com www.option10.com www.optionbit.com www.optionfair.com www.optionfire.com www.optionrally.com www.optionet.com
Asset managers who do not hesitate to dedicate effort to educating in-house research teams at their broker-dealers are better positioned to attract and retain more assets, according to a research undertaken by Cerulli Associates. At least half of sales of mutual funds and mandates are supported by lists of recommendations by house teams at broker-dealers. In 2008, this percentage was only 31%. Hence the attraction for managers of continuing to supply research teams with appropriate documentation. “Cerulli esimates that holding personal meetings with analysts specialised in due diligence at broker-dealers represents an optimal use of managers’ time,” says Bing Walders, director at Cerulli Associates. This means that increased attention to education is crucial for managers. “A manager has no excuse if he is removed from a managed account platform because he is incapable of providing product information, or because a due diligence team is not correctly informed about his investment process, says Pat Newcomb, senior analyst at Cerulli.
The asset management firm Silk Road Management, specialised in Mongolia and other countries rich in natural resources, has launched two indices dedicated to Iraq, the Silk Road Iraq Index (Silkiq) and Silk Road Iraq Oil Index (Silkio), both of which include the largest companies involved in Iraq traded on the Iraq Stock Exchange (ISX), and the London, Toronto and Oslo stock exchanges. The Silk Road Iraq Index includes 26 companies with a market capitalisation of USD12.8bn (as of 1 January 2012). The other index, the Silk Road Iraq Oil Index, includes seven major oil and gas groups operating in Iraq, with a capitalisation as of the beginning of this year of USD9.6bn. The Silkio index has risen 24% in January, while the Silkiq gained 14% in the same period. Alisher Ali, managing partner at Silk Road Management, says Iraq and Mongolia are by far “two particularly attractive frontier markets currently and for the next few years.” In 2011, the Iraqi stock exchange gained 35%, he points out.
The mediator for the German banking association is asking courts to determine whether the db Kompass Life 3 fund from Deutsche Bank is compatible with the values German banks claim to defend, Der Spiegel reports. The fund does not buy second-hand individual life insurance policies, but does offer subscribers a way to speculate on the life expectancy of a sample of 500 US citizens aged 72 to 85. The product is based on a complex mathematical insurance algorithm, but the system is simple: the sooner the people in the sample group die off, the higher the profits for the investor.
Adjusted net profits for the Julius Baer group contracted by 21% last year, to CHF401m, while underlying net profits, excluding a taxation agreement with Germany that resulted in a CHF65m charge, fell 10% to CHF452m. Net profits by IFRS accounting standards fell 27%, to CHF258m.The cost/income ratio has deteriorated to 68% from 65.4%, largely due to the appreciation of the Swiss franc. Assets under management as of the end of December totalled CHF170bn, generally the same level as twelve months previously. Julius Baer has posted net inflows of CHF10bn, but these subscriptions have been nearly entirely offset by negative market and currency effects.The Board of Directors will propose an unchanged ordinary dividend at the general shareholders’ meeting on 11 April 2012 of CHF0.60 per share, for a total of CHF118m. In addition, there will be a special dividend of CHF0.40 per share, totalling CHF79m, “in order to directly refund some excess shareholder capital and to take advantage of current Swiss tax legislation,” according to a press release.Julius Baer is also planning to announce a new share repurchase program totalling CHF500m, to be completed in the next two years.
Aylin Suntay, head of small caps at Pictet Asset Management, has left the firm where she spent 10 years, Citywire reports. Her former colleague Bill Barker has assumed her duties. Suntay had been one of the co-managers of the Pictet Small Cap Europe fund, and head of investments for Southern Europe. Alain Caffort, who recently left Groupama Asset Management to join Pictet, has taken over the management of the fund dedicated to small caps, alongside Oliver Knobloch and Barker.
EFG Bank, an affiliate of EFG International in Asia, has appointed Kong Eng Huat as chief executive officer for activities in Singapore and South-East Asia. Be will be based in Singapre, and will also be a member of the board of directors at EFG Bank in Asia. Kong was previously director of Wealth Management activities for the South and South-East Asian regions at Merrill Lynch International Bank.
The asset management firm Comgest, based in Paris, has recruited its first head of development for Asia, Robert James, Asian Investor reports.James, previously head of development for the institutional unit at First State, joined Comgest earlier this year as managing director and head of development for Australia. He will be based in Hong Kong, and will report to Philippe Lebeau, global head of development based in Paris.
The ETF management firm Wisdom Tree (47 ETFs, USD13.9bn in assets) on 3 february set the price of its public share offering of over 14.36 million shares at USD5.61 per share, for a total of USD80.6m. The offer includes 1 million shares offered by the firm, and 13.36 million shares owned by current shareholders, among them CEO Jonathan Steinberg and chairman Michael Steinhardt.A greenshoe option for over 2.15 million shares held by current shareholders has also been provided for a period of 30 days.
Brice Anger, director of development at M&G Investments in France, has told Investment Europe that assets at the British asset management firm in France total over EUR1.6bn (the same level as eight months ago; see Newsmanagers of 5 May 2011). The Paris team now has seven members, and M&G offers 26 funds in France.
Marie-Jeanne Missoffe is leaving SPGP. The Cap Grande Europe fund which she manages will be entrusted to Philippe Joly, who is already manager of the Sélection Action Rendement fund, which invests in European large caps. Missoffe’s fund, which was hit by its high exposure to the countries of Eastern Europe and now has only EUR3.3m in assets, will be absorbed into Joly’s fund, whose net assets under management are EUR25.5m.
The asset management firm Silk Invest, founded in 2008, is specialised in investment in frontier markets. Currently, the structure managers about EUR100m, of which 55% are for institutionals, and 45% for private investors. Zin Bekkali, CEO and CIO of Silk Invest, explains to Newsmanagers what the attraction of investing in frontier markets is.
The use of backup assets, or liquid assets which could be used in case of need to weather a bankruptcy of the corporate sponsor or an insufficient coverage level, by British pension funds increased 20% in the year 2011-2012, and are now used by about 900 funds, up from 750 previously, according to statistics from the Pension Protection Fund (PPF).The PPF statistics also show that pension funds in the UK are tending to pull back from British equities somewhat in favour of international equities. The proportion of portfolios invested in UK equities now totals 52.7%, while exposure to international equities has risen by 7 percentage points since 2008 to 46.2%.Pension funds are clearly showing a growing interest in private equity; the percentage investing in private equity has risen from 0.7% two years ago to 1.2%.